WiseTech Global : 2021 AGM Chair and CEO addresses

1. Includes customers on CargoWise and platforms of acquired businesses whose customers may be counted with reference to installed sites
2. Armstrong & Associates: Top 50 Global 3PLs & Top 25 Global Freight Forwarders ranked by 2020 logistics gross revenue/turnover and freight forwarding volumes

WiseTech Global Limited ABN 41 065 894 724 Unit 3a, 72 O’Riordan Street Alexandria NSW 2015

Chair’s address

2021 was another successful year for WiseTech, as we delivered both strong financial performance and continued progress on our strategy to become the operating system for global logistics.

Today, I will touch on our financial performance, solid capital position and governance framework before I hand over to our Founder and Chief Executive Officer, Richard White, who will provide further detail on our strategic progress, including the six global rollouts we secured in FY21 and our recent signing of Fedex.

Market context

To begin, I would note that the overall market conditions in global logistics in FY21 continued to be impacted by ongoing COVID restrictions, with consumer demand for services shifting to demand for goods, supported by various country specific fiscal stimulus measures, boosting demand for global trade.

However, limited sea freight capacity, port access issues and container availability challenges, coupled with reduced air freight bellyhold capacity caused by passenger travel restrictions, have resulted in constrained capacity, congestion, disruption and higher freight rates.

Whilst higher freight rates do not translate into immediate revenue growth for WiseTech, we are benefitting from the acceleration in longer-term structural changes that these conditions create, in particular through digital transformation as logistics providers fast track the replacement of their in-house legacy systems with integrated global software such as CargoWise.

Financial performance

In the context of these market conditions, I am pleased to report that WiseTech reported another year of strong growth, delivering record revenue at the top end of our guidance and EBITDA exceeding guidance.

Our business delivered Total Revenue of $507.5 million for the year, representing 18% growth on FY20.

Importantly, our CargoWise offering continued to achieve strong growth delivering FY21 revenue of $331.6 million, up 26% on FY20, reflecting increased usage by existing customers and growth from new customers.

Recurring revenue was strong comprising 90% of our Total Revenue, up one basis point on FY20, providing us with a stable and predictable long-term revenue stream, and CargoWise customer attrition rate remained below 1% for the ninth consecutive year.

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Our strategic acquisitions also contributed to our revenue growth, with revenue attributable to acquisitions up 6% in FY21 to $175.9 million, which included the completion of one small strategic acquisition in Asia during the year.

EBITDA in FY21 was $206.7 million, up 63% on the prior year, and our EBITDA margin was strong at 41%, reflecting increasing operating leverage as revenue grows and cost reductions are achieved through organisation-wide efficiencies and the extraction of acquisition synergies.

I note that we have not received any material benefit from any COVID-19 government support programs globally.

Our statutory Net Profit After Tax (NPAT) for the year was $108.1 million, down 33% on the prior year, reflecting fair value adjustments in FY20 from changes to acquisition contingent consideration.

However, our FY21 Underlying NPAT of $105.8 million was up 101% on the prior corresponding period, demonstrating the ability of our business model to deliver revenue growth and earnings expansion.

Financial strength

Our financial position is robust, supported by a strong balance sheet and strong cash flows.

Cash as at 30 June 2021 was $315.0 million, with no outstanding debt excluding lease liabilities. We recently completed a refinancing of our debt facility and now have a new, unsecured four-year $225 million bi-lateral facility in place, supported by six banks, providing a solid financial foundation for future growth.

Our operating cash flow of $229.9 million was up 57% on FY20 and free cash flow of $139.2 million was up 149% on FY20, demonstrating the highly cash generative nature of our business and the strength of WiseTech’s underlying operating model.

Dividends

In recognition of the continued strength of WiseTech’s business, the Board declared a fully franked final dividend of 3.85 cents per share, up 141% on FY20.

Our total dividend for the year was 6.55 cents per share representing a payout ratio of 20% of Underlying NPAT.

We continue to offer a dividend reinvestment plan that enables eligible shareholders to reinvest their dividends to acquire additional WiseTech shares. Our ongoing policy is to target a dividend payout ratio of up to 20% of NPAT.

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Board activities

Turning now to developments with your Board which continues to evolve in order to best support WiseTech’s needs.

We are aligning the Board composition to support the needs of our growing business.

We have processes in place for Board renewal and succession planning to ensure that the Board’s skill mix reflects the evolving needs of WiseTech and that renewal is undertaken in a seamless manner to ensure corporate history and knowledge is retained.

I said in my address last year that we were working on recruiting new directors as part of our ongoing process of Board renewal, and I am pleased to report that we recently announced the appointment of two new non-executive directors – Michael Malone and Richard Dammery – effective from 1 December 2021.

On behalf of the Board, I am delighted to welcome Richard and Michael to the WiseTech Global group. Both Richard and Michael will be valuable additions to our Board, bringing significant ASX experience, a wealth of corporate know-how, and solid understanding of the technology landscape in Australia.

Michael is an Australian based entrepreneur and founder of iiNet with more than 20 years experience across the technology, telecommunications and media industries. He is also a non-executive director of ASX listed Seven West Media Limited and NBN Co.

Richard is a non-executive director at Australia Post, Aussie Broadband Ltd and Doctor Care Anywhere Group plc and was previously a senior executive and lawyer for over 30 years, including the position of Chief Legal Officer and Company Secretary of Woolworths Group.

Environment, social and governance (ESG) – Our people, communities, the environment and marketplace

In addition to Board renewal and succession planning, we are committed to making a positive contribution to the communities that we are part of and recognise that our social licence to operate is integral to our ability to create long-term value for our stakeholders.

The Board places significant importance on corporate social responsibility, culture, governance and accountability.

WiseTech’s technology solutions have an important role to play in solving the complex pain points of the logistics industry and in enhancing productivity and efficiencies for logistics providers. We have an outstanding team of over 1,800 people globally, spanning more than 60 nationalities and ranging in age from 18 to 74.

We are proud of our highly diverse and inclusive workforce. Approximately 31% of our employees and 43% of our Board members are female and we remain committed to encouraging and supporting more women to enter the technology and logistics industries.

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