WiseTech Global (WTC) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, confirmed quorum, acknowledged traditional custodians, and outlined the agenda, including addresses from interim executives and meeting procedures.

• Introduced board members, interim CEO Andrew Cartledge, interim CFO Caroline Pham, and auditors.

• Outlined virtual meeting format, announced intention for a hybrid AGM in 2025, and explained voting process.

Financial performance review

• FY24 revenue reached AUD 1.0417 billion, up 28% reported and 15% organically from FY23; CargoWise revenue up 33% reported and 19% organically.

• Statutory NPAT increased 24% to AUD 262.8 million; underlying NPAT up 15% to AUD 283.5 million; free cash flow was AUD 333.0 million.

• EBITDA was AUD 495.6 million, up 16% organically, with a margin of 54% organically and 48% reported.

• R&D investment rose 41% to AUD 368.2 million, representing 35% of revenue.

• Achieved 97% recurring revenue and maintained attrition rate below 1% for 12 years.

Board and executive committee updates

• Richard White stepped down as CEO and director; Andrew Cartledge appointed interim CEO, Caroline Pham as interim CFO.

• Two new independent non-executive directors, Lisa Brock and Fiona Pak-Poy, joined the board.

• Board engaged Herbert Smith Freehills, Seyfarth Shaw LLP, and McGrathNicol for governance and forensic reviews.

• Board committed to active involvement during leadership transition and evolving governance.

• Special exertion allowances introduced for directors with increased responsibilities.