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    HomeBusinessWireMiX Telematics Reports Third Quarter Fiscal 2021 U.S. GAAP Financial Results

    MiX Telematics Reports Third Quarter Fiscal 2021 U.S. GAAP Financial Results

    Third Quarter Highlights:

    • Subscription revenues of $29.1 million
    • Net subscriber base of over 749,000 subscribers
    • Net income of $5.9 million
    • Adjusted EBITDA of $9.5 million, at a 28.0% margin
    • Net cash provided by operating activities of $10.2 million leading to positive free cash flow of $8.7 million
    • Cash and cash equivalents of $44.0 million at quarter end

    MIDRAND, South Africa & BOCA RATON, Fla.–(BUSINESS WIRE)–MiX Telematics Limited (“MiX Telematics”) (NYSE: MIXT, JSE: MIX), a leading global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (“SaaS”), today announced financial results, in accordance with accounting principles generally accepted in the United States (“GAAP”), for the third quarter, which ended December 31, 2020.

    “MiX Telematics reported third quarter results highlighted by sequential growth in subscription revenue and very strong profitability and free cash flow. We saw modestly improved performance in our premium and light fleet segments for the second straight quarter even as we continue to manage through the impact of COVID-19 on certain key vertical markets,” said Stefan Joselowitz, Chief Executive Officer of MiX Telematics.

    Joselowitz continued, “As we look ahead, we are very encouraged by the strategic conversations we are having with large fleet operators on the greater role telematics will play in their future operations. This gives us confidence MiX is well positioned to return to attractive subscription revenue growth rates once the economy normalizes.”

    Financial Results for the Three Months Ended December 31, 2020

    Subscription Revenues: Subscription revenues were $29.1 million, a decrease of 10.2% compared to $32.4 million for the third quarter of fiscal 2020. Subscription revenues represented 85.2% of total revenues during the third quarter of fiscal 2021. Subscription revenues decreased by 7.3% on a constant currency basis, year over year. The decline in constant currency subscription revenue was primarily due to the contraction in the Company’s subscriber base as a result of economic conditions attributable to the COVID-19 pandemic. During the third quarter of fiscal 2021, the Company’s subscriber base contracted by a net 18,300 subscribers. The contraction is primarily attributable to our low ARPU asset tracking subscribers.

    The majority of our revenues and subscription revenues are derived from currencies other than the U.S. Dollar. Accordingly, the strengthening of the U.S. Dollar against these currencies (in particular against the South African Rand) following currency volatility arising from the economic disruption caused by COVID-19, has negatively impacted our revenue and subscription revenues reported in U.S. Dollars. Compared to the third quarter of fiscal year 2020, the South African Rand weakened by 6% against the U.S. Dollar. The Rand/U.S. Dollar exchange rate averaged R15.65 in the third quarter of fiscal year 2021 compared to an average of R14.71 during the third quarter of fiscal year 2020. The impact of translating foreign currencies to U.S. Dollars at the average exchange rates during the third quarter of fiscal 2021 led to a 2.9% reduction in reported U.S. Dollar subscription revenues.

    Total Revenues: Total revenues were $34.1 million, a decrease of 6.5% compared to $36.5 million for the third quarter of fiscal 2020. Total revenues decreased by 3.6% on a constant currency basis, year over year. Hardware and other revenues were $5.0 million, an increase of 22.5%, compared to $4.1 million for the third quarter of fiscal 2020.

    The impact of translating foreign currencies to U.S. Dollars at the average exchange rates during the third quarter of fiscal 2021 led to a 2.9% reduction in reported U.S. Dollar revenues.

    Gross Margin: Gross profit was $21.3 million, compared to $23.5 million for the third quarter of fiscal 2020. Gross profit margin was 62.5%, compared to 64.6% for the third quarter of fiscal 2020.

    Income From Operations: Income from operations was $5.0 million, compared to $5.2 million for the third quarter of fiscal 2020. Operating income margin was 14.8%, compared to 14.2% for the third quarter of fiscal 2020. Operating expenses of $16.3 million decreased by $2.1 million, or 11.5%, compared to the third quarter of fiscal 2020.

    Net Income and Earnings Per Share: Net income was $5.9 million, compared to net income of $5.1 million in the third quarter of fiscal 2020. Net income included a net foreign exchange loss of $0.1 million before tax, as well as a $2.7 million deferred tax credit on a U.S. Dollar intercompany loan between MiX Telematics and MiX Telematics Investments Proprietary Limited (“MiX Investments”), a wholly-owned subsidiary of the Company. During the third quarter of fiscal 2020, net income included a net foreign exchange loss of $0.2 million and a $1.5 million deferred tax credit on a U.S. Dollar intercompany loan between MiX Telematics and MiX Investments.

    Earnings per diluted ordinary share was 1.1 U.S. cents, compared to 0.9 U.S. cents in the third quarter of fiscal 2020. For the third quarter of fiscal 2021, the calculation was based on diluted weighted average ordinary shares in issue of 559.8 million compared to 562.4 million diluted weighted average ordinary shares in issue during the third quarter of fiscal 2020. On a ratio of 25 ordinary shares to one American Depositary Share (“ADS”), earnings per diluted ADS was 26 U.S. cents compared to 23 U.S. cents in the third quarter of fiscal 2020.

    The Company’s effective tax rate was negative 18.7%, compared to negative 2.4% in the third quarter of fiscal 2020. Ignoring the impact of net foreign exchange losses net of tax, the tax rate used in determining non-GAAP net income below was 34.3% compared to 25.9% in the third quarter of fiscal 2020.

    Adjusted EBITDA: Adjusted EBITDA, a non-GAAP measure, was $9.5 million, compared to $10.1 million for the third quarter of fiscal 2020. Adjusted EBITDA margin, a non-GAAP measure, for the third quarter of fiscal 2021 was 28.0%, compared to 27.8% for the third quarter of fiscal 2020.

    Non-GAAP Net Income and Non-GAAP Net Income Per Share: Non-GAAP net income was $3.4 million, compared to $3.8 million for the third quarter of fiscal 2020. Non-GAAP net income per diluted ordinary share was 0.6 U.S. cents, compared to 0.7 U.S. cents in the third quarter of fiscal 2020. At a ratio of 25 ordinary shares to one ADS, the non-GAAP net income per diluted ADS was 15 U.S. cents compared to 17 U.S. cents in the third quarter of fiscal 2020.

    Cash and Cash Equivalents and Cash Flow: At December 31, 2020, the Company had $44.0 million of cash and cash equivalents, compared to $18.0 million at March 31, 2020.

    Net cash provided by operating activities for the three months ended December 31, 2020 was $10.2 million compared to $7.3 million for the three months ended December 31, 2019. The Company invested $1.5 million in capital expenditures (including investments in in-vehicle devices of $0.4 million), leading to free cash flow, a non-GAAP measure, of $8.7 million in the quarter. The Company generated free cash flow of $1.3 million for the third quarter of fiscal 2020 when the Company invested $6.0 million in capital expenditures (including investments in in-vehicle devices of $4.5 million).

    Net cash utilized by financing activities amounted to $1.7 million for the third quarter of fiscal 2021, compared to $0.2 million utilized during the third quarter of fiscal 2020. The cash utilized by financing activities during the third quarter of fiscal 2021 consisted of dividends paid of $1.4 million and $0.3 million from a reduction in facilities utilized. The cash utilized in financing activities during the third quarter of fiscal 2020 consisted of dividends paid of $1.5 million offset by facilities utilized of $1.3 million.

    During the quarter, the South African Rand strengthened against the U.S. Dollar from R17.00 at September 30, 2020 to R14.65 at December 31, 2020 and as a result, cash increased by $3.1 million due to foreign exchange gains.

    Quarterly Dividend

    The most recent dividend payment of 4 South African cents (0.3 U.S. cents) per ordinary share and 1 South African Rand (7 U.S. cents) per ADS was paid on November 23, 2020 to shareholders on record on November 20, 2020. A dividend of 4 South African cents per ordinary share and 1 South African Rand per ADS will be paid on March 9, 2021 to shareholders on record as of the close of business on February 19, 2021.

    The details with respect to the dividends declared for holders of our ADSs are as follows:

    Ex dividend on New York Stock Exchange (NYSE)

         

    Thursday, February 18, 2021

    Record date

         

    Friday, February 19, 2021

    Approximate date of currency conversion

         

    Monday, February 22, 2021

    Approximate dividend payment date

         

    Tuesday, March 9, 2021

    Share Repurchases

    No shares were repurchased during the three months ended December 31, 2020.

    Business Outlook

    Due to the uncertainty surrounding the level of business disruption as a result of the spread of COVID-19, the Company has suspended its practice of issuing financial guidance and as a consequence no guidance has been issued for the full 2021 fiscal year.

    Conference Call Information

    MiX Telematics management will host a conference call and audio webcast at 8:00 a.m. (Eastern Daylight Time) and 3:00 p.m. (South African Time) on Thursday, January 28, 2021 to discuss the Company’s financial results and current business outlook:

    • The live webcast of the call will be available at the “Investor Information” page of the Company’s website, http://investor.mixtelematics.com.
    • To access the call, dial +1-877-451-6152 (within the United States) or 0 800 983 831 (within South Africa) or +1-201-389-0879 (outside of the United States). The conference ID is 13715107.
    • A replay of this conference call will be available for a limited time at +1-844-512-2921 (within the United States) or +1-412-317-6671 (within South Africa or outside of the United States). The replay conference ID is 13715107.
    • A replay of the webcast will also be available for a limited time at http://investor.mixtelematics.com.

    About MiX Telematics Limited

    MiX Telematics is a leading global provider of fleet and mobile asset management solutions delivered as SaaS to customers managing over 749,000 assets in approximately 120 countries. The Company’s products and services provide enterprise fleets, small fleets and consumers with solutions for safety, efficiency, risk and security. MiX Telematics was founded in 1996 and has offices in South Africa, the United Kingdom, the United States, Uganda, Brazil, Australia, Romania, Thailand and the United Arab Emirates as well as a network of more than 130 fleet partners worldwide. MiX Telematics shares are publicly traded on the Johannesburg Stock Exchange (JSE: MIX) and MiX Telematics American Depositary Shares are listed on the New York Stock Exchange (NYSE: MIXT). For more information visit www.mixtelematics.com.

    Forward-Looking Statements

    This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding our position to execute on our growth strategy, and our ability to expand our leadership position. These forward-looking statements include, but are not limited to, Company’s beliefs, plans, goals, objectives, expectations, assumptions, estimates, intentions, future performance, other statements that are not historical facts and statements identified by words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates” or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in, or suggested by, these forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved.

    Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of known and unknown risks and uncertainties, some of which are beyond our control including, without limitation:

    • the severity and duration of the COVID-19 pandemic, the pandemic’s economic impact on the geographical locations of our regional service organizations and central service organization, the impact of the pandemic on our customers’ ability to meet their financial obligations, our ability to implement cost containment and business recovery strategies during the pandemic, local and foreign government regulations implemented to combat the pandemic and any future developments on the pandemic;
    • our ability to attract, sell to and retain customers;
    • our ability to improve our growth strategies successfully, including our ability to increase sales to existing customers;
    • our ability to adapt to rapid technological change in our industry;
    • competition from industry consolidation;
    • loss of key personnel or our failure to attract, train and retain other highly qualified personnel;
    • our ability to integrate any businesses we acquire;
    • the introduction of new solutions and international expansion;
    • our dependence on key suppliers and vendors to manufacture our hardware;
    • our dependence on our network of dealers and distributors to sell our solutions;
    • businesses may not continue to adopt fleet management solutions;
    • our future business and system development, results of operations and financial condition;
    • expected changes in our profitability and certain cost or expense items as a percentage of our revenue;
    • changes in the practices of insurance companies;
    • the impact of laws and regulations relating to the Internet and data privacy;
    • our ability to protect our intellectual property and proprietary technologies and address any infringement claims;
    • our ability to defend ourselves from litigation or administrative proceedings relating to labor, regulatory, tax or similar issues;
    • significant disruption in service on, or security breaches of, our websites or computer systems;
    • our dependence on third-party technology;
    • fluctuations in the value of the South African Rand;
    • economic, social, political, labor and other conditions and developments in South Africa and globally;
    • our ability to issue securities and access the capital markets in the future; and
    • other risks set forth in our filings with the U.S. Securities Exchange Commission.

    We assume no obligation to update any forward-looking statements contained in this press release and expressly disclaim any obligation to do so, whether as a result of new information, future events or otherwise, except as required by law.

    Use of Non-GAAP Financial Measures

    This press release and the accompanying tables include references to Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP net income and non-GAAP net income per share, free cash flow and constant currency, which are non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses these measures, please see Annexure A titled “Non-GAAP Financial Measures”. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP is provided in Annexure A.

    MIX TELEMATICS LIMITED

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except share amounts)

    (Unaudited)

     

     

     

    March 31,
    2020

     

    December 31,
    2020

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    17,953

     

     

    $

    43,999

     

    Restricted cash

     

    699

     

     

    780

     

    Accounts receivables, net

     

    24,100

     

     

    19,483

     

    Inventory, net

     

    3,271

     

     

    3,476

     

    Prepaid expenses and other current assets

     

    7,375

     

     

    7,789

     

    Total current assets

     

    53,398

     

     

    75,527

     

    Property and equipment, net

     

    30,019

     

     

    26,514

     

    Goodwill

     

    37,923

     

     

    44,388

     

    Intangible assets, net

     

    15,007

     

     

    18,585

     

    Deferred tax assets

     

    3,108

     

     

    3,992

     

    Other assets

     

    4,200

     

     

    4,543

     

    Total assets

     

    $

    143,655

     

     

    $

    173,549

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS’ EQUITY

     

     

     

     

    Current liabilities:

     

     

     

     

    Short-term debt

     

    $

    2,367

     

     

    $

    2,892

     

    Accounts payables

     

    5,251

     

     

    4,511

     

    Accrued expenses and other liabilities

     

    14,839

     

     

    21,517

     

    Deferred revenue

     

    5,077

     

     

    7,670

     

    Total current liabilities

     

    27,534

     

     

    36,590

     

    Deferred tax liabilities

     

    11,436

     

     

    8,448

     

    Long-term accrued expenses and other liabilities

     

    5,660

     

     

    5,389

     

    Total liabilities

     

    44,630

     

     

    50,427

     

     

     

     

     

     

    Stockholders’ equity:

     

     

     

     

    MiX Telematics Limited stockholders’ equity

     

     

     

     

    Preferred stock: 100 million shares authorized but not issued

     

     

     

     

    Common stock: 600.9 million and 605.1 million no-par value shares issued and outstanding as of March 31, 2020 and December 31, 2020, respectively

     

    66,522

     

     

    67,376

     

    Less treasury stock at cost: 54 million shares as of March 31, 2020 and December 31, 2020

     

    (17,315)

     

     

    (17,315)

     

    Retained earnings

     

    67,482

     

     

    75,381

     

    Accumulated other comprehensive (loss)/income

     

    (11,070)

     

     

    3,314

     

    Additional paid-in capital

     

    (6,599)

     

     

    (5,639)

     

    Total MiX Telematics Limited stockholders’ equity

     

    99,020

     

     

    123,117

     

    Non-controlling interest

     

    5

     

     

    5

     

    Total stockholders’ equity

     

    99,025

     

     

    123,122

     

     

     

     

     

     

    Total liabilities and stockholders’ equity

     

    $

    143,655

     

     

    $

    173,549

     

    MIX TELEMATICS LIMITED

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (In thousands, except per share data)

    (Unaudited)

     

     

    Three Months Ended December 31,

     

    Nine Months Ended December 31,

     

    2019

     

    2020

     

    2019

     

    2020

    Revenue

     

     

     

     

     

     

     

    Subscription

    $

    32,362

     

     

    $

    29,072

     

     

    $

    96,099

     

     

    $

    82,570

     

    Hardware and other

    4,107

     

     

    5,032

     

     

    13,314

     

     

    9,979

     

    Total revenue

    36,469

     

     

    34,104

     

     

    109,413

     

     

    92,549

     

    Cost of revenue

     

     

     

     

     

     

     

    Subscriptions

    10,078

     

     

    8,889

     

     

    28,790

     

     

    23,914

     

    Hardware and other

    2,842

     

     

    3,915

     

     

    8,803

     

     

    7,765

     

    Total cost of revenue

    12,920

     

     

    12,804

     

     

    37,593

     

     

    31,679

     

    Gross profit

    23,549

     

     

    21,300

     

     

    71,820

     

     

    60,870

     

    Operating expenses

     

     

     

     

     

     

     

    Sales and marketing

    3,481

     

     

    2,882

     

     

    10,210

     

     

    8,075

     

    Administration and other

    14,895

     

     

    13,384

     

     

    44,297

     

     

    40,506

     

    Total operating expenses

    18,376

     

     

    16,266

     

     

    54,507

     

     

    48,581

     

    Income from operations

    5,173

     

     

    5,034

     

     

    17,313

     

     

    12,289

     

    Other (expense)/income

    (178)

     

     

    (95)

     

     

    145

     

     

    (270)

     

    Net interest (expense)/income

    (20)

     

     

    58

     

     

    57

     

     

    (82)

     

    Income before income tax expense

    4,975

     

     

    4,997

     

     

    17,515

     

     

    11,937

     

    Income tax benefit/(expense)

    119

     

     

    936

     

     

    (4,079)

     

     

    (130)

     

    Net income

    5,094

     

     

    5,933

     

     

    13,436

     

     

    11,807

     

    Less: Net income attributable to non-controlling interest

     

     

     

     

     

     

     

    Net income attributable to MiX Telematics Limited

    $

    5,094

     

     

    $

    5,933

     

     

    $

    13,436

     

     

    $

    11,807

     

     

     

     

     

     

     

     

     

    Net income per ordinary share:

     

     

     

     

     

     

     

    Basic

    $

    0.01

     

     

    $

    0.01

     

     

    $

    0.02

     

     

    $

    0.02

     

    Diluted

    $

    0.01

     

     

    $

    0.01

     

     

    $

    0.02

     

     

    $

    0.02

     

     

     

     

     

     

     

     

     

    Net income per American Depositary Share:

     

     

     

     

     

     

     

    Basic

    $

    0.23

     

     

    $

    0.27

     

     

    $

    0.60

     

     

    $

    0.54

     

    Diluted

    $

    0.23

     

     

    $

    0.26

     

     

    $

    0.59

     

     

    $

    0.53

     

     

     

     

     

     

     

     

     

    Ordinary shares:

     

     

     

     

     

     

     

    Weighted average

    550,133

     

     

    551,106

     

     

    555,635

     

     

    548,752

     

    Diluted weighted average

    562,412

     

     

    559,845

     

     

    570,531

     

     

    559,172

     

     

     

     

     

     

     

     

     

    American Depositary Shares:

     

     

     

     

     

     

     

    Weighted average

    22,005

     

     

    22,044

     

     

    22,225

     

     

    21,950

     

    Diluted weighted average

    22,496

     

     

    22,394

     

     

    22,821

     

     

    22,367

     

     

    MIX TELEMATICS LIMITED

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)

     

     

     

    Nine Months Ended December 31,

     

     

    2019

     

    2020

    Cash flows from operating activities:

     

     

     

     

    Cash generated from operations

     

    $

    24,858

     

     

     

    $

    33,156

     

     

    Interest received

     

    571

     

     

     

    496

     

     

    Interest paid

    (173

    )

     

     

    (281

    )

     

    Income tax paid

     

    (3,378

    )

     

     

    (2,437

    )

     

    Net cash provided by operating activities

     

    21,878

     

     

     

    30,934

     

     

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

     

    Acquisition of property and equipment – in-vehicle devices

     

    (12,955

    )

     

     

    (2,957

    )

     

    Acquisition of property and equipment – other

     

    (629

    )

     

     

    (264

    )

     

    Proceeds from the sale of property and equipment

     

    1,321

     

     

     

     

     

    Acquisition of intangible assets

     

    (4,010

    )

     

     

    (2,968

    )

     

    Loans to external parties

     

    (349

    )

     

     

     

     

    Net cash used in investing activities

     

    (16,622

    )

     

     

    (6,189

    )

     

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

     

    Proceeds from issuance of ordinary shares in relation to stock options exercised

     

     

     

     

    854

     

     

    Cash paid for ordinary shares repurchased

     

    (8,188

    )

     

     

     

     

    Cash paid on dividends to MiX Telematics Limited stockholders

     

    (4,615

    )

     

     

    (3,901

    )

     

    Movement in short-term debt

     

    1,815

     

     

     

    428

     

     

    Net cash used in financing activities

     

    (10,988

    )

     

     

    (2,619

    )

     

     

     

     

     

     

    Net (decrease)/increase in cash and cash equivalents, and restricted cash

     

    (5,732

    )

     

     

    22,126

     

     

    Cash and cash equivalents, and restricted cash at beginning of the period

     

    27,838

     

     

     

    18,652

     

     

    Effect of exchange rate changes on cash and cash equivalents, and restricted cash

     

    309

     

     

     

    4,001

     

     

    Cash and cash equivalents, and restricted cash at end of the period

     

    $

    22,415

     

     

     

    $

    44,779

     

     

    Segment Information

    Our operating segments are based on the geographical location of our Regional Sales Offices (“RSOs”) and also include our Central Services Organization (“CSO”). CSO is our central services organization that wholesales our products and services to our RSOs who, in turn, interface with our end-customers, distributors and dealers. CSO is also responsible for the development of our hardware and software platforms and provides common marketing, product management, technical and distribution support to each of our other operating segments.

    Each RSO’s results reflect the external revenue earned, as well as its performance before the remaining CSO and corporate costs allocations. Segment performance is measured and evaluated by the chief operating decision maker (“CODM”) using Segment Adjusted EBITDA, which is a measure which uses net income, determined under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, as a starting point. Prior to the publication of the financial results for the year ended March 31, 2020, the Company published results under IFRS only, which is the reason for the CODM using a performance measure based on IFRS.

    The segment information provided to the CODM is as follows (in thousands and unaudited):

     

    Three Months Ended December 31, 2019

     

    Subscription

    Revenue

     

    Hardware and

    Other Revenue

     

    Total Revenue

     

    Segment Adjusted

    EBITDA

    Regional Sales Offices

     

     

     

     

     

     

     

    Africa

    $

    17,936

     

     

    $

    1,247

     

     

    $

    19,183

     

     

    $

    8,578

     

    Europe

    3,010

     

     

    885

     

     

    3,895

     

     

    1,513

     

    Americas

    5,573

     

     

    448

     

     

    6,021

     

     

    2,422

     

    Middle East and Australasia

    4,460

     

     

    1,399

     

     

    5,859

     

     

    2,703

     

    Brazil

    1,355

     

     

    127

     

     

    1,482

     

     

    581

     

    Total Regional Sales Offices

    32,334

     

     

    4,106

     

     

    36,440

     

     

    15,797

     

    Central Services Organization

    28

     

     

    1

     

     

    29

     

     

    (2,709)

     

    Total Segment Results

    $

    32,362

     

     

    $

    4,107

     

     

    $

    36,469

     

     

    $

    13,088

     

     

    Three Months Ended December 31, 2020

     

    Subscription

    Revenue

     

    Hardware and

    Other Revenue

     

    Total Revenue

     

    Segment Adjusted

    EBITDA

    Regional Sales Offices

     

     

     

     

     

     

     

    Africa

    $

    16,205

     

     

    $

    1,858

     

     

    $

    18,063

     

     

    $

    8,407

     

    Europe

    3,116

     

     

    1,305

     

     

    4,421

     

     

    1,718

     

    Americas

    4,582

     

     

    236

     

     

    4,818

     

     

    1,332

     

    Middle East and Australasia

    4,174

     

     

    1,596

     

     

    5,770

     

     

    2,516

     

    Brazil

    978

     

     

    27

     

     

    1,005

     

     

    347

     

    Total Regional Sales Offices

    29,055

     

     

    5,022

     

     

    34,077

     

     

    14,320

     

    Central Services Organization

    17

     

     

    10

     

     

    27

     

     

    (1,836)

     

    Total Segment Results

    $

    29,072

     

     

    $

    5,032

     

     

    $

    34,104

     

     

    $

    12,484

     

     

    Nine Months Ended December 31, 2019

     

    Subscription

    Revenue

     

    Hardware and

    Other Revenue

     

    Total Revenue

     

    Segment Adjusted

    EBITDA

    Regional Sales Offices

     

     

     

     

     

     

     

    Africa

    $

    53,490

     

     

    $

    4,066

     

     

    $

    57,556

     

     

    $

    25,520

     

    Europe

    8,659

     

     

    2,202

     

     

    10,861

     

     

    3,951

     

    Americas

    16,910

     

     

    1,788

     

     

    18,698

     

     

    7,786

     

    Middle East and Australasia

    13,038

     

     

    4,645

     

     

    17,683

     

     

    8,271

     

    Brazil

    3,922

     

     

    574

     

     

    4,496

     

     

    1,875

     

    Total Regional Sales Offices

    96,019

     

     

    13,275

     

     

    109,294

     

     

    47,403

     

    Central Services Organization

    80

     

     

    39

     

     

    119

     

     

    (7,884)

     

    Total Segment Results

    $

    96,099

     

     

    $

    13,314

     

     

    $

    109,413

     

     

    $

    39,519

     

    Contacts

    Investor Contact
    Brian Denyeau

    ICR for MiX Telematics

    ir@mixtelematics.com
    +1-855-564-9835

    Read full story here

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