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MIXT MiX Telematics

Cover

Cover - shares9 Months Ended
Dec. 31, 2020Jan. 15, 2021
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateDec. 31,
2020
Document Transition Reportfalse
Entity File Number001-36027
Entity Registrant NameMIX TELEMATICS LIMITED
Entity Incorporation, State or Country CodeT3
Entity Address, Address Line One750 Park of Commerce Blvd
Entity Address, Address Line TwoSuite 100
Entity Address, City or TownBoca Raton
Entity Address, State or ProvinceFL
Entity Address, Postal Zip Code33487
City Area Code(877)
Local Phone Number585-1088
Title of 12(b) SecurityAmerican Depositary Shares, each representing 25 Ordinary Shares, no par value
Trading SymbolMIXT
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Small Businesstrue
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding605,136,339
Amendment Flagfalse
Entity Central Index Key0001576914
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsDec. 31, 2020Mar. 31, 2020
Current assets:
Cash and cash equivalents $ 43,999 $ 17,953
Restricted cash780 699
Accounts receivables, net of allowances for doubtful accounts of $3.6 million and $5.9 million, respectively19,483 24,100
Inventory, net3,476 3,271
Prepaid expenses and other current assets7,789 7,375
Total current assets75,527 53,398
Property and equipment, net26,514 30,019
Goodwill44,388 37,923
Intangible assets, net18,585 15,007
Deferred tax assets3,992 3,108
Other assets4,543 4,200
Total assets173,549 143,655
Current liabilities:
Short-term debt2,892 2,367
Accounts payables4,511 5,251
Accrued expenses and other liabilities21,517 14,839
Deferred revenue7,670 5,077
Total current liabilities36,590 27,534
Deferred tax liabilities8,448 11,436
Long-term accrued expenses and other liabilities5,389 5,660
Total liabilities50,427 44,630
Commitments and contingencies
MiX Telematics Limited stockholders’ equity
Preferred stock: 100 million shares authorized but not issued0 0
Common stock: 600.9 million and 605.1 million no-par value shares issued and outstanding as of March 31, 2020 and December 31, 2020, respectively67,376 66,522
Less treasury stock at cost: 54 million shares as of March 31, 2020 and December 31, 2020(17,315)(17,315)
Retained earnings75,381 67,482
Accumulated other comprehensive (loss)/income3,314 (11,070)
Additional paid-in capital(5,639)(6,599)
Total MiX Telematics Limited stockholders’ equity123,117 99,020
Non-controlling interest5 5
Total stockholders’ equity123,122 99,025
Total liabilities and stockholders’ equity $ 173,549 $ 143,655

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in ThousandsDec. 31, 2020Mar. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts $ 5,890 $ 3,602
Preference shares, authorized (in shares)100,000,000 100,000,000
Preference shares, issued (in shares)0 0
Ordinary shares, issued (in shares)605,100,000 600,900,000
Ordinary shares, outstanding (in shares)605,100,000 600,900,000
Treasury stock (in shares)54,000,000 54,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands3 Months Ended9 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2020Dec. 31, 2019
Revenue
Total revenue $ 34,104 $ 36,469 $ 92,549 $ 109,413
Cost of revenue
Total cost of revenue12,804 12,920 31,679 37,593
Gross profit21,300 23,549 60,870 71,820
Operating expenses
Sales and marketing2,882 3,481 8,075 10,210
Administration and other13,384 14,895 40,506 44,297
Total operating expenses16,266 18,376 48,581 54,507
Income from operations5,034 5,173 12,289 17,313
Other (expense)/income(95)(178)(270)145
Net interest (expense)/income58 (20)(82)57
Income before income tax expense4,997 4,975 11,937 17,515
Income tax benefit/(expense)936 119 (130)(4,079)
Net income5,933 5,094 11,807 13,436
Less: Net income attributable to non-controlling interest0 0 0 0
Net income attributable to MiX Telematics Limited $ 5,933 $ 5,094 $ 11,807 $ 13,436
Net income per ordinary share
Basic (in dollars per share) $ 0.01 $ 0.01 $ 0.02 $ 0.02
Diluted (in dollars per share)0.010.010.020.02
Net income per American Depository Share
Basic (in dollars per share)0.270.230.540.60
Diluted (in dollars per share) $ 0.26 $ 0.23 $ 0.53 $ 0.59
Ordinary shares
Weighted average (in shares)551,106 550,133 548,752 555,635
Diluted weighted average (in shares)559,845 562,412 559,172 570,531
American Depository Shares
Weighted average (in shares)22,044 22,005 21,950 22,225
Diluted weighted average (in shares)22,394 22,496 22,367 22,821
Subscription
Revenue
Total revenue $ 29,072 $ 32,362 $ 82,570 $ 96,099
Cost of revenue
Total cost of revenue8,889 10,078 23,914 28,790
Hardware and other
Revenue
Total revenue5,032 4,107 9,979 13,314
Cost of revenue
Total cost of revenue $ 3,915 $ 2,842 $ 7,765 $ 8,803

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands3 Months Ended9 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2020Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income $ 5,933 $ 5,094 $ 11,807 $ 13,436
Other comprehensive income
Foreign currency translation adjustments, net of tax10,739 5,802 14,384 1,956
Total comprehensive income16,672 10,896 26,191 15,392
Less: Total comprehensive income attributable to non-controlling interest0 0 0 0
Total comprehensive income attributable to MiX Telematics Limited $ 16,672 $ 10,896 $ 26,191 $ 15,392

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in ThousandsTotalCumulative Effect, Period of Adoption, AdjustmentCommon StockTreasury StockAccumulated Other Comprehensive Income/(Loss)Accumulated Other Comprehensive Income/(Loss)Cumulative Effect, Period of Adoption, AdjustmentAdditional Paid-In CapitalRetained EarningsRetained EarningsCumulative Effect, Period of Adoption, AdjustmentTotal MiX Telematics Limited Stockholders’ EquityTotal MiX Telematics Limited Stockholders’ EquityCumulative Effect, Period of Adoption, AdjustmentNon-Controlling Interest
Beginning balance (in shares) at Mar. 31, 2019601,948
Beginning balance at Mar. 31, 2019 $ 116,941 $ (262) $ 68,200 $ (9,227) $ 2,115 $ (22) $ (6,902) $ 62,750 $ (240) $ 116,936 $ (262) $ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income13,436 13,436 13,436
Other comprehensive income (loss)1,956 1,956 1,956
Issuance of common stock in relation to stock options and SARs exercised (in shares)2,026
Stock-based compensation437 437 437
Dividends(4,628)(4,628)(4,628)
Ordinary shares repurchased and not yet cancelled(83) $ (83)(83)
Purchase of treasury stock(8,188)(8,188)(8,188)
Ending balance (in shares) at Dec. 31, 2019603,974
Ending balance at Dec. 31, 2019119,609 $ 68,117 (17,415)4,049 (6,465)71,318 119,604 5
Beginning balance (in shares) at Sep. 30, 2019603,936
Beginning balance at Sep. 30, 2019110,315 $ 68,200 (17,449)(1,753)(6,445)67,757 110,310 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income5,094 5,094 5,094
Other comprehensive income (loss)5,802 5,802 5,802
Issuance of common stock in relation to stock options and SARs exercised (in shares)38
Stock-based compensation(20)(20)(20)
Dividends(1,533)(1,533)(1,533)
Ordinary shares repurchased and not yet cancelled(83) $ (83)(83)
Purchase of treasury stock34 34 34
Ending balance (in shares) at Dec. 31, 2019603,974
Ending balance at Dec. 31, 2019 $ 119,609 $ 68,117 (17,415)4,049 (6,465)71,318 119,604 5
Beginning balance (in shares) at Mar. 31, 2020600,900 600,934
Beginning balance at Mar. 31, 2020 $ 99,025 $ 66,522 (17,315)(11,070)(6,599)67,482 99,020 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income11,807 11,807 11,807
Other comprehensive income (loss)14,384 14,384 14,384
Issuance of common stock in relation to stock options and SARs exercised (in shares)4,202
Issuance of common stock in relation to stock options and SARs exercised854 $ 854 854
Stock-based compensation960 960 960
Dividends $ (3,908)(3,908)(3,908)
Ending balance (in shares) at Dec. 31, 2020605,100 605,136
Ending balance at Dec. 31, 2020 $ 123,122 $ 67,376 (17,315)3,314 (5,639)75,381 123,117 5
Beginning balance (in shares) at Sep. 30, 2020604,880
Beginning balance at Sep. 30, 2020107,453 $ 67,347 (17,315)(7,425)(6,005)70,846 107,448 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income5,933 5,933 5,933
Other comprehensive income (loss)10,739 10,739 10,739
Issuance of common stock in relation to stock options and SARs exercised (in shares)256
Issuance of common stock in relation to stock options and SARs exercised29 $ 29 29
Stock-based compensation366 366 366
Dividends $ (1,398)(1,398)(1,398)
Ending balance (in shares) at Dec. 31, 2020605,100 605,136
Ending balance at Dec. 31, 2020 $ 123,122 $ 67,376 $ (17,315) $ 3,314 $ (5,639) $ 75,381 $ 123,117 $ 5

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)3 Months Ended
Dec. 31, 2020R / sharesDec. 31, 2020$ / sharesDec. 31, 2019R / sharesDec. 31, 2019$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in ZAR/USD per share) | (per share) R 0.04 $ 0.3 R 0.04 $ 0.3

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands9 Months Ended
Dec. 31, 2020Dec. 31, 2019
Cash flows from operating activities
Cash generated from operations $ 33,156 $ 24,858
Interest received496 571
Interest paid(281)(173)
Income tax paid(2,437)(3,378)
Net cash provided by operating activities30,934 21,878
Cash flows from investing activities
Acquisition of property and equipment – in-vehicle devices(2,957)(12,955)
Acquisition of property and equipment – other(264)(629)
Proceeds from the sale of property and equipment0 1,321
Acquisition of intangible assets(2,968)(4,010)
Loans to external parties0 (349)
Net cash used in investing activities(6,189)(16,622)
Cash flows from financing activities
Proceeds from issuance of ordinary shares in relation to stock options exercised854 0
Cash paid for ordinary shares repurchased0 (8,188)
Cash paid on dividends to MiX Telematics Limited stockholders(3,901)(4,615)
Movement in short-term debt428 1,815
Net cash used in financing activities(2,619)(10,988)
Net (decrease)/increase in cash and cash equivalents, and restricted cash22,126 (5,732)
Cash and cash equivalents, and restricted cash at beginning of the period18,652 27,838
Effect of exchange rate changes on cash and cash equivalents, and restricted cash4,001 309
Cash and cash equivalents, and restricted cash at end of the period $ 44,779 $ 22,415

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies9 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting PoliciesOrganization and Summary of Significant Accounting Policies Nature of the Business MiX Telematics Limited (the “Company”) is a leading global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (“SaaS”). The Company’s solutions provide enterprise fleets, small fleets and consumers with solutions for safety, efficiency, risk and security. The Company is incorporated and domiciled in South Africa, with the principal executive office in Boca Raton, Florida. Basis of preparation and consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and reflect, in the opinion of management, all adjustments, consisting of normal recurring adjustments and accruals, which are necessary for a fair statement of the results of the interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated on consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended March 31, 2020 filed with the SEC on July 23, 2020. Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts reported and disclosed. Significant estimates include, but are not limited to, allowances for doubtful accounts, the assessment of expected cash flows used in evaluating goodwill and long-lived assets for impairment, the amortization period for deferred commissions, the determination of useful lives of the Company’s customer relationships, contingencies, the classification of devices and other hardware as in-vehicle devices (equipment) versus inventory based on the future expectation of the different types of customer contracts, income and deferred taxes, unrecognized tax benefits and valuation allowances on deferred tax assets. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. As of December 31, 2020, the global outbreak of COVID-19 has had and, we believe, will continue to have an adverse impact on global economies and financial markets. We have taken into account the impact of COVID-19, to the extent possible, on our financial statements. However, future changes in economic conditions related to COVID-19 could have an impact on future estimates and judgements used, particularly those relating to goodwill sensitivities and impairment assessments. Summary of significant accounting policies There have been no changes to the Company’s significant accounting policies disclosed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2020, filed with the SEC on July 23, 2020, that have had a material impact on the Company’s Condensed Consolidated Financial Statements and related notes.

Revenue from contracts with cus

Revenue from contracts with customers9 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from contracts with customersRevenue from contracts with customers The Company provides fleet and mobile asset management solutions. The principal revenue streams are (1) Subscription and (2) Hardware and other. Subscription revenue is recognized over time and hardware and other revenue is recognized at a point-in-time. To provide services to customers, a device is required, which collects and transmits information collected from the vehicle or other asset. Fleet customers may also obtain other items of hardware, virtually all of which are functionally-dependent on the device. Some customers obtain control of the device and other hardware (where legal title transfers to the customer); while other customers do not (where legal title remains with the Company). A contract arises on the acceptance of a customer’s purchase order, which is typically executed in writing. Contract modifications As a result of the adverse impact that the COVID-19 pandemic has had on certain of the Company’s customers, various pricing concessions relating to subscriptions, in the form of payment holidays and discounts on monthly billings, were granted during the nine months ended December 31, 2020. These pricing concessions were accounted for as contract modifications under ASC 606 Revenue from Contracts with Customers (“ASC 606”), which had the effect of reducing the transaction prices allocated to the remaining distinct performance obligations in the contracts. Accordingly, the effect of the pricing concessions is being recognized as those remaining subscription services are provided. A contract asset of $0.7 million, representing amounts that will only be billed in future periods, was recognized as of December 31, 2020, and is included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheet. Contract liabilities When customers are invoiced in advance for subscription services that will be provided over periods of more than one month, or pay in advance of service periods of more t han one month, contract liabilities are recorded. Deferred revenue as of March 31, 2020 and December 31, 2020 was $5.1 million and $7.7 million, respectively. During the quarter ended December 31, 2019 and December 31, 2020, revenue of $0.5 million and $0.7 million, respectively, was recognized which was included in the deferred revenue balances at the beginning of each quarter. Revenue of $3.2 million and $2.4 million was recognized for the nine months ended December 31, 2019 and December 31, 2020, respectively, which had been included in deferred revenue balances at the beginning of each such financial year. Contract acquisition costs Commissions payable to sales employees and external third parties which are incurred to acquire contracts are capitalized and amortized, unless the amortization period is 12 months or less, in which instance they are expensed immediately. Deferred commissions were $3.6 million and $3.8 million as of March 31, 2020 and December 31, 2020, respectively, and are included in Other assets on the Condensed Consolidated Balance Sheet. The following is a summary of the amortization expense recognized (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2019 2020 2019 2020 Amortization recognized during the period: $ (909) $ (877) $ (2,583) $ (2,352) – Cost of revenue (external commissions) (639) (636) (1,841) (1,684) – Sales and marketing (internal commissions) (270) (241) (742) (668)

Credit risk related to accounts

Credit risk related to accounts receivables9 Months Ended
Dec. 31, 2020
Receivables [Abstract]
Credit risk related to accounts receivablesCredit risk related to accounts receivables The movements in the allowance for doubtful accounts are as follows (in thousands): Nine Months Ended December 31, 2019 2020 Balance at April 1 $ 3,019 $ 3,602 Bad debt provision 2,218 3,085 Write-offs, net of recoveries (1,701) (1,543) Foreign currency translation differences 83 746 Balance at December 31 $ 3,619 $ 5,890 Overview of the Company’s exposure to credit risk from customers The maximum exposure to credit risk at the reporting date is the carrying value of each receivable and loan to external parties, net of impairment losses where relevant. Other than 14% of the gross receivable balance relating to three debtors as of December 31, 2020 (as of March 31, 2020: 15% of the gross receivable balance relating to four debtors), the Company has no significant concentration of credit risk, due to its spread of customers across various operations and geographical locations. The Company does not hold any collateral as security. Net accounts receivables as of March 31, 2020 and December 31, 2020 of $2.9 million and $2.0 million, respectively, are pledged as security for the Company’s overdraft facilities.

Property and equipment

Property and equipment9 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property, and equipmentProperty and equipment Property and equipment comprises owned and right of use assets. The Company leases many assets including property, vehicles, machinery and IT equipment. The cost and accumulated depreciation of owned equipment are as follows (in thousands): March 31, December 31, Owned equipment Equipment, vehicles and other $ 6,114 $ 7,279 In-vehicle devices 52,824 55,559 Less: accumulated depreciation and impairments (35,397) (42,780) Owned equipment, net $ 23,541 $ 20,058 Total depreciation expense related to owned equipment during the three months ended December 31, 2019 and 2020 was $3.9 million and $3.1 million, respectively. Depreciation relating to owned equipment was $10.6 million and $8.9 million during the nine months ended December 31, 2019 and 2020, respectively. Depreciation expense related to in-vehicle devices is included in subscription cost of revenue. The cost and accumulated depreciation of right-of-use property and equipment are as follows (in thousands): March 31, December 31, Right-of-use assets Property $ 7,724 $ 8,802 Equipment, vehicles and other 250 205 Less: accumulated depreciation (1,496) (2,551) Right of use property and equipment, net $ 6,478 $ 6,456

Intangible assets

Intangible assets9 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assetsIntangible assets Intangible assets comprise the following (in thousands): As of March 31, 2020 As of December 31, 2020 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 20 $ 76 $ (45) $ 31 $ 96 $ (61) $ 35 Customer relationships 2 - 15 2,600 (2,068) 532 2,644 (2,175) 469 Internal-use software, technology and other 1 - 18 26,508 (12,064) 14,444 35,168 (17,087) 18,081 Total $ 29,184 $ (14,177) $ 15,007 $ 37,908 $ (19,323) $ 18,585

Accrued expenses and other liab

Accrued expenses and other liabilities9 Months Ended
Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued expenses and other liabilitiesAccrued expenses and other liabilities Accrued expenses comprise the following (in thousands): March 31, December 31, Current: Product warranties $ 601 $ 638 Maintenance 357 632 Employee-related accruals 5,296 5,941 Lease liabilities 1,094 1,498 Accrued income tax payable 736 3,312 Commissions 1,257 1,898 Other accruals 5,498 7,598 Total current $ 14,839 $ 21,517 Non-current: Lease liabilities $ 5,413 $ 5,126 Other liabilities 247 263 Total non-current $ 5,660 $ 5,389 Product warranties The Company provides warranties on certain products and undertakes to repair or replace items that fail to perform satisfactorily. Management estimates the related provision for future warranty claims based on historical warranty claim information, the product lifetime, as well as recent trends that might suggest that past cost information may differ from future claims. The table below provides details of the movement in the accrual (in thousands): Nine Months Ended December 31, 2019 2020 Product warranties Balance at April 1 $ 777 $ 616 Statement of Income charge 187 80 Utilized (338) (155) Foreign currency translation difference 12 113 Balance at December 31 $ 638 $ 654 Non-current portion (included in other liabilities) $ 15 $ 16 Current portion $ 623 $ 638

Income taxes

Income taxes9 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income taxesIncome taxesOur income tax provision reflects our estimate of the effective tax rates expected to be applicable for the full fiscal years, adjusted for any discrete events which are recorded in the period they occur. The estimates are re-evaluated each quarter based on our estimated tax expense for the full fiscal year. Our effective tax rate was 23.3% for the nine months ended December 31, 2019 compar ed to 1.1% for the nine months ended December 31, 2020. Our effective tax rate was negative 2.4% for the three months ended December 31, 2019 compared to negative 18.7% for the three months ended December 31, 2020. Ignoring the impact of foreign exchange gains and losses net of tax, the e ffective tax rate for the nine months

Earnings per share

Earnings per share9 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings per shareEarnings per share Basic Basic earnings per share is calculated by dividing the income attributable to ordinary shareholders of the parent by the weighted average number of ordinary shares in issue during the period. The net income and weig hted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data): Three Months Ended December 31, Nine Months Ended December 31, 2019 2020 2019 2020 Numerator (basic) Net income attributable to ordinary shareholders $ 5,094 $ 5,933 $ 13,436 $ 11,807 Denominator (basic) Weighted-average number of ordinary shares in issue 550,133 551,106 555,635 548,752 Basic earnings per share $ 0.01 $ 0.01 $ 0.02 $ 0.02 American Depository Shares*: Net income attributable to ordinary shareholders $ 5,094 $ 5,933 $ 13,436 $ 11,807 Weighted-average number of American Depository Shares in issue 22,005 22,044 22,225 21,950 Basic earnings per American Depository share $ 0.23 $ 0.27 $ 0.60 $ 0.54 *One American Depository Share is the equivalent of 25 ordinary shares. Diluted Diluted earnings per share is calculated by dividing the diluted income attributable to ordinary shareholders by the diluted weighted average number of ordinary shares in issue during the period. Stock options, stock appreciation rights, performance share s and restricted share units g ranted to employees under the TeliMatrix Group Executive Incentive Scheme and the MiX Telematics Long-Term Incentive Plan (“LTIP”) are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share if the required performance condition (if applicable) would have been met based on the performance up to the reporting date, and to the extent to which they are dilutive. Three Months Ended December 31, Nine Months Ended December 31, 2019 2020 2019 2020 Numerator (diluted) Diluted net income attributable to ordinary shareholders $ 5,094 $ 5,933 $ 13,436 $ 11,807 Denominator (diluted) Weighted-average number of ordinary shares in issue 550,133 551,106 555,635 548,752 Adjusted for: – potentially dilutive effect of stock appreciation rights 10,785 8,080 13,167 9,038 – potentially dilutive effect of stock options and restricted share units 1,494 659 1,729 1,382 Diluted-weighted average number of ordinary shares in issue 562,412 559,845 570,531 559,172 Diluted earnings per share $ 0.01 $ 0.01 $ 0.02 $ 0.02 American Depository Shares*: Diluted net income attributable to ordinary shareholders $ 5,094 $ 5,933 $ 13,436 $ 11,807 Diluted weighted-average number of American Depository Shares in issue 22,496 22,394 22,821 22,367 Diluted earnings per American Depository share $ 0.23 $ 0.26 $ 0.59 $ 0.53 *One American Depository Share is the equivalent of 25 ordinary shares.

Segment information

Segment information9 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]
Segment informationSegment information The Company has 6 reportable segments, which are based on the geographical location of the 5 Regional Sales Offices (“RSOs”) and also includes the Central Services Organization (“CSO”). CSO is the central services organization that wholesales products and services to RSOs which, in turn, interface with our end-customers, distributors and dealers. CSO is also responsible for the development of hardware and software platforms and provides common marketing, product management, technical and distribution support to each of the other reportable segments. CSO is a reportable segment because it produces discrete financial information which is reviewed by the chief operating decision maker (“CODM”) and has the ability to generate external revenues. The CODM has been identified collectively as the executive committee and the Chief Executive Officer who make strategic decisions. The performance of the reportable segments has been measured and evaluated by the CODM using Segment Adjusted EBITDA, which is a measure that uses net income, determined under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, as a starting point. Segment assets are not disclosed because such information is not reviewed by the CODM. The following table provides revenue and Segment Adjusted EBITDA (in thousands): Three Months Ended December 31, 2019 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 17,936 $ 1,247 $ 19,183 $ 8,578 Europe 3,010 885 3,895 1,513 Americas 5,573 448 6,021 2,422 Middle East and Australasia 4,460 1,399 5,859 2,703 Brazil 1,355 127 1,482 581 Total Regional Sales Offices 32,334 4,106 36,440 15,797 Central Services Organization 28 1 29 (2,709) Total Segment Results $ 32,362 $ 4,107 $ 36,469 $ 13,088 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Three Months Ended December 31, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 16,205 $ 1,858 $ 18,063 $ 8,407 Europe 3,116 1,305 4,421 1,718 Americas 4,582 236 4,818 1,332 Middle East and Australasia 4,174 1,596 5,770 2,516 Brazil 978 27 1,005 347 Total Regional Sales Offices 29,055 5,022 34,077 14,320 Central Services Organization 17 10 27 (1,836) Total Segment Results $ 29,072 $ 5,032 $ 34,104 $ 12,484 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2019 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 53,490 $ 4,066 $ 57,556 $ 25,520 Europe 8,659 2,202 10,861 3,951 Americas 16,910 1,788 18,698 7,786 Middle East and Australasia 13,038 4,645 17,683 8,271 Brazil 3,922 574 4,496 1,875 Total Regional Sales Offices 96,019 13,275 109,294 47,403 Central Services Organization 80 39 119 (7,884) Total Segment Results $ 96,099 $ 13,314 $ 109,413 $ 39,519 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 44,983 $ 4,094 $ 49,077 $ 22,901 Europe 8,885 1,913 10,798 4,556 Americas 13,543 631 14,174 4,910 Middle East and Australasia 12,173 3,253 15,426 6,839 Brazil 2,937 78 3,015 1,120 Total Regional Sales Offices 82,521 9,969 92,490 40,326 Central Services Organization 49 10 59 (5,373) Total Segment Results $ 82,570 $ 9,979 $ 92,549 $ 34,953 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. A reconciliation of the segment results to income before income tax expense is disclosed below (in thousands). Three Months Ended December 31, Nine Months Ended December 31, 2019 2020 2019 2020 Segment Adjusted EBITDA $ 13,088 $ 12,484 $ 39,519 $ 34,953 Corporate and consolidation entries (2,111) (2,253) (6,088) (7,090) Operating lease costs (1) (476) (423) (1,203) (1,214) Product development costs (2) (376) (262) (1,066) (776) Depreciation and amortization (4,830) (4,099) (13,483) (11,563) Impairment of long-lived assets — (6) — (7) Stock-based compensation costs (144) (366) (433) (960) (Increase)/decrease in restructuring costs (3) — (31) 1 (1,028) Net profit/(loss) on sale of property and equipment 17 — 373 (8) Net foreign exchange losses (173) (105) (162) (288) Net interest (expense)/income (20) 58 57 (82) Income before income tax expense for the period $ 4,975 $ 4,997 $ 17,515 $ 11,937 1. For the purposes of calculating Segment Adjusted EBITDA, operating leases have been capitalized, except for leases with a term of no more than 12 months or leases of low value assets. Where operating leases are capitalized for segment purposes, the amortization of the right-of-use asset and the interest on the operating lease liability are excluded from the Segment Adjusted EBITDA. Therefore, in order to reconcile Segment Adjusted EBITDA to income before taxes, the total lease expense in respect of operating leases needs to be deducted. 2. For segment reporting purposes, product development costs, which do not meet the capitalization requirements under ASC 730 Research and Development or under ASC 985 Software , are capitalized and amortized. The amortization is excluded from Segment Adjusted EBITDA. In order to reconcile Segment Adjusted EBITDA to net income before taxes, product development costs capitalized for segment reporting purposes need to be deducted. 3. For the nine months ended December 31, 2020, $0.6 million, $0.2 million, $0.1 million and $0.1 million of the restructuring costs related to the CSO, Africa, North America and Middle East and Australasia reporting segments, respectively. No single customer accounted for 10% or more of the Company’s total revenue for the three or nine months ended December 31, 2019 and 2020. No single customer accounted for 10% or more of the Company’s accounts receivables as of March 31, 2020 or December 31, 2020.

Stock-based compensation plan

Stock-based compensation plan9 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation planStock-based compensation plan The Company has issued share incentives under two equity-classified incentive plans, the TeliMatrix Group Executive Incentive Scheme and the LTIP, to directors and certain key employees within the Company. Since the introduction of the LTIP during 2014, no further awards have been made in terms of the TeliMatrix Group Executive Incentive Scheme. The LTIP provides for three types of grants to be issued, namely performance shares, restricted share units (“RSUs”) or stock appreciation rights (“SARs”). As of December 31, 2020, there were 47,090,000 s hares reserved for future issuance under the LTIP. The total stock-based compensation expense recognized during the three months ended December 31, 2019 and 2020 was $0.1 million and $0.4 million, respectively. T otal stock-based compensation expense recognized during the nine months ended December 31, 2019 and 2020 was $0.4 million and $1.0 million, respectively. Stock appreciation rights granted under the LTIP The following table summarizes the activities for the unvested SARs: Number of SARs Weighted- Weighted Average Contractual Remaining Term (years) Aggregate Intrinsic Values (in thousands) Outstanding as of April 1, 2020 32,943,750 36 Granted 11,200,000 40 Exercised (1,400,470) 22 Forfeited (890,155) 16 Outstanding as of December 31, 2020 41,853,125 37 3.52 Vested and expected to vest as of December 31, 2020 40,398,438 37 2.72 5,478 Vested as of December 31, 2020 12,759,375 23 1.54 3,196 As of December 31, 2020, there was $2.5 million of unr ecogn ized compensation cost related to unvested SARs. This amount is expected to be recognized over a weighted-average p eriod of 4.4 years . Share Options During the nine months ended December 31, 2020, the remaining 3,500,000 share options under the Telimatrix Group Executive Incentive Scheme were exercised by the group executives at an award price of 28 U.S. cents* per share. * The award price was denominated in South African cents. U.S. currency amounts are based on a ZAR:USD exchange rate of R14.648 as of December 31, 2020. Restricted share units granted under the LTIP Under the LTIP, RSUs may be issued to certain directors and key employees. The scheme rules allow for a maximum of 2 million RSUs to be granted in any financial year and for a maximum of 12 million RSUs to be granted in aggregate over the life of the plan. 2 million time-based RSUs were granted for the first time under the scheme on June 1, 2020, and will vest in tranches of 50% per annum, commencing on the second anniversary of the grant date. Vesting is conditional upon remaining employed with the Company. Management estimates forfeiture to be approximately 5%. Settlement will take place in the Company’s shares. The Company has no legal or constructive obligation to settle the RSUs in cash. The weighted average grant date fair value per RSU granted was 35 U.S. cents**. The grant date fair value was determined by deducting the present value of expected dividends to be paid per share prior to vesting from the closing market price of the Company’s shares on the grant date. The unrecognized compensation cost related to unvested RSUs as of December 31, 2020 was $0.5 million, which will be recognized over a weighted average period of 2.25 years. **U.S. currency amounts are based on a ZAR:USD exchange rate of R14.648 as of December 31, 2020.

Debt

Debt9 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]
DebtDebt The Company and its subsidiaries have unlimited borrowing capacity as specified in their respective Memorandums of Incorporation. As of March 31, 2020 and December 31, 2020, debt comprised bank overdrafts of $2.4 million and $2.9 million, respectively. Net accounts receivables as of March 31, 2020 and December 31, 2020 of $2.9 million and $2.0 million, respectively, are pledged as security for the Company’s overdraft facilities. Details of undrawn facilities are shown below: Interest rate March 31, December 31, Undrawn borrowing facilities at floating rates include: – Standard Bank Limited: Overdraft SA Prime* less 1.2% $ 1,204 $ 1,477 Vehicle and asset finance SA Prime* less 1.2% 474 580 Working capital facility SA Prime* less 0.25% 1,395 1,707 – Nedbank Limited overdraft SA Prime* less 2% 558 683 $ 3,631 $ 4,447 *South African prime interest rate As of March 31, 2020 and December 31, 2020, the prime interest rate was 8.75 % and 7.00%, respectively. The Standard Bank Limited and Nedbank Limited facilities have no fixed renewal date and are repayable on demand. The facility from Nedbank Limited is unsecured.

Restructuring costs

Restructuring costs9 Months Ended
Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring costsRestructuring costs During the nine months ended December 31, 2020, the Company incurr ed $1.0 million of restructuring costs, as a result of measures to minimize the adverse economic and business effect of the COVID-19 pandemic and to re-align resources with the Company’s c urrent business outlook and cost structure. The restructuring costs comprised employee termination benefits. $0.6 million, $0.2 million, $0.1 million and $0.1 million of the restructuring costs for the nine months ended December 31, 2020, related to the CSO, Africa, North America and Middle East and Australasia reporting segments, respect ively. As of December 31, 2020, all of the restructuring costs had been paid. No significant restructuring costs were incurred during the three months ended December 31, 2020. Restructuring costs are included in Administration and other expenses in the Condensed Consolidated Statement of Income.

Contingencies

Contingencies9 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
ContingenciesContingencies Service agreement In terms of an amended network services agreement with Mobile Telephone Networks Proprietary Limited (“MTN”), MTN is entitled to claw back payments from MiX Telematics Africa Proprietary Limited, a subsidiary of the Company, in the event of early cancellation of the agreement or certain base connections not being maintained over the term of the agreement. No connection incentive s will be received in terms of the amended network services agreement. The maximum potential liability under the arrangement as of March 31, 2020 and December 31, 2020 was $1.9 million and $2.2 million, respectively. No loss is consider ed probable under this arrangement. Competition Commission of South Africa matter On April 15, 2019 the Competition Commission of South Africa (“Commission”) referred a matter to the Competition Tribunal of South Africa (“Tribunal”). The Commission contends that the Company and a number of its channel partners have engaged in market division. Should the Tribunal rule against MiX Telematics, the Company may be liable to an administrative penalty in terms of the Competition Act, No. 89 of 1998. The Company had cooperated fully with the Commission during its preliminary investigation. We cannot predict the timing of a resolution or the ultimate outcome of the matter, however, the Company and its external legal advisers continue to believe that we have consistently adhered to all applicable laws and regulations and that the referral from the Commission is without merit. We have therefore not made any provisions for this matter as we do not believe that an outflow of economic resources is probable. The Ugandan Value Added Tax ( “ VAT ” ) matter The Ugandan Revenue Authorities (“URA”) have reviewed MiX Telematics’ cross-border services and assert that VAT is payable on these imported services in terms of the place of supply rules included within its local VAT legislation. On January 18, 2018, MiX Telematics East Africa Limited (“MiX East Africa”) instituted proceedings in the Tax Appeals Tribunal to challenge the URA’s decision on this matter based on the interpretation of the law and calculation errors by the URA. MiX East Africa appeared in front of the Tax Appeals Tribunal on a number of occasions to present its defense, but the Tax Appeals Tribunal ruled in favor of the URA. On September 19, 2019, MiX East Africa appealed the decision to the High Court of Uganda. This matter is ongoing, and provisions have been made based on current information at hand.

Subsequent events

Subsequent events9 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent eventsSubsequent events Other than the item below, the directors are not aware of any matter material or otherwise arising since December 31, 2020 and up to the date of this report, not otherwise dealt with herein. Dividend declared The Board of Directors declared, in respect of the three months ended December 31, 2020, a dividend of 4 South African cents per ordinary share and 1 South African Rand per ADS, which will be paid to ADS holders on March 9, 2021 to shareholders on record as of the close of business on February 19, 2021 .

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)9 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]
Basis of preparationThe accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and reflect, in the opinion of management, all adjustments, consisting of normal recurring adjustments and accruals, which are necessary for a fair statement of the results of the interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”).
ConsolidationThe unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated on consolidation.These unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended March 31, 2020 filed with the SEC on July 23, 2020.
Use of estimatesUse of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts reported and disclosed. Significant estimates include, but are not limited to, allowances for doubtful accounts, the assessment of expected cash flows used in evaluating goodwill and long-lived assets for impairment, the amortization period for deferred commissions, the determination of useful lives of the Company’s customer relationships, contingencies, the classification of devices and other hardware as in-vehicle devices (equipment) versus inventory based on the future expectation of the different types of customer contracts, income and deferred taxes, unrecognized tax benefits and valuation allowances on deferred tax assets. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. As of December 31, 2020, the global outbreak of COVID-19 has had and, we believe, will continue to have an adverse impact on global economies and financial markets. We have taken into account the impact of COVID-19, to the extent possible, on our financial statements. However, future changes in economic conditions related to COVID-19 could have an impact on future estimates and judgements used, particularly those relating to goodwill sensitivities and impairment assessments.

Revenue from contracts with c_2

Revenue from contracts with customers (Tables)9 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Summary of Recognized Amortization ExpenseThe following is a summary of the amortization expense recognized (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2019 2020 2019 2020 Amortization recognized during the period: $ (909) $ (877) $ (2,583) $ (2,352) – Cost of revenue (external commissions) (639) (636) (1,841) (1,684) – Sales and marketing (internal commissions) (270) (241) (742) (668)

Credit risk related to accoun_2

Credit risk related to accounts receivables (Tables)9 Months Ended
Dec. 31, 2020
Receivables [Abstract]
Schedule of Movements in the Allowance for Doubtful DebtsThe movements in the allowance for doubtful accounts are as follows (in thousands): Nine Months Ended December 31, 2019 2020 Balance at April 1 $ 3,019 $ 3,602 Bad debt provision 2,218 3,085 Write-offs, net of recoveries (1,701) (1,543) Foreign currency translation differences 83 746 Balance at December 31 $ 3,619 $ 5,890

Property and equipment (Tables)

Property and equipment (Tables)9 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property and EquipmentThe cost and accumulated depreciation of owned equipment are as follows (in thousands): March 31, December 31, Owned equipment Equipment, vehicles and other $ 6,114 $ 7,279 In-vehicle devices 52,824 55,559 Less: accumulated depreciation and impairments (35,397) (42,780) Owned equipment, net $ 23,541 $ 20,058 The cost and accumulated depreciation of right-of-use property and equipment are as follows (in thousands): March 31, December 31, Right-of-use assets Property $ 7,724 $ 8,802 Equipment, vehicles and other 250 205 Less: accumulated depreciation (1,496) (2,551) Right of use property and equipment, net $ 6,478 $ 6,456

Intangible assets (Tables)

Intangible assets (Tables)9 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible AssetsIntangible assets comprise the following (in thousands): As of March 31, 2020 As of December 31, 2020 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 20 $ 76 $ (45) $ 31 $ 96 $ (61) $ 35 Customer relationships 2 - 15 2,600 (2,068) 532 2,644 (2,175) 469 Internal-use software, technology and other 1 - 18 26,508 (12,064) 14,444 35,168 (17,087) 18,081 Total $ 29,184 $ (14,177) $ 15,007 $ 37,908 $ (19,323) $ 18,585

Accrued expenses and other li_2

Accrued expenses and other liabilities (Tables)9 Months Ended
Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accrued ExpensesAccrued expenses comprise the following (in thousands): March 31, December 31, Current: Product warranties $ 601 $ 638 Maintenance 357 632 Employee-related accruals 5,296 5,941 Lease liabilities 1,094 1,498 Accrued income tax payable 736 3,312 Commissions 1,257 1,898 Other accruals 5,498 7,598 Total current $ 14,839 $ 21,517 Non-current: Lease liabilities $ 5,413 $ 5,126 Other liabilities 247 263 Total non-current $ 5,660 $ 5,389
Schedule of Product WarrantiesThe table below provides details of the movement in the accrual (in thousands): Nine Months Ended December 31, 2019 2020 Product warranties Balance at April 1 $ 777 $ 616 Statement of Income charge 187 80 Utilized (338) (155) Foreign currency translation difference 12 113 Balance at December 31 $ 638 $ 654 Non-current portion (included in other liabilities) $ 15 $ 16 Current portion $ 623 $ 638

Earnings per share (Tables)

Earnings per share (Tables)9 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Basic Earnings Per ShareThe net income and weig hted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data): Three Months Ended December 31, Nine Months Ended December 31, 2019 2020 2019 2020 Numerator (basic) Net income attributable to ordinary shareholders $ 5,094 $ 5,933 $ 13,436 $ 11,807 Denominator (basic) Weighted-average number of ordinary shares in issue 550,133 551,106 555,635 548,752 Basic earnings per share $ 0.01 $ 0.01 $ 0.02 $ 0.02 American Depository Shares*: Net income attributable to ordinary shareholders $ 5,094 $ 5,933 $ 13,436 $ 11,807 Weighted-average number of American Depository Shares in issue 22,005 22,044 22,225 21,950 Basic earnings per American Depository share $ 0.23 $ 0.27 $ 0.60 $ 0.54 *One American Depository Share is the equivalent of 25 ordinary shares.
Schedule of Diluted Earnings Per ShareThree Months Ended December 31, Nine Months Ended December 31, 2019 2020 2019 2020 Numerator (diluted) Diluted net income attributable to ordinary shareholders $ 5,094 $ 5,933 $ 13,436 $ 11,807 Denominator (diluted) Weighted-average number of ordinary shares in issue 550,133 551,106 555,635 548,752 Adjusted for: – potentially dilutive effect of stock appreciation rights 10,785 8,080 13,167 9,038 – potentially dilutive effect of stock options and restricted share units 1,494 659 1,729 1,382 Diluted-weighted average number of ordinary shares in issue 562,412 559,845 570,531 559,172 Diluted earnings per share $ 0.01 $ 0.01 $ 0.02 $ 0.02 American Depository Shares*: Diluted net income attributable to ordinary shareholders $ 5,094 $ 5,933 $ 13,436 $ 11,807 Diluted weighted-average number of American Depository Shares in issue 22,496 22,394 22,821 22,367 Diluted earnings per American Depository share $ 0.23 $ 0.26 $ 0.59 $ 0.53 *One American Depository Share is the equivalent of 25 ordinary shares.

Segment information (Tables)

Segment information (Tables)9 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment InformationThe following table provides revenue and Segment Adjusted EBITDA (in thousands): Three Months Ended December 31, 2019 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 17,936 $ 1,247 $ 19,183 $ 8,578 Europe 3,010 885 3,895 1,513 Americas 5,573 448 6,021 2,422 Middle East and Australasia 4,460 1,399 5,859 2,703 Brazil 1,355 127 1,482 581 Total Regional Sales Offices 32,334 4,106 36,440 15,797 Central Services Organization 28 1 29 (2,709) Total Segment Results $ 32,362 $ 4,107 $ 36,469 $ 13,088 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Three Months Ended December 31, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 16,205 $ 1,858 $ 18,063 $ 8,407 Europe 3,116 1,305 4,421 1,718 Americas 4,582 236 4,818 1,332 Middle East and Australasia 4,174 1,596 5,770 2,516 Brazil 978 27 1,005 347 Total Regional Sales Offices 29,055 5,022 34,077 14,320 Central Services Organization 17 10 27 (1,836) Total Segment Results $ 29,072 $ 5,032 $ 34,104 $ 12,484 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2019 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 53,490 $ 4,066 $ 57,556 $ 25,520 Europe 8,659 2,202 10,861 3,951 Americas 16,910 1,788 18,698 7,786 Middle East and Australasia 13,038 4,645 17,683 8,271 Brazil 3,922 574 4,496 1,875 Total Regional Sales Offices 96,019 13,275 109,294 47,403 Central Services Organization 80 39 119 (7,884) Total Segment Results $ 96,099 $ 13,314 $ 109,413 $ 39,519 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 44,983 $ 4,094 $ 49,077 $ 22,901 Europe 8,885 1,913 10,798 4,556 Americas 13,543 631 14,174 4,910 Middle East and Australasia 12,173 3,253 15,426 6,839 Brazil 2,937 78 3,015 1,120 Total Regional Sales Offices 82,521 9,969 92,490 40,326 Central Services Organization 49 10 59 (5,373) Total Segment Results $ 82,570 $ 9,979 $ 92,549 $ 34,953 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time.
Reconciliation of Segment Results to Income Before TaxA reconciliation of the segment results to income before income tax expense is disclosed below (in thousands). Three Months Ended December 31, Nine Months Ended December 31, 2019 2020 2019 2020 Segment Adjusted EBITDA $ 13,088 $ 12,484 $ 39,519 $ 34,953 Corporate and consolidation entries (2,111) (2,253) (6,088) (7,090) Operating lease costs (1) (476) (423) (1,203) (1,214) Product development costs (2) (376) (262) (1,066) (776) Depreciation and amortization (4,830) (4,099) (13,483) (11,563) Impairment of long-lived assets — (6) — (7) Stock-based compensation costs (144) (366) (433) (960) (Increase)/decrease in restructuring costs (3) — (31) 1 (1,028) Net profit/(loss) on sale of property and equipment 17 — 373 (8) Net foreign exchange losses (173) (105) (162) (288) Net interest (expense)/income (20) 58 57 (82) Income before income tax expense for the period $ 4,975 $ 4,997 $ 17,515 $ 11,937 1. For the purposes of calculating Segment Adjusted EBITDA, operating leases have been capitalized, except for leases with a term of no more than 12 months or leases of low value assets. Where operating leases are capitalized for segment purposes, the amortization of the right-of-use asset and the interest on the operating lease liability are excluded from the Segment Adjusted EBITDA. Therefore, in order to reconcile Segment Adjusted EBITDA to income before taxes, the total lease expense in respect of operating leases needs to be deducted. 2. For segment reporting purposes, product development costs, which do not meet the capitalization requirements under ASC 730 Research and Development or under ASC 985 Software , are capitalized and amortized. The amortization is excluded from Segment Adjusted EBITDA. In order to reconcile Segment Adjusted EBITDA to net income before taxes, product development costs capitalized for segment reporting purposes need to be deducted. 3. For the nine months ended December 31, 2020, $0.6 million, $0.2 million, $0.1 million and $0.1 million of the restructuring costs related to the CSO, Africa, North America and Middle East and Australasia reporting segments, respectively.

Stock-based compensation plan (

Stock-based compensation plan (Tables)9 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of Unvested SARs ActivitiesThe following table summarizes the activities for the unvested SARs: Number of SARs Weighted- Weighted Average Contractual Remaining Term (years) Aggregate Intrinsic Values (in thousands) Outstanding as of April 1, 2020 32,943,750 36 Granted 11,200,000 40 Exercised (1,400,470) 22 Forfeited (890,155) 16 Outstanding as of December 31, 2020 41,853,125 37 3.52 Vested and expected to vest as of December 31, 2020 40,398,438 37 2.72 5,478 Vested as of December 31, 2020 12,759,375 23 1.54 3,196

Debt (Tables)

Debt (Tables)9 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Undrawn FacilitiesDetails of undrawn facilities are shown below: Interest rate March 31, December 31, Undrawn borrowing facilities at floating rates include: – Standard Bank Limited: Overdraft SA Prime* less 1.2% $ 1,204 $ 1,477 Vehicle and asset finance SA Prime* less 1.2% 474 580 Working capital facility SA Prime* less 0.25% 1,395 1,707 – Nedbank Limited overdraft SA Prime* less 2% 558 683 $ 3,631 $ 4,447 *South African prime interest rate

Revenue from contracts with c_3

Revenue from contracts with customers - Narrative (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2020Dec. 31, 2019Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract asset $ 0.7 $ 0.7
Deferred revenue7.7 7.7 $ 5.1
Revenue0.7 $ 0.5 2.4 $ 3.2
Deferred commissions $ 3.8 $ 3.8 $ 3.6

Revenue from contracts with c_4

Revenue from contracts with customers - Summary of Recognized Amortization Expense (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2020Dec. 31, 2019
Capitalized Contract Cost [Line Items]
Amortization recognized during the quarter $ (877) $ (909) $ (2,352) $ (2,583)
Cost of Revenue
Capitalized Contract Cost [Line Items]
Amortization recognized during the quarter(636)(639)(1,684)(1,841)
Sales and Marketing
Capitalized Contract Cost [Line Items]
Amortization recognized during the quarter $ (241) $ (270) $ (668) $ (742)

Credit risk related to accoun_3

Credit risk related to accounts receivables - Schedule of Movements in the Allowance for Doubtful Debts (Details) - USD ($) $ in Thousands9 Months Ended
Dec. 31, 2020Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at April 1 $ 3,602 $ 3,019
Bad debt provision3,085 2,218
Write-offs, net of recoveries(1,543)(1,701)
Foreign currency translation differences746 83
Balance at December 31 $ 5,890 $ 3,619

Credit risk related to accoun_4

Credit risk related to accounts receivables - Narrative (Details) - USD ($) $ in Millions9 Months Ended12 Months Ended
Dec. 31, 2020Mar. 31, 2020
Receivables [Abstract]
Net accounts receivables pledged as security $ 2 $ 2.9
Receivable Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage14.00%15.00%

Property equipment - Schedule o

Property equipment - Schedule of Owned Property and Equipment (Details) - USD ($) $ in ThousandsDec. 31, 2020Mar. 31, 2020
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and impairments $ (42,780) $ (35,397)
Owned equipment, net20,058 23,541
Equipment, vehicles and other
Property, Plant and Equipment [Line Items]
Owned equipment, gross7,279 6,114
In-vehicle devices
Property, Plant and Equipment [Line Items]
Owned equipment, gross $ 55,559 $ 52,824

Property and equipment - Narrat

Property and equipment - Narrative (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2020Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense $ 3.1 $ 3.9 $ 8.9 $ 10.6

Property equipment - Schedule_2

Property equipment - Schedule of Right-of-Use Property and Equipment (Details) - USD ($) $ in ThousandsDec. 31, 2020Mar. 31, 2020
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation $ (2,551) $ (1,496)
Right of use property and equipment, net6,456 6,478
Property
Property, Plant and Equipment [Line Items]
Right of use property and equipment, gross8,802 7,724
Equipment, vehicles and other
Property, Plant and Equipment [Line Items]
Right of use property and equipment, gross $ 205 $ 250

Intangible assets - Schedule of

Intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands9 Months Ended
Dec. 31, 2020Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount $ 37,908 $ 29,184
Accumulated amortization(19,323)(14,177)
Net18,585 15,007
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount96 76
Accumulated amortization(61)(45)
Net $ 35 31
Patents and trademarks | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)3 years
Patents and trademarks | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)20 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount $ 2,644 2,600
Accumulated amortization(2,175)(2,068)
Net $ 469 532
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)2 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)15 years
Internal-use software, technology and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount $ 35,168 26,508
Accumulated amortization(17,087)(12,064)
Net $ 18,081 $ 14,444
Internal-use software, technology and other | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)1 year
Internal-use software, technology and other | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)18 years

Intangible assets - Narrative (

Intangible assets - Narrative (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2020Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense $ 1 $ 1 $ 2.6 $ 2.9

Accrued expenses and other li_3

Accrued expenses and other liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in ThousandsDec. 31, 2020Mar. 31, 2020Dec. 31, 2019
Current:
Product warranties $ 638 $ 601 $ 623
Maintenance632 357
Employee-related accruals5,941 5,296
Lease liabilities $ 1,498 $ 1,094
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]us-gaap:LiabilitiesCurrentAbstractus-gaap:LiabilitiesCurrentAbstract
Accrued income tax payable $ 3,312 $ 736
Commissions1,898 1,257
Other accruals7,598 5,498
Total current21,517 14,839
Non-current:
Lease liabilities $ 5,126 $ 5,413
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]us-gaap:LiabilitiesNoncurrentAbstractus-gaap:LiabilitiesNoncurrentAbstract
Other liabilities $ 263 $ 247
Total non-current $ 5,389 $ 5,660

Accrued expenses and other li_4

Accrued expenses and other liabilities - Schedule of Product Warranties (Details) - USD ($) $ in Thousands9 Months Ended
Dec. 31, 2020Dec. 31, 2019Mar. 31, 2020
Product warranties
Beginning balance $ 616 $ 777
Statement of Income charge80 187
Utilized(155)(338)
Foreign currency translation difference113 12
Ending balance654 638
Non-current portion (included in other liabilities)16 15
Current portion $ 638 $ 623 $ 601

Income taxes (Details)

Income taxes (Details)3 Months Ended9 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2020Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective tax rate(18.70%)(2.40%)1.10%23.30%
Effective tax rate excluding impact of foreign exchange34.30%25.90%31.30%27.80%

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands3 Months Ended9 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2020Dec. 31, 2019
Basic earnings per share
Net income attributable to ordinary shareholders $ 5,933 $ 5,094 $ 11,807 $ 13,436
Weighted average number of ordinary shares in issue (in shares)551,106 550,133 548,752 555,635
Basic earnings per share (in dollars per share) $ 0.01 $ 0.01 $ 0.02 $ 0.02
Weighted average number of American Depository Shares in issue (in shares)22,044 22,005 21,950 22,225
Basic earnings per American Depository Share (in dollars per share) $ 0.27 $ 0.23 $ 0.54 $ 0.60
Diluted earnings per share
Diluted weighted average number of ordinary shares in issue (in shares)559,845 562,412 559,172 570,531
Diluted earnings per share (in dollars per share) $ 0.01 $ 0.01 $ 0.02 $ 0.02
Diluted weighted average number of American Depository Shares in issue (in shares)22,394 22,496 22,367 22,821
Diluted earnings per American Depository Share (in dollars per share) $ 0.26 $ 0.23 $ 0.53 $ 0.59
SARs
Diluted earnings per share
Potentially dilutive effect of share-based payment arrangements (in shares)8,080 10,785 9,038 13,167
Share Options
Diluted earnings per share
Potentially dilutive effect of share-based payment arrangements (in shares)659 1,494 1,382 1,729

Segment information - Narrative

Segment information - Narrative (Details)9 Months Ended
Dec. 31, 2020regional_sales_officesegment
Segment Reporting [Abstract]
Number of reportable segments | segment6
Number of regional sales offices | regional_sales_office5

Segment information - Schedule

Segment information - Schedule of Segment Information (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2020Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenue $ 34,104 $ 36,469 $ 92,549 $ 109,413
Segment Adjusted EBITDA12,484 13,088 34,953 39,519
Subscription revenue
Segment Reporting Information [Line Items]
Total revenue29,072 32,362 82,570 96,099
Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue5,032 4,107 9,979 13,314
Total Regional Sales Offices
Segment Reporting Information [Line Items]
Total revenue34,077 36,440 92,490 109,294
Segment Adjusted EBITDA14,320 15,797 40,326 47,403
Total Regional Sales Offices | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue29,055 32,334 82,521 96,019
Total Regional Sales Offices | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue5,022 4,106 9,969 13,275
Africa
Segment Reporting Information [Line Items]
Total revenue18,063 19,183 49,077 57,556
Segment Adjusted EBITDA8,407 8,578 22,901 25,520
Africa | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue16,205 17,936 44,983 53,490
Africa | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue1,858 1,247 4,094 4,066
Europe
Segment Reporting Information [Line Items]
Total revenue4,421 3,895 10,798 10,861
Segment Adjusted EBITDA1,718 1,513 4,556 3,951
Europe | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue3,116 3,010 8,885 8,659
Europe | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue1,305 885 1,913 2,202
Americas
Segment Reporting Information [Line Items]
Total revenue4,818 6,021 14,174 18,698
Segment Adjusted EBITDA1,332 2,422 4,910 7,786
Americas | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue4,582 5,573 13,543 16,910
Americas | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue236 448 631 1,788
Middle East and Australasia
Segment Reporting Information [Line Items]
Total revenue5,770 5,859 15,426 17,683
Segment Adjusted EBITDA2,516 2,703 6,839 8,271
Middle East and Australasia | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue4,174 4,460 12,173 13,038
Middle East and Australasia | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue1,596 1,399 3,253 4,645
Brazil
Segment Reporting Information [Line Items]
Total revenue1,005 1,482 3,015 4,496
Segment Adjusted EBITDA347 581 1,120 1,875
Brazil | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue978 1,355 2,937 3,922
Brazil | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue27 127 78 574
Central Services Organization
Segment Reporting Information [Line Items]
Total revenue27 29 59 119
Segment Adjusted EBITDA(1,836)(2,709)(5,373)(7,884)
Central Services Organization | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue17 28 49 80
Central Services Organization | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue $ 10 $ 1 $ 10 $ 39

Segment information - Reconcili

Segment information - Reconciliation of Segment Results to Income Before Tax (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2020Dec. 31, 2019
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA $ 12,484 $ 13,088 $ 34,953 $ 39,519
Stock-based compensation costs(400)(100)(1,000)(400)
Net interest (expense)/income58 (20)(82)57
Income before income tax expense4,997 4,975 11,937 17,515
Restructuring costs1,000
North America | Employee Severance
Segment Reporting Information [Line Items]
Restructuring costs100
Central Services Organization
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA(1,836)(2,709)(5,373)(7,884)
Central Services Organization | Employee Severance
Segment Reporting Information [Line Items]
Restructuring costs600
Africa
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA8,407 8,578 22,901 25,520
Africa | Employee Severance
Segment Reporting Information [Line Items]
Restructuring costs200
Australasia | Employee Severance
Segment Reporting Information [Line Items]
Restructuring costs100
Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA12,484 13,088 34,953 39,519
Corporate and Eliminations
Segment Reporting Information [Line Items]
Corporate and consolidation entries(2,253)(2,111)(7,090)(6,088)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Operating lease costs(423)(476)(1,214)(1,203)
Product development costs(262)(376)(776)(1,066)
Depreciation and amortization(4,099)(4,830)(11,563)(13,483)
Impairment of long-lived assets(6)0 (7)0
Stock-based compensation costs(366)(144)(960)(433)
(Increase)/decrease in restructuring costs(31)0 (1,028)1
Net profit/(loss) on sale of property and equipment0 17 (8)373
Net foreign exchange losses(105)(173)(288)(162)
Net interest (expense)/income $ 58 $ (20) $ (82) $ 57

Stock-based compensation plan -

Stock-based compensation plan - Narrative (Details) $ / shares in Units, $ in MillionsJun. 01, 2020$ / sharessharesDec. 31, 2020USD ($)plansharesSep. 30, 2020$ / sharessharesDec. 31, 2019USD ($)Dec. 31, 2020USD ($)plansharesDec. 31, 2019USD ($)Mar. 31, 2014shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity-classified incentive plans | plan2 2
Stock-based compensation expense | $ $ 0.4 $ 0.1 $ 1 $ 0.4
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $2.5 $ 2.5
Expected period for recognition of unvested awards4 years 4 months 24 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $ $ 0.5 $ 0.5
Expected period for recognition of unvested awards2 years 3 months
Weighted-average grant-date fair value (in dollars per share) | $ / shares $ 0.35
Number of shares granted (in shares)2,000,000
Award vesting percentage50.00%
Estimated forfeiture rate5.00%
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)47,090,000 47,090,000
LTIP | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares to be granted (in shares)2,000,000 2,000,000 12,000,000
Telimatrix Group Executive Incentive Scheme
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining number of share options (in shares)3,500,000
Award exercise price (in dollars per share) | $ / shares $ 0.28

Stock-based compensation plan_2

Stock-based compensation plan - Summary of Unvested SARs Activity (Details) $ / shares in Units, $ in Thousands9 Months Ended
Dec. 31, 2020USD ($)$ / sharesshares
Weighted- Average Award Price in U.S. Cents
Weighted average remaining contractual term, outstanding3 years 6 months 7 days
SARs
Number of SARs
Unvested as of beginning of period (in shares) | shares32,943,750
Granted (in shares) | shares11,200,000
Exercised (in shares) | shares(1,400,470)
Forfeited (in shares) | shares(890,155)
Unvested as of end of period (in shares) | shares41,853,125
Vested and expected to vest (in shares) | shares40,398,438
Vested (in shares) | shares12,759,375
Weighted- Average Award Price in U.S. Cents
Outstanding as of beginning of period (in dollars per share) | $ / shares $ 0.36
Granted (in dollars per share) | $ / shares0.40
Exercised (in dollars per share) | $ / shares0.22
Forfeited (in dollars per share) | $ / shares0.16
Outstanding as of end of period (in dollars per share) | $ / shares0.37
Vested and expected to vest (in dollars per share) | $ / shares0.37
Vested (in dollars per share) | $ / shares $ 0.23
Weighted average remaining contractual term, vested and expected to vest2 years 8 months 19 days
Weighted average remaining contractual term, vested1 year 6 months 14 days
Aggregate intrinsic value, vested and expected to vest | $ $ 5,478
Aggregate intrinsic value, vested | $ $ 3,196

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in ThousandsDec. 31, 2020Mar. 31, 2020
Debt Disclosure [Abstract]
Debt $ 2,892 $ 2,367
Net accounts receivables pledged as security $ 2,000 $ 2,900

Debt - Schedule of Undrawn Faci

Debt - Schedule of Undrawn Facilities (Details) - USD ($) $ in ThousandsDec. 31, 2020Mar. 31, 2020
Line of Credit Facility [Line Items]
Undrawn borrowing remaining $ 4,447 $ 3,631
Standard Bank Limited | Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate1.20%1.20%
Undrawn borrowing remaining $ 1,477 $ 1,204
Standard Bank Limited | Vehicle and asset finance
Line of Credit Facility [Line Items]
Percentage deducted from interest rate1.20%1.20%
Undrawn borrowing remaining $ 580 $ 474
Standard Bank Limited | Working capital facility
Line of Credit Facility [Line Items]
Percentage deducted from interest rate0.25%0.25%
Undrawn borrowing remaining $ 1,707 $ 1,395
Nedbank Limited | Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate2.00%2.00%
Undrawn borrowing remaining $ 683 $ 558

Restructuring costs (Details)

Restructuring costs (Details) $ in Millions9 Months Ended
Dec. 31, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs $ 1
Employee Severance | Central Services Organization
Restructuring Cost and Reserve [Line Items]
Restructuring costs0.6
Employee Severance | Africa
Restructuring Cost and Reserve [Line Items]
Restructuring costs0.2
Employee Severance | North America
Restructuring Cost and Reserve [Line Items]
Restructuring costs0.1
Employee Severance | Middle East And Australasia Reporting Segments [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs $ 0.1

Contingencies (Details)

Contingencies (Details) - USD ($) $ in MillionsDec. 31, 2020Mar. 31, 2020
Amended Network Service Agreement with MTN | Maximum
Loss Contingencies [Line Items]
Estimate of possible loss $ 2.2 $ 1.9

Subsequent events (Details)

Subsequent events (Details)3 Months Ended
Dec. 31, 2020R / sharesDec. 31, 2020$ / sharesDec. 31, 2019R / sharesDec. 31, 2019$ / shares
Subsequent Events [Abstract]
Dividends declared per share (in ZAR per share) | (per share) R 0.04 $ 0.3 R 0.04 $ 0.3
Dividends declared per ADS (in ZAR per share) R 1

Uncategorized Items - mixt-2020

LabelElementValue
Accounting Standards Update [Extensible List]us-gaap_AccountingStandardsUpdateExtensibleListus-gaap:AccountingStandardsUpdate201613Member