Siteminder (SDR) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a quorum, directors and key executives introduced, and hybrid attendance welcomed.

• Chairman Pat O'Sullivan and CEO Sankar Narayan delivered opening addresses, reviewing transformational performance since IPO and focusing on growth strategies and product innovation.

• Agenda included opening remarks, CEO address, formal business, and four resolutions.

• Voting conducted by poll, with online and in-person participation enabled.

Financial performance review

• Achieved 20.8% organic revenue growth in FY24, up from 15.0% in FY22, with a medium-term target of 30%.

• Underlying EBITDA turned positive in H2FY24 at $2.1m, with underlying free cash flow also positive in H2.

• Rule of 40 performance improved from -15 in FY2022 to +17 in FY2024, reaching 21 in H2 FY2024.

• Gross booking value exceeded $75.0b, up from $46.0b at IPO.

• Subscriber additions doubled since FY2022, with 5,400 new subscribers in FY2024.

Board and executive committee updates

• Les Szekely announced retirement from the board by end of calendar year.

• Jenny Macdonald and Pat O'Sullivan stood for and received board re-election support.

• Board comprises an independent non-executive chairman, CEO & managing director, and five non-executive directors with designated committee roles.

• Board evolving executive remuneration, introducing a new long-term incentive structure tied to the Rule of 40.