MiX Telematics (MIXT) 10-Q 5 Nov 21 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Sep. 30, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36027
Entity Registrant Name	MIX TELEMATICS LIMITED
Entity Incorporation, State or Country Code	T3
Entity Address, Address Line One	750 Park of Commerce Blvd
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33487
City Area Code	(877)
Local Phone Number	585-1088
Title of 12(b) Security	American Depositary Shares, each representing 25 Ordinary Shares, no par value
Trading Symbol	MIXT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		606,434,616
Amendment Flag	false
Entity Central Index Key	0001576914
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 39,831	$ 45,489
Restricted cash	883	854
Accounts receivables, net of allowances for doubtful accounts of $5.6 million and $6.0 million, respectively	21,897	19,265
Inventory, net	3,111	3,109
Prepaid expenses and other current assets	8,677	8,509
Total current assets	74,399	77,226
Property and equipment, net	27,769	23,463
Goodwill	43,344	43,938
Intangible assets, net	18,849	18,303
Deferred tax assets	4,506	3,782
Other assets	4,344	4,434
Total assets	173,211	171,146
Current liabilities:
Short-term debt	2,139	1,674
Accounts payables	6,064	6,560
Accrued expenses and other liabilities	18,957	17,330
Deferred revenue	5,591	5,788
Income taxes payable	1,541	1,345
Total current liabilities	34,292	32,697
Deferred tax liabilities	9,170	9,187
Long-term accrued expenses and other liabilities	5,479	5,863
Total liabilities	48,941	47,747
MiX Telematics Limited stockholders’ equity
Preference shares: 100 million shares authorized but not issued	0	0
Ordinary shares: 605.6 million and 606.4 million no-par value shares issued and outstanding as of March 31, 2021 and September 30, 2021, respectively	67,401	67,401
Less treasury stock at cost: 53.8 million shares as of March 31, 2021 and September 30, 2021	(17,315)	(17,315)
Retained earnings	78,468	76,710
Accumulated other comprehensive income	343	1,924
Additional paid-in capital	(4,632)	(5,326)
Total MiX Telematics Limited stockholders’ equity	124,265	123,394
Non-controlling interest	5	5
Total stockholders’ equity	124,270	123,399
Total liabilities and stockholders’ equity	$ 173,211	$ 171,146

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 6,036	$ 5,575
Preference shares, authorized (in shares)	100,000,000	100,000,000
Preference shares, issued (in shares)	0	0
Ordinary shares, issued (in shares)	606,400,000	605,600,000
Ordinary shares, outstanding (in shares)	606,400,000	605,600,000
Treasury stock (in shares)	53,800,000	53,800,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue
Total revenue	$ 36,074	$ 30,948	$ 70,972	$ 58,445
Cost of revenue
Total cost of revenue	13,106	10,297	25,149	18,875
Gross profit	22,968	20,651	45,823	39,570
Operating expenses
Sales and marketing	3,872	2,447	7,384	5,193
Administration and other	15,366	13,631	30,373	27,122
Total operating expenses	19,238	16,078	37,757	32,315
Income from operations	3,730	4,573	8,066	7,255
Other (expense)/income	199	(77)	64	(175)
Net interest expense	141	70	219	140
Income before income tax expense	3,788	4,426	7,911	6,940
Income tax expense	2,489	974	3,081	1,066
Net income	1,299	3,452	4,830	5,874
Less: Net income attributable to non-controlling interest	0	0	0	0
Net income attributable to MiX Telematics Limited	$ 1,299	$ 3,452	$ 4,830	$ 5,874
Net income per ordinary share
Basic (in dollars per share)	$ 0.002	$ 0.01	$ 0.01	$ 0.01
Diluted (in dollars per share)	0.002	0.01	0.01	0.01
Net income per American Depository Share
Basic (in dollars per share)	0.06	0.16	0.22	0.27
Diluted (in dollars per share)	$ 0.06	$ 0.15	$ 0.21	$ 0.26
Ordinary shares
Weighted average (in shares)	552,386	548,008	552,124	547,569
Diluted weighted average (in shares)	565,622	558,951	565,322	558,829
American Depository Shares
Weighted average (in shares)	22,095	21,920	22,085	21,903
Diluted weighted average (in shares)	22,625	22,358	22,613	22,353
Subscription
Revenue
Total revenue	$ 30,885	$ 27,623	$ 61,975	$ 53,498
Cost of revenue
Total cost of revenue	9,219	7,676	18,346	15,025
Hardware and other
Revenue
Total revenue	5,189	3,325	8,997	4,947
Cost of revenue
Total cost of revenue	$ 3,887	$ 2,621	$ 6,803	$ 3,850

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 1,299	$ 3,452	$ 4,830	$ 5,874
Other comprehensive income/(loss)
Foreign currency translation adjustments, net of tax	(4,744)	1,561	(1,581)	3,645
Total comprehensive income/(loss)	(3,445)	5,013	3,249	9,519
Less: Total comprehensive income attributable to non-controlling interest	0	0	0	0
Total comprehensive income/(loss) attributable to MiX Telematics Limited	$ (3,445)	$ 5,013	$ 3,249	$ 9,519

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Accumulated Other Comprehensive Income/(Loss)	Additional Paid-In Capital	Retained Earnings	Total MiX Telematics Limited Stockholders’ Equity	Non-Controlling Interest
Beginning balance (in shares) at Mar. 31, 2020		600,934
Beginning balance at Mar. 31, 2020	$ 99,025	$ 66,522	$ (17,315)	$ (11,070)	$ (6,599)	$ 67,482	$ 99,020	$ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,874					5,874	5,874
Other comprehensive income (loss)	3,645			3,645			3,645
Issuance of common stock in relation to stock options and SARs exercised (in shares)		3,946
Issuance of common stock in relation to stock options and SARs exercised	825	$ 825					825
Stock-based compensation	594				594		594
Dividends	(2,510)					(2,510)	(2,510)
Ending balance (in shares) at Sep. 30, 2020		604,880
Ending balance at Sep. 30, 2020	107,453	$ 67,347	(17,315)	(7,425)	(6,005)	70,846	107,448	5
Beginning balance (in shares) at Jun. 30, 2020		601,019
Beginning balance at Jun. 30, 2020	102,607	$ 66,522	(17,315)	(8,986)	(6,306)	68,687	102,602	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,452					3,452	3,452
Other comprehensive income (loss)	1,561			1,561			1,561
Issuance of common stock in relation to stock options and SARs exercised (in shares)		3,861
Issuance of common stock in relation to stock options and SARs exercised	825	$ 825					825
Stock-based compensation	301				301		301
Dividends	(1,293)					(1,293)	(1,293)
Ending balance (in shares) at Sep. 30, 2020		604,880
Ending balance at Sep. 30, 2020	$ 107,453	$ 67,347	(17,315)	(7,425)	(6,005)	70,846	107,448	5
Beginning balance (in shares) at Mar. 31, 2021	605,600	605,579
Beginning balance at Mar. 31, 2021	$ 123,399	$ 67,401	(17,315)	1,924	(5,326)	76,710	123,394	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,830					4,830	4,830
Other comprehensive income (loss)	(1,581)			(1,581)			(1,581)
Issuance of common stock in relation to stock options and SARs exercised (in shares)		856
Issuance of common stock in relation to stock options and SARs exercised	0
Stock-based compensation	694				694		694
Dividends	$ (3,072)					(3,072)	(3,072)
Ending balance (in shares) at Sep. 30, 2021	606,400	606,435
Ending balance at Sep. 30, 2021	$ 124,270	$ 67,401	(17,315)	343	(4,632)	78,468	124,265	5
Beginning balance (in shares) at Jun. 30, 2021		606,080
Beginning balance at Jun. 30, 2021	128,895	$ 67,401	(17,315)	5,087	(4,962)	78,679	128,890	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,299					1,299	1,299
Other comprehensive income (loss)	(4,744)			(4,744)			(4,744)
Issuance of common stock in relation to stock options and SARs exercised (in shares)		355
Issuance of common stock in relation to stock options and SARs exercised	0
Stock-based compensation	330				330		330
Dividends	$ (1,510)					(1,510)	(1,510)
Ending balance (in shares) at Sep. 30, 2021	606,400	606,435
Ending balance at Sep. 30, 2021	$ 124,270	$ 67,401	$ (17,315)	$ 343	$ (4,632)	$ 78,468	$ 124,265	$ 5

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)	3 Months Ended			6 Months Ended
	Sep. 30, 2021R / shares	Sep. 30, 2021$ / shares	Sep. 30, 2020$ / shares	Sep. 30, 2021R / shares	Sep. 30, 2020R / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in ZAR/USD per share) | (per share)	R 0.04	$ 0.3	$ 0.3	R 0.04	R 0.04

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Cash generated from operations	$ 14,223	$ 22,295
Interest received	221	206
Interest paid	(197)	(153)
Income tax paid	(3,582)	(1,590)
Net cash provided by operating activities	10,665	20,758
Cash flows from investing activities
Acquisition of property and equipment – in-vehicle devices	(9,740)	(2,590)
Acquisition of property and equipment – other	(851)	(160)
Proceeds from the sale of property and equipment	54	0
Acquisition of intangible assets	(2,833)	(1,972)
Net cash used in investing activities	(13,370)	(4,722)
Cash flows from financing activities
Proceeds from issuance of ordinary shares in relation to stock options exercised	0	825
Cash paid on dividends to MiX Telematics Limited stockholders	(3,058)	(2,506)
Movement in short-term debt	474	740
Net cash used in financing activities	(2,584)	(941)
Net increase/(decrease) in cash and cash equivalents, and restricted cash	(5,289)	15,095
Cash and cash equivalents, and restricted cash at beginning of the period	46,343	18,652
Effect of exchange rate changes on cash and cash equivalents, and restricted cash
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(340)	887
Cash and cash equivalents, and restricted cash at end of the period	$ 40,714	$ 34,634

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Nature of the Business MiX Telematics Limited (the “Company”) is a global provider of connected fleet and mobile asset solutions delivered as Software-as-a-Service (“SaaS”). The Company’s products and services provide enterprise fleets, small fleets and consumers with solutions for efficiency, safety, compliance and security. The Company is incorporated and domiciled in South Africa, with its principal executive office in Boca Raton, Florida. Basis of preparation and consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and reflect, in the opinion of management, all adjustments, consisting of normal recurring adjustments and accruals, which are necessary for a fair statement of the results of the interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated on consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended March 31, 2021 filed with the SEC on June 14, 2021. Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts reported and disclosed. Significant estimates include, but are not limited to, allowances for doubtful accounts, the assessment of expected cash flows used in evaluating goodwill and long-lived assets for impairment, the amortization period for deferred commissions, the determination of useful lives of the Company’s customer relationships, contingencies, the classification of devices and other hardware as in-vehicle devices (equipment) versus inventory based on the future expectation of the different types of customer contracts, income and deferred taxes, unrecognized tax benefits and valuation allowances on deferred tax assets. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. As of September 30, 2021, the global outbreak of COVID-19 has had and, we believe, will continue to have an adverse impact on global economies and financial markets. We have taken into account the impact of COVID-19 on expected credit losses to the extent possible. Our expected credit losses have increased as a result. However, future changes in economic conditions related to COVID-19 could have an impact on future estimates and judgements used, particularly those relating to goodwill sensitivities and impairment assessments. Summary of significant accounting policies There have been no changes to the Company’s significant accounting policies disclosed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021, filed with the SEC on June 14, 2021, that have had a material impact on the Company’s Condensed Consolidated Financial Statements and related notes.

Revenue from contracts with cus

Revenue from contracts with customers	6 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue from contracts with customers	Revenue from contracts with customers The Company provides fleet and mobile asset management solutions. The principal revenue streams are (1) Subscription and (2) Hardware and other. Subscription revenue is recognized over time and hardware and other revenue is recognized at a point-in-time. To provide services to customers, a device which collects and transmits information collected from the vehicle or other asset is required. Fleet customers may also obtain other items of hardware, virtually all of which are functionally-dependent on the device. Some customers obtain control of the device and other hardware (where legal title transfers to the customer), while other customers do not (where legal title remains with the Company). A contract arises on the acceptance of a customer’s purchase order, which is typically executed in writing. Contract liabilities When customers are invoiced in advance for subscription services that will be provided over periods of more than one month, or pay in advance of service periods of more t han one month, deferred revenue liabilities are recorded. Deferred revenue as of March 31, 2021 and September 30, 2021 was $5.8 million and $5.6 million, respectively. During the quarter ended September 30, 2020 and September 30, 2021, revenue of $0.6 million and $1.2 million, respectively, was recognized which was included in the deferred revenue balances at the beginning of each such quarter. During the six months ended September 30, 2020 and September 30, 2021, revenue of $1.7 million and $2.4 million, respectively, was recognized which was included in the deferred revenue balances at the beginning of each such financial year. Contract acquisition costs Commissions payable to sales employees and external third parties which are incurred to acquire contracts are capitalized and amortized, unless the amortization period is 12 months or less, in which instance they are expensed immediately. Deferred commissions were $3.7 million and $3.6 mill ion as of March 31, 2021 and September 30, 2021, respectively, and are included in Other assets on the Condensed Consolidated Balance Sheets. The following is a summary of the amortization expense recognized (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Amortization recognized during the period: $ (782) $ (857) $ (1,475) $ (1,767) – Cost of revenue (external commissions) (563) (616) (1,048) (1,291) – Sales and marketing (internal commissions) (219) (241) (427) (476)

Credit risk related to accounts

Credit risk related to accounts receivables	6 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Credit risk related to accounts receivables	Credit risk related to accounts receivable The movements in the allowance for doubtful accounts are as follows (in thousands): Six Months Ended September 30, 2020 2021 Balance at April 1 $ 3,602 $ 5,575 Bad debt provision 2,273 1,563 Write-offs, net of recoveries (1,748) (1,036) Foreign currency translation differences 153 (66) Balance at September 30 $ 4,280 $ 6,036 Overview of the Company’s exposure to credit risk from customers The maximum exposure to credit risk at the reporting date is the carrying value of each receivable and loan to external parties, net of impairment losses where relevant. As of March 31, 2021 and September 30, 2021 , the Company had no significant concentration of credit risk, due to its spread of customers across various operations and geographical locations. The Company does not hold any collateral as security. Net accounts receivable as of March 31, 2021 and September 30, 2021 of $2.3 million and $3.2 million, respectively, are pledged as security for the Company’s overdraft facilities.

Property and equipment

Property and equipment	6 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment Property and equipment comprises owned and right of use assets. The Company leases many assets including property, vehicles, machinery and IT equipment. The cost and accumulated depreciation of owned equipment are as follows (in thousands): March 31, September 30, Owned equipment Equipment, vehicles and other $ 6,877 $ 7,614 In-vehicle devices 53,448 59,284 Less: accumulated depreciation and impairments (42,955) (44,637) Owned equipment, net $ 17,370 $ 22,261 Total depreciation expense related to owned equipment during the three months ended September 30, 2020 and 2021 was $3.0 million and $2.6 million, respectively. Depreciation expense related to owned equipment during the six months ended September 30, 2020 and 2021 was $5.8 million and $5.3 million, respectively. Depreciation expense related to in-vehicle devices is included in subscription cost of revenue. The cost and accumulated depreciation of right-of-use property and equipment are as follows (in thousands): March 31, September 30, Right-of-use assets Property $ 8,348 $ 7,821 Equipment, vehicles and other 226 220 Less: accumulated depreciation (2,481) (2,533) Right of use property and equipment, net $ 6,093 $ 5,508

Intangible assets

Intangible assets	6 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	Intangible assets Intangible assets comprise the following (in thousands): As of March 31, 2021 As of September 30, 2021 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 20 $ 115 $ (82) $ 33 $ 113 $ (84) $ 29 Customer relationships 2 - 15 2,687 (2,271) 416 2,653 (2,330) 323 Internal-use software, technology and other 1 - 18 35,618 (17,764) 17,854 37,834 (19,337) 18,497 Total $ 38,420 $ (20,117) $ 18,303 $ 40,600 $ (21,751) $ 18,849 For the three months ended September 30, 2020 and 2021, amortization expense of $0.9 million, and $1.0 million, respectively, has been recognized. For the six months ended September 30, 2020 and 2021, amortization expense of $1.7 million, and $2.0 million, respectively, has been recognized.

Accrued expenses and other liab

Accrued expenses and other liabilities	6 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Accrued expenses and other liabilities	Accrued expenses and other liabilities Accrued expenses and other liabilities comprise the following (in thousands): March 31, September 30, Current: Product warranties $ 605 $ 625 Maintenance 609 631 Employee-related accruals 6,166 6,081 Lease liabilities 1,395 1,255 Accrued commissions 2,199 2,533 Other accruals 6,356 7,832 Total current $ 17,330 $ 18,957 Non-current: Lease liabilities $ 4,895 $ 4,481 Other liabilities 968 998 Total non-current $ 5,863 $ 5,479 Product warranties The Company provides warranties on certain products and undertakes to repair or replace items that fail to perform satisfactorily. Management estimates the related provision for future warranty claims based on historical warranty claim information, the product lifetime, as well as recent trends that might suggest that past cost information may differ from future claims. The table below provides details of the movement in the accrual (in thousands): As of September 30, 2020 2021 Product warranties Opening balance $ 616 $ 612 Warranty expense 43 200 Utilized (81) (126) Foreign currency translation difference 33 (14) Balance as of September 30 $ 611 $ 672 Non-current portion (included in other liabilities) $ 11 $ 47 Current portion $ 600 $ 625

Development expenditure

Development expenditure	6 Months Ended
	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Development expenditure	Development expenditure Development expenditure incurred comprises the following (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Costs capitalized (1) 647 985 1,383 1,956 Costs expensed (2) 1,046 1,314 2,040 2,751 Total costs incurred 1,693 2,299 3,423 4,707 Percentage capitalized 38.2 % 42.8 % 40.4 % 41.6 % (1) Costs capitalized relate only to the development of internal-use software. Product development costs are expensed when incurred. (2) Costs expensed are included in Administration and other expenses in the Condensed Consolidated Statement of Income.

Income taxes

Income taxes	6 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Our income tax provision reflects our estimate of the effective tax rate expected to be applicable for the full fiscal year, adjusted for any discrete events which are recorded in the period they occur. The estimates are re-evaluated each quarter based on our estimated tax expense for the full fiscal year. Our effective tax rate was 15.4% for the six months ended September 30, 2020 compared to 38.9% for the six months ended September 30, 2021. Our effective tax rate was 22.0% for the three months ended September 30, 2020 compared to 65.7% for the three months ended September 30, 2021. Ignoring the impact of foreign exchange gains and losses net of tax, the effective tax rate for the six months ended September 30, 2020 and 2021, was 29.0% and 35.0%, respectively, and for the three months ended September 30, 2020 and 2021, was 28.4% and 38.6%, respectively.

Earnings per share

Earnings per share	6 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Basic Basic earnings per share is calculated by dividing the income attributable to ordinary shareholders of the parent by the weighted average number of ordinary shares in issue during the period. The net income and weig hted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data): Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Numerator (basic) Net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Denominator (basic) Weighted-average number of ordinary shares in issue 548,008 552,386 547,569 552,124 Basic earnings per share $ 0.01 $ 0.002 $ 0.01 $ 0.01 American Depository Shares*: Net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Weighted-average number of American Depository Shares in issue 21,920 22,095 21,903 22,085 Basic earnings per American Depository share $ 0.16 $ 0.06 $ 0.27 $ 0.22 *One American Depository Share is the equivalent of 25 ordinary shares. Diluted Diluted earnings per share is calculated by dividing the diluted income attributable to ordinary shareholders by the diluted weighted average number of ordinary shares in issue during the period. Stock options, retention shares and stock appreciation rights g ranted to directors and employees are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share if the required target share price or annual shareholder return hurdles (as applicable) would have been met based on the performance up to the reporting date, and to the extent to which they are dilutive. Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Numerator (diluted) Diluted net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Denominator (diluted) Weighted-average number of ordinary shares in issue 548,008 552,386 547,569 552,124 Adjusted for: – potentially dilutive effect of stock appreciation rights 9,339 11,778 9,517 11,809 – potentially dilutive effect of restricted share units 599 1,458 618 1,389 – potentially dilutive effect of stock options 1,005 — 1,125 — Diluted-weighted average number of ordinary shares in issue 558,951 565,622 558,829 565,322 Diluted earnings per share $ 0.01 $ 0.002 $ 0.01 $ 0.01 American Depository Shares*: Diluted net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Diluted weighted-average number of American Depository Shares in issue 22,358 22,625 22,353 22,613 Diluted earnings per American Depository share $ 0.15 $ 0.06 $ 0.26 $ 0.21 *One American Depository Share is the equivalent of 25 ordinary shares.

Segment information

Segment information	6 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment information	Segment information The Company has 6 reportable segments, which are based on the geographical location of the 5 Regional Sales Offices (“RSOs”) and also includes the Central Services Organization (“CSO”). CSO is the central services organization that wholesales products and services to RSOs who, in turn, interface with our end-customers, distributors and dealers. CSO is also responsible for the development of hardware and software platforms and provides common marketing, product management, technical and distribution support to each of the other reportable segments. CSO is a reportable segment because it produces discrete financial information which is reviewed by the chief operating decision maker (“CODM”) and has the ability to generate external revenues. The CODM has been identified as the Chief Executive Officer who makes strategic decisions for the Company. The performance of the reportable segments has been measured and evaluated by the CODM using Segment Adjusted EBITDA, which is a measure that uses net income excluding net interest income/(expense), foreign exchange gains or losses, operating lease expenses, stock-based compensation costs, restructuring costs, and gains or losses on the disposal or impairments of long-lived assets and subsidiaries. Product development costs are capitalized and amortized and this amortization is excluded from Segment Adjusted EBITDA. Segment assets are not disclosed because such information is not reviewed by the CODM. The following tables provide revenue and Segment Adjusted EBITDA (in thousands): Three Months Ended September 30, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 14,855 $ 1,635 $ 16,490 $ 7,249 Europe 2,919 474 3,393 1,536 Americas 4,786 240 5,026 2,170 Middle East and Australasia 4,118 948 5,066 2,405 Brazil 928 28 956 363 Total Regional Sales Offices 27,606 3,325 30,931 13,723 Central Services Organization 17 — 17 (1,674) Total Segment Results $ 27,623 $ 3,325 $ 30,948 $ 12,049 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Three Months Ended September 30, 2021 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,686 $ 1,596 $ 20,282 $ 8,874 Europe 3,413 1,337 4,750 1,682 Americas 3,444 468 3,912 33 Middle East and Australasia 4,207 1,750 5,957 2,665 Brazil 1,121 16 1,137 288 Total Regional Sales Offices 30,871 5,167 36,038 13,542 Central Services Organization 14 22 36 (2,457) Total Segment Results $ 30,885 $ 5,189 $ 36,074 $ 11,085 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Six Months Ended September 30, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 28,778 $ 2,236 $ 31,014 $ 14,494 Europe 5,769 608 6,377 2,838 Americas 8,961 395 9,356 3,578 Middle East and Australasia 7,999 1,657 9,656 4,323 Brazil 1,959 51 2,010 773 Total Regional Sales Offices 53,466 4,947 58,413 26,006 Central Services Organization 32 — 32 (3,537) Total Segment Results $ 53,498 $ 4,947 $ 58,445 $ 22,469 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Six Months Ended September 30, 2021 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 37,397 $ 2,811 $ 40,208 $ 17,778 Europe 6,786 2,598 9,384 3,433 Americas 7,067 663 7,730 572 Middle East and Australasia 8,556 2,855 11,411 5,208 Brazil 2,141 48 2,189 605 Total Regional Sales Offices 61,947 8,975 70,922 27,596 Central Services Organization 28 22 50 (5,044) Total Segment Results $ 61,975 $ 8,997 $ 70,972 $ 22,552 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. A reconciliation of the segment results to income before income tax expense is disclosed below (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Segment Adjusted EBITDA $ 12,049 $ 11,085 $ 22,469 $ 22,552 Corporate and consolidation entries (2,507) (2,474) (4,837) (4,850) Operating lease costs (1) (399) (373) (791) (780) Product development costs (2) (271) (335) (514) (698) Depreciation and amortization (3,836) (3,668) (7,464) (7,347) Impairment of long-lived assets (1) (28) (1) (28) Stock-based compensation costs (301) (330) (594) (694) Increase in restructuring costs (3) (153) (51) (997) (52) Net (loss)/profit on sale of property and equipment (7) 43 (8) 43 Net foreign exchange (losses)/gains (78) 60 (183) (16) Net interest expense (70) (141) (140) (219) Income before income tax expense for the period $ 4,426 $ 3,788 $ 6,940 $ 7,911 1. For the purposes of calculating Segment Adjusted EBITDA, operating lease expenses are excluded from the Segment Adjusted EBITDA. Therefore, in order to reconcile Segment Adjusted EBITDA to net income before taxes, the total lease expense in respect of operating leases needs to be deducted. 2. For segment reporting purposes, product development costs, which do not meet the capitalization requirements under ASC 730 Research and Development or under ASC 985 Software , are capitalized and amortized. The amortization is excluded from Segment Adjusted EBITDA. In order to reconcile Segment Adjusted EBITDA to net income before taxes, product development costs capitalized for segment reporting purposes need to be deducted. 3. For the three months ended September 30, 2020, $0.1 million of the restructuring costs related to the North America reporting segment. For the six months ended September 30, 2020, $0.6 million, $0.2 million and $0.1 million of the restructuring costs related to CSO, Africa and North America reporting segments, respectively. No single customer accounted for 10% or more of the Company’s total revenue for the three or six months ended September 30, 2020 and 2021. No single customer accounted for 10% or more of the Company’s accounts receivable as of March 31, 2021 or September 30, 2021.

Stock-based compensation plan

Stock-based compensation plan	6 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-based compensation plan	Stock-based compensation plan The Company has issued equity-classified share incentives under the MiX Telematics Long-Term Incentive Plan (“LTIP”) to directors and certain key employees within the Company. The LTIP provides for three types of grants to be issued, namely performance shares, restricted share units (“RSUs”) and stock appreciation rights (“SARs”). As of September 30, 2021, there were 47,090,000 s hares reserved for future issuance under the LTIP. The total stock-based compensation expense recognized during the three months ended September 30, 2020 and 2021 was $0.3 million and $0.3 million, respectively. The total stock-based compensation expense recognized during the six months ended September 30, 2020 and 2021 was $0.6 million and $0.7 million, respectively. Stock appreciation rights granted under the LTIP The following table summarizes the activities for the outstanding SARs: Number of SARs Weighted- Weighted Average Contractual Remaining Term (years) Aggregate Intrinsic Values (in thousands) Outstanding as of April 1, 2021 40,567,917 36 Exercised (1,392,917) 21 Forfeited (300,000) 46 Outstanding as of September 30, 2021 38,875,000 37 2.87 Vested and expected to vest as of September 30, 2021 37,762,500 37 2.06 5,857 Vested as of September 30, 2021 16,625,000 28 1.48 3,799 As of September 30, 2021, there was $1.4 million of unr ecogn ized compensation cost related to unvested SARs. This amount is expected to be recognized over a weighted-average period o f 3.8 years. *U.S. currency amounts are based on a ZAR:USD exchange rate of R15.125 as of September 30, 2021. Restricted share units granted under the LTIP 2 million RSUs were outstanding and unvested as of April 1, 2021, and remain as such as of September 30, 2021. Management estimates forfeiture to be approximately 5%. The unrecognized compensation cost related to unvested RSUs as of September 30, 2021 was $0.3 million, which will be recognized over a weighted average period of 1.5 years, which is the same period as the weighted average remaining contractual term.

Debt

Debt	6 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2021 and September 30, 2021, debt comprised bank overdrafts of $1.7 million and $2.1 million, respectively. Net accounts receivable as of March 31, 2021 and September 30, 2021 of $2.3 million and $3.2 million, respectively, were pledged as security for the Company’s overdraft facilities. Details of undrawn facilities are shown below: Interest rate March 31, September 30, Undrawn borrowing facilities at floating rates include: – Standard Bank Limited: Overdraft SA Prime* less 1.2% $ 2,616 $ 2,093 Vehicle and asset finance SA Prime* less 1.2% 570 562 Working capital facility SA Prime* less 0.25% 1,676 1,653 – Nedbank Limited overdraft SA Prime* less 2% 670 661 $ 5,532 $ 4,969 *South African prime interest rate As of March 31, 2021 and September 30, 2021, the South African prime interest rate was 7.0 %. The Standard Bank Limited and Nedbank Limited facilities have no fixed renewal date and are repayable on demand. The facility from Nedbank Limited is unsecured.

Contingencies

Contingencies	6 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Service agreement In terms of an amended network services agreement with Mobile Telephone Networks Proprietary Limited (“MTN”), MTN is entitled to claw back payments from MiX Telematics Africa Proprietary Limited, a subsidiary of the Company, in the event of early cancellation of the agreement or certain base connections not being maintained over the term of the agreement. No connection incentive s will be received in terms of the amended network services agreement. The maximum potential liability under the arrangement as of March 31, 2021 and September 30, 2021 was $2.0 million and $1.8 million, respectively. No loss is consider ed probable under this arrangement. Competition Commission of South Africa matter On April 15, 2019 the Competition Commission of South Africa (“Commission”) referred a matter to the Competition Tribunal of South Africa (“Tribunal”). The Commission contends that the Company and a number of its channel partners have engaged in market division. Should the Tribunal rule against MiX Telematics, the Company may be liable for an administrative penalty in terms of the Competition Act, No. 89 of 1998. The Company cooperated fully with the Commission during its preliminary investigation. We cannot predict the timing of a resolution or the ultimate outcome of the matter; however, the Company and its external legal advisers continue to believe that we have consistently adhered to all applicable laws and regulations and that the referral from the Commission is without merit. As of September 30, 2021, we have not made any provisions for this matter as we do not believe that an outflow of economic resources is probable.

Subsequent events

Subsequent events	6 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent events	Subsequent events Other than the item below, the directors are not aware of any matter material or otherwise arising since September 30, 2021 and up to the date of this report, not otherwise dealt with herein. Dividend declared The Board of Directors declared, in respect of the three months ended September 30, 2021, a dividend of 4 South African cents per ordinary share and 1 South African Rand per ADS, which will be paid on December 2, 2021 to shareholders on record as of the close of business on November 19, 2021.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of preparation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and reflect, in the opinion of management, all adjustments, consisting of normal recurring adjustments and accruals, which are necessary for a fair statement of the results of the interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”).
Consolidation	The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated on consolidation.These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended March 31, 2021 filed with the SEC on June 14, 2021.
Use of estimates	Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts reported and disclosed. Significant estimates include, but are not limited to, allowances for doubtful accounts, the assessment of expected cash flows used in evaluating goodwill and long-lived assets for impairment, the amortization period for deferred commissions, the determination of useful lives of the Company’s customer relationships, contingencies, the classification of devices and other hardware as in-vehicle devices (equipment) versus inventory based on the future expectation of the different types of customer contracts, income and deferred taxes, unrecognized tax benefits and valuation allowances on deferred tax assets. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. As of September 30, 2021, the global outbreak of COVID-19 has had and, we believe, will continue to have an adverse impact on global economies and financial markets. We have taken into account the impact of COVID-19 on expected credit losses to the extent possible. Our expected credit losses have increased as a result. However, future changes in economic conditions related to COVID-19 could have an impact on future estimates and judgements used, particularly those relating to goodwill sensitivities and impairment assessments.

Revenue from contracts with c_2

Revenue from contracts with customers (Tables)	6 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Summary of Recognized Amortization Expense	The following is a summary of the amortization expense recognized (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Amortization recognized during the period: $ (782) $ (857) $ (1,475) $ (1,767) – Cost of revenue (external commissions) (563) (616) (1,048) (1,291) – Sales and marketing (internal commissions) (219) (241) (427) (476)

Credit risk related to accoun_2

Credit risk related to accounts receivables (Tables)	6 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Schedule of Movements in the Allowance for Doubtful Debts	The movements in the allowance for doubtful accounts are as follows (in thousands): Six Months Ended September 30, 2020 2021 Balance at April 1 $ 3,602 $ 5,575 Bad debt provision 2,273 1,563 Write-offs, net of recoveries (1,748) (1,036) Foreign currency translation differences 153 (66) Balance at September 30 $ 4,280 $ 6,036

Property and equipment (Tables)

Property and equipment (Tables)	6 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The cost and accumulated depreciation of owned equipment are as follows (in thousands): March 31, September 30, Owned equipment Equipment, vehicles and other $ 6,877 $ 7,614 In-vehicle devices 53,448 59,284 Less: accumulated depreciation and impairments (42,955) (44,637) Owned equipment, net $ 17,370 $ 22,261 The cost and accumulated depreciation of right-of-use property and equipment are as follows (in thousands): March 31, September 30, Right-of-use assets Property $ 8,348 $ 7,821 Equipment, vehicles and other 226 220 Less: accumulated depreciation (2,481) (2,533) Right of use property and equipment, net $ 6,093 $ 5,508

Intangible assets (Tables)

Intangible assets (Tables)	6 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets comprise the following (in thousands): As of March 31, 2021 As of September 30, 2021 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 20 $ 115 $ (82) $ 33 $ 113 $ (84) $ 29 Customer relationships 2 - 15 2,687 (2,271) 416 2,653 (2,330) 323 Internal-use software, technology and other 1 - 18 35,618 (17,764) 17,854 37,834 (19,337) 18,497 Total $ 38,420 $ (20,117) $ 18,303 $ 40,600 $ (21,751) $ 18,849

Accrued expenses and other li_2

Accrued expenses and other liabilities (Tables)	6 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses and other liabilities comprise the following (in thousands): March 31, September 30, Current: Product warranties $ 605 $ 625 Maintenance 609 631 Employee-related accruals 6,166 6,081 Lease liabilities 1,395 1,255 Accrued commissions 2,199 2,533 Other accruals 6,356 7,832 Total current $ 17,330 $ 18,957 Non-current: Lease liabilities $ 4,895 $ 4,481 Other liabilities 968 998 Total non-current $ 5,863 $ 5,479
Schedule of Product Warranties	The table below provides details of the movement in the accrual (in thousands): As of September 30, 2020 2021 Product warranties Opening balance $ 616 $ 612 Warranty expense 43 200 Utilized (81) (126) Foreign currency translation difference 33 (14) Balance as of September 30 $ 611 $ 672 Non-current portion (included in other liabilities) $ 11 $ 47 Current portion $ 600 $ 625

Development expenditure (Tables

Development expenditure (Tables)	6 Months Ended
	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Components of Development Expenditure	Development expenditure incurred comprises the following (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Costs capitalized (1) 647 985 1,383 1,956 Costs expensed (2) 1,046 1,314 2,040 2,751 Total costs incurred 1,693 2,299 3,423 4,707 Percentage capitalized 38.2 % 42.8 % 40.4 % 41.6 % (1) Costs capitalized relate only to the development of internal-use software. Product development costs are expensed when incurred. (2) Costs expensed are included in Administration and other expenses in the Condensed Consolidated Statement of Income.

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic Earnings Per Share	The net income and weig hted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data): Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Numerator (basic) Net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Denominator (basic) Weighted-average number of ordinary shares in issue 548,008 552,386 547,569 552,124 Basic earnings per share $ 0.01 $ 0.002 $ 0.01 $ 0.01 American Depository Shares*: Net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Weighted-average number of American Depository Shares in issue 21,920 22,095 21,903 22,085 Basic earnings per American Depository share $ 0.16 $ 0.06 $ 0.27 $ 0.22 *One American Depository Share is the equivalent of 25 ordinary shares.
Schedule of Diluted Earnings Per Share	Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Numerator (diluted) Diluted net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Denominator (diluted) Weighted-average number of ordinary shares in issue 548,008 552,386 547,569 552,124 Adjusted for: – potentially dilutive effect of stock appreciation rights 9,339 11,778 9,517 11,809 – potentially dilutive effect of restricted share units 599 1,458 618 1,389 – potentially dilutive effect of stock options 1,005 — 1,125 — Diluted-weighted average number of ordinary shares in issue 558,951 565,622 558,829 565,322 Diluted earnings per share $ 0.01 $ 0.002 $ 0.01 $ 0.01 American Depository Shares*: Diluted net income attributable to ordinary shareholders $ 3,452 $ 1,299 $ 5,874 $ 4,830 Diluted weighted-average number of American Depository Shares in issue 22,358 22,625 22,353 22,613 Diluted earnings per American Depository share $ 0.15 $ 0.06 $ 0.26 $ 0.21 *One American Depository Share is the equivalent of 25 ordinary shares.

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Information	The following tables provide revenue and Segment Adjusted EBITDA (in thousands): Three Months Ended September 30, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 14,855 $ 1,635 $ 16,490 $ 7,249 Europe 2,919 474 3,393 1,536 Americas 4,786 240 5,026 2,170 Middle East and Australasia 4,118 948 5,066 2,405 Brazil 928 28 956 363 Total Regional Sales Offices 27,606 3,325 30,931 13,723 Central Services Organization 17 — 17 (1,674) Total Segment Results $ 27,623 $ 3,325 $ 30,948 $ 12,049 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Three Months Ended September 30, 2021 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,686 $ 1,596 $ 20,282 $ 8,874 Europe 3,413 1,337 4,750 1,682 Americas 3,444 468 3,912 33 Middle East and Australasia 4,207 1,750 5,957 2,665 Brazil 1,121 16 1,137 288 Total Regional Sales Offices 30,871 5,167 36,038 13,542 Central Services Organization 14 22 36 (2,457) Total Segment Results $ 30,885 $ 5,189 $ 36,074 $ 11,085 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Six Months Ended September 30, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 28,778 $ 2,236 $ 31,014 $ 14,494 Europe 5,769 608 6,377 2,838 Americas 8,961 395 9,356 3,578 Middle East and Australasia 7,999 1,657 9,656 4,323 Brazil 1,959 51 2,010 773 Total Regional Sales Offices 53,466 4,947 58,413 26,006 Central Services Organization 32 — 32 (3,537) Total Segment Results $ 53,498 $ 4,947 $ 58,445 $ 22,469 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Six Months Ended September 30, 2021 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 37,397 $ 2,811 $ 40,208 $ 17,778 Europe 6,786 2,598 9,384 3,433 Americas 7,067 663 7,730 572 Middle East and Australasia 8,556 2,855 11,411 5,208 Brazil 2,141 48 2,189 605 Total Regional Sales Offices 61,947 8,975 70,922 27,596 Central Services Organization 28 22 50 (5,044) Total Segment Results $ 61,975 $ 8,997 $ 70,972 $ 22,552 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time.
Reconciliation of Segment Results to Income Before Tax	A reconciliation of the segment results to income before income tax expense is disclosed below (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2020 2021 2020 2021 Segment Adjusted EBITDA $ 12,049 $ 11,085 $ 22,469 $ 22,552 Corporate and consolidation entries (2,507) (2,474) (4,837) (4,850) Operating lease costs (1) (399) (373) (791) (780) Product development costs (2) (271) (335) (514) (698) Depreciation and amortization (3,836) (3,668) (7,464) (7,347) Impairment of long-lived assets (1) (28) (1) (28) Stock-based compensation costs (301) (330) (594) (694) Increase in restructuring costs (3) (153) (51) (997) (52) Net (loss)/profit on sale of property and equipment (7) 43 (8) 43 Net foreign exchange (losses)/gains (78) 60 (183) (16) Net interest expense (70) (141) (140) (219) Income before income tax expense for the period $ 4,426 $ 3,788 $ 6,940 $ 7,911 1. For the purposes of calculating Segment Adjusted EBITDA, operating lease expenses are excluded from the Segment Adjusted EBITDA. Therefore, in order to reconcile Segment Adjusted EBITDA to net income before taxes, the total lease expense in respect of operating leases needs to be deducted. 2. For segment reporting purposes, product development costs, which do not meet the capitalization requirements under ASC 730 Research and Development or under ASC 985 Software , are capitalized and amortized. The amortization is excluded from Segment Adjusted EBITDA. In order to reconcile Segment Adjusted EBITDA to net income before taxes, product development costs capitalized for segment reporting purposes need to be deducted. 3. For the three months ended September 30, 2020, $0.1 million of the restructuring costs related to the North America reporting segment. For the six months ended September 30, 2020, $0.6 million, $0.2 million and $0.1 million of the restructuring costs related to CSO, Africa and North America reporting segments, respectively.

Stock-based compensation plan (

Stock-based compensation plan (Tables)	6 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Unvested SARs Activities	The following table summarizes the activities for the outstanding SARs: Number of SARs Weighted- Weighted Average Contractual Remaining Term (years) Aggregate Intrinsic Values (in thousands) Outstanding as of April 1, 2021 40,567,917 36 Exercised (1,392,917) 21 Forfeited (300,000) 46 Outstanding as of September 30, 2021 38,875,000 37 2.87 Vested and expected to vest as of September 30, 2021 37,762,500 37 2.06 5,857 Vested as of September 30, 2021 16,625,000 28 1.48 3,799

Debt (Tables)

Debt (Tables)	6 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Undrawn Facilities	Details of undrawn facilities are shown below: Interest rate March 31, September 30, Undrawn borrowing facilities at floating rates include: – Standard Bank Limited: Overdraft SA Prime* less 1.2% $ 2,616 $ 2,093 Vehicle and asset finance SA Prime* less 1.2% 570 562 Working capital facility SA Prime* less 0.25% 1,676 1,653 – Nedbank Limited overdraft SA Prime* less 2% 670 661 $ 5,532 $ 4,969 *South African prime interest rate

Revenue from contracts with c_3

Revenue from contracts with customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 5.6		$ 5.6		$ 5.8
Revenue	1.2	$ 0.6	2.4	$ 1.7
Deferred commissions	$ 3.6		$ 3.6		$ 3.7

Revenue from contracts with c_4

Revenue from contracts with customers - Summary of Recognized Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Capitalized Contract Cost [Line Items]
Amortization recognized during the quarter	$ (857)	$ (782)	$ (1,767)	$ (1,475)
Cost of Revenue
Capitalized Contract Cost [Line Items]
Amortization recognized during the quarter	(616)	(563)	(1,291)	(1,048)
Sales and Marketing
Capitalized Contract Cost [Line Items]
Amortization recognized during the quarter	$ (241)	$ (219)	$ (476)	$ (427)

Credit risk related to accoun_3

Credit risk related to accounts receivables - Schedule of Movements in the Allowance for Doubtful Debts (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at April 1	$ 5,575	$ 3,602
Bad debt provision	1,563	2,273
Write-offs, net of recoveries	(1,036)	(1,748)
Foreign currency translation differences	(66)	153
Balance at September 30	$ 6,036	$ 4,280

Credit risk related to accoun_4

Credit risk related to accounts receivables - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Mar. 31, 2021
Receivables [Abstract]
Net accounts receivables pledged as security	$ 3.2	$ 2.3

Property and equipment - Schedu

Property and equipment - Schedule of Owned Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and impairments	$ (44,637)	$ (42,955)
Owned equipment, net	22,261	17,370
Equipment, vehicles and other
Property, Plant and Equipment [Line Items]
Owned equipment, gross	7,614	6,877
In-vehicle devices
Property, Plant and Equipment [Line Items]
Owned equipment, gross	$ 59,284	$ 53,448

Property and equipment - Narrat

Property and equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.6	$ 3	$ 5.3	$ 5.8

Property and equipment - Sche_2

Property and equipment - Schedule of Right-of-Use Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (2,533)	$ (2,481)
Right of use property and equipment, net	5,508	6,093
Property
Property, Plant and Equipment [Line Items]
Right of use property and equipment, gross	7,821	8,348
Equipment, vehicles and other
Property, Plant and Equipment [Line Items]
Right of use property and equipment, gross	$ 220	$ 226

Intangible assets - Schedule of

Intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2021	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	$ 40,600	$ 38,420
Accumulated amortization	(21,751)	(20,117)
Net	18,849	18,303
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	113	115
Accumulated amortization	(84)	(82)
Net	$ 29	33
Patents and trademarks | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	3 years
Patents and trademarks | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	20 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	$ 2,653	2,687
Accumulated amortization	(2,330)	(2,271)
Net	$ 323	416
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	2 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	15 years
Internal-use software, technology and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	$ 37,834	35,618
Accumulated amortization	(19,337)	(17,764)
Net	$ 18,497	$ 17,854
Internal-use software, technology and other | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	1 year
Internal-use software, technology and other | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	18 years

Intangible assets - Narrative (

Intangible assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1	$ 0.9	$ 2	$ 1.7

Accrued expenses and other li_3

Accrued expenses and other liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Current:
Product warranties	$ 625	$ 605	$ 600
Maintenance	631	609
Employee-related accruals	6,081	6,166
Lease liabilities	1,255	1,395
Accrued commissions	2,533	2,199
Other accruals	7,832	6,356
Total current	18,957	17,330
Non-current:
Lease liabilities	4,481	4,895
Other liabilities	998	968
Total non-current	$ 5,479	$ 5,863
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total current	Total current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total non-current	Total non-current

Accrued expenses and other li_4

Accrued expenses and other liabilities - Schedule of Product Warranties (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Product warranties
Beginning balance	$ 612	$ 616
Warranty expense	200	43
Utilized	(126)	(81)
Foreign currency translation difference	(14)	33
Ending balance	672	611
Non-current portion (included in other liabilities)	47	11
Current portion	$ 625	$ 600	$ 605

Development expenditure (Detail

Development expenditure (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Costs capitalized	$ 985	$ 647	$ 1,956	$ 1,383
Costs expensed	1,314	1,046	2,751	2,040
Total costs incurred	$ 2,299	$ 1,693	$ 4,707	$ 3,423
Percentage capitalized	42.80%	38.20%	41.60%	40.40%

Income taxes (Details)

Income taxes (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	65.70%	22.00%	38.90%	15.40%
Effective tax rate excluding impact of foreign exchange	38.60%	28.40%	35.00%	29.00%

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic earnings per share
Net income attributable to ordinary shareholders	$ 1,299	$ 3,452	$ 4,830	$ 5,874
Weighted average number of ordinary shares in issue (in shares)	552,386	548,008	552,124	547,569
Basic earnings per share (in dollars per share)	$ 0.002	$ 0.01	$ 0.01	$ 0.01
Weighted average number of American Depository Shares in issue (in shares)	22,095	21,920	22,085	21,903
Basic earnings per American Depository Share (in dollars per share)	$ 0.06	$ 0.16	$ 0.22	$ 0.27
Diluted earnings per share
Diluted weighted average number of ordinary shares in issue (in shares)	565,622	558,951	565,322	558,829
Diluted earnings per share (in dollars per share)	$ 0.002	$ 0.01	$ 0.01	$ 0.01
Diluted weighted average number of American Depository Shares in issue (in shares)	22,625	22,358	22,613	22,353
Diluted earnings per American Depository Share (in dollars per share)	$ 0.06	$ 0.15	$ 0.21	$ 0.26
Stock Appreciation Rights
Diluted earnings per share
Potentially dilutive effect of share-based payment arrangements (in shares)	11,778	9,339	11,809	9,517
Restricted Share Units
Diluted earnings per share
Potentially dilutive effect of share-based payment arrangements (in shares)	1,458	599	1,389	618
Stock Options
Diluted earnings per share
Potentially dilutive effect of share-based payment arrangements (in shares)	0	1,005	0	1,125

Segment information - Narrative

Segment information - Narrative (Details)	6 Months Ended
	Sep. 30, 2021regional_sales_officesegment
Segment Reporting [Abstract]
Number of reportable segments | segment	6
Number of regional sales offices | regional_sales_office	5

Segment information - Schedule

Segment information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total revenue	$ 36,074	$ 30,948	$ 70,972	$ 58,445
Segment Adjusted EBITDA	11,085	12,049	22,552	22,469
Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	30,885	27,623	61,975	53,498
Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	5,189	3,325	8,997	4,947
Total Regional Sales Offices
Segment Reporting Information [Line Items]
Total revenue	36,038	30,931	70,922	58,413
Segment Adjusted EBITDA	13,542	13,723	27,596	26,006
Total Regional Sales Offices | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	30,871	27,606	61,947	53,466
Total Regional Sales Offices | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	5,167	3,325	8,975	4,947
Africa
Segment Reporting Information [Line Items]
Total revenue	20,282	16,490	40,208	31,014
Segment Adjusted EBITDA	8,874	7,249	17,778	14,494
Africa | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	18,686	14,855	37,397	28,778
Africa | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	1,596	1,635	2,811	2,236
Europe
Segment Reporting Information [Line Items]
Total revenue	4,750	3,393	9,384	6,377
Segment Adjusted EBITDA	1,682	1,536	3,433	2,838
Europe | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	3,413	2,919	6,786	5,769
Europe | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	1,337	474	2,598	608
Americas
Segment Reporting Information [Line Items]
Total revenue	3,912	5,026	7,730	9,356
Segment Adjusted EBITDA	33	2,170	572	3,578
Americas | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	3,444	4,786	7,067	8,961
Americas | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	468	240	663	395
Middle East and Australasia
Segment Reporting Information [Line Items]
Total revenue	5,957	5,066	11,411	9,656
Segment Adjusted EBITDA	2,665	2,405	5,208	4,323
Middle East and Australasia | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	4,207	4,118	8,556	7,999
Middle East and Australasia | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	1,750	948	2,855	1,657
Brazil
Segment Reporting Information [Line Items]
Total revenue	1,137	956	2,189	2,010
Segment Adjusted EBITDA	288	363	605	773
Brazil | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	1,121	928	2,141	1,959
Brazil | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	16	28	48	51
Central Services Organization
Segment Reporting Information [Line Items]
Total revenue	36	17	50	32
Segment Adjusted EBITDA	(2,457)	(1,674)	(5,044)	(3,537)
Central Services Organization | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	14	17	28	32
Central Services Organization | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	$ 22	$ 0	$ 22	$ 0

Segment information - Reconcili

Segment information - Reconciliation of Segment Results to Income Before Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 11,085	$ 12,049	$ 22,552	$ 22,469
Stock-based compensation costs	(300)	(300)	(700)	(600)
Net interest expense	(141)	(70)	(219)	(140)
Income before income tax expense	3,788	4,426	7,911	6,940
North America | Employee Severance
Segment Reporting Information [Line Items]
Restructuring costs		100		100
CSO
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	(2,457)	(1,674)	(5,044)	(3,537)
CSO | Employee Severance
Segment Reporting Information [Line Items]
Restructuring costs				600
Africa
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	8,874	7,249	17,778	14,494
Africa | Employee Severance
Segment Reporting Information [Line Items]
Restructuring costs				200
Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	11,085	12,049	22,552	22,469
Corporate and Eliminations
Segment Reporting Information [Line Items]
Corporate and consolidation entries	(2,474)	(2,507)	(4,850)	(4,837)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Operating lease costs	(373)	(399)	(780)	(791)
Product development costs	(335)	(271)	(698)	(514)
Depreciation and amortization	(3,668)	(3,836)	(7,347)	(7,464)
Impairment of long-lived assets	(28)	(1)	(28)	(1)
Stock-based compensation costs	(330)	(301)	(694)	(594)
Increase in restructuring costs	(51)	(153)	(52)	(997)
Net (loss)/profit on sale of property and equipment	43	(7)	43	(8)
Net foreign exchange (losses)/gains	60	(78)	(16)	(183)
Net interest expense	$ (141)	$ (70)	$ (219)	$ (140)

Stock-based compensation plan -

Stock-based compensation plan - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0.3	$ 0.3	$ 0.7	$ 0.6
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1.4		$ 1.4
Expected period for recognition of unvested awards			3 years 9 months 18 days
Number of shares outstanding	38,875,000		38,875,000		40,567,917
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.3		$ 0.3
Expected period for recognition of unvested awards			1 year 6 months
Number of shares outstanding	2,000,000		2,000,000		2,000,000
Number of shares unvested	2,000,000		2,000,000		2,000,000
Estimated forfeiture rate			5.00%
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)	47,090,000		47,090,000

Stock-based compensation plan_2

Stock-based compensation plan - Summary of Unvested SARs Activity (Details) - SARs $ / shares in Units, $ in Thousands	6 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Number of SARs
Unvested as of beginning of period (in shares) | shares	40,567,917
Exercised (in shares) | shares	(1,392,917)
Forfeited (in shares) | shares	(300,000)
Unvested as of end of period (in shares) | shares	38,875,000
Vested and expected to vest (in shares) | shares	37,762,500
Vested (in shares) | shares	16,625,000
Weighted- Average Award Price in U.S. Cents
Outstanding as of beginning of period (in dollars per share) | $ / shares	$ 0.36
Exercised (in dollars per share) | $ / shares	0.21
Forfeited (in dollars per share) | $ / shares	0.46
Outstanding as of end of period (in dollars per share) | $ / shares	0.37
Vested and expected to vest (in dollars per share) | $ / shares	0.37
Vested (in dollars per share) | $ / shares	$ 0.28
Weighted average remaining contractual term, outstanding	2 years 10 months 13 days
Weighted average remaining contractual term, vested and expected to vest	2 years 21 days
Weighted average remaining contractual term, vested	1 year 5 months 23 days
Aggregate intrinsic value, vested and expected to vest | $	$ 5,857
Aggregate intrinsic value, vested | $	$ 3,799

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	$ 2,139	$ 1,674
Net accounts receivables pledged as security	$ 3,200	$ 2,300

Debt - Schedule of Undrawn Faci

Debt - Schedule of Undrawn Facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Line of Credit Facility [Line Items]
Undrawn borrowing remaining	$ 4,969	$ 5,532
Standard Bank Limited | Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.20%	1.20%
Undrawn borrowing remaining	$ 2,093	$ 2,616
Standard Bank Limited | Vehicle and asset finance
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.20%	1.20%
Undrawn borrowing remaining	$ 562	$ 570
Standard Bank Limited | Working capital facility
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	0.25%	0.25%
Undrawn borrowing remaining	$ 1,653	$ 1,676
Nedbank Limited | Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	2.00%	2.00%
Undrawn borrowing remaining	$ 661	$ 670

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2021	Mar. 31, 2021
Amended Network Service Agreement with MTN | Maximum
Loss Contingencies [Line Items]
Estimate of possible loss	$ 1.8	$ 2

Subsequent events (Details)

Subsequent events (Details)	3 Months Ended			6 Months Ended
	Sep. 30, 2021R / shares	Sep. 30, 2021$ / shares	Sep. 30, 2020$ / shares	Sep. 30, 2021R / shares	Sep. 30, 2020R / shares
Subsequent Events [Abstract]
Dividends declared per share (in ZAR per share) | (per share)	R 0.04	$ 0.3	$ 0.3	R 0.04	R 0.04
Dividends declared per ADS (in ZAR per share)	R 1