Second Quarter Highlights:
- Total revenue of $35.3 million, up 8% year-on-year at constant currencies
- Subscription revenue of $30.7 million, up 10% year over year at constant currencies
- Completed the acquisition of Trimble’s Field Service Management (“FSM”) business
- Annually Recurring Revenue (“ARR”) of $128.4 million, up 17% year over year at constant currencies
- Record growth of 38,300 subscribers on the organic network
- Final total active subscriber base of 914,600, including 38,000 from the acquisition of FSM
- Cash and cash equivalents of $19.7 million at quarter-end
MiX Telematics Limited (“MiX Telematics” or the “Company”) MIXMIX)), a leading global Software-as-a-Service (“SaaS”) provider of connected fleet management solutions, today announced financial results for the second quarter of the year, in accordance with generally accepted accounting principles (“GAAP”) in the United States Fiscal year 2023 ended September 30, 2022.
Management Comment
“In the second quarter, we delivered solid results and further positioned MiX to fully capitalize on the growing demand for cloud-based telematics solutions,” said CEO Stefan Joselowitz. “We organically added 38,300 subscribers to our platform, a quarterly record. We also completed our acquisition of Trimble’s FSM business, which added 38,000 subscribers and $10.6 million in ARR to our US business and serves to significantly expand our footprint outside of the energy sector. These are notable milestones in the Executing our two-pronged strategy of organic growth and mergers and acquisitions.
“For the second half of the fiscal year, while continuing our growth trajectory, we plan to continue executing ongoing cost savings and working capital optimization initiatives to improve operating margins and cash generation.”
Financial results for the three months ended September 30, 2022
Subscription Revenue: Subscription revenue was $30.7 million compared to $30.9 million in the second quarter of fiscal 2022….
