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 formal business proceedings.

• Introduced board members, interim executives, and auditors; explained meeting format, voting procedures, and intention to move to a hybrid AGM in 2025.

Financial performance review

• FY24 revenue reached AUD 1.0417 billion, up 28% from FY23, with CargoWise revenue up 33%.

• 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; EBITDA margin run rate reached 50% in Q4.

• Declared a fully franked final dividend of AUD 0.092 per share, total FY24 dividend AUD 0.169 per share.

• R&D investment rose 41% to AUD 368.2 million, representing 35% of revenue; recurring revenue accounted for 97% of total revenue.

Board and executive committee updates

• Richard White stepped down as CEO and director, transitioning to a product and growth-focused consultant role.

• 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 approved special retention and exertion allowances for directors with increased responsibilities.