Serko's Audited FY24 Financial Results

Saatchi Building, Level 1, 125 The Strand, Parnell, Auckland 1010, New Zealand
Phone: +64 (9) 309 4754 • serko.com
Market Release
28 May 2024

Serko’s audited financial results for the year to 31 March 2024
1,2
Successful execution delivers strong FY24 results
• Total income confirmed at $71.2m (+48%)
• Total spend of $83.9 million (+1%), below the FY24 guidance range of $86m – $90m
• FY25 guidance for total income of $85m – $92m
• On track for positive cashflow for FY25
Financial summary NZD % change v FY23
Total income $71.2m +48%
Total spend $83.9m +1%
Operating expenses $89.7m +8%
EBITDAF loss $1.6m 93% improvement
Net loss after tax $15.9m 48% improvement
Average underlying monthly cash burn $0.6m 78% improvement

Serko Limited (NZX & ASX: SKO) today released its audited financial results for the year to 31 March
2024, with total income confirmed at $71.2 million – up 48% and above the middle of the guidance
range revised upwards in November.
Serko Chair, Claudia Batten, said: “These strong results reflect the material progress we have made on
our priorities, in an often complex and uncertain external environment.
“Underpinning Serko’s progress has been a deliberate and sustained shift in how we operate. We are
seeing benefits from strengthened leadership and expertise, a scalable operating model, and targeted
investment to support innovation and growth. Today Serko is a more robust and dynamic business as
we pursue the next phase of our strategy.
“Our renewed partnership with Booking.com for a further five years, as announced on 30 April 2024, is
a major milestone – providing a strong foundation for future global scale. We are executing plans with
Booking.com to deliver further growth through customer acquisition and activation, and expansion of
the product offering.”


1
Comparative numbers are for the prior comparative period (FY23) unless otherwise stated. All dollar amounts are New Zealand
dollars, unless otherwise stated.
2
See notes to this release for definitions of non-GAAP financial measures used in the released materials.

2
FY24 growth driven by strong first half
Online bookings 4.9 million +19%
Completed room nights on Booking for Business 2.5 million +65%

The first half benefitted from higher ARPB, favourable FX and higher-than-expected business travel
volumes in Australasia. Second half revenue was lower than expected mainly driven by slower growth
in completed room nights than projected, unanticipated seasonality in ARPCRN and a decline in the
Euro:NZD exchange rate since guidance was updated in November 2023.
Unmanaged travel: Driving material revenue growth
Completed room nights on Booking.com for Business grew 65% to 2.5 million from 1.5 million in
FY23, reflecting strong first half growth combined with higher ARPCRNs and a favourable FX rate.
Active customers using the Booking.com for Business platform increased 10% across the year to
approximately 172,000. ARPCRN was up 4% on FY23.
Serko Chief Executive and Co-Founder, Darrin Grafton, said: “We have continued to see overall growth
in the Booking.com for Business partnership, underpinned by completed room nights rising 65%. This
reflects the successful execution of the partnership to date and the strength of the opportunities
ahead.
“The foundations are in place and we are now implementing further scaling initiatives with
Booking.com to drive further volumes.”
Managed travel: Strengthened market leadership in Australasia
Mr Grafton said: “Online bookings increased 13% in Australasia from 3.4 million to 3.9 million. Rio
Tinto, one of the largest corporate travel accounts in Australia, went live on Zeno during the first half
via American Express Global Business Travel.
“We continue to see future potential in Australasia underpinned by new and existing customers. We
have continued to deliver product improvements to our partners in the past year through a
strengthened Zeno offering.”
Increased operational leverage
Total spend was $83.9 million, below the 2024 guidance range of $86 million to $90 million and up 1%
from $83.3 million in FY23.
EBITDAF losses were $1.6 million, down from $21.8 million, a 93% improvement. Net losses after tax
were $15.9 million, down from $30.5 million, a 48% improvement.
Higher revenue and limited cost growth in the period has led to an 78% reduction in average
underlying monthly cash burn from $2.7 million in FY23 to $0.6 million in FY24.

3
Outlook
Serko anticipates demand for business travel in its key markets to remain strong.
Serko expects new unmanaged customer acquisition and activation initiatives to drive increased
volumes and total income during the FY25 year, weighted to the second half. Serko also anticipates
growth at FY24 levels in its Australasian business.
For the FY25 year, Serko anticipates total income in the range of $85 million – $92 million.
In line with previous statements, Serko expects to be cashflow positive for FY25.
With $80.6 million cash on hand at 31 March 2024 and no debt, Serko is well positioned to consider
organic and inorganic investments where these would advance strategic objectives.
Risks to the achievement of Serko’s FY25 goals include the precise timing of delivery of initiatives and
subsequent benefits, currency and ARPCRN movements, and geopolitical and macro-economic
factors.

Ends
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.
To join the conference call, please dial the numbers below using the participant passcode 364343.
New Zealand +64 (0)9 9133 624 or toll free 0800 423 972
Australia +61 (0)2 7250 5438 or toll free 1 800 590 693
Numbers for additional countries can be accessed here.
You can join the webcast here.

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

4
Important Notes
Non-GAAP 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 this Investor Presentation.
• ARPB or 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 is a non-GAAP measure and comprises
the gross unmanaged supplier commissions revenue per completed room night for revenue
generating hotel transactions.
• Average underlying monthly cash burn is a non-GAAP measure and comprises the net cash flows
excluding movements between cash and short term investments, cash flows related to capital
raises and exceptional items from a timing perspective averaged over the months in the period.
• Completed room nights is a non-GAAP measure comprising the number of 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.
• 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.
• Total spend is a non-GAAP measure comprising of operating expenses and capitalised
development costs. It excludes depreciation and amortisation.

---

Saatchi Building, Level 1, 125 The Strand, Parnell, Auckland 1010, New Zealand
Phone: +64 (9) 309 4754 • serko.com


Results Announcement
28 May 2024
Results for announcement to the market


Name of issuer Serko Limited (“SKO”)
Reporting Period 31 March 2024
Previous Reporting Period 31 March 2023
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from
continuing operations
$71,185 Up 48%
Total Revenue $71,185 Up 48%
Net profit/(loss) from
continuing
operations
($15,879)
49%
improvement
Total net profit/(loss) ($15,879) 49%
improvement
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
68.75 cents 76.26 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 annual report 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).

Saatchi Building, Level 1, 125 The Strand, Parnell, Auckland 1010, New Zealand
Phone: +64 (9) 309 4754 • serko.com
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 28 May 2024

Audited financial statements for the period ended 31 March 2024 accompany this
announcement.

---

Financial Results
for the12 months to 31 March 2024
Investor Presentation • 28 May 2024

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;
•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 (FY23) unless otherwise stated.
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
04 CEO overview
11 Progress on strategy
19 Financial update
28 Outlook
Darrin Grafton
CEO
Shane Sampson
CFO
Serko 3

CEO Overview
Serko 4
Refer to Appendix for definitions and descriptions of the non-GAAP measures used by management throughout this presentation.

Successful FY24 execution delivering benefits
Booking.com for
Businessgrowth
Partnership renewed for
further five years*
Strengthened
market position
Retention and new
growth in Australasia
Delivering
operational leverage
On track for cashflow
positive in FY25
Enhanced executive
and expertise
Strengthened executive
capability to support scale
A sustained shift in how Serko operatesRealising the growth opportunity
Serko 5
* Renewed April 2024.

Strong performance, on track for FY25 cashflow positive
RevenueProfit (loss)CostsBalance sheet
$(1.6m)
EBITDAF loss
93% improvement
$0.6m
Underlying avg
monthly cash burn
78% improvement
Serko 6
$71.2m
Total
income
48% increase
$89.7m
Operating
expenses
8% increase
$83.9m
Total spend
1% increase, below
FY24 guidance
$(15.9m)
Net loss
after tax
48% improvement
$80.6m
Cash
on hand
8% decrease YoY

Delivering consistent year-on-year growth
•Growth driven by progress of Booking.com for Business and strengthened Australasianperformance.
•Total income above the middle of the upwards revised guidance range provided in November.
$18.9m
$48.0m
$71.2m
$0m
$10m
$20m
$30m
$4 0m
$50m
$60m
$7 0m
$80m
FY22FY23FY24
Total income $m
2.2m
4.1m
4.9m
0.0m
1.0m
2.0m
3.0m
4. 0m
5.0m
6.0m
FY22FY23FY24
Total online bookings
0.3m
1.5m
2.5m
0.0m
0.5m
1.0m
1.5m
2.0m
2.5m
3.0m
FY22FY23FY24
Completed room nights
65%
19%
48%
Serko 7

Annual growth driven by strong first half
•The first half benefitted from higher ARPB, favourable foreign exchange rates and higher-than-expected
business travel volumes in Australasia.
•Second half revenue was lower than expected mainly driven by slower growth in completed room nights than
projected, unanticipated seasonality in ARPCRN and a decline in the Euro:NZD exchange rate since guidance
was updated in November 2023.
0.1m
0.2m
0.5m
1.1m
1.3m
1.2m
1H222H221H232H231H242H24
Completed room nights
1.1m
1.0m
2.0m
2.2m
2.5m
2.4m
1H222H221H232H231H242H24
Total online bookings
$9.5m
$9.4m
$19.4m
$28.6m
$36.3m
$34.8m
1H222H221H232H231H242H24
Total income $m
Serko 8

Sustainable, scalable growth remains critical focus
•Total spend of $83.9m, up 1% on FY23 and below the FY24 guidance range of $86 million to $90 million.
•Total operating expenses, up 8% on FY23, reflecting an increase in amortisation and depreciation along with
increased hosting and other operating expenses.
•Total spend as a percentageof total income has decreasedfrom 174% in FY23 to 118% inFY24, a 56% year-on-
year improvement. From FY22 to FY24 the total spend percentage of total income has decreased by 212%.
$62.3m
$83.3m
$83.9m
FY22FY23FY24
Total spend $m
$55.1m
$82.8m
$89.7m
FY22FY23FY24
Total operating expenses $m
$18.9m
$48.0m
$71.2m
$62.3m
$83.3m
$83.9m
FY22FY23FY24
Total income vs total spend
Total incomeTotal spend
Serko 9

On track for positive cashflow for FY25
Serko 10
* 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.
$3.3m
$2.7m
$0.6m
FY22FY23FY24
Underlying average monthly cash burn*
($39.6m)
($32.6m)
($7.1m)
FY22FY23FY24
Underlying cash flow

Progress on strategy
Serko 11

FY23 – 25
Strategic
Goals
FY24
Business
Highlights
Scaled and globally competitive business
Progress on our strategic priorities
Experimentation
benefits
$4.3 million
*
annualised
net revenue following
successful product
experimentations
Booking.com
delivery and growth
65% increase in
Completed Room
Nights;renewal
of partnership
(in April 2024)
Australasian
market leadership
Strengthened market
positionwith
13%increase in
online bookings
Technology and
productinnovation
Strengthened product
capabilities and
integrations with
continued enhancement
of our technology platform
High employee
engagement
Employee
engagement
increased to 78%,
from 72% in FY23
Culture
Develop a culture of
engaged Serkodians
aligned to our purpose,
mission and values
Marketplace
and content
Commercialise the
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
Serko 12
* Estimate based on AB testing results in FY24 extrapolated for a full year using an average $ booking rate

€ 6.88
€ 9.34
€ 9.75
FY22FY23FY24
64
157
172
FY22FY23FY24
0.3m
1.5m
2.5m
FY22FY23FY24
28
64
109
157
176
172
1H222H221H232H231H242H24
Active customers (k)
Upward trend with strong first half
Serko 13
0.1m
0.2m
0.5m
1.1m
1.3m
1.2m
1H222H221H232H231H242H24
Completed Room Nights (CRN)
€ 6.61
€ 7.04
€ 10.10
€ 9.03
€ 10.09
€ 9.38
1H222H221H232H231H242H24
Average revenue per CRN (€)
UNMANAGED TRAVEL

Progress underpinned by innovation and execution
Examples of features rolled out in FY24
Jun 2023
Content and
servicing
Partnered with CWT
to extend content
offering, provide
access to exclusive,
loyalty earning
rates and offer
24/7 support
Jun 2023
Room
selection
Intuitive room
selection experience
that enables users
to make better
purchase decisions
Oct 2023
Travel
tracking
Integration with
real-time tool,
Traxo, for enhanced
traveller safety
Nov 2023
Travel
receipts
Streamlined
expense
reimbursement
process
Dec 2023
Hotel
budgets
Spend control to
drive compliance
with company's
travel policy
Serko 14
UNMANAGED TRAVEL
May 2024
Booking.com for Business named
Travel Innovation of the Year
Oct 2023
Booking.com for Business named
Best self-booking tool
Mar 2024
Personalised
stay
Search experience
optimised for
repeat travel

Booking.com for Business plans
•Testing new online
marketing channels
•Developing product
features that expand our
addressable audience.
•A combination of
experimentally developed
improvements to the B4B
user interface, and
•Development of new features
that help businesses
efficiently administer their
travel spend and safeguard
their workforce.
•Enriching the B4B value
proposition through a
marketplace of discounted
ancillary services
•Testing incentives and
loyalty, as mechanisms
to drive higher purchase
frequency, and
•Improving post booking
experience to drive higher
retention rates.
Serko 15
Phase 1
Migration
Phase 2
Activating +
Engaging
Phase 3
Scaling
CompleteH2 FY22 –23FY23 –24
UNMANAGED TRAVEL
Foundation complete. Plans to increase growth being activated
Active customer growthVolume growthCustomer acquisition growth

$5.07
$4.96
$5.12
FY22FY23FY24
1.9m
3.4m
3.9m
FY22FY23FY24
Strengthened market position in Australasia
•Online bookings were up 13% in
Australia and New Zealand to 3.9
million, the result of increased
transaction volumes in
Australasia and new customer
wins.
•Rio Tinto, one of the largest
Australian corporate travel
accounts went live on Zeno
during the first half via American
Express Global Business Travel.
Serko 16
$4.91
$5.11
$5.06
$4.87
$5.02
$5.33
1H222H221H232H231H242H24
Australasia ARPB ($)
1.1m
0.9m
1.7m
1.7m
2.0m
1.9m
1H222H221H232H231H242H24
Australasia online bookings (m)
MANAGED TRAVEL
Online bookings up 13% in Australia and New Zealand

Continued strengthening of Zeno offer
Examples of features rolled out in FY24
Jul 2023
Vehicle selection
Allows customers
within the resources and
mining industry to book
specific vehicles online
Sep 2023
Online changes
Empowers travel bookers
to get instant pricing
for flight changes,
without contacting
their travel agent
Nov 2023
Airline aggregator
Enables the sourcing
of airlines through
a single platform
Jan 2024
Hotel shopping
Enhances hotel and
shopping experience
for travel to regional
destinations
Apr 2024 (post balance date)
Sabre NDC
integration
Provides efficiency
benefits to corporations,
bookers and TMCs by
accessing range of airline
offersthrough Zeno
Serko 17
MANAGED TRAVEL

Progress on sustainability practices
Environment
•Completion of our inaugural mandatory
Climate-Related Disclosures under the
Aotearoa New Zealand Climate Standard
reporting framework
•Improved carbon intensity performance
from 11.68 to 9.82 (tCO
2
e of GHG
emissions per $m of total income)
Social
•New Guiding Principles introduced to guide
our behaviours, decisions and actions
•High employee engagement, up from
72% in FY23 to 78% in FY24
•Internal appointments for new or existing
roles increased to 29%, up from 17% last year
•Serkodians invested 1,800 hours of their
timeinour‘Day of Community’
•Achieved Advanced GenderTick accreditation
•Maintained a less than 1% median
remuneration difference between males and
females when comparing roles of
comparable scope and complexity
Governance
•Improved capability in our board
and executive team
•Refreshed executive remuneration structure
•Strengthened risk management practices
through the business
•Materiality assessment completed,
identifying areas that matter most
to our stakeholders and the business
•Strengthened stakeholder engagement
Serko 18
Serko’s 2024 ESG Report available
now at www.serko.com/investors

Financial Update
Audited financial results for the 12 months to 31 March 2024
Serko 19

Net profit summary /
EBITDAF reconciliation
•Continuing to achieve operating
leverage as revenue grows.
•Weaker New Zealand dollar drove
foreign exchange losses on forward
exchange contracts used to provide
an economic hedge for revenue.
•High interest rates drove stronger
interest income.
Net Profit Summary20242023changechange
EBITDAF Reconciliation$'m$'m$'m%
Revenue68.846.522.348%
Other income2.41.50.958%
Total income71.248.023.248%
Operating expenses
(89.7)(82.8)(6.9)(8%)
Percentage of revenue
(130%)(178%)
Foreign exchange gains/(losses)
(1.1)1.7(2.8)(162%)
Net finance (expense)/income
3.92.61.452%
Net (loss) before tax
(15.7)(30.5)14.849%
Percentage of revenue
(23%)(66%)
Income tax expense(0.2)(0.1)(0.1)(144%)
Net (loss) after tax(15.9)(30.5)14.7(48%)
Percentage of revenue
(23%)(66%)
Deduct: net finance (expense)/income(3.9)(2.6)(1.4)(52%)
Add back: income tax0.20.10.1144%
Add back:depreciation and amortisation17.013.03.930%
Add back: net foreign exchange (gains)/losses1.1(1.7)2.8162%
EBITDAF (loss)(1.6)(21.8)20.293%
Percentage of revenue(2%)(47%)
Serko 20

Revenue analysis
•Booking.com for Business partnership
continues to drive growth in the
Supplier Commissions category and
the Europe and Other geography.
•Travel platform booking revenue grew
driven by increased Australian and
New Zealand business travel volumes
and new customer wins.
•ARPB grew driven by the increased
proportion of Booking.com for
Business transactions.
Revenue and other Income by Type20242023changechange
$'m$'m$'m%
Revenue – transaction and usage fees:
Travel platform booking revenue19.216.32.918%
Expense platform revenue5.35.00.37%
Supplier commissions revenue42.923.419.684%
Services revenue1.01.6(0.6)(36%)
Other revenue0.30.3-(2%)
Other Income2.41.50.958%
Total revenue and other income71.248.023.248%
Operating Revenue by Geography
Australia20.618.12.413%
New Zealand3.02.50.520%
North America3.03.0-(1%)
Europe and Other42.222.919.485%
Total Revenue68.846.522.348%
Total travel bookings (m)5.94.81.123%
Online bookings (m)4.94.10.819%
ARPB (travel related revenue only/online bookings)$12.71$9.56$3.1533%
Average revenue per completed room night (ARPCRN)€9.75€9.34€0.414%
Serko 21

Operating expenses
•Serko has maintained cost control for
FY24 while continuing to drive the
business towards its growth
objectives.
•Total remuneration and benefits were
flat reflecting lower remuneration and
benefits and EISS costs largely offset
by lower capitalisation of
development resource.
•Third party direct costs increased
broadly in line with increased online
travel booking volumes.
•Amortisation has increased reflecting
a higher proportion ofintangibles
being amortised over three years
rather than five years.
22
Operating expenses20242023changechange
$'m$'m$'m%
Total remuneration and benefits49.449.30.1
-
Percentage of revenue72%106%
Third party direct costs12.210.41.817%
Percentage of revenue18%22%
Other operating expenses11.110.01.111%
Percentage of revenue16%22%
Total amortisation and depreciation17.013.0
3.9
30%
Percentage of revenue25%28%
Total Operating Expense89.782.86.98%
Percentage of revenue130%178%
Serko 22
Note: A further breakdown of Operating Expenses
can be found in note 5 of the financial statements.
$82.8m
$89.7m
$2.4m
$1.8m
$3.9m
$0.9m
$1.0m
$1.0m
$65m
$7 0m
$7 5m
$80m
$85m
$90m
$95m
FY23
Op er ati ng
Expenses
Remun eration
and benefits
EISSLower
Capitalisation
3r d p ar ty
direct costs
Amortisation
and
depreciation
Oth er
exp en ses
FY24
Op er ati ng
Expenses
Operating Expenses FY24 v FY23

Total spend
•Total Spend for the year was held
almost flat, increasing to $83.9 million
from $83.3 million (1% increase).
•Increases in Other operating expenses
and Third party direct costs were
largely offset by lower remuneration
and benefits and EISS costs.
Total Spend20242023changechange
$'m$'m$'m%
Expenses from ordinary activities89.782.86.98%
Add back: capitalised development11.213.6(2.4)(17%)
Deduct:depreciation and amortisation(17.0)(13.0)(3.9)(30%)
Total Spend83.983.30.61%
Percentage of revenue122%179%
23
Serko 23

331
364
347
-
100
200
300
40 0
FY22FY23FY24
Total headcount
Employ eesContractor
Headcount
Serko 24
Geography of headcount
New ZealandAustraliaUnited StatesChina
FY24
FY23

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
capitalised as computer software
development during the period plus
amortisation of previously capitalised
PD&D.
•Total PD&D expenditure decreased
slightly driven by reductions in
contractors as Serko completed
several major projects.
Product Design and Development Expenditure20242023ChangeChange
$'m$'m$'m%
Total Product Design & Development40.741.7(1.0)(2%)
Percentage of revenue59%90%
Less: capitalised product development costs(11.2)(13.6)2.417%
Percentage of Product Design & Development costs28%33%
Total Product Design & Development (excluding amortisation)29.528.21.35%
Percentage of revenue43%61%
Add: Amortisation of capitalised development costs15.311.24.237%
Total44.839.35.514%
Percentage of revenue65%85%
Serko 25
24

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.
•Underlying cash flow has improved as
Serko achieves operational leverage
on strong revenue growth.
24
Adjusted Cash flow20242023ChangeChange
$'m$'m$'m%
Adjusted cash flows from operating activities4.7(19.2)23.9125%
Adjusted cash flows from investing activities(11.4)(14.0)2.618%
Adjusted cash flows from financing activities----
Net foreign exchange differences(0.4)0.5(0.9)(178%)
Underlying cash flow(7.1)(32.6)25.578%
Average monthly underlying cash burn(0.6)(2.7)2.178%
Cash, cash equivalents and short-term deposits
at beginning of year87.7124.5(36.8)(30%)
Add back adjustments:
One-off payment relating to 2022 made in 2023-(4.1)4.1100%
Reported Cash, cash equivalents and
short-term deposits at the end of the year80.687.7(7.1)(8%)
Serko 26

Balance sheet
•Serko’s balance sheet remainsstrong
with cash and short-terminvestments
of $80.6 million and nodebt.
•Intangibles decreased as the Group's
software assets are amortised at a
greater rate thancapitalisation of
internal development.
Balance Sheet20242023ChangeChange
$'m$'m$'m%
Cash and Short Term Deposits80.687.7(7.1)(8%)
Other Current Assets14.813.8
0.9
7%
Intangibles31.135.0(3.9)(11%)
Other Non Current Assets3.64.3(0.7)(16%)
Total Assets130.1140.9(10.8)(8%)
Current Liabilities13.312.21.19%
Non Current Liabilities1.12.7(1.7)(61%)
Equity115.7125.9(10.2)(8%)
Total Liabilities and Equity130.1140.9(10.8)(8%)
Serko 27

Outlook
Serko 28

Outlook
Serko anticipates demand for business travel in its key markets to remain strong.
Serko expects new unmanaged customer acquisition and activation initiatives
to drive increased volumes and total income during the FY25 year, weighted
to the second half. Serko also anticipates growth at FY24 levels in its
Australasian business.
For the FY25 year, Serko anticipates total income in the range of $85m-$92m.
In line with previous statements, Serko expects to be cashflow positive for FY25.
With$80.6 million cash on hand at 31 March 2024and no debt, Serko is well
positioned to consider organic and inorganic investments where these would
advance strategic objectives.
Risks to the achievement of Serko’s FY25 goals include the precise timing of
delivery of initiatives and subsequent benefits, currency and ARPCRN movements,
and geopolitical and macro-economic factors.
Serko 29

Q&A
Serko 30

Appendix
Serko 31

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 this Investor Presentation.
•Active customers (unmanaged) is a non-GAAP measure comprising the number of companies who have made a booking in the
preceding 12-month period.
•ARPB or 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 is a non-GAAP measure and comprises the gross unmanaged supplier
commissions revenue per completed room night for revenue generating hotel transactions.
•Australasia: New Zealand and Australia
•Carbon Intensity is a non-GAAP measure comprising the total Serko Greenhouse Gas emissions in (tonnes of CO
2
emitted in the period)
relative to the Total Income ($m) earned by Serko over the same period.
•Cash on hand is a non-GAAP measure comprising cash and short term investments.
•CRN or Completed room nights is a non-GAAP measure comprising the number of 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.
Serko 32

Definitions (continued)
•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 of the number of employees (excluding casual workers and employees on maternity
leave) and contractors employed on the last day of the period.
•Managed customers is a non-GAAP term referring to companies that make online bookings through travel management companies.
•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.
•PD&D or Product design and development costsare 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 of 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 exceptional items from a timing perspective.
•Unmanaged customers is a non-GAAP term referring companies who make online bookings through Serko’s Booking.com for Business
platform.
Serko 33

FY24 results summary
1H232H23FY231H242H24FY24FY24 v FY23 %
Financial ($m)
Total income$19.4m$28.6m$48.0m$36.3m$34.8m$71.2m48%
Total operating expenses$42.3m$40.5m$82.8m$45.3m$44.4m$89.7m8%
Total spend$41.1m$42.2m$83.3m$42.2m$41.8m$83.9m1%
EBITDAF gain/(loss)($16.9m)($4.9m)($21.8m)($0.8m)($0.8m)($1.6m)93%
Net gain/(loss) after tax($19.7m)($10.8m)($30.5m)($7.2m)($8.7m)($15.9m)48%
Average monthly cash burn$3.6m$2.5m$3.1m$0.6m$0.6m$0.6m(81%)
Underlying average monthly cash burn$3.6m$1.8m$2.7m$0.6m$0.6m$0.6m(78%)
Operational
Online bookings (millions)2.0m2.2m4.1m2.5m2.4m4.9m19%
Completed room nights (millions)0.5m1.1m1.5m1.3m1.2m2.5m65%
ARPB$7.85$11.16$9.56$12.88$12.53$12.7133%
ARPCRN€10.10€9.03€9.34€10.09€9.38€9.754%
Active Customers (000)10915715717617217210%
Serko 34

180+
countries with
active users
4.9 million+
trips booked
annually
640,000+
registered customers
across the globe
2007
founded
5 offices
over New Zealand,
USA, Australia, China
340+
size of our team

Thank you

---

Annual
Report
2024

This Annual Report is dated 28 May 2024 and is signed on behalf
of the Board of Directors (Board) of Serko Limited by Claudia Batten,
Chair, and Darrin Grafton, Chief Executive Officer (CEO).
Darrin Grafton
Chief Executive Officer
Claudia Batten
Chair

Contents
Serko at a glance . . . . . . . . . . . . . . . . . . . . . . . . . .2
Financial highlights . . . . . . . . . . . . . . . . . . . . . . . .3
Business highlights . . . . . . . . . . . . . . . . . . . . . . . .4
Chair & CEO letter . . . . . . . . . . . . . . . . . . . . . . . . .6
Our strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Our products ............................10
ESG Report highlights . . . . . . . . . . . . . . . . . . . . .12
Our leadership ...........................14
Management Commentary ................18
Financial Statements .....................36
Independent Auditor’s Report ..............70
Corporate Governance Statement ..........75
Remuneration Report ....................105
Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .126
Company Directory ......................128
Business
highlights
Chair and
CEO letter
Management
commentary
Financial
statements
04
06
18
36

Serko at a glance
Our purpose
We bring
people together
Our vision
Create a connected,
frictionless travel
experience
Our mission
Build the world’s
leading business
travel marketplace
180 +
countries with
active users
4.9 million +
trips booked
annually
640,000 +
registered customers
across the globe
Darrin Grafton
CEO & Co-founder
Something incredible happens when people come together.
That’s why we travel. But all too often, we run into
distractions. Schedule changes, expense reports,
a bad night’s sleep. And a million other things.
We believe there’s a better way. We’re constantly innovating
to remove friction from travel, designing our platform to
transform the mundane into an experience. So when you
are together, there’s more room for magic to happen.
2

* EBITDAF is a non-GAAP measure representing Earnings Before Interest, Taxation, Depreciation, Amortisation, Impairment,
Foreign Exchange gains/losses and Fair value remeasurements.
Successful execution of our priorities, in an often complex and uncertain
external environment, has led to significantly improved financial outcomes.
Total income was $71.2 million — up 48% and above the middle of the
guidance range revised upwards in November.
Year in review
Financial highlights
Balance Sheet
Cash on hand
$80.6m
8% decrease
Avg cash burn/month
$0.6m
78% improvement
Profit (Loss)
EBITDAF
*
Loss
$(1.6m)
93% improvement
Net loss after tax
$(15.9m)
48% improvement
Revenue
Total income
$71.2m 48%
Costs
Operating expenses
$89.7m
Total spend
$83.9m 1% 8%
3
SErkO at a gLanCE

Underpinning Serko’s progress has been a deliberate and sustained shift in how we operate.
We are seeing benefits from strengthened leadership and expertise, a scalable operating
model and targeted investment to support innovation and growth. Today, Serko is a more
robust and dynamic business as we pursue the next phase of our strategy.
Year in review
Business highlights
*Renewed April 2024
Strengthened
market
leadership
Retention and new
growth in Australasia
Booking.com for
Business growth
Partnership renewed
for further five years*
Realising
the growth
opportunity
Enhanced
leadership and
expertise
Strengthened
executive capability
to support scale
Delivering
operational
leverage
On track for cash flow
positive in FY25
A sustained
shift in how
Serko operates
4

FY24 Business Highlights
Experimentation
benefits
$4.3 million* annualised net
revenue following successful
product experimentations
Australasian
market leadership
Strengthened market
position with 13% increase
in online bookings
Technology and
product innovation
Strengthened product
capabilities and integrations
with continued enhancement
of our technology platform
High employee
engagement
Employee engagement
increased to 78%, from
72% in FY23
Booking.com
delivery and growth
65% increase in Completed
Room Nights; renewal of
partnership (in April 2024)
FY22
0.3m
FY23FY24
1.5m
2.5m
Completed Room
Nights (CRN)
65%
FY22
2.2m
FY23FY24
4.1m
4.9m
19%
Total Online Bookings
All comparatives are year on year unless otherwise stated.
* Estimate based on AB testing results in FY24 extrapolated for a full year using an average $ booking rate.
5
SErkO at a gLanCE

Dear shareholders,
Our strong performance in the past
financial year is the result of Serko’s
single-minded focus on building
a globally-competitive business at
scale across multiple periods.
Most recently, this focus has included the
establishment, growth and renewal of our partnership
with Booking.com, strengthened market leadership in
Australasia, and strong recovery out of the pandemic.
In this year’s annual report we are pleased to share
material progress on our priorities and significantly
improved financial outcomes.
Two years ago, coming out of COVID, Serko’s total
income was $18.9 million. Since then, we have defined
our strategy and have executed against this and now,
for FY24, we are reporting total income of $71.2 million.
Underlying average monthly cash burn two years ago
was $3.3 million. For FY24, it has reduced to just
$0.6 million.
Underpinning Serko’s progress has been a deliberate
and sustained shift in how we operate. We are seeing
benefits from strengthened leadership and expertise,
a scalable operating model, and targeted investment
to support innovation and growth. Today Serko is
a more robust and dynamic business as we pursue
the next phase of our strategy.
There is still much more potential to be realised.
We are driven to being the most innovative company
we can be — for all our stakeholders: our partners,
our customers, our people and our investors.
Our purpose sits at the centre of our ambitions:
to bring people together, through a connected,
frictionless travel experience.
We have built strong foundations with our current
strategy (FY23-25) and we are now turning our minds
to our plans beyond FY25. We look forward to sharing
details with you in the second half of the year.
FY24 summary
For the FY24 year, Serko achieved total income of
$71.2 million, up 48% on the FY23 year, and above the
middle of the guidance range as revised upwards in
November. This was driven by an increase in online
bookings, up 19% to 4.9 million and increased ARPB.
Total spend was $83.9 million, below the 2024
guidance range of $86 million to $90 million and
up 1% from $83.3 million in FY23.
EBITDAF losses were $1.6 million, down from
$21.8 million, a 93% improvement and net losses
after tax were $15.9 million, down from $30.5 million,
a 48% improvement.
Higher revenue and limited cost growth in the period
has led to an 78% reduction in average underlying
monthly cash burn from $2.7 million in FY23 to
$0.6 million in FY24.
Unmanaged travel
In April 2024, we announced the renewal of our
partnership with Booking.com for a further five years.
This is a significant milestone for Serko — providing
a strong foundation for global scale.
We have continued to see overall growth in the
Booking.com for Business partnership, underpinned
by Completed Room Nights rising 65% to 2.5 million.
Active customers using the Booking.com for
Business platform increased 10% across the year
to approximately 172,000. Average Revenue per
Completed Room Night was up 4% on FY23.
6

This reflects the successful execution of the partnership
to date and the strength of the opportunities ahead.
The progress made, including customer acquisition
and activation alongside important enhancements to
the Booking.com for Business offer, has directly driven
material revenue for Serko.
The foundations are in place and we are now
implementing further scaling initiatives with
Booking.com to drive increases in volumes.
Managed travel
Online bookings increased 13% in Australasia from
3.4 million to 3.9 million. Rio Tinto, one of the largest
corporate travel accounts in Australia, went live on
Zeno during the year via American Express Global
Business Travel.
We continue to see potential in Australasia underpinned
by new and existing customers. We have continued to
deliver product improvements to our partners in the
past year through a strengthened Zeno offering.
Balance sheet strength
Serko remains well capitalised with no debt.
At 31 March, our cash on hand was $80.6 million
with underlying average monthly cash burn at
$0.6 million, a 78% improvement.
7
Chair & CEO LEttEr

Darrin Grafton
CEO & Co-founder
Claudia Batten
Chair
Board and management
In February, AI and data technology entrepreneur
Dr Sean Gourley joined the Board as an Independent
Non-executive Director. Sean has impressive
experience as a business and technology leader,
including establishing and growing two ground-breaking
Silicon Valley technology businesses.
He has been a force in the commercialisation of scaled
data and AI solutions for more than a decade, with a
focus on the United States. He is already proving an
asset for Serko as we drive international growth.
Sean will be standing for election at the Annual Meeting.
During the year, Joydip Das and Liz Fraser joined our
Executive team — from multi-national firms — as Chief
Product Officer and Chief Revenue Officer respectively.
Both roles are new within Serko and Joydip and Liz are
already delivering significant upside with their relevant
and compelling backgrounds.
A sustainable Serko
We are committed to doing what is right for our
business, people, customers and communities. We
believe strong environmental, social and governance
(ESG) practices give Serko its social licence to operate,
as well as creating long-term value for our business.
We have continued to develop our sustainability
practices over the past year and are pleased to
report our progress in our latest ESG Report — and
Climate-Related Disclosures, released alongside
this annual report.
Outlook
Serko anticipates demand for business travel in
its key markets to remain strong.
Serko expects new unmanaged customer acquisition
and activation initiatives to drive increased volumes
and total income during the FY25 year, weighted to
the second half. Serko also anticipates growth at
FY24 levels in its Australasian business.
For the FY25 year, Serko anticipates total income
in the range of $85 million – $92 million.
In line with previous statements, Serko expects
to be cashflow positive for FY25.
With $80.6 million cash on hand at 31 March 2024
and no debt, Serko is well positioned to consider
organic and inorganic investments where these
would advance strategic objectives.
Risks to the achievement of Serko’s FY25 goals
include the precise timing of delivery of initiatives
and subsequent benefits, currency and ARPCRN
movements, and geopolitical and macro-economic
factors.
Thank you
Thank you to you our shareholders for your engagement
and support. Thank you to our partners for allowing
us to work with you — to help you and your customers
do business when you need to travel. And thank you to
our team. The Board and the Executive Team see your
dedication in all the hard work you do.
We look forward to another incredible year in FY25.
8

FY23 – FY25 strategic goals
21
Unmanaged
revenue
Establish significant
market share
in the unmanaged
travel market
Customer
success
Deliver an exceptional
customer experience (CX)
through experimentation
3
Managed
revenue
Consistently grow market
share in the global managed
travel market through
TMC partnerships and
inorganic growth
4
Marketplace
and content
Commercialise
connected trip
experience through
an open platform
Culture
Create a culture
of engaged Serkodians
aligned to our purpose,
mission and values
5
Our strategy
Our strategy provides our stakeholders - employees, customers, end users,
partners, suppliers, shareholders and others - with a clear sense of what
drives us, where we are heading and how we will create long-term value.
Our current strategy is for the period FY23 – FY25. In the coming months
we will be developing Serko’s strategy for beyond FY25. We look forward
to sharing this with you.
9
OuR STRATEgY

Our products
Zeno is an integrated travel and expense platform that is revolutionising
the world of corporate travel and expense management globally.
Zeno Travel
Zeno Travel is an online booking platform for
mid to large size companies that have managed
travel programmes (generally with a travel policy and
a travel management company to support them).
With Zeno, travellers get an interface like the
leisure travel sites they’re used to, an extensive
range of booking choices and personalised trip
recommendations that speed up travel bookings.
Travel managers get to add their own travel policies
and negotiated rates and prioritise preferred suppliers
so travellers see the best prices for trips and stay
in budget. The result is better cost control and
programme compliance coupled with increased
traveller satisfaction.
Zeno is available through our worldwide network of
travel management company partners.
Zeno Expense
Zeno Expense automates corporate card and
out-of-pocket expense submission, reconciliation
and reimbursement. Employees take photos or upload
receipts, add coding details and submit their expenses
on the go. To make things even simpler, Zeno offers
automated integrations with travel providers such as
Uber for Business.
Zeno’s intelligent technology helps to identify and
manage out-of-policy claims and expense claim fraud,
dramatically streamlining the expense administration
function. Detailed reporting gives approvers and finance
teams a more accurate picture of business expenses
and potential problem areas.
Serko generates revenue through corporate customers paying
a booking fee per transaction and through commission received
from suppliers.
Serko generates revenue through corporate customers paying
a fee per active user or per expense report submitted.
10

Booking.com for Business · Powered by Zeno
Booking.com for Business is the free, all-in-one business travel platform designed
for small to medium-sized businesses (SMEs). Company users can book and manage
complete trips for themselves or their teams, including accommodation, flights and
rental cars — with no fees or ongoing subscription costs.
Combining Zeno’s functionality with Booking.com’s simplicity
and brand recognition
• Administrators and travellers can easily make corporate travel bookings in one place —
no need to search multiple sites and tabs.
• Choose from 2.5+ million properties, 420+ airlines and 40,000 car rental locations
around the world.
• Whether a business employs one person or 500, there’s no limit to how many
can use Booking.com for Business and there are no fees.
• Companies can save with exclusive business rates, enjoy Genius rewards and
earn loyalty points with favourite hotel chains, airlines and rental car companies.
• Complimentary 24/7 travel assistance is available by phone or email.
Serko generates revenue through supplier commission from travel bookings completed through
Booking.com for Business.
11
OuR PRODuCTS

ESG Report highlights
Working towards a
sustainable future
Serko’s 2024 ESG Report available
now at www.serko.com/investors
Environment
We are committed to continually improving our
efficiency and reducing our impact on the environment.
Our direct environmental footprint is relatively small
and made up largely from third-party data centres,
office energy consumption, employee travel and the
typical consumables of a technology business.
We believe there is an opportunity to play a role in
reducing the environmental impact of business travel
by providing technology that enables and encourages
our customers to make smart, sustainable decisions.
As we grow and connect increasing
numbers of business travellers, we are
committed to doing what is right for our
business, people, customers, investors
and communities. We believe strong ESG
practices give Serko its social licence
to operate, as well as creating long-term
value for our business.
Our latest ESG Report — and Climate-
Related Disclosures — provides Serko’s
stakeholders with a view of the Company’s
ESG performance and activities in the
year ended 31 March 2024.
FY24 progress and highlights
• Completion of our inaugural mandatory
Climate-related Disclosures under the Aotearoa
New Zealand Climate Standard reporting framework
• Improved carbon intensity performance from
11.68 to 9.82 (tCO
2
e of GHG emissions per $m
of total income)
Introduction of
Materiality Assessment
We engaged external advisers to help us
understand and prioritise the environmental,
social, governance and commercial areas that
matter most to our stakeholders and our business.
The materiality assessment provides a strong
foundation for our strategy. By identifying and ranking
the material topics, we are ensuring our strategy
focuses on areas with the greatest impact and that
we can communicate our progress more effectively.
A summary of outcomes from the assessment
is in the ESG Report.
12

Governance
A key focus for the Board is to oversee and support
the delivery of Serko’s strategy, which is primarily
directed at the Booking.com partnership and unlocking
the US market.
Other governance activities across Serko in the past
year include succession planning, ensuring appropriate
remuneration structures and levels, embedding risk
management and improving stakeholder engagement.
Social
Our culture is anchored by a clear company purpose,
vision and guiding principles. They define how we
operate together as a team and how we interact
with our customers and partners.
Giving back to the communities we operate in is
incredibly important to us. Each year, all Serkodians
are given a full day to spend working on local
community initiatives that are meaningful to them.
FY24 progress and highlights
• Improved capability in our Board and Executive team
• Refreshed executive remuneration structure
• Strengthened risk management practices through
the business
• Materiality assessment completed, identifying areas
that matter most to our stakeholders and business
• Strengthened stakeholder engagement
FY24 progress and highlights
• New Guiding Principles introduced to guide
our behaviours, decisions and actions
• High employee engagement, up from 72%
in FY23 to 78% in FY24
• Internal appointments for new or existing roles
increased to 29%, up from 17% last year
• Serkodians invested 1,800 hours of their time
in our ‘Day of Community’
• Achieved Advanced GenderTick accreditation
• Maintained a less than 1% median remuneration
difference between males and females when
comparing roles of comparable scope and complexity
13
OuR PRODuCTS

Claudia Batten
Independent Non-executive Director, Chair, New Zealand
Appointed 30 April 2014, re-elected August 2023
Claudia has been a founding member of two highly successful
entrepreneurial ventures. The first venture was Massive Incorporated, a
network for advertising in video games. Massive was sold to Microsoft in
2006. In 2009 she co-founded Victors & Spoils (‘V&S’), the first advertising
agency built on the principles of crowdsourcing. V&S was majority acquired
by French holding company Havas Worldwide in 2011. Claudia is a strong
supporter of the New Zealand start-up scene as an active mentor and
adviser. She is also a Director of Air New Zealand and Vista Group.
Claudia holds an LLB (Hons) and BCA from Victoria University (Wellington).
Jan Dawson
Independent Non-executive Director, New Zealand
Appointed on 18 August 2021, elected August 2022
Jan is Chair of Ports of Auckland Limited. She was previously Chair of
Westpac New Zealand, Deputy Chair for Air New Zealand, and a Director of
Beca, AIG NZ and Meridian Energy Limited, and a member of the University
of Auckland Council. She was a partner of KPMG for 30 years and the Chair
and Chief Executive of KPMG New Zealand from 2006 until 2011. She holds
a Bachelor of Commerce from the University of Auckland and is a fellow
of the New Zealand Institute of Chartered Accountants and a fellow of the
Institute of Directors in New Zealand.
Our leadership
Board of Directors
Sean Gourley
Independent Non-executive Director, New Zealand
Appointed on 1 February 2024, up for election in 2024
Sean has established and grown two ground-breaking Silicon Valley
technology companies: Primer, an AI and machine-learning company
where he was CEO from 2015 to 2023, and Quid, an AI-powered visualisation
company where he was Chief Technology Officer. In his early career, he
was a research scientist at NASA and a research fellow at the University of
Oxford where he published ground-breaking research into the mathematics
of war in leading science journal Nature. He also served on the board of
Anadarko Petroleum, a US-based Fortune 500 energy company, from 2015
until its acquisition in 2019. Dr Gourley has a Master of Science majoring in
physics from the University of Canterbury (NZ) and a PhD in physics from the
University of Oxford, which he attended as a Rhodes Scholar.
14

Darrin Grafton
Executive Director, Chief Executive Officer & Co-founder
Appointed 5 April 2007, re-elected August 2022
Darrin has more than 30 years’ experience in travel technology and is a
recognised industry innovator, previously named as one of the top 25 most
influential executives in the travel industry by the BTN Group. Darrin has
held directorships and senior management positions across a number
of private and public companies, including the Gullivers Travel Group. In
2021 Darrin was awarded the INFINZ Leadership Award and has previously
been awarded the NZX Hi-Tech Entrepreneur Award. He is a member of the
Institute of IT Professionals NZ and the Institute of Directors in New Zealand.
Bob Shaw
Executive Director, Chief Strategy Officer & Co-founder
Appointed 5 April 2007, re-elected August 2021 (up for re-election in 2024)
Bob has been involved in transforming the travel industry since 1987,
collaborating with the world’s leading airlines, travel agencies and global
distribution systems. He has held a number of directorships and senior
management positions in various high-profile ventures, including Gullivers
Travel Group and Interactive Technologies. Bob has been a past finalist for
the EY Entrepreneur of the Year Award. He is a member of the Institute of
IT Professionals NZ, the Institute of Directors NZ/Australia and was awarded
the New Zealand Certificate in Data Processing.
Clyde McConaghy
Independent Non-executive Director, Australia
Appointed 30 April 2014, re-elected August 2022
Clyde is based in Australia. He is the founder of Optima Boards, providing
independent director and advisory services to public, private, family office
and charitable entities around the world. Clyde has worked in publishing,
media, online and technology sectors, living in the United Kingdom (UK),
Germany, China and Australia. He is a director of Neuroscience Research
Australia and holds a BBus (University of South Australia), as well as an
MBA from Cranfield University (UK). Clyde is a fellow of the Australian
Institute of Company Directors.
15
Our LEadErShiP

Liz Fraser
Chief Revenue Officer (CRO)
Liz previously held the role of Commercial Director at MediaWorks. Prior to
this role, Liz worked at Air New Zealand in various roles, including Regional
General Manager of the Americas region based in Los Angeles, as well as
General Manager Customer. Before joining the airline, Liz worked in the
media industry at TVNZ, MSN and MediaWorks TV. Liz is also the Chair
of Crescendo Trust of Aotearoa.
Joydip Das
Chief Product Officer (CPO)
Joydip has more than 25 years’ experience building software products
and platforms for multiple technology start-ups and enterprise software
companies in the United States (US). He’s passionate about creating product-
led cultures and operational models to help forward-thinking technology
companies navigate the challenges of innovation and scalable growth.
Charlie Nowaczek
Chief Operating Officer (COO)
Charlie has over 25 years’ experience as an operations executive and
management adviser, specialising in business transformation and
operational excellence. Over the last decade he has been COO for
a number of technology start-ups in the US and Canada.
Our leadership
Executive Team
Darrin Grafton
Chief Executive Officer (CEO), Executive Director & Co-founder
Darrin has more than 30 years’ experience in travel technology and is a
recognised industry innovator, previously named as one of the top 25 most
influential executives in the travel industry by the BTN Group. Darrin has held
directorships and senior management positions across a number of private
and public companies, including the Gullivers Travel Group. In 2021 Darrin
was awarded the INFINZ Leadership Award and has previously been awarded
the NZX Hi-Tech Entrepreneur Award. He is a member of the Institute of
IT Professionals NZ and the Institute of Directors in New Zealand.
16

Rachael Satherley
Chief People Officer (CPO)
Rachael has 20 years’ experience in people leadership roles across
Europe, North America and Asia-Pacific, most recently with Expedia Group.
She has a passion for unlocking individual, team and organisational potential
through transformation.
Shane Sampson
Chief Financial Officer (CFO)
Shane joined Serko with over 30 years’ experience in finance and commercial
leadership roles at Vector, Spark and Pulse Energy and most recently as the
CFO of PushPay. Shane has a BCA and LLB (Hons) from Victoria University
of Wellington and is a member of Chartered Accountants Australia and
New Zealand.
Bob Shaw
Chief Strategy Officer (CSO), Executive Director & Co-founder
Bob has been involved in transforming the travel industry since 1987,
collaborating with the world’s leading airlines, travel agencies and global
distribution systems. He has held a number of directorships and senior
management positions in various high-profile ventures, including Gullivers
Travel Group and Interactive Technologies. Bob has been a past finalist for
the EY Entrepreneur of the Year Award. He is a member of the Institute of
IT Professionals NZ, the Institute of Directors NZ/Australia and was awarded
the New Zealand Certificate in Data Processing.
Simon Young
Acting Chief Technology Officer (ACTO)
Simon has more than 20 years’ experience in local and global technology
companies and joined Serko as the Vice President (VP) of Engineering in
2023. He has held a number of executive leadership roles, including as Chief
Product & Technology Officer at Trade Me and VP of Engineering at Halter.
17
Our LEadErShiP

Management
commentary
Please read the following commentary with the financial statements
and the related notes in this Report. Some parts of this commentary
include information regarding the plans and strategy for the
business and include forward-looking statements that involve risks
and uncertainties.
Actual results and the timing of certain events may differ materially
from future results expressed or implied by the forward-looking
statements contained in the following commentary. All amounts
are presented in New Zealand dollars (NZD), except where indicated.
All references to a year are the financial year ended 31 March 2024,
unless otherwise stated.
Non-GAAP (generally accepted accounting practice) measures have
been included, as we believe they provide useful information for
readers to assist in understanding Serko’s financial performance.
Non-GAAP financial measures do not have standardised meanings
and should not be viewed in isolation or considered as substitutes
for measures reported in accordance with New Zealand equivalents
to International Financial Reporting Standards (NZ IFRS). These
measures have not been independently audited or reviewed.
18

($15.7m)
Net loss before tax
Business results
Revenue increased 48% to $68.8 million primarily due to continued growth in Booking.com for Business and an
ongoing business travel recovery. Total Income for the year to 31 March 2024 increased 48% to $71.2 million.
Operating costs increased by 8% to $89.7 million driven, by higher amortisation, with the intangible assets useful lives
reducing from five to three years in FY22, along with a reduction in capitalisation and increased Third party costs as
transaction volumes increased. Serko recorded a net loss result after tax of $15.9 million, an improvement of
48% against the prior year net loss after tax of $30.5 million.
The Group recognised $2.4 million in other income (primarily grants), an increase of $0.9 million, or 58%, from the prior
year. Other income primarily comprised of the research and development tax credit (RDTI). Grant income in relation
to RDTI of $1.9 million was claimed in FY24, while a portion was treated as deferred income as the costs to which the
grants related had been capitalised. This deferred income will be recognised in future years over the useful lives of the
related assets.
Foreign exchange losses of $1.1 million resulted in an adverse variance of $2.8 million compared to the prior year,
this was due to a weaker average New Zealand dollar against both the Euro and United States dollar. Net finance
income increased 52% to $3.9 million primarily reflecting increased interest earned on short-term investments.
Year ended 31 March20242023Change%
($000)($000)($000)

Revenue68,76146,49222,26948%
Other income2,4241,53389158%
Total Income71,18548,02523,16048%

Operating expenses(89,735)(82,819)(6,916)(8%)
Percentage of revenue(131%)(178%)
Foreign exchange gains/(losses)(1,084)1,737(2,821)(162%)
Net finance (expense)/income3,9482,5961,35252%
Net (loss) before tax(15,686)(30,461)14,775(49%)
Percentage of revenue(23%)(66%)

Income tax expense(193)(79)(114)(144%)
Net (loss) after tax(15,879)(30,540)14,66148%
Percentage of revenue(23%)(66%)
19
ManagEMEnt COMMEntary

Growth in Total Income declined in the second half of the financial year impacted by lower unmanaged Completed
room nights, a lower seasonal average revenue per completed room night and seasonally lower ANZ Managed Travel
revenue. Total Spend in the second half of FY24 declined 1% relative to both the first half of FY24 and the second half
of FY23, reflecting a reduction in Capitalisation that has offset increases in Third party direct costs as transactional
volumes increase. Across FY24 we have seen a 48% growth in Total Income over FY23, while holding Total Spend
growth at 1%, significantly improving Serko’s overall financial performance.
Total Spend is a non-GAAP measure, which Serko uses internally to measure spend before the impacts of
capitalisation and amortisation. In software businesses, the nature of the projects being worked on can result
in significant differences in the proportion of product design and delivery costs capitalised. We consider that
Total Spend is a more useful measure of the cost base of the business as it removes the volatility that can
occur as a result of capitalisation decisions.
Total Spend Total Income
1H222H221H231H242H232H24
$0m
$10m
$20m
$30m
$40m
$50m
$9.5m
$9.4m
$19.4m
$28.6m
$42.2m$42.2m
$41.7m
$41.1m
$33.9m
$28.4m
$34.8m
$36.3m
20

EBITDAF
($1.6m)
EBITDAF Loss
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 remeasurement.
EBITDAF improved by $20.2 million from a loss of $21.8 million to a loss of $1.6 million reflecting strong growth in
Total Income partially offset by increased expenditure.
Depreciation and amortisation increased by $3.9 million over the prior year primarily reflecting an increase in the
average balance of computer software assets over the prior year. Depreciation includes right-of-use assets (leased
premises) under IFRS-16 (Leases) of $1.1 million in FY24 (FY23 $1.1 million).
Year ended 31 March20242023Change%
($000)($000)($000)

Net (loss) after tax(15,879)(30,540)14,66148%
Deduct: net finance (expense)/income(3,948)(2,596)(1,352)(52%)
Add back: income tax19379114144%
Add back: depreciation and amortisation 16,97313,0403,93330%
Add back: net foreign exchange (gains)/losses1,084(1,737)2,821162%
EBITDAF (loss)(1,577)(21,754)20,17793%
Percentage of revenue(2%)(47%)
21
ManagEMEnt COMMEntary

Revenue and other income (Total Income)
$71.2m
Total Income
Travel-related revenue includes travel platform booking revenue and supplier commissions revenue.
Total income includes revenue from customers and other income such as grants but excludes finance income.
Total Income increased by 48% to $71.2 million from $48.0 million in FY23.
Travel platform booking revenue increased by 18% to $19.2 million. Expense platform revenue increased
by $0.3 million.
Supplier commissions revenue increased by 84% to $42.9 million reflecting growth in revenue from Booking.com
for Business. Supplier commissions revenue is recognised net of consideration payable to customers of $2.0 million
(2023: $1.8 million).
Services revenue decreased by 36% to $1.0 million, while other revenues were flat at $0.3 million.
Total travel bookings by volume increased 23% over the prior year. Total travel bookings during FY24 were
5.9 million. Total travel bookings include 1.0 million offline bookings (system automated bookings) that do not
contribute significantly to revenue or are bundled into the Online Booking rate. Online Bookings for the year
increased 19% to 4.9 million.
Average Revenue Per Booking (ARPB) for travel-related revenue (travel platform and supplier commissions)
increased during the year by 33% to $12.71 from $9.56, driven by a higher Average Revenue per Completed Room
Night (ARPCRN) and the increased proportion of Booking.com for Business bookings.
Year ended 31 March20242023Change%
($000)($000)($000)

Revenue – transaction and usage fees:
Travel platform booking revenue19,21516,2832,93218%
Expense platform revenue5,2914,9603317%
Supplier commissions revenue42,93023,36319,56784%
Services revenue1,0001,555(555)(36%)
Other revenue325331(6)(2%)
Other income2,4241,53389158%
Total Income71,18548,02523,16048%

Total travel bookings (000)5,9204,8041,11623%
Online bookings (000)4,9164,14677019%
ARPB (travel-related revenue only/online bookings)$12.71 $9.56 $3.15 33%
Average Revenue per Completed Room Night (ARPCRN)€9.75€9.34€0.414%
22

Revenue increased by 166% relative to FY20, the last year unaffected by Covid-19.
Long-term revenue trends
Booking volumes
1
1 Booking volumes are total volumes and include Offline Bookings, which can be either bundled into a price per Online Booking or at an additional price,
as these are primarily automated bookings but processed through the booking tool.
Other bookings
Online bookings
FY13FY14FY15FY17FY18FY19FY20FY21FY22FY23FY24
$0m
$10m
$20m
$30m
$40m
$50m
$60m
$70m
FY16
Covid-19
impact
Services
Supplier commissions
& other
Expense platform
Travel platform
Other bookings
Online bookings
FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24
1m
2m
3m
4m
5m
6m
Covid-19
impact
23
ManagEMEnt COMMEntary

Recent revenue trends
Total Income grew strongly in FY24, with an increase in Total Income of $23.2 million (+48%) and $6.3 million
growth (+22%) in the second half of FY24, compared with the same half in FY23. Completed Room Nights for
Booking.com for Business increased by 1.0 million (+65%) over FY23 with Active Customers growing to 172k in FY24
from 157k at the end of FY23. Total Income in the second half of FY24 was impacted by lower unmanaged Completed
Room Nights, a lower seasonal Average Revenue per Completed Room Night in Booking.com for Business bookings
and seasonally lower ANZ Managed Travel revenue.
Total Income ($m)
1H22
$9.5m
2H22
$9.4m
1H231H24
$19.4m
$36.3m
2H232H24
$28.6m
$34.8m
Total Online Bookings
1H22
1.1m
2H22
1.0m
1H231H24
2.0m
2.5m
2H232H24
2.2m
2.4m
24

Unmanaged revenue
Unmanaged revenue relates to Booking.com for Business and primarily comprises Supplier commissions revenue
from hotel bookings. The ARPCRN is impacted by the price of the hotel room and the commission rate for that hotel.
Revenue is recognised on the date the hotel stay is completed. Bookings can be for multiple rooms and Serko does
not receive revenue in relation to bookings that are subsequently cancelled. Serko therefore focuses on Completed
Room Nights (CRN) and Average Revenue per Completed Room Night (ARPCRN) as key metrics, unlike in Managed
where bookings and ARPB are the key metrics. Completed Room Nights are higher than the number of bookings so
that ARPB is higher than the ARPCRN.
For unmanaged revenue, Online Bookings and Completed Room Nights do not include Global Distribution System
(GDS) bookings, which are non-revenue generating for Serko.
Completed
Room Nights
(CRN)
Average Revenue
per Completed
Room Night
(ARPCRN)
Active
Customers
1H222H221H231H242H232H24
0.2m
0.5m
1.1m
1.3m
1.2m
0.1m
€6.61
€7.04
€10.10
€10.09
€9.03
€9.38
1H222H221H231H242H232H24
28k
64k
109k
157k
176k
172k
1H222H221H231H242H232H24
25
ManagEMEnt COMMEntary

Managed revenue
Travel volumes in Australia and New Zealand continued to recover throughout the 2024 financial year, with
Online Bookings growing 13% on FY23. Over the year total bookings in Australasia were 95% of 2019 levels,
the last pre-pandemic calendar year. New Zealand was at 123% of 2019 levels, reflecting the onboarding of a major
New Zealand Travel Management Company (TMC) during 2019. Australia was at 91% of 2019 levels up from
82% last year, reflecting business travel recovery and market share gains. March volumes were weaker in 2024,
with Easter coming earlier reducing the month’s bookings, while the remaining second half volumes had the same
seasonal variation as the prior year.
Australasia Online Bookings
1.1m
0.9m
1.7m
1.7m
2.0m1.9m
Australasia ARPB
1H222H221H231H242H232H241H222H221H231H242H232H24
$4.91
$5.11
$5.06
$4.87
$5.02
$5.33
26

Revenue by geography
Serko earned 30% (FY23: 39%) of revenue from Australia and 4% (FY23: 5%) from New Zealand sources,
with New Zealand-sourced income up 20% and Australia-sourced income up 13% over the prior year.
North America revenue decreased by 1% and declined as a proportion of total revenue (FY24: 4% FY23: 6%)
due to the growth in other regions.
Europe and Other revenue increased by 85% to $42.2 million driven by continued growth in revenue from
the Booking.com for Business partnership.
Year ended 31 March20242023Change%
($000)($000)($000)

Australia20,56418,1302,43413%
New Zealand2,9812,48050120%
North America2,9803,015(35)(1%)
Europe and Other42,23622,86719,36985%
Total Revenue68,76146,49222,26948%
27
ManagEMEnt COMMEntary

Business travellers managed
by a TMC make a booking
via Serko platforms
Booking and other fees
Serko provides technology platforms, including Zeno, that are used by Enterprise customers, Travel Management
Companies (TMCs) and Booking.com to provide a seamless process of booking and managing travel for the world’s
business travellers. The Zeno platform also offers travel and entertainment expense management services for simple
financial control. Serko receives a combination of transaction fees and commissions for the use of the Zeno platform.
How Serko makes money
Business traveller
submits receipts using
Serko platforms
Monthly user fee
Business traveller books
a hotel, car or taxi
via Serko platforms
Supplier commissions
1 Serko does not earn any supplier commission on Sabre/CWT bookings (currently low volume).
2 The basis of charging can vary depending on the contractual terms with the customer, which may specify time and materials, capped or fixed pricing.
Supplier Commissions
Revenue
Travel Platform
Booking Revenue
Expense Platform
Booking Revenue
Services and Other
Revenue & Income
Business travellers
book a hotel, flight,
car or taxi via Booking
for Business (B4B)
platform. Booking.com
receives commissions
from suppliers, primarily
hotels. Serko receives
a component of these
commissions where
revenue is recognised at
the time the relevant stay
is completed, as bookings
that are cancelled do not
result in revenue.
1

Serko also earns
commission income on a
portion of bookings when
corporates opt to book
Serko-sourced hotel and
other traveller-related
services. Serko is paid
directly from the suppliers
of these services and it
is included in supplier
commissions.
Business travellers make
a booking via Zeno and
Serko receives revenue
from the TMC managing
the business traveller.
Travel platform revenue
is made up of transaction
fees, ancillary service fees
and contracted minimum
payments (where
applicable) and is stated
net of volume-related
rebates and discounts.
Travel platform revenue
is generally recognised
at the time a booking is
made.
The Zeno Expense
management platforms
allow registered users
of corporate customers
to process travel
and expense claims
for accounting and
reimbursement.
Expense platform
revenues are derived
from a combination of
fees for active users,
registered users and
reports processed.
Services revenue is
derived from customised
software development
undertaken on behalf of
the TMCs, and installation
services. It also includes
the fees charged to
develop connections
to third party systems
wanting to integrate
with Serko’s platforms.
2
Other revenue includes
income from Serko mobile
licence fees and other
miscellaneous revenues.
Serko also receives
research and development
tax incentives (RDTI).
28

Operating expenses
Operating expenses grew by 8% to $89.7 million but declined as a percentage of revenue from 178% to 131% with
continued revenue growth and focus on operating leverage.
Operating expense growth included growth in non-cash items, including amortisation and depreciation and a reduction
in Capitalisation. The table below shows the year on year (YoY) change in total operating expenses.
Operating expenses FY24 v FY23
FY23
Operating
expenses
Remuneration
and other
benefits
Employee
Incentive
Share
Scheme
(EISS)
Lower
Capital-
isation
3rd party
direct
costs
Amortisation
and
depreciation
Other
expenses
FY24
Operating
expenses
$65m
$95m
$90m
$85m
$80m
$75m
$70m
$1.0m
$1.0m
$2.4m
$1.8m
$3.9m
$0.9m
Operating Expenses20242023Change%
($000)($000)($000)

Total remuneration and benefits49,41749,329880%
Percentage of revenue72%106%

Third party direct costs12,20210,4451,75717%
Percentage of revenue18%22%

Other operating expenses11,14310,0051,13811%
Percentage of revenue16%22%

Total amortisation and depreciation16,97313,0403,93330%
Percentage of revenue25%28%

Total Operating Expense89,73582,8196,9168%
Percentage of revenue131%178%
$82.8m
$89.7m
29
ManagEMEnt COMMEntary

Total Spend for the year was held almost constant at $83.9 million from $83.3 million (1% increase). A reduction in
Capitalisation has offset increases in Other operating expenses and Third party direct costs as transactional volumes
increase while scaling to accommodate the revenue growth. Total Spend as a percentage of revenue has decreased
from 179% in FY23 to 122% in FY24.
Total Spend from the first half to the second half declined by 1%. Serko has been scaling the business to support
revenue growth and has largely reached the scale required to achieve its revenue targets. The majority of Serko’s
Total Spend relates to remuneration and benefits and has grown from FY22 as headcount numbers have grown,
peaking at the end of FY23 and then dropping in FY24. Serko continues to invest in new growth and cost-efficiency
initiatives but aims to fund these primarily from efficiency gains rather than new spending.
Total Spend
Total Spend20242023Change%
($000)($000)($000)

Expenses from ordinary activities89,73582,8196,9168%

Add back: capitalised development11,18713,551(2,364)(17%)
Deduct: depreciation and amortisation (16,973)(13,040)(3,933)(30%)

Total Spend83,94983,3306191%
Percentage of revenue122%179%
1H222H221H231H242H232H24
$28.4m
$33.9m
$41.1m
$42.2m$42.2m
$41.8m
30

Product design and development costs
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 costs or capitalised as computer software development during
the period. PD&D includes all activities related to the design, development and maintenance of Serko’s product but
excludes operating costs, such as Hosting expenses. PD&D expenses include employee and contractor remuneration
related to these activities.
Total PD&D costs decreased by 2% to $40.7 million as the average PD&D headcount has reduced in FY24 because of
a reduction in contractor headcount. As a percentage of revenue PD&D costs reduced by 31 percentage points to 59%.
Capitalised PD&D costs decreased by 17% to $11.2 million due to less spend on capitalisable projects.
Year ended 31 March20242023Change%
($000)($000)($000)

Total Product Design & Development40,70141,735(1,034)(2%)
Percentage of revenue59%90%
Less: capitalised product development costs(11,187)(13,551)2,36417%
Percentage of Product design & development costs27%32%
Total Product design & development costs (excluding amortisation)29,51428,1841,3305%
Percentage of revenue43%61%
Add: Amortisation of capitalised development costs15,31311,1634,15037%
Total44,82739,3475,48014%
Percentage of revenue65%85%
31
ManagEMEnt COMMEntary

Headcount and average income per headcount
By function:
Headcount has reduced from 364 at 31 March 2023 to 347 at 31 March 2024, down 5%, with the majority of the
decrease in product development and maintenance as we reduced contractor headcount.
By Region:
Headcount growth was in the Australia and China offices, while in New Zealand it decreased as the majority of the
product development and maintenance resources are based in New Zealand.
Function of headcountGeography of headcount
Administration
Sales and marketing
Customer support
Product development
and maintenance
US
Australia
China
New Zealand
Year ended 31 March20242023Change%
Product development and maintenance238261(23)(9%)
Sales and marketing2220210%
Customer support444225%
Administration434125%
Total headcount at end of year347364(17)(5%)
Average income per headcount (NZD $000)2001386245%
Year ended 31 March20242023Change%
New Zealand231250(19)(8%)
Australia1915427%
United States2327(4)(15%)
China747223%
Total headcount at end of year347364(17)(5%)
FY23
FY24
FY23
FY24
32

1H222H221H231H242H232H24
By Employment type:
Serko has reduced the number of contractors previously introduced to support key product developments as those
initiatives have completed.
After significant headcount growth in FY23 there has been a 5% reduction in overall FY24 headcount as Serko worked
to optimise its resourcing levels.
Total Headcount
Employees Contractors
Year ended 31 March20242023Change%
Permanent staff33733610%
Contractors1028(18)(64%)
Total headcount at end of year347364(17)(5%)
0
400
300
200
100
312
331
363364
345347
33
ManagEMEnt COMMEntary

Underlying cash flows
The table above reconciles Underlying Cash Flows to the Cash Flow Statement in the Financial Statements.
Underlying cash flow is cash flows adjusted for items, which are technically cash flows but do not reflect the
operating cash requirements of the business, such as net flows between cash and short-term investments and
net funds from capital raise. We have also made adjustments for payments paid in FY23 that would ordinarily have
been paid in FY22 and relate to FY22.
Cash flows from operating activities improved from a net outflow of $19.2 million to a net inflow of $4.7 million,
which is as a result of increased receipts from customers due to increased revenue.
Cash flows from investing activities includes cash outflows for property, plant and equipment and intangibles.
Capitalised development decreased in FY24, which resulted in a decrease in cash flow from investing activities
with additional outflows in cash flows from operating activities.
Financing cash flows for the year includes receipts for share options exercised by employees.
Total underlying cash burn for the year decreased from $32.6 million to $7.1 million, representing a 78% reduction
in cash burn. The underlying average monthly cash burn decreased from $2.7 million to $0.6 million, a similar 78%
decrease in average outflow per month.
Cash balances and short-term deposits decreased 8% to $80.6 million as at 31 March 2024, a $7.1 million reduction.
Underlying cash flow is a non-GAAP measure comprising cash flow excluding movements between cash and
short-term investments, cash flows related to capital raises and exceptional items from a timing perspective.
Year ended 31 March20242023Change%
($000)($000)($000)

Adjusted cash flows from operating activities4,732(19,156)23,888125%

Adjusted cash flows from investing activities(11,425)(14,014)2,58918%

Adjusted cash flows from financing activities- 21(21)-

Net foreign exchange differences(412)529(941)(178%)

Underlying cash flow(7,105)(32,620)25,51578%

Average monthly underlying cash burn(592)(2,718)2,12678%

Cash, cash equivalents and short-term deposits at beginning of year87,744124,513(36,769)(30%)

Add back adjustments:
One-off payment relating to 2022 made in 2023-(4,149)4,149-

Reported cash, cash equivalents and short-term deposits at end of year80,63987,744(7,105)(8%)
34

Looking across the last six halves underlying cash flows peaked at $22.1 million in the six months to 31 March 2022
($3.7 million average monthly cash burn) and have declined to $3.7 million in the second half of FY24 ($0.6 million
average monthly cash burn) reflecting strong operating leverage as revenue has grown.
Underlying average
monthly cash burn
Underlying cash flow
Serko’s balance sheet remains strong with cash and short-term investments of $80.6 million and no debt. Intangibles
have dropped in FY24 relative to FY23, with lower levels of capitalised product development alongside continued
amortisation of the existing value of Intangible assets.
Statement of Financial Position
Balance Sheet20242023Change%
($000)($000)($000)

Cash and Short-term Deposits80,63987,744(7,105)(8%)
Other Current Assets14,78213,8359477%
Intangibles31,09935,041(3,942)(11%)
Other Non-current Assets3,6204,296(676)(16%)
Total Assets130,140140,916(10,776)(8%)

Current Liabilities13,33412,2421,0929%
Non-current Liabilities1,0802,744(1,664)(61%)
Equity115,726125,930(10,204)(8%)
Total Liabilities and Equity130,140140,916(10,776)(8%)
1H222H221H231H242H232H24
1H222H221H231H242H232H24
$2.9m
$3.7m
$3.6m
$1.8m
$0.6m$0.6m
-$17.6m
-$22.1m
-$21.6m
-$11.0m
-$3.7m
-$3.4m
35
ManagEMEnt COMMEntary

Financial
Statements
For the year ending 31 March 2024
Consolidated statement of comprehensive income38
Consolidated statement of changes in equity39
Consolidated statement of financial position40
Consolidated statement of cash flows41
Notes to the financial statements42
Independent auditor’s report70
36

The directors of Serko Limited are pleased to present the financial statements
for Serko Limited and its subsidiaries (the Group) for the year ended 31 March 2024
to shareholders.
The directors are responsible for presenting financial statements in accordance with
New Zealand law and generally accepted accounting practice, which fairly present the
financial position of the Group as at 31 March 2024 and the results of its operations
and cash flows for the year ended on that date.
The directors consider the financial statements of the Group have been prepared using
accounting policies that have been consistently applied and supported by reasonable
judgements and estimates and that all relevant financial reporting and accounting
standards have been followed.
The directors believe that proper accounting records have been kept that enable,
with reasonable accuracy, the determination of the financial position of the Group
and facilitate compliance of the financial statements with the Companies Act 1993,
NZX Listing Rules, Financial Reporting Act 2013 and the Financial Markets Conduct
Act 2013.
The directors consider they have taken adequate steps to safeguard the assets
of the Group and to prevent and detect fraud and other irregularities. Internal control
procedures are also considered to be sufficient to provide a reasonable assurance
as to the integrity and reliability of the financial statements.
The financial statements are signed on behalf of the Board of Directors
on 28 May 2024 by:
Jan Dawson
Chair of Audit, Risk and Sustainability Committee
Claudia Batten
Chair
37
FinanCiaL StatEMEntS

Consolidated Statement of Comprehensive Income
For the year ended 31 March 2024
The accompanying notes form part of these financial statements.
Notes31 Mar 202431 Mar 2023
$ (000)$ (000)

Revenue468,761 46,492
Other income42,424 1,533
Total income 71,185 48,025

Remuneration and benefits (49,417) (49,329)
Other operating expenses (23,345) (20,450)
Amortisation and depreciation (16,973) (13,040)
Expenses from ordinary activities5(89,735) (82,819)

Loss before finance items (18,550) (34,794)

Foreign exchange gains/(losses) – net (1,084) 1,737
Finance income54,167 2,878
Finance expenses5(219) (282)
Loss before income tax (15,686) (30,461)

Income tax expense6(193) (79)
Net loss (15,879) (30,540)

Movement in foreign currency translation reserve 627 (440)
Total comprehensive loss for the period (15,252) (30,980)

Earnings per share
Basic and diluted earnings/(loss) per share (dollars)16(0.13) (0.26)
38

Consolidated Statement of Changes in Equity
For the year ended 31 March 2024
The accompanying notes form part of these financial statements.
* Items in other comprehensive income/(loss) may be reclassified to the income statement and are shown net of tax.
Notes
Share
capital
Share-based
payment
reserve
Foreign
currency
translation
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 year ---(15,879)(15,879)
Other comprehensive income/(loss)* --627-627
Total comprehensive loss for the year --627(15,879)(15,252)

Transactions with owners
Equity-settled share-based payments 6,570(1,545)-235,048
Balance as at 31 March 202415244,5469,092(49)(137,863)115,726


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 income/(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 202315237,976 10,637 (676) (122,007)125,930
39
FinanCiaL StatEMEntS

Jan Dawson
Chair of Audit, Risk and Sustainability Committee
Claudia Batten
Chair
Consolidated Statement of Financial Position
As at 31 March 2024
For and on behalf of the Board of Directors, who authorise these financial statements for issue on 28 May 2024
The accompanying notes form part of these financial statements.
Notes31 Mar 202431 Mar 2023
$ (000)$ (000)

Current assets
Cash at bank 714,13915,244
Short-term deposits766,50072,500
Trade and other receivables814,63713,691
Derivative financial instruments9145144
Total current assets95,421101,579

Non-current assets
Property, plant and equipment102,5003,946
Intangible assets 1131,09935,041
Deferred tax asset61,120350
Total non-current assets34,71939,337

Total assets130,140140,916

Current liabilities
Trade and other payables129,7349,862
Deferred income141,4891,204
Lease liabilities131,0351,093
Derivative financial instruments9421-
Income tax payable65583
Total current liabilities13,33412,242

Non-current liabilities
Deferred income14132727
Lease liabilities139482,017
Total non-current liabilities1,0802,744

Total liabilities14,41414,986

Equity
Share capital15244,546237,976
Share-based payment reserve179,09210,637
Foreign currency translation reserve(49) (676)
Accumulated losses(137,863) (122,007)
Total equity115,726125,930

Total equity and liabilities130,140140,916
40

Consolidated Statement of Cash Flows
As at 31 March 2024
The accompanying notes form part of these financial statements.
Notes31 Mar 202431 Mar 2023
$ (000)$ (000)

Cash flows from operating activities
Receipts from customers69,101 43,102
Interest received4,339 2,170
Receipts from government grants1,663 1,629
Taxation paid(391) (393)
Payments to suppliers and employees(70,946) (70,812)
Interest payments on lease liabilities(169) (223)
Net GST refunded2,298 2,201
Net cash flows (used in)/from operating activities19 5,895 (22,326)

Cash flows from investing activities
Purchase of property, plant and equipment(232) (463)
Capitalised development costs and other intangible assets(11,193) (13,551)
Investment in term deposits(85,000)(117,500)
Proceeds from matured term deposits91,000135,000
Net cash flows (used in)/from investing activities(5,425)3,486

Cash flows from financing activities
Issue of ordinary shares- 21
Payment of lease liabilities(1,163) (951)
Net repayment of loans- (28)
Net cash flows (used in)/from financing activities(1,163) (958)

Net decrease in total cash(693) (19,798)
Net foreign exchange difference(412) 529
Cash and cash equivalents at beginning of period15,244 34,513
Cash and cash equivalents at the end of the period14,13915,244

Cash and cash equivalents comprises the following:
Cash at bank and on hand714,139 15,244
14,139 15,244
41
FinanCiaL StatEMEntS

Notes to the Financial Statements
For the year ended 31 March 2024
1. CORPORATE INFORMATION
The financial statements of Serko Limited
(Company or Serko) and subsidiaries (the Group)
were authorised for issue in accordance with a
Board resolution.
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. The Company
is a for-profit entity and is required to be treated as
an FMC reporting entity under the Financial Markets
Conduct Act 2013.
Its registered office is at Unit 14d, 125 The Strand,
Parnell, Auckland, New Zealand.
The Group provides online business travel booking
software solutions and is headquartered in Auckland,
New Zealand.
2. BASIS OF ACCOUNTING
The principal accounting policies applied in the
preparation of these consolidated financial statements
are set out in the respective notes and in this note.
These policies have been consistently applied to all
the years presented, unless otherwise stated.
a) Basis of preparation
The financial statements have been prepared in
accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP) and the
requirements of the Financial Markets Conduct Act
2013. The financial statements comply with New
Zealand equivalents to IFRS Accounting Standards
and IFRS Accounting Standards, as appropriate for
profit-oriented entities with public accountability.
Other than where described below, or in the notes,
the consolidated financial statements have been
prepared using the historical cost convention.
The financial statements are presented in New Zealand
dollars (NZD) and all values are rounded to the nearest
thousand dollars unless stated otherwise.
b) Going concern
The Board has considered the ability of the Group to
continue to operate as a going concern for at least the
next 12 months from the date the financial statements
are authorised for issue. It is the conclusion of the
Board that the Group will continue to operate as a going
concern and the consolidated financial statements
have been prepared on that basis. In reaching their
conclusion the Board has considered the following
factors:
• Cash reserves (Cash at bank and Short-term
deposits) at 31 March 2024 of $80.6 million provides
a sufficient level of headroom to support the business
for at least the next 12 months; and
• Average monthly cash burn for the year was
$0.6 million.
c) Basis of consolidation
The Group consolidated financial statements
incorporate the financial statements of the Company
and entities controlled by the Company. Control is
achieved when the Company:
• Has power over the investee;
• Is exposed, or has the rights, to variable returns from
its involvement with the investee; and
• Has the ability to use its power to affect its returns.
Subsidiaries are consolidated from the date the
Company obtains control. They are de-consolidated
from the date that control is lost. The acquisition
method of accounting is used to account for the
acquisition of subsidiaries by the Group. The
consideration transferred for an acquisition is measured
as the fair value of the assets transferred by the Group,
equity instruments issued, and liabilities incurred or
assumed, by the Group at the date of exchange.
42

Costs directly attributable to the acquisition are
recognised in the income statement. At the acquisition
date the identifiable assets acquired and the liabilities
assumed are recognised at their fair value.
A change in the ownership interest of a subsidiary,
without a cease of control, is accounted for as an equity
transaction. If the Group ceases control over
a subsidiary, it:
• Derecognises the assets (including goodwill) and
liabilities of the subsidiary;
• Derecognises the carrying amount of any
noncontrolling interests;
• Derecognises the cumulative translation difference
recorded in equity;
• Recognises the fair value of the consideration
received;
• Recognises the fair value of any investment retained;
• Recognises any surplus or deficit in profit or loss; and
• Reclassifies the parent’s share of components
previously recognised in other comprehensive income
to profit or loss or retained earnings, as appropriate,
as would be required if the Group had directly
disposed of the related assets or liabilities.
Intra-Group transactions, balances and unrealised gains
and losses on transactions between Group companies
are eliminated. Accounting policies of subsidiaries are
consistent with the policies adopted by the Group.
d) Foreign currency translation
i) Functional and presentation currency
Items included in these consolidated financial
statements of each of the Group’s entities are
measured using the currency of the primary economic
environment in which the entity operates (the functional
currency). These financial statements are presented in
New Zealand dollars, which is the Group’s presentation
currency and the parent’s functional currency.
Key factors supporting the determination that
New Zealand dollars are the Company’s functional
currency are:
• Serko is NZX listed and has raised capital in
New Zealand dollars;
• Serko generates revenue in multiple currencies; and
• New Zealand dollars are the primary currency for
labour, operating cost and capital expenditure.
ii) Transactions and balances
Transactions in foreign currencies are initially recorded
in the functional currency by applying the exchange
rates ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies
are retranslated at the rate of exchange ruling at
balance date.
Non-monetary items measured in terms of historical
cost in a foreign currency are translated using the
exchange rate as at the date of the initial transaction.
Non-monetary items measured at fair value in a
foreign currency are translated using the exchange
rates at the date when the fair value was determined.
Foreign exchange gains and losses resulting from
the settlement of such transactions, and from the
translation at year end of exchange rates for monetary
assets and liabilities denominated in foreign currencies,
are recognised in the profit and loss.
iii) Foreign currency translation reserve
(FCTR)
Serko translates the results of its foreign operations
from their functional currencies to the presentation
currency using the closing exchange rate at balance
date for assets and liabilities and the average monthly
exchange rates for income and expenses. The
difference arising from the translation of the statement
of financial position at the closing rates and the
statement of comprehensive income at the average
rates is recognised in other comprehensive income and
accumulated within the foreign currency translation
reserve within the statement of changes in equity.
43
nOtES tO FinanCiaL StatEMEntS

e) Sales tax
The Consolidated Statement of Comprehensive Income
and the Consolidated 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 Consolidated Statement
of Financial Position are stated net of sales tax except
for trade receivables and trade payables, which include
sales tax payable/receivable. Sales tax includes Goods
and Services Tax.
f) Application of new and revised standards,
amendments and interpretations
IFRS 18 Presentation and Disclosure in Financial
Statements (IFRS 18) was issued in April 2024 as
replacement for IAS 1 Presentation of Financial
Statements (IAS 1). The Group is currently assessing
the impact of IFRS 18 and will disclose a more detailed
assessment in the future.
The Group has considered all NZ IFRS standards,
interpretations and amendments that have been
issued, but are not yet effective, and aside from the
aforementioned IFRS 18, concluded that there are none
which would materially impact the Group. The Group
has not adopted, and currently does not anticipate
adopting, any standards that are mandatory in future
periods, prior to their effective date.
g) Comparatives
Certain comparative amounts have been reclassified
to conform to the current year’s presentation.
3. SIGNIFICANT ACCOUNTING ESTIMATES
AND JUDGEMENTS
The preparation of the Group’s consolidated financial
statements requires the Group to make judgements,
estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities
and the accompanying disclosures.
The significant judgements, estimates, and
assumptions made by management in the preparation
of these financial statements are outlined within the
financial statement notes to which they relate.
A summary of these judgements is as follows:
• Capitalised development costs (note 11)
• Impairment of intangible assets (note 11)
• Revenue (note 4)
4. REVENUE AND OTHER INCOME
Revenue is recognised and measured at the fair value of
the consideration received or receivable to the extent it
is probable that the entity will collect the consideration
to which it will be entitled in exchange for the goods
or services that will be transferred to the customer.
Revenue is disclosed net of credit notes, rebates and
discounts.
a) Revenue from transaction and usage fees
Revenue from transaction and usage fees include travel
platform booking revenue, expense platform revenue
and supplier commission revenue.
Revenue from travel platform bookings is recorded at
the time the travel bookings are processed through
Serko’s platforms. The revenue generated is derived
from numerous customer contracts that feature diverse
pricing structures including transactional and usage
fees with varying triggers for recognising revenue.
Some contracts have fixed minimum booking volume
arrangements. These commitments typically cover the
duration of the agreement and extend across multiple
financial reporting periods, and revenue is recognised
over the period of volume commitment. Serko records
revenue from its portfolio of contracts with reference to
actual transactions, forecast transactions and minimum
contracted commitments. Management exercises
judgement to estimate future transaction volumes in
order to determine projected revenue and accrue or
defer revenue accordingly. For contracts without fixed
consideration, we have applied the ‘as invoiced’ basis
of recognition.
Expense platform revenue is earned over a month,
however we have applied the practical expedient by
recognising revenue at a point in time. Revenue is
recognised on an active user basis at the end of
each month.
Supplier commission revenue, predominantly from
hotel bookings, is recognised when the performance
obligation is fulfilled, which is when the reservation
has been completed (completed stay). Management
exercises judgement to estimate the amount of accrued
commissions due at reporting date due to the timing of
commissions received from partners.
b) Revenue from services
Revenue from services is generated from installation or
other chargeable work orders and is recognised upon
completion of the contract or services.
44

4. REVENUE AND OTHER INCOME (continued)
c) Contract assets
Contract assets primarily relate to accrued supplier commissions revenue (refer note 8).
The contract asset is reclassified to trade receivables at the point at which it is invoiced to the customer. Contract
modifications arising from changes in pricing minimum guaranteed volumes are assessed on an individual basis and
are accounted for prospectively, rather than adjusting the revenue for already satisfied performance obligations.
d) Contract liabilities
If payments received exceed the revenue recognised to date, a contract liability is recognised for the difference
(refer note 14).
Notes20242023
$ (000)$ (000)

Revenue – transaction and usage fees:
Travel platform booking revenue 19,21516,283
Expense platform revenue 5,2914,960
Supplier commissions revenue 42,93023,363
Services revenue 1,0001,555
Other revenue 325331
Total revenue 68,76146,492

Government grants142,4121,533
Other 12-
Total other income 2,4241,533

Total revenue and other income 71,18548,025

20242023
$ (000)$ (000)

Geographic information
Australia 20,56418,130
New Zealand 2,9812,480
US 2,9803,015
Europe and Other 42,23622,867
Total revenue 68,76146,492
45
nOtES tO FinanCiaL StatEMEntS

4. REVENUE AND OTHER INCOME (continued)
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. For the year ended 31 March 2024 Serko had two customers (2023: two)
that contributed more than 10% of the revenue for the Group. These customers accounted for $52.2 million of the
revenue for the year ended 31 March 2024 (2023: $33.3 million).
Serko reduces supplier commissions revenue by the amount of consideration payable to customers relating to jointly
agreed marketing fees. For the year ended 31 March 2024, consideration payable to customers was $2.0 million
(2023: $1.8 million).
5. EXPENSES
20242023
$ (000)$ (000)

Loss before finance and taxation includes the following expenses:

Employee remuneration41,63340,924
Contributions to pension plans2,1481,759
Share-based payment expenses5,0486,008
Other remuneration and benefits588638
Total remuneration and benefits49,41749,329

Hosting expenses7,7966,638
Third party connection costs2,2571,889
Other platform related costs2,1491,918
Auditor remuneration and other assurance fees290268
Directors’ fees465447
Directors’ fees - subsidiaries1818
Movement of expected credit loss allowance on receivables(601)28
Bad debts written off64713
Rental and operating lease expenses117134
Professional fees2,3001,627
Computer licences1,7361,540
Insurance costs1,288986
Marketing expenses1,3921,610
Recruitment fees370567
Donations2411
Travel and entertainment1,3721,128
Other expenses1,7251,628
Total other operating expenses23,34520,450

Amortisation15,31311,163
Depreciation1,6601,877
Total amortisation and depreciation16,97313,040

Expenses from ordinary activities89,73582,819
46

5. EXPENSES (continued)
* Other assurance services relate to the Greenhouse Gas Emissions Inventory limited assurance engagement in the current and prior year.
20242023
$ (000)$ (000)

Finance income and expenses includes:

Finance income
Interest received4,1662,877
Dividends received11
Total finance income4,1672,878

Finance expenses
Interest expense on lease liabilities(169)(223)
Other finance expenses(50)(59)
Total finance expenses(219)(282)
Total finance income and expenses3,9482,596
Auditor remuneration
20242023
$ (000)$ (000)

Amounts for services performed by Deloitte Limited:
Audit of financial statements260238
Other assurance services*3030
Total audit fees290268
47
nOtES tO FinanCiaL StatEMEntS

6. INCOME TAX
Income tax expense comprises of current and deferred tax movements.
Tax assets and liabilities for the current period are measured at the amount expected to be recovered from, or paid to,
the taxation authorities based on the current period’s taxable income. The tax rates and tax laws used to compute the
amounts are those that are enacted or substantively enacted in the jurisdictions in which the Group operates at the
reporting date. Taxation is recognised in the income statement, except when it relates to items recognised directly
in equity.
Deferred tax is recognised on all temporary differences at the balance sheet date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences except:
• Where the entity has unrecognised losses sufficient to cover the deferred income tax liability; and
• For a deferred income tax liability arising from the initial recognition of goodwill; and
• Where the deferred income tax liability arises from the initial recognition of an asset or liability in a transaction that
is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable
profit or loss, nor gives rise to equal taxable or deductible temporary differences.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, to the extent that
it is probable that taxable profit will be available against which the deductible temporary differences can be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance date and reduced to the extent that it
is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset
to be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year
when the asset is realised or the liability is settled, based on tax rates (and tax laws) relevant to the appropriate tax
jurisdiction, that have been enacted or substantively enacted at the balance date.
20242023
$ (000)$ (000)

Current income tax
Current income tax charge646509
Adjustments in respect of income tax317(144)
963365

Deferred income tax
Origination and reversal of temporary differences(770)(286)

Income tax expense/(benefit) reported in the statement of comprehensive income19379
48

6. INCOME TAX (continued)
The prima facie tax payable on profit before income tax is reconciled to the income tax expense as follows:
Deferred income tax at 31 March relates to the following:
20242023
$ (000)$ (000)

Accounting loss before income tax(15,686)(30,461)

At the statutory income tax rate of 28% (2023:28%) (4,392)(8,529)
Non-deductible items334,728
Adjustments in respect of income tax317(144)
Foreign taxes(124)224
Tax losses and temporary differences unrecognised4,3464,196
Effect of tax on overseas subsidiaries at different rate13(396)
Income tax (benefit)/expense19379

At effective income tax rate of:-1.2%-0.3%
*Net of lease liabilities.
20242023

Statement of
financial
position
Statement of
comprehensive
income
Statement of
financial
position
Statement of
comprehensive
income
$ (000)$ (000)$ (000)$ (000)

Deferred income tax liabilities recognised
Intangibles-19(19)65
Deferred income tax asset recognised
Intangibles and non-current assets*58858632
Employee entitlements30411818538
Provisions22443181181
Other44--
Net deferred tax asset recognised1,120770350286

Deferred income tax liabilities not recognised
Intangibles(22)(22)-22
Deferred income tax asset not recognised
Intangibles and non-current assets*-(132)13290
Provisions99948951083
Employee entitlements5451752872
Share based payments1,478(114)1,592(49)
Capital expenditure - patents-(1)1-
Deferred income tax asset not recognised3,0002372,763218
49
nOtES tO FinanCiaL StatEMEntS

6. INCOME TAX (continued)
Unrecognised tax losses carried forward include $114.2 million (2023: $98.6 million) relating to New Zealand and
$8.7 million (2023: $10.8 million) relating to foreign jurisdictions.
The New Zealand tax group has a history of tax losses which do not expire. Given the historical losses, no recognition
of New Zealand temporary or tax loss assets has occurred.
7. CASH AT BANK AND SHORT-TERM DEPOSITS
Cash and cash equivalents in the consolidated statement of financial position comprises cash at bank, and short-term
highly liquid investments with an original maturity of three months or less.
20242023
$ (000)$ (000)

Cash at bank – New Zealand dollar balances5,0066,338
Cash at bank – foreign currency balances9,1338,906
Cash and cash equivalents14,13915,244

The carrying amounts of the group’s cash at bank are denominated in the following currencies:

New Zealand dollars5,0066,338
Australian dollars1,232602
Chinese Yuan1,9801,330
US dollars5,0695,857
Euros8521,117
14,13915,244

Short-term deposits66,50072,500
Cash includes USD $1.0 million (2023: USD $1.0 million) of restricted cash in the form of a minimum bank balance
required in the US to provide same-day clearance for expense reimbursement services.
Short-term deposits of $66.5 million (2023: $72.5 million) represent term deposits used for the investment of surplus
funds. Short-term deposits are all New Zealand dollars denominated.
50

8. TRADE AND OTHER RECEIVABLES
Receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method, less provision for impairment.
Collectability of receivables is reviewed on an ongoing basis. Debts that are known to be uncollectible are written off
when identified. In accordance with NZ IFRS 9: Financial instruments, trade receivables are assessed for impairment
and an expected credit loss (ECL) provision made based on lifetime expected credit losses. The ECL model considers
various aspects of credit risk within a risk matrix, considering history of debtor write off, ageing of invoices, country,
market and product risk.
The impairment, and any subsequent movement, including recovery, is recognised in the statement of comprehensive
income.
20242023
$ (000)$ (000)

Trade receivables3,5603,289
Expected credit loss provision(174)(220)
Trade receivables (net)3,3863,069

GST receivable396545
Sundry debtors2,5602,459
Contract assets6,2345,845
Prepayments 2,0611,773
Total trade and other receivables14,63713,691

Foreign currency risk
The carrying amounts of the group’s receivables are denominated in the following currencies:

New Zealand dollars3,2912,849
Australian dollars2,3702,509
Euro6,1936,379
US dollars872383
Other2418
12,75012,138

At 31 March the aging analysis of receivables and contract assets was as follows:
20242023
Aging analysis$ (000)$ (000)

0-30 days6,7487,963
31-60 days2,8793,015
61-90 days-71
91+ days167527
9,79411,576
51
nOtES tO FinanCiaL StatEMEntS

8. RECEIVABLES (continued)
Expected credit loss – Trade receivables
Group trade receivables over 60 days were $167 thousand (2023: $598 thousand). An ECL provision of $174 thousand
(2023: $220 thousand) has been made, resulting in a movement for the period of $46 thousand (2023: $28 thousand).
Additionally, the Group recognises an allowance of individual receivables if there is objective evidence of credit
impairment or non-collectability.
Trade receivables are non-interest bearing and are generally on 30 to 60-day terms. Serko has historically low levels of
impairment on trade receivables.
Movement in the Group’s expected credit loss during the year was as follows:
20242023
$ (000)$ (000)

Balance at 1 April220192
Bad Debts written off(647)(13)
Expected credit loss provision60141
Balance at 31 March174220
9. DERIVATIVE FINANCIAL INSTRUMENTS
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:
20242023
$ (000)$ (000)

Current:
Foreign currency forward exchange contracts: asset145144
Foreign currency forward exchange contracts: (liability)(421)-

Contractual amounts of forward exchange contracts outstanding were as follows:
Foreign currency forward exchange contracts: asset16,21038,806
Foreign currency forward exchange contracts: (liability)30,536-
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 rates that reflect the credit risk of the counterparties.
52

10. PROPERTY, PLANT AND EQUIPMENT
All items of property, plant and equipment are recorded at cost less accumulated depreciation and impairment. Cost
includes expenditure that is directly attributable to the acquisition of the asset.
Depreciation is calculated on a straight-line basis over the estimated useful life of the asset.
The following estimates have been used:
• Leasehold improvements - Term of lease (16.7% - 25%)
• Furniture and fittings - 10% - 13.5%
• Computer equipment - 17.5% - 48%
• Right-of-use asset - Term of lease
* Right-of-use assets relate to premises leases.

Leasehold
improvement
Furniture &
fittings
Computer
equipment
Right-of-use
asset*Total
$ (000)$ (000)$ (000)$ (000)$ (000)

2024

Cost or valuation
Balance at 1 April 20236179522,9485,77310,290
Additions3218182-232
Lease modifications---66
Disposals(3)(77)(104)(394)(578)
Currency translation25145475
Balance at 31 March 20246488983,0405,43910,025

Depreciation
Balance at 1 April 20235435052,2863,0106,344
Depreciation expense17824771,0841,660
Disposals(1)(34)(83)(390)(508)
Currency translation22121329
Balance at 31 March 20245615552,6923,7177,525
Net carrying amount873433481,7222,500

2023

Cost or valuation
Balance at 1 April 20226098702,5745,0869,139
Additions7853711,0181,481
Disposals-(6)(28)(379)(413)
Currency translation13314883
Balance at 31 March 20236179522,9485,77310,290

Depreciation
Balance at 1 April 20224774211,6802,2424,820
Depreciation expense69866081,1141,877
Disposals-(2)(28)(379)(409)
Currency translation(3)-263356
Balance at 31 March 20235435052,2863,0106,344
Net carrying amount744476622,7633,946
53
nOtES tO FinanCiaL StatEMEntS

10. PROPERTY, PLANT AND EQUIPMENT
(continued)
a) Impairment
The carrying values of property, plant and equipment
are reviewed for impairment when events or changes in
circumstances indicate the carrying value may not be
recoverable.
If any such indication exists and where the carrying
values exceed the estimated recoverable amount, the
assets are written down to their recoverable amounts.
b) Disposal
An item of property, plant and equipment is
derecognised upon disposal or when no further
future economic benefits are expected from its use or
disposal. Any gain or loss arising on derecognition of
the asset (calculated as the difference between the
net disposal proceeds and the carrying amount of the
asset) is included in the income statement in the year
the asset is derecognised.
11. INTANGIBLES
Intangible assets consist of both internally generated
intangible assets such as capitalised expenditure
for software development, and externally generated
intangible assets such as trademarks, intellectual
property and goodwill upon acquisition.
Key judgements on the capitalisation of
development costs
An intangible asset arising from development
expenditure on an internal project is recognised
only when the Group can demonstrate the technical
feasibility of completing the intangible asset so that
it will be available for use or sale, its intention to
complete and its ability to use or sell the asset. Also
considered by management is how the asset will
generate future economic benefits, the availability of
resources to complete the development and the ability
to reliably measure the expenditure attributable to the
intangible asset during its development. Following initial
recognition of the development expenditure, the cost
model is applied requiring the asset to be carried at cost
less any accumulated amortisation and impairment
losses. Any expenditure capitalised is amortised over
the period of expected benefit from the related project.
Software assets in the current year relate to
the continued development of the Group’s
Booking.com integration with Zeno along with the
ongoing development of the existing product offerings.
The group capitalises software development costs
based on direct costs associated with the project
and a proportion of employee costs that directly
relate to the software development project. Computer
software development costs recognised as assets are
amortised over their estimated useful lives and tested
for impairment whenever there is an indication that the
intangible asset may be impaired. Intangible assets
under development and not yet completed at balance
date are recorded as work in progress.
Other expenditures that do not meet the above criteria
are recognised as expenses as they are incurred. This
includes research costs and costs associated with
maintaining internal computer software programmes.
Amortisation and impairment of
non-financial assets
Amortisation is recognised as an expense in the income
statement. The estimated useful lives are as follows:
• Goodwill and Other intangible assets (indefinite
useful life, not amortised but tested annually for
impairment);
• Intellectual property (finite, amortised on five years
straight-line basis); and
• Computer software (finite, amortised between
three and five years on a straight-line basis).
54

11. INTANGIBLES (continued)
For the purpose of impairment testing, goodwill
acquired in a business combination is, from the
acquisition date, allocated to each of the Group’s
cash-generating units expected to benefit from the
combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
Goodwill is tested annually for impairment, or
immediately if events or changes in circumstances
indicate that it might be impaired and carried at cost
less accumulated impairment losses. Impairment
losses on goodwill are not subsequently reversed.
Intangible assets that are recorded as work in progress
or that have indefinite useful lives are not subject to
amortisation. These assets are tested annually for
impairment or more frequently if events or changes in
circumstances indicate that they might be impaired.
Other intangible assets are tested for impairment
whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount
by which the asset’s carrying amount exceeds its
recoverable amount. Recoverable amount is the higher
of an asset’s fair value less costs to sell, and value in
use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are
separately identifiable cash inflows that are largely
independent of the cash inflows from other assets
or groups of assets (cash-generating units (CGUs)).
Non-financial assets, including work in progress and
computer software, are assessed for impairment at
a Group level under one CGU.
Non-financial assets, other than goodwill that
suffered impairment, are tested for possible reversal
of the impairment whenever events or changes in
circumstances indicate that the impairment may
have reversed.
The recoverable amount of the cash-generating unit is
determined from a value-in-use calculation that uses a
discounted cash flow analysis. The key assumptions
for the value-in-use calculation are those regarding
the discount rate, growth rates and forecast financial
performance and cash flows.
Management estimates the discount rate using rates
that reflect current market assumptions of the time
value of money and risk specific to the cash-generating
unit. The growth rates are based on management’s
best estimate. Forecast revenues, direct and indirect
costs, are based on historical experience/past practices
and expectations of future changes in the markets the
Group operates in and services.
Key judgements and estimates – impairment
considerations
In undertaking an impairment review of the single CGU
the following assumptions were used in the impairment
model:
• Cash flow projections across a five-year forecast
period;
• The assumptions with the greatest impact on
impairment testing are as follows:
–The retention of and continued growth in revenues
from key customers;
–A pre tax discount rate of 14.1% (2023: 16.6%),
equivalent to a post tax weighted average cost
of capital of 11.5% (2023: 13.4%);
–The Discount factor is applied using a mid-year
convention; and
–Terminal growth rate of 3.2% (2023: 3.0%).
In assessing the sensitivity of the forecasts to
changes in assumptions, an analysis of key underlying
assumptions was performed and applied to the
weighted average scenario. This included reducing the
estimated revenue in the fifth year by 20%, reducing the
terminal growth rate by 3% and increasing the discount
rate by 2%. These reasonably possible changes in
assumptions did not result in any impairment.
55
nOtES tO FinanCiaL StatEMEntS

11. INTANGIBLES (continued)
Goodwill
Intellectual
property
Other
intangible
assets
Development
work in
progress
Computer
softwareTotal
$ (000)$ (000)$ (000)$ (000)$ (000)$ (000)

2024

Cost
Balance at 1 April 20231,5211,603784,37852,63860,218
Additions---11,193-11,193
Transfer of cost---(10,695)10,695-
Currency translation7378--197348
Balance at 31 March 20241,5941,681784,87663,53071,759

Amortisation and impairment
Balance at 1 April 2023-1,363--23,81425,177
Amortisation-24778-14,98815,313
Currency translation-71--99170
Balance at 31 March 2024-1,68178-38,90140,660
Net carrying amount1,594--4,87624,62931,099

2023

Cost
Balance at 1 April 20221,3361,409786,27536,77445,872
Additions---13,551-13,551
Transfer of cost---(15,448)15,448-
Currency translation185194--416795
Balance at 31 March 20231,5211,603784,37852,63860,218

Amortisation and impairment
Balance at 1 April 2022-928--12,88613,814
Amortisation-321--10,84211,163
Currency translation-114--86200
Balance at 31 March 2023-1,363--23,81425,177
Net carrying amount1,521240784,37828,82435,041
56

12. TRADE AND OTHER PAYABLES
Trade and other payables
Trade and other payables are carried at amortised cost and represent liabilities for goods and services provided to the
Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future
payments in respect of the purchase of these goods and services.
The average credit period on trade payables is approximately 30 days.
Employee benefits
Liabilities for wages and salaries, including non-monetary benefits, long-service leave and annual leave expected to
be settled within 12 months of the reporting date, are recognised in respect of employees’ services up to the reporting
date. They are measured at the amounts expected to be paid when the liabilities are settled.
20242023
$ (000)$ (000)

Trade payables1,3502,311
Accrued expenses5,3384,644
Annual leave accrual3,0462,907
Total trade and other payables9,7349,862

Disclosed as:
Current9,7349,862
Non-current--
9,7349,862

Foreign currency risk
The carrying amounts of the group’s payables are denominated in the following currencies:

New Zealand dollars7,2597,416
Australian dollars942716
US dollars8651,133
Other668597
9,7349,862
57
nOtES tO FinanCiaL StatEMEntS

13. LEASE LIABILITIES
Recognition and measurement of Serko 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 concludes it is reasonably certain that the extension will be exercised.
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:
Low value and short-term leases are expensed to the income statement. These include leases on property of
$86 thousand (2023: $79 thousand) that are short term in nature.
20242023
$ (000)$ (000)

Balance at 1 April3,1102,977
Leases entered into during the period-1,073
Lease modification6-
Principal repayments(1,163)(951)
Foreign exchange adjustment3011
Closing balance1,9833,110

Classified as:
Current1,0351,093
Non-current9482,017
Closing balance1,9833,110

Maturity analysis - contractual undiscounted cash flows:
Less than 1 year1,1281,263
Greater than 1 year but less than 2 years5961,142
Greater than 2 years 4051,017
Total undiscounted lease liabilities at 31 March2,1293,422
58

Government grants are not recognised until there is a reasonable assurance that the Group will comply with the
conditions attached to them and that the grants will be received.
The Research and development tax credit is recognised as income as it is expected to be received in cash.
Government grants are recognised in the consolidated statement of comprehensive income on a systematic basis
over the periods in which the Group recognises as expenses the related costs for which the grants are intended to
compensate. As some grants relate to costs capitalised to depreciable assets, amounts are recognised as deferred
income in the consolidated statement of financial position and transferred to the income statement on a systematic
and rational basis over the useful lives of the related assets.
Income relating to grants is presented in table below:
20242023
$ (000)$ (000)

Opening deferred income1,9311,861
Covid-19 government subsidies(151)(151)
Research and development tax credit (RDTI)(608)293
Contract liabilities449(72)
Closing deferred income1,6211,931

Deferred income disclosed as:
Current1,4891,204
Non-current132727
1,6211,931
14. DEFERRED INCOME AND GOVERNMENT GRANTS
Deferred income is presented in the table below:
20242023
$ (000)$ (000)

During the year, the Group claimed the following grants:
Research and development tax credit (RDTI)1,8821,589
Other government grants17886
Total compensation2,0601,675

Income recognised
Covid-19 government subsidies151151
Research and development tax credit (RDTI)2,0831,296
Other government grants17886
Total income recognised2,4121,533
59
nOtES tO FinanCiaL StatEMEntS

15. EQUITY
Ordinary share capital is recognised at the fair value of the consideration received for the issue of new shares in the
Company. Transaction costs relating to the listing of new ordinary shares and the simultaneous sale and listing of
existing shares are allocated to those transactions on a proportional basis.
Transaction costs relating to the sale and listing of existing shares are not considered costs of an equity instrument
as no equity instrument is issued and, consequently, costs are recognised as an expense in the statement of
comprehensive income when incurred. Transaction costs relating to the issue of new share capital are recognised
directly in equity as a reduction of the share proceeds received.
During the year the Group allocated the following restricted shares to Serko employees (refer to note 17):
• In respect of the Restricted Share Plan (RSP), the Group allocated nil shares (2023: nil). Unallocated shares are
1,263,865 (2023: 1,263,865); and
• In respect of Restricted Share Units (RSU), the Group allocated 2,278,734 (2023: 1,168,329).
2024202320242023

Number of
shares
Number of
shares
$ (000)$ (000)(000)(000)

Ordinary shares
Balance at 1 April237,976235,101120,443119,921
Issue of shares pursuant to US Options plan-21-8
Issue of shares pursuant to RSU scheme6,5702,8541,403514
Share capital at 31 March244,546237,976121,846120,443

Share-based payment reserve
Balance at 1 April10,6377,483
RSUs expensed during the year5,0486,008
Shares vested to employees via RSU scheme(6,570)(2,854)
Share options expired(23)-
Share-based payment reserve at 31 March9,09210,637
60

16. EARNINGS PER SHARE (EPS)
Basic EPS amounts are calculated by dividing the profit / (loss) for the year attributable to ordinary equity holders of
the parent by the weighted average number of ordinary shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit / (loss) attributable to ordinary equity holders of the parent
by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number
of shares that would be issued on conversion of all of the dilutive potential ordinary shares into ordinary shares.
Potential ordinary shares are treated as dilutive when their conversion to ordinary shares would decrease EPS or
increase the loss per share.
The following reflects the data used in the basic and diluted EPS computations:
20242023
$ (000)$ (000)

Loss attributable to ordinary equity holders of the parent
Continuing operations (15,879)(30,540)
(15,879)(30,540)

Notes20242023
NumberNumber
(000)(000)

Basic earnings per share
Issued ordinary shares15121,846120,443

Weighted average of issued ordinary shares121,616120,344
Adjusted for unallocated employee restricted share plan shares(3,014)(1,264)
Weighted average of issued ordinary shares outstanding118,602119,080

Basic and diluted earnings/(loss) per share (dollars)(0.13)(0.26)

20242023
CentsCents

Net tangible assets per security*68.7576.26
* 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) as at 31 March.
61
nOtES tO FinanCiaL StatEMEntS

17. SHARE-BASED PAYMENTS
Employees of the Group receive remuneration at the Board’s discretion in the form of share-based payment
transactions, where services are provided as consideration for the receipt of equity instruments.
The cost of share-based payment transactions are recognised, together with a corresponding increase in equity,
over the period in which the service conditions are fulfilled. The cumulative expense recognised for share-based
transactions at each reporting date, until the vesting date, reflects the extent to which the vesting period has expired
and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit for
a period represents the movement in cumulative expenses recognised at the beginning and end of that period.
No cumulative expense is recognised for awards that do not ultimately vest except where vesting is conditional upon
a market condition.
Employee Restricted Share Plan
The employee Restricted Share Plan has been superseded by the Restricted Share Units scheme. There are no future
plans to allocate the shares held by the trustee. At year end there were 1,263,865 unallocated shares held by the
trustee (2023: 1,263,865 shares)
Employee Restricted Share Units scheme (RSUs)
Under the Restricted Share Units scheme (RSUs), ordinary shares in Serko Limited are allocated to employees at grant
date with a zero-exercise price and will be taxable to the employee in the income year when the awards vest.
Vesting conditions are based on:
• Continued employment at vesting date and/or;
• Performance hurdles, such as performance against revenue targets.
The weighted average grant date fair value of RSUs issued during the year was determined by either the volume
weighted average price (VWAP) of shares traded in the previous 20 trading days preceding the date of grant or closing
price the day before issue.
2024202420232023

Weighted average
price ($)
Number
of RSUs
Weighted average
price ($)
Number
of RSUs

Outstanding at 1 April 2,378,9951,997,222
Allocated to employees during the year2.802,278,734 4.45 1,168,329
Cancelled during the year3.61(348,428) 4.91 (271,968)
Vested during the year4.69(1,399,053) 5.55 (514,588)
Outstanding at 31 March 2,910,2482,378,995
62

17. SHARE-BASED PAYMENTS (continued)
Employee incentive share options scheme
There were no options granted during the year, as this scheme has been replaced with employees now receiving RSUs.
Options are conditional on the completion of the necessary years of service (the vesting period) as appropriate to that
tranche. The options are considered graded equity instruments that vest in tranches over two to five years from the
grant date. No options can be exercised later than five years from the grant date. There were 16 holders of options at
31 March 2024 (2023: 21).
The Group has no legal or constructive obligation to repurchase or settle the options in cash.
Movements in the number of options outstanding and their related weighted average exercise prices are as follows:
2024202420232023

Weighted
average exercise
price ($)Options
Weighted
average exercise
price ($)Options

Outstanding at 1 April94,974148,309
Cancelled during the year4.71(8,518) 3.63 (45,497)
Expired during the year2.84(23,332)--
Exercised during the year-- 2.68 (7,838)
Outstanding at 31 March63,124 94,974

Options outstanding at 31 March fall within the following ranges:

20242023
GrantedExpiry dateExercise price ($)OptionsOptions

2018-19 2023-24 2.58-3.3299224,324
2019-20 2023-24 3.95-4.4940,00040,930
2020-21 2023-254.8022,13229,720
63,12494,974
63
nOtES tO FinanCiaL StatEMEntS

b. Transactions with related parties
There were no transactions with related parties for the year other than key management personnel remuneration.
c. Key management remuneration*
* Key management personnel includes Serko’s board of directors, the Chief Executive Officer and direct reports. Share-based payments represent the
current years expense recognised in the income statement on unvested share-based payments granted that will vest in future years.
d. Terms and conditions of transactions with related parties
Other than amounts related to the remuneration of key management personnel, directors fees, and expense
reimbursement, there are no balances or commitments outstanding with key management. Outstanding balances at
year end are unsecured and settlement occurs in cash.
18. RELATED PARTIES
The Group has related party relationships with its controlled entities and with key management personnel.
a. Subsidiaries
The consolidated financial statements include the financial statements of Serko Limited its and subsidiaries as listed
in the following table:
% Equity interest% Equity interest
Entity NamePrincipal activity20242023

Serko Australia Pty LimitedSales and marketing100%100%
Serko Trustee LimitedTrustee100%100%
Serko India Private LimitedNon-trading100%100%
Serko Investments LimitedNon-trading100%100%
Foshan Sige Information Technology LimitedResearch and development services100%100%
Serko IncSales and marketing100%100%
InterplX IncExpense management100%100%
20242023
$ (000)$ (000)

Non-executive directors’ remuneration465447
Salary and other short-term benefits4,4454,251
Share-based payments2,0313,377
Total compensation6,9418,075
64

20. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s principal financial instruments comprise cash at bank and on hand, short-term deposits, derivatives, trade
receivables, and trade payables.
The Group’s capital consists of share capital and retained earnings. To maintain or adjust the capital structure, the
Group may adjust amounts of dividends paid to shareholders, return capital to shareholders, issue new shares or
amend capital spending plans.
Financial assets:
Cash and cash equivalents, short term deposits, and trade receivables are initially measured at fair value plus directly
attributable transaction costs and then subsequently measured at amortised cost less any impairment.
19. RECONCILIATION OF OPERATING PROFIT TO NET CASH OUTFLOW
FROM OPERATING ACTIVITIES
20242023
$ (000)$ (000)

Net loss(15,879)(30,540)

Add non-cash items
Amortisation15,31311,163
Depreciation1,6601,877
Deferred tax loss/(gain)(770)(275)
Loss on foreign exchange transactions1,084(1,681)
Share-based compensation5,0486,008
Loss on disposal of assets59-
6,515(13,448)
Add/(less) movements in working capital items
(Increase)/decrease in receivables(754)(7,465)
Increase/(decrease) in income tax payable572(37)
Increase/(decrease) in trade and other payables(438) (1,376)
(620)(8,878)

Net cash flow used in operating activities5,895(22,326)
65
nOtES tO FinanCiaL StatEMEntS

20. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Financial liabilities:
Financial liabilities are classified as ‘other financial liabilities’. Other financial liabilities are initially measured at fair
value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the
effective interest method.
Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement
of the liability for at least 12 months after the balance date.
The main risks arising from the Group’s financial instruments are currency, interest rate, credit and liquidity risk.
The Group uses different methods to measure and manage the different types of risks to which it is exposed.
These include monitoring levels of exposure to currency risk and assessments of market forecasts for foreign
exchange. Ageing analyses and monitoring of specific credit allowances are undertaken to manage credit risk.
Liquidity risk is monitored through the development of future rolling cash flow forecasts.
The Board reviews and agrees policies for managing each of these risks as summarised below.
a) Risk exposures and responses
i) Interest rate risk
At balance date this year and prior year, the Group did not have any financial liabilities exposed to variable interest
rate risk.
Excess funds over the forecasted requirements are invested in short-term deposits with a mixture of maturity dates.
All short-term deposits have fixed interest rates which means the Group’s exposure to movements in interest rates
is limited.
ii) Liquidity risk
Liquidity risk represents the Group’s ability to meet its financial obligations as they fall due. In terms of managing
its liquidity risk, the Group holds sufficient cash reserves to meet its obligations arising from its financial liabilities.
Surplus funds are invested in term-deposits with varying maturity dates based on forecasted cash flows to manage
liquidity risks.
The following table sets out the contractual cash flows for all non-derivative financial liabilities settled on a gross
cash flow basis:
Weighted average
effective interest
rate %
Contractual
cash flows
6 months
or less
6-12
months
1-2
years
2-5
years
More than
5 years
$ (000)$ (000)$ (000)$ (000)$ (000)$ (000)

Group - 2024
Trade and other payables0%6,6886,688----
Lease liability10%2,129496632596405-
8,8177,184632596405-

Group - 2023
Trade and other payables0%9,8629,862----
Lease liability10%3,4236166481,1421,017-
13,28510,4786481,1421,017-
66

20. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
b) Currency risk
The Group has exposure to currency risk as a result of transactions denominated in foreign currencies. The risk
specifically relates to the variability of foreign exchange rates for the currencies the Group trades in and the impact
this has on the Group’s financial results. The majority of the Group’s expenditure occurred in New Zealand dollars,
however, sales to overseas customers are transacted in Euros, Australian dollars, New Zealand dollars, and US dollars.
Refer to notes 8 (trade and other receivables), 7 (cash at bank and short-term deposits) and 12 (trade and other
payables) for further details on the Group’s foreign currency denominated accounts receivable, cash and short-term
deposit balances, and accounts payable.
The following table summarises the sensitivity to foreign currency exchange rate movements. A sensitivity of +/- 10%
(2023: +/-20%) has been selected based on what management consider to be a reasonable movement in exchange
rates.
The sensitivity table below is excluding the impact of foreign exchange contracts:
Foreign currency risk
+10% -10%

Carrying
amount
Post-tax
profit
Equity
Post-tax
profit
Equity
$ (000)$ (000)$ (000)$ (000)$ (000)

2024
Foreign exchange balances
Cash at bank9,133830830(1,015)(1,015)
Trade and other receivables9,459860860(1,051)(1,051)
Trade and other payables(2,475)(225)(225)275275
Net exposure16,1171,4651,465(1,791)(1,791)

+20% -20%
Carrying
amount
Post-tax
profit
Equity
Post-tax
profit
Equity
$ (000)$ (000)$ (000)$ (000)$ (000)
2023
Foreign exchange balances
Cash at bank8,9061,0691,069(1,603)(1,603)
Trade and other receivables9,2821,1141,114(1,671)(1,671)
Trade and other payables(2,445)(293)(293)440440
Net exposure15,7431,8901,890(2,834)(2,834)
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20. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
c) Credit risk
Credit risk arises from the financial assets of the Group, which comprise cash at the bank, short-term deposits,
derivative assets, trade receivables, and contract assets. The Group’s exposure to credit risk arises from potential
default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments.
Exposure at balance date is addressed in each applicable note.
The Group does not hold any credit derivatives to offset its credit exposure.
The Group monitors and manages the exposure to credit risk by ensuring customers have an appropriate credit
history. Banking arrangements (including the investment of surplus funds) are monitored to ensure all banks have
sufficient credit ratings, and exposure to any one banking partner is limited.
The Group’s other largest concentration of credit risk is with one customer, with $7.2 million receivable at
31 March 2024 (2023: $6.4 million).
At reporting date, the Group’s cash and short-term deposits were held in several banks with the following distribution:
the largest bank concentration makes up 41%, the second largest concentration is 37%, with the remaining 22% held
in other banks (2023: 34% each held with two banks and 32% in other banks). A total of 91% (2023: 92%) of cash and
short-term deposits is held by New Zealand and Australian banks with a Standard & Poors credit rating of at least
‘AA-’. The Group has no other significant concentrations of credit risk.
d) Fair value
The Board considers that the carrying amounts of financial assets and financial liabilities recognised in the
consolidated financial statements approximate their fair value.
21. EVENTS AFTER BALANCE SHEET DATE
On 30 April 2024, Serko renewed the partnership with Booking.com for an additional five years.
Aside from the above, there were no other material events between the balance sheet date and the date these
financial statements were authorised for issue.
22. CONTINGENT LIABILITIES
There were no contingent liabilities at balance date (2023: $nil).
68

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nOtES tO FinanCiaL StatEMEntS

Independent Auditor’s Report
To the Shareholders of Serko Limited
Opinion
Basis for opinion
Audit materiality
Key audit matters
We have audited the consolidated financial statements of Serko Limited and its subsidiaries (the
‘Group’), which comprise the consolidated statement of financial position as at 31 March 2024, and
the consolidated statement of comprehensive income, statement of changes in equity and
statement of cash flows for the year then ended, and notes to the consolidated financial statements,
including material accounting policy information.
In our opinion, the accompanying consolidated financial statements, on pages 36 to 68, present
fairly, in all material respects, the consolidated financial position of the Group as at 31 March 2024,
and its consolidated financial performance and cash flows for the year then ended in accordance
with New Zealand Equivalents to
IFRS Accounting Standards (‘NZ IFRS’) as issued by the External
Reporting Board and International Financial Reporting Standards (‘IFRS’) as issued by the
International Accounting Standards Board.
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and
the International Ethics Standards Board for Accountants’ International Code o
f Ethics for
Professional Accountants (including International Independence Standards), and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor and the provision of assurance services, we have no
relationship with or interests in the Company or any of its subsidiaries, except that partners and
employees of our firm deal with the Company and its subsidiaries on normal terms within the
ordinary course of trading activities of the business of the Company and its subsidiaries.
We consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic decisions
of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’
materiality). In addition, we also assess whether other matters that come to our attention during
the audit would in our judgement change or influence the decisions of such a person (the
‘qualitative’ materiality). We use materiality both in planning the scope of our audit work and in
evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $1,500,000.
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the consolidated financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
70

Key audit matter How our audit addressed the key audit matter
Revenue recognition
The Group has reported total revenue of $68.8 million, as set out in
note 4 ‘Revenue and other income’.
The recognition of revenue is a key audit matter due to the
significance of revenue to the financial statements and judgements
involved in determining the timing of revenue recognition.
Included within total revenue of $19.2 million of travel platform
booking revenue derived from multiple customer contracts that
contain different pricing schedules and varying revenue
recognition triggers. Complexity exists because customer contracts
can include transactional and usage fees (sometimes with
minimum contracted commitments), establishment and
installation fees, and chargeable work orders, which impact on the
allocation of revenue across different goods and services.
We evaluated the systems, processes and controls in place over the
major operating revenue streams.
We engaged our Information Technology specialists to test the IT
environment in which bookings occur and interfaces with the
general ledger.
We recalculated travel platform booking revenue recognised for a
sample of material customers by reconciling transactions recorded
in the relevant IT systems to the general ledger and validating
pricing inputs to invoices and signed customer contracts.
We considered the application of NZ IFRS 15: Revenue from
Contracts with Customers for new and material contracts or
significant variations to contracts entered into during the year.
We tested samples of manual journal entries recorded outside of
normal business processes by profiling for unusual revenue
impacting journals.
Capitalisation of software development including impairment
considerations
The Group capitalises costs for internally developed work in
progress and transfers those to software upon completion of the
project. In the current year the Group capitalised costs of $11.2
million and transferred $10.7 million of work in progress to
software assets, as set out in note 11 'Intangibles'. $4.9 million of
development work in progress has been recognised as at balance
date.
Capitalisation of software development
As a Software as a Service (“SaaS”) provider, the Group incurs
significant expenditure in developing and enhancing software
products.
Judgement is required to determine whether the recognition
criteria under NZ IAS 38 Intangible Assets have been met in order
to capitalise the applicable costs of development. This includes
considering whether the costs are directly attributable to the
development of an asset, and whether the Group can demonstrate
that the asset is in the development stage. This includes
demonstrating the technical feasibility of completing the intangible
asset so that it will be available for use, the Group’s intention to
complete the asset, how the asset will generate future economic
benefits, the viability of resources to complete the asset
development and the ability of the Group to reliably measure the
expenditure attributable to the intangible asset.
Impairment assessment
The Group must also assess each period whether there are any
indications that the software development assets are impaired and
must perform impairment testing on any capitalised development
costs for which there are indicators of impairment, or which relate
to software that is not yet available for use.

The recoverable amount of the Group’s cash-generating unit is
sensitive to assumptions around the retention of and continued
growth in revenue from key customers, as well as to the terminal
growth rate and discount rate applied in the discounted cash flow
model.
Capitalisation of software development
We evaluated the nature of expenditure, the stage of product
development, and how the Group distinguishes expenditure
between research, development and maintenance costs.
We assessed the Group’s processes and controls for recording time
spent on products and the allocation between research or software
development to be capitalised under NZ IAS 38.
We tested a sample of additions to evaluate whether the
recognition criteria under NZ IAS 38 have been met.
Impairment assessment
We considered existing software for technical obsolescence, by
ensuring appropriate revenues exist for those products and
assessing whether features or product enhancements previously
capitalised are still in use.
We challenged the key assumptions within the cash flow forecasts
by considering historical cashflows, our understanding of the
business strategy and other relevant external information.
We used our internal valuation specialists to assist in evaluating the
assumptions used in the Group’s discounted cash flow model,
specifically the discount rate and terminal growth rates used, to
support the carrying value of assets as at 31 March 2024.
We performed sensitivity analysis over key drivers in the Group’s
impairment model, particularly assumptions around forecast travel
bookings and volume growth for the Booking for Business platform.
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indEPEndEnt auditOr'S rEPOrt