MiX Telematics (MIXT) 10-Q 9 Nov 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Sep. 30, 2023	Oct. 27, 2023	Mar. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		554,020,612
Treasury stock (in shares)	53,816,750		53,800,000
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, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 29,460	$ 29,876
Restricted cash	755	781
Accounts receivables, net of allowances for doubtful accounts of $2.7 million and $3.6 million as of March 31, 2023 and September 30, 2023, respectively	24,389	24,194
Inventory, net	4,438	4,936
Prepaid expenses and other current assets	9,114	9,950
Total current assets	68,156	69,737
Property, plant and equipment, net	38,844	36,779
Goodwill	37,939	39,258
Intangible assets, net	21,005	21,895
Deferred tax assets	1,284	2,090
Other assets	8,972	6,804
Total assets	176,200	176,563
Current liabilities:
Short-term debt	16,935	15,253
Accounts payables	6,694	6,120
Accrued expenses and other liabilities	23,283	21,486
Contingent consideration	1,076	3,569
Deferred revenue	6,792	5,295
Income taxes payable	609	298
Total current liabilities	55,389	52,021
Deferred tax liabilities	12,924	12,357
Long-term accrued expenses and other liabilities	3,281	3,368
Total liabilities	71,594	67,746
MiX Telematics Limited stockholders’ equity
Preference shares: 100 million shares authorized but not issued	0	0
Ordinary shares: 608.8 million and 607.8 million no-par value shares issued as of March 31, 2023 and September 30, 2023, respectively	63,455	64,001
Less treasury stock at cost: 53.8 million shares as of March 31, 2023 and September 30, 2023	(17,315)	(17,315)
Retained earnings	78,203	79,024
Accumulated other comprehensive loss	(16,808)	(13,399)
Additional paid-in capital	(2,934)	(3,499)
Total MiX Telematics Limited stockholders’ equity	104,601	108,812
Non-controlling interest	5	5
Total stockholders’ equity	104,606	108,817
Total liabilities and stockholders’ equity	$ 176,200	$ 176,563

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,575	$ 2,745
Preference shares, authorized (in shares)	100,000,000	100,000,000
Preference shares, issued (in shares)	0	0
Ordinary shares, issued (in shares)	607,800,000	608,800,000
Ordinary shares, outstanding (in shares)	607,800,000	608,800,000
Treasury stock (in shares)	53,816,750	53,800,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue
Total revenue	$ 37,762	$ 35,262	$ 74,113	$ 70,321
Cost of revenue
Total cost of revenue	14,486	13,160	27,724	26,486
Gross profit	23,276	22,102	46,389	43,835
Operating expenses
Sales and marketing	3,469	4,053	6,975	8,385
Administration and other	17,330	16,572	32,545	31,547
Total operating expenses	20,799	20,625	39,520	39,932
Income from operations	2,477	1,477	6,869	3,903
Other income/(expense)	409	708	(300)	1,607
Interest income	198	138	467	888
Interest expense	539	361	1,041	624
Income before income tax expense	2,545	1,962	5,995	5,774
Income tax expense	2,296	3,168	4,138	6,302
Net loss	249	(1,206)	1,857	(528)
Less: Net income attributable to non-controlling interest	0	0	0	0
Net (loss)/income attributable to MiX Telematics Limited	$ 249	$ (1,206)	$ 1,857	$ (528)
Net (loss)/income per ordinary share
Basic (in dollars per share)	$ 0.0004	$ (0.002)	$ 0.003	$ (0.001)
Diluted (in dollars per share)	0.0004	(0.002)	0.003	(0.001)
Net (loss)/income per American Depositary Share
Basic (in dollars per share)	0.01	(0.05)	0.08	(0.02)
Diluted (in dollars per share)	$ 0.01	$ (0.05)	$ 0.08	$ (0.02)
Ordinary shares
Weighted average (in shares)	554,021,000	552,210,000	554,119,000	551,792,000
Diluted weighted average (in shares)	554,021,000	552,210,000	554,430,000	551,792,000
American Depositary Shares
Weighted average (in shares)	22,161,000	22,088,000	22,165,000	22,072,000
Diluted weighted average (in shares)	22,161,000	22,088,000	22,177,000	22,072,000
Subscription
Revenue
Total revenue	$ 32,437	$ 30,700	$ 64,648	$ 61,663
Cost of revenue
Total cost of revenue	11,218	9,852	21,431	19,905
Hardware and other
Revenue
Total revenue	5,325	4,562	9,465	8,658
Cost of revenue
Total cost of revenue	$ 3,268	$ 3,308	$ 6,293	$ 6,581

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ 249	$ (1,206)	$ 1,857	$ (528)
Other comprehensive loss
Foreign currency translation losses, net of tax	(1,276)	(8,577)	(3,409)	(18,609)
Total comprehensive loss	(1,027)	(9,783)	(1,552)	(19,137)
Less: Total comprehensive income attributable to non-controlling interest	0	0	0	0
Total comprehensive loss attributable to MiX Telematics Limited	$ (1,027)	$ (9,783)	$ (1,552)	$ (19,137)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ 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, 2022		605,177,000
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 loss	(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)		1,054,000
Issuance of common stock in relation to RSUs exercised	0
Stock-based compensation	51				51		51
Dividends declared	(2,712)					(2,712)	(2,712)
Ordinary shares repurchased and cancelled (in shares)		(328,000)
Ordinary shares repurchased and cancelled	(107)	$ (107)					(107)
Ending balance (in shares) at Sep. 30, 2022		605,903,000
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		606,231,000
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 loss	(1,206)					(1,206)	(1,206)
Other comprehensive loss	(8,577)			(8,577)			(8,577)
Stock-based compensation	243				243		243
Dividends declared	(1,294)					(1,294)	(1,294)
Ordinary shares repurchased and cancelled	(107)						(107)
Ending balance (in shares) at Sep. 30, 2022		605,903,000
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 Mar. 31, 2023	608,800,000	608,754,000
Beginning balance at Mar. 31, 2023	$ 108,817	$ 64,001	(17,315)	(13,399)	(3,499)	79,024	108,812	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	1,857					1,857	1,857
Other comprehensive loss	(3,409)			(3,409)			(3,409)
Issuance of common stock in relation to SARs and RSUs exercised (in shares)		800,000
Issuance of common stock in relation to RSUs exercised	0	$ 0					0
Stock-based compensation	565				565		565
Dividends declared	(2,678)					(2,678)	(2,678)
Ordinary shares repurchased and cancelled (in shares)		(1,716,000)
Ordinary shares repurchased and cancelled	$ (546)	$ (546)					(546)
Ending balance (in shares) at Sep. 30, 2023	607,800,000	607,838,000
Ending balance at Sep. 30, 2023	$ 104,606	$ 63,455	(17,315)	(16,808)	(2,934)	78,203	104,601	5
Beginning balance (in shares) at Jun. 30, 2023		607,838,000
Beginning balance at Jun. 30, 2023	106,645	$ 63,455	(17,315)	(15,532)	(3,259)	79,291	106,640	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	249					249	249
Other comprehensive loss	(1,276)			(1,276)			(1,276)
Stock-based compensation	325				325		325
Dividends declared	$ (1,337)					(1,337)	(1,337)
Ending balance (in shares) at Sep. 30, 2023	607,800,000	607,838,000
Ending balance at Sep. 30, 2023	$ 104,606	$ 63,455	$ (17,315)	$ (16,808)	$ (2,934)	$ 78,203	$ 104,601	$ 5

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)	3 Months Ended
	Sep. 30, 2023 R / shares	Sep. 30, 2023 $ / shares	Sep. 30, 2022 R / shares	Sep. 30, 2022 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in ZAR/USD per share) | (per share)	R 0.04	$ 0.2	R 0.04	$ 0.2

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss	$ 1,857	$ (528)
Current Income Tax Expense (Benefit)	2,143	1,050
Deferred Income Tax Expense (Benefit)	1,995	5,252
Net profit on sale of property, plant and equipment	(4)	(33)
Contingent consideration remeasurement	(538)	0
Depreciation expense	5,768	4,797
Amortization expense	3,002	2,399
Amortization of Deferred Sales Commissions	2,355	1,929
Investment Income, Net	574	(264)
Share-based Payment Arrangement, Noncash Expense	565	51
Net foreign exchange gains/(losses)	853	(1,498)
Accounts Receivable, Credit Loss Expense (Reversal)	2,302	1,643
Write-down of inventory	33	253
Net Accrued Expenses And Other Liabilities Raised	(336)	894
Other Noncash Income (Expense)	(80)	(407)
Increase (Decrease) in Inventories	465	(1,235)
Increase (Decrease) in Accounts Receivable	(2,497)	(2,019)
Increase (Decrease) in Prepaid Expense and Other Assets	(4)	(2,254)
Increase (Decrease) in Accounts Payable	757	(3,154)
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities	3,198	1,071
Increase (Decrease) in Contract with Customer, Asset	(4,437)	(3,436)
Increase (Decrease) Of Foreign Exchange Movements On Operating Capital	(3,041)	(2,506)
Interest received	449	471
Interest paid	(786)	(355)
Income tax paid	(1,155)	(539)
Net cash provided by operating activities	13,438	1,582
Cash flows from investing activities
Acquisition of property, plant and equipment – in-vehicle devices	(7,972)	(10,642)
Acquisition of property, plant and equipment – other	(479)	(554)
Proceeds from the sale of property, plant and equipment	26	73
Acquisition of intangible assets	(2,917)	(2,864)
Cash paid for business combination	0	(3,739)
Deferred consideration paid	(267)	0
Net cash used in investing activities	(11,609)	(17,726)
Cash flows from financing activities
Cash paid for ordinary shares repurchased	(546)	(107)
Cash paid on dividends to MiX Telematics Limited stockholders	(2,673)	(2,708)
Movement in short-term debt	2,332	7,380
Net cash provided by/(used in) financing activities	(887)	4,565
Net (decrease)/increase in cash and cash equivalents, and restricted cash	942	(11,579)
Cash and cash equivalents, and restricted cash at beginning of the period	30,657	34,719
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	(1,384)	(2,727)
Cash and cash equivalents, and restricted cash at end of the period	$ 30,215	$ 20,413

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Nature of the Business MiX Telematics Limited and its subsidiaries (“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, 2023 filed with the SEC on June 22, 2023. 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 li mited to, fair value measurement of contingent consideration, allowances for doubtful accounts, the assessment of expected cash flows used in evaluating goodwi ll 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, 2023, 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 There have been no changes to the Company’s significant accounting policies disclosed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023, filed with the SEC on June 22, 2023, that have had a material impact on the Company’s Condensed Consolidated Financial Statements and related notes. Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted during the six months ended September 30, 2023. 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 date. The ASU is effective for fiscal years beginning after December 15, 2022 and interim periods therein for public business entities (PBEs). For all other entities, it is effective for fiscal years beginning after December 15, 2023 and interim periods therein. Early adoption is permitted for all entities, including adoption in an interim period. Management is yet to assess the impact of adoption of this ASU.

Acquisition

Acquisition	6 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition MiX Telematics North America, a 100% owned subsidiary of the Company, acquired Trimble Inc. ’ s Field Service Management business (“FSM”) in North America on September 2, 2022 (the “FSM Acquisition”). 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. All existing FSM subscription contracts and the related revenue streams were acquired by MiX Telematics North America. The initial accounting for the business combination was complete at March 31, 2023. For additional information on the acquisition please refer to our Annual Report on Form 10-K for the year ended March 31, 2023, which we filed with the SEC on June 22, 2023.

Revenue from contracts with cus

Revenue from contracts with customers	6 Months Ended
	Sep. 30, 2023
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 is required which collects and transmits information collected from the vehicle or other asset. 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, 2023 and September 30, 2023 was $5.3 million and $6.8 million, respectively. During both the quarters ended September 30, 2022 and September 30, 2023, revenue of $0.9 million, was recognized which was included in the deferred revenue balances at the beginning of each such quarter. During the six months ended September 30, 2022 and September 30, 2023, revenue of $2.2 million and $2.1 million, respectively, was recognized which was included in the deferred revenue balances at the beginning of each such financial year. Contract acquisition costs Commissions payable to sales employees and external third parties which are incurred to acquire contracts are capitalized and amortized, unless the amortization period is 12 months or less, in which instance they are expensed immediately. Deferred commissions were $6.0 million and $8.2 mill ion as of March 31, 2023 and September 30, 2023, 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, 2022 2023 2022 2023 Amortization recognized during the period: $ (988) $ (1,288) $ (1,929) $ (2,355) – Cost of revenue (external commissions) (732) (1,082) (1,472) (1,938) – Sales and marketing (internal commissions) (256) (206) (457) (417)

Credit risk related to accounts

Credit risk related to accounts receivable	6 Months Ended
	Sep. 30, 2023
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, 2022 2023 Balance at April 1 $ 5,426 $ 2,745 Bad debt provision 1,643 2,302 Write-offs (2,245) (1,375) Foreign currency translation differences (831) (97) Balance at September 30 $ 3,993 $ 3,575 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, 2023 and September 30, 2023 , 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.

Inventory

Inventory - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventory, Raw Materials, Gross	$ 1,484	$ 3,131

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Sep. 30, 2023
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, motor vehicles and office equipment. The cost and accumulated depreciation of owned assets are as follows (in thousands): March 31, September 30, Owned assets Plant and Equipment $ 793 $ 773 Motor Vehicles 1,948 1,845 Furniture, fixtures and equipment 1,295 1,131 Computer and radio equipment 3,743 3,900 In-vehicle devices 72,405 77,282 Assets in progress 26 8 Owned assets, gross 80,210 84,939 Less: accumulated depreciation and impairments (46,932) (49,425) Owned assets, net $ 33,278 $ 35,514 Depreciation expense related to owned assets during the three months ended September 30, 2022 and 2023 was $2.2 million and $ 3.2 million, respectively. Depreciation expense related to owned assets during the six months ended September 30, 2022 and 2023 was $4.8 million and $5.8 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 $ 5,792 $ 4,897 Equipment, motor vehicles and other 259 272 Less: accumulated depreciation (2,550) (1,839) Right of use assets, net $ 3,501 $ 3,330

Intangible assets

Intangible assets	6 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	Intangible assets Intangible assets comprise the following (in thousands): As of March 31, 2023 As of September 30, 2023 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 10 $ 90 $ (63) $ 27 $ 121 $ (94) $ 27 Customer relationships 1 - 10 8,234 (3,061) 5,173 8,264 (3,694) 4,570 Internal-use software, technology and other 1 - 20 39,031 (22,336) 16,695 38,604 (22,196) 16,408 Total $ 47,355 $ (25,460) $ 21,895 $ 46,989 $ (25,984) $ 21,005 For the three months ended September 30, 2022 and 2023, amortization expense of $1.3 million and $1.6 million respectively, has been recognized. For the six months ended September 30, 2022 and 2023, amortization expense of $2.4 million, and $3.0 million, respectively, has been recognized. Non-cash disposals of $0.6 million and $2.0 million were recognized for the six

Accrued expenses and other liab

Accrued expenses and other liabilities	6 Months Ended
	Sep. 30, 2023
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 $ 317 $ 313 Maintenance 430 327 Employee-related accruals 3,392 3,733 Bonus and incentives 3,344 2,514 Lease liabilities 688 755 Accrued commissions 3,675 4,324 Loss contingency (1) 474 123 Value added tax payables 1,239 1,395 Post-acquisition support and hardware payable (1) 2,265 2,661 Other accruals 5,662 7,138 Total current $ 21,486 $ 23,283 Non-current: Lease liabilities $ 2,966 $ 2,842 Other liabilities 402 439 Total non-current $ 3,368 $ 3,281 (1) Relates to the FSM Acquisition . 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, 2022 2023 Product warranties Opening balance $ 683 $ 359 Warranty credit (22) — Reclassification (1) (247) — Acquisition (2) 41 — Foreign currency translation difference (102) (12) Balance as of September 30 $ 353 $ 347 Non-current portion (included in other liabilities) $ 40 $ 34 Current portion $ 313 $ 313 (1) Relates to a reclassification of certain costs from Product warranties to the Maintenance provision during fiscal year 2023. (2) Relates to the acquisition of Trimble’s FSM business.

Development expenditure

Development expenditure	6 Months Ended
	Sep. 30, 2023
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, 2022 2023 2022 2023 Costs capitalized (1) $ 988 $ 1,488 $ 2,029 $ 2,518 Costs expensed (2) 1,449 1,635 3,004 2,979 Total costs incurred $ 2,437 $ 3,123 $ 5,033 $ 5,497 (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.

Leases

Leases	6 Months Ended
	Sep. 30, 2023
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, 2022 2023 2022 2023 Operating lease cost $ 303 $ 288 $ 635 $ 603 Short-term lease cost 86 117 132 212 Total lease cost $ 389 $ 405 $ 767 $ 815 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, 2022 2023 Operating cash flow information: Cash payments included in the measurement of lease liabilities $ 827 $ 492 Non-cash activity: Right-of-use assets obtained in exchange for new operating lease liabilities $ 231 $ 533 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) 22 23 Weighted-average discount rate - operating leases 8.0 % 8.3 % (1) Including expected renewals where appropriate. Maturities of operating lease liabilities as of September 30, 2023 were as follows (in thousands): 2024 (remainder) $ 513 2025 931 2026 812 2027 702 2028 661 Thereafter 794 Total future minimum lease payments 4,413 Less: Imputed interest (816) Present value of future minimum lease payments 3,597 Less: Current portion of lease liabilities (755) Non-current portion of lease liabilities $ 2,842

Income taxes

Income taxes	6 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Our income tax provision reflects our estimate of the effective tax rate expected to be applicable for the full fiscal year, adjusted for any discrete events which are recorded in the period they occur. The estimates are re-evaluated each quarter based on our estimated tax expense for the full fiscal year. Our effective tax rate was 109.1% for the six months ended September 30, 2022 compared to 69.0% for the six months ended September 30, 2023. Our effective tax rate was 161.5% for the three months ended September 30, 2022 compared to 90.2% for the three months ended September 30, 20 23.

Earnings per share

Earnings per share	6 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Basic Basic earnings per share is calculated by dividing the income attributable to ordinary shareholders of the parent by the weighted average number of ordinary shares in issue during the period. The net income and weig hted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data): Three Months Ended September 30, Six Months Ended September 30, 2022 2023 2022 2023 Ordinary shares: Numerator (basic) Net (loss)/income attributable to MiX Telematics Limited stockholders $ (1,206) $ 249 $ (528) $ 1,857 Denominator (basic) Weighted-average number of ordinary shares in issue and outstanding 552,210 554,021 551,792 554,119 Basic (loss)/earnings per share $ (0.002) $ 0.0004 $ (0.001) $ 0.003 American Depositary Shares*: Numerator (basic) Net (loss)/income attributable to MiX Telematics Limited stockholders $ (1,206) $ 249 $ (528) $ 1,857 Denominator (basic) Weighted-average number of American Depositary Shares in issue and outstanding 22,088 22,161 22,072 22,165 Basic (loss)/earnings per American Depositary Share $ (0.05) $ 0.01 $ (0.02) $ 0.08 *One American Depositary Share is the equivalent of 25 ordinary shares. Diluted Diluted earnings per share is calculated by dividing the diluted income attributable to ordinary shareholders by the diluted weighted average number of ordinary shares in issue during the period. Restricted share units and stock appreciation rights g ranted to directors and employees are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share if the required target share price or annual shareholder return hurdles (as applicable) would have been met based on the performance up to the reporting date, and to the extent to which they are dilutive. Three Months Ended September 30, Six Months Ended September 30, 2022 2023 2022 2023 Ordinary shares: Numerator (diluted) Diluted net income attributable to MiX Telematics Limited stockholders $ (1,206) $ 249 $ (528) $ 1,857 Denominator (diluted) Weighted-average number of ordinary shares in issue and outstanding 552,210 554,021 551,792 554,119 Adjusted for: – potentially dilutive effect of stock appreciation rights — — — — – potentially dilutive effect of restricted share units — — — 311 Diluted-weighted average number of ordinary shares in issue and outstanding 552,210 554,021 551,792 554,430 Diluted earnings per share $ (0.002) $ 0.0004 $ (0.001) $ 0.003 American Depositary Shares*: Numerator (diluted) Diluted net income attributable to MiX Telematics Limited stockholders $ (1,206) $ 249 $ (528) $ 1,857 Denominator (diluted) Weighted-average number of American Depositary Shares in issue and outstanding 22,088 22,161 22,072 22,165 Adjusted for: – potentially dilutive effect of stock appreciation rights — — — — – potentially dilutive effect of restricted share units — — — 12 Diluted weighted-average number of American Depositary Shares in issue and outstanding 22,088 22,161 22,072 22,177 Diluted earnings per American Depositary Share $ (0.05) $ 0.01 $ (0.02) $ 0.08 *One American Depositary Share is the equivalent of 25 ordinary shares.

Segment information

Segment information	6 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment information	Segment information The Company has six reportable segments, which are based on the geographical location of the five 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 revenue. 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 revenue. 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 the contingent consideration remeasurement, non-recurring transitional service agreement costs, strategic costs, acquisition-related costs, interest expense, interest income, net foreign exchange gains/losses, net profit on sale of property, plant and equipment, restructuring costs, stock-based compensation costs, depreciation, amortization, onerous contract costs, 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, 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. Three Months Ended September 30, 2023 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,823 $ 1,330 $ 20,153 $ 8,631 Europe 3,078 652 3,730 1,388 Americas 4,614 440 5,054 549 Middle East and Australasia 4,243 2,316 6,559 2,948 Brazil 1,675 583 2,258 877 Total Regional Sales Offices 32,433 5,321 37,754 14,393 Central Services Organization 4 4 8 (2,355) Total Segment Results $ 32,437 $ 5,325 $ 37,762 $ 12,038 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. Six Months Ended September 30, 2023 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 37,198 $ 2,485 $ 39,683 $ 17,147 Europe 6,170 1,009 7,179 2,526 Americas 9,441 725 10,166 1,082 Middle East and Australasia 8,396 4,123 12,519 5,536 Brazil 3,432 1,119 4,551 1,847 Total Regional Sales Offices 64,637 9,461 74,098 28,138 Central Services Organization 11 4 15 (4,817) Total Segment Results $ 64,648 $ 9,465 $ 74,113 $ 23,321 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, 2022 2023 2022 2023 Segment Adjusted EBITDA $ 9,437 $ 12,038 $ 18,289 $ 23,321 Corporate and consolidation entries (2,778) (2,933) (4,952) (4,912) Operating lease costs (1) (301) (291) (635) (603) Product development costs (2) (349) (351) (692) (683) Onerous contract costs — 39 — 39 Depreciation and amortization (3,450) (4,758) (7,196) (8,770) Stock-based compensation costs (243) (325) (51) (565) Restructuring costs — (7) — (30) Net profit on sale of property, plant and equipment — — 33 4 Net foreign exchange gains/(losses) 653 (123) 1,498 (853) Interest income 138 198 888 467 Interest expense (361) (539) (624) (1,041) Acquisition-related costs (784) — (784) — Strategic costs (3) — (796) — (796) Non-recurring transitional service agreement costs (4) — (121) — (121) Contingent consideration remeasurement — 514 — 538 Income before income tax expense $ 1,962 $ 2,545 $ 5,774 $ 5,995 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. 3. Strategic costs relate to costs incurred in relation to the Powerfleet Transaction discussed in note 18 to the condensed consolidated financial statements. 4. Certain non-recurring costs related to the extension of the transitional service agreement in respect of the FSM business acquired from Trimble in September 2022 will be incurred on a temporary basis from September 2023 to December 2023 and have been excluded from Adjusted EBITDA. No single customer accounted for 10% or more of the Company’s total revenue for the three months ended September 30, 2022 and 2023. No single customer accounted for 10% or more of the Company’s accounts receivable as of March 31, 2023 or September 30, 2023.

Stock-based compensation plan

Stock-based compensation plan	6 Months Ended
	Sep. 30, 2023
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, 2023, there were 12,790,000 s hares reserved for future issuance under the LTIP. The total stock-based compensation expense recognized during the three months ended September 30, 2022 and 2023 was $0.2 million and $0.3 million, respectively. The total stock-based compensation expense recognized during the six months ended September 30, 2022 and 2023 was $0.1 million and $0.6 million, respectively. Stock appreciation rights granted under the LTIP The following table summarizes the activities for the outstanding SARs: Number of SARs Weighted- Weighted Average Contractual Remaining Term (years) Aggregate Intrinsic Values (in thousands)* Outstanding as of April 1, 2023 35,800,000 37 Granted 10,600,000 27 Exercised — — Forfeited (825,000) 30 Outstanding as of September 30, 2023 45,575,000 33 4.1 Vested and expected to vest as of September 30, 2023 43,296,250 33 4.1 $ — Vested as of September 30, 2023 — — — $ — As of September 30, 2023, there w as $2.3 million of unrecognized compensation cost related to unvested SARs. This amount is expected to be recognized over a weighted-average period of 3.93 years. *U.S. currency amounts are based on a ZAR:USD exchange rate of 18.8952 as of September 30, 2023. Restricted share units granted under the LTIP 0.8 million RSUs were outstanding and unvested as of April 1, 2023. 0.8 million RSUs vested and were settled during the first quarter of fiscal year 2024. There were no outstanding RSUs as at the end of the first and second quarters of fiscal year 2024. The following table summarizes the Company’s unvested RSUs for the six months ended September 30, 2023: Number of RSUs Weighted- Average Grant-Date Fair Value in U.S. Cents* Unvested as of April 1, 2023 800,000 30 Settled (800,000) 30 Unvested as of September 30, 2023 — — * The exercise price used to determine the grant date fair value is denominated in South African cents. U.S. currency amounts are based on a ZAR:USD exchange rate of 18.8952 as o f September 30, 2023.

Debt

Debt	6 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2023 debt comprised bank overdrafts of $15.3 million. As of Sept ember 30, 2023 debt comprised $16.2 million of bank overdrafts and $0.7 million of book overdrafts , respectively. Details of undrawn facilities are shown below: Interest rate March 31, September 30, Undrawn borrowing facilities at floating rates include: – Standard Bank: CFC Overdraft SA Prime* less 1.2% $ 1,180 $ 774 Overdraft SA Prime* less 1.2% — — Vehicle and asset finance SA Prime* less 1.2% — — Working capital facility SA Prime* less 0.25% — — – Nedbank Limited overdraft SA Prime* less 2% 264 529 – Investec Bank Limited Facility: General committed banking facility SA Prime* less 1.5% 7,222 5,195 General uncommitted banking facility Negotiable (overnight or daily rates) 10,000 10,000 $ 18,666 $ 16,498 *South African prime interest rate As of March 31, 2023 and September 30, 2023, the South African prime interest rate was 11.25 % and 11.75% respectively. The Standard Bank and Nedbank Limited (“Nedbank”) facilities have no fixed renewal date and are repayable on demand. The facility from Nedbank is unsecured. The Investec Bank Limited (“Investec”) credit facilities are comprised of a 364-day renewable committed general credit facility of R350 million (the equivalent of $19 million as of September 30, 2023) (the “Committed Facility”) and an uncommitted general credit facility of $10 million (the “Uncommitted Facility”). As of September 30, 2023, $13.3 million of the Committed Facility was utilized. The Committed Facility is in the process of being renewed. 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. The loans under the Committed Facility bear interest at South African prime interest rate less 1.5% per annum and the loans under the Uncommitted Facility bear interest at overnight or daily negotiable rates, in each case which such interest shall accrue on all amounts outstanding under the Committed Facility or the Uncommitted Facility, as the case may be, payable monthly in arrears on the first business day of each month, or as otherwise specified in the Credit Agreement. Investec shall advise the Company of any changes to the applicable interest rate. On November 15, 2022, the Company concluded a second amendment to the credit agreement with Standard Bank, which entitles the Company to utilize a maximum amount of R70.0 million (the equivalent of $3.7 million as of September 30, 2023), in the form of a customer foreign currency account overdraft facility (the “CFC Overdraft Facility”). All other facilities under the facility letter with Standard Bank were replaced by the CFC Overdraft Facility. The CFC Overdraft Facility has no fixed renewal date and is repayable on demand. The CFC Overdraft Facility bears interest at the South African Prime interest rate less 1.2% per annum. As of September 30, 2023, $2.9 million of the CFC Overdraft Facility was utilized. In November 2022, the Company also terminated the suretyship securing the Company’s indebtedness (among other parties) to Standard Bank and signed by the Company and its subsidiaries; MiX Telematics Africa Proprietary Limited (“MiX Telematics Africa”) and MiX Telematics International Proprietary Limited (“MiX Telematics International”). A new suretyship agreement was entered into providing that the Company and only one subsidiary being MiX Telematics International , binds themselves as surety(ies) and co-principal debtor(s) for the payment, when due, of all the present and future debts of any kind of the Company and MiX Telematics International to Standard Bank . The security release letter also provided that Standard Bank’s claims to any security furnished by the Company and its subsidiaries

Contingencies

Contingencies	6 Months Ended
	Sep. 30, 2023
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, 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, 2023 and September 30, 2023 was $1.1 million and $ 1.0 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 Tribunal has since set the matter for hearing from June 24 to July 2, 2024. Leading up to that date various intermediary steps such as discovery, filing of witness statements and trial bundle exchanges will take place. We cannot predict the timing of a resolution or the ultimate outcome of the matter. However, the Company and its external legal advisers continue to believe that we have consistently adhered to all applicable laws and regulations and that the referral from the Commission is without merit. As of September 30, 2023, no intermediary steps have taken place, and 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, 2023
Subsequent Events [Abstract]
Subsequent events	Subsequent events Other than the items below, the directors are not aware of any matter material or otherwise arising since September 30, 2023 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, 2023, a dividend of 4.50000 South African cents per ordinary share and 1.12500 South African Rand per American Depositary Share (“ADS”), which will be paid on December 14, 2023 to ADS holders on record as of the close of business on December 1, 2023. Business combination As previously disclosed in a Current Report on Form 8-K on October 10, 2023, the Company entered into an agreement with PowerFleet, Inc. (“Powerfleet”) and Main Street 2000 Proprietary Limited, a wholly owned subsidiary of Powerfleet (“Powerfleet Sub”), whereby Powerfleet Sub will acquire all of the issued ordinary shares of the Company, including the ordinary shares represented by the Company’s ADSs and the Company will become an indirect, wholly owned subsidiary of Powerfleet (the “Powerfleet Transaction”). Upon completion of the transaction, the Company’s ordinary shares will be delisted from the Johannesburg Stock Exchange and the Company’s ADSs will be delisted from the New York Stock Exchange.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2023
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, 2023 filed with the SEC on June 22, 2023.
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 li mited to, fair value measurement of contingent consideration, allowances for doubtful accounts, the assessment of expected cash flows used in evaluating goodwi ll 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, 2023, 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.
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, 2023. 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 date. The ASU is effective for fiscal years beginning after December 15, 2022 and interim periods therein for public business entities (PBEs). For all other entities, it is effective for fiscal years beginning after December 15, 2023 and interim periods therein. Early adoption is permitted for all entities, including adoption in an interim period. Management is yet to assess the impact of adoption of this ASU.

Revenue from contracts with c_2

Revenue from contracts with customers (Tables)	6 Months Ended
	Sep. 30, 2023
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, 2022 2023 2022 2023 Amortization recognized during the period: $ (988) $ (1,288) $ (1,929) $ (2,355) – Cost of revenue (external commissions) (732) (1,082) (1,472) (1,938) – Sales and marketing (internal commissions) (256) (206) (457) (417)

Credit risk related to accoun_2

Credit risk related to accounts receivable (Tables)	6 Months Ended
	Sep. 30, 2023
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, 2022 2023 Balance at April 1 $ 5,426 $ 2,745 Bad debt provision 1,643 2,302 Write-offs (2,245) (1,375) Foreign currency translation differences (831) (97) Balance at September 30 $ 3,993 $ 3,575

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Sep. 30, 2023
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 $ 793 $ 773 Motor Vehicles 1,948 1,845 Furniture, fixtures and equipment 1,295 1,131 Computer and radio equipment 3,743 3,900 In-vehicle devices 72,405 77,282 Assets in progress 26 8 Owned assets, gross 80,210 84,939 Less: accumulated depreciation and impairments (46,932) (49,425) Owned assets, net $ 33,278 $ 35,514 The cost and accumulated depreciation of right-of-use assets are as follows (in thousands): March 31, September 30, Right-of-use assets Property $ 5,792 $ 4,897 Equipment, motor vehicles and other 259 272 Less: accumulated depreciation (2,550) (1,839) Right of use assets, net $ 3,501 $ 3,330

Intangible assets (Tables)

Intangible assets (Tables)	6 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets comprise the following (in thousands): As of March 31, 2023 As of September 30, 2023 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 10 $ 90 $ (63) $ 27 $ 121 $ (94) $ 27 Customer relationships 1 - 10 8,234 (3,061) 5,173 8,264 (3,694) 4,570 Internal-use software, technology and other 1 - 20 39,031 (22,336) 16,695 38,604 (22,196) 16,408 Total $ 47,355 $ (25,460) $ 21,895 $ 46,989 $ (25,984) $ 21,005

Accrued expenses and other li_2

Accrued expenses and other liabilities (Tables)	6 Months Ended
	Sep. 30, 2023
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 $ 317 $ 313 Maintenance 430 327 Employee-related accruals 3,392 3,733 Bonus and incentives 3,344 2,514 Lease liabilities 688 755 Accrued commissions 3,675 4,324 Loss contingency (1) 474 123 Value added tax payables 1,239 1,395 Post-acquisition support and hardware payable (1) 2,265 2,661 Other accruals 5,662 7,138 Total current $ 21,486 $ 23,283 Non-current: Lease liabilities $ 2,966 $ 2,842 Other liabilities 402 439 Total non-current $ 3,368 $ 3,281 (1) Relates to the FSM Acquisition .
Schedule of Product Warranties	The table below provides details of the movement in the accrual (in thousands): As of September 30, 2022 2023 Product warranties Opening balance $ 683 $ 359 Warranty credit (22) — Reclassification (1) (247) — Acquisition (2) 41 — Foreign currency translation difference (102) (12) Balance as of September 30 $ 353 $ 347 Non-current portion (included in other liabilities) $ 40 $ 34 Current portion $ 313 $ 313 (1) Relates to a reclassification of certain costs from Product warranties to the Maintenance provision during fiscal year 2023. (2) Relates to the acquisition of Trimble’s FSM business.

Development expenditure (Tables

Development expenditure (Tables)	6 Months Ended
	Sep. 30, 2023
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, 2022 2023 2022 2023 Costs capitalized (1) $ 988 $ 1,488 $ 2,029 $ 2,518 Costs expensed (2) 1,449 1,635 3,004 2,979 Total costs incurred $ 2,437 $ 3,123 $ 5,033 $ 5,497 (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.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Sep. 30, 2023
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, 2022 2023 2022 2023 Operating lease cost $ 303 $ 288 $ 635 $ 603 Short-term lease cost 86 117 132 212 Total lease cost $ 389 $ 405 $ 767 $ 815 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, 2022 2023 Operating cash flow information: Cash payments included in the measurement of lease liabilities $ 827 $ 492 Non-cash activity: Right-of-use assets obtained in exchange for new operating lease liabilities $ 231 $ 533 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) 22 23 Weighted-average discount rate - operating leases 8.0 % 8.3 % (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, 2023 were as follows (in thousands): 2024 (remainder) $ 513 2025 931 2026 812 2027 702 2028 661 Thereafter 794 Total future minimum lease payments 4,413 Less: Imputed interest (816) Present value of future minimum lease payments 3,597 Less: Current portion of lease liabilities (755) Non-current portion of lease liabilities $ 2,842

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic Earnings Per Share	The net income and weig hted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data): Three Months Ended September 30, Six Months Ended September 30, 2022 2023 2022 2023 Ordinary shares: Numerator (basic) Net (loss)/income attributable to MiX Telematics Limited stockholders $ (1,206) $ 249 $ (528) $ 1,857 Denominator (basic) Weighted-average number of ordinary shares in issue and outstanding 552,210 554,021 551,792 554,119 Basic (loss)/earnings per share $ (0.002) $ 0.0004 $ (0.001) $ 0.003 American Depositary Shares*: Numerator (basic) Net (loss)/income attributable to MiX Telematics Limited stockholders $ (1,206) $ 249 $ (528) $ 1,857 Denominator (basic) Weighted-average number of American Depositary Shares in issue and outstanding 22,088 22,161 22,072 22,165 Basic (loss)/earnings per American Depositary Share $ (0.05) $ 0.01 $ (0.02) $ 0.08 *One American Depositary Share is the equivalent of 25 ordinary shares.
Schedule of Diluted Earnings Per Share	Three Months Ended September 30, Six Months Ended September 30, 2022 2023 2022 2023 Ordinary shares: Numerator (diluted) Diluted net income attributable to MiX Telematics Limited stockholders $ (1,206) $ 249 $ (528) $ 1,857 Denominator (diluted) Weighted-average number of ordinary shares in issue and outstanding 552,210 554,021 551,792 554,119 Adjusted for: – potentially dilutive effect of stock appreciation rights — — — — – potentially dilutive effect of restricted share units — — — 311 Diluted-weighted average number of ordinary shares in issue and outstanding 552,210 554,021 551,792 554,430 Diluted earnings per share $ (0.002) $ 0.0004 $ (0.001) $ 0.003 American Depositary Shares*: Numerator (diluted) Diluted net income attributable to MiX Telematics Limited stockholders $ (1,206) $ 249 $ (528) $ 1,857 Denominator (diluted) Weighted-average number of American Depositary Shares in issue and outstanding 22,088 22,161 22,072 22,165 Adjusted for: – potentially dilutive effect of stock appreciation rights — — — — – potentially dilutive effect of restricted share units — — — 12 Diluted weighted-average number of American Depositary Shares in issue and outstanding 22,088 22,161 22,072 22,177 Diluted earnings per American Depositary Share $ (0.05) $ 0.01 $ (0.02) $ 0.08 *One American Depositary Share is the equivalent of 25 ordinary shares.

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Information	The following tables provide revenue and Segment Adjusted EBITDA (in thousands): 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. Three Months Ended September 30, 2023 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,823 $ 1,330 $ 20,153 $ 8,631 Europe 3,078 652 3,730 1,388 Americas 4,614 440 5,054 549 Middle East and Australasia 4,243 2,316 6,559 2,948 Brazil 1,675 583 2,258 877 Total Regional Sales Offices 32,433 5,321 37,754 14,393 Central Services Organization 4 4 8 (2,355) Total Segment Results $ 32,437 $ 5,325 $ 37,762 $ 12,038 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. Six Months Ended September 30, 2023 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 37,198 $ 2,485 $ 39,683 $ 17,147 Europe 6,170 1,009 7,179 2,526 Americas 9,441 725 10,166 1,082 Middle East and Australasia 8,396 4,123 12,519 5,536 Brazil 3,432 1,119 4,551 1,847 Total Regional Sales Offices 64,637 9,461 74,098 28,138 Central Services Organization 11 4 15 (4,817) Total Segment Results $ 64,648 $ 9,465 $ 74,113 $ 23,321 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, 2022 2023 2022 2023 Segment Adjusted EBITDA $ 9,437 $ 12,038 $ 18,289 $ 23,321 Corporate and consolidation entries (2,778) (2,933) (4,952) (4,912) Operating lease costs (1) (301) (291) (635) (603) Product development costs (2) (349) (351) (692) (683) Onerous contract costs — 39 — 39 Depreciation and amortization (3,450) (4,758) (7,196) (8,770) Stock-based compensation costs (243) (325) (51) (565) Restructuring costs — (7) — (30) Net profit on sale of property, plant and equipment — — 33 4 Net foreign exchange gains/(losses) 653 (123) 1,498 (853) Interest income 138 198 888 467 Interest expense (361) (539) (624) (1,041) Acquisition-related costs (784) — (784) — Strategic costs (3) — (796) — (796) Non-recurring transitional service agreement costs (4) — (121) — (121) Contingent consideration remeasurement — 514 — 538 Income before income tax expense $ 1,962 $ 2,545 $ 5,774 $ 5,995 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. 3. Strategic costs relate to costs incurred in relation to the Powerfleet Transaction discussed in note 18 to the condensed consolidated financial statements. 4. Certain non-recurring costs related to the extension of the transitional service agreement in respect of the FSM business acquired from Trimble in September 2022 will be incurred on a temporary basis from September 2023 to December 2023 and have been excluded from Adjusted EBITDA.

Stock-based compensation plan (

Stock-based compensation plan (Tables)	6 Months Ended
	Sep. 30, 2023
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, 2023 35,800,000 37 Granted 10,600,000 27 Exercised — — Forfeited (825,000) 30 Outstanding as of September 30, 2023 45,575,000 33 4.1 Vested and expected to vest as of September 30, 2023 43,296,250 33 4.1 $ — Vested as of September 30, 2023 — — — $ —

Debt (Tables)

Debt (Tables)	6 Months Ended
	Sep. 30, 2023
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: CFC Overdraft SA Prime* less 1.2% $ 1,180 $ 774 Overdraft SA Prime* less 1.2% — — Vehicle and asset finance SA Prime* less 1.2% — — Working capital facility SA Prime* less 0.25% — — – Nedbank Limited overdraft SA Prime* less 2% 264 529 – Investec Bank Limited Facility: General committed banking facility SA Prime* less 1.5% 7,222 5,195 General uncommitted banking facility Negotiable (overnight or daily rates) 10,000 10,000 $ 18,666 $ 16,498 *South African prime interest rate

Acquisition - Narrative (Detail

Acquisition - Narrative (Details)	Sep. 02, 2022
MiX Telematics North America, Inc.
Business Acquisition [Line Items]
Ownership interest	100%

Revenue from contracts with c_3

Revenue from contracts with customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 6.8		$ 6.8		$ 5.3
Revenue	0.9	$ 0.9	2.1	$ 2.2
Deferred commissions	$ 8.2		$ 8.2		$ 6

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Capitalized Contract Cost [Line Items]
Amortization recognized during the period	$ (1,288)	$ (988)	$ (2,355)	$ (1,929)
Cost of Revenue
Capitalized Contract Cost [Line Items]
Amortization recognized during the period	(1,082)	(732)	(1,938)	(1,472)
Sales and Marketing
Capitalized Contract Cost [Line Items]
Amortization recognized during the period	$ (206)	$ (256)	$ (417)	$ (457)

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, 2023	Sep. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at April 1	$ 2,745	$ 5,426
Bad debt provision	2,302	1,643
Write-offs	(1,375)	(2,245)
Foreign currency translation differences	(97)	(831)
Balance at September 30	$ 3,575	$ 3,993

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventory, Raw Materials, Gross	$ 1,484	$ 3,131
Inventory, Finished Goods, Gross	4,400	3,146
Inventory, Gross	5,884	6,277
Inventory Valuation Reserves	(1,446)	(1,341)
Inventory, net	$ 4,438	$ 4,936

Deferred Costs, Capitalized, Pr

Deferred Costs, Capitalized, Prepaid, and Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Prepaid expenses and other assets [Abstract]
Other Prepaid Expense, Current	$ 3,914	$ 2,742
Prepaid Taxes	110	95
Indemnification asset	123	474
Income Taxes Receivable, Current	683	1,496
Value Added Tax Receivable	952	1,362
Sundry Debtors Receivable, Current	2,902	3,378
Deposits Assets, Current	127	131
Staff Receivable, Current	218	91
Lease receivable	77	171
Interest Receivable, Current	8	10
Prepaid expenses and other current assets	$ 9,114	$ 9,950

Property, plant and equipment -

Property, plant and equipment - Schedule of Owned Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Owned assets, gross	$ 84,939	$ 80,210
Less: accumulated depreciation and impairments	(49,425)	(46,932)
Owned assets, net	35,514	33,278
Plant and Equipment
Property, Plant and Equipment [Line Items]
Owned assets, gross	773	793
Motor Vehicles
Property, Plant and Equipment [Line Items]
Owned assets, gross	1,845	1,948
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Owned assets, gross	1,131	1,295
Computer and radio equipment
Property, Plant and Equipment [Line Items]
Owned assets, gross	3,900	3,743
In-vehicle devices
Property, Plant and Equipment [Line Items]
Owned assets, gross	77,282	72,405
Assets in progress
Property, Plant and Equipment [Line Items]
Owned assets, gross	$ 8	$ 26

Property, plant and equipment_2

Property, plant and equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3,200	$ 2,200	$ 5,768	$ 4,797

Property, plant and equipment_3

Property, plant and equipment - Schedule of Right-of-Use Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (1,839)	$ (2,550)
Right of use assets, net	3,330	3,501
Property
Property, Plant and Equipment [Line Items]
Right of use property and equipment, gross	4,897	5,792
Equipment, motor vehicles and other
Property, Plant and Equipment [Line Items]
Right of use property and equipment, gross	$ 272	$ 259

Intangible assets - Schedule of

Intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	$ 46,989	$ 47,355
Accumulated amortization	(25,984)	(25,460)
Net	21,005	21,895
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	121	90
Accumulated amortization	(94)	(63)
Net	$ 27	27
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)	10 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	$ 8,264	8,234
Accumulated amortization	(3,694)	(3,061)
Net	$ 4,570	5,173
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	1 year
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	10 years
Internal-use software, technology and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	$ 38,604	39,031
Accumulated amortization	(22,196)	(22,336)
Net	$ 16,408	$ 16,695
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)	20 years

Intangible assets - Narrative (

Intangible assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,600	$ 1,300	$ 3,002	$ 2,399
Non-cash disposals			2,000	600
Foreign exchange related gains			$ 500	$ 4,100

Accrued expenses and other li_3

Accrued expenses and other liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Current:
Product warranties	$ 313	$ 317	$ 313
Maintenance	327	430
Employee-related accruals	3,733	3,392
Bonus and incentives	2,514	3,344
Lease liabilities	755	688
Accrued commissions	4,324	3,675
Loss contingency	123	474
Sales and Excise Tax Payable, Current	1,395	1,239
Business Combination, Post-Acquisition Support And Hardware Liability, Current	2,661	2,265
Other accruals	7,138	5,662
Total current	23,283	21,486
Non-current:
Lease liabilities	2,842	2,966
Other liabilities	439	402
Total non-current	$ 3,281	$ 3,368
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, 2023	Sep. 30, 2022	Mar. 31, 2023
Product warranties
Beginning balance	$ 359	$ 683
Warranty credit	0	(22)
Reclassification	0	(247)
Acquisition	0	41
Foreign currency translation difference	(12)	(102)
Ending balance	347	353
Non-current portion (included in other liabilities)	34	40
Current portion	$ 313	$ 313	$ 317

Development expenditure - Compo

Development expenditure - Components of Development Expenditure (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Costs capitalized	$ 1,488	$ 988	$ 2,518	$ 2,029
Costs expensed	1,635	1,449	2,979	3,004
Total costs incurred	$ 3,123	$ 2,437	$ 5,497	$ 5,033

Leases - Narrative (Details)

Leases - Narrative (Details)	Sep. 30, 2023
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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 288	$ 303	$ 603	$ 635
Short-term lease cost	117	86	212	132
Total lease cost	$ 405	$ 389	$ 815	$ 767

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information and Non-Cash Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Operating cash flow information:
Cash payments included in the measurement of lease liabilities	$ 492	$ 827
Non-cash activity:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 533	$ 231
Weighted-average remaining lease term - operating leases (months)	23 months		22 months
Weighted-average discount rate - operating leases	8.30%		8%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Leases [Abstract]
2024 (remainder)	$ 513
2025	931
2026	812
2027	702
2028	661
Thereafter	794
Total future minimum lease payments	4,413
Less: Imputed interest	(816)
Present value of future minimum lease payments	3,597
Less: Current portion of lease liabilities	(755)	$ (688)
Non-current portion of lease liabilities	$ 2,842	$ 2,966

Income taxes (Details)

Income taxes (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	90.20%	161.50%	69%	109.10%

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic (loss)/earnings per share
Net (loss)/income attributable to MiX Telematics Limited stockholders	$ 249	$ (1,206)	$ 1,857	$ (528)
Weighted average number of ordinary shares in issue and outstanding (in shares)	554,021,000	552,210,000	554,119,000	551,792,000
Basic earnings/(loss) per share (in dollars per share)	$ 0.0004	$ (0.002)	$ 0.003	$ (0.001)
Weighted average number of American Depository Shares in issue and outstanding (in shares)	22,161,000	22,088,000	22,165,000	22,072,000
Basic earnings/(loss) per American Depository Share (in dollars per share)	$ 0.01	$ (0.05)	$ 0.08	$ (0.02)
Diluted earnings per share
Diluted weighted average number of ordinary shares in issue and outstanding (in shares)	554,021,000	552,210,000	554,430,000	551,792,000
Diluted earnings per share (in dollars per share)	$ 0.0004	$ (0.002)	$ 0.003	$ (0.001)
Diluted weighted average number of American Depository Shares in issue and outstanding (in shares)	22,161,000	22,088,000	22,177,000	22,072,000
Diluted earnings per American Depository Share (in dollars per share)	$ 0.01	$ (0.05)	$ 0.08	$ (0.02)
Stock Appreciation Rights
Diluted earnings per share
Potentially dilutive effect of share-based payment arrangements (in shares)	0	0	0	0
Incremental American Depository Shares Attributable to Dilutive effect of Share-Based Payment Arrangements	0	0	0	0
Restricted Share Units
Diluted earnings per share
Potentially dilutive effect of share-based payment arrangements (in shares)	0	0	311,000	0
Incremental American Depository Shares Attributable to Dilutive effect of Share-Based Payment Arrangements	0	0	12,000	0

Segment information - Narrative

Segment information - Narrative (Details)	6 Months Ended
	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	6
Number of regional sales offices	5

Segment information - Schedule

Segment information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 37,762	$ 35,262	$ 74,113	$ 70,321
Segment Adjusted EBITDA	12,038	9,437	23,321	18,289
Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	32,437	30,700	64,648	61,663
Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	5,325	4,562	9,465	8,658
Total Regional Sales Offices
Segment Reporting Information [Line Items]
Total revenue	37,754	35,232	74,098	70,280
Segment Adjusted EBITDA	14,393	12,129	28,138	23,748
Total Regional Sales Offices | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	32,433	30,670	64,637	61,622
Total Regional Sales Offices | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	5,321	4,562	9,461	8,658
Africa
Segment Reporting Information [Line Items]
Total revenue	20,153	19,486	39,683	40,219
Segment Adjusted EBITDA	8,631	7,528	17,147	15,465
Africa | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	18,823	18,073	37,198	37,134
Africa | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	1,330	1,413	2,485	3,085
Europe
Segment Reporting Information [Line Items]
Total revenue	3,730	3,529	7,179	7,163
Segment Adjusted EBITDA	1,388	1,099	2,526	2,335
Europe | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	3,078	3,019	6,170	6,164
Europe | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	652	510	1,009	999
Americas
Segment Reporting Information [Line Items]
Total revenue	5,054	4,754	10,166	8,856
Segment Adjusted EBITDA	549	945	1,082	1,118
Americas | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	4,614	4,281	9,441	7,693
Americas | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	440	473	725	1,163
Middle East and Australasia
Segment Reporting Information [Line Items]
Total revenue	6,559	5,872	12,519	10,856
Segment Adjusted EBITDA	2,948	2,149	5,536	3,987
Middle East and Australasia | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	4,243	3,983	8,396	8,082
Middle East and Australasia | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	2,316	1,889	4,123	2,774
Brazil
Segment Reporting Information [Line Items]
Total revenue	2,258	1,591	4,551	3,186
Segment Adjusted EBITDA	877	408	1,847	843
Brazil | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	1,675	1,314	3,432	2,549
Brazil | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	583	277	1,119	637
Central Services Organization
Segment Reporting Information [Line Items]
Total revenue	8	30	15	41
Segment Adjusted EBITDA	(2,355)	(2,692)	(4,817)	(5,459)
Central Services Organization | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	4	30	11	41
Central Services Organization | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	$ 4	$ 0	$ 4	$ 0

Segment information - Reconcili

Segment information - Reconciliation of Segment Results to Income Before Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 12,038	$ 9,437	$ 23,321	$ 18,289
Stock-based compensation costs	(300)	200	(100)	(600)
Net profit on sale of property, plant and equipment			4	33
Net foreign exchange gains/(losses)			(853)	1,498
Interest income	198	138	467	888
Interest expense	(539)	(361)	(1,041)	(624)
Contingent consideration remeasurement	514	0	(538)	0
Income before income tax expense	2,545	1,962	5,995	5,774
Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	12,038	9,437	23,321	18,289
Corporate and Eliminations
Segment Reporting Information [Line Items]
Corporate and consolidation entries	(2,933)	(2,778)	(4,912)	(4,952)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Operating lease costs	(291)	(301)	(603)	(635)
Product development costs	(351)	(349)	(683)	(692)
Depreciation and amortization	(4,758)	(3,450)	(8,770)	(7,196)
Stock-based compensation costs	(325)	(243)	(565)	(51)
Restructuring costs	(7)	0	(30)	0
Net profit on sale of property, plant and equipment	0	0	4	33
Net foreign exchange gains/(losses)	(123)	653	(853)	1,498
Interest income	198	138	467	888
Interest expense	(539)	(361)	(1,041)	(624)
Acquisition-related costs	$ 0	$ (784)	$ 0	$ (784)

Stock-based compensation plan -

Stock-based compensation plan - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended
	Sep. 30, 2023 USD ($) R / $ shares	Mar. 31, 2023 shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) R / $ shares	Sep. 30, 2022 USD ($)	Apr. 01, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ (0.3)		$ 0.2	$ (0.1)	$ (0.6)
Exchange rate | R / $	18.8952			18.8952
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 2.3			$ 2.3
Expected period for recognition of unvested awards				3 years 11 months 4 days
Number of restricted stock units outstanding (in shares)	45,575,000	35,800,000		45,575,000
Number of restricted stock units vested (in shares)				0
Number of restricted stock units exercised (in shares)				0
Number of restricted stock units forfeited (in shares)				825,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock units outstanding (in shares)		800,000
Number of restricted stock units unvested (in shares)	0	800,000		0		800,000
Number of restricted stock units vested (in shares)		800,000
Number of restricted stock units exercised (in shares)		800,000
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)	12,790,000			12,790,000

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, 2023 USD ($) $ / shares shares
Number of SARs
Outstanding as of beginning of period (in shares) | shares	35,800,000
Granted (in shares) | shares	10,600,000
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	(825,000)
Outstanding as of end of period (in shares) | shares	45,575,000
Vested and expected to vest (in shares) | shares	43,296,250
Vested (in shares) | shares	0
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	0.30
Exercised (in dollars per share) | $ / shares	0.19
Forfeited (in dollars per share) | $ / shares	0.43
Outstanding as of end of period (in dollars per share) | $ / shares	0.37
Vested and expected to vest (in dollars per share) | $ / shares	0.37
Vested (in dollars per share) | $ / shares	$ 0.20
Weighted average remaining contractual term, outstanding	4 years 1 month 6 days
Weighted average remaining contractual term, vested and expected to vest	4 years 1 month 6 days
Aggregate intrinsic value, vested and expected to vest | $	$ 0
Aggregate intrinsic value, vested | $	$ 0

Stock-based compensation plan_3

Stock-based compensation plan - Summary of Unvested Restricted Stock Units (Details) - RSUs - shares	3 Months Ended
	Sep. 30, 2023	Apr. 01, 2023	Mar. 31, 2023
Number of SARs
Number of restricted stock units unvested (in shares)	0	800,000	800,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(800,000)

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands, R in Millions	Jun. 29, 2022 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Nov. 30, 2022 ZAR (R)	Jun. 29, 2022 ZAR (R)
Line of Credit Facility [Line Items]
Bank overdrafts		$ 16,935		$ 15,253
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	$ 19,000					R 350
Commitment fee percentage	0.30%
Percentage deducted from interest rate		1.50%
Amount of facility utilized		$ 13,300
General uncommitted banking facility | Investec Limited
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000
Commitment fee percentage	0.10%
CFC Overdraft | Standard Bank Limited
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 3,700		R 70
Percentage deducted from interest rate		1.20%
Amount of facility utilized		$ 2,900

Debt - Schedule of Undrawn Faci

Debt - Schedule of Undrawn Facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Line of Credit Facility [Line Items]
Undrawn borrowing remaining	$ 16,498	$ 18,666
Standard Bank Limited | CFC Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.20%
Undrawn borrowing remaining	$ 774	1,180
Standard Bank Limited | Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.20%
Undrawn borrowing remaining		1,180
Standard Bank Limited | Vehicle and asset finance
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.20%
Undrawn borrowing remaining	$ 0	0
Standard Bank Limited | Working capital facility
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	0.25%
Undrawn borrowing remaining	$ 0	0
Nedbank Limited | Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	2%
Undrawn borrowing remaining	$ 529	264
Investec Limited | General committed banking facility
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.50%
Undrawn borrowing remaining	$ 5,195	7,222
Investec Limited | General uncommitted banking facility
Line of Credit Facility [Line Items]
Undrawn borrowing remaining	$ 10,000	$ 10,000

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Amended Network Service Agreement with MTN | Maximum
Loss Contingencies [Line Items]
Estimate of possible loss	$ 1	$ 1.1

Subsequent events (Details)

Subsequent events (Details)	3 Months Ended
	Sep. 30, 2023 R / shares	Sep. 30, 2023 $ / shares	Sep. 30, 2022 R / shares	Sep. 30, 2022 $ / shares
Subsequent Events [Abstract]
Dividends declared per share (in ZAR per share) | (per share)	R 0.04	$ 0.2	R 0.04	$ 0.2
Dividends declared per ADS (in ZAR per share)	R 1