MiX Telematics (MIXT) 10-Q 9 Nov 22 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		552,085,932
Amendment Flag	false
Entity Central Index Key	0001576914
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 19,668	$ 33,738
Restricted cash	745	981
Accounts receivables, net of allowances for doubtful accounts of $5.4 million and $4.0 million as of March 31, 2022 and September 30, 2022, respectively	25,468	25,092
Inventory, net	4,338	3,356
Prepaid expenses and other current assets	12,601	11,463
Total current assets	62,820	74,630
Property, plant and equipment, net	33,639	32,274
Goodwill	38,327	44,434
Intangible assets, net	22,955	20,460
Deferred tax assets	2,472	3,768
Other assets	5,569	4,988
Total assets	165,782	180,554
Current liabilities:
Short-term debt	11,989	5,597
Accounts payables	5,143	8,052
Accrued expenses and other liabilities	19,161	19,610
Contingent consideration	3,108	0
Deferred revenue	5,878	6,692
Income taxes payable	319	590
Total current liabilities	45,598	40,541
Deferred tax liabilities	11,071	8,972
Contingent consideration	965	0
Long-term accrued expenses and other liabilities	3,356	4,344
Total liabilities	60,990	53,857
MiX Telematics Limited stockholders’ equity
Preference shares: 100 million shares authorized but not issued	0	0
Ordinary shares: 605.2 million and 605.9 million no-par value shares issued and outstanding as of March 31, 2022 and September 30, 2022, respectively	64,283	64,390
Less treasury stock at cost: 53.8 million shares as of March 31, 2022 and September 30, 2022	(17,315)	(17,315)
Retained earnings	76,469	79,709
Accumulated other comprehensive income/(loss)	(14,700)	3,909
Additional paid-in capital	(3,950)	(4,001)
Total MiX Telematics Limited stockholders’ equity	104,787	126,692
Non-controlling interest	5	5
Total stockholders’ equity	104,792	126,697
Total liabilities and stockholders’ equity	$ 165,782	$ 180,554

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,993	$ 5,426
Preference shares, authorized (in shares)	100,000,000	100,000,000
Preference shares, issued (in shares)	0	0
Ordinary shares, issued (in shares)	605,900,000	605,200,000
Ordinary shares, outstanding (in shares)	605,900,000	605,200,000
Treasury stock (in shares)	53,800,000	53,800,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue
Total revenue	$ 35,262	$ 36,074	$ 70,321	$ 70,972
Cost of revenue
Total cost of revenue	13,160	13,106	26,486	25,149
Gross profit	22,102	22,968	43,835	45,823
Operating expenses
Sales and marketing	4,053	3,872	8,385	7,384
Administration and other	16,572	15,366	31,547	30,373
Total operating expenses	20,625	19,238	39,932	37,757
Income from operations	1,477	3,730	3,903	8,066
Other income	708	199	1,607	64
Net interest (expense)/income	(223)	(141)	264	(219)
Income before income tax expense	1,962	3,788	5,774	7,911
Income tax expense	3,168	2,489	6,302	3,081
Net income/(loss)	(1,206)	1,299	(528)	4,830
Less: Net income attributable to non-controlling interest	0	0	0	0
Net income/(loss) attributable to MiX Telematics Limited	$ (1,206)	$ 1,299	$ (528)	$ 4,830
Net income/(loss) per ordinary share
Basic (in dollars per share)	$ (0.002)	$ 0.002	$ (0.001)	$ 0.009
Diluted (in dollars per share)	(0.002)	0.002	(0.001)	0.009
Net income/(loss) per American Depository Share
Basic (in dollars per share)	(0.05)	0.06	(0.02)	0.22
Diluted (in dollars per share)	$ (0.05)	$ 0.06	$ (0.02)	$ 0.21
Ordinary shares
Weighted average (in shares)	552,210	552,386	551,792	552,124
Diluted weighted average (in shares)	552,210	565,622	551,792	565,322
American Depository Shares
Weighted average (in shares)	22,088	22,095	22,072	22,085
Diluted weighted average (in shares)	22,088	22,625	22,072	22,613
Subscription
Revenue
Total revenue	$ 30,700	$ 30,885	$ 61,663	$ 61,975
Cost of revenue
Total cost of revenue	9,852	9,219	19,905	18,346
Hardware and other
Revenue
Total revenue	4,562	5,189	8,658	8,997
Cost of revenue
Total cost of revenue	$ 3,308	$ 3,887	$ 6,581	$ 6,803

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ (1,206)	$ 1,299	$ (528)	$ 4,830
Other comprehensive loss
Foreign currency translation losses, net of tax	(8,577)	(4,744)	(18,609)	(1,581)
Total comprehensive (loss)/income	(9,783)	(3,445)	(19,137)	3,249
Less: Total comprehensive income attributable to non-controlling interest	0	0	0	0
Total comprehensive (loss)/income attributable to MiX Telematics Limited	$ (9,783)	$ (3,445)	$ (19,137)	$ 3,249

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, 2021		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 loss	(1,581)			(1,581)			(1,581)
Issuance of common stock in relation to SARs and RSUs exercised (in shares)		856
Issuance of common stock in relation to SARs and RSUs exercised	0
Stock-based compensation	694				694		694
Dividends	(3,072)					(3,072)	(3,072)
Ending balance (in shares) at Sep. 30, 2021		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 loss	(4,744)			(4,744)			(4,744)
Issuance of common stock in relation to SARs and RSUs exercised (in shares)		355
Issuance of common stock in relation to SARs and RSUs exercised	0
Stock-based compensation	330				330		330
Dividends	(1,510)					(1,510)	(1,510)
Ending balance (in shares) at Sep. 30, 2021		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 Mar. 31, 2022	605,200	605,177
Beginning balance at Mar. 31, 2022	$ 126,697	$ 64,390	(17,315)	3,909	(4,001)	79,709	126,692	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(528)					(528)	(528)
Other comprehensive loss	(18,609)			(18,609)			(18,609)
Issuance of common stock in relation to SARs and RSUs exercised (in shares)		1,054
Issuance of common stock in relation to SARs and RSUs exercised	0	$ 0					0
Stock-based compensation	51				51		51
Dividends	(2,712)					(2,712)	(2,712)
Ordinary shares repurchased and cancelled (in shares)		(328)
Ordinary shares repurchased and cancelled	$ (107)	$ (107)					(107)
Ending balance (in shares) at Sep. 30, 2022	605,900	605,903
Ending balance at Sep. 30, 2022	$ 104,792	$ 64,283	(17,315)	(14,700)	(3,950)	76,469	104,787	5
Beginning balance (in shares) at Jun. 30, 2022		606,231
Beginning balance at Jun. 30, 2022	115,733	$ 64,390	(17,315)	(6,123)	(4,193)	78,969	115,728	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(1,206)					(1,206)	(1,206)
Other comprehensive loss	(8,577)			(8,577)			(8,577)
Stock-based compensation	243				243		243
Dividends	(1,294)					(1,294)	(1,294)
Ordinary shares repurchased and cancelled (in shares)		(328)
Ordinary shares repurchased and cancelled	$ (107)	$ (107)					(107)
Ending balance (in shares) at Sep. 30, 2022	605,900	605,903
Ending balance at Sep. 30, 2022	$ 104,792	$ 64,283	$ (17,315)	$ (14,700)	$ (3,950)	$ 76,469	$ 104,787	$ 5

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)	3 Months Ended
	Sep. 30, 2022 R / shares	Sep. 30, 2022 $ / shares	Sep. 30, 2021 R / shares	Sep. 30, 2021 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in ZAR/USD per share) | (per share)	R 0.04	$ 0.2	R 0.04	$ 0.3

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Cash generated from operations	$ 2,005	$ 14,223
Interest received	471	221
Interest paid	(355)	(197)
Income tax paid	(539)	(3,582)
Net cash provided by operating activities	1,582	10,665
Cash flows from investing activities
Acquisition of property, plant and equipment – in-vehicle devices	(10,642)	(9,740)
Acquisition of property, plant and equipment – other	(554)	(851)
Proceeds from the sale of property, plant and equipment	73	54
Acquisition of intangible assets	(2,864)	(2,833)
Cash paid for business combination	(3,739)	0
Net cash used in investing activities	(17,726)	(13,370)
Cash flows from financing activities
Cash paid for ordinary shares repurchased	107	0
Cash paid on dividends to MiX Telematics Limited stockholders	(2,708)	(3,058)
Movement in short-term debt	7,380	474
Net cash (used in)/from financing activities	4,565	(2,584)
Net decrease in cash and cash equivalents, and restricted cash	(11,579)	(5,289)
Cash and cash equivalents, and restricted cash at beginning of the period	34,719	46,343
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	(2,727)	(340)
Cash and cash equivalents, and restricted cash at end of the period	$ 20,413	$ 40,714

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2022
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 solutions enable customers to manage, optimize and protect their investments in commercial fleets, mobile assets or personal vehicles. The Company’s solutions enable a wide range of customers, from large enterprise fleets to small fleet operators and consumers, to reduce fuel and other operating costs, improve efficiency, enhance regulatory compliance, promote driver safety, manage risk and mitigate theft. The Company is incorporated and domiciled in South Africa, with its principal executive office in Boca Raton, Florida. The Company’s fiscal year ends on March 31. 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, 2022 filed with the SEC on June 14, 2022. 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, fair values of assets acquired and liabilities assumed from the business acquired, f air value measurement of contingent consideration, allowances for doubtful accounts, the assessment of expected cash flows used in evaluating goodwill for impairment and income and deferred taxes. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. We have considered the impact of rising inflation, fuel prices, global politics, sanctions and the impact thereof on global trade on the estimates and assumptions used. As of September 30, 2022, we have taken into account the impact of the above on goodwill sensitivities and impairment assessments. However, future changes in economic conditions could have an impact on future estimates and judgements used. Summary of significant accounting policies Other than as listed below there have been no other 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, 2022, filed with the SEC on June 14, 2022, that have had a material impact on the Company’s Condensed Consolidated Financial Statements and related notes. Contingent consideration Contingent consideration is classified as a liability and is remeasured to fair value at each reporting date until the contingency is resolved. Changes in fair value that are not measurement period adjustments are recognized in the Condensed Consolidated Statements of Income/(Loss). Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted during the six months ended September 30, 2022. Recent Accounting Pronouncements Not Yet Adopted On October 28, 2021, the FASB issued ASU 2021-08, which amends ASC 805, Business Combinations , to require companies to apply ASC 606, Revenue from Contracts with Customers , to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This creates an exception to the general recognition and measurement principle in ASC 805 which requires an acquirer to generally recognize such items at fair value on the acquisition

Acquisition

Acquisition	6 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition MiX Telematics North America, a 100% owned subsidiary of the Company, acquired Trimble ’ s Field Service Management business (“FSM”) in North America on September 2, 2022 (the “Transaction”). FSM’s North American operations include the sale and support of telemetry and video solutions that enable back-office monitoring and visualization for fleet services management in a number of industries. The Transaction presents an opportunity for the Company to increase its scale in North America and to further diversify its North America business by expanding its presence in market verticals such as construction and last mile logistics. All existing FSM subscription contracts and the related revenue streams were acquired by MiX Telematics North America. The purchase consideration for the FSM business comprised of the following: • An upfront cash payment of $3.7 million on September 2, 2022 (“Closing Date”), based on an upfront fee of $300 per subscription contract where the FSM customer has purchased or agreed to purchase 4G hardware as of the day immediately prior to the Closing Date and where the contractual term expires on or after the 18-month anniversary of the Closing Date. • Additional payments to be made in respect of the renewal of existing subscriptions as well as for new subscriptions entered into by customers (that were customers on the Closing Date) with MiX Telematics North America. D epending on the hardware requirements of these customers and specific contract terms, Trimble will be paid between $200 and $300 per subscription contract. The additional payments will be made approximately every three months, ending on March 2, 2024, and have been treated as contingent consideration. The initial fair value of the contingent consideration of $4.1 million was included in the purchase price for purposes of calculating goo dwill and reflects an expectation of approximately a 75% retention rate. Subsequent changes in fair value will be recognized in the Condensed Consolidated Statements of Income/(Loss). The estimated total consideration for additional payments should not exceed $6.4 million which assumes a 100% conversion rate, which the Company believes is unlikely. Pro forma results were not presented below because the effect of this acquisition is not material to the Condensed Consolidated Statements of Income/(Loss) . The acquisition of the FSM business was considered a business combination and was accounted for under the acquisition method of accounting. The following table summarizes the consideration transferred, the assets acquired and liabilities assumed as of the acquisition date (in thousands) : September 2, Fair value of consideration transferred Cash consideration $ 3,739 Contingent consideration 4,073 7,812 Fair value of identifiable assets acquired and liabilities assumed Customer relationships 6,000 Finance lease receivable 412 Indemnification asset 1 1,476 Loss contingency 1 (1,476) Product warranties (41) 6,371 Goodwill $ 1,441 1. With the acquisition, the Company assumed a Hardware Purchase Plan (“HPP”) loss contingency of $1.5 million with a corresponding indemnification asset against Trimble. The HPP represents a contractual obligation, requiring the replacement of equipment should this become technically obsolete. The key event triggering the provision is the imminent shut down of the 3G network across different states in America. The Company has entered into an agreement with Trimble whereby Trimble will be responsible for covering these costs. The indemnification outcomes are directly linked to the loss contingency. The initial accounting for the business combination is not yet complete given that the acquisition occurred less than a month before the reporting date. The fair values of the identifiable assets acquired and liabilities assumed have only been determined on a provisional basis and therefore, adjustments to them and the resulting goodwill may occur in the future. During a transitional period, until all the FSM subscribers have been migrated to the Company ’ s SaaS platform, Trimble will (i) supply certain hardware comprising telematics kits and other parts as required for the fulfillment of subscription contracts; (ii) grant MiX Telematics North America a non-exclusive, non-transferable license to certain software in respect of hardware used by subscribers; and (iii) provide access to certain applications and network connections to support ongoing operations and customer account management. The Company however remains liable to the customer for the services. Acquisition-related costs of $0.8 million were incurred, and are included in Administration and other expenses in the Condensed Consolidated Statements of Income/(Loss). The initial cash payment was funded out of existing cash resources. The goodwill is attributable to the workforce of the acquired business and the opportunity for the Company to increase its scale in North America and to further diversify its North America business. The goodwill is assigned to the Americas segment and is deductible for tax purposes. There was no change in the goodwill balance of $1.4 million between the date of acquisition and the end of the reporting period, September 30, 2022. The customer relationships acquired will be amortized over a weighted average amortization period of 10 years. The acquired business contributed revenues of $0.9 million a nd earnings of $3,400 fo r the period from September 2, 2022 to September 30, 20 22. If the business was acquired on April 1, 2022, the acquired business would have contributed revenues of $5.7 million and earnings of $0.5 million , after amortization of customer relationships, f or the 6 months ended September 30, 2022. Valuation Methodology The customer relationships were valued using the multi-period excess earnings method under the income approach, which estimates associated revenues and costs to determine the projected cash flows derived from this asset. The discount rate used reflects the risk and uncertainty of the cash flows relative to the overall business. The useful lives of customer relationships were established by reference to the payback period of the asset. Assumptions used in forecasting cash flows included consideration of the following: • Historical performance including sales and profitability • Contributory asset charges • Business prospects, industry expectations and competitive environment • Estimated economic life of the asset • Revenue attributable to existing customers • Attrition of existing customers The fair value of the contingent consideration was estimated using the income approach, based on applying a discounted cash flow valuation. Key inputs in the valuation include forecasted existing subscriber conversions, subscriber discount rate, and payor counterparty credit risk discount rate.

Revenue from contracts with cus

Revenue from contracts with customers	6 Months Ended
	Sep. 30, 2022
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, 2022 and September 30, 2022 was $6.7 million and $5.9 million, respectively. During the quarter ended September 30, 2021 and September 30, 2022, revenue of $1.2 million and $ 0.9 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, 2021 and September 30, 2022, revenue of $2.4 million and $2.2 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 $4.1 million and $4.8 mill ion as of March 31, 2022 and September 30, 2022, 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, 2021 2022 2021 2022 Amortization recognized during the period: $ (857) $ (988) $ (1,767) $ (1,929) – Cost of revenue (external commissions) (616) (732) (1,291) (1,472) – Sales and marketing (internal commissions) (241) (256) (476) (457)

Credit risk related to accounts

Credit risk related to accounts receivable	6 Months Ended
	Sep. 30, 2022
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): Six Months Ended September 30, 2021 2022 Balance at April 1 $ 5,575 $ 5,426 Bad debt provision 1,563 1,643 Write-offs (1,036) (2,245) Foreign currency translation differences (66) (831) Balance at September 30 $ 6,036 $ 3,993 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, 2022 and September 30, 2022 , 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, 2022 and September 30, 2022 of $4.1 million and $2.6 million, respectively, are pledged as security for the Company’s overdraft facilities.

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property, plant and equipment	Property, plant and equipment Property, plant 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 assets are as follows (in thousands): March 31, September 30, Owned assets Plant and Equipment $ 791 $ 715 Motor Vehicles 1,938 1,814 Furniture, fixtures and equipment 1,553 1,357 Computer and radio equipment 4,036 3,745 In-vehicle devices 65,881 67,532 Assets in progress 332 111 Owned assets, gross 74,531 75,274 Less: accumulated depreciation and impairments (46,597) (44,905) Owned assets, net $ 27,934 $ 30,369 Depreciation expense related to owned assets during the three months ended September 30, 2021 and 2022 was $2.6 million and $ 2.2 million, respectively. Depreciation expense related to owned equipment during the six months ended September 30, 2021 and 2022 was $5.3 million and $4.8 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 assets are as follows (in thousands): March 31, September 30, Right-of-use assets Property $ 7,019 $ 5,113 Equipment, motor vehicles and other 305 225 Less: accumulated depreciation (2,984) (2,068) Right of use assets, net $ 4,340 $ 3,270

Intangible assets

Intangible assets	6 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	Intangible assets Intangible assets comprise the following (in thousands): As of March 31, 2022 As of September 30, 2022 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 20 $ 105 $ (70) $ 35 $ 152 $ (122) $ 30 Customer relationships 2 - 15 2,772 (2,528) 244 8,536 (2,543) 5,993 Internal-use software, technology and other 1 - 18 42,335 (22,154) 20,181 36,735 (19,803) 16,932 Total $ 45,212 $ (24,752) $ 20,460 $ 45,423 $ (22,468) $ 22,955 For the three months ended September 30, 2021 and 2022, amortization expense of $1.0 million and $1.3 million respectively, has been recognized. For the six months ended September 30, 2021 and 2022, amortization expense of $2.0 million, and $2.4 million, respectively, has been recognized. Non-cash disposals of $0.1 million and $0.6 million were recognized for the six

Accrued expenses and other liab

Accrued expenses and other liabilities	6 Months Ended
	Sep. 30, 2022
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 $ 630 $ 313 Maintenance 506 433 Employee-related accruals 7,621 6,343 Lease liabilities 932 543 Accrued commissions 3,017 2,764 Loss contingency (1) — 1,476 Other accruals 6,904 7,289 Total current $ 19,610 $ 19,161 Non-current: Lease liabilities $ 3,655 $ 2,762 Other liabilities 689 594 Total non-current $ 4,344 $ 3,356 (1) Relates to the acquisition of Trimble’s FSM business. 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, 2021 2022 Product warranties Opening balance $ 612 $ 683 Warranty expense/(credit) 200 (22) Reclassification (1) — (247) Utilized (126) — Acquisition (2) — 41 Foreign currency translation difference (14) (102) Balance as of September 30 $ 672 $ 353 Non-current portion (included in other liabilities) $ 47 $ 40 Current portion $ 625 $ 313 (1) Relates to a reclassification of certain costs from Product warranties to the Maintenance provision. (2) Relates to the acquisition of Trimble’s FSM business.

Development expenditure

Development expenditure	6 Months Ended
	Sep. 30, 2022
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, 2021 2022 2021 2022 Costs capitalized (1) $ 985 $ 988 $ 1,956 $ 2,029 Costs expensed (2) 1,314 1,449 2,751 3,004 Total costs incurred $ 2,299 $ 2,437 $ 4,707 $ 5,033 (1) Costs capitalized relate only to the development of internal-use software, which are recognized in accordance with the Intangible assets (Internal-use software and technology) accounting policy. (2) Costs expensed are included in Administration and other expenses in the Condensed Consolidated Statements of Income/(Loss).

Leases

Leases	6 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Leases The Company leases property, office equipment and vehicles under operating leases. The lease terms vary between 1 month and 120 months, with many leases providing renewal rights and certain leases with annual escalations of up to 8% per annum. To the extent the Company is reasonably certain that it will exercise renewal options, such options have been included in the lease terms used for calculating the right-of-use assets and lease liabilities. Right-of-use assets are included in Property, plant and equipment in the Condensed Consolidated Balance Sheets and lease liabilities related to the Company’s operating leases are included in Accrued expenses and other liabilities and Long-term accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets. Where lease terms are 12-months or less, and meet the criteria for short-term lease classification, no right-of-use asset and no lease liability are recognized. The components of lease cost are as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2022 2021 2022 Operating lease cost $ 373 $ 303 $ 780 $ 635 Short-term lease cost 145 86 234 132 Total lease cost $ 518 $ 389 $ 1,014 $ 767 Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands): Six Months Ended September 30, 2021 2022 Operating cash flow information: Cash payments included in the measurement of lease liabilities $ 754 $ 827 Non-cash activity: Right-of-use assets obtained in exchange for new operating lease liabilities $ 397 $ 231 Weighted-average remaining lease term and discount rate for our operating leases are as follows: March 31, September 30, Weighted-average remaining lease term - operating leases (months) (1) 25 24 Weighted-average discount rate - operating leases 8.0 % 8.1 % (1) Including expected renewals where appropriate. Maturities of operating lease liabilities as of September 30, 2022 were as follows (in thousands): 2023 (remainder) $ 431 2024 701 2025 636 2026 544 2027 552 Thereafter 1,396 Total future minimum lease payments 4,260 Less: Imputed interest (955) Present value of future minimum lease payments 3,305 Less: Current portion of lease liabilities (543) Non-current portion of lease liabilities $ 2,762

Income taxes

Income taxes	6 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income taxes	Income taxesOur 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 38.9% for the six months ended September 30, 2021 compared t o 109.1% for the six months ended September 30, 2022. Our effective tax rate was 65.7% for the three months ended September 30, 2021 compared to 161.5% for the three months ended September 30, 20

Earnings per share

Earnings per share	6 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings per share	Earnings/Loss per share Basic Basic earnings/loss per share is calculated by dividing the income/loss attributable to ordinary shareholders of the parent by the weighted average number of ordinary shares in issue during the period. The net income/loss and weig hted average number of shares used in the calculation of basic and diluted earnings/loss per share are as follows (in thousands, except per share data): Three Months Ended September 30, Six Months Ended September 30, 2021 2022 2021 2022 Numerator (basic) Net income/(loss) attributable to MiX Telematics Limited stockholders $ 1,299 $ (1,206) $ 4,830 $ (528) Denominator (basic) Weighted-average number of ordinary shares in issue and outstanding 552,386 552,210 552,124 551,792 Basic earnings/(loss) per share $ 0.002 $ (0.002) $ 0.009 $ (0.001) American Depository Shares*: Net income/(loss) attributable to MiX Telematics Limited stockholders $ 1,299 $ (1,206) $ 4,830 $ (528) Weighted-average number of American Depository Shares in issue and outstanding 22,095 22,088 22,085 22,072 Basic earnings/(loss) per American Depository share $ 0.06 $ (0.05) $ 0.22 $ (0.02) *One American Depository Share is the equivalent of 25 ordinary shares. Diluted Diluted earnings/loss per share is calculated by dividing the diluted income/loss 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/loss 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. Adjustments for stock appreciation rights and restricted share units are excluded from the calculation of diluted loss per share and per American Depository share in the table below for the three and six months ended September 30, 2022 as the effect would have been anti-dilutive. Three Months Ended September 30, Six Months Ended September 30, 2021 2022 2021 2022 Numerator (diluted) Diluted net income/(loss) attributable to MiX Telematics Limited stockholders $ 1,299 $ (1,206) $ 4,830 $ (528) Denominator (diluted) Weighted-average number of ordinary shares in issue and outstanding 552,386 552,210 552,124 551,792 Adjusted for: – potentially dilutive effect of stock appreciation rights (1) 11,778 — 11,809 — – potentially dilutive effect of restricted share units (1) 1,458 — 1,389 — Diluted-weighted average number of ordinary shares in issue and outstanding 565,622 552,210 565,322 551,792 Diluted earnings/(loss) per share $ 0.002 $ (0.002) $ 0.009 $ (0.001) American Depository Shares*: Diluted net income/(loss) attributable to MiX Telematics Limited stockholders $ 1,299 $ (1,206) $ 4,830 $ (528) Diluted weighted-average number of American Depository Shares in issue and outstanding 22,625 22,088 22,613 22,072 Diluted earnings/(loss) per American Depository share $ 0.06 $ (0.05) $ 0.21 $ (0.02) (1) Excluded from the calculation of diluted loss per share for the three and six months ended September 30, 2022 as the effect would have been anti-dilutive. *One American Depository Share is the equivalent of 25 ordinary shares.

Segment information

Segment information	6 Months Ended
	Sep. 30, 2022
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”). The RSOs provide fleet and mobile asset management solutions and predominantly generate external revenues. 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 acquisition-related costs, net interest expense/income, net foreign exchange gains/losses, net profit on sale of property, plant and equipment, restructuring costs, stock-based compensation costs, impairment of long-lived assets, depreciation, amortization, operating lease costs 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 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. Three Months Ended September 30, 2022 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,073 $ 1,413 $ 19,486 $ 7,528 Europe 3,019 510 3,529 1,099 Americas 4,281 473 4,754 945 Middle East and Australasia 3,983 1,889 5,872 2,149 Brazil 1,314 277 1,591 408 Total Regional Sales Offices 30,670 4,562 35,232 12,129 Central Services Organization 30 — 30 (2,692) Total Segment Results $ 30,700 $ 4,562 $ 35,262 $ 9,437 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. Six Months Ended September 30, 2022 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 37,134 $ 3,085 $ 40,219 $ 15,465 Europe 6,164 999 7,163 2,335 Americas 7,693 1,163 8,856 1,118 Middle East and Australasia 8,082 2,774 10,856 3,987 Brazil 2,549 637 3,186 843 Total Regional Sales Offices 61,622 8,658 70,280 23,748 Central Services Organization 41 — 41 (5,459) Total Segment Results $ 61,663 $ 8,658 $ 70,321 $ 18,289 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, 2021 2022 2021 2022 Segment Adjusted EBITDA $ 11,085 $ 9,437 $ 22,552 $ 18,289 Corporate and consolidation entries (2,474) (2,778) (4,850) (4,952) Operating lease costs (1) (373) (301) (780) (635) Product development costs (2) (335) (349) (698) (692) Depreciation and amortization (3,668) (3,450) (7,347) (7,196) Impairment of long-lived assets (28) — (28) — Stock-based compensation costs (330) (243) (694) (51) Restructuring costs (51) — (52) — Net profit on sale of property, plant and equipment 43 — 43 33 Net foreign exchange gains/(losses) 60 653 (16) 1,498 Net interest (expense)/income (141) (223) (219) 264 Acquisition-related costs — (784) — (784) Income before income tax expense $ 3,788 $ 1,962 $ 7,911 $ 5,774 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 income before income tax expense, 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 income before income tax expense, product development costs capitalized for segment reporting purposes need to be deducted. No single customer accounted for 10% or more of the Company’s total revenue for the three months ended September 30, 2021 and 2022. No single customer accounted for 10% or more of the Company’s accounts receivable as of March 31, 2022 or September 30, 2022.

Stock-based compensation plan

Stock-based compensation plan	6 Months Ended
	Sep. 30, 2022
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, 2022, there were 34,965,000 s hares reserved for future issuance under the LTIP. The total stock-based compensation expense recognized during the three months ended September 30, 2021 and 2022 was $0.3 million and $0.2 million, respectively. The total stock-based compensation expense recognized during the six months ended September 30, 2021 and 2022 was $0.7 million and $0.1 million, respectively. The noted decrease during the six months ended September 30, 2022 is mainly as a result of the resignation of the Group Chief Financial Officer during the first quarter of fiscal year 2023. 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, 2022 40,971,875 45 Granted — — Exercised (121,875) 19 Forfeited (5,650,000) 42 Outstanding as of September 30, 2022 35,200,000 36 3.16 Vested and expected to vest as of September 30, 2022 34,118,750 36 3.13 895 Vested as of September 30, 2022 8,350,000 19 0.50 895 As of September 30, 2022, there w as $1.5 million of unrecognized compensation cost related to unvested SARs. This amount is expected to be recognized over a weighted-average period of 3.7 years. *U.S. currency amounts are based on a ZAR:USD exchange rate of R17.980 as of September 30, 2022. Restricted share units granted under the LTIP 2 million RSUs were outstanding and unvested as of April 1, 2022. 1 million RSUs vested and were exercised during the first quarter of fiscal year 2023. 0.2 million RSUs were forfeited during the first quarter of fiscal year 2023, resulting in 0.8 million RSUs outstanding as of September 30, 2022. Management estimates forfeiture to be approximately 5%. The unrecognized compensation cost related to unvested RSUs as of September 30, 2022 was $0.1 million, which will be recognized over a weighted average period of 0.8 years, which is the same period as the weighted average remaining contractual term.

Debt

Debt	6 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2022 and September 30, 2022, debt comprised bank overdrafts of $5.6 million and $12.0 million, respectively. 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% $ — $ 224 Vehicle and asset finance SA Prime* less 1.2% 587 473 Working capital facility SA Prime* less 0.25% 544 1,390 – Nedbank Limited overdraft SA Prime* less 2% 690 556 – Investec Bank Limited Facility: General committed banking facility SA Prime* less 1.5% — 10,812 General uncommitted banking facility Negotiable (overnight or daily rates) — 10,000 $ 1,821 $ 23,455 *South African prime interest rate As of March 31, 2022 and September 30, 2022, the South African prime interest rate was 7.75 % and 9.75% 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. On June 29, 2022, the Company entered into a new credit facility agreement with Investec Bank Limited (“Investec”) for a 364-day renewable committed general credit facility of R350 million ($22 million at a USD/ZAR exchange rate of $1:ZAR 16.1546), (the “Committed Facility”) and an uncommitted general credit facility of $10 million (the “Uncommitted Facility”). As of September 30, 2022, $8.7 million of the facility was utilized. Under the Committed Facility, the Company will pay a commitment fee charged at 30bps on any undrawn portion of the Committed Facility (plus VAT on such amount), calculated monthly and payable, free of deduction, monthly in arrears on the first business day of each month. The Uncommitted Facility is repayable on demand by Investec and a fee of 10bps per annum shall be charged on any undrawn portion of the Uncommitted Facility (plus VAT on such amount), calculated monthly and payable, free of deduction, monthly in arrears on the seventh business day of each month.

Contingencies

Contingencies	6 Months Ended
	Sep. 30, 2022
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, 2022 and September 30, 2022 was $1.7 million and $ 1.3 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. The Commission’s lawyer recently approached the Tribunal to secure a pre-hearing date. The pre-hearing will be used to set a timetable for the further process towards a hearing in due course. The parties expect the pre-hearing (once held) to result in dates for a hearing being established (along with a timeline for the production of documents such as the Commission’s investigative record, discovery, exchange of factual witness statements, etc.). The Tribunal has not yet reverted on the pre-hearing date. We cannot predict the timing of a resolution or the ultimate outcome of the matter; however, management, with the input of its external legal advisers, continues 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, 2022, we have not made any provisions for this matter as an estimate of the possible loss or range of loss could not be made, and we do not believe that an outflow of economic resources is probable.

Subsequent events

Subsequent events	6 Months Ended
	Sep. 30, 2022
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, 2022 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, 2022, a dividend of 4 South African cents per ordinary share and 1 South African Rand per ADS, which will be paid on December 1, 2022 to ADS holders on record as of the close of business on November 18, 2022.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2022
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, 2022 filed with the SEC on June 14, 2022.
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, fair values of assets acquired and liabilities assumed from the business acquired, f air value measurement of contingent consideration, allowances for doubtful accounts, the assessment of expected cash flows used in evaluating goodwill for impairment and income and deferred taxes. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. We have considered the impact of rising inflation, fuel prices, global politics, sanctions and the impact thereof on global trade on the estimates and assumptions used. As of September 30, 2022, we have taken into account the impact of the above on goodwill sensitivities and impairment assessments. However, future changes in economic conditions could have an impact on future estimates and judgements used.
Contingent consideration	Contingent considerationContingent consideration is classified as a liability and is remeasured to fair value at each reporting date until the contingency is resolved. Changes in fair value that are not measurement period adjustments are recognized in the Condensed Consolidated Statements of Income/(Loss).
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted during the six months ended September 30, 2022. Recent Accounting Pronouncements Not Yet Adopted On October 28, 2021, the FASB issued ASU 2021-08, which amends ASC 805, Business Combinations , to require companies to apply ASC 606, Revenue from Contracts with Customers , to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This creates an exception to the general recognition and measurement principle in ASC 805 which requires an acquirer to generally recognize such items at fair value on the acquisition

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Summary of Consideration Transferred, The Assets Acquired and Resulting Deferred Tax	The following table summarizes the consideration transferred, the assets acquired and liabilities assumed as of the acquisition date (in thousands) : September 2, Fair value of consideration transferred Cash consideration $ 3,739 Contingent consideration 4,073 7,812 Fair value of identifiable assets acquired and liabilities assumed Customer relationships 6,000 Finance lease receivable 412 Indemnification asset 1 1,476 Loss contingency 1 (1,476) Product warranties (41) 6,371 Goodwill $ 1,441 1. With the acquisition, the Company assumed a Hardware Purchase Plan (“HPP”) loss contingency of $1.5 million with a corresponding indemnification asset against Trimble. The HPP represents a contractual obligation, requiring the replacement of equipment should this become technically obsolete. The key event triggering the provision is the imminent shut down of the 3G network across different states in America. The Company has entered into an agreement with Trimble whereby Trimble will be responsible for covering these costs. The indemnification outcomes are directly linked to the loss contingency.

Revenue from contracts with c_2

Revenue from contracts with customers (Tables)	6 Months Ended
	Sep. 30, 2022
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, 2021 2022 2021 2022 Amortization recognized during the period: $ (857) $ (988) $ (1,767) $ (1,929) – Cost of revenue (external commissions) (616) (732) (1,291) (1,472) – Sales and marketing (internal commissions) (241) (256) (476) (457)

Credit risk related to accoun_2

Credit risk related to accounts receivable (Tables)	6 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Schedule of Movements in the Allowance for Doubtful Accounts	The movements in the allowance for doubtful accounts are as follows (in thousands): Six Months Ended September 30, 2021 2022 Balance at April 1 $ 5,575 $ 5,426 Bad debt provision 1,563 1,643 Write-offs (1,036) (2,245) Foreign currency translation differences (66) (831) Balance at September 30 $ 6,036 $ 3,993

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Owned Property, Plant and Equipment	The cost and accumulated depreciation of owned assets are as follows (in thousands): March 31, September 30, Owned assets Plant and Equipment $ 791 $ 715 Motor Vehicles 1,938 1,814 Furniture, fixtures and equipment 1,553 1,357 Computer and radio equipment 4,036 3,745 In-vehicle devices 65,881 67,532 Assets in progress 332 111 Owned assets, gross 74,531 75,274 Less: accumulated depreciation and impairments (46,597) (44,905) Owned assets, net $ 27,934 $ 30,369 The cost and accumulated depreciation of right-of-use assets are as follows (in thousands): March 31, September 30, Right-of-use assets Property $ 7,019 $ 5,113 Equipment, motor vehicles and other 305 225 Less: accumulated depreciation (2,984) (2,068) Right of use assets, net $ 4,340 $ 3,270

Intangible assets (Tables)

Intangible assets (Tables)	6 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets comprise the following (in thousands): As of March 31, 2022 As of September 30, 2022 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 20 $ 105 $ (70) $ 35 $ 152 $ (122) $ 30 Customer relationships 2 - 15 2,772 (2,528) 244 8,536 (2,543) 5,993 Internal-use software, technology and other 1 - 18 42,335 (22,154) 20,181 36,735 (19,803) 16,932 Total $ 45,212 $ (24,752) $ 20,460 $ 45,423 $ (22,468) $ 22,955

Accrued expenses and other li_2

Accrued expenses and other liabilities (Tables)	6 Months Ended
	Sep. 30, 2022
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 $ 630 $ 313 Maintenance 506 433 Employee-related accruals 7,621 6,343 Lease liabilities 932 543 Accrued commissions 3,017 2,764 Loss contingency (1) — 1,476 Other accruals 6,904 7,289 Total current $ 19,610 $ 19,161 Non-current: Lease liabilities $ 3,655 $ 2,762 Other liabilities 689 594 Total non-current $ 4,344 $ 3,356 (1) Relates to the acquisition of Trimble’s FSM business.
Schedule of Product Warranties	The table below provides details of the movement in the accrual (in thousands): As of September 30, 2021 2022 Product warranties Opening balance $ 612 $ 683 Warranty expense/(credit) 200 (22) Reclassification (1) — (247) Utilized (126) — Acquisition (2) — 41 Foreign currency translation difference (14) (102) Balance as of September 30 $ 672 $ 353 Non-current portion (included in other liabilities) $ 47 $ 40 Current portion $ 625 $ 313 (1) Relates to a reclassification of certain costs from Product warranties to the Maintenance provision. (2) Relates to the acquisition of Trimble’s FSM business.

Development expenditure (Tables

Development expenditure (Tables)	6 Months Ended
	Sep. 30, 2022
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, 2021 2022 2021 2022 Costs capitalized (1) $ 985 $ 988 $ 1,956 $ 2,029 Costs expensed (2) 1,314 1,449 2,751 3,004 Total costs incurred $ 2,299 $ 2,437 $ 4,707 $ 5,033 (1) Costs capitalized relate only to the development of internal-use software, which are recognized in accordance with the Intangible assets (Internal-use software and technology) accounting policy. (2) Costs expensed are included in Administration and other expenses in the Condensed Consolidated Statements of Income/(Loss).

Leases (Tables)

Leases (Tables)	6 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Lease Cost and Supplemental Cash Flow Information and Non-Cash Activity	The components of lease cost are as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2022 2021 2022 Operating lease cost $ 373 $ 303 $ 780 $ 635 Short-term lease cost 145 86 234 132 Total lease cost $ 518 $ 389 $ 1,014 $ 767 Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands): Six Months Ended September 30, 2021 2022 Operating cash flow information: Cash payments included in the measurement of lease liabilities $ 754 $ 827 Non-cash activity: Right-of-use assets obtained in exchange for new operating lease liabilities $ 397 $ 231 Weighted-average remaining lease term and discount rate for our operating leases are as follows: March 31, September 30, Weighted-average remaining lease term - operating leases (months) (1) 25 24 Weighted-average discount rate - operating leases 8.0 % 8.1 % (1) Including expected renewals where appropriate.
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases	Maturities of operating lease liabilities as of September 30, 2022 were as follows (in thousands): 2023 (remainder) $ 431 2024 701 2025 636 2026 544 2027 552 Thereafter 1,396 Total future minimum lease payments 4,260 Less: Imputed interest (955) Present value of future minimum lease payments 3,305 Less: Current portion of lease liabilities (543) Non-current portion of lease liabilities $ 2,762

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic Earnings Per Share	The net income/loss and weig hted average number of shares used in the calculation of basic and diluted earnings/loss per share are as follows (in thousands, except per share data): Three Months Ended September 30, Six Months Ended September 30, 2021 2022 2021 2022 Numerator (basic) Net income/(loss) attributable to MiX Telematics Limited stockholders $ 1,299 $ (1,206) $ 4,830 $ (528) Denominator (basic) Weighted-average number of ordinary shares in issue and outstanding 552,386 552,210 552,124 551,792 Basic earnings/(loss) per share $ 0.002 $ (0.002) $ 0.009 $ (0.001) American Depository Shares*: Net income/(loss) attributable to MiX Telematics Limited stockholders $ 1,299 $ (1,206) $ 4,830 $ (528) Weighted-average number of American Depository Shares in issue and outstanding 22,095 22,088 22,085 22,072 Basic earnings/(loss) per American Depository share $ 0.06 $ (0.05) $ 0.22 $ (0.02) *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, 2021 2022 2021 2022 Numerator (diluted) Diluted net income/(loss) attributable to MiX Telematics Limited stockholders $ 1,299 $ (1,206) $ 4,830 $ (528) Denominator (diluted) Weighted-average number of ordinary shares in issue and outstanding 552,386 552,210 552,124 551,792 Adjusted for: – potentially dilutive effect of stock appreciation rights (1) 11,778 — 11,809 — – potentially dilutive effect of restricted share units (1) 1,458 — 1,389 — Diluted-weighted average number of ordinary shares in issue and outstanding 565,622 552,210 565,322 551,792 Diluted earnings/(loss) per share $ 0.002 $ (0.002) $ 0.009 $ (0.001) American Depository Shares*: Diluted net income/(loss) attributable to MiX Telematics Limited stockholders $ 1,299 $ (1,206) $ 4,830 $ (528) Diluted weighted-average number of American Depository Shares in issue and outstanding 22,625 22,088 22,613 22,072 Diluted earnings/(loss) per American Depository share $ 0.06 $ (0.05) $ 0.21 $ (0.02) (1) Excluded from the calculation of diluted loss per share for the three and six months ended September 30, 2022 as the effect would have been anti-dilutive. *One American Depository Share is the equivalent of 25 ordinary shares.

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Information	The following tables provide revenue and Segment Adjusted EBITDA (in thousands): 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. Three Months Ended September 30, 2022 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,073 $ 1,413 $ 19,486 $ 7,528 Europe 3,019 510 3,529 1,099 Americas 4,281 473 4,754 945 Middle East and Australasia 3,983 1,889 5,872 2,149 Brazil 1,314 277 1,591 408 Total Regional Sales Offices 30,670 4,562 35,232 12,129 Central Services Organization 30 — 30 (2,692) Total Segment Results $ 30,700 $ 4,562 $ 35,262 $ 9,437 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. Six Months Ended September 30, 2022 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 37,134 $ 3,085 $ 40,219 $ 15,465 Europe 6,164 999 7,163 2,335 Americas 7,693 1,163 8,856 1,118 Middle East and Australasia 8,082 2,774 10,856 3,987 Brazil 2,549 637 3,186 843 Total Regional Sales Offices 61,622 8,658 70,280 23,748 Central Services Organization 41 — 41 (5,459) Total Segment Results $ 61,663 $ 8,658 $ 70,321 $ 18,289 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, 2021 2022 2021 2022 Segment Adjusted EBITDA $ 11,085 $ 9,437 $ 22,552 $ 18,289 Corporate and consolidation entries (2,474) (2,778) (4,850) (4,952) Operating lease costs (1) (373) (301) (780) (635) Product development costs (2) (335) (349) (698) (692) Depreciation and amortization (3,668) (3,450) (7,347) (7,196) Impairment of long-lived assets (28) — (28) — Stock-based compensation costs (330) (243) (694) (51) Restructuring costs (51) — (52) — Net profit on sale of property, plant and equipment 43 — 43 33 Net foreign exchange gains/(losses) 60 653 (16) 1,498 Net interest (expense)/income (141) (223) (219) 264 Acquisition-related costs — (784) — (784) Income before income tax expense $ 3,788 $ 1,962 $ 7,911 $ 5,774 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 income before income tax expense, 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 income before income tax expense, product development costs capitalized for segment reporting purposes need to be deducted.

Stock-based compensation plan (

Stock-based compensation plan (Tables)	6 Months Ended
	Sep. 30, 2022
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, 2022 40,971,875 45 Granted — — Exercised (121,875) 19 Forfeited (5,650,000) 42 Outstanding as of September 30, 2022 35,200,000 36 3.16 Vested and expected to vest as of September 30, 2022 34,118,750 36 3.13 895 Vested as of September 30, 2022 8,350,000 19 0.50 895

Debt (Tables)

Debt (Tables)	6 Months Ended
	Sep. 30, 2022
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% $ — $ 224 Vehicle and asset finance SA Prime* less 1.2% 587 473 Working capital facility SA Prime* less 0.25% 544 1,390 – Nedbank Limited overdraft SA Prime* less 2% 690 556 – Investec Bank Limited Facility: General committed banking facility SA Prime* less 1.5% — 10,812 General uncommitted banking facility Negotiable (overnight or daily rates) — 10,000 $ 1,821 $ 23,455 *South African prime interest rate

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($)		1 Months Ended	6 Months Ended
	Sep. 02, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Business Acquisition [Line Items]
Cash consideration			$ 3,739,000	$ 0
Goodwill		$ 38,327,000	$ 38,327,000		$ 44,434,000
MiX Telematics North America, Inc.
Business Acquisition [Line Items]
Ownership interest			100%
Trimble Inc., Field Service Management Business, North America
Business Acquisition [Line Items]
Cash consideration	$ 3,739,000
Cash consideration per subscription contract	$ 300
Term of subscription contract	18 months
Contingent consideration per subscriber, low	$ 200
Contingent consideration per subscriber, high	300
Contingent consideration	$ 4,073,000
Expectation of retention rate for contingent consideration	75%
Acquisition-related costs			$ 800,000
Goodwill	$ 1,441,000	1,400,000	1,400,000
Revenues of acquired business since acquisition date		900,000
Earnings of acquired business since acquisition date		$ 3,400
Pro forma revenue of acquired business			5,700,000
Pro forma earnings of acquired business			$ 500,000
Trimble Inc., Field Service Management Business, North America | Customer relationships
Business Acquisition [Line Items]
Intangible assets weighted average amortization period	10 years
Trimble Inc., Field Service Management Business, North America | Maximum
Business Acquisition [Line Items]
Contingent consideration	$ 6,400,000
Expectation of retention rate for contingent consideration	100%

Acquisition - Summary of Consid

Acquisition - Summary of Consideration Transferred, The Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		6 Months Ended
	Sep. 02, 2022	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Fair value of consideration transferred
Cash consideration		$ 3,739	$ 0
Fair value of identifiable assets acquired and liabilities assumed
Goodwill		38,327		$ 44,434
Trimble Inc., Field Service Management Business, North America
Fair value of consideration transferred
Cash consideration	$ 3,739
Contingent consideration	4,073
Consideration transferred	7,812
Fair value of identifiable assets acquired and liabilities assumed
Finance lease receivable	412
Indemnification asset	1,476
Loss contingency	(1,476)
Product warranties	(41)
Identifiable assets acquired	6,371
Goodwill	1,441	$ 1,400
Loss contingency	1,500
Trimble Inc., Field Service Management Business, North America | Customer relationships
Fair value of identifiable assets acquired and liabilities assumed
Customer relationships	$ 6,000

Revenue from contracts with c_3

Revenue from contracts with customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 5.9		$ 5.9		$ 6.7
Revenue	0.9	$ 1.2	2.2	$ 2.4
Deferred commissions	$ 4.8		$ 4.8		$ 4.1

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Capitalized Contract Cost [Line Items]
Amortization recognized during the period	$ (988)	$ (857)	$ (1,929)	$ (1,767)
Cost of Revenue
Capitalized Contract Cost [Line Items]
Amortization recognized during the period	(732)	(616)	(1,472)	(1,291)
Sales and Marketing
Capitalized Contract Cost [Line Items]
Amortization recognized during the period	$ (256)	$ (241)	$ (457)	$ (476)

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	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at April 1	$ 5,426	$ 5,575
Bad debt provision	1,643	1,563
Write-offs	(2,245)	(1,036)
Foreign currency translation differences	(831)	(66)
Balance at September 30	$ 3,993	$ 6,036

Credit risk related to accoun_4

Credit risk related to accounts receivable - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net accounts receivables pledged as security	$ 25,468	$ 25,092
Asset Pledged as Collateral | Overdraft facilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net accounts receivables pledged as security	$ 2,600	$ 4,100

Property, plant and equipment -

Property, plant and equipment - Schedule of Owned Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Owned assets, gross	$ 75,274	$ 74,531
Less: accumulated depreciation and impairments	(44,905)	(46,597)
Owned assets, net	30,369	27,934
Plant and Equipment
Property, Plant and Equipment [Line Items]
Owned assets, gross	715	791
Motor Vehicles
Property, Plant and Equipment [Line Items]
Owned assets, gross	1,814	1,938
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Owned assets, gross	1,357	1,553
Computer and radio equipment
Property, Plant and Equipment [Line Items]
Owned assets, gross	3,745	4,036
In-vehicle devices
Property, Plant and Equipment [Line Items]
Owned assets, gross	67,532	65,881
Assets in progress
Property, Plant and Equipment [Line Items]
Owned assets, gross	$ 111	$ 332

Property, plant and equipment_2

Property, plant and equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.2	$ 2.6	$ 4.8	$ 5.3

Property, plant and equipment_3

Property, plant and equipment - Schedule of Right-of-Use Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (2,068)	$ (2,984)
Right of use assets, net	3,270	4,340
Property
Property, Plant and Equipment [Line Items]
Right of use property and equipment, gross	5,113	7,019
Equipment, motor vehicles and other
Property, Plant and Equipment [Line Items]
Right of use property and equipment, gross	$ 225	$ 305

Intangible assets - Schedule of

Intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	$ 45,423	$ 45,212
Accumulated amortization	(22,468)	(24,752)
Net	22,955	20,460
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	152	105
Accumulated amortization	(122)	(70)
Net	$ 30	35
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	$ 8,536	2,772
Accumulated amortization	(2,543)	(2,528)
Net	$ 5,993	244
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	$ 36,735	42,335
Accumulated amortization	(19,803)	(22,154)
Net	$ 16,932	$ 20,181
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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.3	$ 1	$ 2.4	$ 2
Non-cash disposals			0.6	0.1
Foreign exchange related gains			$ 4.1	$ 0.3

Accrued expenses and other li_3

Accrued expenses and other liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021
Current:
Product warranties	$ 313	$ 630	$ 625
Maintenance	433	506
Employee-related accruals	6,343	7,621
Lease liabilities	543	932
Accrued commissions	2,764	3,017
Loss contingency	1,476	0
Other accruals	7,289	6,904
Total current	19,161	19,610
Non-current:
Lease liabilities	2,762	3,655
Other liabilities	594	689
Total non-current	$ 3,356	$ 4,344
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, 2022	Sep. 30, 2021	Mar. 31, 2022
Product warranties
Beginning balance	$ 683	$ 612
Warranty expense/(credit)	(22)	200
Reclassification	(247)	0
Utilized	0	(126)
Acquisition	41	0
Foreign currency translation difference	(102)	(14)
Ending balance	353	672
Non-current portion (included in other liabilities)	40	47
Current portion	$ 313	$ 625	$ 630

Development expenditure - Compo

Development expenditure - Components of Development Expenditure (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Costs capitalized	$ 988	$ 985	$ 2,029	$ 1,956
Costs expensed	1,449	1,314	3,004	2,751
Total costs incurred	$ 2,437	$ 2,299	$ 5,033	$ 4,707

Leases - Narrative (Details)

Leases - Narrative (Details)	Sep. 30, 2022
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Lease term	120 months
Annual escalation percentage	8%

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease cost	$ 303	$ 373	$ 635	$ 780
Short-term lease cost	86	145	132	234
Total lease cost	$ 389	$ 518	$ 767	$ 1,014

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information and Non-Cash Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Operating cash flow information:
Cash payments included in the measurement of lease liabilities	$ 827	$ 754
Non-cash activity:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 231	$ 397
Weighted-average remaining lease term - operating leases (months)	24 months		25 months
Weighted-average discount rate - operating leases	8.10%		8%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Leases [Abstract]
2023 (remainder)	$ 431
2024	701
2025	636
2026	544
2027	552
Thereafter	1,396
Total future minimum lease payments	4,260
Less: Imputed interest	(955)
Present value of future minimum lease payments	3,305
Less: Current portion of lease liabilities	(543)	$ (932)
Non-current portion of lease liabilities	$ 2,762	$ 3,655

Income taxes (Details)

Income taxes (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	161.50%	65.70%	109.10%	38.90%

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic earnings/(loss) per share
Net income/(loss) attributable to MiX Telematics Limited stockholders	$ (1,206)	$ 1,299	$ (528)	$ 4,830
Weighted average number of ordinary shares in issue and outstanding (in shares)	552,210	552,386	551,792	552,124
Basic earnings/(loss) per share (in dollars per share)	$ (0.002)	$ 0.002	$ (0.001)	$ 0.009
Weighted average number of American Depository Shares in issue and outstanding (in shares)	22,088	22,095	22,072	22,085
Basic earnings/(loss) per American Depository Share (in dollars per share)	$ (0.05)	$ 0.06	$ (0.02)	$ 0.22
Diluted earnings/(loss) per share
Diluted weighted average number of ordinary shares in issue and outstanding (in shares)	552,210	565,622	551,792	565,322
Diluted earnings per share (in dollars per share)	$ (0.002)	$ 0.002	$ (0.001)	$ 0.009
Diluted weighted average number of American Depository Shares in issue and outstanding (in shares)	22,088	22,625	22,072	22,613
Diluted earnings per American Depository Share (in dollars per share)	$ (0.05)	$ 0.06	$ (0.02)	$ 0.21
Stock Appreciation Rights
Diluted earnings/(loss) per share
Potentially dilutive effect of share-based payment arrangements (in shares)	0	11,778	0	11,809
Restricted Share Units
Diluted earnings/(loss) per share
Potentially dilutive effect of share-based payment arrangements (in shares)	0	1,458	0	1,389

Segment information - Narrative

Segment information - Narrative (Details)	6 Months Ended
	Sep. 30, 2022 regional_sales_office segment
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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 35,262	$ 36,074	$ 70,321	$ 70,972
Segment Adjusted EBITDA	9,437	11,085	18,289	22,552
Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	30,700	30,885	61,663	61,975
Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	4,562	5,189	8,658	8,997
Total Regional Sales Offices
Segment Reporting Information [Line Items]
Total revenue	35,232	36,038	70,280	70,922
Segment Adjusted EBITDA	12,129	13,542	23,748	27,596
Total Regional Sales Offices | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	30,670	30,871	61,622	61,947
Total Regional Sales Offices | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	4,562	5,167	8,658	8,975
Africa
Segment Reporting Information [Line Items]
Total revenue	19,486	20,282	40,219	40,208
Segment Adjusted EBITDA	7,528	8,874	15,465	17,778
Africa | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	18,073	18,686	37,134	37,397
Africa | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	1,413	1,596	3,085	2,811
Europe
Segment Reporting Information [Line Items]
Total revenue	3,529	4,750	7,163	9,384
Segment Adjusted EBITDA	1,099	1,682	2,335	3,433
Europe | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	3,019	3,413	6,164	6,786
Europe | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	510	1,337	999	2,598
Americas
Segment Reporting Information [Line Items]
Total revenue	4,754	3,912	8,856	7,730
Segment Adjusted EBITDA	945	33	1,118	572
Americas | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	4,281	3,444	7,693	7,067
Americas | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	473	468	1,163	663
Middle East and Australasia
Segment Reporting Information [Line Items]
Total revenue	5,872	5,957	10,856	11,411
Segment Adjusted EBITDA	2,149	2,665	3,987	5,208
Middle East and Australasia | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	3,983	4,207	8,082	8,556
Middle East and Australasia | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	1,889	1,750	2,774	2,855
Brazil
Segment Reporting Information [Line Items]
Total revenue	1,591	1,137	3,186	2,189
Segment Adjusted EBITDA	408	288	843	605
Brazil | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	1,314	1,121	2,549	2,141
Brazil | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	277	16	637	48
Central Services Organization
Segment Reporting Information [Line Items]
Total revenue	30	36	41	50
Segment Adjusted EBITDA	(2,692)	(2,457)	(5,459)	(5,044)
Central Services Organization | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	30	14	41	28
Central Services Organization | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	$ 0	$ 22	$ 0	$ 22

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 9,437	$ 11,085	$ 18,289	$ 22,552
Stock-based compensation costs	(200)	(300)	(100)	(700)
Net interest (expense)/income	(223)	(141)	264	(219)
Income before income tax expense	1,962	3,788	5,774	7,911
Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	9,437	11,085	18,289	22,552
Corporate and Eliminations
Segment Reporting Information [Line Items]
Corporate and consolidation entries	(2,778)	(2,474)	(4,952)	(4,850)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Operating lease costs	(301)	(373)	(635)	(780)
Product development costs	(349)	(335)	(692)	(698)
Depreciation and amortization	(3,450)	(3,668)	(7,196)	(7,347)
Impairment of long-lived assets	0	(28)	0	(28)
Stock-based compensation costs	(243)	(330)	(51)	(694)
Restructuring costs	0	(51)	0	(52)
Net profit on sale of property, plant and equipment	0	43	33	43
Net foreign exchange gains/(losses)	653	60	1,498	(16)
Net interest (expense)/income	(223)	(141)	264	(219)
Acquisition-related costs	$ (784)	$ 0	$ (784)	$ 0

Stock-based compensation plan -

Stock-based compensation plan - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0.2		$ 0.3	$ 0.1	$ 0.7
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1.5			$ 1.5
Expected period for recognition of unvested awards				3 years 8 months 12 days
Number of restricted stock units outstanding (in shares)	35,200,000			35,200,000		40,971,875
Number of restricted stock units vested (in shares)				8,350,000
Number of restricted stock units exercised (in shares)				121,875
Number of restricted stock units forfeited (in shares)				5,650,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.1			$ 0.1
Expected period for recognition of unvested awards				9 months 18 days
Number of restricted stock units outstanding (in shares)	800,000			800,000		2,000,000
Number of restricted stock units unvested (in shares)	800,000			800,000		2,000,000
Number of restricted stock units vested (in shares)		1,000,000
Number of restricted stock units exercised (in shares)		1,000,000
Number of restricted stock units forfeited (in shares)		200,000
Estimated forfeiture rate				5%
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)	34,965,000			34,965,000

Stock-based compensation plan_2

Stock-based compensation plan - Summary of Unvested SARs Activities (Details) - SARs $ / shares in Units, $ in Thousands	6 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Number of SARs
Outstanding as of beginning of period (in shares) | shares	40,971,875
Granted (in shares) | shares	0
Exercised (in shares) | shares	(121,875)
Forfeited (in shares) | shares	(5,650,000)
Outstanding as of end of period (in shares) | shares	35,200,000
Vested and expected to vest (in shares) | shares	34,118,750
Vested (in shares) | shares	8,350,000
Weighted- Average Award Price in U.S. Cents
Outstanding as of beginning of period (in dollars per share) | $ / shares	$ 0.45
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0.19
Forfeited (in dollars per share) | $ / shares	0.42
Outstanding as of end of period (in dollars per share) | $ / shares	0.36
Vested and expected to vest (in dollars per share) | $ / shares	0.36
Vested (in dollars per share) | $ / shares	$ 0.19
Weighted average remaining contractual term, outstanding	3 years 1 month 28 days
Weighted average remaining contractual term, vested and expected to vest	3 years 1 month 17 days
Weighted average remaining contractual term, vested	6 months
Aggregate intrinsic value, vested and expected to vest | $	$ 895
Aggregate intrinsic value, vested | $	$ 895

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands, R in Millions	Jun. 29, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 29, 2022 ZAR (R)	Mar. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Bank overdrafts		$ 11,989		$ 5,597
Investec Limited
Line of Credit Facility [Line Items]
Credit facility, period	364 days
General committed banking facility | Investec Limited
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 22,000		R 350
Commitment fee percentage	0.30%
Percentage deducted from interest rate		1.50%
Amount of facility utilized		$ 8,700
General uncommitted banking facility | Investec Limited
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000
Commitment fee percentage	0.10%

Debt - Schedule of Undrawn Faci

Debt - Schedule of Undrawn Facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Line of Credit Facility [Line Items]
Undrawn borrowing remaining	$ 23,455	$ 1,821
Standard Bank Limited | Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.20%
Undrawn borrowing remaining	$ 224	0
Standard Bank Limited | Vehicle and asset finance
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.20%
Undrawn borrowing remaining	$ 473	587
Standard Bank Limited | Working capital facility
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	0.25%
Undrawn borrowing remaining	$ 1,390	544
Nedbank Limited | Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	2%
Undrawn borrowing remaining	$ 556	690
Investec Limited | General committed banking facility
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.50%
Undrawn borrowing remaining	$ 10,812	0
Investec Limited | General uncommitted banking facility
Line of Credit Facility [Line Items]
Undrawn borrowing remaining	$ 10,000	$ 0

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Amended Network Service Agreement with MTN | Maximum
Loss Contingencies [Line Items]
Estimate of possible loss	$ 1.3	$ 1.7

Subsequent events (Details)

Subsequent events (Details)	3 Months Ended
	Sep. 30, 2022 R / shares	Sep. 30, 2022 $ / shares	Sep. 30, 2021 R / shares	Sep. 30, 2021 $ / shares
Subsequent Events [Abstract]
Dividends declared per share (in ZAR per share) | (per share)	R 0.04	$ 0.2	R 0.04	$ 0.3
Dividends declared per ADS (in ZAR per share)	R 1