Third Quarter Highlights:
- Net subscriber additions of 52,400, bringing the total base
to over 1,142,000 subscribers
- Total revenue of $39.1 million, up 6% year-over-year
(constant currency)
- Subscription revenue of $33.7 million, up 6% year-over-year
(constant currency)
- Net income of $1.5 million
- Adjusted EBITDA up 13% year-over-year to $9.5 million, at an
adjusted EBITDA margin of 24.4% (up 220 basis points from the prior
year)
- Cash and cash equivalents of $25.4 million at quarter
end
MiX Telematics Limited (“MiX Telematics” or the “Company”)
(NYSE: MIXT, JSE: MIX), a leading global Software-as-a-Service
(“SaaS”) provider of connected fleet management solutions, today
announced financial results, in accordance with accounting
principles generally accepted in the United States (“GAAP”), for
the third quarter of fiscal year 2024, which ended December 31,
2023.
Management Commentary
“We delivered a strong third quarter and added a record number
of net subscribers, bringing our total base to over 1.1 million,”
said MiX Telematics CEO Stefan Joselowitz. “Our Africa segment was
the primary subscription-growth driver, while continued demand for
our solutions globally also resulted in strong hardware revenues.
We maintained strict cost discipline throughout our organization,
driving further expansion of our adjusted EBITDA margin.”
Joselowitz added, “We continue to progress the previously
announced merger with Powerfleet. We’ve crossed a number of
important regulatory hurdles including receiving most of the
pre-requisite approvals to proceed, and to this end we have set the
date of the formal vote by shareholders for February 28th, 2024.
This is a very exciting time for both companies, and our entire
organization is eager to hit the ground running and start executing
our combined strategic growth initiatives. As a large shareholder,
I strongly believe that the combined leadership group under Steve
Towe’s stewardship, Powerfleet’s Unity strategy, and our combined
scale will undoubtedly accelerate the achievement of our shared
strategic and financial goals.”
Financial Results for the Three Months Ended December 31,
2023
Subscription Revenue: Subscription revenue increased to
$33.7 million, compared to $32.5 million for the third quarter of
fiscal year 2023. The Field Service Management (“FSM”) business
acquired on September 2, 2022 contributed $1.8 million to the
subscription revenue for the third quarter of fiscal year 2024,
compared to $2.3 million for the third quarter of fiscal year 2023.
Subscription revenue increased by 6.4% on a constant currency
basis, year over year. During the third quarter of fiscal year
2024, the Company’s subscriber base increased by a net 52,400
subscribers, mainly due to the Africa segment. Subscription revenue
represented 86.1% of total revenue during the third quarter of
fiscal year 2024.
The majority of the Company’s total revenue and subscription
revenue 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), has
negatively impacted the Company’s revenue and subscription revenue
reported in U.S. Dollars. Compared to the third quarter of fiscal
year 2023, the South African Rand weakened by 6% against the U.S.
Dollar. The Rand/U.S. Dollar exchange rate averaged R18.74 in the
third quarter of fiscal year 2024 compared to an average of R17.64
during the third quarter of fiscal year 2023. The impact of
translating foreign currencies to U.S. Dollars at the average
exchange rates during the third quarter of fiscal year 2024 led to
a 2.7% decrease in reported U.S. Dollar subscription revenue.
Total Revenue: Total revenue increased to $39.1 million,
compared to $37.8 million for the third quarter of fiscal year
2023. During the third quarter of fiscal year 2024, total revenue
increased by 5.8% on a constant currency basis, year over year.
Hardware and other revenue increased to $5.4 million, an increase
of 1.7%, compared to $5.3 million for the third quarter of fiscal
year 2023. On a constant currency basis, hardware and other revenue
increased by 2.1%.
The impact of translating foreign currencies to U.S. Dollars at
the average exchange rates during the third quarter of fiscal year
2024 led to a 2.4% decrease in reported U.S. Dollar total
revenue.
Gross Margin: Gross profit was $23.5 million, compared to
$24.3 million for the third quarter of fiscal year 2023. Gross
profit margin decreased 430 basis points to 60.1%, compared to
64.4% for the third quarter of fiscal year 2023. The subscription
revenue margin during the third quarter of fiscal year 2024 was
64.5%, compared to 69.6% for the third quarter of fiscal year 2023
and declined primarily due to higher in-vehicle device depreciation
charged to the Condensed Consolidated Statements of Income during
the current quarter.
Income From Operations: Income from operations was $2.5
million, compared to $4.0 million for the third quarter of fiscal
year 2023. Operating income margin decreased 440 basis points to
6.3%, compared to 10.7% for the third quarter of fiscal year 2023.
Operating expenses of $21.0 million increased by $0.7 million, or
3.6%, compared to the third quarter of fiscal year 2023. Operating
expenses in the third quarter of fiscal year 2024 included $1.2
million in strategic costs related to the proposed Powerfleet
Transaction (as defined below). See the “Recent Developments”
section below for more information about the Powerfleet
Transaction.
Net Income and Earnings Per Share: Net income was $1.5
million, compared to the net income of $2.8 million in the third
quarter of fiscal year 2023. During the third quarter of fiscal
year 2024, net income included a net foreign exchange loss of $0.5
million before tax and a $0.6 million credit from the income tax
effect of net foreign exchange losses (which mainly includes a $0.6
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, offset by a deferred tax credit on other foreign exchange
losses which are not significant). 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 Investments and a $0.2 million
deferred tax credit on other foreign exchange losses).
Earnings per diluted ordinary share was 0.3 U.S. cents, compared
to 0.5 U.S. cents in the third quarter of fiscal year 2023. For the
third quarter of fiscal year 2024, the calculation was based on
diluted weighted average ordinary shares in issue of 554.0 million
compared to 555.8 million diluted weighted average ordinary shares
in issue during the third quarter of fiscal year 2023. On a ratio
of 25 ordinary shares to one American Depositary Share (“ADS”),
earnings per diluted ADS were 7 U.S. cents compared to 13 U.S.
cents in the third quarter of fiscal year 2023.
Adjusted EBITDA and Adjusted EBITDA Margin: Adjusted
EBITDA, a non-GAAP measure, increased to $9.5 million, compared to
$8.4 million for the third quarter of fiscal year 2023. Adjusted
EBITDA margin, a non-GAAP measure, for the third quarter of fiscal
year 2024 increased 220 basis points to 24.4%, compared to 22.2%
for the third quarter of fiscal year 2023.
Adjusted Net Income and Adjusted Net Income Per Share:
Adjusted net income, a non-GAAP measure, was $2.4 million, compared
to $2.3 million for the third quarter of fiscal year 2023. Adjusted
net income per diluted ordinary share remained consistent at 0.4
U.S. cents compared the third quarter of fiscal year 2023. At a
ratio of 25 ordinary shares to one ADS, the adjusted net income per
diluted ADS was 11 U.S. cents compared to 10 U.S. cents in the
third quarter of fiscal year 2023.
Adjusted Effective Tax Rate: The Company’s effective tax
rate was 34.3%, compared to 7.4% in the third quarter of fiscal
year 2023. Adjusted effective tax rate, a non-GAAP measure which
excludes the impact of net foreign exchange losses and gains,
restructuring costs, acquisition-related costs, strategic costs,
non-recurring transitional service agreement costs and contingent
consideration remeasurement, net of tax, is the tax rate used in
determining adjusted net income. Adjusted effective tax rate was
37.3% compared to 39.2% in the third quarter of fiscal year
2023.
Cash and Cash Equivalents, Cash Flow and Free Cash Flow:
At December 31, 2023, the Company had $25.4 million of cash and
cash equivalents, compared to $29.9 million at March 31, 2023.
Net cash provided by operating activities, before $1.6 million
in strategic costs relating to the Powerfleet Transaction, for the
third quarter of fiscal year 2024 decreased to $1.7 million,
compared to $11.2 million net cash provided by operating activities
for the third quarter of fiscal year 2023. The Company invested
$5.7 million in capital expenditures (including investments in
in-vehicle devices of $4.2 million), leading to negative free cash
flow of $4.0 million, a non-GAAP measure, in the quarter. The
Company generated free cash flow of $5.9 million for the third
quarter of fiscal year 2023 when the Company invested $5.3 million
in capital expenditures (including investments in in-vehicle
devices of $3.9 million).
Net cash used in investing activities for the third quarter of
fiscal year 2024 was $6.8 million, compared to $5.3 million net
cash used in investing activities for the third quarter of fiscal
year 2023.
Net cash from financing activities amounted to $2.3 million for
the third quarter of fiscal year 2024, compared to $1.1 million net
cash used in financing activities during the third quarter of
fiscal year 2023. The cash from financing activities during the
third quarter of fiscal year 2024 mainly consisted of short-term
debt facilities utilized of $3.6 million, offset by dividends paid
of $1.3 million. The cash used in financing activities during the
third quarter of fiscal year 2023 mainly consisted of short-term
debt facilities utilized of $0.2 million, offset by dividends paid
of $1.2 million.
During the quarter, the South African Rand strengthened against
the U.S. Dollar from R18.90 at September 30, 2023 to R18.30 at
December 31, 2023 and as a result, cash increased by $0.5 million
due to foreign exchange gains.
Quarterly Dividend
The last recent dividend payment of 4.50000 South African cents
(0.2 U.S. cents) per ordinary share and 1.12500 South African Rand
(6 U.S. cents) per ADS was paid on December 14, 2023 to ADS holders
on record on December 1, 2023. A dividend of 4.50000 South African
cents per ordinary share and 1.12500 South African Rand per ADS
will be paid on March 7, 2024 to ADS holders on record as of the
close of business on February 23, 2023.
The details with respect to the dividends declared for holders
of our ADSs are as follows:
Ex dividend on New York Stock Exchange
(NYSE)
Thursday, February 22, 2024
Record date
Friday, February 23, 2024
Approximate date of currency
conversion
Monday, February 26, 2024
Approximate dividend payment date
Thursday, March 7, 2024
Share Repurchases
No shares were repurchased during the three months ended
December 31, 2023.
As a result of signing the Implementation Agreement with
Powerfleet, we have discontinued repurchases under the share
repurchase program.
Recent Developments
As previously reported in a Current Report on Form 8-K on
October 10, 2023, the Company entered into an Implementation
Agreement (the “Agreement”), by and among the Company, PowerFleet,
Inc., a Delaware corporation (“Powerfleet”), and Main Street 2000
Proprietary Limited, a private company incorporated in the Republic
of South Africa and a wholly owned subsidiary of Powerfleet
(“Powerfleet Sub”), pursuant to which, subject to the terms and
conditions thereof, Powerfleet Sub will acquire all of the issued
ordinary shares of the Company, including the ordinary shares
represented by the Company’s ADSs, through the implementation of a
scheme of arrangement (the “Scheme”) in accordance with Sections
114 and 115 of the South African Companies Act, No. 71 of 2008, in
exchange for shares of common stock, par value $0.01 per share, of
Powerfleet (the “Powerfleet Common Stock”). As a result of the
transactions, including the Scheme, contemplated by the Agreement
(the “Powerfleet Transaction”), the Company will become an
indirect, wholly owned subsidiary of Powerfleet.
The implementation of the Scheme will result in the delisting of
the Company’s ordinary shares from the Johannesburg Stock Exchange
(the “JSE”) and the delisting of the Company’s ADSs from the New
York Stock Exchange. The Powerfleet Common Stock will continue to
be listed on The Nasdaq Global Market and will additionally be
listed on the JSE by way of a secondary inward listing.
As announced on January 30, 2024, MiX Telematics has distributed
a circular in respect of the Scheme (the “Scheme Circular”),
together with the Powerfleet prospectus in respect of the secondary
inward listing of Powerfleet on the JSE to MiX Telematics
shareholders. The Scheme Circular incorporates a notice of scheme
meeting convened for the purposes of approving the resolutions
required to implement the Scheme, and will be held at 2:30 p.m.
(South African Time) on Wednesday, February 28, 2024, for the
purpose of considering and, if deemed fit, passing with or without
modification the resolutions required to be approved by MiX
Telematics shareholders in order to authorize and implement the
Scheme. In connection with the PowerFleet Transaction, PowerFleet
has filed, and the U.S. Securities and Exchange Commission (the
“SEC”) declared effective on January 24, 2024, a Registration
Statement on Form S-4, which includes a joint proxy statement of
the Company and PowerFleet and a U.S. prospectus of PowerFleet. The
Company and PowerFleet commenced the mailing of the joint proxy
statement/U.S. prospectus on January 29, 2024.
The Powerfleet Transaction is expected to close in the first
half of calendar year 2024, subject to satisfaction of customary
closing conditions including, but not limited to, approval from the
Company’s shareholders and approval from Powerfleet’s
stockholders.
Conference Call Information
MiX Telematics management will host a conference call and audio
webcast at 8:00 a.m. (Eastern Daylight Time) and 3:00 p.m. (South
African Time) on Thursday, February 1, 2024 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 1-888-886-7786 (within the United
States) or 0-800-994-942 (within South Africa) or 1-416-764-8658
(outside of the United States). The conference ID is 49731850.
- 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 49731850.
- 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 over 1,142,000
global subscribers spanning more than 120 countries. The Company’s
products and services provide enterprise fleets, small fleets and
consumers with efficiency, safety, compliance and security
solutions. MiX Telematics was founded in 1996 and has offices in
South Africa, the United Kingdom, the United States, Uganda,
Brazil, Mexico and Australasia, 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, the 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;
- 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 and the use of artificial intelligence;
- competition from industry consolidation and new entrants into
the industry;
- loss of key personnel or our failure to attract, train and
retain other highly qualified personnel;
- the satisfaction of the closing conditions to the Powerfleet
Transaction in the anticipated timeframe or at all including, but
not limited to, the ability to obtain approval of the shareholders
of the Company and stockholders of Powerfleet, the ability to
obtain financing, and the ability to obtain necessary regulatory
approvals;
- the ability to integrate businesses and realize the anticipated
benefits of the Powerfleet Transaction;
- the introduction of new solutions and international
expansion;
- the impact of the global component shortage and supply chain
disruptions;
- our dependence on key suppliers and vendors to manufacture our
hardware;
- our dependence on our network of dealers and distributors to
sell our solutions;
- our ability to navigate and adapt in adverse global economic
and market conditions;
- the impact of climate change and increased focus on
environmental, social and governance matters;
- 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 ensure compliance with export laws, customs and
import regulations, economic sanctions and Export Administration
Regulations;
- 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;
- our reliance on electricity generated and supplied by Eskom
(the South African Power Utility) and the impact of intermittent
electricity supply in South Africa;
- 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 factors discussed in the Company’s and Powerfleet’s
filings with the SEC, which include their Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K, and in the joint proxy statement/prospectus on Form S-4 to be
filed in connection with the Powerfleet Transaction.
For more information, see the section entitled “Risk Factors”
and the forward-looking statements disclosure contained in the
Company’s and Powerfleet’s Annual Reports on Form 10-K and in other
filings. The forward-looking statements included in this press
release are made only as of the date hereof and 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, adjusted net
income, adjusted net income per share, adjusted effective tax rate,
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 and Key Business
Metrics”. 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,
2023
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
29,876
$
25,419
Restricted cash
781
863
Accounts receivables, net
24,194
28,264
Inventory, net
4,936
5,137
Prepaid expenses and other current
assets
9,950
9,470
Total current assets
69,737
69,153
Property, plant and equipment, net
36,779
40,865
Goodwill
39,258
39,060
Intangible assets, net
21,895
21,247
Deferred tax assets
2,090
583
Other assets
6,804
10,614
Total assets
$
176,563
$
181,522
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Short-term debt
$
15,253
$
21,136
Accounts payables
6,120
4,897
Accrued expenses and other liabilities
21,486
23,614
Contingent consideration
3,569
312
Deferred revenue
5,295
6,487
Income taxes payable
298
288
Total current liabilities
52,021
56,734
Deferred tax liabilities
12,357
13,506
Long-term accrued expenses and other
liabilities
3,368
3,265
Total liabilities
67,746
73,505
Stockholders’ equity:
MiX Telematics Limited stockholders’
equity
Preference shares: 100 million shares
authorized but not issued
—
—
Ordinary shares: 608.8 million and 607.8
million no-par value shares issued as of March 31, 2023 and
December 31, 2023, respectively
64,001
63,455
Less treasury stock at cost: 53.8 million
shares as of March 31, 2023 and December 31, 2023
(17,315
)
(17,315
)
Retained earnings
79,024
78,334
Accumulated other comprehensive loss
(13,399
)
(13,790
)
Additional paid-in capital
(3,499
)
(2,672
)
Total MiX Telematics Limited
stockholders’ equity
108,812
108,012
Non-controlling interest
5
5
Total stockholders’ equity
108,817
108,017
Total liabilities and stockholders’
equity
$
176,563
$
181,522
MIX TELEMATICS LIMITED
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(In thousands, except per share
data)
(Unaudited)
Three Months Ended December
31,
Nine Months Ended December
31,
2022
2023
2022
2023
Revenue
Subscription
$
32,469
$
33,655
$
94,132
$
98,303
Hardware and other
5,338
5,430
13,996
14,895
Total revenue
37,807
39,085
108,128
113,198
Cost of revenue
Subscription
9,864
11,942
29,769
33,373
Hardware and other
3,595
3,645
10,176
9,938
Total cost of revenue
13,459
15,587
39,945
43,311
Gross profit
24,348
23,498
68,183
69,887
Operating expenses
Sales and marketing
4,589
3,537
12,974
10,512
Administration and other
15,728
17,507
47,275
50,052
Total operating expenses
20,317
21,044
60,249
60,564
Income from operations
4,031
2,454
7,934
9,323
Other (expense)/income
(748
)
66
859
(234
)
Interest income
106
307
994
774
Interest expense
378
604
1,002
1,645
Income before income tax
expense
3,011
2,223
8,785
8,218
Income tax expense
223
762
6,525
4,900
Net income
2,788
1,461
2,260
3,318
Less: Net income attributable to
non-controlling interest
—
—
—
—
Net income attributable to MiX
Telematics Limited
$
2,788
$
1,461
$
2,260
$
3,318
Net income per ordinary share
Basic
$
0.005
$
0.003
$
0.004
$
0.006
Diluted
$
0.005
$
0.003
$
0.004
$
0.006
Net income per American Depositary
Share
Basic
$
0.13
$
0.07
$
0.10
$
0.15
Diluted
$
0.13
$
0.07
$
0.10
$
0.15
Ordinary shares
Weighted average
552,865
554,021
552,148
554,086
Diluted weighted average
555,811
554,021
556,047
554,294
American Depositary Shares
Weighted average
22,115
22,161
22,086
22,163
Diluted weighted average
22,232
22,161
22,242
22,172
MIX TELEMATICS LIMITED
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended December
31,
2022
2023
Cash flows from operating
activities:
Cash generated from operations
$
13,551
$
15,659
Interest received
590
697
Interest paid
(601
)
(1,252
)
Income tax paid
(745
)
(1,587
)
Net cash provided by operating
activities
12,795
13,517
Cash flows from investing
activities:
Acquisition of property, plant and
equipment – in-vehicle devices
(14,521
)
(12,140
)
Acquisition of property, plant and
equipment – other
(788
)
(701
)
Proceeds from the sale of property, plant
and equipment
71
65
Acquisition of intangible assets
(4,086
)
(4,254
)
Cash paid for business combination
(3,739
)
—
Deferred consideration paid
—
(1,414
)
Net cash used in investing
activities
(23,063
)
(18,444
)
Cash flows from financing
activities:
Cash paid for ordinary shares
repurchased
(107
)
(546
)
Cash paid on dividends to MiX Telematics
Limited stockholders
(3,955
)
(4,002
)
Movement in short-term debt
7,562
5,946
Net cash from financing
activities
3,500
1,398
Net decrease in cash and cash equivalents,
and restricted cash
(6,768
)
(3,529
)
Cash and cash equivalents, and restricted
cash at beginning of the period
34,719
30,657
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash
(2,142
)
(846
)
Cash and cash equivalents, and
restricted cash at end of the period
$
25,809
$
26,282
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 that uses income before income tax
expense excluding the contingent consideration remeasurement,
non-recurring transitional service agreement costs, strategic
costs, acquisition-related costs, interest expense, interest
income, net foreign exchange losses/gains, net loss/profit on sale
of property, plant and equipment, restructuring costs, stock-based
compensation costs, depreciation, amortization, onerous contract
costs, operating lease costs and corporate and consolidation
entries. Product development costs are capitalized and amortized
and this amortization is excluded from Segment Adjusted EBITDA.
The segment information provided to the CODM is as follows (in
thousands and unaudited):
Three Months Ended December
31, 2022
Subscription Revenue
Hardware and Other
Revenue
Total Revenue
Segment Adjusted
EBITDA
Regional Sales Offices
Africa
$
18,029
$
1,460
$
19,489
$
8,121
Europe
3,051
748
3,799
1,402
Americas
5,842
308
6,150
1,378
Middle East and Australasia
4,013
2,382
6,395
2,308
Brazil
1,516
440
1,956
614
Total Regional Sales Offices
32,451
5,338
37,789
13,823
Central Services Organization
18
—
18
(2,570
)
Total Segment Results
$
32,469
$
5,338
$
37,807
$
11,253
Three Months Ended December
31, 2023
Subscription Revenue
Hardware and Other
Revenue
Total Revenue
Segment Adjusted
EBITDA
Regional Sales Offices
Africa
$
19,408
$
1,512
$
20,920
$
8,869
Europe
3,014
368
3,382
1,113
Americas
5,062
561
5,623
1,321
Middle East and Australasia
4,361
2,318
6,679
2,802
Brazil
1,805
671
2,476
782
Total Regional Sales Offices
33,650
5,430
39,080
14,887
Central Services Organization
5
—
5
(2,504
)
Total Segment Results
$
33,655
$
5,430
$
39,085
$
12,383
Nine Months Ended December 31,
2022
Subscription Revenue
Hardware and Other
Revenue
Total Revenue
Segment Adjusted
EBITDA
Regional Sales Offices
Africa
$
55,163
$
4,545
$
59,708
$
23,586
Europe
9,215
1,747
10,962
3,737
Americas
13,535
1,471
15,006
2,496
Middle East and Australasia
12,095
5,156
17,251
6,295
Brazil
4,065
1,077
5,142
1,457
Total Regional Sales Offices
94,073
13,996
108,069
37,571
Central Services Organization
59
—
59
(8,029
)
Total Segment Results
$
94,132
$
13,996
$
108,128
$
29,542
Nine Months Ended December 31,
2023
Subscription Revenue
Hardware and Other
Revenue
Total Revenue
Segment Adjusted
EBITDA
Regional Sales Offices
Africa
$
56,606
$
3,997
$
60,603
$
26,016
Europe
9,184
1,377
10,561
3,639
Americas
14,503
1,286
15,789
2,403
Middle East and Australasia
12,757
6,441
19,198
8,338
Brazil
5,237
1,790
7,027
2,629
Total Regional Sales Offices
98,287
14,891
113,178
43,025
Central Services Organization
16
4
20
(7,321
)
Total Segment Results
$
98,303
$
14,895
$
113,198
$
35,704
The following table (unaudited and shown in thousands)
reconciles total Segment Adjusted EBITDA to income before income
tax expense for the periods shown:
Three Months Ended December
31,
Nine Months Ended December
31,
2022
2023
2022
2023
Segment Adjusted EBITDA
$
11,253
$
12,383
$
29,542
$
35,704
Corporate and consolidation entries
(2,267
)
(2,267
)
(7,219
)
(7,179
)
Operating lease costs (1)
(298
)
(285
)
(933
)
(888
)
Product development costs (2)
(280
)
(293
)
(972
)
(976
)
Onerous contract costs
—
(4
)
—
35
Depreciation and amortization
(4,012
)
(5,254
)
(11,208
)
(14,024
)
Stock-based compensation costs
(273
)
(262
)
(324
)
(827
)
Restructuring costs
(84
)
—
(84
)
(30
)
Net (loss)/profit on sale of property,
plant and equipment
(1
)
45
32
49
Net foreign exchange (losses)/gains
(755
)
(493
)
743
(1,346
)
Interest income
106
307
994
774
Interest expense
(378
)
(604
)
(1,002
)
(1,645
)
Acquisition-related costs
—
—
(784
)
—
Strategic costs (3)
—
(1,200
)
—
(1,996
)
Non-recurring transitional service
agreement costs (4)
—
(361
)
—
(482
)
Contingent consideration remeasurement
—
511
—
1,049
Income before income tax
expense
$
3,011
$
2,223
$
8,785
$
8,218
Description of reconciling items:
1.
For the purposes of calculating
Segment Adjusted EBITDA, operating lease expenses are excluded from
the Segment Adjusted EBITDA. Therefore, in order to reconcile
Segment Adjusted EBITDA to income before income tax expense, 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 income before income tax expense,
product development costs capitalized for segment reporting
purposes need to be deducted.
3.
Strategic costs relate to costs
incurred in relation to the Powerfleet Transaction discussed in the
“Recent Developments” section above.
4.
Certain non-recurring costs
related to the extension of the transitional service agreement in
respect of the FSM business acquired from Trimble in September 2022
were incurred on a temporary basis from September 2023 to December
2023 and have been excluded from Adjusted EBITDA.
Annexure A: Non-GAAP Financial Measures and
Key Business Metrics
We use certain measures to assess the financial performance of
the 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.
In addition to providing the non-GAAP financial measures
mentioned above, we disclose ARR to give investors supplementary
indicators of the value of our current recurring revenue contracts.
ARR represents the estimated annualized value of recurring revenue
for subscription contracts that have commenced revenue recognition
as of the measurement date.
Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin
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, interest expense, interest income, net
foreign exchange losses/gains, 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, stock-based
compensation costs, net loss/profit on sale of property, plant and
equipment, restructuring costs, acquisition-related costs,
strategic costs, non-recurring transitional service agreement costs
and the contingent consideration remeasurement. We define adjusted
EBITDA margin as adjusted EBITDA divided by total revenue.
We have included adjusted EBITDA and adjusted EBITDA margin in
this press release because they are key measures that the Company’s
management and Board of Directors use to understand and evaluate
its 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 the Company’s
core business. Accordingly, the Company believes that adjusted
EBITDA and adjusted EBITDA margin provide useful information to
investors and others in understanding and evaluating its operating
results.
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 (in thousands and
unaudited):
Three Months Ended December
31,
Nine Months Ended December
31,
2022
2023
2022
2023
Net income
$
2,788
$
1,461
$
2,260
$
3,318
Plus: Income tax expense
223
762
6,525
4,900
Plus: Interest expense
378
604
1,002
1,645
Less: Interest income
(106
)
(307
)
(994
)
(774
)
Plus/(less): Net foreign exchange
losses/(gains)
755
493
(743
)
1,346
Plus: Depreciation (1)
2,419
3,636
7,216
9,404
Plus: Amortization (2)
1,593
1,618
3,992
4,620
Plus: Stock-based compensation costs
273
262
324
827
Plus/(less): Net loss/(profit) on sale of
property, plant and equipment
1
(45
)
(32
)
(49
)
Plus: Restructuring costs
84
—
84
30
Plus: Acquisition-related costs
—
—
784
—
Plus: Strategic costs (3)
—
1,200
—
1,996
Plus: Non-recurring transitional service
agreement costs (4)
—
361
—
482
Less: Contingent consideration
remeasurement
—
(511
)
—
(1,049
)
Adjusted EBITDA
$
8,408
$
9,534
$
20,418
$
26,696
Adjusted EBITDA margin
22.2
%
24.4
%
18.9
%
23.6
%
1.
Includes depreciation of owned
assets (including in-vehicle devices).
2.
Includes amortization of
intangible assets (including capitalized internal-use software
development costs and intangible assets identified as part of a
business combination).
3.
Strategic costs relate to costs
incurred in relation to the Powerfleet Transaction discussed in the
“Recent Developments” section above.
4.
Certain non-recurring costs
related to the extension of the transitional service agreement in
respect of the FSM business acquired from Trimble in September 2022
were incurred on a temporary basis from September 2023 to December
2023 and have been excluded from Adjusted EBITDA.
Our use of adjusted EBITDA and adjusted EBITDA margin have
limitations as analytical tools, and should not be considered as
performance measures in isolation from, or as a substitute for,
analysis of our results as reported under 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 the Company;
- 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
Adjusted net income is defined as net income excluding net
foreign exchange losses/gains, restructuring costs,
acquisition-related costs, strategic costs, non-recurring
transitional service agreement costs and contingent consideration
remeasurement, net of tax.
We have included adjusted net income in this press release
because it provides a useful measure for period-to-period
comparisons of our core business by excluding net foreign exchange
losses/gains, restructuring costs, acquisition-related costs,
strategic costs, non-recurring transitional service agreement costs
and contingent consideration remeasurement, 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.
The following table (in thousands, except per share data, and
unaudited) reconciles net income to adjusted net income for the
periods shown:
Three Months Ended December
31,
Nine Months Ended December
31,
2022
2023
2022
2023
Net income
$
2,788
$
1,461
$
2,260
$
3,318
Net foreign exchange losses/(gains)
755
493
(743
)
1,346
Income tax effect of net foreign exchange
(losses)/gains
(1,267
)
(644
)
2,792
(110
)
Restructuring costs
84
—
84
30
Income tax effect of restructuring
costs
(18
)
—
(18
)
(7
)
Acquisition-related costs
—
—
784
—
Income tax effect of acquisition-related
costs
—
—
(182
)
—
Strategic costs (1)
—
1,200
—
1,996
Non-recurring transitional service
agreement costs (2)
—
361
—
482
Contingent consideration remeasurement
—
(511
)
—
(1,049
)
Adjusted net income
$
2,342
$
2,360
$
4,977
$
6,006
1.
Strategic costs relate to costs
incurred in relation to the Powerfleet Transaction discussed in the
“Recent Developments” section above.
2.
Certain non-recurring costs
related to the extension of the transitional service agreement in
respect of the FSM business acquired from Trimble in September 2022
were incurred on a temporary basis from September 2023 to December
2023 and have been excluded from Adjusted net income.
Adjusted Net Income Per Share
Adjusted net income per share is defined as adjusted net income
divided by the weighted average number of ordinary shares or ADSs
in issue during the period.
We have included adjusted net income per share in this press
release because it provides a useful measure for period-to-period
comparisons of our core business by excluding net foreign exchange
losses/gains, restructuring costs, acquisition-related costs,
strategic costs, non-recurring transitional service agreement costs
and contingent consideration remeasurement, 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.
The following tables (unaudited) reconcile diluted net income
per ordinary share or ADS to diluted adjusted net income per
ordinary share or ADS for the periods shown:
Three Months Ended December
31,
Nine Months Ended December
31,
2022
2023
2022
2023
Net income per ordinary share –
diluted
$
0.005
$
0.003
$
0.004
$
0.006
Effect of net foreign exchange
losses/(gains) to net income
0.001
#
(0.001
)
0.002
Income tax effect of net foreign exchange
(losses)/gains
(0.002
)
(0.001
)
0.005
#
Restructuring costs
#
—
#
#
Income tax effect of restructuring
costs
#
—
#
#
Acquisition-related costs
—
—
0.001
—
Income tax effect of acquisition-related
costs
—
—
#
—
Strategic costs (1)
—
0.002
—
0.004
Non-recurring transitional service
agreement costs (2)
—
0.001
—
0.001
Contingent consideration remeasurement
—
(0.001
)
—
(0.002
)
Adjusted net income per ordinary share –
diluted
$
0.004
$
0.004
$
0.009
$
0.011
1.
Strategic costs relate to costs
incurred in relation to the Powerfleet Transaction discussed in the
“Recent Developments” section above.
2.
Certain non-recurring costs
related to the extension of the transitional service agreement in
respect of the FSM business acquired from Trimble in September 2022
were incurred on a temporary basis from September 2023 to December
2023 and have been excluded from adjusted net income per diluted
ordinary share.
#
Amount less than $0.001
Three Months Ended December
31,
Nine Months Ended December
31,
2022
2023
2022
2023
Net income per ADS – diluted
$
0.13
$
0.07
$
0.10
$
0.15
Effect of net foreign exchange
losses/(gains) to net income
0.03
0.02
(0.03
)
0.06
Income tax effect of net foreign exchange
(losses)/gains
(0.06
)
(0.02
)
0.12
*
Restructuring costs
*
—
*
*
Income tax effect of restructuring
costs
*
—
*
*
Acquisition-related costs
—
—
0.04
—
Income tax effect of acquisition-related
costs
—
—
(0.01
)
—
Strategic costs (1)
—
0.05
—
0.09
Non-recurring transitional service
agreement costs (2)
—
0.02
—
0.02
Contingent consideration remeasurement
—
(0.03
)
—
(0.05
)
Adjusted net income per ADS – diluted
$
0.10
$
0.11
$
0.22
$
0.27
1.
Strategic costs relate to costs
incurred in relation to the Powerfleet Transaction discussed in the
“Recent Developments” section above.
2.
Certain non-recurring costs
related to the extension of the transitional service agreement in
respect of the FSM business acquired from Trimble in September 2022
were incurred on a temporary basis from September 2023 to December
2023 and have been excluded from adjusted net income per diluted
ADS.
*
Amount less than $0.01
Adjusted Effective Tax Rate
The adjusted effective tax rate is defined as income tax expense
excluding the income tax effect of net foreign exchange
losses/gains, restructuring costs and acquisition-related costs
divided by income before income tax expense excluding net foreign
exchange losses/gains, restructuring costs, acquisition-related
costs, strategic costs, non-recurring transitional service
agreement costs and contingent consideration remeasurement.
We have included adjusted effective tax rate in this press
release because it provides a useful measure for period-to-period
comparisons of our core business by excluding net foreign exchange
losses/gains, restructuring costs, acquisition-related costs,
strategic costs, non-recurring transitional service agreement costs
and contingent consideration remeasurement, and associated tax
consequences, from our effective tax rate.
A reconciliation of the effective tax rate (the most directly
comparable financial measure presented in accordance with GAAP) to
the adjusted effective tax rate for the periods shown is presented
below (in thousands and unaudited):
Three Months Ended December
31,
Nine Months Ended December
31,
2022
2023
2022
2023
Income before income tax expense
$
3,011
$
2,223
$
8,785
$
8,218
Net foreign exchange losses/(gains)
755
493
(743
)
1,346
Restructuring costs
84
—
84
30
Acquisition-related costs
—
—
784
—
Strategic costs (1)
—
1,200
—
1,996
Non-recurring transitional service
agreement costs (2)
—
361
—
482
Contingent consideration remeasurement
—
(511
)
—
(1,049
)
Income before income tax expense
excluding net foreign exchange losses/(gains), restructuring costs,
acquisition-related costs, strategic costs, non-recurring
transitional service agreement costs and contingent consideration
remeasurement
$
3,850
$
3,766
$
8,910
$
11,023
Income tax expense
$
(223
)
$
(762
)
$
(6,525
)
$
(4,900
)
Income tax effect of net foreign exchange
(losses)/gains
(1,267
)
(644
)
2,792
(110
)
Income tax effect of restructuring
costs
(18
)
—
(18
)
(7
)
Income tax effect of acquisition-related
costs
—
—
(182
)
—
Income tax expense excluding income tax
effect of net foreign exchange (losses)/gains, restructuring costs
and acquisition-related costs
$
(1,508
)
$
(1,406
)
$
(3,933
)
$
(5,017
)
Effective tax rate
7.4
%
34.3
%
74.3
%
59.6
%
Adjusted effective tax rate
39.2
%
37.3
%
44.1
%
45.5
%
1.
Strategic costs relate to costs
incurred in relation to the Powerfleet Transaction discussed in the
“Recent Developments” section above.
2.
Certain non-recurring costs
related to the extension of the transitional service agreement in
respect of the FSM business acquired from Trimble in September 2022
were incurred on a temporary basis from September 2023 to December
2023 and have been excluded from Adjusted EBITDA.
Free Cash Flow
Free cash flow is determined as net cash provided by operating
activities, excluding strategic costs, less capital expenditure for
investing activities. We believe that free cash flow provides
useful information to investors and others in understanding and
evaluating the Company’s cash flows as it provides detail of the
amount of cash the Company generates or utilizes after accounting
for all capital expenditures including investments in in-vehicle
devices as well as costs that do not relate to our core business
operations.
The following table (in thousands and unaudited) reconciles net
cash provided by operating activities to free cash flow for the
periods shown:
Three Months Ended December
31,
Nine Months Ended December
31,
2022
2023
2022
2023
Net cash provided by operating
activities
$
11,213
$
79
$
12,795
$
13,517
Plus: Strategic costs paid (1)
—
1,644
—
1,708
Net cash provided by operating activities
excluding strategic costs paid
11,213
1,723
12,795
15,225
Less: Capital expenditure payments
(5,335
)
(5,727
)
(19,395
)
(17,095
)
Free cash flow
$
5,878
$
(4,004
)
$
(6,600
)
$
(1,870
)
1.
Strategic costs relate to costs
incurred in relation to the Powerfleet Transaction discussed in the
“Recent Developments” section above.
Constant Currency
Constant currency information has been presented to illustrate
the impact of changes in currency rates on the Company’s results.
The constant currency information has been determined by adjusting
the current financial reporting period results to the prior period
average exchange rates, determined as the average of the monthly
exchange rates applicable to the period. The measurement has been
performed for each of the Company’s 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 period 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.
The following tables (in thousands, except year over year
change) provide the unaudited constant currency reconciliation to
the most directly comparable GAAP measure for the periods
shown:
Subscription Revenue:
Three Months Ended December
31,
Year Over Year Change
2022
2023
Subscription revenue as reported
$
32,469
$
33,655
3.7
%
Conversion impact of U.S. Dollar/other
currencies
—
892
2.7
%
Subscription revenue on a constant
currency basis
$
32,469
$
34,547
6.4
%
Hardware and Other Revenue:
Three Months Ended December
31,
Year Over Year Change
2022
2023
Hardware and other revenue as reported
$
5,338
$
5,430
1.7
%
Conversion impact of U.S. Dollar/other
currencies
—
22
0.4
%
Hardware and other revenue on a constant
currency basis
$
5,338
$
5,452
2.1
%
Total Revenue:
Three Months Ended December
31,
Year Over Year Change
2022
2023
Total revenue as reported
$
37,807
$
39,085
3.4
%
Conversion impact of U.S. Dollar/other
currencies
—
914
2.4
%
Total revenue on a constant currency
basis
$
37,807
$
39,999
5.8
%
Subscription Revenue:
Nine Months Ended December
31,
Year Over Year Change
2022
2023
Subscription revenue as reported
$
94,132
$
98,303
4.4
%
Conversion impact of U.S. Dollar/other
currencies
—
5,807
6.2
%
Subscription revenue on a constant
currency basis
$
94,132
$
104,110
10.6
%
Hardware and Other Revenue:
Nine Months Ended December
31,
Year Over Year Change
2022
2023
Hardware and other revenue as reported
$
13,996
$
14,895
6.4
%
Conversion impact of U.S. Dollar/other
currencies
—
476
3.4
%
Hardware and other revenue on a constant
currency basis
$
13,996
$
15,371
9.8
%
Total Revenue:
Nine Months Ended December
31,
Year Over Year Change
2022
2023
Total revenue as reported
$
108,128
$
113,198
4.7
%
Conversion impact of U.S. Dollar/other
currencies
—
6,283
5.8
%
Total revenue on a constant currency
basis
$
108,128
$
119,481
10.5
%
Key Business Metrics
Annual Recurring Revenue
We believe that ARR is a key indicator of the trajectory of our
business performance and serves as an indicator of future
subscription revenue growth. We define ARR as the annualized value
of subscription contracts that have commenced revenue recognition
as of the measurement date. ARR is calculated by taking the
subscription revenue for the last month of the period, multiplied
by 12. It provides a 12-month forward view of revenue, assuming
unit numbers, pricing and foreign exchange rates (the average
monthly exchange rates applicable to the last month of the period)
remain unchanged during the year. Constant currency ARR growth has
been determined by adjusting the prior financial reporting period
results to the last month of the current period average exchange
rates, determined as the average monthly exchange rates applicable
to the last month of the period.
ARR does not have a standardized meaning and is not necessarily
comparable to similarly titled measures presented by other
companies. ARR should be viewed independently of revenue and is not
intended to be combined with or to replace it. ARR is not a
forecast and the active contracts at the date used in calculating
ARR may or may not be extended or renewed.
ARR is included in the following table (in thousands and
unaudited):
December 31,
2022
2023
Annual Recurring Revenue
$
131,822
$
133,598
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240130113145/en/
Investor Relations Contact Matt Glover and Cody Cree
Gateway Group, Inc. MIXT@gateway-grp.com +1-949-574-3860
Grafico Azioni MiX Telematics (NYSE:MIXT)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni MiX Telematics (NYSE:MIXT)
Storico
Da Gen 2024 a Gen 2025