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Mix Telematics Announces Financial Results for First Quarter of Fiscal Year 2017

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Mix Telematics Announces Financial Results for First Quarter of Fiscal Year 2017 Published on A global provider of Vehicle Tracking | Fleet Management | Driver Safety - MiX Telematics (https://investor.mixtelematics.com) on 8/4/16 6:00 am EDT MiX Telematics Announces Financial Results for First Quarter of Fiscal Year 2017 Release Date: Thursday, August 4, 2016 6:00 am EDT Terms: Dateline City: MIDRAND, South Africa 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 R14.7838 per $1.00, which was the R/$ exchange rate reported by Oanda.com as of June 30, 2016. First Quarter Highlights: Subscription revenue of R306 million ($21 million), grew 13% year over year Subscribers increased by 10% year over year, bringing the total to 578,000 subscribers at June 30, 2016 Operating profit of R23 million ($2 million), representing a 6% margin Adjusted EBITDA of R60 million ($4 million), representing a 16% Adjusted EBITDA margin Company maintains guidance for Subscription revenue, Total revenue and Adjusted EBITDA for the full 2017 fiscal year which ends March 31, 2017 MIDRAND, South Africa--(BUSINESS WIRE)--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 first quarter of fiscal year 2017, which ended June 30, 2016. “We sustained double digit revenue growth within our guidance range, double digit Adjusted EBITDA margins and solid operating cash flow in the first quarter of fiscal year 2017. I am proud of our ability to grow profitably in challenging times, but was disappointed to see continued deterioration in the energy sector, currency headwinds muting our revenue and new uncertainty from Brexit in the quarter,” said Stefan Joselowitz, Chief Executive Officer of MiX Telematics. “We haven't got off to the start we were hoping for, but it is early in the fiscal year and we remain focused on catching up and achieving our full year targets.” Joselowitz continued, “We are pleased with the result of the general meeting of the shareholders of the Company earlier this week approving our repurchase of all the MiX Telematics ordinary shares held by Imperial Corporate Services, by way of a special resolution. The transaction is expected to close at the end of August. At the time we announced our intent to do the buyback, we noted that we could see no better acquisition opportunity than investing in our own business, so we are indeed gratified with the outcome.” Financial performance for the three months ended June 30, 2016 Subscription revenue: Subscription revenue was R306.2 million ($20.7 million), an increase of 12.7% compared with R271.8 million ($18.4 million) for the first quarter of fiscal year 2016. Subscription revenue benefited from an increase of over 54,000 subscribers, which resulted in an increase in subscribers of 10.4% from June 2015 to June 2016. Total revenue: Total revenue was R379.1 million ($25.6 million), an increase of 10.2% compared to R344.1 million ($23.3 million) for the first quarter of fiscal year 2016. Hardware and other revenue was R72.9 million ($4.9 million), an increase of 0.8% compared to R72.3 million ($4.9 million) for the first quarter of fiscal year 2016. Gross margin: Gross profit was R255.8 million ($17.3 million), as compared to R241.9 million ($16.4 million) for the first quarter of fiscal year 2016. Gross profit margin was 67.5%, compared to 70.3% for the first quarter of fiscal year 2016. Infrastructure costs have increased due to the Company commencing its transition from legacy data centers, where we traditionally co-located using our own equipment, towards cloud-based infrastructure and services. This accounts for approximately half of the decline on our gross profit margin. This move provides benefits to customers and the Company alike in the form of improved up-times, service and redundancy. The investment has also enabled us to start rolling out the first phases of our new highly scalable, cloud-based back-end platform, called MiX Lightning, which is designed to support the anticipated growth in our subscriber base. The remaining decline is as a result of lower margins on hardware and other revenue in the first quarter of fiscal year 2017, primarily as a result of a change in product mix. Operating margin: Operating profit was R22.9 million ($1.5 million), compared to R32.6 million ($2.2 million) for the first quarter of fiscal year 2016. Operating margin was 6.0%, compared to 9.5% for the first quarter of fiscal year 2016. 2.8% of the decline relates to the margin contraction described above and the balance relates to an increase in operating expenses primarily as a result of a weaker South African Rand and inflation, mainly in South Africa. Adjusted EBITDA: Adjusted EBITDA, a non-IFRS measure, was R60.4 million ($4.1 million) compared to R65.1 million ($4.4 million) for the first quarter of fiscal year 2016. Adjusted EBITDA margin, a non-IFRS measure, for the first quarter of fiscal year 2017 was 15.9%, compared to 18.9% for the first quarter of fiscal year 2016. Profit for the period and earnings per share: Profit for the period was R31.9 million ($2.2 million), compared to R31.1 million ($2.1 million) for the first quarter of fiscal year 2016. Profit for the period includes a net foreign exchange gain of R19.9 million ($1.3 million) before tax primarily relating to U.S. Dollar IPO proceeds which are sensitive to R:$ exchange rate movements. During May 2016, $30.4 million of the U.S. Dollar IPO proceeds was converted to R474.0 million at an exchange rate of R15.5900 to the U.S. Dollar in anticipation of the specific repurchase of shares from a related party which is discussed in note 11 of the accompanying financial results. This will reduce the impact of foreign exchange gains or losses from the IPO proceeds in future reporting periods. Earnings per diluted ordinary share were 4 South African cents, which is consistent with the first quarter of fiscal year 2016. For the first quarter of fiscal year 2017, the calculation was based on diluted weighted average ordinary shares in issue of 763.5 million compared to 803.7 million diluted weighted average ordinary shares in issue during the first quarter of fiscal year 2016. The Company's effective tax rate for the quarter was 33.5% in comparison to 31.7% for the first quarter of fiscal year 2016. On a U.S. Dollar basis, and using the June 30, 2016 exchange rate of R14.7838 per U.S. Dollar, and at a ratio of 25 ordinary shares to one American Depositary Share ("ADS"), profit for the period was $2.2 million, or 7 U.S. cents per diluted ADS. Adjusted earnings for the period and adjusted earnings per share: Adjusted earnings for the period, a non-IFRS measure, was R17.3 million ($1.2 million), compared to R23.7 million ($1.6 million) for the first quarter of fiscal year 2016 and excludes a net foreign exchange gain of R19.9 million ($1.3 million). During the first quarter of fiscal year 2016, a net foreign exchange gain of R11.0 million ($0.7 million) was recorded. Adjusted earnings per diluted ordinary share, also a non-IFRS measure, were 2 South African cents, compared to 3 South African cents in the first quarter of fiscal year 2016. On a U.S. Dollar basis, and using the June 30, 2016 exchange rate of R14.7838 per U.S. Dollar, and at a ratio of 25 ordinary shares to one ADS, adjusted earnings for the period was $1.2 million, or 4 U.S. cents per diluted ADS. Statement of financial position and cash flow: At June 30, 2016, the Company had R845.8 million ($57.2 million) of cash and cash equivalents, compared to R877.1 million ($59.3 million) in the fourth quarter of fiscal year 2016. The Company generated R28.1 million ($1.9 million) in net cash from operating activities for the three months ended June 30, 2016 and invested R62.2 million ($4.2 million) in capital expenditures during the quarter, leading to negative free cash flow, a non-IFRS measure, of R34.1 million ($2.3 million) for the first quarter of fiscal year 2017, compared with negative free cash flow of R3.1 million ($0.2 million) for the first quarter of fiscal year 2016. An explanation of non-IFRS measures used in this press release is set out in the Non-IFRS financial measures section. A reconciliation of these non- IFRS measures to the most directly comparable IFRS measures is provided in the financial tables that accompany this press release. Business Outlook MiX Telematics has translated U.S. Dollar amounts in this Business Outlook paragraph from South African Rand at the exchange rate of R13.8913 per $1.00, which was the R/$ exchange rate reported by Oanda.com as of August 1, 2016. Based on information as of today, August 4, 2016, the Company is issuing the following financial guidance for the full 2017 fiscal year: Subscription revenue - R1,311 million to R1,330 million ($94.4 million to $95.7 million), which would represent subscription revenue growth of 13.2% to 14.8% compared to fiscal year 2016.
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