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

Second Quarter Highlights:

  • Subscription revenues of $27.6 million, representing 89.3% of revenue
  • Net subscriber base of over 767,000 subscribers
  • Net income of $3.5 million
  • Adjusted EBITDA of $8.9 million, or a 28.7% Adjusted EBITDA margin
  • Net cash provided by operating activities of $11.4 million leading to positive free cash flow of $8.8 million
  • Cash and cash equivalents of $33.8 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 second quarter, which ended September 30, 2020.

“MiX Telematics’ second quarter results were highlighted by profitability and cash generation that was significantly ahead of expectations. We experienced modest signs of improvement within some customer verticals and fleet segments due to increases in usage activity from the COVID-related shutdowns seen in the spring,” said Stefan Joselowitz, Chief Executive Officer of MiX Telematics.

Joselowitz continued, “Our sharp focus on customer success and the tangible ROI our comprehensive telematics platform can provide to fleet operators has reinforced MiX’s strategic value in the market. We are confident this will generate a return to meaningful subscription revenue growth once economic conditions normalize.”

Financial Results for the Three Months Ended September 30, 2020

Subscription Revenues: Subscription revenues were $27.6 million, a decrease of 13.9% compared to $32.1 million for the second quarter of fiscal 2020. Subscription revenues represented 89.3% of total revenues during the second quarter of fiscal 2021. Subscription revenues decreased by 7.0% 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 second quarter of fiscal 2021, the Company’s subscriber base contracted by a net 20,000 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 second quarter of fiscal year 2020, the South African Rand weakened by 15% against the U.S. Dollar. The Rand/U.S. Dollar exchange rate averaged R16.91 in the second quarter of fiscal year 2021 compared to an average of R14.68 during the second quarter of fiscal year 2020. The impact of translating foreign currencies to U.S. Dollars at the average exchange rates during the second quarter of fiscal 2021 led to a 6.9% reduction in reported U.S. Dollar subscription revenues.

Total Revenues: Total revenues were $30.9 million, a decrease of 15.6% compared to $36.7 million for the second quarter of fiscal 2020. Total revenues decreased by 9.1% on a constant currency basis, year over year. Hardware and other revenues were $3.3 million, a decrease of 27.1%, compared to $4.6 million for the second 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 second quarter of fiscal 2021 led to a 6.5% reduction in reported U.S. Dollar revenues.

Gross Margin: Gross profit was $20.7 million, compared to $24.2 million for the second quarter of fiscal 2020. Gross profit margin was 66.7%, compared to 66.1% for the second quarter of fiscal 2020.

Income From Operations: Income from operations was $4.6 million, compared to $6.5 million for the second quarter of fiscal 2020. Operating income margin was 14.8%, compared to 17.6% for the second quarter of fiscal 2020. Operating expenses of $16.1 million decreased by $1.7 million, or 9.5%, compared to the second quarter of fiscal 2020.

Net Income and Earnings Per Share: Net income was $3.5 million, compared to net income of $3.3 million in the second quarter of fiscal 2020. Net income included a net foreign exchange loss of $0.1 million before tax, as well as a $0.3 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 second quarter of fiscal 2020, net income included a net foreign exchange gain of $0.04 million and a $1.3 million deferred tax charge on a U.S. Dollar intercompany loan between MiX Telematics and MiX Investments.

Earnings per diluted ordinary share was 0.6 U.S. cents, consistent with 0.6 U.S. cents in the second quarter of fiscal 2020. For the second quarter of fiscal 2021, the calculation was based on diluted weighted average ordinary shares in issue of 559.0 million compared to 570.0 million diluted weighted average ordinary shares in issue during the second quarter of fiscal 2020. On a ratio of 25 ordinary shares to one American Depositary Share (“ADS”), earnings per diluted ADS was 15 U.S. cents consistent with 15 U.S. cents in the second quarter of fiscal 2020.

The Company’s effective tax rate was 22.0%, compared to 47.8% in the second 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 28.4% compared to 29.6% in the second quarter of fiscal 2020.

Adjusted EBITDA: Adjusted EBITDA, a non-GAAP measure, was $8.9 million, compared to $11.0 million for the second quarter of fiscal 2020. Adjusted EBITDA margin, a non-GAAP measure, for the second quarter of fiscal 2021 was 28.7%, compared to 29.9% for the second quarter of fiscal 2020.

Non-GAAP Net Income and Net Income Per Share: Non-GAAP net income was $3.2 million, compared to $4.5 million for the second quarter of fiscal 2020. Non-GAAP net income per diluted ordinary share was 0.6 U.S. cents, compared to 0.8 U.S. cents in the second quarter of fiscal 2020. At a ratio of 25 ordinary shares to one ADS, the non-GAAP net income per diluted ADS was 14 U.S. cents compared to 20 U.S. cents in the second quarter of fiscal 2020.

Cash and Cash Equivalents and Cash Flow: At September 30, 2020, the Company had $33.8 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 September 30, 2020 was $11.4 million compared to $8.8 million for the three months ended September 30, 2019. The Company invested $2.6 million in capital expenditures (including investments in in-vehicle devices of $1.6 million), leading to free cash flow, a non-GAAP measure, of $8.8 million in the quarter. The Company generated free cash flow of $2.4 million for the second quarter of fiscal 2020 when the Company invested $6.4 million in capital expenditures (including investments in in-vehicle devices of $4.8 million).

Net cash provided by financing activities amounted to $0.1 million for the second quarter of fiscal 2021, compared to $8.6 million utilized during the second quarter of fiscal 2020. The cash provided by financing activities during the second quarter of fiscal 2021 consisted of proceeds of $0.8 million from the issue of ordinary shares in relation to the exercise of stock options and $0.6 million from facilities utilized, offset by dividends paid of $1.3 million. The cash utilized in financing activities during the second quarter of fiscal 2020 consisted of $8.2 million for the repurchase of ordinary shares, dividends paid of $1.5 million offset by facilities utilized of $1.1 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 August 24, 2020 to shareholders on record on August 21, 2020. A dividend of 4 South African cents per ordinary share and 1 South African Rand per ADS will be paid on December 8, 2020 to shareholders on record as of the close of business on November 20, 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, November 19, 2020

Record date

Friday, November 20, 2020

Approximate date of currency conversion

Monday, November 23, 2020

Approximate dividend payment date

Tuesday, December 8, 2020

Share Repurchases

No shares were repurchased during the three months ended September 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 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 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, October 29, 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 13712007.
  • 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 13712007.
  • 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 767,000 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:

  • 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, 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

 

September 30,

2020

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

17,953

 

 

$

33,836

 

Restricted cash

 

 

699

 

 

 

798

 

Accounts receivables, net

 

 

24,100

 

 

 

18,876

 

Inventory, net

 

 

3,271

 

 

 

3,742

 

Prepaid expenses and other current assets

 

 

7,375

 

 

 

6,802

 

Total current assets

 

 

53,398

 

 

 

64,054

 

Property and equipment, net

 

 

30,019

 

 

 

27,167

 

Goodwill

 

 

37,923

 

 

 

39,603

 

Intangible assets, net

 

 

15,007

 

 

 

16,059

 

Deferred tax assets

 

 

3,108

 

 

 

3,497

 

Other assets

 

 

4,200

 

 

 

4,070

 

Total assets

 

$

143,655

 

 

$

154,450

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Short-term debt

 

$

2,367

 

 

$

3,185

 

Accounts payables

 

 

5,251

 

 

 

4,863

 

Accrued expenses and other liabilities

 

 

14,839

 

 

 

18,835

 

Deferred revenue

 

 

5,077

 

 

 

4,521

 

Total current liabilities

 

 

27,534

 

 

 

31,404

 

Deferred tax liabilities

 

 

11,436

 

 

 

10,540

 

Long-term accrued expenses and other liabilities

 

 

5,660

 

 

 

5,053

 

Total liabilities

 

 

44,630

 

 

 

46,997

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

MiX Telematics Limited stockholders’ equity

 

 

 

 

Preferred stock: 100 million shares authorized but not issued

 

 

 

 

 

 

Common stock: 600.9 million and 604.9 million no-par value shares issued and outstanding as of March 31, 2020 and September 30, 2020, respectively

 

 

66,522

 

 

 

67,347

 

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

 

 

(17,315

)

 

 

(17,315

)

Retained earnings

 

 

67,482

 

 

 

70,846

 

Accumulated other comprehensive loss

 

 

(11,070

)

 

 

(7,425

)

Additional paid-in capital

 

 

(6,599

)

 

 

(6,005

)

Total MiX Telematics Limited stockholders’ equity

 

 

99,020

 

 

 

107,448

 

Non-controlling interest

 

 

5

 

 

 

5

 

Total stockholders’ equity

 

 

99,025

 

 

 

107,453

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

143,655

 

 

$

154,450

 

MIX TELEMATICS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

 

 

Three Months Ended September 30,

 

Six Months Ended September 30,

 

2019

 

2020

 

2019

 

2020

Revenue

 

 

 

 

 

 

 

Subscription

$

32,099

 

 

$

27,623

 

 

$

63,737

 

$

53,498

 

Hardware and other

 

4,562

 

 

 

3,325

 

 

 

9,207

 

 

4,947

 

Total revenue

 

36,661

 

 

 

30,948

 

 

 

72,944

 

 

58,445

 

Cost of revenue

 

 

 

 

 

 

 

Subscriptions

 

9,417

 

 

 

7,676

 

 

 

18,712

 

 

15,025

 

Hardware and other

 

3,028

 

 

 

2,621

 

 

 

5,961

 

 

3,850

 

Total cost of revenue

 

12,445

 

 

 

10,297

 

 

 

24,673

 

 

18,875

 

Gross profit

 

24,216

 

 

 

20,651

 

 

 

48,271

 

 

39,570

 

Operating expenses

 

 

 

 

 

 

 

Sales and marketing

 

3,148

 

 

 

2,447

 

 

 

6,729

 

 

5,193

 

Administration and other

 

14,616

 

 

 

13,631

 

 

 

29,402

 

 

27,122

 

Total operating expenses

 

17,764

 

 

 

16,078

 

 

 

36,131

 

 

32,315

 

Income from operations

 

6,452

 

 

 

4,573

 

 

 

12,140

 

 

7,255

 

Other (expense)/income

 

(52

)

 

 

(77

)

 

 

323

 

 

(175

)

Net interest income/(expense)

 

4

 

 

 

(70

)

 

 

77

 

 

(140

)

Income before income tax expense

 

6,404

 

 

 

4,426

 

 

 

12,540

 

 

6,940

 

Income tax expense

 

3,058

 

 

 

974

 

 

 

4,198

 

 

1,066

 

Net income

 

3,346

 

 

 

3,452

 

 

 

8,342

 

 

5,874

 

Less: Net income attributable to non-controlling interest

 

 

 

 

 

 

 

 

 

 

Net income attributable to MiX Telematics Limited

$

3,346

 

 

$

3,452

 

 

$

8,342

 

$

5,874

 

 

 

 

 

 

 

 

 

Net income per ordinary share:

 

 

 

 

 

 

 

Basic

$

0.01

 

 

$

0.01

 

 

$

0.01

 

$

0.01

 

Diluted

$

0.01

 

 

$

0.01

 

 

$

0.01

 

$

0.01

 

 

 

 

 

 

 

 

 

Net income per American Depositary Share:

 

 

 

 

 

 

 

Basic

$

0.15

 

 

$

0.16

 

 

$

0.37

 

$

0.27

 

Diluted

$

0.15

 

 

$

0.15

 

 

$

0.36

 

$

0.26

 

 

 

 

 

 

 

 

 

Ordinary shares:

 

 

 

 

 

 

 

Weighted average

 

554,781

 

 

 

548,008

 

 

 

558,401

 

 

547,569

 

Diluted weighted average

 

570,011

 

 

 

558,951

 

 

 

574,606

 

 

558,829

 

 

 

 

 

 

 

 

 

American Depositary Shares:

 

 

 

 

 

 

 

Weighted average

 

22,191

 

 

 

21,920

 

 

 

22,336

 

 

21,903

 

Diluted weighted average

 

22,800

 

 

 

22,358

 

 

 

22,984

 

 

22,353

 

MIX TELEMATICS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Six Months Ended September 30,

 

 

2019

 

2020

Cash flows from operating activities:

 

 

 

 

Cash generated from operations

 

$

17,218

 

 

$

22,295

 

Interest received

 

 

419

 

 

 

206

 

Interest paid

 

 

(156

)

 

 

(153

)

Income tax paid

 

 

(2,915

)

 

 

(1,590

)

Net cash provided by operating activities

 

 

14,566

 

 

 

20,758

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Acquisition of property and equipment – in-vehicle devices

 

 

(8,422

)

 

 

(2,590

)

Acquisition of property and equipment – other

 

 

(516

)

 

 

(160

)

Proceeds from the sale of property and equipment

 

 

1,327

 

 

 

 

Acquisition of intangible assets

 

 

(2,641

)

 

 

(1,972

)

Loans to external parties

 

 

(350

)

 

 

 

Net cash used in investing activities

 

 

(10,602

)

 

 

(4,722

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

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

 

 

 

 

 

825

 

Cash paid for ordinary shares repurchased

 

 

(8,222

)

 

 

 

Cash paid on dividends to MiX Telematics Limited stockholders

 

 

(3,084

)

 

 

(2,506

)

Movement in short-term debt

 

 

539

 

 

 

740

 

Net cash used in financing activities

 

 

(10,767

)

 

 

(941

)

 

 

 

 

 

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

 

 

(6,803

)

 

 

15,095

 

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

 

 

(294

)

 

 

887

 

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

 

$

20,741

 

 

$

34,634

 

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 September 30, 2019

 

Subscription

Revenue

 

Hardware and

Other Revenue

 

Total Revenue

 

Segment Adjusted

EBITDA

Regional Sales Offices

 

 

 

 

 

 

 

Africa

$

17,868

 

 

$

1,438

 

 

$

19,306

 

 

$

8,585

 

Europe

2,862

 

 

760

 

 

3,622

 

 

 

1,367

 

Americas

5,675

 

 

454

 

 

6,129

 

 

 

3,006

 

Middle East and Australasia

4,317

 

 

1,623

 

 

5,940

 

 

 

2,814

 

Brazil

1,350

 

 

286

 

 

1,636

 

 

 

671

 

Total Regional Sales Offices

32,072

 

 

4,561

 

 

36,633

 

 

 

16,443

 

Central Services Organization

27

 

 

1

 

 

28

 

 

 

(2,530

)

Total Segment Results

$

32,099

 

 

$

4,562

 

 

$

36,661

 

 

$

13,913

 

 

Three Months Ended September 30, 2020

 

Subscription

Revenue

 

Hardware and

Other Revenue

 

Total Revenue

 

Segment Adjusted

EBITDA

Regional Sales Offices

 

 

 

 

 

 

 

Africa

$

14,855

 

 

$

1,635

 

 

$

16,490

 

 

$

7,249

 

Europe

2,919

 

 

474

 

 

3,393

 

 

 

1,536

 

Americas

4,786

 

 

240

 

 

5,026

 

 

 

2,170

 

Middle East and Australasia

4,118

 

 

948

 

 

5,066

 

 

 

2,405

 

Brazil

928

 

 

28

 

 

956

 

 

 

363

 

Total Regional Sales Offices

27,606

 

 

3,325

 

 

30,931

 

 

 

13,723

 

Central Services Organization

17

 

 

 

 

17

 

 

 

(1,674

)

Total Segment Results

$

27,623

 

 

$

3,325

 

 

$

30,948

 

 

$

12,049

 

 

Six Months Ended September 30, 2019

 

Subscription

Revenue

 

Hardware and

Other Revenue

 

Total Revenue

 

Segment Adjusted

EBITDA

Regional Sales Offices

 

 

 

 

 

 

 

Africa

$

35,554

 

 

$

2,819

 

 

$

38,373

 

 

$

16,942

 

Europe

5,649

 

 

1,317

 

 

6,966

 

 

 

2,438

 

Americas

11,337

 

 

1,340

 

 

12,677

 

 

 

5,364

 

Middle East and Australasia

8,578

 

 

3,246

 

 

11,824

 

 

 

5,568

 

Brazil

2,567

 

 

447

 

 

3,014

 

 

 

1,294

 

Total Regional Sales Offices

63,685

 

 

9,169

 

 

72,854

 

 

 

31,606

 

Central Services Organization

52

 

 

38

 

 

90

 

 

 

(5,175

)

Total Segment Results

$

63,737

 

 

$

9,207

 

 

$

72,944

 

 

$

26,431

 


Contacts

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


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