References in this announcement to “R” are to South African Rand and references to “U.S. Dollars” and “$” are to United States Dollars. Unless otherwise stated MiX Telematics has translated U.S. Dollar amounts from South African Rand at the exchange rate of R13.4124 per $1.00, which was the R/$ exchange rate reported by Oanda.com as at March 31, 2017.
Fourth quarter fiscal 2017:
• Net subscriber additions of 16,700
• Subscription revenue of R322 million ($24 million), ahead of guidance
• Adjusted EBITDA of R87 million ($7 million), representing a 22% Adjusted EBITDA margin
• Operating profit of R41 million ($3 million), representing a 10% margin
• Net cash from operating activities of R129 million ($10 million)
Fiscal year 2017:
• Net subscriber additions of over 55,800 bringing the total to over 622,000 subscribers at March 31, 2017, an increase of 10% year over year
• Subscription revenue of R1,240 million ($92 million), ahead of guidance
• Adjusted EBITDA of R302 million ($22 million), representing a 20% margin and ahead of guidance. Reported Adjusted EBITDA margins have improved over the course of fiscal 2017 and were as follows: Q1 2017 15.9%, Q2 2017 18.0%, Q3 2017 21.9% and Q4 2017 22.3%.
• Operating profit of R138 million ($10 million), representing a 9% margin
• Net cash from operating activities of R324 million ($24 million)
Midrand, South Africa, May 25, 2017 - MiX Telematics Limited (NYSE: MIXT, JSE: MIX), a leading global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS), today announced financial results for its fourth quarter and for its full fiscal year 2017, which ended March 31, 2017. "Our fourth quarter marked a strong end to the year. MiX’s ability to exceed expectations was driven by ongoing strength across the portfolio globally which resulted in a return to double digit subscription revenue growth on a constant currency basis,” said Stefan Joselowitz, Chief Executive Officer of MiX Telematics. “During fiscal 2017, the company reached an inflection point in regards to margin accretion, particularly as MiX is moving out of a heavy investment cycle into a phase where we are starting to enjoy the returns on these investments. We are scaling the overall operations and have entered fiscal 2018 with very good momentum. We expect a year of strong subscription revenue growth and margin expansion, and looking forward we are confident in our ability to execute our strategic initiatives to achieve our targeted adjusted EBITDA margin of 30% over the long term.”