Investor Presentaiton
RESEARCH & DEVELOPMENT (R&D)
•
Total R&D costs decreased by $3m (-22%)
over prior year to $10.6m
R&D Costs
FY21
FY20
change
change
$000
$000
$000
%
•
•
Capitalised development costs included
development Northern Hemisphere markets
as well as the Booking.com platform
Resources were reprioritised with the onset of
Covid-19 and the acceleration of the global
release of the Booking.com platform
powered by Zeno
Development resources were also focused on
the management of the platform costs due
to the reduced bookings and then the
subsequent scale up with the return of
bookings in the Australasian region and in
preparation for the Booking.com migration
Total R&D costs (including amounts capitalised)
Percentage of operating revenue
10,633
13,606
(2,973)
-22%
86%
53%
(7,231)
(11,013)
3,782
-34%
68%
81%
Less: capitalised product development costs
Percentage of R&D costs
Research costs (excluding amortisation of
amounts previously capitalised)
Percentage of operating revenue
3,402
2,593
809
31%
27%
14%
Less: Government grants relating to research
Add: Amortisation of capitalised development costs
(930)
(683)
(247)
-36%
3,909
1,705
2,204
129%
Net product development costs expensed
6,381
3,615
2,766
77%
Percentage of operating revenue
51%
14%
Research & Development (R&D) cost is a Non-GAAP measure representing the internal and external costs related to R&D that have been included in operating costs and capitalised as
computer software development during the period. Research expenditure includes all reasonable expenditure associated with R&D activities that does not give rise to an intangible asset. R&D
expenses include employee and contractor remuneration related to these activities. It also covers research expenditure defined by NZ IAS 38.
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