MIX TELEMATICS LTD Dyskusja kierownictwa i analiza sytuacji finansowej i wyników operacyjnych (formularz 10-Q)
Poniższe omówienie i analiza naszej sytuacji finansowej i wyników
należy czytać w powiązaniu z naszymi skonsolidowanymi danymi finansowymi
wyciągi wraz z towarzyszącymi im notami zawartymi w punkcie 1 niniejszego Kwartalnika
Raport na formularzu 10-Q.
This discussion contains forward-looking statements that involve risks,
uncertainties and assumptions. Our future results may vary materially from those
indicated as a result of the risks that affect our business, including, among
others, those identified in "Forward-Looking Statements" and Part II "Item 1A.
Risk Factors".Overview
We are a leading global provider of connected fleet and mobile asset solutions
delivered as SaaS. Our solutions deliver a measurable return by enabling our
customers to manage, optimize and protect their investments in commercial fleets
or personal vehicles. We generate actionable insights that enable a wide range
of customers, from large enterprise fleets to small fleet operators and
consumers, to reduce fuel and other operating costs, improve efficiency, enhance
regulatory compliance, enhance driver safety, manage risk and mitigate theft.
Our solutions mostly rely on our proprietary, highly scalable technology
platforms, which allow us to collect, analyze and deliver information based on
data from our customers' vehicles. Using an intuitive, web-based interface,
dashboards or mobile applications, our fleet customers can access large volumes
of real-time and historical data, monitor the location and status of their
drivers and vehicles and analyze a wide number of key metrics across their fleet
operations.We were founded in 1996 and we have offices in South Africa, the United Kingdom,
the United States, Uganda, Brazil, Australia, Romania and the United Arab
Emirates, as well as a network of more than 130 fleet valued-added resellers
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).We derive the majority of our revenues from subscriptions to our fleet and
mobile asset management solutions. Our subscriptions generally include access to
our SaaS solutions, connectivity, and in many cases, use of an in-vehicle
device. We also generate revenues from the sale of in-vehicle devices, which
enable customers to use our subscription-based solutions, installation services
of our in-vehicle-devices and driver training for fleet customers. We generate
sales through the efforts of our direct sales teams, staffed in our regional
sales offices, and through our global network of distributors and dealers. Our
direct sales teams focus on marketing our fleet solutions to global and
multinational enterprise accounts and to other customer accounts located in
regions of the world where we maintain a direct sales presence. Our direct sales
teams have industry expertise across multiple industries, including oil and gas,
transportation and logistics, government and municipal, bus and coach, rental
and leasing, and utilities. In some markets, we rely on a network of
distributors and dealers to sell our solutions on our behalf. Our distributors
and dealers also install our in-vehicle devices and provide training, technical
support and ongoing maintenance for the customers they support.
Ostatnie zmiany
MiX Telematics North America, jedna z naszych spółek zależnych, w której jesteśmy w całości właścicielami, została przejęta
działalności firmy Trimble Field Service Management („FSM”) w Ameryce Północnej w dniu
2 września 2022 r. („Przejęcie FSM”).
FSM's North American operations include the sale and support of telemetry and
video solutions that enable back-office monitoring and visualization for fleet
services management in a number of industries. The FSM Acquisition presents us
with an opportunity to increase our scale in North America and to further
diversify our North America business by expanding our presence in market
verticals such as construction and last mile logistics.
Wszystkie istniejące umowy subskrypcyjne FSM i powiązane strumienie przychodów były
przejęte przez MiX Telematics North America.
Zapłata za zakup FSM składała się z następujących elementów:
•An upfront cash payment of $3.7 million on the Closing Date, based on an
upfront fee of $300 per subscription contract where the FSM customer has
purchased or agreed to purchase 4G hardware as of the day immediately prior to
the Closing Date and where the contractual term expires on or after the 18-month
anniversary of the Closing Date.
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--------------------------------------------------------------------------------•Additional payments to be made in respect of the renewal of existing
subscriptions as well as for new subscriptions entered into by customers (that
were customers on the Closing Date) with MiX Telematics North America. Depending
on the hardware requirements of these customers and specific contract terms,
Trimble will be paid between $200 and $300 per subscription contract. The
additional payments will be made approximately every three months, ending on
March 2, 2024, and have been treated as contingent consideration. The initial
fair value of the contingent consideration of $4.1 million was included in the
purchase price for purposes of calculating goodwill and reflects an expectation
of approximately a 75% retention rate. The estimated total consideration for
additional payments should not exceed $6.4 million which assumes a 100%
conversion rate, which we believe is unlikely.
Przejęta firma przyniosła przychody w wysokości 3,2 mln USD i zyski w wysokości 3,2 mln USD
0,6 mln USD za okres od 2 września 2022 r. do 31 grudnia 2022 r.
Inflation RiskWe believe that inflation may have a material effect on our business, financial
condition or results of operations in the current fiscal year. Current economic
projections remain uncertain as a result of the sudden and sharp surge in global
inflation mainly as a result of global supply chain constraints, rising fuel
prices, global politics, sanctions and the impact thereof on global trade. If
our costs were to become subject to significant inflationary pressures, we may
not be able to fully offset these higher costs through price increases. Our
inability to do so could harm our business, financial condition and results of
operations. Refer to Part II Item 1A. "Risk Factors" for further information
regarding inflation risk.Key Financial Measures and Operating Metrics
Oprócz środków finansowych opartych na naszych skonsolidowanych finansach
sprawozdań, monitorujemy naszą działalność biznesową za pomocą różnych środków finansowych i
wskaźniki pozafinansowe.
Przychody z subskrypcji
Subscription revenue represents subscription fees for our solutions, which
include the use of our SaaS fleet management solutions, connectivity, and in
many cases, our in-vehicle devices. Our subscription revenue is driven primarily
by the number of subscribers and the monthly price per subscriber, which varies
depending on the services and features customers require, hardware options,
customer size and geographic location.Subscription revenue has increased as a percentage of total revenue due to a
decrease in hardware and other revenue. In the three months ended December 31,
2021 and 2022, subscription revenue represented 83.7% and 85.9%, respectively,
of our total revenue. In the nine months ended December 31, 2021 and 2022,
subscription revenue represented 86.1% and 87.1%, respectively, of our total
revenue.Subscribers
Abonenci reprezentują całkowitą liczbę odrębnych usług, którym świadczymy
klientów na koniec okresu.
As of December 31,
2021 2022
Subscribers 790,483 959,212
35 800 abonentów netto zostało dodanych przez MiX Telematics North America, od
nabyta firma FSM.
Podstawa prezentacji i kluczowe elementy naszych wyników operacyjnych
We manage our business in six segments which include Africa, Americas, Brazil,
Europe and the Middle East and Australasia (our regional sales offices
("RSOs")), and our central services organization ("CSO"). CSO is the central
services organization that wholesales products and services to RSOs which, in
turn, interface with our end-customers, distributors and dealers. CSO is also
responsible for the development of hardware and software platforms and provides27
--------------------------------------------------------------------------------common marketing, product management, technical and distribution support to each
of the other reportable segments. CSO is a reportable segment because it
produces discrete financial information which is reviewed by the chief operating
decision maker ("CODM") and has the ability to generate external revenues.The CODM has been identified as the Chief Executive Officer who makes strategic
decisions. The performance of the reportable segments has been measured and
evaluated by the CODM using Segment Adjusted EBITDA, which is a measure that
uses income before income tax expense excluding non-recurring legal costs, net
interest expense, net foreign exchange gains/losses, net loss/profit on sale of
property, plant and equipment, restructuring costs, stock-based compensation
costs, impairment of long-lived assets, depreciation, amortization, operating
lease costs, acquisition-related costs and corporate and consolidation entries.
Product development costs are capitalized and amortized, and this amortization
is excluded from Segment Adjusted EBITDA.In determining Segment Adjusted EBITDA, the margin generated by CSO, net of any
unrealized intercompany profit, is allocated to the geographic region where the
external revenue is recorded by our RSOs. The costs remaining in CSO relate
mainly to research and development of hardware and software platforms, common
marketing, product management and technical and distribution support to each of
the RSOs.Each RSO's results reflect the external revenue earned, as well as the Segment
Adjusted EBITDA earned (or loss incurred) before the remaining CSO and corporate
costs allocations. Segment assets are not disclosed because such information is
not reviewed by the CODM.Revenue
The majority of our revenue is subscription-based. Consequently, growth in
subscribers influences our subscription revenue growth. However, other factors,
including, but not limited to, the types of new subscribers we add and the
timing of entry into subscription contracts also play a significant role. The
price and terms of our customer subscription contracts vary based on many
factors, including fleet size, hardware options, geographic region and
distribution channel. In addition, we derive revenue from the sale of in-vehicle
devices, which are used to collect, generate and transmit the data used to
enable our SaaS solutions.Our customer contracts typically have a three-to-five-year initial term.
Following the initial term, most fleet customers elect to renew for fixed terms
ranging from one to five years. Our third-party dealers are typically billed
monthly based on active connections. Some of our customer agreements, including
our consumer subscriptions, provide for automatic monthly or yearly renewals
unless the customer elects not to renew its subscription. Our consumer customer
contracts in South Africa are governed by the Consumer Protection Act, which
allows customers to cancel without paying the full balance of the contract
amount. Our fleet contracts and our customer contracts outside of South Africa
are generally non-cancellable.
Koszt uzyskania przychodów i marża brutto
Cost of revenue associated with our subscription revenue consists primarily of
costs related to cellular communications, infrastructure hosting, third-party
data providers, service contract maintenance costs, commission expense related
to third party dealers or distributors (commission is capitalized and amortized,
on a straight-line basis, unless the amortization period is 12 months or less)
and depreciation of our capitalized installed in-vehicle devices. Cost of sales
associated with our hardware revenue includes the cost of the in-vehicle
devices, cost of hardware warranty, shipping costs, custom duties, and
commission expense related to third-party dealers or distributors. We capitalize
the cost of in-vehicle devices utilized to service customers, for customers
selecting our bundled option, and we depreciate these costs from the date of
installation over their expected useful lives.We expect that cost of revenue as a percentage of revenue will vary from period
to period depending on our revenue mix, including the proportion of our revenue
attributable to our subscription-based services. Subscription revenue generates
a higher gross profit margin than hardware and other revenue. The majority of
the other components of our cost of revenue are variable and are affected by the
number of subscribers, the composition of our subscriber base, and the number of
new subscriptions sold in the period.28
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Koszty operacyjne
Sprzedaż i marketing
Sales and marketing expenses consist primarily of salaries and wages to sales
and marketing employees, commissions paid to employees, travel-related expenses,
and advertising and promotional costs. We pay our sales employees commissions
based on achieving subscription targets and we capitalize commission and
amortize it over the expected life of the contract taking account of expected
extensions/renewals (unless the amortization period is 12 months or less).
Commission capitalized that is attributable to hardware or installation is
amortized in full at the time the related hardware, or installation, revenue is
recognized. Advertising costs consist primarily of costs for print, radio,
television and digital advertising, search engine optimization, promotions,
public relations, customer events, tradeshows and sponsorships. We expense
advertising costs as incurred. We plan to continue to invest in sales and
marketing in order to grow our sales and build brand and category awareness.
Opłaty administracyjne i inne
Administration and other charges consist primarily of salaries and wages for
administrative staff, travel costs, professional fees (including audit and legal
fees), real estate leasing costs, expensed research and development costs and
depreciation of fixed assets including vehicles and office equipment and
amortization of intangible assets. We expect that administration and other
charges will increase in absolute terms as we continue to grow our business.
Badania i rozwój
For additional disclosures in respect of research and development, technology
and intellectual property please refer to "Item 1. Business" in our Annual
Report on Form 10-K for the year ended March 31, 2022, which we filed with the
U.S. Securities and Exchange Commission ("SEC") on June 14, 2022.
podatki
During the three months ended December 31, 2021 and 2022, our effective tax
rates were 76.0% and 7.4%, respectively, and during the nine months ended
December 31, 2021 and 2022, our effective tax rates were 48.2% and 74.3%,
respectively, compared to a South African statutory rate of 28%. Taxation mainly
consists of normal statutory income tax paid or payable and deferred tax on any
temporary differences.Our effective tax rate may vary primarily according to the mix of profits made
in various jurisdictions and the impact of certain non-deductible/non-taxable
foreign exchange movements, net of tax. Further information on this is disclosed
in Note 10. Income Taxes contained in the "Notes to Condensed Consolidated
Financial Statements" included in Part I of this Quarterly Report on Form 10-Q.
As a result, significant variances in future periods may occur.29
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Wyniki operacji
Poniższa tabela przedstawia niektóre skonsolidowane dane z rachunku zysków i strat:
Three Months Ended December 31, Nine Months Ended December 31,
2021 2022 2021 2022(In thousands)
Total revenue $ 36,213 $ 37,807 $ 107,185 $ 108,128
Total cost of revenue 13,762 13,459 38,911 39,945
Gross profit 22,451 24,348 68,274 68,183
Sales and marketing 4,027 4,589 11,411 12,974
Administration and other 15,841 15,728 46,214 47,275
Income from operations 2,583 4,031 10,649 7,934
Other income/(expense) 114 (748) 178 859
Net interest expense 75 272 294 8
Income tax expense 1,992 223 5,073 6,525
Net income $ 630 $ 2,788 $ 5,460 $ 2,260Less: Net income attributable to
non-controlling interest - - - -
Net income attributable to MiX
Telematics Limited $ 630 $ 2,788 $ 5,460 $ 2,260
Poniższa tabela przedstawia, jako procent przychodów, dane skonsolidowanego rachunku zysków i strat:
Three Months Ended December 31, Nine Months Ended December 31,
2021 2022 2021 2022
(Percentage)
Total revenue 100.0 % 100.0 % 100.0 % 100.0 %
Total cost of revenue 38.0 35.6 36.3 36.9
Gross profit 62.0 64.4 63.7 63.1
Sales and marketing 11.1 12.1 10.6 12.0
Administration and other 43.7 41.6 43.1 43.7
Income from operations 7.1 10.7 9.9 7.3
Other income/(expense) 0.3 (2.0) 0.2 0.8
Net interest expense 0.2 0.7 0.3 -
Income tax expense 5.5 0.6 4.7 6.0
Net income 1.7 7.4 5.1 2.1Less: Net income attributable to
non-controlling interest - - - -
Net income attributable to MiX
Telematics Limited 1.7 7.4 5.1 2.130
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Wyniki działalności za trzy miesiące zakończone 31 grudnia 2021 i 2022 roku
Revenue
Three Months Ended December 31,
2021 2022 % Change % Change at
constant currency
(In thousands, except for percentages)
Subscription revenue $ 30,324 $ 32,469 7.1 % 16.7 %
Hardware and other revenue 5,889 5,338 (9.4) % (1.1) %
$ 36,213 $ 37,807 4.4 % 13.8 %
Nasze całkowite przychody wzrosły o 1,6 miliona USD, czyli o 4,4%, w stosunku do trzeciego kwartału 2017 roku
rok obrotowy 2022. Głównymi czynnikami wpływającymi na wzrost naszych przychodów były:
•Subscription revenues increased by 7.1% to $32.5 million, compared to $30.3
million for the third quarter of fiscal year 2022. The FSM business acquired on
September 2, 2022 contributed $2.3 million to the subscription revenue for the
third quarter of fiscal year 2023. Subscription revenues represented 85.9% of
total revenues during the third quarter of fiscal year 2023. Subscription
revenues increased by 16.7% on a constant currency basis, year over year, of
which 8.5% is attributable to the FSM business acquisition. During the third
quarter of fiscal year 2023, our subscriber base grew by a net 44,600
subscribers, or 4.9%, mainly due to the Africa segment, with contributions
across all solution categories, to over 959,000 subscribers at December 31,
2022, compared to the net growth of 20,300 subscribers during the third quarter
of fiscal year 2022.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 continued currency volatility, has negatively impacted our
revenue and subscription revenues reported in U.S. Dollars. Compared to the
third quarter of fiscal year 2022, the South African Rand weakened by 14%
against the U.S. Dollar. The Rand/U.S. Dollar exchange rate averaged R17.64 in
the third quarter of fiscal year 2023 compared to an average of R15.42 during
the third quarter of fiscal year 2022. The impact of translating foreign
currencies to U.S. Dollars at the average exchange rates during the third
quarter of fiscal year 2023 led to a 9.6% decrease in reported U.S. Dollar
subscription revenues.•Hardware and other revenue decreased by $0.6 million, or 9.4%, from the third
quarter of fiscal year 2022. Hardware and other revenues decreased by 1.1% on a
constant currency basis, year over year.
Średni wpływ przeliczania walut obcych na dolary amerykańskie
kursy walut w trzecim kwartale roku podatkowego 2023 doprowadziły do 9,4%
spadek zgłoszonych przychodów w dolarach amerykańskich.
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Podział przychodów podmiotów zewnętrznych według segmentów przedstawiono w poniższej tabeli:
trzy miesiące zakończone 31 grudnia,
2021 2022 2021 2022 2021 2022
(In thousands)
Total Revenue Subscription Revenue Hardware and Other Revenue
Africa $ 21,438 $ 19,489 $ 18,242 $ 18,029 $ 3,196 $ 1,460
Americas 4,041 6,150 3,481 5,842 560 308
Europe 4,108 3,799 3,421 3,051 687 748
Middle East and Australasia 5,501 6,395 4,176 4,013 1,325 2,382
Brazil 1,101 1,956 993 1,516 108 440
CSO 24 18 11 18 13 -
Total $ 36,213 $ 37,807 $ 30,324 $ 32,469 $ 5,889 $ 5,338In the Africa segment, subscription revenue decreased by $0.2 million, or 1.2%.
On a constant currency basis, the increase in subscription revenue was 12.3%, as
a result of a 21.7% increase in subscribers since January 1, 2022. Hardware and
other revenue decreased by 54.3%. Total revenue decreased by $1.9 million, or
9.1%. Total revenue increased by 3.5% on a constant currency basis.In the Americas segment, subscription revenue increased by $2.4 million, or
67.8%. The FSM business acquired on September 2, 2022 reported subscription
revenue of $2.3 million during the quarter which contributed to the subscription
revenue increase. Hardware and other revenue decreased by 45.0%. Total revenue
increased by $2.1 million, or 52.2%.In the Europe segment, subscription revenue declined by $0.4 million, or 10.8%.
On a constant currency basis, subscription revenue decreased by 2.1%.
Subscribers decreased by 1.0% since January 1, 2022. Total revenue decreased by
$0.3 million, or 7.5%, due to a decrease in subscription revenues of
$0.4 million compared to the third quarter of fiscal year 2022. Total revenue
increased by 1.6% on a constant currency basis.In the Middle East and Australasia segment, subscription revenue decreased by
$0.2 million, or 3.9%. On a constant currency basis, subscription revenue
increased by 2.2%, as a result of a 3.4% increase in subscribers since
January 1, 2022. Hardware and other revenue increased by $1.1 million, or 79.8%.
Total revenue increased by $0.9 million, or 16.3%. Total revenue in constant
currency increased by 23.5%.In the Brazil segment, subscription revenue increased by $0.5 million, or 52.7%.
On a constant currency basis, subscription revenue increased by 43.1%.
Subscribers increased by 17.1% since January 1, 2022. Hardware and other revenue
increased by $0.3 million. Total revenue increased by $0.9 million, or 77.7%. On
a constant currency basis, total revenue increased by 66.8%.
Koszt uzyskania przychodów i marża brutto
Three Months Ended December 31,
2021 2022
(In
tysięcy, z wyjątkiem procentów)
Cost of revenue - subscription $ 8,869 $ 9,864
Cost of revenue - hardware and other 4,893 3,595Gross profit $ 22,451 $ 24,348
Gross profit margin 62.0% 64.4%
Gross profit margin - subscription 70.8% 69.6%
Gross profit margin - hardware and other 16.9% 32.7%Compared to an increase in total revenue of $1.6 million, or 4.4%, cost of
revenues decreased by $0.3 million, or 2.2%, from the third quarter of fiscal
year 2022. This resulted in a higher gross profit margin of 64.4% in the third
quarter of fiscal year 2023 compared to 62.0% in the third quarter of fiscal
year 2022.
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--------------------------------------------------------------------------------Subscription revenue, which generates a higher gross profit margin than hardware
and other revenue, contributed 85.9% of total revenue in the third quarter of
fiscal year 2023 compared to 83.7% in the third quarter of fiscal year 2022. The
subscription revenue margin during the third quarter of fiscal year 2023 was
69.6%, compared to 70.8% for the third quarter of fiscal year 2022.
W trzecim kwartale roku podatkowego 2023 marże na sprzęt i inne były niższe
wyższy niż w III kwartale roku podatkowego 2022, głównie za sprawą
geograficzny mix sprzedaży i kanały dystrybucji.
Sales and Marketing
Three Months Ended December 31,
2021 2022
(In thousands, except for percentages)Sales and marketing $ 4,027 $ 4,589
As a percentage of revenue 11.1 % 12.1 %Sales and marketing costs increased by $0.6 million, or 14.0%, from the third
quarter of fiscal year 2022 to the third quarter of fiscal year 2023 against a
4.4% increase in total revenue. The increase in the third quarter of fiscal year
2023 was primarily as a result of increases of $0.4 million in employee costs
and $0.1 million in travel costs and an increase of $0.1 million in advertising
costs. It should be noted that the FSM business contributed $0.1 million of the
total sales and marketing costs for the third quarter of fiscal year 2023.In the third quarter of fiscal year 2023, sales and marketing costs represented
12.1% of revenue compared to 11.1% of revenue in the third quarter of fiscal
year 2022.
Administracja i inne wydatki
Three Months Ended December 31,
2021 2022
(In thousands, except for percentages)Administration and other $ 15,841 $ 15,728
As a percentage of revenue 43.7 % 41.6 %
Koszty administracyjne i inne spadły o 0,1 miliona USD, czyli o 0,7%, w stosunku do roku poprzedniego
trzeci kwartał roku podatkowego 2022 do trzeciego kwartału roku podatkowego 2023.
The FSM business contributed a $1.0 million increase in costs (mainly employee
costs). The costs from the business acquired were offset by a decrease of $0.3
million in other employee costs, a decrease of $0.2 million in bonuses, $0.4
million saving in professional fees due to non-recurring legal related costs
incurred during the third quarter of fiscal year 2022 and other decreases of
$0.2 million, none of which were individually significant.Taxation
Three Months Ended December 31,
2021 2022
(In thousands, except for percentages)Income tax expense $ 1,992 $ 223
Effective tax rate 76.0 % 7.4 %Taxation expense decreased by $1.8 million. During the third quarter of fiscal
year 2023, net income included a net foreign exchange loss of $0.8 million
before tax and a $1.3 million credit from the income tax effect of net foreign
exchange losses (which includes a $1.1 million deferred tax credit on a U.S.
Dollar intercompany loan between MiX Telematics and MiX Telematics Investments
Proprietary Limited ("MiX Investments"), one of our wholly-owned subsidiaries,
as well as a
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--------------------------------------------------------------------------------$0.2 million deferred tax credit on other foreign exchange losses). During the
third quarter of fiscal year 2022, net income included a net foreign exchange
gain of $0.1 million before tax and a $1.1 million charge from the income tax
effect of net foreign exchange gains, which relates to the deferred tax charge
on a U.S. Dollar intercompany loan between MiX Telematics and MiX Investments.Adjusted effective tax rate, a non-GAAP measure which excludes the impact of net
foreign exchange losses and gains net of tax and acquisition-related costs, is
the tax rate used in determining adjusted net income below. Adjusted effective
tax rate was 39.6% in the third quarter of fiscal year 2023 as compared to 35.5%
in the third quarter of fiscal year 2022. Refer to the non-GAAP section below
for the reconciliation of adjusted effective tax rate.
Wyniki działalności za okresy dziewięciu miesięcy zakończonych 31 grudnia 2021 i 2022 roku
Revenue
Nine Months Ended December 31,
2021 2022 % Change % Change at
constant currency
(In thousands, except for percentages)
Subscription revenue $ 92,299 $ 94,132 2.0 % 11.2 %
Hardware and other revenue 14,886 13,996 (6.0) % 1.1 %
$ 107,185 $ 108,128 0.9 % 9.8 %
Nasze całkowite przychody wzrosły o 0,9 miliona USD, czyli o 0,9%, od pierwszych dziewięciu miesięcy
roku obrotowego 2022. Główne czynniki wpływające na wzrost naszych przychodów
dołączony:
•Subscription revenues increased by 2.0% to $94.1 million, compared to
$92.3 million for the first nine months of fiscal year 2022. The FSM business
acquired on September 2, 2022 contributed $3.2 million to the subscription
revenue for the first nine months of fiscal year 2023. Subscription revenues
represented 87.1% of total revenues during the first nine months of fiscal year
2023. Subscription revenues increased by 11.2% on a constant currency basis,
year over year. From March 31, 2022 to December 31, 2022, our subscriber base
grew by a net 144,000 subscribers to over 959,000 subscribers at December 31,
2022, compared to the net growth of 45,800 subscribers during the first nine
months of fiscal year 2022. The group reported net organic subscriber growth of
108,200 subscribers with contributions across all solution categories. Net
35,800 subscribers were added by MiX Telematics North America, from the acquired
FSM business.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 continued currency volatility, has negatively impacted our
revenue and subscription revenues reported in U.S. Dollars. Compared to the
first nine months of fiscal year 2022, the South African Rand weakened by 13.6%
against the U.S. Dollar. The Rand/U.S. Dollar exchange rate averaged R16.73 in
the current nine-month period compared to an average of R14.73 during the first
nine months of fiscal year 2022. The impact of translating foreign currencies to
U.S. Dollars at the average exchange rates during the first nine months of
fiscal year 2023 led to a 9.2% decrease in reported U.S. Dollar subscription
revenues.•Hardware and other revenue decreased by $0.9 million, or 6.0%, from the first
nine months of fiscal year 2022. Hardware and other revenues increased by 1.1%
on a constant currency basis, year over year.
Średni wpływ przeliczania walut obcych na dolary amerykańskie
kursy walut w ciągu pierwszych dziewięciu miesięcy roku podatkowego 2023 doprowadziły do 8,9%
spadek zgłoszonych przychodów w dolarach amerykańskich.
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Podział przychodów podmiotów zewnętrznych według segmentów przedstawiono w poniższej tabeli:
Nine Months Ended December 31,
2021 2022 2021 2022 2021 2022
(In thousands)
Total Revenue Subscription Revenue Hardware and Other Revenue
Africa $ 61,646 $ 59,708 $ 55,639 $ 55,163 $ 6,007 $ 4,545
Americas 11,771 15,006 10,548 13,535 1,223 1,471
Europe 13,492 10,962 10,207 9,215 3,285 1,747
Middle East and Australasia 16,912 17,251 12,732 12,095 4,180 5,156
Brazil 3,290 5,142 3,134 4,065 156 1,077
CSO 74 59 39 59 35 -
Total $ 107,185 $ 108,128 $ 92,299 $ 94,132 $ 14,886 $ 13,996In the Africa segment, subscription revenue decreased by $0.5 million, or 0.9%.
On a constant currency basis, the increase in subscription revenue was 11.9%, as
a result of a 21.7% increase in subscribers since January 1, 2022. Hardware and
other revenue decreased by $1.5 million, or 24.3%. Total revenue decreased by
3.1%. On a constant currency basis, the total revenue increase was 9.3%.In the Americas segment, subscription revenue increased by $3.0 million, or
28.3%. The FSM business acquired on September 2, 2022 reported subscription
revenue of $3.2 million during the nine months period, which was the primary
reason for the subscription revenue increase. The FSM business acquired
increased the segments subscriber base by 98.8%. Hardware and other revenue
increased by $0.2 million, or 20.3%. Total revenue increased by $3.2 million, or
27.5%.In the Europe segment, subscription revenue decreased by $1.0 million, or 9.7%.
On a constant currency basis, the decrease in subscription revenue was 0.2% as a
result of a 1.0% decrease in subscribers since January 1, 2022. Total revenue
decreased by $2.5 million, or 18.8%, following a decrease in hardware and other
revenues of $1.5 million or 46.8% compared to the first nine months of fiscal
year 2022. Total revenue decreased by 10.0% on a constant currency basis.Subscription revenue in the Middle East and Australasia segment decreased by
$0.6 million or 5.0%. On a constant currency basis, subscription revenue was
consistent with the prior period, despite a 3.4% increase in subscribers since
January 1, 2022. Hardware and other revenue increased by $1.0 million, or 23.3%.
Total revenue increased by $0.3 million, or 2.0%. Total revenue in constant
currency increased by 7.6%.In the Brazil segment, subscription revenue increased by $0.9 million, or 29.7%.
On a constant currency basis, subscription revenue increased by 24.1%. The
increase was mainly due to an increase in subscribers of 17.1% since January 1,
2022. Total revenue increased by $1.9 million, or 56.3%. On a constant currency
basis, total revenue increased by 49.5%.Cost of Revenue
Nine Months Ended December 31,
2021 2022
(In thousands, except for percentages)Cost of revenue - subscription $ 27,215 $ 29,769
Cost of revenue - hardware and other 11,696 10,176Gross profit $ 68,274 $ 68,183
Gross profit margin 63.7 % 63.1 %
Gross profit margin - subscription 70.5 % 68.4 %
Gross profit margin - hardware and other 21.4 %
27,3%
W porównaniu ze wzrostem całkowitych przychodów o 0,9 mln USD, czyli o 0,9%, koszty
przychody wzrosły o 1,0 mln USD, czyli o 2,7%, w porównaniu z pierwszymi dziewięcioma miesiącami
roku obrotowego 2022. Skutkowało to w połączeniu z niższymi marżami przychodów abonamentowych
w niższej kwocie brutto
35
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marża zysku na poziomie 63,1% w pierwszych dziewięciu miesiącach roku podatkowego 2023 w porównaniu do
63,7% w pierwszych dziewięciu miesiącach roku podatkowego 2022.
Subscription revenue, which generates a higher gross profit margin than hardware
and other revenue, contributed 87.1% of total revenue in the first nine months
of fiscal year 2023 compared to 86.1% in the first nine months of fiscal year
2022. The subscription revenue margin during the first nine months of fiscal
year 2023 was 68.4%, compared to 70.5% for the first nine months of fiscal year
2022.
W ciągu pierwszych dziewięciu miesięcy roku podatkowego 2023 sprzęt i inne marże
wyniosły 27,3% w porównaniu do 21,4% w pierwszych dziewięciu miesiącach roku podatkowego 2022.
Sales and MarketingNine Months Ended December 31,
2021 2022
(In thousands, except for percentages)Sales and marketing $ 11,411 $ 12,974
As a percentage of revenue 10.6 % 12.0 %Sales and marketing costs increased by $1.6 million, or 13.7%, from the first
nine months of fiscal year 2022 to the first nine months of fiscal year 2023
against a $0.9 million, or 0.9%, increase in total revenue. The increase in the
first nine months of fiscal year 2023 was primarily as a result of increases of
$0.8 million in employee costs, $0.5 million in travel costs and $0.1 million in
advertising costs. It should be noted that the FSM business contributed $0.1
million of the total sales and marketing costs the first nine months of fiscal
year 2023.
W pierwszych dziewięciu miesiącach roku podatkowego 2023 koszty sprzedaży i marketingu
stanowiły 12,0% przychodów w porównaniu do 10,6% przychodów w pierwszych dziewięciu latach
rok podatkowy 2022.
Administracja i inne wydatki
Nine Months Ended December 31,
2021 2022
(In thousands, except for percentages)Administration and other $ 46,214 $ 47,275
As a percentage of revenue 43.1 % 43.7 %Administration and other expenses increased by $1.1 million, or 2.3%, from the
first nine months of fiscal year 2022 to the first nine months of fiscal year
2023.The increase mainly relates to $1.6 million contributed by the FSM business
(mainly employee costs), and increases of $0.4 million in professional fees and
$0.3 million in travel costs, partially offset by a decrease of $1.2 million in
other employee costs.36
--------------------------------------------------------------------------------
TaxationNine Months Ended December 31,
2021 2022
(In thousands, except for percentages)Income tax expense $ 5,073 $ 6,525
Effective tax rate 48.2 % 74.3 %Taxation expense increased by $1.5 million. In the first nine months of fiscal
year 2023, the income tax expense included a foreign exchange gain of
$0.7 million before tax and a $2.8 million charge from the income tax effect of
net foreign exchange gains (which includes a $2.6 million deferred tax charge on
a U.S. Dollar intercompany loan between MiX Telematics and MiX Investments, as
well as a $0.2 million deferred tax charge on other foreign exchange gains).
During the first nine months of fiscal year 2022, net income included a net
foreign exchange gain of $0.1 million before tax and a $1.3 million deferred tax
charge on a U.S. Dollar intercompany loan between MiX Telematics and MiX
Investments.Adjusted effective tax rate, a non-GAAP measure which excludes the impact of net
foreign exchange losses and gains net of tax and acquisition-related costs, is
the tax rate used in determining adjusted net income below. Adjusted effective
tax rate was 44.4% in the first nine months of fiscal year 2023 as compared to
35.1% in the first nine months of fiscal year 2022. Refer to the non-GAAP
section below for the reconciliation of adjusted effective tax rate.37
--------------------------------------------------------------------------------Non-GAAP Financial Information
We use certain measures to assess the financial performance of our business.
Certain of these measures are termed "non-GAAP measures" because they exclude
amounts that are included in, or include amounts that are excluded from, the
most directly comparable measure calculated and presented in accordance with
GAAP, or are calculated using financial measures that are not calculated in
accordance with GAAP. These non-GAAP measures include adjusted EBITDA, adjusted
EBITDA margin, adjusted net income, adjusted net income per share, adjusted
effective tax rate, free cash flow and constant currency information.An explanation of the relevance of each of the non-GAAP measures, a
reconciliation of the non-GAAP measures to the most directly comparable measures
calculated and presented in accordance with GAAP and a discussion of their
limitations is set out below. We do not regard these non-GAAP measures as a
substitute for, or superior to, the equivalent measures calculated and presented
in accordance with GAAP or those calculated using financial measures that are
calculated in accordance with GAAP.
Skorygowana EBITDA i Skorygowana Marża EBITDA
Adjusted EBITDA and adjusted EBITDA margin are two of the profit measures
reviewed by the CODM. We define adjusted EBITDA as net income before income
taxes, net interest expense, net foreign exchange gains/losses, depreciation of
property, plant and equipment including capitalized customer in-vehicle devices,
amortization of intangible assets including capitalized internal-use software
development costs and intangible assets identified as part of a business
combination, net loss/profit on sale of property, plant and equipment,
stock-based compensation costs, impairment of long-lived assets, restructuring
costs, non-recurring legal costs and acquisition-related costs. We define
adjusted EBITDA margin as adjusted EBITDA divided by total revenue.We have included adjusted EBITDA and adjusted EBITDA margin in this Quarterly
Report on Form 10-Q because they are key measures that our management and board
of directors use to understand and evaluate our core operating performance and
trends; to prepare and approve its annual budget; and to develop short and
long-term operational plans. In particular, the exclusion of certain expenses in
calculating adjusted EBITDA and adjusted EBITDA margin can provide a useful
measure for period-to-period comparisons of our core business. Accordingly, we
believe that adjusted EBITDA and adjusted EBITDA margin provide useful
information to investors and others in understanding and evaluating our
operating results.38
--------------------------------------------------------------------------------A reconciliation of net income (the most directly comparable financial measure
presented in accordance with GAAP) to adjusted EBITDA for the periods shown is
presented below.Reconciliation of Net Income to Adjusted EBITDA for the Period
Three Months Ended December 31, Nine Months Ended December 31,
2021 2022 2021 2022
(In thousands)Net income $ 630 $ 2,788 $ 5,460 $ 2,260
Plus: Income tax expense 1,992 223 5,073 6,525
Plus: Net interest expense 75 272 294 8
(Less)/plus: Foreign exchange
(gains)/losses (126) 755 (110) (743)
Plus: Depreciation (1) 2,621 2,419 7,965 7,216
Plus: Amortization (2) 963 1,593 2,966 3,992
Plus: Impairment of long-lived
assets - - 28 -
Plus: Stock-based compensation
costs 310 273 1,004 324Plus/(less): Net loss/(profit) on
sale of property, plant and
equipment - 1 (43) (32)Plus: Restructuring costs 117 84 169 84
Plus: Non-recurring legal costs (3) 530 - 530 -Plus: Acquisition-related costs - - - 784
Adjusted EBITDA $ 7,112 $ 8,408 $ 23,336 $ 20,418
Adjusted EBITDA margin 19.6 % 22.2 % 21.8 % 18.9 %(1) Includes depreciation of owned assets (including in-vehicle devices).
(2) Includes amortization of intangible assets (including intangible assets
identified as part of a business combination).
(3) Includes legal related costs for a non-recurring patent infringement matter
for the three months ended December 31, 2021, that has been resolved.
Nasze wykorzystanie skorygowanej marży EBITDA i skorygowanej marży EBITDA ma ograniczenia, ponieważ
narzędzi analitycznych i nie należy ich traktować jako mierników wydajności w
wyodrębnienie lub zastąpienie analizy naszych wyników zgodnie z raportem
zgodnie z GAAP.
Some of these limitations are:
•although depreciation and amortization are non-cash charges, the assets being
depreciated and amortized may have to be replaced in the future, and adjusted
EBITDA does not reflect cash capital expenditure requirements for such
replacements or for new capital expenditure requirements;
•Adjusted EBITDA does not reflect changes in, or cash requirements for, our
working capital needs;
•Adjusted EBITDA does not consider the potentially dilutive impact of
equity-based compensation;
•Adjusted EBITDA does not reflect tax payments that may represent a reduction in
cash available to us;
•other companies, including companies in our industry, may calculate adjusted
EBITDA differently, which reduces its usefulness as a comparative measure; and
•certain of the adjustments (such as restructuring costs, impairment of
long-lived assets and others) made in calculating adjusted EBITDA are those that
management believes are not representative of our underlying operations and,
therefore, are subjective in nature.Because of these limitations, adjusted EBITDA and adjusted EBITDA margin should
be considered alongside other financial performance measures, including income
from operations, net income and our other results.Adjusted Net Income
39
--------------------------------------------------------------------------------
Skorygowany dochód netto definiuje się jako dochód netto z wyłączeniem różnic kursowych
zyski/straty i koszty związane z przejęciem po opodatkowaniu.
We have included adjusted net income in this quarterly report because it
provides a useful measure for period-to-period comparisons of our core business
by excluding net foreign exchange gains/losses and acquisition-related costs,
net of tax and associated tax consequences, from earnings. Accordingly, we
believe that adjusted net income provides useful information to investors and
others in understanding and evaluating our operating results.
Uzgodnienie dochodu netto do skorygowanego dochodu netto
Three Months Ended December 31, Nine Months Ended December 31,
2021 2022 2021 2022
(In thousands)Net income $ 630 $ 2,788 $ 5,460 $ 2,260
Net foreign exchange (gains)/losses (126) 755 (110) (743)Income tax effect of net foreign
exchange gains/(losses) 1,107 (1,267) 1,417 2,792Acquisition-related costs - - - 784
Income tax effect on
acquisition-related costs - - - (182)
Adjusted net income $ 1,611 $ 2,276 $ 6,767 $ 4,911
Podstawowy i rozwodniony skorygowany zysk netto na akcję
Podstawowy i rozwodniony skorygowany zysk netto na akcję określa się jako skorygowany zysk netto
dochód podzielony przez średnią ważoną liczbę wyemitowanych akcji zwykłych w trakcie
okres.
We have included adjusted net income per share in this quarterly report because
it provides a useful measure for period-to-period comparisons of our core
business by excluding net foreign exchange gains/losses and acquisition-related
costs, net of tax and associated tax consequences, from earnings. Accordingly,
we believe that adjusted net income per share provides useful information to
investors and others in understanding and evaluating our operating results.40
--------------------------------------------------------------------------------Reconciliation of net income to basic and diluted
skorygowany zysk netto na jedną akcję zwykłą
Three Months Ended December 31, Nine Months Ended December 31,
2021 2022 2021 2022
(In thousands)Net income $ 630 $
2.788 $ 5.460 $ 2.260
(Zyski)/straty z tytułu różnic kursowych netto
(126) 755 (110) (743)Income tax effect of net foreign
exchange gains/(losses) 1,107 (1,267) 1,417 2,792Acquisition-related costs - - - 784
Income tax effect of
acquisition-related costs - - - (182)
Adjusted net income $ 1,611 $ 2,276 $ 6,767 $ 4,911
Średnia ważona liczba wyemitowanych akcji zwykłych
Podstawowy (’000)
552,452 552,865 552,234 552,148
Adjusted for:
- potentially dilutive effect of 10,571 2,249 11,397 2,873
stock appreciation rights
- potentially dilutive effect of 1,557 697 1,445 1,026
restricted share units
Diluted ('000) 564,580 555,811 565,076 556,047Net income per ordinary share - basic $ 0.001 $
0,005 $ 0,010 $ 0,004
Wpływ wymiany walut netto
(zyski)/straty
# 0.001 # (0.001)
Income tax effect of net foreign
exchange gains/(losses) 0.002 (0.002) 0.003 0.005Acquisition-related costs - - - 0.001
Income tax effect of
acquisition-related costs - - - #
Adjusted net income per ordinary
share - basic $ 0.003 $
0,004 $ 0,012 $ 0,009
Net income per ordinary share -
diluted $ 0.001 $
0,005 $ 0,010 $ 0,004
Wpływ wymiany walut netto
(zyski)/straty
# 0.001 # (0.001)
Income tax effect of net foreign
exchange gains/(losses) 0.002 (0.002) 0.003 0.005Acquisition-related costs - - - 0.001
Income tax effect of
acquisition-related costs - - - #
Adjusted net income per ordinary
share - diluted $ 0.003 $
0,004 $ 0,012 $ 0,009
# Amount less than $0.001
41
--------------------------------------------------------------------------------
Skorygowana efektywna stopa podatkowa
The adjusted effective tax rate is defined as income tax expense excluding the
income tax effect of net foreign exchange gains/losses and acquisition-related
costs divided by income before income tax expense excluding net foreign exchange
gains/losses and acquisition-related costs.We have included adjusted effective tax rate in this quarterly report because it
provides a useful measure for period-to-period comparisons of our core business
by excluding net foreign exchange gains/losses and acquisition-related costs,
and associated tax consequences, from our effective tax rate.
Uzgodnienie efektywnej stawki podatkowej z skorygowaną efektywną stawką podatkową
Three Months Ended December 31, Nine Months Ended December 31,
2021 2022 2021 2022
(In thousands)Income before income tax expense $ 2,622 $ 3,011 $ 10,533 $ 8,785
Net foreign exchange (gains)/losses (126) 755 (110) (743)Acquisition-related costs - - - 784
Income before income tax expense
excluding net foreign exchange
(gains)/losses and
acquisition-related costs $ 2,496 $ 3,766 $ 10,423 $ 8,826Income tax expense $ (1,992) $
(223) $ (5073) $ (6525)
Wpływ podatku dochodowego netto zagranicy
zyski/(straty) z tytułu wymiany
1,107 (1,267) 1,417 2,792Income tax effect of
acquisition-related costs - - - (182)
Income tax expense excluding income
tax effect of net foreign exchange
gains/(losses) and
acquisition-related costs $ (885) $
(1490) $ (3656) $ (3915)
Effective tax rate 76.0 % 7.4 % 48.2 % 74.3 %Adjusted effective tax rate 35.5 % 39.6 % 35.1 % 44.4 %
Free Cash Flow
Free cash flow is determined as net cash provided by operating activities less
capital expenditure for investing activities. We believe that free cash flow
provides useful information to investors and others in understanding and
evaluating our cash flows as it provides detail of the amount of cash we
generate or utilize after accounting for all capital expenditures including
investments in in-vehicle devices.
Poniższa tabela (w tysiącach) zawiera zestawienie gotówki netto z działalności operacyjnej
działania w celu uzyskania wolnych przepływów pieniężnych za wskazane okresy:
Three Months Ended
December 31, Nine Months Ended December 31,
2021 2022 2021 2022
(In thousands)Net cash provided by operating
activities $ 3,995 $ 11,213 $ 14,660 $ 12,795
Less: Capital expenditure
payments (5,534) (5,335) (18,958) (19,395)
Free cash flow $ (1,539) $ 5,878 $ (4,298) $ (6,600)42
--------------------------------------------------------------------------------
Stałe informacje o walucie
Constant currency information has been presented in the sections below to
illustrate the impact of changes in currency rates on our results. The constant
currency information has been determined by adjusting the current financial
reporting quarter's results to the prior quarter's average exchange rates,
determined as the average of the monthly exchange rates applicable to the
quarter. The measurement has been performed for each of our currencies,
including the South African Rand and British Pound. The constant currency growth
percentage has been calculated by utilizing the constant currency results
compared to the prior quarter results.The constant currency information represents non-GAAP information. We believe
this provides a useful basis to measure the performance of our business as it
removes distortion from the effects of foreign currency movements during the
period.Due to the significant portion of our customers who are invoiced in non-U.S.
Dollar denominated currencies, we also calculate our subscription revenue growth
rate on a constant currency basis, thereby removing the effect of currency
fluctuation on our results of operations.
Poniższe tabele zapewniają najbardziej stałe uzgodnienie walutowe
bezpośrednio porównywalna miara GAAP dla przedstawionych okresów:
Przychody z subskrypcji
Three Months Ended December 31, Nine Months Ended December 31,
2021 2022 % Change 2021 2022 % Change
(In thousands, except for percentages)
Subscription revenue as
reported $ 30,324 $ 32,469 7.1 % $ 92,299 $ 94,132 2.0 %
Conversion impact of U.S.
Dollar/other currencies - 2,918 9.6 % - 8,504 9.2 %
Subscription revenue on a
constant currency basis $ 30,324 $ 35,387 16.7 % $ 92,299 $ 102,636 11.2 %
Sprzęt i inne przychody
Three Months Ended December 31, Nine Months Ended December 31,
2021 2022 % Change 2021 2022 % Change
(In thousands, except for percentages)
Hardware and other revenue as
reported $ 5,889 $ 5,338 (9.4) % $ 14,886 $ 13,996 (6.0) %
Conversion impact of U.S.
Dollar/other currencies - 485 8.3 % - 1,057 7.1 %
Hardware and other revenue on
a constant currency basis $ 5,889 $ 5,823 (1.1) % $ 14,886 $ 15,053 1.1 %43
--------------------------------------------------------------------------------
Total Revenue
Three Months Ended December 31, Nine Months Ended December 31,
2021 2022 % Change 2021 2022 % Change
(In thousands, except for percentages)
Total revenue as reported $ 36,213 $ 37,807 4.4 % $ 107,185 $ 108,128 0.9 %
Conversion impact of U.S.
Dollar/other currencies - 3,403 9.4 % - 9,561 8.9 %
Total revenue on a constant
currency basis $ 36,213 $ 41,210 13.8 % $ 107,185 $ 117,689 9.8 %Critical Accounting Policies and Estimates
Our consolidated financial statements are prepared in accordance with GAAP.
Other than the estimates related to fair values of assets acquired and
liabilities assumed from the business acquired and the fair value measurement of
contingent consideration, management believes that there have not been any other
significant changes in our critical accounting policies and estimates during the
third quarter of fiscal year 2023 as compared to the items that we disclosed as
our critical accounting policies and estimates in the Management's Discussion
and Analysis of Financial Condition and Results of Operations in our Annual
Report on Form 10-K for the year ended March 31, 2022, which we filed with the
SEC on June 14, 2022.
44
--------------------------------------------------------------------------------Liquidity and Capital Resources
We believe that our cash and borrowings available under our credit facilities
will be sufficient to meet our liquidity requirements for the foreseeable
future. Liquidity risk is reduced as a result of stable income due to the
recurring nature of our income, available cash resources, as well as unutilized
facilities which are available.
Poniższe tabele zawierają podsumowanie naszych przepływów pieniężnych dla każdego z dziewięciu
miesiące zakończone 31 grudnia 2021 i 2022 roku:
Nine Months Ended December 31,
2021 2022
(In thousands)
Net cash provided by operating activities $ 14,660 $ 12,795
Net cash used in investing activities (18,904) (23,063)
Net cash (used in)/from financing activities (4,619) 3,500
Net decrease in cash and cash equivalents, and restricted cash (8,863) (6,768)
Środki pieniężne i ich ekwiwalenty oraz środki pieniężne o ograniczonej możliwości dysponowania na początek
okres
46,343 34,719
Wpływ zmian kursów walut na środki pieniężne i ich ekwiwalenty,
i ograniczona gotówka
(782) (2,142)
Środki pieniężne i ich ekwiwalenty oraz środki pieniężne o ograniczonej możliwości dysponowania na koniec
okres
$
36 698 25 809 $
Finansujemy naszą działalność, nakłady inwestycyjne i przejęcia za pomocą gotówki
generowane z działalności operacyjnej, środki pieniężne w kasie oraz nasze niewykorzystane pożyczki
udogodnienia.
Obecnie naszą polityką jest wypłacanie regularnych dywidend i rozważamy taką opcję
wypłaty dywidendy kwartalnie.
On May 23, 2017, the MiX Telematics Limited Board approved a share repurchase
program of up to R270 million (equivalent of $15.9 million as of December 31,
2022) under which we may repurchase our ordinary shares, including ADSs. On
December 3, 2021, the Board approved an increase to the share repurchase program
under which the Company may repurchase ordinary shares, including ADSs. Post
this increase, and after giving effect to shares already purchased under the
program as at December 2, 2021, the Company could repurchase additional shares
with a cumulative value of R160 million ($10.0 million). The total value of the
whole share repurchase program post the December 3, 2021 increase is R396.5
million ($24.9 million). During fiscal year 2022, shares with a value of R44.7
million (equivalent of $2.6 million as of December 31, 2022) were repurchased
under the share repurchase program.During the three months ended September 30, 2022, shares with a value of R1.7
million (equivalent of $0.1 million as of December 31, 2022) were repurchased
under the share repurchase program. No shares were repurchased during the three
months ended December 31, 2022. Additional shares to the value of R113.5 million
(equivalent of $6.7 million as of December 31, 2022) may still be repurchased.
Oczekujemy, że wszelkie odkupy w ramach tego programu wykupu akcji zostaną sfinansowane
istniejących środków pieniężnych lub instrumentów pożyczkowych.
Działalność operacyjna
Net cash provided by operating activities during the nine months ended December
31, 2021 primarily consisted of our cash generated from operations of $18.6
million, net interest received of $0.04 million, offset by taxes paid of $4.0
million.Net cash provided by operating activities during the nine months ended December
31, 2022 primarily consisted of our cash generated from operations of $13.6
million, offset by net interest paid of $0.01 million and taxes paid of $0.7
million.Net cash provided by operating activities decreased from $14.7 million during
the nine months ended December 31, 2021 to $12.8 million during the nine months
ended December 31, 2022. This is primarily attributable to a decrease in cash
generated from operations of $5.1 million, decreased net interest received of
$0.05 million offset by the45
--------------------------------------------------------------------------------decreased taxation paid of $3.3 million. The cash generated by operations
decrease is primarily as a result of a decrease in net income of $3.2 million,
non-cash foreign exchange gains of $0.6 million, an increase in capitalized
commissions of $2.7 million due to higher revenues, partially offset by an
improvement in working capital management of $0.4 million (specifically a
decrease in accounts receivables of $3.3 million, an increase in accrued
expenses of $0.9 million, positive change in foreign currency translation
adjustments of $0.2 million and a decrease in prepaid expenses and other current
assets of $0.7 million, partially offset by a decrease in accounts payables of
$3.6 million and an increase in inventories of $1.1 million).
Działalność inwestycyjna
Net cash used in investing activities in the nine months ended December 31, 2021
was $18.9 million. Net cash used in investing activities during the nine months
ended December 31, 2021 primarily consisted of capital expenditures of $19.0
million, offset by proceeds from the sale of property, plant and equipment of
$0.1 million. Capital expenditures during the nine months ended December 31,
2021 included purchases of intangible assets of $4.1 million and cash paid to
purchase property and equipment of $14.9 million, which included in-vehicle
devices of $13.4 million.Net cash used in investing activities in the nine months ended December 31, 2022
increased to $23.1 million from $18.9 million in the nine months ended December
31, 2021. Net cash used in investing activities during the nine months ended
December 31, 2022 primarily consisted of capital expenditures of $19.4 million,
cash paid for business combination of $3.7 million, offset by proceeds from the
sale of property, plant and equipment of $0.1 million. Capital expenditures
during the nine months ended December 31, 2022 included purchases of intangible
assets of $4.1 million and cash paid to purchase property and equipment of $15.3
million, which included in-vehicle devices of $14.5 million.
Działania finansowe
W okresie dziewięciu miesięcy zakończonym 31 grudnia 2021 r. środki pieniężne wykorzystane w finansowaniu
działalność o wartości 4,6 mln USD obejmuje wypłacone dywidendy w wysokości 4,5 mln USD i zwykłe
odkupiono akcje za 0,8 miliona USD, skompensowane 0,7 miliona USD z obiektów
wykorzystany.
In the nine months ended December 31, 2022, the cash from financing activities
of $3.5 million includes $7.6 million from facilities utilized for working
capital purposes in the Africa segment, offset by dividends paid of $4.0 million
and shares repurchased of $0.1 million.
Kredyty
Na dzień 31 grudnia 2022 r. naszym głównym źródłem płynności była gotówka netto
salda w wysokości 12,4 mln USD (składające się z gotówki i jej ekwiwalentów w wysokości 25,0 USD
mln mniej zadłużenia krótkoterminowego (kredyt w rachunku bieżącym) w wysokości 12,6 mln USD) oraz an
niewykorzystana zdolność kredytowa w wysokości 22,7 mln USD dostępna w ramach naszego kredytu
udogodnienia. Na dzień 31 grudnia 2022 r. naszymi głównymi źródłami kredytu są nasze
udogodnienia w Standard Bank Limited, Nedbank Limited i Investec Bank
Ograniczony.
Up until November 14, 2022, we had the following facilities under the facility
letter with Standard Bank of South Africa Limited, an overdraft facility of
R64.0 million (the equivalent of $3.8 million as of December 31, 2022), a
working capital facility of R25.0 million (the equivalent of $1.5 million as of
December 31, 2022) and a vehicle and asset finance facility of R8.5 million (the
equivalent of $0.5 million as of December 31, 2022) that bore interest at South
African Prime less 1.2% except for the working capital facility that bore
interest at South African Prime less 0.25%.On November 15, 2022, the Company concluded a second amendment to the credit
agreement with Standard Bank of South Africa Limited, which entitles the Company
to utilize a maximum amount of R70.0 million (the equivalent of $4.1 million as
of December 31, 2022), in the form of a customer foreign currency account
overdraft facility (the "CFC Overdraft Facility"). All other facilities under
the facility letter with Standard Bank of South Africa Limited were replaced by
the CFC Overdraft Facility. The CFC Overdraft Facility has no fixed renewal date
and is repayable on demand. The CFC Overdraft Facility bears interest at the
South African Prime interest rate less 1.2% per annum.The Company also terminated the suretyship securing the Customer's indebtedness
(among other parties) to Standard Bank of South Africa and signed by the Company
and its subsidiaries; MiX Telematics Africa and MiX Telematics International
Proprietary Limited. A new suretyship agreement was entered into providing that
the Company and only one subsidiary being Mix Telematics International
Proprietary Limited, binds themselves as surety(ies) and co-principal debtor(s)
for the payment when due of all the present and future debts of any kind of the
Company and Mix Telematics International Proprietary Limited to the Standard
Bank of South Africa. The security release letter also
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stanowi, że roszczenia Standard Bank do wszelkich zabezpieczeń dostarczonych przez
Spółki i jej spółek zależnych w ramach pierwotnej umowy poręczenia byłoby
zwolniony z chwilą podpisania nowej umowy poręczenia.
We use this facility as part of our foreign currency hedging strategy. We draw
down on this facility in the applicable foreign currency in order to fix the
exchange rate on the existing balance sheet foreign currency exposure that we
anticipate settling in that foreign currency. As of December 31, 2022, $2.7
million of the facility was utilized.As of December 31, 2022, our obligations under the CFC Overdraft Facility with
Standard Bank Limited are guaranteed by MiX Telematics Limited and our
wholly-owned subsidiaries, MiX Telematics Africa Proprietary Limited and MiX
Telematics International Proprietary Limited, and secured by a pledge of
accounts receivable by MiX Telematics Limited and MiX Telematics International
Proprietary Limited.On June 29, 2022, the Company entered into a new credit facility agreement with
Investec Bank Limited ("Investec") for a 364-day renewable committed general
credit facility of R350 million ($22 million at a USD/ZAR exchange rate of
$1:ZAR 16.1546), (the "Committed Facility") and an uncommitted general credit
facility of $10 million (the "Uncommitted Facility").Under the Committed Facility, the Company will pay a commitment fee charged at
30bps on any undrawn portion of the Committed Facility (plus VAT on such
amount), calculated monthly and payable, free of deduction, monthly in arrears
on the first business day of each month. The Uncommitted Facility is repayable
on demand by Investec and a fee of 10bps per annum shall be charged on any
undrawn portion of the Uncommitted Facility (plus VAT on such amount),
calculated monthly and payable, free of deduction, monthly in arrears on the
seventh business day of each month.The loans under the Committed Facility bear interest at South African prime
interest rate less 1.5% per annum and the loans under the Uncommitted Facility
bear interest at overnight or daily negotiable rates, in each case which such
interest shall accrue on all amounts outstanding under the Committed Facility or
the Uncommitted Facility, as the case may be, payable monthly in arrears on the
first business day of each month, or as otherwise specified in the Credit
Agreement. Investec shall advise the Company of any changes to the applicable
interest rate. As of December 31, 2022, $9.9 million of the facility was
utilized. We will use this facility as part of our foreign currency hedging
strategy and for working capital purposes.Our Investec credit facilities contain certain restrictive clauses, including
without limitation, those limiting our and our guarantor subsidiaries', as
applicable, ability to, among other things, incur indebtedness, incur liens, or
sell or acquire assets or businesses. These facilities are not subject to any
financial covenants such as interest coverage or gearing ratios.
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