BusinessWire

MiX Telematics Reports First Quarter 2021 U.S. GAAP Financial Results

First Quarter Highlights:

  • Subscription revenues of $25.9 million, representing 94% of revenue
  • Net subscriber base of over 787,000 subscribers
  • Net income of $2.4 million
  • Adjusted EBITDA of $7.5 million, or a 27.1% Adjusted EBITDA margin
  • Net cash provided by operating activities of $9.4 million leading to positive free cash flow of $7.2 million
  • Cash and cash equivalents of $24.5 million at quarter end

MIDRAND, South Africa & BOCA RATON, Fla.--(BUSINESS WIRE)--MiX Telematics Limited (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 first quarter ended June 30, 2020.

“MiX Telematics’ first quarter performance was relatively solid given the challenges presented by the COVID-19 pandemic. I am pleased by the progress we made on our three core goals this year of providing the best-in-class software and support to our customers, preserving profitability and continuing to invest in our strategic growth initiatives.” said Stefan Joselowitz, Chief Executive Officer of MiX Telematics.

Joselowitz continued, “Although the near-term demand environment is difficult and uncertain, we are encouraged by the strong activity we see in our pipeline. We continue to believe that our comprehensive fleet management platform is a high-ROI and mission critical investment for many companies.”

Financial Performance for the Three Months Ended June 30, 2020

Subscription Revenues: Subscription revenues were $25.9 million, a decrease of 18.2% compared to $31.6 million for the first quarter of fiscal 2020. Subscription revenues represented 94.1% of total revenues during the first quarter of fiscal 2021. Subscription revenues decreased by 6.1% on a constant currency basis, year over year. The decline in constant currency subscription revenue was primarily due to the impact of pricing concessions granted to customers combined with contraction in the Company’s subscriber base as a result of economic conditions attributable to the COVID-19 pandemic. During the current quarter, the Company’s subscriber base contracted by 30,700 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 first quarter of fiscal year 2020, the South African Rand weakened by 25% against the U.S. Dollar. The Rand/U.S. Dollar exchange rate averaged R17.97 in the first quarter of fiscal year 2021 compared to an average of R14.38 during the first quarter of fiscal year 2020. The impact of translating foreign currencies to U.S. Dollars at the average exchange rates during the first quarter of fiscal 2020 led to a 12.1% reduction in reported U.S. Dollar subscription revenues.

Total Revenues: Total revenues were $27.5 million, a decrease of 24.2% compared to $36.3 million for the first quarter of fiscal 2020. Total revenues decreased by 13.4% on a constant currency basis, year over year. Hardware and other revenues were $1.6 million, a decrease of 65.1%, compared to $4.6 million for the first quarter of fiscal 2020 as a result of a global economic slowdown following the disruption caused by the COVID-19 pandemic.

The impact of translating foreign currencies to U.S. Dollars at the average exchange rates during the first quarter of fiscal 2020 led to a 10.8% reduction in reported U.S. Dollar revenues.

Gross Margin: Gross profit was $18.9 million, compared to $24.1 million for the first quarter of fiscal 2020. Gross profit margin was 68.8%, compared to 66.3% for the first quarter of fiscal 2020.

Income From Operations: Income from operations was $2.7 million, compared to $5.7 million for the first quarter of fiscal 2020. Operating income margin was 9.8%, compared to 15.7% for the first quarter of fiscal 2020. Operating expenses of $16.2 million decreased by $2.1 million, or 11.6%, compared to the first quarter of fiscal 2020.

Net Income and Earnings Per Share: Net income was $2.4 million, compared to net income of $5.0 million in the first quarter of fiscal 2020. Net income included a net foreign exchange loss of $0.1 million before tax, as well as a $0.7 million deferred tax credit on a U.S. Dollar intercompany loan between MiX Limited and MiX Investments, a wholly-owned subsidiary of the Company. During the first quarter of fiscal 2020, net income included a net foreign exchange gain of $0.05 million and a $0.5 million deferred tax credit on a U.S. Dollar intercompany loan between MiX Limited and MiX Investments.

Earnings per diluted ordinary share was 0.4 U.S. cents, compared to 1 U.S. cent in the first quarter of fiscal 2020. For the first quarter of fiscal 2021 the calculation was based on diluted weighted average ordinary shares in issue of 558.7 million compared to 579.2 million diluted weighted average ordinary shares in issue during the first quarter of fiscal 2020. On a ratio of 25 ordinary shares to one American Depositary Share (“ADS”), earnings per diluted ADS was 11 U.S. cents compared to 21 U.S. cents in the first quarter of fiscal 2020.

The Company’s effective tax rate was 3.7%, compared to 18.6% in the first quarter of fiscal 2020. Ignoring the impact of net foreign exchange gains and losses net of tax, the tax rate which was used in determining non-GAAP net income below, was 30.2% compared to 27.4% in the first quarter of fiscal 2020.

Adjusted EBITDA: Adjusted EBITDA, a non-GAAP measure, was $7.5 million, compared to $10.1 million for the first quarter of fiscal 2020. Adjusted EBITDA margin, a non-GAAP measure, for the first quarter of fiscal 2021 was 27.1%, compared to 27.7% for the first quarter of fiscal 2020.

Non-GAAP Net Income and Net Income Per Share: Non-GAAP net income was $1.8 million, compared to $4.4 million for the first quarter of fiscal 2020. Non-GAAP net income per diluted ordinary share was 0.3 U.S. cents, compared to 1 U.S. cent in the first quarter of fiscal 2020. At a ratio of 25 ordinary shares to one ADS, the non-GAAP net income per diluted ADS was 8 U.S. cents compared to 19 U.S. cents in the first quarter of fiscal 2020.

Cash Flow: At June 30, 2020, the Company had $24.5 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 June 30, 2020 was $9.4 million and the Company invested $2.1 million in capital expenditures (including investments in in-vehicle devices of $1.0 million), leading to free cash flow, a non-GAAP measure, of $7.2 million in the quarter. The Company generated free cash flow of $0.6 million for the first quarter of fiscal 2020 when the Company invested $3.6 million in in-vehicle devices.

The Company utilized $1.1 million in financing activities for the first quarter of fiscal 2021, compared to $2.2 million utilized during the first quarter of fiscal 2020. The cash utilized in financing activities during the first quarter of fiscal 2021 mainly consisted of dividends paid of $1.2 million. The cash utilized in financing activities during the first quarter of fiscal 2020 consisted of dividends paid of $1.6 million and a repayment in short-term debt of $0.6 million.

Quarterly Dividend

The most recent dividend payment of 4 South African cents (0.2 U.S. cents) per ordinary share and 1 South African Rand (6 U.S. cents) per ADS was paid on June 22, 2020 to shareholders on record on June 19, 2020. A dividend of 4 South African cents per ordinary share and 1 South African Rand per ADS will be paid on September 8, 2020 to shareholders on record as of the close of business on August 21, 2020.

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, August 20, 2020

Record date

Friday, August 21, 2020

Approximate date of currency conversion

Monday, August 24, 2020

Approximate dividend payment date

Tuesday, September 8, 2020

Share Repurchases

No shares were repurchased during the three months ended June 30, 2020.

Business Outlook

Due to the uncertainty surrounding the level of business disruption as a result of the spread of COVID-19, the Company is suspending its practice of issuing financial guidance for the full 2021 fiscal year and the second quarter of fiscal 2021.

Conference Call Information

MiX Telematics management will also host a conference call and audio webcast at 8:00 a.m. (Eastern Daylight Time) and 2:00 p.m. (South African Time) on Thursday, July 30, 2020 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 13706978.
  • 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 13706978.
  • 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 787,000 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. Forward-looking statements also include statements regarding the projected impact of the recent global outbreak of COVID-19 on our business activities, operating results, cash flows and financial position. 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:

  • our ability to attract, sell to and retain customers;
  • 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 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, non-GAAP net income, non-GAAP earnings 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

 

June 30,
2020

 

 

 

 

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

17,953

 

 

$

24,513

 

Restricted cash

 

 

699

 

 

 

757

 

Accounts receivables, net

 

 

24,100

 

 

 

21,554

 

Inventory, net

 

 

3,271

 

 

 

3,674

 

Prepaid expenses and other current assets

 

 

7,375

 

 

 

6,774

 

Total current assets

 

 

53,398

 

 

 

57,272

 

Property and equipment, net

 

 

30,019

 

 

 

28,317

 

Goodwill

 

 

37,923

 

 

 

38,825

 

Intangible assets, net

 

 

15,007

 

 

 

15,772

 

Deferred tax assets

 

 

3,108

 

 

 

3,533

 

Other assets

 

 

4,200

 

 

 

4,009

 

Total assets

 

$

143,655

 

 

$

147,728

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Short-term debt

 

$

2,367

 

 

$

2,550

 

Accounts payables

 

 

5,251

 

 

 

4,299

 

Accrued expenses and other liabilities

 

 

14,839

 

 

 

17,860

 

Deferred revenue

 

 

5,077

 

 

 

4,563

 

Total current liabilities

 

 

27,534

 

 

 

29,272

 

Deferred tax liabilities

 

 

11,436

 

 

 

10,537

 

Long-term accrued expenses and other liabilities

 

 

5,660

 

 

 

5,312

 

Total liabilities

 

 

44,630

 

 

 

45,121

 

 

 

 

 

 

Stockholders equity:

 

 

 

 

MiX Telematics Limited stockholders’ equity

 

 

 

 

Preferred stock: 100 million shares authorized but not issued

 

 

 

 

 

 

Common stock: 600.9 million and 601.0 million no-par value shares issued and outstanding as of March 31, 2020 and June 30, 2020, respectively

 

 

66,522

 

 

 

66,522

 

Less treasury stock at cost: 54 million shares as of March 31, 2020 and June 30, 2020

 

 

(17,315

)

 

 

(17,315

)

Retained earnings

 

 

67,482

 

 

 

68,687

 

Accumulated other comprehensive loss

 

 

(11,070

)

 

 

(8,986

)

Additional paid-in capital

 

 

(6,599

)

 

 

(6,306

)

Total MiX Telematics Limited stockholders’ equity

 

 

99,020

 

 

 

102,602

 

Non-controlling interest

 

 

5

 

 

 

5

 

Total stockholders’ equity

 

 

99,025

 

 

 

102,607

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

143,655

 

 

$

147,728

 

MIX TELEMATICS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

2019

 

2020

Revenue

 

 

 

 

Subscription

 

$

31,638

 

 

$

25,875

 

Hardware and other

 

 

4,645

 

 

 

1,622

 

Total revenue

 

 

36,283

 

 

 

27,497

 

Cost of revenue

 

 

 

 

Subscriptions

 

 

9,295

 

 

 

7,349

 

Hardware and other

 

 

2,933

 

 

 

1,229

 

Total cost of revenue

 

 

12,228

 

 

 

8,578

 

Gross profit

 

 

24,055

 

 

 

18,919

 

Operating expenses

 

 

 

 

Sales and marketing

 

 

3,581

 

 

 

2,746

 

Administration and other

 

 

14,786

 

 

 

13,491

 

Total operating expenses

 

 

18,367

 

 

 

16,237

 

Income from operations

 

 

5,688

 

 

 

2,682

 

Other income/(expense)

 

 

375

 

 

 

(98

)

Net interest income/(expense)

 

 

73

 

 

 

(70

)

Income before income tax expense

 

 

6,136

 

 

 

2,514

 

Income tax expense

 

 

1,140

 

 

 

92

 

Net income

 

 

4,996

 

 

 

2,422

 

Less: Net income attributable to non-controlling interest

 

 

 

 

 

 

Net income attributable to MiX Telematics Limited

 

$

4,996

 

 

$

2,422

 

 

 

 

 

 

Net income per ordinary share:

 

 

 

 

Basic

 

$

0.01

 

 

$

0.004

 

Diluted

 

$

0.01

 

 

$

0.004

 

 

 

 

 

 

Net income per American Depositary Share:

 

 

 

 

Basic

 

$

0.22

 

 

$

0.11

 

Diluted

 

$

0.21

 

 

$

0.11

 

 

 

 

 

 

Ordinary shares:

 

 

 

 

Weighted average

 

 

562,060

 

 

 

547,124

 

Diluted weighted average

 

 

579,241

 

 

 

558,702

 

 

 

 

 

 

American Depositary Shares:

 

 

 

 

Weighted average

 

 

22,482

 

 

 

21,885

 

Diluted weighted average

 

 

23,170

 

 

 

22,348

 

MIX TELEMATICS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

2019

 

2020

Cash flows from operating activities:

 

 

 

 

Cash generated from operations

 

$

5,775

 

 

$

9,189

 

Interest received

 

 

218

 

 

 

112

 

Interest paid

 

 

(59

)

 

 

(83

)

Income tax (paid)/received

 

 

(203

)

 

 

139

 

Net cash provided by operating activities

 

 

5,731

 

 

 

9,357

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Acquisition of property and equipment - in-vehicle devices

 

 

(3,605

)

 

 

(992

)

Acquisition of property and equipment - other

 

 

(231

)

 

 

(84

)

Proceeds from the sale of property and equipment

 

 

29

 

 

 

 

Acquisition of intangible assets

 

 

(1,340

)

 

 

(1,044

)

Net cash used in investing activities

 

 

(5,147

)

 

 

(2,120

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Cash paid on dividends to MiX Telematics stockholders

 

 

(1,554

)

 

 

(1,216

)

Movement in short-term debt

 

 

(596

)

 

 

147

 

Net cash used in financing activities

 

 

(2,150

)

 

 

(1,069

)

 

 

 

 

 

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

 

 

(1,566

)

 

 

6,168

 

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

 

 

376

 

 

 

450

 

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

 

$

26,648

 

 

$

25,270

 

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 June 30, 2019

 

Subscription
Revenue

 

Hardware and
Other Revenue

 

Total Revenue

 

Segment Adjusted
EBITDA

 

 

 

 

 

 

 

 

Regional Sales Offices

 

 

 

 

 

 

 

Africa

$

17,686

 

$

1,381

 

$

19,067

 

$

8,357

 

Europe

 

2,787

 

 

 

557

 

 

 

3,344

 

 

 

1,071

 

Americas

 

5,662

 

 

 

886

 

 

 

6,548

 

 

 

2,358

 

Middle East and Australasia

 

4,261

 

 

 

1,623

 

 

 

5,884

 

 

 

2,754

 

Brazil

 

1,217

 

 

 

161

 

 

 

1,378

 

 

 

623

 

Total Regional Sales Offices

 

31,613

 

 

 

4,608

 

 

 

36,221

 

 

 

15,163

 

Central Services Organization

 

25

 

 

 

37

 

 

 

62

 

 

 

(2,645

)

Total Segment Results

$

31,638

 

 

$

4,645

 

 

$

36,283

 

 

$

12,518

 

 
 

 

Three Months Ended June 30, 2020

 

Subscription
Revenue

 

Hardware and
Other Revenue

 

Total Revenue

 

Segment Adjusted
EBITDA

 

 

 

 

 

 

 

 

Regional Sales Offices

 

 

 

 

 

 

 

Africa

$

13,923

 

 

$

601

 

 

$

14,524

 

 

$

7,245

 

Europe

 

2,850

 

 

 

134

 

 

 

2,984

 

 

 

1,302

 

Americas

 

4,175

 

 

 

155

 

 

 

4,330

 

 

 

1,408

 

Middle East and Australasia

 

3,881

 

 

 

709

 

 

 

4,590

 

 

 

1,918

 

Brazil

 

1,031

 

 

 

23

 

 

 

1,054

 

 

 

410

 

Total Regional Sales Offices

 

25,860

 

 

 

1,622

 

 

 

27,482

 

 

 

12,283

 

Central Services Organization

 

15

 

 

 

 

 

 

15

 

 

 

(1,863

)

Total Segment Results

$

25,875

 

 

$

1,622

 

 

$

27,497

 

 

$

10,420

 

The following table (unaudited and shown in thousands) reconciles total Segment Adjusted EBITDA to income before tax expense for the periods shown:

 

Three Months Ended June 30,

 

2019

 

2020

 

 

 

 

Segment Adjusted EBITDA

$

12,518

 

 

$

10,420

 

Corporate and consolidation entries

 

(1,756

)

 

 

(2,330

)

Operating lease costs (1)

 

(308

)

 

 

(392

)

Product development costs (2)

 

(391

)

 

 

(243

)

Depreciation and amortization

 

(4,252

)

 

 

(3,628

)

Stock-based compensation costs

 

(111

)

 

 

(293

)

Increase in restructuring costs (3)

 

 

 

 

(844

)

Net profit/(loss) on sale of property and equipment

 

316

 

 

 

(1

)

Net foreign exchange gains/(losses)

 

47

 

 

 

(105

)

Net interest income/(expense)

 

73

 

 

 

(70

)

Income before tax expense

$

6,136

 

 

$

2,514

 

Description of reconciling items:

1.

 

For the purposes of calculating Segment Adjusted EBITDA, operating leases have been capitalized, except for leases with a term of no more than 12 months or leases of low value assets. Where operating leases are capitalized for segment purposes, the amortization of the right-of-use asset, and the interest on the operating lease liability are excluded from the Segment Adjusted EBITDA. Therefore, in order to reconcile Segment Adjusted EBITDA to income before taxes, the total lease expense in respect of operating leases needs to be deducted.

2.

 

For segment reporting purposes, product development costs, which do not meet the capitalization requirements under ASC 730 Research and Development or under ASC 985 Software, are capitalized and amortized. The amortization is excluded from Segment Adjusted EBITDA. In order to reconcile Segment Adjusted EBITDA to net income before taxes, product development costs capitalized for segment reporting purposes need to be deducted.

3.

 

$0.6 million and $0.2 million of the restructuring costs related to the Central Service Organization (CSO) and the Africa reporting segment, respectively.


Contacts

Investors
Brian Denyeau
ICR for MiX Telematics
ir@mixtelematics.com
+1-855-564-9835


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