MiX Telematics (MIXT) 10-Q 8 Feb 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2021	Feb. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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		605,781,044
Amendment Flag	false
Entity Central Index Key	0001576914
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 35,863	$ 45,489
Restricted cash	835	854
Accounts receivables, net of allowances for doubtful accounts of $5.6 million and $6.9 million, respectively	24,879	19,265
Inventory, net	3,440	3,109
Prepaid expenses and other current assets	8,866	8,509
Total current assets	73,883	77,226
Property and equipment, net	28,753	23,463
Goodwill	41,796	43,938
Intangible assets, net	18,256	18,303
Deferred tax assets	5,121	3,782
Other assets	4,291	4,434
Total assets	172,100	171,146
Current liabilities:
Short-term debt	2,298	1,674
Accounts payables	6,502	6,560
Accrued expenses and other liabilities	18,762	17,330
Deferred revenue	7,662	5,788
Income taxes payable	1,936	1,345
Total current liabilities	37,160	32,697
Deferred tax liabilities	9,991	9,187
Long-term accrued expenses and other liabilities	5,513	5,863
Total liabilities	52,664	47,747
MiX Telematics Limited stockholders’ equity
Preference shares: 100 million shares authorized but not issued	0	0
Ordinary shares: 605.6 million and 608.1 million no-par value shares issued and outstanding as of March 31, 2021 and December 31, 2021, respectively	67,401	67,401
Less treasury stock at cost: 53.8 million and 55.4 million shares as of March 31, 2021 and December 31, 2021, respectively	(18,116)	(17,315)
Retained earnings	77,669	76,710
Accumulated other comprehensive income	(3,201)	1,924
Additional paid-in capital	(4,322)	(5,326)
Total MiX Telematics Limited stockholders’ equity	119,431	123,394
Non-controlling interest	5	5
Total stockholders’ equity	119,436	123,399
Total liabilities and stockholders’ equity	$ 172,100	$ 171,146

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 6,857	$ 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)	608,100,000	605,600,000
Ordinary shares, outstanding (in shares)	608,100,000	605,600,000
Treasury stock (in shares)	55,400,000	53,800,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenue
Total revenue	$ 36,213	$ 34,104	$ 107,185	$ 92,549
Cost of revenue
Total cost of revenue	13,762	12,804	38,911	31,679
Gross profit	22,451	21,300	68,274	60,870
Operating expenses
Sales and marketing	4,027	2,882	11,411	8,075
Administration and other	15,841	13,384	46,214	40,506
Total operating expenses	19,868	16,266	57,625	48,581
Income from operations	2,583	5,034	10,649	12,289
Other (expense)/income	114	(95)	178	(270)
Net interest income/(expense)	(75)	58	(294)	(82)
Income before income tax expense	2,622	4,997	10,533	11,937
Income tax benefit/(expense)	(1,992)	936	(5,073)	(130)
Net income	630	5,933	5,460	11,807
Less: Net income attributable to non-controlling interest	0	0	0	0
Net income attributable to MiX Telematics Limited	$ 630	$ 5,933	$ 5,460	$ 11,807
Net income per ordinary share
Basic (in dollars per share)	$ 0.001	$ 0.01	$ 0.01	$ 0.02
Diluted (in dollars per share)	0.001	0.01	0.01	0.02
Net income per American Depository Share
Basic (in dollars per share)	0.03	0.27	0.25	0.54
Diluted (in dollars per share)	$ 0.03	$ 0.26	$ 0.24	$ 0.53
Ordinary shares
Weighted average (in shares)	552,452	551,106	552,234	548,752
Diluted weighted average (in shares)	564,580	559,845	565,076	559,172
American Depository Shares
Weighted average (in shares)	22,098	22,044	22,089	21,950
Diluted weighted average (in shares)	22,583	22,394	22,603	22,367
Subscription
Revenue
Total revenue	$ 30,324	$ 29,072	$ 92,299	$ 82,570
Cost of revenue
Total cost of revenue	8,869	8,889	27,215	23,914
Hardware and other
Revenue
Total revenue	5,889	5,032	14,886	9,979
Cost of revenue
Total cost of revenue	$ 4,893	$ 3,915	$ 11,696	$ 7,765

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 630	$ 5,933	$ 5,460	$ 11,807
Other comprehensive income/(loss)
Foreign currency translation adjustments, net of tax	(3,544)	10,739	(5,125)	14,384
Total comprehensive income/(loss)	(2,914)	16,672	335	26,191
Less: Total comprehensive income attributable to non-controlling interest	0	0	0	0
Total comprehensive income/(loss) attributable to MiX Telematics Limited	$ (2,914)	$ 16,672	$ 335	$ 26,191

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	11,807					11,807	11,807
Other comprehensive income (loss)	14,384			14,384			14,384
Issuance of common stock in relation to stock options and SARs exercised (in shares)		4,202
Issuance of common stock in relation to stock options and SARs exercised	854	$ 854					854
Stock-based compensation	960				960		960
Dividends	(3,908)					(3,908)	(3,908)
Ending balance (in shares) at Dec. 31, 2020		605,136
Ending balance at Dec. 31, 2020	123,122	$ 67,376	(17,315)	3,314	(5,639)	75,381	123,117	5
Beginning balance (in shares) at Sep. 30, 2020		604,880
Beginning balance at Sep. 30, 2020	107,453	$ 67,347	(17,315)	(7,425)	(6,005)	70,846	107,448	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,933					5,933	5,933
Other comprehensive income (loss)	10,739			10,739			10,739
Issuance of common stock in relation to stock options and SARs exercised (in shares)		256
Issuance of common stock in relation to stock options and SARs exercised	29	$ 29					29
Stock-based compensation	366				366		366
Dividends	(1,398)					(1,398)	(1,398)
Ending balance (in shares) at Dec. 31, 2020		605,136
Ending balance at Dec. 31, 2020	$ 123,122	$ 67,376	(17,315)	3,314	(5,639)	75,381	123,117	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	5,460					5,460	5,460
Other comprehensive income (loss)	(5,125)			(5,125)			(5,125)
Issuance of common stock in relation to stock options and SARs exercised (in shares)		2,533
Issuance of common stock in relation to stock options and SARs exercised	0
Stock-based compensation	1,004				1,004		1,004
Dividends	(4,501)					(4,501)	(4,501)
Purchase of treasury stock	$ (801)		(801)				(801)
Ending balance (in shares) at Dec. 31, 2021	608,100	608,112
Ending balance at Dec. 31, 2021	$ 119,436	$ 67,401	(18,116)	(3,201)	(4,322)	77,669	119,431	5
Beginning balance (in shares) at Sep. 30, 2021		606,435
Beginning balance at Sep. 30, 2021	124,270	$ 67,401	(17,315)	343	(4,632)	78,468	124,265	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	630					630	630
Other comprehensive income (loss)	(3,544)			(3,544)			(3,544)
Issuance of common stock in relation to stock options and SARs exercised (in shares)		1,677
Issuance of common stock in relation to stock options and SARs exercised	0
Stock-based compensation	310				310		310
Dividends	(1,429)					(1,429)	(1,429)
Purchase of treasury stock	$ (801)		(801)				(801)
Ending balance (in shares) at Dec. 31, 2021	608,100	608,112
Ending balance at Dec. 31, 2021	$ 119,436	$ 67,401	$ (18,116)	$ (3,201)	$ (4,322)	$ 77,669	$ 119,431	$ 5

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)	3 Months Ended
	Dec. 31, 2021R / shares	Dec. 31, 2021$ / shares	Dec. 31, 2020R / shares	Dec. 31, 2020$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in ZAR/USD per share) | (per share)	R 0.04	$ 0.3	R 0.04	$ 0.3

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Cash generated from operations	$ 18,621	$ 33,156
Interest received	300	496
Interest paid	(262)	(281)
Income tax paid	(3,999)	(2,437)
Net cash provided by operating activities	14,660	30,934
Cash flows from investing activities
Acquisition of property and equipment – in-vehicle devices	(13,413)	(2,957)
Acquisition of property and equipment – other	(1,462)	(264)
Proceeds from the sale of property and equipment	54	0
Acquisition of intangible assets	(4,083)	(2,968)
Net cash used in investing activities	(18,904)	(6,189)
Cash flows from financing activities
Proceeds from issuance of ordinary shares in relation to stock options exercised	0	854
Cash paid for ordinary shares repurchased	(801)	0
Cash paid on dividends to MiX Telematics Limited stockholders	(4,484)	(3,901)
Movement in short-term debt	666	428
Net cash used in financing activities	(4,619)	(2,619)
Net increase/(decrease) in cash and cash equivalents, and restricted cash	(8,863)	22,126
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	(782)	4,001
Cash and cash equivalents, and restricted cash at end of the period	$ 36,698	$ 44,779

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 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 December 31, 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	9 Months Ended
	Dec. 31, 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 December 31, 2021 was $5.8 million and $7.7 million, respectively. During the quarter ended December 31, 2020 and December 31, 2021, revenue of $0.7 million was recognized which was included in the deferred revenue balances at the beginning of each such quarter. During the nine months ended December 31, 2020 and December 31, 2021, revenue of $2.4 million and $3.1 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 $3.5 mill ion as of March 31, 2021 and December 31, 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 December 31, Nine Months Ended December 31, 2020 2021 2020 2021 Amortization recognized during the period: $ (877) $ (878) $ (2,352) $ (2,645) – Cost of revenue (external commissions) (636) (628) (1,684) (1,919) – Sales and marketing (internal commissions) (241) (250) (668) (726)

Credit risk related to accounts

Credit risk related to accounts receivable	9 Months Ended
	Dec. 31, 2021
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, 2020 2021 Balance at April 1 $ 3,602 $ 5,575 Bad debt provision 3,085 2,516 Write-offs, net of recoveries (1,543) (857) Foreign currency translation differences 746 (377) Balance at December 31 $ 5,890 $ 6,857 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 December 31, 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 December 31, 2021 of $2.3 million and $4.5 million, respectively, are pledged as security for the Company’s overdraft facilities.

Property and equipment

Property and equipment	9 Months Ended
	Dec. 31, 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, December 31, Owned equipment Equipment, vehicles and other $ 6,877 $ 7,737 In-vehicle devices 53,448 60,218 Less: accumulated depreciation and impairments (42,955) (44,608) Owned equipment, net $ 17,370 $ 23,347 Total depreciation expense related to owned equipment during the three months ended December 31, 2020 and 2021 was $3.1 million and $2.7 million, respectively. Depreciation expense related to owned equipment during the nine months ended December 31, 2020 and 2021 was $8.9 million and $8.0 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, December 31, Right-of-use assets Property $ 8,348 $ 7,765 Equipment, vehicles and other 226 211 Less: accumulated depreciation (2,481) (2,571) Right of use property and equipment, net $ 6,093 $ 5,405

Intangible assets

Intangible assets	9 Months Ended
	Dec. 31, 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 December 31, 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 $ 148 $ (122) $ 26 Customer relationships 2 - 15 2,687 (2,271) 416 2,698 (2,434) 264 Internal-use software, technology and other 1 - 18 35,618 (17,764) 17,854 37,334 (19,368) 17,966 Total $ 38,420 $ (20,117) $ 18,303 $ 40,180 $ (21,924) $ 18,256 For each of the three months ended December 31, 2020 and 2021, amortization expense of $1.0 million has been recognized. For the nine months ended December 31 2020 and 2021, amortization expense of $2.6 million, and $3.0 million, respectively, has been recognized.

Accrued expenses and other liab

Accrued expenses and other liabilities	9 Months Ended
	Dec. 31, 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, December 31, Current: Product warranties $ 605 $ 606 Maintenance 609 478 Employee-related accruals 6,166 5,728 Lease liabilities 1,395 1,015 Accrued commissions 2,199 2,778 Other accruals 6,356 8,157 Total current $ 17,330 $ 18,762 Non-current: Lease liabilities $ 4,895 $ 4,620 Other liabilities 968 893 Total non-current $ 5,863 $ 5,513 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, 2021 2020 2021 Product warranties Opening balance $ 616 $ 612 Warranty expense 80 256 Utilized (155) (172) Foreign currency translation difference 113 (38) Balance as of December 31 $ 654 $ 658 Non-current portion (included in other liabilities) $ 16 $ 52 Current portion $ 638 $ 606

Development expenditure

Development expenditure	9 Months Ended
	Dec. 31, 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 December 31, Nine Months Ended December 31, 2020 2021 2020 2021 Costs capitalized (1) $ 742 $ 772 $ 2,125 $ 2,728 Costs expensed (2) 1,014 1,632 3,054 4,383 Total costs incurred $ 1,756 $ 2,404 $ 5,179 $ 7,111 Percentage capitalized 42.3 % 32.1 % 41.0 % 38.4 % (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	9 Months Ended
	Dec. 31, 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 1.1% for the nine months ended December 31, 2020 compared to 48.2% for the nine months ended December 31, 2021. Our effective tax rate was negative 18.7% for the three months ended December 31, 2020 compared to 76.0% for the three months ended December 31, 2021. Ignoring the impact of foreign exchange gains and losses net of tax, the effective tax rate for the nine months ended December 31, 2020 and 2021, was 31.3% and 35.1%, respectively, and for the three months ended December 31, 2020 and 2021, was 34.3% and 35.5%, respectively.

Earnings per share

Earnings per share	9 Months Ended
	Dec. 31, 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 December 31, Nine Months Ended December 31, 2020 2021 2020 2021 Numerator (basic) Net income attributable to ordinary shareholders $ 5,933 $ 630 $ 11,807 $ 5,460 Denominator (basic) Weighted-average number of ordinary shares in issue 551,106 552,452 548,752 552,234 Basic earnings per share $ 0.01 $ 0.001 $ 0.02 $ 0.01 American Depository Shares*: Net income attributable to ordinary shareholders $ 5,933 $ 630 $ 11,807 $ 5,460 Weighted-average number of American Depository Shares in issue 22,044 22,098 21,950 22,089 Basic earnings per American Depository share $ 0.27 $ 0.03 $ 0.54 $ 0.25 *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 December 31, Nine Months Ended December 31, 2020 2021 2020 2021 Numerator (diluted) Diluted net income attributable to ordinary shareholders $ 5,933 $ 630 $ 11,807 $ 5,460 Denominator (diluted) Weighted-average number of ordinary shares in issue 551,106 552,452 548,752 552,234 Adjusted for: – potentially dilutive effect of stock appreciation rights 8,080 10,571 9,038 11,397 – potentially dilutive effect of restricted share units 659 1,557 632 1,445 – potentially dilutive effect of stock options — — 750 — Diluted-weighted average number of ordinary shares in issue 559,845 564,580 559,172 565,076 Diluted earnings per share $ 0.01 $ 0.001 $ 0.02 $ 0.01 American Depository Shares*: Diluted net income attributable to ordinary shareholders $ 5,933 $ 630 $ 11,807 $ 5,460 Diluted weighted-average number of American Depository Shares in issue 22,394 22,583 22,367 22,603 Diluted earnings per American Depository share $ 0.26 $ 0.03 $ 0.53 $ 0.24 *One American Depository Share is the equivalent of 25 ordinary shares.

Segment information

Segment information	9 Months Ended
	Dec. 31, 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 income before income tax expense excluding net interest income/(expense), foreign exchange gains or losses, depreciation, amortization, operating lease expenses, stock-based compensation costs, restructuring costs, non-recurring legal costs, gains or losses on the disposal or impairments of long-lived assets and subsidiaries 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, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 16,205 $ 1,858 $ 18,063 $ 8,407 Europe 3,116 1,305 4,421 1,718 Americas 4,582 236 4,818 1,332 Middle East and Australasia 4,174 1,596 5,770 2,516 Brazil 978 27 1,005 347 Total Regional Sales Offices 29,055 5,022 34,077 14,320 Central Services Organization 17 10 27 (1,836) Total Segment Results $ 29,072 $ 5,032 $ 34,104 $ 12,484 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Three Months Ended December 31, 2021 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,242 $ 3,196 $ 21,438 $ 9,047 Europe 3,421 687 4,108 1,452 Americas 3,481 560 4,041 (88) Middle East and Australasia 4,176 1,325 5,501 2,327 Brazil 993 108 1,101 230 Total Regional Sales Offices 30,313 5,876 36,189 12,968 Central Services Organization 11 13 24 (2,786) Total Segment Results $ 30,324 $ 5,889 $ 36,213 $ 10,182 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 44,983 $ 4,094 $ 49,077 $ 22,901 Europe 8,885 1,913 10,798 4,556 Americas 13,543 631 14,174 4,910 Middle East and Australasia 12,173 3,253 15,426 6,839 Brazil 2,937 78 3,015 1,120 Total Regional Sales Offices 82,521 9,969 92,490 40,326 Central Services Organization 49 10 59 (5,373) Total Segment Results $ 82,570 $ 9,979 $ 92,549 $ 34,953 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2021 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 55,639 $ 6,007 $ 61,646 $ 26,825 Europe 10,207 3,285 13,492 4,885 Americas 10,548 1,223 11,771 484 Middle East and Australasia 12,732 4,180 16,912 7,535 Brazil 3,134 156 3,290 835 Total Regional Sales Offices 92,260 14,851 107,111 40,564 Central Services Organization 39 35 74 (7,830) Total Segment Results $ 92,299 $ 14,886 $ 107,185 $ 32,734 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, 2020 2021 2020 2021 Segment Adjusted EBITDA $ 12,484 $ 10,182 $ 34,953 $ 32,734 Corporate and consolidation entries (2,253) (2,358) (7,090) (7,208) Operating lease costs (1) (423) (383) (1,214) (1,163) Product development costs (2) (262) (328) (776) (1,026) Depreciation and amortization (4,099) (3,584) (11,563) (10,931) Impairment of long-lived assets (6) — (7) (28) Stock-based compensation costs (366) (310) (960) (1,004) Restructuring costs (3) (31) (117) (1,028) (169) Net (loss)/profit on sale of property and equipment — (1) (8) 42 Net foreign exchange (losses)/gains (105) 126 (288) 110 Net interest income/(expense) 58 (75) (82) (294) Non-recurring legal costs (4) — (530) — (530) Income before income tax expense for the period $ 4,997 $ 2,622 $ 11,937 $ 10,533 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 nine months ended December 31, 2020, $0.6 million, $0.2 million, $0.1 million and $0.1 million of the restructuring costs related to CSO, Africa, North America and Middle East and Australasia reporting segments, respectively. 4. Includes legal related costs for a non-recurring patent infringement matter for the three months ended December 31, 2021. No single customer accounted for 10% or more of the Company’s total revenue for the three or nine months ended December 31, 2020 and 2021. No single customer accounted for 10% or more of the Company’s accounts receivable as of March 31, 2021 or December 31, 2021.

Stock-based compensation plan

Stock-based compensation plan	9 Months Ended
	Dec. 31, 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 December 31, 2021, there were 35,465,000 s hares reserved for future issuance under the LTIP. The total stock-based compensation expense recognized during the three months ended December, 2020 and 2021 was $0.4 million and $0.3 million, respectively. The total stock-based compensation expense recognized during the nine months ended December 31, 2021 was $1.0 million, which was consistent with the nine months ended December 31, 2020. 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 34 Granted 11,625,000 46 Exercised (4,092,917) 20 Forfeited (950,000) 43 Outstanding as of December 31, 2021 47,150,000 38 3.58 Vested and expected to vest as of December 31, 2021 45,544,688 36 3.54 6,272 Vested as of December 31, 2021 15,043,750 27 1.49 3,654 As of December 31, 2021, there was $2.9 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 4.27 years. *U.S. currency amounts are based on a ZAR:USD exchange rate of R15.945 as of December 31, 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 December 31, 2021. Management estimates forfeiture to be approximately 5%. The unrecognized compensation cost related to unvested RSUs as of December 31, 2021 was $0.2 million, which will be recognized over a weighted average period of 1.25 years, which is the same period as the weighted average remaining contractual term.

Debt

Debt	9 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2021 and December 31, 2021, debt comprised bank overdrafts of $1.7 million and $2.3 million, respectively. Net accounts receivable as of March 31, 2021 and December 31, 2021 of $2.3 million and $4.5 million, respectively, were pledged as security for the Company’s overdraft facilities. Details of undrawn facilities are shown below: Interest rate March 31, December 31, Undrawn borrowing facilities at floating rates include: – Standard Bank Limited: Overdraft SA Prime* less 1.2% $ 2,616 $ 1,716 Vehicle and asset finance SA Prime* less 1.2% 570 533 Working capital facility SA Prime* less 0.25% 1,676 1,568 – Nedbank Limited overdraft SA Prime* less 2% 670 627 $ 5,532 $ 4,444 *South African prime interest rate As of March 31, 2021 and December 31, 2021, the South African prime interest rate was 7.0 % and 7.25% respectively. 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	9 Months Ended
	Dec. 31, 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 December 31, 2021 was $2.0 million and $1.7 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 December 31, 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	9 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 2021, a dividend of 4 South African cents per ordinary share and 1 South African Rand per ADS, which will be paid on March 10, 2022 to shareholders on record as of the close of business on February 25, 2022.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 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 December 31, 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)	9 Months Ended
	Dec. 31, 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 December 31, Nine Months Ended December 31, 2020 2021 2020 2021 Amortization recognized during the period: $ (877) $ (878) $ (2,352) $ (2,645) – Cost of revenue (external commissions) (636) (628) (1,684) (1,919) – Sales and marketing (internal commissions) (241) (250) (668) (726)

Credit risk related to accoun_2

Credit risk related to accounts receivable (Tables)	9 Months Ended
	Dec. 31, 2021
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, 2020 2021 Balance at April 1 $ 3,602 $ 5,575 Bad debt provision 3,085 2,516 Write-offs, net of recoveries (1,543) (857) Foreign currency translation differences 746 (377) Balance at December 31 $ 5,890 $ 6,857

Property and equipment (Tables)

Property and equipment (Tables)	9 Months Ended
	Dec. 31, 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, December 31, Owned equipment Equipment, vehicles and other $ 6,877 $ 7,737 In-vehicle devices 53,448 60,218 Less: accumulated depreciation and impairments (42,955) (44,608) Owned equipment, net $ 17,370 $ 23,347 The cost and accumulated depreciation of right-of-use property and equipment are as follows (in thousands): March 31, December 31, Right-of-use assets Property $ 8,348 $ 7,765 Equipment, vehicles and other 226 211 Less: accumulated depreciation (2,481) (2,571) Right of use property and equipment, net $ 6,093 $ 5,405

Intangible assets (Tables)

Intangible assets (Tables)	9 Months Ended
	Dec. 31, 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 December 31, 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 $ 148 $ (122) $ 26 Customer relationships 2 - 15 2,687 (2,271) 416 2,698 (2,434) 264 Internal-use software, technology and other 1 - 18 35,618 (17,764) 17,854 37,334 (19,368) 17,966 Total $ 38,420 $ (20,117) $ 18,303 $ 40,180 $ (21,924) $ 18,256

Accrued expenses and other li_2

Accrued expenses and other liabilities (Tables)	9 Months Ended
	Dec. 31, 2021
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 $ 605 $ 606 Maintenance 609 478 Employee-related accruals 6,166 5,728 Lease liabilities 1,395 1,015 Accrued commissions 2,199 2,778 Other accruals 6,356 8,157 Total current $ 17,330 $ 18,762 Non-current: Lease liabilities $ 4,895 $ 4,620 Other liabilities 968 893 Total non-current $ 5,863 $ 5,513
Schedule of Product Warranties	The table below provides details of the movement in the accrual (in thousands): As of December 31, 2021 2020 2021 Product warranties Opening balance $ 616 $ 612 Warranty expense 80 256 Utilized (155) (172) Foreign currency translation difference 113 (38) Balance as of December 31 $ 654 $ 658 Non-current portion (included in other liabilities) $ 16 $ 52 Current portion $ 638 $ 606

Development expenditure (Tables

Development expenditure (Tables)	9 Months Ended
	Dec. 31, 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 December 31, Nine Months Ended December 31, 2020 2021 2020 2021 Costs capitalized (1) $ 742 $ 772 $ 2,125 $ 2,728 Costs expensed (2) 1,014 1,632 3,054 4,383 Total costs incurred $ 1,756 $ 2,404 $ 5,179 $ 7,111 Percentage capitalized 42.3 % 32.1 % 41.0 % 38.4 % (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)	9 Months Ended
	Dec. 31, 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 December 31, Nine Months Ended December 31, 2020 2021 2020 2021 Numerator (basic) Net income attributable to ordinary shareholders $ 5,933 $ 630 $ 11,807 $ 5,460 Denominator (basic) Weighted-average number of ordinary shares in issue 551,106 552,452 548,752 552,234 Basic earnings per share $ 0.01 $ 0.001 $ 0.02 $ 0.01 American Depository Shares*: Net income attributable to ordinary shareholders $ 5,933 $ 630 $ 11,807 $ 5,460 Weighted-average number of American Depository Shares in issue 22,044 22,098 21,950 22,089 Basic earnings per American Depository share $ 0.27 $ 0.03 $ 0.54 $ 0.25 *One American Depository Share is the equivalent of 25 ordinary shares.
Schedule of Diluted Earnings Per Share	Three Months Ended December 31, Nine Months Ended December 31, 2020 2021 2020 2021 Numerator (diluted) Diluted net income attributable to ordinary shareholders $ 5,933 $ 630 $ 11,807 $ 5,460 Denominator (diluted) Weighted-average number of ordinary shares in issue 551,106 552,452 548,752 552,234 Adjusted for: – potentially dilutive effect of stock appreciation rights 8,080 10,571 9,038 11,397 – potentially dilutive effect of restricted share units 659 1,557 632 1,445 – potentially dilutive effect of stock options — — 750 — Diluted-weighted average number of ordinary shares in issue 559,845 564,580 559,172 565,076 Diluted earnings per share $ 0.01 $ 0.001 $ 0.02 $ 0.01 American Depository Shares*: Diluted net income attributable to ordinary shareholders $ 5,933 $ 630 $ 11,807 $ 5,460 Diluted weighted-average number of American Depository Shares in issue 22,394 22,583 22,367 22,603 Diluted earnings per American Depository share $ 0.26 $ 0.03 $ 0.53 $ 0.24 *One American Depository Share is the equivalent of 25 ordinary shares.

Segment information (Tables)

Segment information (Tables)	9 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Information	The following tables provide revenue and Segment Adjusted EBITDA (in thousands): Three Months Ended December 31, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 16,205 $ 1,858 $ 18,063 $ 8,407 Europe 3,116 1,305 4,421 1,718 Americas 4,582 236 4,818 1,332 Middle East and Australasia 4,174 1,596 5,770 2,516 Brazil 978 27 1,005 347 Total Regional Sales Offices 29,055 5,022 34,077 14,320 Central Services Organization 17 10 27 (1,836) Total Segment Results $ 29,072 $ 5,032 $ 34,104 $ 12,484 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Three Months Ended December 31, 2021 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,242 $ 3,196 $ 21,438 $ 9,047 Europe 3,421 687 4,108 1,452 Americas 3,481 560 4,041 (88) Middle East and Australasia 4,176 1,325 5,501 2,327 Brazil 993 108 1,101 230 Total Regional Sales Offices 30,313 5,876 36,189 12,968 Central Services Organization 11 13 24 (2,786) Total Segment Results $ 30,324 $ 5,889 $ 36,213 $ 10,182 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2020 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 44,983 $ 4,094 $ 49,077 $ 22,901 Europe 8,885 1,913 10,798 4,556 Americas 13,543 631 14,174 4,910 Middle East and Australasia 12,173 3,253 15,426 6,839 Brazil 2,937 78 3,015 1,120 Total Regional Sales Offices 82,521 9,969 92,490 40,326 Central Services Organization 49 10 59 (5,373) Total Segment Results $ 82,570 $ 9,979 $ 92,549 $ 34,953 1. Subscription revenue is recognized over time. 2. Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2021 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 55,639 $ 6,007 $ 61,646 $ 26,825 Europe 10,207 3,285 13,492 4,885 Americas 10,548 1,223 11,771 484 Middle East and Australasia 12,732 4,180 16,912 7,535 Brazil 3,134 156 3,290 835 Total Regional Sales Offices 92,260 14,851 107,111 40,564 Central Services Organization 39 35 74 (7,830) Total Segment Results $ 92,299 $ 14,886 $ 107,185 $ 32,734 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, 2020 2021 2020 2021 Segment Adjusted EBITDA $ 12,484 $ 10,182 $ 34,953 $ 32,734 Corporate and consolidation entries (2,253) (2,358) (7,090) (7,208) Operating lease costs (1) (423) (383) (1,214) (1,163) Product development costs (2) (262) (328) (776) (1,026) Depreciation and amortization (4,099) (3,584) (11,563) (10,931) Impairment of long-lived assets (6) — (7) (28) Stock-based compensation costs (366) (310) (960) (1,004) Restructuring costs (3) (31) (117) (1,028) (169) Net (loss)/profit on sale of property and equipment — (1) (8) 42 Net foreign exchange (losses)/gains (105) 126 (288) 110 Net interest income/(expense) 58 (75) (82) (294) Non-recurring legal costs (4) — (530) — (530) Income before income tax expense for the period $ 4,997 $ 2,622 $ 11,937 $ 10,533 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 nine months ended December 31, 2020, $0.6 million, $0.2 million, $0.1 million and $0.1 million of the restructuring costs related to CSO, Africa, North America and Middle East and Australasia reporting segments, respectively. 4. Includes legal related costs for a non-recurring patent infringement matter for the three months ended December 31, 2021.

Stock-based compensation plan (

Stock-based compensation plan (Tables)	9 Months Ended
	Dec. 31, 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 34 Granted 11,625,000 46 Exercised (4,092,917) 20 Forfeited (950,000) 43 Outstanding as of December 31, 2021 47,150,000 38 3.58 Vested and expected to vest as of December 31, 2021 45,544,688 36 3.54 6,272 Vested as of December 31, 2021 15,043,750 27 1.49 3,654

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 31, 2021
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 Limited: Overdraft SA Prime* less 1.2% $ 2,616 $ 1,716 Vehicle and asset finance SA Prime* less 1.2% 570 533 Working capital facility SA Prime* less 0.25% 1,676 1,568 – Nedbank Limited overdraft SA Prime* less 2% 670 627 $ 5,532 $ 4,444 *South African prime interest rate

Revenue from contracts with c_3

Revenue from contracts with customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 7.7		$ 7.7		$ 5.8
Revenue	0.7	$ 0.7	3.1	$ 2.4
Deferred commissions	$ 3.5		$ 3.5		$ 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		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Amortization recognized during the quarter	$ (878)	$ (877)	$ (2,645)	$ (2,352)
Cost of Revenue
Capitalized Contract Cost [Line Items]
Amortization recognized during the quarter	(628)	(636)	(1,919)	(1,684)
Sales and Marketing
Capitalized Contract Cost [Line Items]
Amortization recognized during the quarter	$ (250)	$ (241)	$ (726)	$ (668)

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, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at April 1	$ 5,575	$ 3,602
Bad debt provision	2,516	3,085
Write-offs, net of recoveries	(857)	(1,543)
Foreign currency translation differences	(377)	746
Balance at December 31	$ 6,857	$ 5,890

Credit risk related to accoun_4

Credit risk related to accounts receivable - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Mar. 31, 2021
Receivables [Abstract]
Net accounts receivables pledged as security	$ 4.5	$ 2.3

Property and equipment - Schedu

Property and equipment - Schedule of Owned Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and impairments	$ (44,608)	$ (42,955)
Owned equipment, net	23,347	17,370
Equipment, vehicles and other
Property, Plant and Equipment [Line Items]
Owned equipment, gross	7,737	6,877
In-vehicle devices
Property, Plant and Equipment [Line Items]
Owned equipment, gross	$ 60,218	$ 53,448

Property and equipment - Narrat

Property and equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.7	$ 3.1	$ 8	$ 8.9

Property and equipment - Sche_2

Property and equipment - Schedule of Right-of-Use Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (2,571)	$ (2,481)
Right of use property and equipment, net	5,405	6,093
Property
Property, Plant and Equipment [Line Items]
Right of use property and equipment, gross	7,765	8,348
Equipment, vehicles and other
Property, Plant and Equipment [Line Items]
Right of use property and equipment, gross	$ 211	$ 226

Intangible assets - Schedule of

Intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	$ 40,180	$ 38,420
Accumulated amortization	(21,924)	(20,117)
Net	18,256	18,303
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	148	115
Accumulated amortization	(122)	(82)
Net	$ 26	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	$ 2,698	2,687
Accumulated amortization	(2,434)	(2,271)
Net	$ 264	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	$ 37,334	35,618
Accumulated amortization	(19,368)	(17,764)
Net	$ 17,966	$ 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		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1	$ 1	$ 3	$ 2.6

Accrued expenses and other li_3

Accrued expenses and other liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Current:
Product warranties	$ 606	$ 605	$ 638
Maintenance	478	609
Employee-related accruals	5,728	6,166
Lease liabilities	1,015	1,395
Accrued commissions	2,778	2,199
Other accruals	8,157	6,356
Total current	18,762	17,330
Non-current:
Lease liabilities	4,620	4,895
Other liabilities	893	968
Total non-current	$ 5,513	$ 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	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Product warranties
Beginning balance	$ 612	$ 616
Warranty expense	256	80
Utilized	(172)	(155)
Foreign currency translation difference	(38)	113
Ending balance	658	654
Non-current portion (included in other liabilities)	52	16
Current portion	$ 606	$ 638	$ 605

Development expenditure - Compo

Development expenditure - Components of Development Expenditure (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Costs capitalized	$ 772	$ 742	$ 2,728	$ 2,125
Costs expensed	1,632	1,014	4,383	3,054
Total costs incurred	$ 2,404	$ 1,756	$ 7,111	$ 5,179
Percentage capitalized	32.10%	42.30%	38.40%	41.00%

Income taxes (Details)

Income taxes (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	(76.00%)	18.70%	(48.20%)	(1.10%)
Effective tax rate excluding impact of foreign exchange	35.50%	34.30%	35.10%	31.30%

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Basic earnings per share
Net income attributable to ordinary shareholders	$ 630	$ 5,933	$ 5,460	$ 11,807
Weighted average number of ordinary shares in issue (in shares)	552,452	551,106	552,234	548,752
Basic earnings per share (in dollars per share)	$ 0.001	$ 0.01	$ 0.01	$ 0.02
Weighted average number of American Depository Shares in issue (in shares)	22,098	22,044	22,089	21,950
Basic earnings per American Depository Share (in dollars per share)	$ 0.03	$ 0.27	$ 0.25	$ 0.54
Diluted earnings per share
Diluted weighted average number of ordinary shares in issue (in shares)	564,580	559,845	565,076	559,172
Diluted earnings per share (in dollars per share)	$ 0.001	$ 0.01	$ 0.01	$ 0.02
Diluted weighted average number of American Depository Shares in issue (in shares)	22,583	22,394	22,603	22,367
Diluted earnings per American Depository Share (in dollars per share)	$ 0.03	$ 0.26	$ 0.24	$ 0.53
Stock Appreciation Rights
Diluted earnings per share
Potentially dilutive effect of share-based payment arrangements (in shares)	10,571	8,080	11,397	9,038
Restricted Share Units
Diluted earnings per share
Potentially dilutive effect of share-based payment arrangements (in shares)	1,557	659	1,445	632
Stock Options
Diluted earnings per share
Potentially dilutive effect of share-based payment arrangements (in shares)	0	0	0	750

Segment information - Narrative

Segment information - Narrative (Details)	9 Months Ended
	Dec. 31, 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		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total revenue	$ 36,213	$ 34,104	$ 107,185	$ 92,549
Segment Adjusted EBITDA	10,182	12,484	32,734	34,953
Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	30,324	29,072	92,299	82,570
Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	5,889	5,032	14,886	9,979
Total Regional Sales Offices
Segment Reporting Information [Line Items]
Total revenue	36,189	34,077	107,111	92,490
Segment Adjusted EBITDA	12,968	14,320	40,564	40,326
Total Regional Sales Offices | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	30,313	29,055	92,260	82,521
Total Regional Sales Offices | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	5,876	5,022	14,851	9,969
Africa
Segment Reporting Information [Line Items]
Total revenue	21,438	18,063	61,646	49,077
Segment Adjusted EBITDA	9,047	8,407	26,825	22,901
Africa | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	18,242	16,205	55,639	44,983
Africa | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	3,196	1,858	6,007	4,094
Europe
Segment Reporting Information [Line Items]
Total revenue	4,108	4,421	13,492	10,798
Segment Adjusted EBITDA	1,452	1,718	4,885	4,556
Europe | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	3,421	3,116	10,207	8,885
Europe | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	687	1,305	3,285	1,913
Americas
Segment Reporting Information [Line Items]
Total revenue	4,041	4,818	11,771	14,174
Segment Adjusted EBITDA	(88)	1,332	484	4,910
Americas | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	3,481	4,582	10,548	13,543
Americas | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	560	236	1,223	631
Middle East and Australasia
Segment Reporting Information [Line Items]
Total revenue	5,501	5,770	16,912	15,426
Segment Adjusted EBITDA	2,327	2,516	7,535	6,839
Middle East and Australasia | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	4,176	4,174	12,732	12,173
Middle East and Australasia | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	1,325	1,596	4,180	3,253
Brazil
Segment Reporting Information [Line Items]
Total revenue	1,101	1,005	3,290	3,015
Segment Adjusted EBITDA	230	347	835	1,120
Brazil | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	993	978	3,134	2,937
Brazil | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	108	27	156	78
Central Services Organization
Segment Reporting Information [Line Items]
Total revenue	24	27	74	59
Segment Adjusted EBITDA	(2,786)	(1,836)	(7,830)	(5,373)
Central Services Organization | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	11	17	39	49
Central Services Organization | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	$ 13	$ 10	$ 35	$ 10

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, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 10,182	$ 12,484	$ 32,734	$ 34,953
Stock-based compensation costs	(300)	(400)	(1,000)	(1,000)
Net interest income/(expense)	(75)	58	(294)	(82)
Income before income tax expense	2,622	4,997	10,533	11,937
CSO
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	(2,786)	(1,836)	(7,830)	(5,373)
CSO | Employee Severance
Segment Reporting Information [Line Items]
Restructuring costs				600
Africa
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	9,047	8,407	26,825	22,901
Africa | Employee Severance
Segment Reporting Information [Line Items]
Restructuring costs				200
North America | Employee Severance
Segment Reporting Information [Line Items]
Restructuring costs				100
Middle East and Australasia | Employee Severance
Segment Reporting Information [Line Items]
Restructuring costs				100
Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	10,182	12,484	32,734	34,953
Corporate and Eliminations
Segment Reporting Information [Line Items]
Corporate and consolidation entries	(2,358)	(2,253)	(7,208)	(7,090)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Operating lease costs	(383)	(423)	(1,163)	(1,214)
Product development costs	(328)	(262)	(1,026)	(776)
Depreciation and amortization	(3,584)	(4,099)	(10,931)	(11,563)
Impairment of long-lived assets	0	(6)	(28)	(7)
Stock-based compensation costs	(310)	(366)	(1,004)	(960)
Restructuring costs	(117)	(31)	(169)	(1,028)
Net (loss)/profit on sale of property and equipment	(1)	0	42	(8)
Net foreign exchange (losses)/gains	126	(105)	110	(288)
Net interest income/(expense)	(75)	58	(294)	(82)
Non-recurring legal costs	$ (530)	$ 0	$ (530)	$ 0

Stock-based compensation plan -

Stock-based compensation plan - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0.3	$ 0.4	$ 1	$ 1
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 2.9		$ 2.9
Expected period for recognition of unvested awards			4 years 3 months 7 days
Number of restricted stock units outstanding (in shares)	47,150,000		47,150,000		40,567,917
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.2		$ 0.2
Expected period for recognition of unvested awards			1 year 3 months
Number of restricted stock units outstanding (in shares)	2,000,000		2,000,000		2,000,000
Number of restricted stock units unvested (in shares)	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)	35,465,000		35,465,000

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, 2021USD ($)$ / sharesshares
Number of SARs
Unvested as of beginning of period (in shares) | shares	40,567,917
Granted (in shares) | shares	11,625,000
Exercised (in shares) | shares	(4,092,917)
Forfeited (in shares) | shares	(950,000)
Unvested as of end of period (in shares) | shares	47,150,000
Vested and expected to vest (in shares) | shares	45,544,688
Vested (in shares) | shares	15,043,750
Weighted- Average Award Price in U.S. Cents
Outstanding as of beginning of period (in dollars per share) | $ / shares	$ 0.34
Granted (in dollars per share) | $ / shares	0.46
Exercised (in dollars per share) | $ / shares	0.20
Forfeited (in dollars per share) | $ / shares	0.43
Outstanding as of end of period (in dollars per share) | $ / shares	0.38
Vested and expected to vest (in dollars per share) | $ / shares	0.36
Vested (in dollars per share) | $ / shares	$ 0.27
Weighted average remaining contractual term, outstanding	3 years 6 months 29 days
Weighted average remaining contractual term, vested and expected to vest	3 years 6 months 14 days
Weighted average remaining contractual term, vested	1 year 5 months 26 days
Aggregate intrinsic value, vested and expected to vest | $	$ 6,272
Aggregate intrinsic value, vested | $	$ 3,654

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Debt Disclosure [Abstract]
Bank overdrafts	$ 2,298	$ 1,674
Net accounts receivables pledged as security	$ 4,500	$ 2,300

Debt - Schedule of Undrawn Faci

Debt - Schedule of Undrawn Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Line of Credit Facility [Line Items]
Undrawn borrowing remaining	$ 4,444	$ 5,532
Standard Bank Limited | Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.20%
Undrawn borrowing remaining	$ 1,716	2,616
Standard Bank Limited | Vehicle and asset finance
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.20%
Undrawn borrowing remaining	$ 533	570
Standard Bank Limited | Working capital facility
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	0.25%
Undrawn borrowing remaining	$ 1,568	1,676
Nedbank Limited | Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	2.00%
Undrawn borrowing remaining	$ 627	$ 670

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2021	Mar. 31, 2021
Amended Network Service Agreement with MTN | Maximum
Loss Contingencies [Line Items]
Estimate of possible loss	$ 1.7	$ 2

Subsequent events (Details)

Subsequent events (Details)	3 Months Ended
	Dec. 31, 2021R / shares	Dec. 31, 2021$ / shares	Dec. 31, 2020R / shares	Dec. 31, 2020$ / shares
Subsequent Events [Abstract]
Dividends declared per share (in ZAR per share) | (per share)	R 0.04	$ 0.3	R 0.04	$ 0.3
Dividends declared per ADS (in ZAR per share)	R 1