Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2021 | Oct. 22, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36027 | |
Entity Registrant Name | MIX TELEMATICS LIMITED | |
Entity Incorporation, State or Country Code | T3 | |
Entity Address, Address Line One | 750 Park of Commerce Blvd | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Boca Raton | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33487 | |
City Area Code | (877) | |
Local Phone Number | 585-1088 | |
Title of 12(b) Security | American Depositary Shares, each representing 25 Ordinary Shares, no par value | |
Trading Symbol | MIXT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 606,434,616 | |
Amendment Flag | false | |
Entity Central Index Key | 0001576914 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 39,831 | $ 45,489 |
Restricted cash | 883 | 854 |
Accounts receivables, net of allowances for doubtful accounts of $5.6 million and $6.0 million, respectively | 21,897 | 19,265 |
Inventory, net | 3,111 | 3,109 |
Prepaid expenses and other current assets | 8,677 | 8,509 |
Total current assets | 74,399 | 77,226 |
Property and equipment, net | 27,769 | 23,463 |
Goodwill | 43,344 | 43,938 |
Intangible assets, net | 18,849 | 18,303 |
Deferred tax assets | 4,506 | 3,782 |
Other assets | 4,344 | 4,434 |
Total assets | 173,211 | 171,146 |
Current liabilities: | ||
Short-term debt | 2,139 | 1,674 |
Accounts payables | 6,064 | 6,560 |
Accrued expenses and other liabilities | 18,957 | 17,330 |
Deferred revenue | 5,591 | 5,788 |
Income taxes payable | 1,541 | 1,345 |
Total current liabilities | 34,292 | 32,697 |
Deferred tax liabilities | 9,170 | 9,187 |
Long-term accrued expenses and other liabilities | 5,479 | 5,863 |
Total liabilities | 48,941 | 47,747 |
MiX Telematics Limited stockholders’ equity | ||
Preference shares: 100 million shares authorized but not issued | 0 | 0 |
Ordinary shares: 605.6 million and 606.4 million no-par value shares issued and outstanding as of March 31, 2021 and September 30, 2021, respectively | 67,401 | 67,401 |
Less treasury stock at cost: 53.8 million shares as of March 31, 2021 and September 30, 2021 | (17,315) | (17,315) |
Retained earnings | 78,468 | 76,710 |
Accumulated other comprehensive income | 343 | 1,924 |
Additional paid-in capital | (4,632) | (5,326) |
Total MiX Telematics Limited stockholders’ equity | 124,265 | 123,394 |
Non-controlling interest | 5 | 5 |
Total stockholders’ equity | 124,270 | 123,399 |
Total liabilities and stockholders’ equity | $ 173,211 | $ 171,146 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6,036 | $ 5,575 |
Preference shares, authorized (in shares) | 100,000,000 | 100,000,000 |
Preference shares, issued (in shares) | 0 | 0 |
Ordinary shares, issued (in shares) | 606,400,000 | 605,600,000 |
Ordinary shares, outstanding (in shares) | 606,400,000 | 605,600,000 |
Treasury stock (in shares) | 53,800,000 | 53,800,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Total revenue | $ 36,074 | $ 30,948 | $ 70,972 | $ 58,445 |
Cost of revenue | ||||
Total cost of revenue | 13,106 | 10,297 | 25,149 | 18,875 |
Gross profit | 22,968 | 20,651 | 45,823 | 39,570 |
Operating expenses | ||||
Sales and marketing | 3,872 | 2,447 | 7,384 | 5,193 |
Administration and other | 15,366 | 13,631 | 30,373 | 27,122 |
Total operating expenses | 19,238 | 16,078 | 37,757 | 32,315 |
Income from operations | 3,730 | 4,573 | 8,066 | 7,255 |
Other (expense)/income | 199 | (77) | 64 | (175) |
Net interest expense | 141 | 70 | 219 | 140 |
Income before income tax expense | 3,788 | 4,426 | 7,911 | 6,940 |
Income tax expense | 2,489 | 974 | 3,081 | 1,066 |
Net income | 1,299 | 3,452 | 4,830 | 5,874 |
Less: Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Net income attributable to MiX Telematics Limited | $ 1,299 | $ 3,452 | $ 4,830 | $ 5,874 |
Net income per ordinary share | ||||
Basic (in dollars per share) | $ 0.002 | $ 0.01 | $ 0.01 | $ 0.01 |
Diluted (in dollars per share) | 0.002 | 0.01 | 0.01 | 0.01 |
Net income per American Depository Share | ||||
Basic (in dollars per share) | 0.06 | 0.16 | 0.22 | 0.27 |
Diluted (in dollars per share) | $ 0.06 | $ 0.15 | $ 0.21 | $ 0.26 |
Ordinary shares | ||||
Weighted average (in shares) | 552,386 | 548,008 | 552,124 | 547,569 |
Diluted weighted average (in shares) | 565,622 | 558,951 | 565,322 | 558,829 |
American Depository Shares | ||||
Weighted average (in shares) | 22,095 | 21,920 | 22,085 | 21,903 |
Diluted weighted average (in shares) | 22,625 | 22,358 | 22,613 | 22,353 |
Subscription | ||||
Revenue | ||||
Total revenue | $ 30,885 | $ 27,623 | $ 61,975 | $ 53,498 |
Cost of revenue | ||||
Total cost of revenue | 9,219 | 7,676 | 18,346 | 15,025 |
Hardware and other | ||||
Revenue | ||||
Total revenue | 5,189 | 3,325 | 8,997 | 4,947 |
Cost of revenue | ||||
Total cost of revenue | $ 3,887 | $ 2,621 | $ 6,803 | $ 3,850 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,299 | $ 3,452 | $ 4,830 | $ 5,874 |
Other comprehensive income/(loss) | ||||
Foreign currency translation adjustments, net of tax | (4,744) | 1,561 | (1,581) | 3,645 |
Total comprehensive income/(loss) | (3,445) | 5,013 | 3,249 | 9,519 |
Less: Total comprehensive income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Total comprehensive income/(loss) attributable to MiX Telematics Limited | $ (3,445) | $ 5,013 | $ 3,249 | $ 9,519 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Accumulated Other Comprehensive Income/(Loss) | Additional Paid-In Capital | Retained Earnings | Total MiX Telematics Limited Stockholders’ Equity | Non-Controlling Interest |
Beginning balance (in shares) at Mar. 31, 2020 | 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 income | 5,874 | 5,874 | 5,874 | |||||
Other comprehensive income (loss) | 3,645 | 3,645 | 3,645 | |||||
Issuance of common stock in relation to stock options and SARs exercised (in shares) | 3,946 | |||||||
Issuance of common stock in relation to stock options and SARs exercised | 825 | $ 825 | 825 | |||||
Stock-based compensation | 594 | 594 | 594 | |||||
Dividends | (2,510) | (2,510) | (2,510) | |||||
Ending balance (in shares) at Sep. 30, 2020 | 604,880 | |||||||
Ending balance at Sep. 30, 2020 | 107,453 | $ 67,347 | (17,315) | (7,425) | (6,005) | 70,846 | 107,448 | 5 |
Beginning balance (in shares) at Jun. 30, 2020 | 601,019 | |||||||
Beginning balance at Jun. 30, 2020 | 102,607 | $ 66,522 | (17,315) | (8,986) | (6,306) | 68,687 | 102,602 | 5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 3,452 | 3,452 | 3,452 | |||||
Other comprehensive income (loss) | 1,561 | 1,561 | 1,561 | |||||
Issuance of common stock in relation to stock options and SARs exercised (in shares) | 3,861 | |||||||
Issuance of common stock in relation to stock options and SARs exercised | 825 | $ 825 | 825 | |||||
Stock-based compensation | 301 | 301 | 301 | |||||
Dividends | (1,293) | (1,293) | (1,293) | |||||
Ending balance (in shares) at Sep. 30, 2020 | 604,880 | |||||||
Ending balance at Sep. 30, 2020 | $ 107,453 | $ 67,347 | (17,315) | (7,425) | (6,005) | 70,846 | 107,448 | 5 |
Beginning balance (in shares) at Mar. 31, 2021 | 605,600 | 605,579 | ||||||
Beginning balance at Mar. 31, 2021 | $ 123,399 | $ 67,401 | (17,315) | 1,924 | (5,326) | 76,710 | 123,394 | 5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 4,830 | 4,830 | 4,830 | |||||
Other comprehensive income (loss) | (1,581) | (1,581) | (1,581) | |||||
Issuance of common stock in relation to stock options and SARs exercised (in shares) | 856 | |||||||
Issuance of common stock in relation to stock options and SARs exercised | 0 | |||||||
Stock-based compensation | 694 | 694 | 694 | |||||
Dividends | $ (3,072) | (3,072) | (3,072) | |||||
Ending balance (in shares) at Sep. 30, 2021 | 606,400 | 606,435 | ||||||
Ending balance at Sep. 30, 2021 | $ 124,270 | $ 67,401 | (17,315) | 343 | (4,632) | 78,468 | 124,265 | 5 |
Beginning balance (in shares) at Jun. 30, 2021 | 606,080 | |||||||
Beginning balance at Jun. 30, 2021 | 128,895 | $ 67,401 | (17,315) | 5,087 | (4,962) | 78,679 | 128,890 | 5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 1,299 | 1,299 | 1,299 | |||||
Other comprehensive income (loss) | (4,744) | (4,744) | (4,744) | |||||
Issuance of common stock in relation to stock options and SARs exercised (in shares) | 355 | |||||||
Issuance of common stock in relation to stock options and SARs exercised | 0 | |||||||
Stock-based compensation | 330 | 330 | 330 | |||||
Dividends | $ (1,510) | (1,510) | (1,510) | |||||
Ending balance (in shares) at Sep. 30, 2021 | 606,400 | 606,435 | ||||||
Ending balance at Sep. 30, 2021 | $ 124,270 | $ 67,401 | $ (17,315) | $ 343 | $ (4,632) | $ 78,468 | $ 124,265 | $ 5 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021R / shares | Sep. 30, 2021$ / shares | Sep. 30, 2020$ / shares | Sep. 30, 2021R / shares | Sep. 30, 2020R / shares | |
Statement of Stockholders' Equity [Abstract] | |||||
Dividends declared (in ZAR/USD per share) | (per share) | R 0.04 | $ 0.3 | $ 0.3 | R 0.04 | R 0.04 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Cash generated from operations | $ 14,223 | $ 22,295 |
Interest received | 221 | 206 |
Interest paid | (197) | (153) |
Income tax paid | (3,582) | (1,590) |
Net cash provided by operating activities | 10,665 | 20,758 |
Cash flows from investing activities | ||
Acquisition of property and equipment – in-vehicle devices | (9,740) | (2,590) |
Acquisition of property and equipment – other | (851) | (160) |
Proceeds from the sale of property and equipment | 54 | 0 |
Acquisition of intangible assets | (2,833) | (1,972) |
Net cash used in investing activities | (13,370) | (4,722) |
Cash flows from financing activities | ||
Proceeds from issuance of ordinary shares in relation to stock options exercised | 0 | 825 |
Cash paid on dividends to MiX Telematics Limited stockholders | (3,058) | (2,506) |
Movement in short-term debt | 474 | 740 |
Net cash used in financing activities | (2,584) | (941) |
Net increase/(decrease) in cash and cash equivalents, and restricted cash | (5,289) | 15,095 |
Cash and cash equivalents, and restricted cash at beginning of the period | 46,343 | 18,652 |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash | ||
Effect of exchange rate changes on cash and cash equivalents, and restricted cash | (340) | 887 |
Cash and cash equivalents, and restricted cash at end of the period | $ 40,714 | $ 34,634 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies Nature of the Business MiX Telematics Limited (the “Company”) is a global provider of connected fleet and mobile asset solutions delivered as Software-as-a-Service (“SaaS”). The Company’s products and services provide enterprise fleets, small fleets and consumers with solutions for efficiency, safety, compliance and security. The Company is incorporated and domiciled in South Africa, with its 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, 2021 filed with the SEC on June 14, 2021. 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 September 30, 2021, 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 on expected credit losses to the extent possible. Our expected credit losses have increased as a result. 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, 2021, filed with the SEC on June 14, 2021, 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 customers | 6 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers | Revenue 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 which collects and transmits information collected from the vehicle or other asset is required. 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 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, deferred revenue liabilities are recorded. Deferred revenue as of March 31, 2021 and September 30, 2021 was $5.8 million and $5.6 million, respectively. During the quarter ended September 30, 2020 and September 30, 2021, revenue of $0.6 million and $1.2 million, respectively, was recognized which was included in the deferred revenue balances at the beginning of each such quarter. During the six months ended September 30, 2020 and September 30, 2021, revenue of $1.7 million and $2.4 million, respectively, was recognized which was included in the 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 $3.7 million and $3.6 mill ion as of March 31, 2021 and September 30, 2021, respectively, and are included in Other assets on the Condensed Consolidated Balance Sheets. The following is a summary of the amortization expense recognized (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Amortization recognized during the period: $ (782) $ (857) $ (1,475) $ (1,767) – Cost of revenue (external commissions) (563) (616) (1,048) (1,291) – Sales and marketing (internal commissions) (219) (241) (427) (476) |
Credit risk related to accounts
Credit risk related to accounts receivables | 6 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Credit risk related to accounts receivables | Credit risk related to accounts receivable The movements in the allowance for doubtful accounts are as follows (in thousands): Six Months Ended September 30, 2020 2021 Balance at April 1 $ 3,602 $ 5,575 Bad debt provision 2,273 1,563 Write-offs, net of recoveries (1,748) (1,036) Foreign currency translation differences 153 (66) Balance at September 30 $ 4,280 $ 6,036 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. As of March 31, 2021 and September 30, 2021 , the Company had 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 receivable as of March 31, 2021 and September 30, 2021 of $2.3 million and $3.2 million, respectively, are pledged as security for the Company’s overdraft facilities. |
Property and equipment
Property and equipment | 6 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | Property 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, September 30, Owned equipment Equipment, vehicles and other $ 6,877 $ 7,614 In-vehicle devices 53,448 59,284 Less: accumulated depreciation and impairments (42,955) (44,637) Owned equipment, net $ 17,370 $ 22,261 Total depreciation expense related to owned equipment during the three months ended September 30, 2020 and 2021 was $3.0 million and $2.6 million, respectively. Depreciation expense related to owned equipment during the six months ended September 30, 2020 and 2021 was $5.8 million and $5.3 million, 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, September 30, Right-of-use assets Property $ 8,348 $ 7,821 Equipment, vehicles and other 226 220 Less: accumulated depreciation (2,481) (2,533) Right of use property and equipment, net $ 6,093 $ 5,508 |
Intangible assets
Intangible assets | 6 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Intangible assets Intangible assets comprise the following (in thousands): As of March 31, 2021 As of September 30, 2021 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 20 $ 115 $ (82) $ 33 $ 113 $ (84) $ 29 Customer relationships 2 - 15 2,687 (2,271) 416 2,653 (2,330) 323 Internal-use software, technology and other 1 - 18 35,618 (17,764) 17,854 37,834 (19,337) 18,497 Total $ 38,420 $ (20,117) $ 18,303 $ 40,600 $ (21,751) $ 18,849 For the three months ended September 30, 2020 and 2021, amortization expense of $0.9 million, and $1.0 million, respectively, has been recognized. For the six months ended September 30, 2020 and 2021, amortization expense of $1.7 million, and $2.0 million, respectively, has been recognized. |
Accrued expenses and other liab
Accrued expenses and other liabilities | 6 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued expenses and other liabilities | Accrued expenses and other liabilities Accrued expenses and other liabilities comprise the following (in thousands): March 31, September 30, Current: Product warranties $ 605 $ 625 Maintenance 609 631 Employee-related accruals 6,166 6,081 Lease liabilities 1,395 1,255 Accrued commissions 2,199 2,533 Other accruals 6,356 7,832 Total current $ 17,330 $ 18,957 Non-current: Lease liabilities $ 4,895 $ 4,481 Other liabilities 968 998 Total non-current $ 5,863 $ 5,479 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): As of September 30, 2020 2021 Product warranties Opening balance $ 616 $ 612 Warranty expense 43 200 Utilized (81) (126) Foreign currency translation difference 33 (14) Balance as of September 30 $ 611 $ 672 Non-current portion (included in other liabilities) $ 11 $ 47 Current portion $ 600 $ 625 |
Development expenditure
Development expenditure | 6 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Development expenditure | Development expenditure Development expenditure incurred comprises the following (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Costs capitalized (1) 647 985 1,383 1,956 Costs expensed (2) 1,046 1,314 2,040 2,751 Total costs incurred 1,693 2,299 3,423 4,707 Percentage capitalized 38.2 % 42.8 % 40.4 % 41.6 % (1) Costs capitalized relate only to the development of internal-use software. Product development costs are expensed when incurred. (2) Costs expensed are included in Administration and other expenses in the Condensed Consolidated Statement of Income. |
Income taxes
Income taxes | 6 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes Our income tax provision reflects our estimate of the effective tax rate expected to be applicable for the full fiscal year, 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 15.4% for the six months ended September 30, 2020 compared to 38.9% for the six months ended September 30, 2021. Our effective tax rate was 22.0% for the three months ended September 30, 2020 compared to 65.7% for the three months ended September 30, 2021. Ignoring the impact of foreign exchange gains and losses net of tax, the effective tax rate for the six months ended September 30, 2020 and 2021, was 29.0% and 35.0%, respectively, and for the three months ended September 30, 2020 and 2021, was 28.4% and 38.6%, respectively. |
Earnings per share
Earnings per share | 6 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings 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 September 30, Six Months Ended September 30, 2020 2021 2020 2021 Numerator (basic) Net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Denominator (basic) Weighted-average number of ordinary shares in issue 548,008 552,386 547,569 552,124 Basic earnings per share $ 0.01 $ 0.002 $ 0.01 $ 0.01 American Depository Shares*: Net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Weighted-average number of American Depository Shares in issue 21,920 22,095 21,903 22,085 Basic earnings per American Depository share $ 0.16 $ 0.06 $ 0.27 $ 0.22 *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, retention shares and stock appreciation rights g ranted to directors and employees are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share if the required target share price or annual shareholder return hurdles (as 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 September 30, Six Months Ended September 30, 2020 2021 2020 2021 Numerator (diluted) Diluted net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Denominator (diluted) Weighted-average number of ordinary shares in issue 548,008 552,386 547,569 552,124 Adjusted for: – potentially dilutive effect of stock appreciation rights 9,339 11,778 9,517 11,809 – potentially dilutive effect of restricted share units 599 1,458 618 1,389 – potentially dilutive effect of stock options 1,005 — 1,125 — Diluted-weighted average number of ordinary shares in issue 558,951 565,622 558,829 565,322 Diluted earnings per share $ 0.01 $ 0.002 $ 0.01 $ 0.01 American Depository Shares*: Diluted net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Diluted weighted-average number of American Depository Shares in issue 22,358 22,625 22,353 22,613 Diluted earnings per American Depository share $ 0.15 $ 0.06 $ 0.26 $ 0.21 *One American Depository Share is the equivalent of 25 ordinary shares. |
Segment information
Segment information | 6 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment information | Segment 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 who, 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 as the Chief Executive Officer who makes strategic decisions for the Company. 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 excluding net interest income/(expense), foreign exchange gains or losses, operating lease expenses, stock-based compensation costs, restructuring costs, and gains or losses on the disposal or impairments of long-lived assets and subsidiaries. Product development costs are capitalized and amortized and this amortization is excluded from Segment Adjusted EBITDA. Segment assets are not disclosed because such information is not reviewed by the CODM. The following tables provide revenue and Segment Adjusted EBITDA (in thousands): Three Months Ended September 30, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 14,855 $ 1,635 $ 16,490 $ 7,249 Europe 2,919 474 3,393 1,536 Americas 4,786 240 5,026 2,170 Middle East and Australasia 4,118 948 5,066 2,405 Brazil 928 28 956 363 Total Regional Sales Offices 27,606 3,325 30,931 13,723 Central Services Organization 17 — 17 (1,674) Total Segment Results $ 27,623 $ 3,325 $ 30,948 $ 12,049 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Three Months Ended September 30, 2021 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,686 $ 1,596 $ 20,282 $ 8,874 Europe 3,413 1,337 4,750 1,682 Americas 3,444 468 3,912 33 Middle East and Australasia 4,207 1,750 5,957 2,665 Brazil 1,121 16 1,137 288 Total Regional Sales Offices 30,871 5,167 36,038 13,542 Central Services Organization 14 22 36 (2,457) Total Segment Results $ 30,885 $ 5,189 $ 36,074 $ 11,085 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Six Months Ended September 30, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 28,778 $ 2,236 $ 31,014 $ 14,494 Europe 5,769 608 6,377 2,838 Americas 8,961 395 9,356 3,578 Middle East and Australasia 7,999 1,657 9,656 4,323 Brazil 1,959 51 2,010 773 Total Regional Sales Offices 53,466 4,947 58,413 26,006 Central Services Organization 32 — 32 (3,537) Total Segment Results $ 53,498 $ 4,947 $ 58,445 $ 22,469 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Six Months Ended September 30, 2021 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 37,397 $ 2,811 $ 40,208 $ 17,778 Europe 6,786 2,598 9,384 3,433 Americas 7,067 663 7,730 572 Middle East and Australasia 8,556 2,855 11,411 5,208 Brazil 2,141 48 2,189 605 Total Regional Sales Offices 61,947 8,975 70,922 27,596 Central Services Organization 28 22 50 (5,044) Total Segment Results $ 61,975 $ 8,997 $ 70,972 $ 22,552 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 September 30, Six Months Ended September 30, 2020 2021 2020 2021 Segment Adjusted EBITDA $ 12,049 $ 11,085 $ 22,469 $ 22,552 Corporate and consolidation entries (2,507) (2,474) (4,837) (4,850) Operating lease costs (1) (399) (373) (791) (780) Product development costs (2) (271) (335) (514) (698) Depreciation and amortization (3,836) (3,668) (7,464) (7,347) Impairment of long-lived assets (1) (28) (1) (28) Stock-based compensation costs (301) (330) (594) (694) Increase in restructuring costs (3) (153) (51) (997) (52) Net (loss)/profit on sale of property and equipment (7) 43 (8) 43 Net foreign exchange (losses)/gains (78) 60 (183) (16) Net interest expense (70) (141) (140) (219) Income before income tax expense for the period $ 4,426 $ 3,788 $ 6,940 $ 7,911 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 net 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 three months ended September 30, 2020, $0.1 million of the restructuring costs related to the North America reporting segment. For the six months ended September 30, 2020, $0.6 million, $0.2 million and $0.1 million of the restructuring costs related to CSO, Africa and North America reporting segments, respectively. No single customer accounted for 10% or more of the Company’s total revenue for the three or six months ended September 30, 2020 and 2021. No single customer accounted for 10% or more of the Company’s accounts receivable as of March 31, 2021 or September 30, 2021. |
Stock-based compensation plan
Stock-based compensation plan | 6 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation plan | Stock-based compensation plan The Company has issued equity-classified share incentives under the MiX Telematics Long-Term Incentive Plan (“LTIP”) to directors and certain key employees within the Company. The LTIP provides for three types of grants to be issued, namely performance shares, restricted share units (“RSUs”) and stock appreciation rights (“SARs”). As of September 30, 2021, 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 September 30, 2020 and 2021 was $0.3 million and $0.3 million, respectively. The total stock-based compensation expense recognized during the six months ended September 30, 2020 and 2021 was $0.6 million and $0.7 million, respectively. Stock appreciation rights granted under the LTIP The following table summarizes the activities for the outstanding SARs: Number of SARs Weighted- Weighted Average Contractual Remaining Term (years) Aggregate Intrinsic Values (in thousands) Outstanding as of April 1, 2021 40,567,917 36 Exercised (1,392,917) 21 Forfeited (300,000) 46 Outstanding as of September 30, 2021 38,875,000 37 2.87 Vested and expected to vest as of September 30, 2021 37,762,500 37 2.06 5,857 Vested as of September 30, 2021 16,625,000 28 1.48 3,799 As of September 30, 2021, there was $1.4 million of unr ecogn ized compensation cost related to unvested SARs. This amount is expected to be recognized over a weighted-average period o f 3.8 years. *U.S. currency amounts are based on a ZAR:USD exchange rate of R15.125 as of September 30, 2021. Restricted share units granted under the LTIP 2 million RSUs were outstanding and unvested as of April 1, 2021, and remain as such as of September 30, 2021. Management estimates forfeiture to be approximately 5%. The unrecognized compensation cost related to unvested RSUs as of September 30, 2021 was $0.3 million, which will be recognized over a weighted average period of 1.5 years, which is the same period as the weighted average remaining contractual term. |
Debt
Debt | 6 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of March 31, 2021 and September 30, 2021, debt comprised bank overdrafts of $1.7 million and $2.1 million, respectively. Net accounts receivable as of March 31, 2021 and September 30, 2021 of $2.3 million and $3.2 million, respectively, were pledged as security for the Company’s overdraft facilities. Details of undrawn facilities are shown below: Interest rate March 31, September 30, Undrawn borrowing facilities at floating rates include: – Standard Bank Limited: Overdraft SA Prime* less 1.2% $ 2,616 $ 2,093 Vehicle and asset finance SA Prime* less 1.2% 570 562 Working capital facility SA Prime* less 0.25% 1,676 1,653 – Nedbank Limited overdraft SA Prime* less 2% 670 661 $ 5,532 $ 4,969 *South African prime interest rate As of March 31, 2021 and September 30, 2021, the South African prime interest rate was 7.0 %. 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. |
Contingencies
Contingencies | 6 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies 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, 2021 and September 30, 2021 was $2.0 million and $1.8 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 for an administrative penalty in terms of the Competition Act, No. 89 of 1998. The Company 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. As of September 30, 2021, we have not made any provisions for this matter as we do not believe that an outflow of economic resources is probable. |
Subsequent events
Subsequent events | 6 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events Other than the item below, the directors are not aware of any matter material or otherwise arising since September 30, 2021 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 September 30, 2021, a dividend of 4 South African cents per ordinary share and 1 South African Rand per ADS, which will be paid on December 2, 2021 to shareholders on record as of the close of business on November 19, 2021. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of preparation | 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”). |
Consolidation | 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, 2021 filed with the SEC on June 14, 2021. |
Use of estimates | 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 September 30, 2021, 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 on expected credit losses to the extent possible. Our expected credit losses have increased as a result. 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) | 6 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Recognized Amortization Expense | The following is a summary of the amortization expense recognized (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Amortization recognized during the period: $ (782) $ (857) $ (1,475) $ (1,767) – Cost of revenue (external commissions) (563) (616) (1,048) (1,291) – Sales and marketing (internal commissions) (219) (241) (427) (476) |
Credit risk related to accoun_2
Credit risk related to accounts receivables (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Movements in the Allowance for Doubtful Debts | The movements in the allowance for doubtful accounts are as follows (in thousands): Six Months Ended September 30, 2020 2021 Balance at April 1 $ 3,602 $ 5,575 Bad debt provision 2,273 1,563 Write-offs, net of recoveries (1,748) (1,036) Foreign currency translation differences 153 (66) Balance at September 30 $ 4,280 $ 6,036 |
Property and equipment (Tables)
Property and equipment (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The cost and accumulated depreciation of owned equipment are as follows (in thousands): March 31, September 30, Owned equipment Equipment, vehicles and other $ 6,877 $ 7,614 In-vehicle devices 53,448 59,284 Less: accumulated depreciation and impairments (42,955) (44,637) Owned equipment, net $ 17,370 $ 22,261 The cost and accumulated depreciation of right-of-use property and equipment are as follows (in thousands): March 31, September 30, Right-of-use assets Property $ 8,348 $ 7,821 Equipment, vehicles and other 226 220 Less: accumulated depreciation (2,481) (2,533) Right of use property and equipment, net $ 6,093 $ 5,508 |
Intangible assets (Tables)
Intangible assets (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets comprise the following (in thousands): As of March 31, 2021 As of September 30, 2021 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 20 $ 115 $ (82) $ 33 $ 113 $ (84) $ 29 Customer relationships 2 - 15 2,687 (2,271) 416 2,653 (2,330) 323 Internal-use software, technology and other 1 - 18 35,618 (17,764) 17,854 37,834 (19,337) 18,497 Total $ 38,420 $ (20,117) $ 18,303 $ 40,600 $ (21,751) $ 18,849 |
Accrued expenses and other li_2
Accrued expenses and other liabilities (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses and other liabilities comprise the following (in thousands): March 31, September 30, Current: Product warranties $ 605 $ 625 Maintenance 609 631 Employee-related accruals 6,166 6,081 Lease liabilities 1,395 1,255 Accrued commissions 2,199 2,533 Other accruals 6,356 7,832 Total current $ 17,330 $ 18,957 Non-current: Lease liabilities $ 4,895 $ 4,481 Other liabilities 968 998 Total non-current $ 5,863 $ 5,479 |
Schedule of Product Warranties | The table below provides details of the movement in the accrual (in thousands): As of September 30, 2020 2021 Product warranties Opening balance $ 616 $ 612 Warranty expense 43 200 Utilized (81) (126) Foreign currency translation difference 33 (14) Balance as of September 30 $ 611 $ 672 Non-current portion (included in other liabilities) $ 11 $ 47 Current portion $ 600 $ 625 |
Development expenditure (Tables
Development expenditure (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Development Expenditure | Development expenditure incurred comprises the following (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Costs capitalized (1) 647 985 1,383 1,956 Costs expensed (2) 1,046 1,314 2,040 2,751 Total costs incurred 1,693 2,299 3,423 4,707 Percentage capitalized 38.2 % 42.8 % 40.4 % 41.6 % (1) Costs capitalized relate only to the development of internal-use software. Product development costs are expensed when incurred. (2) Costs expensed are included in Administration and other expenses in the Condensed Consolidated Statement of Income. |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic Earnings Per Share | 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 September 30, Six Months Ended September 30, 2020 2021 2020 2021 Numerator (basic) Net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Denominator (basic) Weighted-average number of ordinary shares in issue 548,008 552,386 547,569 552,124 Basic earnings per share $ 0.01 $ 0.002 $ 0.01 $ 0.01 American Depository Shares*: Net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Weighted-average number of American Depository Shares in issue 21,920 22,095 21,903 22,085 Basic earnings per American Depository share $ 0.16 $ 0.06 $ 0.27 $ 0.22 *One American Depository Share is the equivalent of 25 ordinary shares. |
Schedule of Diluted Earnings Per Share | Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Numerator (diluted) Diluted net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Denominator (diluted) Weighted-average number of ordinary shares in issue 548,008 552,386 547,569 552,124 Adjusted for: – potentially dilutive effect of stock appreciation rights 9,339 11,778 9,517 11,809 – potentially dilutive effect of restricted share units 599 1,458 618 1,389 – potentially dilutive effect of stock options 1,005 — 1,125 — Diluted-weighted average number of ordinary shares in issue 558,951 565,622 558,829 565,322 Diluted earnings per share $ 0.01 $ 0.002 $ 0.01 $ 0.01 American Depository Shares*: Diluted net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Diluted weighted-average number of American Depository Shares in issue 22,358 22,625 22,353 22,613 Diluted earnings per American Depository share $ 0.15 $ 0.06 $ 0.26 $ 0.21 *One American Depository Share is the equivalent of 25 ordinary shares. |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables provide revenue and Segment Adjusted EBITDA (in thousands): Three Months Ended September 30, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 14,855 $ 1,635 $ 16,490 $ 7,249 Europe 2,919 474 3,393 1,536 Americas 4,786 240 5,026 2,170 Middle East and Australasia 4,118 948 5,066 2,405 Brazil 928 28 956 363 Total Regional Sales Offices 27,606 3,325 30,931 13,723 Central Services Organization 17 — 17 (1,674) Total Segment Results $ 27,623 $ 3,325 $ 30,948 $ 12,049 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Three Months Ended September 30, 2021 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,686 $ 1,596 $ 20,282 $ 8,874 Europe 3,413 1,337 4,750 1,682 Americas 3,444 468 3,912 33 Middle East and Australasia 4,207 1,750 5,957 2,665 Brazil 1,121 16 1,137 288 Total Regional Sales Offices 30,871 5,167 36,038 13,542 Central Services Organization 14 22 36 (2,457) Total Segment Results $ 30,885 $ 5,189 $ 36,074 $ 11,085 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Six Months Ended September 30, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 28,778 $ 2,236 $ 31,014 $ 14,494 Europe 5,769 608 6,377 2,838 Americas 8,961 395 9,356 3,578 Middle East and Australasia 7,999 1,657 9,656 4,323 Brazil 1,959 51 2,010 773 Total Regional Sales Offices 53,466 4,947 58,413 26,006 Central Services Organization 32 — 32 (3,537) Total Segment Results $ 53,498 $ 4,947 $ 58,445 $ 22,469 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Six Months Ended September 30, 2021 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 37,397 $ 2,811 $ 40,208 $ 17,778 Europe 6,786 2,598 9,384 3,433 Americas 7,067 663 7,730 572 Middle East and Australasia 8,556 2,855 11,411 5,208 Brazil 2,141 48 2,189 605 Total Regional Sales Offices 61,947 8,975 70,922 27,596 Central Services Organization 28 22 50 (5,044) Total Segment Results $ 61,975 $ 8,997 $ 70,972 $ 22,552 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 Tax | A reconciliation of the segment results to income before income tax expense is disclosed below (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Segment Adjusted EBITDA $ 12,049 $ 11,085 $ 22,469 $ 22,552 Corporate and consolidation entries (2,507) (2,474) (4,837) (4,850) Operating lease costs (1) (399) (373) (791) (780) Product development costs (2) (271) (335) (514) (698) Depreciation and amortization (3,836) (3,668) (7,464) (7,347) Impairment of long-lived assets (1) (28) (1) (28) Stock-based compensation costs (301) (330) (594) (694) Increase in restructuring costs (3) (153) (51) (997) (52) Net (loss)/profit on sale of property and equipment (7) 43 (8) 43 Net foreign exchange (losses)/gains (78) 60 (183) (16) Net interest expense (70) (141) (140) (219) Income before income tax expense for the period $ 4,426 $ 3,788 $ 6,940 $ 7,911 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 net 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 three months ended September 30, 2020, $0.1 million of the restructuring costs related to the North America reporting segment. For the six months ended September 30, 2020, $0.6 million, $0.2 million and $0.1 million of the restructuring costs related to CSO, Africa and North America reporting segments, respectively. |
Stock-based compensation plan (
Stock-based compensation plan (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Unvested SARs Activities | The following table summarizes the activities for the outstanding SARs: Number of SARs Weighted- Weighted Average Contractual Remaining Term (years) Aggregate Intrinsic Values (in thousands) Outstanding as of April 1, 2021 40,567,917 36 Exercised (1,392,917) 21 Forfeited (300,000) 46 Outstanding as of September 30, 2021 38,875,000 37 2.87 Vested and expected to vest as of September 30, 2021 37,762,500 37 2.06 5,857 Vested as of September 30, 2021 16,625,000 28 1.48 3,799 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Undrawn Facilities | Details of undrawn facilities are shown below: Interest rate March 31, September 30, Undrawn borrowing facilities at floating rates include: – Standard Bank Limited: Overdraft SA Prime* less 1.2% $ 2,616 $ 2,093 Vehicle and asset finance SA Prime* less 1.2% 570 562 Working capital facility SA Prime* less 0.25% 1,676 1,653 – Nedbank Limited overdraft SA Prime* less 2% 670 661 $ 5,532 $ 4,969 *South African prime interest rate |
Revenue from contracts with c_3
Revenue from contracts with customers - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||||
Deferred revenue | $ 5.6 | $ 5.6 | $ 5.8 | ||
Revenue | 1.2 | $ 0.6 | 2.4 | $ 1.7 | |
Deferred commissions | $ 3.6 | $ 3.6 | $ 3.7 |
Revenue from contracts with c_4
Revenue from contracts with customers - Summary of Recognized Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Capitalized Contract Cost [Line Items] | ||||
Amortization recognized during the quarter | $ (857) | $ (782) | $ (1,767) | $ (1,475) |
Cost of Revenue | ||||
Capitalized Contract Cost [Line Items] | ||||
Amortization recognized during the quarter | (616) | (563) | (1,291) | (1,048) |
Sales and Marketing | ||||
Capitalized Contract Cost [Line Items] | ||||
Amortization recognized during the quarter | $ (241) | $ (219) | $ (476) | $ (427) |
Credit risk related to accoun_3
Credit risk related to accounts receivables - Schedule of Movements in the Allowance for Doubtful Debts (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at April 1 | $ 5,575 | $ 3,602 |
Bad debt provision | 1,563 | 2,273 |
Write-offs, net of recoveries | (1,036) | (1,748) |
Foreign currency translation differences | (66) | 153 |
Balance at September 30 | $ 6,036 | $ 4,280 |
Credit risk related to accoun_4
Credit risk related to accounts receivables - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Mar. 31, 2021 |
Receivables [Abstract] | ||
Net accounts receivables pledged as security | $ 3.2 | $ 2.3 |
Property and equipment - Schedu
Property and equipment - Schedule of Owned Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation and impairments | $ (44,637) | $ (42,955) |
Owned equipment, net | 22,261 | 17,370 |
Equipment, vehicles and other | ||
Property, Plant and Equipment [Line Items] | ||
Owned equipment, gross | 7,614 | 6,877 |
In-vehicle devices | ||
Property, Plant and Equipment [Line Items] | ||
Owned equipment, gross | $ 59,284 | $ 53,448 |
Property and equipment - Narrat
Property and equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 2.6 | $ 3 | $ 5.3 | $ 5.8 |
Property and equipment - Sche_2
Property and equipment - Schedule of Right-of-Use Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (2,533) | $ (2,481) |
Right of use property and equipment, net | 5,508 | 6,093 |
Property | ||
Property, Plant and Equipment [Line Items] | ||
Right of use property and equipment, gross | 7,821 | 8,348 |
Equipment, vehicles and other | ||
Property, Plant and Equipment [Line Items] | ||
Right of use property and equipment, gross | $ 220 | $ 226 |
Intangible assets - Schedule of
Intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2021 | Mar. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying amount | $ 40,600 | $ 38,420 |
Accumulated amortization | (21,751) | (20,117) |
Net | 18,849 | 18,303 |
Patents and trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying amount | 113 | 115 |
Accumulated amortization | (84) | (82) |
Net | $ 29 | 33 |
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 | $ 2,653 | 2,687 |
Accumulated amortization | (2,330) | (2,271) |
Net | $ 323 | 416 |
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 | $ 37,834 | 35,618 |
Accumulated amortization | (19,337) | (17,764) |
Net | $ 18,497 | $ 17,854 |
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 Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 1 | $ 0.9 | $ 2 | $ 1.7 |
Accrued expenses and other li_3
Accrued expenses and other liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 |
Current: | |||
Product warranties | $ 625 | $ 605 | $ 600 |
Maintenance | 631 | 609 | |
Employee-related accruals | 6,081 | 6,166 | |
Lease liabilities | 1,255 | 1,395 | |
Accrued commissions | 2,533 | 2,199 | |
Other accruals | 7,832 | 6,356 | |
Total current | 18,957 | 17,330 | |
Non-current: | |||
Lease liabilities | 4,481 | 4,895 | |
Other liabilities | 998 | 968 | |
Total non-current | $ 5,479 | $ 5,863 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total current | Total current | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Total non-current | Total non-current |
Accrued expenses and other li_4
Accrued expenses and other liabilities - Schedule of Product Warranties (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Product warranties | |||
Beginning balance | $ 612 | $ 616 | |
Warranty expense | 200 | 43 | |
Utilized | (126) | (81) | |
Foreign currency translation difference | (14) | 33 | |
Ending balance | 672 | 611 | |
Non-current portion (included in other liabilities) | 47 | 11 | |
Current portion | $ 625 | $ 600 | $ 605 |
Development expenditure (Detail
Development expenditure (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Costs capitalized | $ 985 | $ 647 | $ 1,956 | $ 1,383 |
Costs expensed | 1,314 | 1,046 | 2,751 | 2,040 |
Total costs incurred | $ 2,299 | $ 1,693 | $ 4,707 | $ 3,423 |
Percentage capitalized | 42.80% | 38.20% | 41.60% | 40.40% |
Income taxes (Details)
Income taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 65.70% | 22.00% | 38.90% | 15.40% |
Effective tax rate excluding impact of foreign exchange | 38.60% | 28.40% | 35.00% | 29.00% |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Basic earnings per share | ||||
Net income attributable to ordinary shareholders | $ 1,299 | $ 3,452 | $ 4,830 | $ 5,874 |
Weighted average number of ordinary shares in issue (in shares) | 552,386 | 548,008 | 552,124 | 547,569 |
Basic earnings per share (in dollars per share) | $ 0.002 | $ 0.01 | $ 0.01 | $ 0.01 |
Weighted average number of American Depository Shares in issue (in shares) | 22,095 | 21,920 | 22,085 | 21,903 |
Basic earnings per American Depository Share (in dollars per share) | $ 0.06 | $ 0.16 | $ 0.22 | $ 0.27 |
Diluted earnings per share | ||||
Diluted weighted average number of ordinary shares in issue (in shares) | 565,622 | 558,951 | 565,322 | 558,829 |
Diluted earnings per share (in dollars per share) | $ 0.002 | $ 0.01 | $ 0.01 | $ 0.01 |
Diluted weighted average number of American Depository Shares in issue (in shares) | 22,625 | 22,358 | 22,613 | 22,353 |
Diluted earnings per American Depository Share (in dollars per share) | $ 0.06 | $ 0.15 | $ 0.21 | $ 0.26 |
Stock Appreciation Rights | ||||
Diluted earnings per share | ||||
Potentially dilutive effect of share-based payment arrangements (in shares) | 11,778 | 9,339 | 11,809 | 9,517 |
Restricted Share Units | ||||
Diluted earnings per share | ||||
Potentially dilutive effect of share-based payment arrangements (in shares) | 1,458 | 599 | 1,389 | 618 |
Stock Options | ||||
Diluted earnings per share | ||||
Potentially dilutive effect of share-based payment arrangements (in shares) | 0 | 1,005 | 0 | 1,125 |
Segment information - Narrative
Segment information - Narrative (Details) | 6 Months Ended |
Sep. 30, 2021regional_sales_officesegment | |
Segment Reporting [Abstract] | |
Number of reportable segments | segment | 6 |
Number of regional sales offices | regional_sales_office | 5 |
Segment information - Schedule
Segment information - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 36,074 | $ 30,948 | $ 70,972 | $ 58,445 |
Segment Adjusted EBITDA | 11,085 | 12,049 | 22,552 | 22,469 |
Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 30,885 | 27,623 | 61,975 | 53,498 |
Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 5,189 | 3,325 | 8,997 | 4,947 |
Total Regional Sales Offices | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 36,038 | 30,931 | 70,922 | 58,413 |
Segment Adjusted EBITDA | 13,542 | 13,723 | 27,596 | 26,006 |
Total Regional Sales Offices | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 30,871 | 27,606 | 61,947 | 53,466 |
Total Regional Sales Offices | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 5,167 | 3,325 | 8,975 | 4,947 |
Africa | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 20,282 | 16,490 | 40,208 | 31,014 |
Segment Adjusted EBITDA | 8,874 | 7,249 | 17,778 | 14,494 |
Africa | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 18,686 | 14,855 | 37,397 | 28,778 |
Africa | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,596 | 1,635 | 2,811 | 2,236 |
Europe | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 4,750 | 3,393 | 9,384 | 6,377 |
Segment Adjusted EBITDA | 1,682 | 1,536 | 3,433 | 2,838 |
Europe | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 3,413 | 2,919 | 6,786 | 5,769 |
Europe | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,337 | 474 | 2,598 | 608 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 3,912 | 5,026 | 7,730 | 9,356 |
Segment Adjusted EBITDA | 33 | 2,170 | 572 | 3,578 |
Americas | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 3,444 | 4,786 | 7,067 | 8,961 |
Americas | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 468 | 240 | 663 | 395 |
Middle East and Australasia | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 5,957 | 5,066 | 11,411 | 9,656 |
Segment Adjusted EBITDA | 2,665 | 2,405 | 5,208 | 4,323 |
Middle East and Australasia | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 4,207 | 4,118 | 8,556 | 7,999 |
Middle East and Australasia | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,750 | 948 | 2,855 | 1,657 |
Brazil | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,137 | 956 | 2,189 | 2,010 |
Segment Adjusted EBITDA | 288 | 363 | 605 | 773 |
Brazil | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,121 | 928 | 2,141 | 1,959 |
Brazil | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 16 | 28 | 48 | 51 |
Central Services Organization | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 36 | 17 | 50 | 32 |
Segment Adjusted EBITDA | (2,457) | (1,674) | (5,044) | (3,537) |
Central Services Organization | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 14 | 17 | 28 | 32 |
Central Services Organization | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 22 | $ 0 | $ 22 | $ 0 |
Segment information - Reconcili
Segment information - Reconciliation of Segment Results to Income Before Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | $ 11,085 | $ 12,049 | $ 22,552 | $ 22,469 |
Stock-based compensation costs | (300) | (300) | (700) | (600) |
Net interest expense | (141) | (70) | (219) | (140) |
Income before income tax expense | 3,788 | 4,426 | 7,911 | 6,940 |
North America | Employee Severance | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring costs | 100 | 100 | ||
CSO | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | (2,457) | (1,674) | (5,044) | (3,537) |
CSO | Employee Severance | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring costs | 600 | |||
Africa | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 8,874 | 7,249 | 17,778 | 14,494 |
Africa | Employee Severance | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring costs | 200 | |||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 11,085 | 12,049 | 22,552 | 22,469 |
Corporate and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Corporate and consolidation entries | (2,474) | (2,507) | (4,850) | (4,837) |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Operating lease costs | (373) | (399) | (780) | (791) |
Product development costs | (335) | (271) | (698) | (514) |
Depreciation and amortization | (3,668) | (3,836) | (7,347) | (7,464) |
Impairment of long-lived assets | (28) | (1) | (28) | (1) |
Stock-based compensation costs | (330) | (301) | (694) | (594) |
Increase in restructuring costs | (51) | (153) | (52) | (997) |
Net (loss)/profit on sale of property and equipment | 43 | (7) | 43 | (8) |
Net foreign exchange (losses)/gains | 60 | (78) | (16) | (183) |
Net interest expense | $ (141) | $ (70) | $ (219) | $ (140) |
Stock-based compensation plan -
Stock-based compensation plan - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 0.3 | $ 0.3 | $ 0.7 | $ 0.6 | |
SARs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 1.4 | $ 1.4 | |||
Expected period for recognition of unvested awards | 3 years 9 months 18 days | ||||
Number of shares outstanding | 38,875,000 | 38,875,000 | 40,567,917 | ||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 0.3 | $ 0.3 | |||
Expected period for recognition of unvested awards | 1 year 6 months | ||||
Number of shares outstanding | 2,000,000 | 2,000,000 | 2,000,000 | ||
Number of shares unvested | 2,000,000 | 2,000,000 | 2,000,000 | ||
Estimated forfeiture rate | 5.00% | ||||
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 |
Stock-based compensation plan_2
Stock-based compensation plan - Summary of Unvested SARs Activity (Details) - SARs $ / shares in Units, $ in Thousands | 6 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Number of SARs | |
Unvested as of beginning of period (in shares) | shares | 40,567,917 |
Exercised (in shares) | shares | (1,392,917) |
Forfeited (in shares) | shares | (300,000) |
Unvested as of end of period (in shares) | shares | 38,875,000 |
Vested and expected to vest (in shares) | shares | 37,762,500 |
Vested (in shares) | shares | 16,625,000 |
Weighted- Average Award Price in U.S. Cents | |
Outstanding as of beginning of period (in dollars per share) | $ / shares | $ 0.36 |
Exercised (in dollars per share) | $ / shares | 0.21 |
Forfeited (in dollars per share) | $ / shares | 0.46 |
Outstanding as of end of period (in dollars per share) | $ / shares | 0.37 |
Vested and expected to vest (in dollars per share) | $ / shares | 0.37 |
Vested (in dollars per share) | $ / shares | $ 0.28 |
Weighted average remaining contractual term, outstanding | 2 years 10 months 13 days |
Weighted average remaining contractual term, vested and expected to vest | 2 years 21 days |
Weighted average remaining contractual term, vested | 1 year 5 months 23 days |
Aggregate intrinsic value, vested and expected to vest | $ | $ 5,857 |
Aggregate intrinsic value, vested | $ | $ 3,799 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Debt Disclosure [Abstract] | ||
Debt | $ 2,139 | $ 1,674 |
Net accounts receivables pledged as security | $ 3,200 | $ 2,300 |
Debt - Schedule of Undrawn Faci
Debt - Schedule of Undrawn Facilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Undrawn borrowing remaining | $ 4,969 | $ 5,532 |
Standard Bank Limited | Overdraft | ||
Line of Credit Facility [Line Items] | ||
Percentage deducted from interest rate | 1.20% | 1.20% |
Undrawn borrowing remaining | $ 2,093 | $ 2,616 |
Standard Bank Limited | Vehicle and asset finance | ||
Line of Credit Facility [Line Items] | ||
Percentage deducted from interest rate | 1.20% | 1.20% |
Undrawn borrowing remaining | $ 562 | $ 570 |
Standard Bank Limited | Working capital facility | ||
Line of Credit Facility [Line Items] | ||
Percentage deducted from interest rate | 0.25% | 0.25% |
Undrawn borrowing remaining | $ 1,653 | $ 1,676 |
Nedbank Limited | Overdraft | ||
Line of Credit Facility [Line Items] | ||
Percentage deducted from interest rate | 2.00% | 2.00% |
Undrawn borrowing remaining | $ 661 | $ 670 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Mar. 31, 2021 |
Amended Network Service Agreement with MTN | Maximum | ||
Loss Contingencies [Line Items] | ||
Estimate of possible loss | $ 1.8 | $ 2 |
Subsequent events (Details)
Subsequent events (Details) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021R / shares | Sep. 30, 2021$ / shares | Sep. 30, 2020$ / shares | Sep. 30, 2021R / shares | Sep. 30, 2020R / shares | |
Subsequent Events [Abstract] | |||||
Dividends declared per share (in ZAR per share) | (per share) | R 0.04 | $ 0.3 | $ 0.3 | R 0.04 | R 0.04 |
Dividends declared per ADS (in ZAR per share) | R 1 |