Cover
Cover - shares | 9 Months Ended | ||
Dec. 31, 2023 | Jan. 26, 2024 | Mar. 31, 2023 | |
Cover [Abstract] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 310 | ||
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 | 554,020,612 | ||
Treasury stock (in shares) | 53,816,750 | 53,800,000 | |
Amendment Flag | false | ||
Entity Central Index Key | 0001576914 | ||
Current Fiscal Year End Date | --03-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 25,419 | $ 29,876 |
Restricted cash | 863 | 781 |
Accounts receivables, net of allowances for doubtful accounts of $2.7 million and $3.7 million as of March 31, 2023 and December 31, 2023, respectively | 28,264 | 24,194 |
Inventory, net | 5,137 | 4,936 |
Prepaid expenses and other current assets | 9,470 | 9,950 |
Total current assets | 69,153 | 69,737 |
Property, plant and equipment, net | 40,865 | 36,779 |
Goodwill | 39,060 | 39,258 |
Intangible assets, net | 21,247 | 21,895 |
Deferred tax assets | 583 | 2,090 |
Other assets | 10,614 | 6,804 |
Total assets | 181,522 | 176,563 |
Current liabilities: | ||
Short-term debt | 21,136 | 15,253 |
Accounts payables | 4,897 | 6,120 |
Accrued expenses and other liabilities | 23,614 | 21,486 |
Contingent consideration | 312 | 3,569 |
Deferred revenue | 6,487 | 5,295 |
Income taxes payable | 288 | 298 |
Total current liabilities | 56,734 | 52,021 |
Deferred tax liabilities | 13,506 | 12,357 |
Long-term accrued expenses and other liabilities | 3,265 | 3,368 |
Total liabilities | 73,505 | 67,746 |
MiX Telematics Limited stockholders’ equity | ||
Preference shares: 100 million shares authorized but not issued | 0 | 0 |
Ordinary shares: 608.8 million and 607.8 million no-par value shares issued as of March 31, 2023 and December 31, 2023, respectively | 63,455 | 64,001 |
Less treasury stock at cost: 53.8 million shares as of March 31, 2023 and December 31, 2023 | (17,315) | (17,315) |
Retained earnings | 78,334 | 79,024 |
Accumulated other comprehensive loss | (13,790) | (13,399) |
Additional paid-in capital | (2,672) | (3,499) |
Total MiX Telematics Limited stockholders’ equity | 108,012 | 108,812 |
Non-controlling interest | 5 | 5 |
Total stockholders’ equity | 108,017 | 108,817 |
Total liabilities and stockholders’ equity | $ 181,522 | $ 176,563 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3,657 | $ 2,745 |
Preference shares, authorized (in shares) | 100,000,000 | 100,000,000 |
Preference shares, issued (in shares) | 0 | 0 |
Ordinary shares, issued (in shares) | 607,800,000 | 608,800,000 |
Ordinary shares, outstanding (in shares) | 607,800,000 | 608,800,000 |
Treasury stock (in shares) | 53,816,750 | 53,800,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | ||||
Total revenue | $ 39,085 | $ 37,807 | $ 113,198 | $ 108,128 |
Cost of revenue | ||||
Total cost of revenue | 15,587 | 13,459 | 43,311 | 39,945 |
Gross profit | 23,498 | 24,348 | 69,887 | 68,183 |
Operating expenses | ||||
Sales and marketing | 3,537 | 4,589 | 10,512 | 12,974 |
Administration and other | 17,507 | 15,728 | 50,052 | 47,275 |
Total operating expenses | 21,044 | 20,317 | 60,564 | 60,249 |
Income from operations | 2,454 | 4,031 | 9,323 | 7,934 |
Other (expense)/income | 66 | (748) | (234) | 859 |
Interest income | 307 | 106 | 774 | 994 |
Interest expense | 604 | 378 | 1,645 | 1,002 |
Income before income tax expense | 2,223 | 3,011 | 8,218 | 8,785 |
Income tax expense | 762 | 223 | 4,900 | 6,525 |
Net income | 1,461 | 2,788 | 3,318 | 2,260 |
Less: Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Net income attributable to MiX Telematics Limited | $ 1,461 | $ 2,788 | $ 3,318 | $ 2,260 |
Net income per ordinary share | ||||
Basic (in dollars per share) | $ 0.003 | $ 0.005 | $ 0.006 | $ 0.004 |
Diluted (in dollars per share) | 0.003 | 0.005 | 0.006 | 0.004 |
Net income per American Depositary Share | ||||
Basic (in dollars per share) | 0.07 | 0.13 | 0.15 | 0.10 |
Diluted (in dollars per share) | $ 0.07 | $ 0.13 | $ 0.15 | $ 0.10 |
Ordinary shares | ||||
Weighted average (in shares) | 554,021,000 | 552,865,000 | 554,086,000 | 552,148,000 |
Diluted weighted average (in shares) | 554,021,000 | 555,811,000 | 554,294,000 | 556,047,000 |
American Depositary Shares | ||||
Weighted average (in shares) | 22,161,000 | 22,115,000 | 22,163,000 | 22,086,000 |
Diluted weighted average (in shares) | 22,161,000 | 22,232,000 | 22,172,000 | 22,242,000 |
Subscription | ||||
Revenue | ||||
Total revenue | $ 33,655 | $ 32,469 | $ 98,303 | $ 94,132 |
Cost of revenue | ||||
Total cost of revenue | 11,942 | 9,864 | 33,373 | 29,769 |
Hardware and other | ||||
Revenue | ||||
Total revenue | 5,430 | 5,338 | 14,895 | 13,996 |
Cost of revenue | ||||
Total cost of revenue | $ 3,645 | $ 3,595 | $ 9,938 | $ 10,176 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,461 | $ 2,788 | $ 3,318 | $ 2,260 |
Other comprehensive income/(loss) | ||||
Foreign currency translation gains/(losses), net of tax | 3,018 | 5,166 | (391) | (13,443) |
Total comprehensive income/(loss) | 4,479 | 7,954 | 2,927 | (11,183) |
Less: Total comprehensive income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Total comprehensive income/(loss) attributable to MiX Telematics Limited | $ 4,479 | $ 7,954 | $ 2,927 | $ (11,183) |
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, 2022 | 605,177 | |||||||
Beginning balance at Mar. 31, 2022 | $ 126,697 | $ 64,390 | $ (17,315) | $ 3,909 | $ (4,001) | $ 79,709 | $ 126,692 | $ 5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 2,260 | 2,260 | 2,260 | |||||
Other comprehensive income | (13,443) | (13,443) | (13,443) | |||||
Issuance of common stock in relation to SARs and RSUs exercised (in shares) | 2,292 | |||||||
Issuance of common stock in relation to RSUs exercised | 0 | |||||||
Stock-based compensation | 324 | 324 | 324 | |||||
Dividends declared | (3,962) | (3,962) | (3,962) | |||||
Ordinary shares repurchased and cancelled (in shares) | (328) | |||||||
Ordinary shares repurchased and cancelled | (107) | $ (107) | (107) | |||||
Ending balance (in shares) at Dec. 31, 2022 | 607,141 | |||||||
Ending balance at Dec. 31, 2022 | 111,769 | $ 64,283 | (17,315) | (9,534) | (3,677) | 78,007 | 111,764 | 5 |
Beginning balance (in shares) at Sep. 30, 2022 | 605,903 | |||||||
Beginning balance at Sep. 30, 2022 | 104,792 | $ 64,283 | (17,315) | (14,700) | (3,950) | 76,469 | 104,787 | 5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 2,788 | 2,788 | 2,788 | |||||
Other comprehensive income | 5,166 | 5,166 | 5,166 | |||||
Issuance of common stock in relation to SARs and RSUs exercised (in shares) | 1,238 | |||||||
Issuance of common stock in relation to RSUs exercised | 0 | |||||||
Stock-based compensation | 273 | 273 | 273 | |||||
Dividends declared | (1,250) | (1,250) | (1,250) | |||||
Ending balance (in shares) at Dec. 31, 2022 | 607,141 | |||||||
Ending balance at Dec. 31, 2022 | $ 111,769 | $ 64,283 | (17,315) | (9,534) | (3,677) | 78,007 | 111,764 | 5 |
Beginning balance (in shares) at Mar. 31, 2023 | 608,800 | 608,754 | ||||||
Beginning balance at Mar. 31, 2023 | $ 108,817 | $ 64,001 | (17,315) | (13,399) | (3,499) | 79,024 | 108,812 | 5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 3,318 | 3,318 | 3,318 | |||||
Other comprehensive income | (391) | (391) | (391) | |||||
Issuance of common stock in relation to SARs and RSUs exercised (in shares) | 800 | |||||||
Issuance of common stock in relation to RSUs exercised | 0 | $ 0 | 0 | |||||
Stock-based compensation | 827 | 827 | 827 | |||||
Dividends declared | (4,008) | (4,008) | (4,008) | |||||
Ordinary shares repurchased and cancelled (in shares) | (1,716) | |||||||
Ordinary shares repurchased and cancelled | $ (546) | $ (546) | (546) | |||||
Ending balance (in shares) at Dec. 31, 2023 | 607,800 | 607,838 | ||||||
Ending balance at Dec. 31, 2023 | $ 108,017 | $ 63,455 | (17,315) | (13,790) | (2,672) | 78,334 | 108,012 | 5 |
Beginning balance (in shares) at Sep. 30, 2023 | 607,838 | |||||||
Beginning balance at Sep. 30, 2023 | 104,606 | $ 63,455 | (17,315) | (16,808) | (2,934) | 78,203 | 104,601 | 5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 1,461 | 1,461 | 1,461 | |||||
Other comprehensive income | 3,018 | 3,018 | 3,018 | |||||
Stock-based compensation | 262 | 262 | 262 | |||||
Dividends declared | $ (1,330) | (1,330) | (1,330) | |||||
Ending balance (in shares) at Dec. 31, 2023 | 607,800 | 607,838 | ||||||
Ending balance at Dec. 31, 2023 | $ 108,017 | $ 63,455 | $ (17,315) | $ (13,790) | $ (2,672) | $ 78,334 | $ 108,012 | $ 5 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) | 3 Months Ended | |||
Dec. 31, 2023 R / shares | Dec. 31, 2023 $ / shares | Dec. 31, 2022 R / shares | Dec. 31, 2022 $ / shares | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared (in ZAR/USD per share) | (per share) | R 0.04 | $ 0.2 | R 0.04 | $ 0.2 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities | ||
Net income | $ 3,318 | $ 2,260 |
Current Income Tax Expense (Benefit) | 2,006 | 2,154 |
Deferred Income Tax Expense (Benefit) | 2,894 | 4,371 |
Net (loss)/profit on sale of property, plant and equipment | (49) | (32) |
Contingent consideration remeasurement | (1,049) | 0 |
Depreciation expense | 9,404 | 7,216 |
Amortization expense | 4,620 | 3,992 |
Amortization of Deferred Sales Commissions | 3,819 | 3,017 |
Investment Income, Net | 871 | 8 |
Share-based Payment Arrangement, Noncash Expense | 827 | 324 |
Net foreign exchange (losses)/gains | 1,346 | (743) |
Accounts Receivable, Credit Loss Expense (Reversal) | 3,561 | 2,872 |
Write-down of inventory | 323 | 434 |
Net Accrued Expenses And Other Liabilities Raised | (272) | 580 |
Other Noncash Income (Expense) | (262) | (468) |
Increase (Decrease) in Inventories | (524) | (2,073) |
Increase (Decrease) in Accounts Receivable | (7,631) | (4,848) |
Increase (Decrease) in Prepaid Expense and Other Assets | (495) | (60) |
Increase (Decrease) in Accounts Payable | (1,591) | (3,183) |
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | 2,943 | 3,579 |
Increase (Decrease) in Contract with Customer, Asset | (6,763) | (4,973) |
Increase (Decrease) Of Foreign Exchange Movements On Operating Capital | (1,637) | (876) |
Interest received | 697 | 590 |
Interest paid | (1,252) | (601) |
Income tax paid | (1,587) | (745) |
Net cash provided by operating activities | 13,517 | 12,795 |
Cash flows from investing activities | ||
Acquisition of property, plant and equipment – in-vehicle devices | (12,140) | (14,521) |
Acquisition of property, plant and equipment – other | (701) | (788) |
Proceeds from the sale of property, plant and equipment | 65 | 71 |
Acquisition of intangible assets | (4,254) | (4,086) |
Cash paid for business combination | 0 | (3,739) |
Deferred consideration paid | (1,414) | 0 |
Net cash used in investing activities | (18,444) | (23,063) |
Cash flows from financing activities | ||
Cash paid for ordinary shares repurchased | (546) | (107) |
Cash paid on dividends to MiX Telematics Limited stockholders | (4,002) | (3,955) |
Movement in short-term debt | 5,946 | 7,562 |
Net cash from financing activities | 1,398 | 3,500 |
Net decrease in cash and cash equivalents, and restricted cash | (3,529) | (6,768) |
Cash and cash equivalents, and restricted cash at beginning of the period | 30,657 | 34,719 |
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 | (846) | (2,142) |
Cash and cash equivalents, and restricted cash at end of the period | $ 26,282 | $ 25,809 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies Nature of the Business MiX Telematics Limited and its subsidiaries (“the Company”) is a global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (“SaaS”). The Company’s solutions enable customers to manage, optimize and protect their investments in commercial fleets, mobile assets or personal vehicles. The Company’s solutions enable a wide range of customers, from large enterprise fleets to small fleet operators and consumers, to reduce fuel and other operating costs, improve efficiency, enhance regulatory compliance, promote driver safety, manage risk and mitigate theft. The Company is incorporated and domiciled in South Africa, with its principal executive office in Boca Raton, Florida. The Company’s fiscal year ends on March 31. 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, 2023 filed with the SEC on June 22, 2023. 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 li mited to, fair value measurement of contingent consideration, allowances for doubtful accounts, the assessment of expected cash flows used in evaluating goodwi ll for impairment and income and deferred taxes. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. We have considered the impact of rising inflation, fuel prices, global politics, sanctions and the impact thereof on global trade on the estimates and assumptions used. As of December 31, 2023, we have taken into account the impact of the above on goodwill sensitivities and impairment assessments. However, future changes in economic conditions could have an impact on future estimates and judgements used. 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, 2023, filed with the SEC on June 22, 2023, that have had a material impact on the Company’s Condensed Consolidated Financial Statements and related notes. Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted during the nine months ended December 31, 2023. Recent Accounting Pronouncements Not Yet Adopted On October 28, 2021, the FASB issued ASU 2021-08, which amends ASC 805, Business Combinations , to require companies to apply ASC 606, Revenue from Contracts with Customers , to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This creates an exception to the general recognition and measurement principle in ASC 805 which requires an acquirer to generally recognize such items at fair value on the acquisition date. The ASU is effective for fiscal years beginning after December 15, 2022 and interim periods therein for public business entities (PBEs). For all other entities, it is effective for fiscal years beginning after December 15, 2023 and interim periods therein. Early adoption is permitted for all entities, including adoption in an interim period. The adoption of the ASU is expected to have no material impact. |
Acquisition
Acquisition | 9 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | Acquisition MiX Telematics North America, a 100% owned subsidiary of the Company, acquired Trimble Inc. ’ s Field Service Management business (“FSM”) in North America on September 2, 2022 (the “FSM Acquisition”). FSM’s North American operations include the sale and support of telemetry and video solutions that enable back-office monitoring and visualization for fleet services management in a number of industries. All existing FSM subscription contracts and the related revenue streams were acquired by MiX Telematics North America. The initial accounting for the business combination was complete at March 31, 2023. For additional information on the acquisition please refer to our Annual Report on Form 10-K for the year ended March 31, 2023, which we filed with the SEC on June 22, 2023. |
Revenue from contracts with cus
Revenue from contracts with customers | 9 Months Ended |
Dec. 31, 2023 | |
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 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 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, 2023 and December 31, 2023 was $5.3 million and $6.5 million, respectively. During the quarters ended December 31, 2022 and December 31, 2023, revenue of $1.2 million and $0.8 million, respectively, which was included in the deferred revenue balances at the beginning of each such quarter, was recognized. During the nine months ended December 31, 2022 and December 31, 2023, revenue of $3.4 million and $2.9 million, respectively, which was included in the deferred revenue balances at the beginning of each such financial year, was recognized. 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 $6.0 million and $9.4 mill ion as of March 31, 2023 and December 31, 2023, 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 December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Amortization recognized during the period: $ (1,088) $ (1,464) $ (3,017) $ (3,819) – Cost of revenue (external commissions) (868) (1,215) (2,340) (3,153) – Sales and marketing (internal commissions) (220) (249) (677) (666) |
Credit risk related to accounts
Credit risk related to accounts receivable | 9 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Credit risk related to accounts receivable | Credit risk related to accounts receivable The movements in the allowance for doubtful accounts are as follows (in thousands): Nine Months Ended December 31, 2022 2023 Balance at April 1 $ 5,426 $ 2,745 Bad debt provision 2,872 3,561 Write-offs (4,326) (2,638) Foreign currency translation differences (636) (11) Balance at December 31 $ 3,336 $ 3,657 Overview of the Company’s exposure to credit risk from customers The maximum exposure to credit risk at the reporting date is the gross carrying value of each receivable and loan to external parties. As of March 31, 2023 and December 31, 2023 , 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. |
Inventory
Inventory - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Gross | $ 1,510 | $ 3,131 |
Property, plant and equipment
Property, plant and equipment | 9 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment comprises owned and right of use assets. The Company leases many assets including property, motor vehicles and office equipment. The cost and accumulated depreciation of owned assets are as follows (in thousands): March 31, December 31, Owned assets Plant and Equipment $ 793 $ 845 Motor Vehicles 1,948 1,888 Furniture, fixtures and equipment 1,295 1,175 Computer and radio equipment 3,743 4,088 In-vehicle devices 72,405 82,687 Assets in progress 26 34 Owned assets, gross 80,210 90,717 Less: accumulated depreciation and impairments (46,932) (53,232) Owned assets, net $ 33,278 $ 37,485 Depreciation expense related to owned assets during the three months ended December 31, 2022 and 2023 was $2.4 million and $ 3.6 million, respectively. Depreciation expense related to owned assets during the nine months ended December 31, 2022 and 2023 was $7.2 million and $9.4 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 assets are as follows (in thousands): March 31, December 31, Right-of-use assets Property $ 5,792 $ 5,193 Equipment, motor vehicles and other 259 306 Less: accumulated depreciation (2,550) (2,119) Right of use assets, net $ 3,501 $ 3,380 |
Intangible assets
Intangible assets | 9 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Intangible assets Intangible assets comprise the following (in thousands): As of March 31, 2023 As of December 31, 2023 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 10 $ 90 $ (63) $ 27 $ 121 $ (95) $ 26 Customer relationships 1 - 10 8,234 (3,061) 5,173 8,316 (4,008) 4,308 Internal-use software, technology and other 1 - 20 39,031 (22,336) 16,695 41,127 (24,214) 16,913 Total $ 47,355 $ (25,460) $ 21,895 $ 49,564 $ (28,317) $ 21,247 For the three months ended December 31, 2022 and 2023, amortization expense of $1.6 million has been recognized in both periods. For the nine months ended December 31, 2022 and 2023, amortization expense of $4.0 million, and $4.6 million, respectively, has been recognized. Non-cash disposals of $0.6 million and $2.0 million were recognized for the nine months ended December 31, 2022 and 2023, respectively. Foreign exchange related gains of $2.9 million and foreign exchange related losses $0.3 million, on accumulated amortization, were recognized for the nine months ended December 31, 2022 and 2023, respectively. |
Accrued expenses and other liab
Accrued expenses and other liabilities | 9 Months Ended |
Dec. 31, 2023 | |
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, December 31, Current: Product warranties $ 317 $ 320 Maintenance 430 339 Employee-related accruals 3,392 3,997 Bonus and incentives 3,344 2,738 Lease liabilities 688 868 Accrued commissions 3,675 5,023 Loss contingency (1) 474 — Value added tax payables 1,239 1,371 Post-acquisition support and hardware payable (1) 2,265 1,729 Other accruals 5,662 7,229 Total current $ 21,486 $ 23,614 Non-current: Lease liabilities $ 2,966 $ 2,803 Other liabilities 402 462 Total non-current $ 3,368 $ 3,265 (1) Relates to the FSM Acquisition . 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 December 31, 2022 2023 Product warranties Opening balance $ 683 $ 359 Warranty credit (44) (11) Reclassification (1) 265 — Acquisition (2) 41 — Foreign currency translation difference (86) 1 Balance as of December 31 $ 329 $ 349 Non-current portion (included in other liabilities) $ 42 $ 29 Current portion $ 287 $ 320 (1) Relates to a reclassification of certain costs from Product warranties to the Maintenance provision during fiscal year 2023. (2) Relates to the FSM Acquisition. |
Development expenditure
Development expenditure | 9 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Development expenditure | Development expenditure Development expenditure incurred comprises the following (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Costs capitalized (1) $ 905 $ 1,144 $ 2,934 $ 3,662 Costs expensed (2) 1,358 1,424 4,362 4,403 Total costs incurred $ 2,263 $ 2,568 $ 7,296 $ 8,065 (1) Costs capitalized relate only to the development of internal-use software, which are recognized in accordance with the Intangible assets (Internal-use software and technology) accounting policy. (2) Costs expensed are included in Administration and other expenses in the Condensed Consolidated Statements of Income. |
Leases
Leases | 9 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company leases property, office equipment and vehicles under operating leases. The lease terms vary between 1 month and 120 months, with many leases providing renewal rights and certain leases with annual escalations of up to 8% per annum. To the extent the Company is reasonably certain that it will exercise renewal options, such options have been included in the lease terms used for calculating the right-of-use assets and lease liabilities. Right-of-use assets are included in Property, plant and equipment in the Condensed Consolidated Balance Sheets and lease liabilities related to the Company’s operating leases are included in Accrued expenses and other liabilities and Long-term accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets. Where lease terms are 12-months or less, and meet the criteria for short-term lease classification, no right-of-use asset and no lease liability are recognized. The components of lease cost are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Operating lease cost $ 297 $ 286 $ 932 $ 889 Short-term lease cost 104 156 236 368 Total lease cost $ 401 $ 442 $ 1,168 $ 1,257 Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands): Nine Months Ended December 31, 2022 2023 Operating cash flow information: Cash payments included in the measurement of lease liabilities $ 1,069 $ 775 Non-cash activity: Right-of-use assets obtained in exchange for new operating lease liabilities $ 868 $ 600 Weighted-average remaining lease term and discount rate for our operating leases are as follows: March 31, December 31, Weighted-average remaining lease term - operating leases (months) (1) 22 19 Weighted-average discount rate - operating leases 8.0 % 8.4 % (1) Including expected renewals where appropriate. Maturities of operating lease liabilities as of December 31, 2023 were as follows (in thousands): 2024 (remainder) $ 288 2025 1,064 2026 860 2027 727 2028 684 Thereafter 828 Total future minimum lease payments 4,451 Less: Imputed interest (780) Present value of future minimum lease payments 3,671 Less: Current portion of lease liabilities (868) Non-current portion of lease liabilities $ 2,803 |
Income taxes
Income taxes | 9 Months Ended |
Dec. 31, 2023 | |
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 74.3% for the nine months ended December 31, 2022 compared to 59.6% for the nine months ended December 31, 2023. Our effective tax rate was 7.4% for the three months ended December 31, 2022 compared to 34.3% for the three months ended December 31, 20 23. |
Earnings per share
Earnings per share | 9 Months Ended |
Dec. 31, 2023 | |
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 December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Ordinary shares: Numerator (basic) Net income attributable to MiX Telematics Limited stockholders $ 2,788 $ 1,461 $ 2,260 $ 3,318 Denominator (basic) Weighted-average number of ordinary shares in issue and outstanding 552,865 554,021 552,148 554,086 Basic earnings per share $ 0.005 $ 0.003 $ 0.004 $ 0.006 American Depositary Shares*: Numerator (basic) Net income attributable to MiX Telematics Limited stockholders $ 2,788 $ 1,461 $ 2,260 $ 3,318 Denominator (basic) Weighted-average number of American Depositary Shares in issue and outstanding 22,115 22,161 22,086 22,163 Basic earnings per American Depositary Share $ 0.13 $ 0.07 $ 0.10 $ 0.15 *One American Depositary 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. Restricted share units 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 December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Ordinary shares: Numerator (diluted) Diluted net income attributable to MiX Telematics Limited stockholders $ 2,788 $ 1,461 $ 2,260 $ 3,318 Denominator (diluted) Weighted-average number of ordinary shares in issue and outstanding 552,865 554,021 552,148 554,086 Adjusted for: – potentially dilutive effect of stock appreciation rights 2,249 — 2,873 — – potentially dilutive effect of restricted share units 697 — 1,026 208 Diluted-weighted average number of ordinary shares in issue and outstanding 555,811 554,021 556,047 554,294 Diluted earnings per share $ 0.005 $ 0.003 $ 0.004 $ 0.006 American Depositary Shares*: Numerator (diluted) Diluted net income attributable to MiX Telematics Limited stockholders $ 2,788 $ 1,461 $ 2,260 $ 3,318 Denominator (diluted) Weighted-average number of American Depositary Shares in issue and outstanding 22,115 22,161 22,086 22,163 Adjusted for: – potentially dilutive effect of stock appreciation rights 90 — 115 — – potentially dilutive effect of restricted share units 27 — 41 9 Diluted weighted-average number of American Depositary Shares in issue and outstanding 22,232 22,161 22,242 22,172 Diluted earnings per American Depositary Share $ 0.13 $ 0.07 $ 0.10 $ 0.15 *One American Depositary Share is the equivalent of 25 ordinary shares. |
Segment information
Segment information | 9 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment information | Segment information The Company has six reportable segments, which are based on the geographical location of the five Regional Sales Offices (“RSOs”) and also includes the Central Services Organization (“CSO”). The RSOs provide fleet and mobile asset management solutions and predominantly generate external revenue. 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 revenue. 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 income before income tax expense excluding the contingent consideration remeasurement, non-recurring transitional service agreement costs, strategic costs, acquisition-related costs, interest expense, interest income, net foreign exchange losses/gains, net loss/profit on sale of property, plant and equipment, restructuring costs, stock-based compensation costs, depreciation, amortization, onerous contract costs, operating lease costs and corporate and consolidation entries. Product development costs are capitalized and amortized and this amortization is excluded from Segment Adjusted EBITDA. 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 December 31, 2022 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,029 $ 1,460 $ 19,489 $ 8,121 Europe 3,051 748 3,799 1,402 Americas 5,842 308 6,150 1,378 Middle East and Australasia 4,013 2,382 6,395 2,308 Brazil 1,516 440 1,956 614 Total Regional Sales Offices 32,451 5,338 37,789 13,823 Central Services Organization 18 — 18 (2,570) Total Segment Results $ 32,469 $ 5,338 $ 37,807 $ 11,253 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Three Months Ended December 31, 2023 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 19,408 $ 1,512 $ 20,920 $ 8,869 Europe 3,014 368 3,382 1,113 Americas 5,062 561 5,623 1,321 Middle East and Australasia 4,361 2,318 6,679 2,802 Brazil 1,805 671 2,476 782 Total Regional Sales Offices 33,650 5,430 39,080 14,887 Central Services Organization 5 — 5 (2,504) Total Segment Results $ 33,655 $ 5,430 $ 39,085 $ 12,383 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2022 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 55,163 $ 4,545 $ 59,708 $ 23,586 Europe 9,215 1,747 10,962 3,737 Americas 13,535 1,471 15,006 2,496 Middle East and Australasia 12,095 5,156 17,251 6,295 Brazil 4,065 1,077 5,142 1,457 Total Regional Sales Offices 94,073 13,996 108,069 37,571 Central Services Organization 59 — 59 (8,029) Total Segment Results $ 94,132 $ 13,996 $ 108,128 $ 29,542 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2023 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 56,606 $ 3,997 $ 60,603 $ 26,016 Europe 9,184 1,377 10,561 3,639 Americas 14,503 1,286 15,789 2,403 Middle East and Australasia 12,757 6,441 19,198 8,338 Brazil 5,237 1,790 7,027 2,629 Total Regional Sales Offices 98,287 14,891 113,178 43,025 Central Services Organization 16 4 20 (7,321) Total Segment Results $ 98,303 $ 14,895 $ 113,198 $ 35,704 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, 2022 2023 2022 2023 Segment Adjusted EBITDA $ 11,253 $ 12,383 $ 29,542 $ 35,704 Corporate and consolidation entries (2,267) (2,267) (7,219) (7,179) Operating lease costs (1) (298) (285) (933) (888) Product development costs (2) (280) (293) (972) (976) Onerous contract costs — (4) — 35 Depreciation and amortization (4,012) (5,254) (11,208) (14,024) Stock-based compensation costs (273) (262) (324) (827) Restructuring costs (84) — (84) (30) Net (loss)/profit on sale of property, plant and equipment (1) 45 32 49 Net foreign exchange (losses)/gains (755) (493) 743 (1,346) Interest income 106 307 994 774 Interest expense (378) (604) (1,002) (1,645) Acquisition-related costs — — (784) — Strategic costs (3) — (1,200) — (1,996) Non-recurring transitional service agreement costs (4) — (361) — (482) Contingent consideration remeasurement — 511 — 1,049 Income before income tax expense $ 3,011 $ 2,223 $ 8,785 $ 8,218 1. For the purposes of calculating Segment Adjusted EBITDA, operating lease expenses are excluded from the Segment Adjusted EBITDA. Therefore, in order to reconcile Segment Adjusted EBITDA to income before income tax expense, the total lease expense in respect of operating leases needs to be deducted. 2. For segment reporting purposes, product development costs, which do not meet the capitalization requirements under ASC 730 Research and Development or under ASC 985 Software , are capitalized and amortized. The amortization is excluded from Segment Adjusted EBITDA. In order to reconcile Segment Adjusted EBITDA to income before income tax expense, product development costs capitalized for segment reporting purposes need to be deducted. 3. Strategic costs relate to costs incurred in relation to the Powerfleet Transaction discussed in note 18 to the condensed consolidated financial statements. 4. Certain non-recurring costs related to the extension of the transitional service agreement in respect of the FSM business acquired from Trimble in September 2022 were incurred on a temporary basis from September 2023 to December 2023 and have been excluded from Adjusted EBITDA. No single customer accounted for 10% or more of the Company’s total revenue for the three months ended December 31, 2022 and 2023. No single customer accounted for 10% or more of the Company’s accounts receivable as of March 31, 2023 or December 31, 2023. |
Stock-based compensation plan
Stock-based compensation plan | 9 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023, there were 12,790,000 s hares reserved for future issuance under the LTIP. The total stock-based compensation expense recognized during the three months ended December 31, 2022 and 2023 was $0.3 million in each period. The total stock-based compensation expense recognized during the nine months ended December 31, 2022 and 2023 was $0.3 million and $0.8 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, 2023 35,800,000 37 Granted 10,600,000 27 Exercised — — Forfeited (1,425,000) 32 Outstanding as of December 31, 2023 44,975,000 34 3.83 Vested and expected to vest as of December 31, 2023 42,726,250 34 3.83 $ — Vested as of December 31, 2023 — — — $ — As of December 31, 2023, there w as $2.1 million of unrecognized compensation cost related to unvested SARs. This amount is expected to be recognized over a weighted-average period of 3.72 years. *U.S. currency amounts are based on a ZAR:USD exchange rate of 18.2982 as of December 31, 2023. Restricted share units granted under the LTIP 0.8 million RSUs were outstanding and unvested as of April 1, 2023. 0.8 million RSUs vested and were settled during the first quarter of fiscal year 2024. There were no outstanding RSUs as at the end of the first, second and third quarters of fiscal year 2024. The following table summarizes the Company’s unvested RSUs for the nine months ended December 31, 2023: Number of RSUs Weighted- Average Grant-Date Fair Value in U.S. Cents* Unvested as of April 1, 2023 800,000 31 Settled (800,000) 31 Unvested as of December 31, 2023 — — * The exercise price used to determine the grant date fair value is denominated in South African cents. U.S. currency amounts are based on a ZAR:USD exchange rate of 18.2982 as o f December 31, 2023. |
Debt
Debt | 9 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of March 31, 2023 debt comprised bank overdrafts of $15.3 million. As of Dec ember 31, 2023 debt comprised $20.5 million of bank overdrafts and $0.6 million of book overdrafts , respectively. Details of undrawn facilities are shown below: Interest rate March 31, December 31, Undrawn borrowing facilities at floating rates include: – Standard Bank: CFC Overdraft SA Prime* less 1.2% $ 1,180 $ 1,798 Overdraft SA Prime* less 1.2% — — Vehicle and asset finance SA Prime* less 1.2% — — Working capital facility SA Prime* less 0.25% — — – Nedbank Limited overdraft SA Prime* less 2% 264 547 – Investec Bank Limited Facility: General committed banking facility SA Prime* less 1.5% 7,222 656 General uncommitted banking facility Negotiable (overnight or daily rates) 10,000 10,000 $ 18,666 $ 13,001 *South African prime interest rate As of March 31, 2023 and December 31, 2023, the South African prime interest rate was 11.25 % and 11.75% respectively. The Standard Bank and Nedbank Limited (“Nedbank”) facilities have no fixed renewal date and are repayable on demand. The facility from Nedbank is unsecured. The Investec Bank Limited (“Investec”) credit facilities are comprised of a 364-day renewable committed general credit facility of R350 million (the equivalent of $19.1 million as of December 31, 2023) (the “Committed Facility”) and an uncommitted general credit facility of $10 million (the “Uncommitted Facility”). As of December 31, 2023, $18.5 million of the Committed Facility was utilized. Under the Committed Facility, the Company will pay a commitment fee charged at 30bps on any undrawn portion of the Committed Facility (plus VAT on such amount), calculated monthly and payable, free of deduction, monthly in arrears on the first business day of each month. The Uncommitted Facility is repayable on demand by Investec and a fee of 10bps per annum shall be charged on any undrawn portion of the Uncommitted Facility (plus VAT on such amount), calculated monthly and payable, free of deduction, monthly in arrears on the seventh business day of each month. The loans under the Committed Facility bear interest at South African prime interest rate less 1.5% per annum and the loans under the Uncommitted Facility bear interest at overnight or daily negotiable rates, in each case which such interest shall accrue on all amounts outstanding under the Committed Facility or the Uncommitted Facility, as the case may be, payable monthly in arrears on the first business day of each month, or as otherwise specified in the Credit Agreement. Investec shall advise the Company of any changes to the applicable interest rate. On November 15, 2022, the Company concluded a second amendment to the credit agreement with Standard Bank, which entitles the Company to utilize a maximum amount of R70.0 million (the equivalent of $3.8 million as of December 31, 2023), in the form of a customer foreign currency account overdraft facility (the “CFC Overdraft Facility”). All other facilities under the facility letter with Standard Bank were replaced by the CFC Overdraft Facility. The CFC Overdraft Facility has no fixed renewal date and is repayable on demand. The CFC Overdraft Facility bears interest at the South African Prime interest rate less 1.2% per annum. As of December 31, 2023, $2.0 million of the CFC Overdraft Facility was utilized. In November 2022, the Company also terminated the suretyship securing the Company’s indebtedness (among other parties) to Standard Bank and signed by the Company and its subsidiaries; MiX Telematics Africa Proprietary Limited (“MiX Telematics Africa”) and MiX Telematics International Proprietary Limited (“MiX Telematics International”). A new suretyship agreement was entered into providing that the Company and only one subsidiary being MiX Telematics International , binds themselves as surety(ies) and co-principal debtor(s) for the payment, when due, of all the present and future debts of any kind of the Company and MiX Telematics International to Standard Bank . The security release letter also provided that Standard Bank’s claims to any security furnished by the Company and its subsidiaries under the original suretyship agreement were released upon signature of the new suretyship agreement. On December 19, 2023, Powerfleet and the Company entered into a commitment letter with Rand Merchant Bank, a division of FirstRand Bank Limited (“RMB”), pursuant to which RMB has committed to provide two senior secured term loan facilities to Powerfleet and Powerfleet Sub in an aggregate principal amount of up to $85 million (comprised of two facilities in the aggregate principal amount of up to the ZAR equivalent of $50 million and $35 million, respectively (the “Term A facility” and “Term B facility,” respectively, and, collectively, the “term facilities”)) and a general banking facility to Powerfleet Sub in an aggregate principal amount of up to R350 million (the “general facility” and, together with the term facilities, the “credit facilities”). The term facilities will be available to Powerfleet for the purpose of redeeming the Series A preferred stock in full in cash, and the general facility will be available to fund the ongoing activity and capital expenditures of Powerfleet Sub. The credit facilities are subject to customary closing conditions. |
Contingencies
Contingencies | 9 Months Ended |
Dec. 31, 2023 | |
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, 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, 2023 and December 31, 2023 was $1.1 million and $ 0.9 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. The Tribunal has since set the matter for hearing from June 24 to July 2, 2024. Leading up to that date various intermediary steps such as discovery, filing of witness statements and trial bundle exchanges will take place. 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 December 31, 2023, no intermediary steps have taken place, and we have not made any provisions for this matter as an estimate of the possible loss or range of loss could not be made, and we do not believe that an outflow of economic resources is probable. |
Subsequent events
Subsequent events | 9 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events Other than the items below, the directors are not aware of any matter material or otherwise arising since December 31, 2023 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, 2023, a dividend of 4.50000 South African cents per ordinary share and 1.12500 South African Rand per American Depositary Share (“ADS”), which will be paid on March 7, 2024 to ADS holders on record as of the close of business on February 23, 2024. Business combination |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 1,461 | $ 2,788 | $ 3,318 | $ 2,260 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
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, 2023 filed with the SEC on June 22, 2023. |
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 li mited to, fair value measurement of contingent consideration, allowances for doubtful accounts, the assessment of expected cash flows used in evaluating goodwi ll for impairment and income and deferred taxes. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. We have considered the impact of rising inflation, fuel prices, global politics, sanctions and the impact thereof on global trade on the estimates and assumptions used. As of December 31, 2023, we have taken into account the impact of the above on goodwill sensitivities and impairment assessments. However, future changes in economic conditions could have an impact on future estimates and judgements used. |
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted during the nine months ended December 31, 2023. Recent Accounting Pronouncements Not Yet Adopted On October 28, 2021, the FASB issued ASU 2021-08, which amends ASC 805, Business Combinations , to require companies to apply ASC 606, Revenue from Contracts with Customers , to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This creates an exception to the general recognition and measurement principle in ASC 805 which requires an acquirer to generally recognize such items at fair value on the acquisition date. The ASU is effective for fiscal years beginning after December 15, 2022 and interim periods therein for public business entities (PBEs). For all other entities, it is effective for fiscal years beginning after December 15, 2023 and interim periods therein. Early adoption is permitted for all entities, including adoption in an interim period. The adoption of the ASU is expected to have no material impact. |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
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 December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Amortization recognized during the period: $ (1,088) $ (1,464) $ (3,017) $ (3,819) – Cost of revenue (external commissions) (868) (1,215) (2,340) (3,153) – Sales and marketing (internal commissions) (220) (249) (677) (666) |
Credit risk related to accoun_2
Credit risk related to accounts receivable (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Movements in the Allowance for Doubtful Accounts | The movements in the allowance for doubtful accounts are as follows (in thousands): Nine Months Ended December 31, 2022 2023 Balance at April 1 $ 5,426 $ 2,745 Bad debt provision 2,872 3,561 Write-offs (4,326) (2,638) Foreign currency translation differences (636) (11) Balance at December 31 $ 3,336 $ 3,657 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Owned Property, Plant and Equipment | The cost and accumulated depreciation of owned assets are as follows (in thousands): March 31, December 31, Owned assets Plant and Equipment $ 793 $ 845 Motor Vehicles 1,948 1,888 Furniture, fixtures and equipment 1,295 1,175 Computer and radio equipment 3,743 4,088 In-vehicle devices 72,405 82,687 Assets in progress 26 34 Owned assets, gross 80,210 90,717 Less: accumulated depreciation and impairments (46,932) (53,232) Owned assets, net $ 33,278 $ 37,485 The cost and accumulated depreciation of right-of-use assets are as follows (in thousands): March 31, December 31, Right-of-use assets Property $ 5,792 $ 5,193 Equipment, motor vehicles and other 259 306 Less: accumulated depreciation (2,550) (2,119) Right of use assets, net $ 3,501 $ 3,380 |
Intangible assets (Tables)
Intangible assets (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets comprise the following (in thousands): As of March 31, 2023 As of December 31, 2023 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 10 $ 90 $ (63) $ 27 $ 121 $ (95) $ 26 Customer relationships 1 - 10 8,234 (3,061) 5,173 8,316 (4,008) 4,308 Internal-use software, technology and other 1 - 20 39,031 (22,336) 16,695 41,127 (24,214) 16,913 Total $ 47,355 $ (25,460) $ 21,895 $ 49,564 $ (28,317) $ 21,247 |
Accrued expenses and other li_2
Accrued expenses and other liabilities (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses and other liabilities comprise the following (in thousands): March 31, December 31, Current: Product warranties $ 317 $ 320 Maintenance 430 339 Employee-related accruals 3,392 3,997 Bonus and incentives 3,344 2,738 Lease liabilities 688 868 Accrued commissions 3,675 5,023 Loss contingency (1) 474 — Value added tax payables 1,239 1,371 Post-acquisition support and hardware payable (1) 2,265 1,729 Other accruals 5,662 7,229 Total current $ 21,486 $ 23,614 Non-current: Lease liabilities $ 2,966 $ 2,803 Other liabilities 402 462 Total non-current $ 3,368 $ 3,265 (1) Relates to the FSM Acquisition . |
Schedule of Product Warranties | The table below provides details of the movement in the accrual (in thousands): As of December 31, 2022 2023 Product warranties Opening balance $ 683 $ 359 Warranty credit (44) (11) Reclassification (1) 265 — Acquisition (2) 41 — Foreign currency translation difference (86) 1 Balance as of December 31 $ 329 $ 349 Non-current portion (included in other liabilities) $ 42 $ 29 Current portion $ 287 $ 320 (1) Relates to a reclassification of certain costs from Product warranties to the Maintenance provision during fiscal year 2023. (2) Relates to the FSM Acquisition. |
Development expenditure (Tables
Development expenditure (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Development Expenditure | Development expenditure incurred comprises the following (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Costs capitalized (1) $ 905 $ 1,144 $ 2,934 $ 3,662 Costs expensed (2) 1,358 1,424 4,362 4,403 Total costs incurred $ 2,263 $ 2,568 $ 7,296 $ 8,065 (1) Costs capitalized relate only to the development of internal-use software, which are recognized in accordance with the Intangible assets (Internal-use software and technology) accounting policy. (2) Costs expensed are included in Administration and other expenses in the Condensed Consolidated Statements of Income. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Cost and Supplemental Cash Flow Information and Non-Cash Activity | The components of lease cost are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Operating lease cost $ 297 $ 286 $ 932 $ 889 Short-term lease cost 104 156 236 368 Total lease cost $ 401 $ 442 $ 1,168 $ 1,257 Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands): Nine Months Ended December 31, 2022 2023 Operating cash flow information: Cash payments included in the measurement of lease liabilities $ 1,069 $ 775 Non-cash activity: Right-of-use assets obtained in exchange for new operating lease liabilities $ 868 $ 600 Weighted-average remaining lease term and discount rate for our operating leases are as follows: March 31, December 31, Weighted-average remaining lease term - operating leases (months) (1) 22 19 Weighted-average discount rate - operating leases 8.0 % 8.4 % (1) Including expected renewals where appropriate. |
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases | Maturities of operating lease liabilities as of December 31, 2023 were as follows (in thousands): 2024 (remainder) $ 288 2025 1,064 2026 860 2027 727 2028 684 Thereafter 828 Total future minimum lease payments 4,451 Less: Imputed interest (780) Present value of future minimum lease payments 3,671 Less: Current portion of lease liabilities (868) Non-current portion of lease liabilities $ 2,803 |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
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 December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Ordinary shares: Numerator (basic) Net income attributable to MiX Telematics Limited stockholders $ 2,788 $ 1,461 $ 2,260 $ 3,318 Denominator (basic) Weighted-average number of ordinary shares in issue and outstanding 552,865 554,021 552,148 554,086 Basic earnings per share $ 0.005 $ 0.003 $ 0.004 $ 0.006 American Depositary Shares*: Numerator (basic) Net income attributable to MiX Telematics Limited stockholders $ 2,788 $ 1,461 $ 2,260 $ 3,318 Denominator (basic) Weighted-average number of American Depositary Shares in issue and outstanding 22,115 22,161 22,086 22,163 Basic earnings per American Depositary Share $ 0.13 $ 0.07 $ 0.10 $ 0.15 *One American Depositary Share is the equivalent of 25 ordinary shares. |
Schedule of Diluted Earnings Per Share | Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Ordinary shares: Numerator (diluted) Diluted net income attributable to MiX Telematics Limited stockholders $ 2,788 $ 1,461 $ 2,260 $ 3,318 Denominator (diluted) Weighted-average number of ordinary shares in issue and outstanding 552,865 554,021 552,148 554,086 Adjusted for: – potentially dilutive effect of stock appreciation rights 2,249 — 2,873 — – potentially dilutive effect of restricted share units 697 — 1,026 208 Diluted-weighted average number of ordinary shares in issue and outstanding 555,811 554,021 556,047 554,294 Diluted earnings per share $ 0.005 $ 0.003 $ 0.004 $ 0.006 American Depositary Shares*: Numerator (diluted) Diluted net income attributable to MiX Telematics Limited stockholders $ 2,788 $ 1,461 $ 2,260 $ 3,318 Denominator (diluted) Weighted-average number of American Depositary Shares in issue and outstanding 22,115 22,161 22,086 22,163 Adjusted for: – potentially dilutive effect of stock appreciation rights 90 — 115 — – potentially dilutive effect of restricted share units 27 — 41 9 Diluted weighted-average number of American Depositary Shares in issue and outstanding 22,232 22,161 22,242 22,172 Diluted earnings per American Depositary Share $ 0.13 $ 0.07 $ 0.10 $ 0.15 *One American Depositary Share is the equivalent of 25 ordinary shares. |
Segment information (Tables)
Segment information (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables provide revenue and Segment Adjusted EBITDA (in thousands): Three Months Ended December 31, 2022 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,029 $ 1,460 $ 19,489 $ 8,121 Europe 3,051 748 3,799 1,402 Americas 5,842 308 6,150 1,378 Middle East and Australasia 4,013 2,382 6,395 2,308 Brazil 1,516 440 1,956 614 Total Regional Sales Offices 32,451 5,338 37,789 13,823 Central Services Organization 18 — 18 (2,570) Total Segment Results $ 32,469 $ 5,338 $ 37,807 $ 11,253 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Three Months Ended December 31, 2023 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 19,408 $ 1,512 $ 20,920 $ 8,869 Europe 3,014 368 3,382 1,113 Americas 5,062 561 5,623 1,321 Middle East and Australasia 4,361 2,318 6,679 2,802 Brazil 1,805 671 2,476 782 Total Regional Sales Offices 33,650 5,430 39,080 14,887 Central Services Organization 5 — 5 (2,504) Total Segment Results $ 33,655 $ 5,430 $ 39,085 $ 12,383 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2022 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 55,163 $ 4,545 $ 59,708 $ 23,586 Europe 9,215 1,747 10,962 3,737 Americas 13,535 1,471 15,006 2,496 Middle East and Australasia 12,095 5,156 17,251 6,295 Brazil 4,065 1,077 5,142 1,457 Total Regional Sales Offices 94,073 13,996 108,069 37,571 Central Services Organization 59 — 59 (8,029) Total Segment Results $ 94,132 $ 13,996 $ 108,128 $ 29,542 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2023 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 56,606 $ 3,997 $ 60,603 $ 26,016 Europe 9,184 1,377 10,561 3,639 Americas 14,503 1,286 15,789 2,403 Middle East and Australasia 12,757 6,441 19,198 8,338 Brazil 5,237 1,790 7,027 2,629 Total Regional Sales Offices 98,287 14,891 113,178 43,025 Central Services Organization 16 4 20 (7,321) Total Segment Results $ 98,303 $ 14,895 $ 113,198 $ 35,704 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 December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Segment Adjusted EBITDA $ 11,253 $ 12,383 $ 29,542 $ 35,704 Corporate and consolidation entries (2,267) (2,267) (7,219) (7,179) Operating lease costs (1) (298) (285) (933) (888) Product development costs (2) (280) (293) (972) (976) Onerous contract costs — (4) — 35 Depreciation and amortization (4,012) (5,254) (11,208) (14,024) Stock-based compensation costs (273) (262) (324) (827) Restructuring costs (84) — (84) (30) Net (loss)/profit on sale of property, plant and equipment (1) 45 32 49 Net foreign exchange (losses)/gains (755) (493) 743 (1,346) Interest income 106 307 994 774 Interest expense (378) (604) (1,002) (1,645) Acquisition-related costs — — (784) — Strategic costs (3) — (1,200) — (1,996) Non-recurring transitional service agreement costs (4) — (361) — (482) Contingent consideration remeasurement — 511 — 1,049 Income before income tax expense $ 3,011 $ 2,223 $ 8,785 $ 8,218 1. For the purposes of calculating Segment Adjusted EBITDA, operating lease expenses are excluded from the Segment Adjusted EBITDA. Therefore, in order to reconcile Segment Adjusted EBITDA to income before income tax expense, the total lease expense in respect of operating leases needs to be deducted. 2. For segment reporting purposes, product development costs, which do not meet the capitalization requirements under ASC 730 Research and Development or under ASC 985 Software , are capitalized and amortized. The amortization is excluded from Segment Adjusted EBITDA. In order to reconcile Segment Adjusted EBITDA to income before income tax expense, product development costs capitalized for segment reporting purposes need to be deducted. 3. Strategic costs relate to costs incurred in relation to the Powerfleet Transaction discussed in note 18 to the condensed consolidated financial statements. 4. Certain non-recurring costs related to the extension of the transitional service agreement in respect of the FSM business acquired from Trimble in September 2022 were incurred on a temporary basis from September 2023 to December 2023 and have been excluded from Adjusted EBITDA. |
Stock-based compensation plan (
Stock-based compensation plan (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
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, 2023 35,800,000 37 Granted 10,600,000 27 Exercised — — Forfeited (1,425,000) 32 Outstanding as of December 31, 2023 44,975,000 34 3.83 Vested and expected to vest as of December 31, 2023 42,726,250 34 3.83 $ — Vested as of December 31, 2023 — — — $ — |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Undrawn Facilities | Details of undrawn facilities are shown below: Interest rate March 31, December 31, Undrawn borrowing facilities at floating rates include: – Standard Bank: CFC Overdraft SA Prime* less 1.2% $ 1,180 $ 1,798 Overdraft SA Prime* less 1.2% — — Vehicle and asset finance SA Prime* less 1.2% — — Working capital facility SA Prime* less 0.25% — — – Nedbank Limited overdraft SA Prime* less 2% 264 547 – Investec Bank Limited Facility: General committed banking facility SA Prime* less 1.5% 7,222 656 General uncommitted banking facility Negotiable (overnight or daily rates) 10,000 10,000 $ 18,666 $ 13,001 *South African prime interest rate |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) | Sep. 02, 2022 |
MiX Telematics North America, Inc. | |
Business Acquisition [Line Items] | |
Ownership interest | 100% |
Revenue from contracts with c_3
Revenue from contracts with customers - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |||||
Deferred revenue | $ 6.5 | $ 6.5 | $ 5.3 | ||
Revenue | 0.8 | $ 1.2 | 2.9 | $ 3.4 | |
Deferred commissions | $ 9.4 | $ 9.4 | $ 6 |
Revenue from contracts with c_4
Revenue from contracts with customers - Summary of Recognized Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Capitalized Contract Cost [Line Items] | ||||
Amortization recognized during the period | $ (1,464) | $ (1,088) | $ (3,819) | $ (3,017) |
Cost of Revenue | ||||
Capitalized Contract Cost [Line Items] | ||||
Amortization recognized during the period | (1,215) | (868) | (3,153) | (2,340) |
Sales and Marketing | ||||
Capitalized Contract Cost [Line Items] | ||||
Amortization recognized during the period | $ (249) | $ (220) | $ (666) | $ (677) |
Credit risk related to accoun_3
Credit risk related to accounts receivable - Schedule of Movements in the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at April 1 | $ 2,745 | $ 5,426 |
Bad debt provision | 3,561 | 2,872 |
Write-offs | (2,638) | (4,326) |
Foreign currency translation differences | (11) | (636) |
Balance at December 31 | $ 3,657 | $ 3,336 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Gross | $ 1,510 | $ 3,131 |
Inventory, Finished Goods, Gross | 4,804 | 3,146 |
Inventory, Gross | 6,314 | 6,277 |
Inventory Valuation Reserves | (1,177) | (1,341) |
Inventory, net | $ 5,137 | $ 4,936 |
Deferred Costs, Capitalized, Pr
Deferred Costs, Capitalized, Prepaid, and Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Prepaid expenses and other assets [Abstract] | ||
Other Prepaid Expense, Current | $ 3,678 | $ 2,742 |
Prepaid Taxes | 136 | 95 |
Indemnification asset | 0 | 474 |
Income Taxes Receivable, Current | 936 | 1,496 |
Value Added Tax Receivable | 1,203 | 1,362 |
Sundry Debtors Receivable, Current | 3,129 | 3,378 |
Deposits Assets, Current | 134 | 131 |
Staff Receivable, Current | 172 | 91 |
Lease receivable | 52 | 171 |
Interest Receivable, Current | 30 | 10 |
Prepaid expenses and other current assets | $ 9,470 | $ 9,950 |
Property, plant and equipment -
Property, plant and equipment - Schedule of Owned Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Owned assets, gross | $ 90,717 | $ 80,210 |
Less: accumulated depreciation and impairments | (53,232) | (46,932) |
Owned assets, net | 37,485 | 33,278 |
Plant and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, gross | 845 | 793 |
Motor Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, gross | 1,888 | 1,948 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, gross | 1,175 | 1,295 |
Computer and radio equipment | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, gross | 4,088 | 3,743 |
In-vehicle devices | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, gross | 82,687 | 72,405 |
Assets in progress | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, gross | $ 34 | $ 26 |
Property, plant and equipment_2
Property, plant and equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 3,600 | $ 2,400 | $ 9,404 | $ 7,216 |
Property, plant and equipment_3
Property, plant and equipment - Schedule of Right-of-Use Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (2,119) | $ (2,550) |
Right of use assets, net | 3,380 | 3,501 |
Property | ||
Property, Plant and Equipment [Line Items] | ||
Right of use property and equipment, gross | 5,193 | 5,792 |
Equipment, motor vehicles and other | ||
Property, Plant and Equipment [Line Items] | ||
Right of use property and equipment, gross | $ 306 | $ 259 |
Intangible assets - Schedule of
Intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying amount | $ 49,564 | $ 47,355 |
Accumulated amortization | (28,317) | (25,460) |
Net | 21,247 | 21,895 |
Patents and trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying amount | 121 | 90 |
Accumulated amortization | (95) | (63) |
Net | $ 26 | 27 |
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) | 10 years | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying amount | $ 8,316 | 8,234 |
Accumulated amortization | (4,008) | (3,061) |
Net | $ 4,308 | 5,173 |
Customer relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (in years) | 1 year | |
Customer relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (in years) | 10 years | |
Internal-use software, technology and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying amount | $ 41,127 | 39,031 |
Accumulated amortization | (24,214) | (22,336) |
Net | $ 16,913 | $ 16,695 |
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) | 20 years |
Intangible assets - Narrative (
Intangible assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 1,600 | $ 4,620 | $ 3,992 |
Non-cash disposals | 2,000 | 600 | |
Foreign exchange related gains | $ (300) | $ 2,900 |
Accrued expenses and other li_3
Accrued expenses and other liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Current: | |||
Product warranties | $ 320 | $ 317 | $ 287 |
Maintenance | 339 | 430 | |
Employee-related accruals | 3,997 | 3,392 | |
Bonus and incentives | 2,738 | 3,344 | |
Lease liabilities | 868 | 688 | |
Accrued commissions | 5,023 | 3,675 | |
Loss contingency | 0 | 474 | |
Sales and Excise Tax Payable, Current | 1,371 | 1,239 | |
Business Combination, Post-Acquisition Support And Hardware Liability, Current | 1,729 | 2,265 | |
Other accruals | 7,229 | 5,662 | |
Total current | 23,614 | 21,486 | |
Non-current: | |||
Lease liabilities | 2,803 | 2,966 | |
Other liabilities | 462 | 402 | |
Total non-current | $ 3,265 | $ 3,368 | |
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 | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Product warranties | |||
Beginning balance | $ 359 | $ 683 | |
Warranty credit | (11) | (44) | |
Reclassification | 0 | 265 | |
Acquisition | 0 | 41 | |
Foreign currency translation difference | 1 | (86) | |
Ending balance | 349 | 329 | |
Non-current portion (included in other liabilities) | 29 | 42 | |
Current portion | $ 320 | $ 287 | $ 317 |
Development expenditure - Compo
Development expenditure - Components of Development Expenditure (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Costs capitalized | $ 1,144 | $ 905 | $ 3,662 | $ 2,934 |
Costs expensed | 1,424 | 1,358 | 4,403 | 4,362 |
Total costs incurred | $ 2,568 | $ 2,263 | $ 8,065 | $ 7,296 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Dec. 31, 2023 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 1 month |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 120 months |
Annual escalation percentage | 8% |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 286 | $ 297 | $ 889 | $ 932 |
Short-term lease cost | 156 | 104 | 368 | 236 |
Total lease cost | $ 442 | $ 401 | $ 1,257 | $ 1,168 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information and Non-Cash Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Operating cash flow information: | |||
Cash payments included in the measurement of lease liabilities | $ 775 | $ 1,069 | |
Non-cash activity: | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 600 | $ 868 | |
Weighted-average remaining lease term - operating leases (months) | 19 months | 22 months | |
Weighted-average discount rate - operating leases | 8.40% | 8% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Leases [Abstract] | ||
2024 (remainder) | $ 288 | |
2025 | 1,064 | |
2026 | 860 | |
2027 | 727 | |
2028 | 684 | |
Thereafter | 828 | |
Total future minimum lease payments | 4,451 | |
Less: Imputed interest | (780) | |
Present value of future minimum lease payments | 3,671 | |
Less: Current portion of lease liabilities | (868) | $ (688) |
Non-current portion of lease liabilities | $ 2,803 | $ 2,966 |
Income taxes (Details)
Income taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 34.30% | 7.40% | 59.60% | 74.30% |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Basic earnings per share | ||||
Net income attributable to MiX Telematics Limited stockholders | $ 1,461 | $ 2,788 | $ 3,318 | $ 2,260 |
Weighted average number of ordinary shares in issue and outstanding (in shares) | 554,021,000 | 552,865,000 | 554,086,000 | 552,148,000 |
Basic earnings/(loss) per share (in dollars per share) | $ 0.003 | $ 0.005 | $ 0.006 | $ 0.004 |
Weighted average number of American Depository Shares in issue and outstanding (in shares) | 22,161,000 | 22,115,000 | 22,163,000 | 22,086,000 |
Basic earnings/(loss) per American Depository Share (in dollars per share) | $ 0.07 | $ 0.13 | $ 0.15 | $ 0.10 |
Diluted earnings per share | ||||
Diluted weighted average number of ordinary shares in issue and outstanding (in shares) | 554,021,000 | 555,811,000 | 554,294,000 | 556,047,000 |
Diluted earnings per share (in dollars per share) | $ 0.003 | $ 0.005 | $ 0.006 | $ 0.004 |
Diluted weighted average number of American Depository Shares in issue and outstanding (in shares) | 22,161,000 | 22,232,000 | 22,172,000 | 22,242,000 |
Diluted earnings per American Depository Share (in dollars per share) | $ 0.07 | $ 0.13 | $ 0.15 | $ 0.10 |
Stock Appreciation Rights | ||||
Diluted earnings per share | ||||
Potentially dilutive effect of share-based payment arrangements (in shares) | 0 | 2,249,000 | 0 | 2,873,000 |
Incremental American Depository Shares Attributable to Dilutive effect of Share-Based Payment Arrangements | 0 | 90,000 | 0 | 115,000 |
Restricted Share Units | ||||
Diluted earnings per share | ||||
Potentially dilutive effect of share-based payment arrangements (in shares) | 0 | 697,000 | 208,000 | 1,026,000 |
Incremental American Depository Shares Attributable to Dilutive effect of Share-Based Payment Arrangements | 0 | 27,000 | 9,000 | 41,000 |
Segment information - Narrative
Segment information - Narrative (Details) | 9 Months Ended |
Dec. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 6 |
Number of regional sales offices | 5 |
Segment information - Schedule
Segment information - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 39,085 | $ 37,807 | $ 113,198 | $ 108,128 |
Segment Adjusted EBITDA | 12,383 | 11,253 | 35,704 | 29,542 |
Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 33,655 | 32,469 | 98,303 | 94,132 |
Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 5,430 | 5,338 | 14,895 | 13,996 |
Total Regional Sales Offices | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 39,080 | 37,789 | 113,178 | 108,069 |
Segment Adjusted EBITDA | 14,887 | 13,823 | 43,025 | 37,571 |
Total Regional Sales Offices | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 33,650 | 32,451 | 98,287 | 94,073 |
Total Regional Sales Offices | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 5,430 | 5,338 | 14,891 | 13,996 |
Africa | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 20,920 | 19,489 | 60,603 | 59,708 |
Segment Adjusted EBITDA | 8,869 | 8,121 | 26,016 | 23,586 |
Africa | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 19,408 | 18,029 | 56,606 | 55,163 |
Africa | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,512 | 1,460 | 3,997 | 4,545 |
Europe | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 3,382 | 3,799 | 10,561 | 10,962 |
Segment Adjusted EBITDA | 1,113 | 1,402 | 3,639 | 3,737 |
Europe | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 3,014 | 3,051 | 9,184 | 9,215 |
Europe | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 368 | 748 | 1,377 | 1,747 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 5,623 | 6,150 | 15,789 | 15,006 |
Segment Adjusted EBITDA | 1,321 | 1,378 | 2,403 | 2,496 |
Americas | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 5,062 | 5,842 | 14,503 | 13,535 |
Americas | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 561 | 308 | 1,286 | 1,471 |
Middle East and Australasia | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 6,679 | 6,395 | 19,198 | 17,251 |
Segment Adjusted EBITDA | 2,802 | 2,308 | 8,338 | 6,295 |
Middle East and Australasia | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 4,361 | 4,013 | 12,757 | 12,095 |
Middle East and Australasia | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 2,318 | 2,382 | 6,441 | 5,156 |
Brazil | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 2,476 | 1,956 | 7,027 | 5,142 |
Segment Adjusted EBITDA | 782 | 614 | 2,629 | 1,457 |
Brazil | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,805 | 1,516 | 5,237 | 4,065 |
Brazil | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 671 | 440 | 1,790 | 1,077 |
Central Services Organization | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 5 | 18 | 20 | 59 |
Segment Adjusted EBITDA | (2,504) | (2,570) | (7,321) | (8,029) |
Central Services Organization | Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 5 | 18 | 16 | 59 |
Central Services Organization | Hardware and other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 0 | $ 0 | $ 4 | $ 0 |
Segment information - Reconcili
Segment information - Reconciliation of Segment Results to Income Before Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | $ 12,383 | $ 11,253 | $ 35,704 | $ 29,542 |
Stock-based compensation costs | (300) | (300) | (800) | |
Net (loss)/profit on sale of property, plant and equipment | 49 | 32 | ||
Net foreign exchange (losses)/gains | (1,346) | 743 | ||
Interest income | 307 | 106 | 774 | 994 |
Interest expense | (604) | (378) | (1,645) | (1,002) |
Contingent consideration remeasurement | 511 | 0 | (1,049) | 0 |
Income before income tax expense | 2,223 | 3,011 | 8,218 | 8,785 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA | 12,383 | 11,253 | 35,704 | 29,542 |
Corporate and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Corporate and consolidation entries | (2,267) | (2,267) | (7,179) | (7,219) |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Operating lease costs | (285) | (298) | (888) | (933) |
Product development costs | (293) | (280) | (976) | (972) |
Onerous Contract Costs Excluded From Segments | 4 | 0 | (35) | 0 |
Depreciation and amortization | (5,254) | (4,012) | (14,024) | (11,208) |
Stock-based compensation costs | (262) | (273) | (827) | (324) |
Restructuring costs | 0 | (84) | (30) | (84) |
Net (loss)/profit on sale of property, plant and equipment | 45 | (1) | 49 | 32 |
Net foreign exchange (losses)/gains | (493) | (755) | (1,346) | 743 |
Interest income | 307 | 106 | 774 | 994 |
Interest expense | (604) | (378) | (1,645) | (1,002) |
Acquisition-related costs | 0 | 0 | 0 | (784) |
Strategic Costs Excluded From Segments | 1,200 | 0 | 1,996 | 0 |
Non-recurring Transactional Services Agreeement Costs Excluded From Segments | $ 361 | $ 0 | $ 482 | $ 0 |
Stock-based compensation plan -
Stock-based compensation plan - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2023 USD ($) R / $ shares | Jun. 30, 2023 shares | Dec. 31, 2023 USD ($) R / $ shares | Dec. 31, 2022 USD ($) | Apr. 01, 2023 shares | Mar. 31, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ | $ (0.3) | $ (0.3) | $ (0.8) | |||
Exchange rate | R / $ | 18.2982 | 18.2982 | ||||
SARs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ | $ 2.1 | $ 2.1 | ||||
Expected period for recognition of unvested awards | 3 years 8 months 19 days | |||||
Number of restricted stock units outstanding (in shares) | 44,975,000 | 44,975,000 | 35,800,000 | |||
Number of restricted stock units vested (in shares) | 0 | |||||
Number of restricted stock units exercised (in shares) | 0 | |||||
Number of restricted stock units forfeited (in shares) | 1,425,000 | |||||
RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of restricted stock units outstanding (in shares) | 800,000 | |||||
Number of restricted stock units unvested (in shares) | 0 | 0 | 800,000 | 800,000 | ||
Number of restricted stock units vested (in shares) | 800,000 | |||||
Number of restricted stock units exercised (in shares) | 800,000 | |||||
LTIP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares reserved for future issuance (in shares) | 12,790,000 | 12,790,000 |
Stock-based compensation plan_2
Stock-based compensation plan - Summary of Unvested SARs Activities (Details) - SARs $ / shares in Units, $ in Thousands | 9 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Number of SARs | |
Outstanding as of beginning of period (in shares) | shares | 35,800,000 |
Granted (in shares) | shares | 10,600,000 |
Exercised (in shares) | shares | 0 |
Forfeited (in shares) | shares | (1,425,000) |
Outstanding as of end of period (in shares) | shares | 44,975,000 |
Vested and expected to vest (in shares) | shares | 42,726,250 |
Vested (in shares) | shares | 0 |
Weighted- Average Award Price in U.S. Cents | |
Outstanding as of beginning of period (in dollars per share) | $ / shares | $ 0.45 |
Granted (in dollars per share) | $ / shares | 0.30 |
Exercised (in dollars per share) | $ / shares | 0.19 |
Forfeited (in dollars per share) | $ / shares | 0.43 |
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 | $ 0.20 |
Weighted average remaining contractual term, outstanding | 3 years 9 months 29 days |
Weighted average remaining contractual term, vested and expected to vest | 3 years 9 months 29 days |
Aggregate intrinsic value, vested and expected to vest | $ | $ 0 |
Aggregate intrinsic value, vested | $ | $ 0 |
Stock-based compensation plan_3
Stock-based compensation plan - Summary of Unvested Restricted Stock Units (Details) - RSUs - shares | 3 Months Ended | ||
Dec. 31, 2023 | Apr. 01, 2023 | Mar. 31, 2023 | |
Number of SARs | |||
Number of restricted stock units unvested (in shares) | 0 | 800,000 | 800,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (800,000) |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Thousands, R in Millions | Jun. 29, 2022 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Nov. 30, 2022 ZAR (R) | Jun. 29, 2022 ZAR (R) |
Line of Credit Facility [Line Items] | ||||||
Bank overdrafts | $ 21,136 | $ 15,253 | ||||
Investec Limited | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility, period | 364 days | |||||
General committed banking facility | Investec Limited | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 19,100 | R 350 | ||||
Commitment fee percentage | 0.30% | |||||
Percentage deducted from interest rate | 1.50% | |||||
Amount of facility utilized | $ 18,500 | |||||
General uncommitted banking facility | Investec Limited | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 10,000 | |||||
Commitment fee percentage | 0.10% | |||||
CFC Overdraft | Standard Bank Limited | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 3,800 | R 70 | ||||
Percentage deducted from interest rate | 1.20% | |||||
Amount of facility utilized | $ 2,000 |
Debt - Schedule of Undrawn Faci
Debt - Schedule of Undrawn Facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Line of Credit Facility [Line Items] | ||
Undrawn borrowing remaining | $ 13,001 | $ 18,666 |
Standard Bank Limited | CFC Overdraft | ||
Line of Credit Facility [Line Items] | ||
Percentage deducted from interest rate | 1.20% | |
Undrawn borrowing remaining | $ 1,798 | 1,180 |
Standard Bank Limited | Overdraft | ||
Line of Credit Facility [Line Items] | ||
Percentage deducted from interest rate | 1.20% | |
Undrawn borrowing remaining | 1,180 | |
Standard Bank Limited | Vehicle and asset finance | ||
Line of Credit Facility [Line Items] | ||
Percentage deducted from interest rate | 1.20% | |
Undrawn borrowing remaining | $ 0 | 0 |
Standard Bank Limited | Working capital facility | ||
Line of Credit Facility [Line Items] | ||
Percentage deducted from interest rate | 0.25% | |
Undrawn borrowing remaining | $ 0 | 0 |
Nedbank Limited | Overdraft | ||
Line of Credit Facility [Line Items] | ||
Percentage deducted from interest rate | 2% | |
Undrawn borrowing remaining | $ 547 | 264 |
Investec Limited | General committed banking facility | ||
Line of Credit Facility [Line Items] | ||
Percentage deducted from interest rate | 1.50% | |
Undrawn borrowing remaining | $ 656 | 7,222 |
Investec Limited | General uncommitted banking facility | ||
Line of Credit Facility [Line Items] | ||
Undrawn borrowing remaining | $ 10,000 | $ 10,000 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Mar. 31, 2023 |
Amended Network Service Agreement with MTN | Maximum | ||
Loss Contingencies [Line Items] | ||
Estimate of possible loss | $ 0.9 | $ 1.1 |
Subsequent events (Details)
Subsequent events (Details) | 3 Months Ended | |||
Dec. 31, 2023 R / shares | Dec. 31, 2023 $ / shares | Dec. 31, 2022 R / shares | Dec. 31, 2022 $ / shares | |
Subsequent Events [Abstract] | ||||
Dividends declared per share (in ZAR per share) | (per share) | R 0.04 | $ 0.2 | R 0.04 | $ 0.2 |
Dividends declared per ADS (in ZAR per share) | R 1 |