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MiX Telematics (MIXT)

MiX Telematics is a leading global provider of fleet and mobile asset management solutions, delivered as SaaS, to more than more than three quarters of a million subscribers in over 120 countries. In the U.S., MiX Telematics offers a broad range of solutions; from self-service telematics software that runs on any mobile device to enterprise solutions that are ELD compliant and include dedicated account managers who proactively monitor to ensure that customers achieve optimal value for their investment. The company provides solutions for efficiency, safety, compliance and security to fleets of all sizes. MiX Telematics was founded in 1996 and has offices in the United States, South Africa, the United Kingdom, Uganda, Brazil, Mexico, Australia and the United Arab Emirates as well as a network of more than 130 fleet partners worldwide.

Company profile

Ticker
MIXT
Exchange
CEO
Stefan Joselowitz
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
MiX Telematics Investments Proprietary Limited • MiX Telematics Africa Proprietary Limited • MiX Telematics International Proprietary Limited • MiX Telematics Europe Limited • MiX Telematics Serviços De Telemetria E Rastreamento De Veículos Do Brazil Limitada • MiX Telematics Enterprise SA Proprietary Limited • Proprietary Limited • MiX Telematics East Africa Limited • MiX Telematics Romania SRL • MiX Telematics (Thailand) Limited ...

MIXT stock data

Analyst ratings and price targets

Last 3 months

Calendar

9 Aug 22
26 Sep 22
31 Mar 23
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Mar 22 Mar 21 Mar 20 Mar 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 25.63M 25.63M 25.63M 25.63M 25.63M 25.63M
Cash burn (monthly) 3.03M 1.8M (no burn) (no burn) 228.33K (no burn)
Cash used (since last report) 8.78M 5.2M n/a n/a 661.31K n/a
Cash remaining 16.85M 20.42M n/a n/a 24.96M n/a
Runway (months of cash) 5.6 11.4 n/a n/a 109.3 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
29 Jun 22 Gert Pretorius Ordinary Shares Sell Dispose S No No 0.32 144,473 46.23K 1,254,403
29 Jun 22 Catherine J Lewis Ordinary Shares Sell Dispose S No No 0.32 65,013 20.8K 2,085,939
29 Jun 22 Paul M Dell Ordinary Shares Sell Dispose S No No 0.32 38,421 12.29K 61,000
28 Jun 22 Catherine J Lewis Ordinary Shares Sell Dispose S No No 0.35 319 111.65 2,150,952
28 Jun 22 Gert Pretorius Ordinary Shares Sell Dispose S No No 0.35 708 247.8 1,448,876
13F holders Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Largest transactions Shares Bought/sold Change

Financial report summary

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Competition
TrimbleInseego
Risks
  • Risks Related to Our Business
  • We may be unable to maintain our relationships with our existing customers, which could result in a loss of subscription revenue.
  • The extent to which the COVID-19 outbreak and measures taken in response thereto impact our business, results of operations and financial condition will depend on future developments, which are highly uncertain and are difficult to predict.
  • Inaccurate output from Artificial Intelligence (AI) could result in brand and reputation damage.
  • Industry consolidation may result in increased competition, which could result in a loss of customers and/or a reduction in revenue.
  • The loss of one or more of our key personnel, or our failure to attract, train and retain other highly qualified personnel, could prevent us from executing our growth plan.
  • We may expand by acquiring or investing in other companies, which may divert our management’s attention, result in dilution to our shareholders and consume resources that are necessary to sustain our business.
  • We depend on certain key suppliers and vendors to manufacture our hardware, and an interruption in the supply of components or of our hardware could impair our production capacity, which would impact our ability to supply hardware to customers.
  • We depend on our network of dealers and distributors to sell our solutions and adverse changes in our relationships with significant dealers and distributors could cause a decline in sales.
  • We depend on our cellular network providers for the transmission of data from installed in-vehicle devices to our data centers and we would incur significant costs if the services of these network providers became unavailable to us.
  • Our business and our customers may be materially and adversely affected by global economic and market conditions.
  • We could be exposed to product liability claims, which could result in significant damage to our reputation and material economic loss.
  • Failure of businesses to adopt fleet management solutions could reduce the demand for our solutions.
  • Changes in practices of insurance companies in the markets in which we provide our solutions could materially and adversely affect demand for products and services.
  • We face many risks associated with our existing and potential new international operations, which could prevent us from successfully expanding into new geographic markets, or operating successfully in existing geographic markets.
  • Security or privacy breaches in our electronic transactions, data and asset tracking sensors may expose us to additional liability or result in a loss of customers, either of which events could harm our business.
  • Our operating results may be harmed if we are required to collect sales, use, services or other related taxes for our solutions in jurisdictions where we have not historically done so, or if there are significant changes in the effective tax rates exposing us to greater than anticipated tax liabilities.
  • We are subject to U.S. and other anti-corruption laws, trade controls, economic sanctions and similar laws and regulations, including those in the jurisdictions where we operate. Our failure to comply with these laws and regulations could subject us to civil, criminal and administrative penalties and harm our reputation.
  • Operating in emerging markets subjects us to greater risks than those we would face if we only operated in more developed markets, which could increase our operating costs and inhibit our growth plan.
  • A governmental challenge to our transfer pricing policies or practices could impose significant costs on us.
  • Reduction in regulation in certain markets may adversely impact demand for certain of our solutions by reducing the necessity for, or desirability of, our solutions.
  • Failure to correctly and efficiently implement a new Enterprise Resource Planning (“ERP”), Customer Relationship Management System (“CRM”) and billing system could have a material and adverse effect on our operations.
  • If the accounting estimates we make, and the assumptions on which we rely, in preparing our consolidated financial statements prove inaccurate, our actual results may be adversely affected.
  • We have not traditionally relied on patents to protect our intellectual property, and we rely on trade secrecy laws, confidentiality agreements, confidentiality procedures and contractual restrictions to establish and protect our intellectual property rights, which provide only limited protection and may subject us to litigation.
  • An assertion by a third party that we are infringing on its intellectual property rights could subject us to costly and time-consuming litigation or expensive licenses.
  • Our software may contain undetected defects or software errors, which could result in damage to our reputation or market rejection of our products.
  • Our “over-the-air” transmission of firmware updates could permit a third party to disable our customers’ in-vehicle devices or introduce malware into our customers’ in-vehicle devices, which could expose us to widespread loss of service and customer claims.
  • Any significant disruption in service on, or security breaches of, our SaaS platform or computer systems, could compromise our information, damage our reputation and result in a loss of customers.
  • Our solutions rely on third-party software and any inability to license such software from third parties could render our solutions ineffectual.
  • We depend on third-party technology, including cellular and GPS networks, and any disruption, failure or increase in costs could impede the functionality of our solutions.
  • Our solutions integrate with third-party technologies and if our solutions become incompatible with these technologies, our solutions would lose functionality and our customer acquisition and retention could be adversely affected.
  • Risks Related to South Africa
  • Fluctuations in the value of the South African Rand have had, and will continue to have, a significant impact on our reported revenues and results of operations, which may make it difficult to evaluate our business performance between reporting periods and may also adversely affect the price of our ADSs.
  • If we do not achieve applicable black economic empowerment objectives in our South African businesses, we risk not being able to renew certain of our existing contracts which service South African government and quasi-governmental customers, as well as not being awarded future corporate and governmental contracts, each of which would result in the loss of revenue.
  • We face the risk of disruption from labor disputes and changes to South African labor laws, which could result in significant additional operating costs or alter our relationship with our employees.
  • Socio-economic inequality in South Africa or regionally may subject us to political and economic risks which may affect the ownership or operation of our business.
  • A lack of growth, high inflation or increased interest rates in the South African economy could reduce our anticipated revenue and increase our operating costs.
  • Our financial flexibility could be constrained by South African currency restrictions, which, in turn, could hinder our normal corporate functioning.
  • Risks Related to an Investment in our Ordinary Shares and ADSs
  • Sales of our ordinary shares may adversely affect the prices of our ordinary shares and ADSs.
  • The price of our ordinary shares or ADSs may be volatile and fluctuate significantly, which could result in substantial losses for investors.
  • Exchange rate volatility may adversely affect the market price of our ADSs and any dividends payable to ADS holders.
  • Our shares trade on more than one market and this may result in price variations.
  • We have reported a material weakness in our internal controls over financial reporting. If we fail to remediate the material weakness and our control environment are considered to be ineffective, it might impair our ability to produce accurate and timely financial statements, which could adversely affect our operating results, our ability to operate our business and investors’ and customers’ view of us.
  • Inherent limitations on the effectiveness of the system of disclosure controls and procedures could result in misstatement due to error or fraud going undetected.
  • We are a “smaller reporting company”, and the reduced disclosure requirements applicable to smaller reporting companies may make our ordinary shares or ADSs less attractive to investors.
  • The concentration of ownership of our capital stock limits your ability to influence corporate matters.
  • Certain provisions of South African law may limit our ability to issue securities and access the capital markets in the future, which could hinder our ability to raise capital in the future.
  • The relative volatility and illiquidity of the South African securities markets may substantially limit your ability to sell the ordinary shares underlying our ADSs at the price and time you desire.
  • Holders of our ADSs in the United States may have difficulty bringing actions and enforcing judgements, against us, our directors and our executive officers based on the civil liabilities provisions of the federal securities laws or other laws of the United States or any state thereof.
  • Holders of our ADSs may not receive dividend payments, which could cause you to lose some or all of the value of any dividend distribution.
  • Holders of our ADSs may be subject to additional risks related to holding ADSs rather than ordinary shares.
  • You must act through the depositary to exercise your voting rights, as a result of which you may be unable to exercise your voting rights on a timely basis.
  • Judgements of South African courts with respect to our ADSs will be payable only in South African Rand, which could expose any prevailing party to exchange rate risk until the judgement is collected.
  • By purchasing ADSs, holders will irrevocably submit to the jurisdiction of state or federal courts in New York, New York in connection with any legal suit, action or proceeding relating to the deposit agreement or our ADSs.
  • There is a risk that we will be classified as a passive foreign investment company (“PFIC”), which could result in adverse U.S. federal income tax consequences to U.S. holders of ordinary shares or our ADSs.
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our future results may vary materially from those indicated as a result of the risks that affect our business, including, among others, those identified in “Forward-Looking Statements” and Part II “Item 1A. Risk Factors”.
  • We are a leading global provider of connected fleet and mobile asset solutions delivered as SaaS. Our solutions deliver a measurable return by enabling our customers to manage, optimize and protect their investments in commercial fleets or personal vehicles. We generate actionable insights that enable a wide range of customers, from large enterprise fleets to small fleet operators and consumers, to reduce fuel and other operating costs, improve efficiency, enhance regulatory compliance, enhance driver safety, manage risk and mitigate theft. Our solutions mostly rely on our proprietary, highly scalable technology platforms, which allow us to collect, analyze and deliver information based on data from our customers’ vehicles. Using an intuitive, web-based interface, dashboards or mobile applications, our fleet customers can access large volumes of real-time and historical data, monitor the location and status of their drivers and vehicles and analyze a wide number of key metrics across their fleet operations.

Content analysis

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