MiX Telematics Announces Strongest Quarter in Company History

MiX Telematics Limited, a leading provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (“SaaS”), announced that in Q3, MiX Telematics delivered the strongest quarter in the company’s history, with a more than 21% year-on-year subscription revenue growth on a constant currency basis and the addition of 24,700 net new subscribers.

Noted Stefan Joselowitz, Chief Executive Officer of MiX Telematics. “…we delivered record Adjusted EBITDA of R115 million at a margin of close to 26%. This was the sixth consecutive quarter of margin expansion and continues the great progress towards our longer-term target of 30% plus. MiX remains well positioned to maintain the momentum for the remainder of fiscal 2018 and beyond, given the ongoing strong demand from new and existing customers, as well as the growing pipeline of opportunities worldwide.”

Subscription Revenue: Subscription revenue was R376.4 million ($30.4 million), an increase of 21.1% compared with R310.7 million ($25.1 million) for the third quarter of fiscal 2017. Subscription revenue increased more than 21% on a constant currency basis. Subscription revenue benefited from an increase of over 59,000 subscribers, representing an increase in the subscriber base of 9.8% from December 2016 to December 2017. Subscription revenue has also benefited from higher average revenue per user.

Total Revenue: Total revenue was R442.1 million ($35.7 million), an increase of 10.2% compared to R401.4 million ($32.5 million) for the third quarter of fiscal 2017. Hardware and other revenue was R65.8 million ($5.3 million), a decrease of 27.5% compared to R90.7 million ($7.3 million) for the third quarter of fiscal 2017.

Gross Margin: Gross profit was R288.6 million ($23.3 million), as compared to R267.3 million ($21.6 million) for the third quarter of fiscal 2017. Gross profit margin was 65.3%, compared to 66.6% for the third quarter of fiscal 2017.

Profit for the Period and Earnings per Share: Profit for the period was R58.8 million ($4.8 million), compared to R35.1 million ($2.8 million) in the third quarter of fiscal 2017. Profit for the period includes a net foreign exchange loss of R2.1 million ($0.2 million) before tax. Profit for the period for the third quarter of fiscal 2017 included a net foreign exchange loss of R4.9 million ($0.4 million).

Category: Connected Fleet News, General Update, News