MIXT - Earnings call transcript Q4 2018

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Operator

Good day and welcome to MiX Telematics Fiscal Fourth Quarter and Full Year 2018 Earnings Results Conference Call. Please note that today's call is being recorder. At this time, I'd like to turn the call over to Paul Dell, Interim Chief Financial Officer, please go-ahead sir.

Paul Dell

Good day and welcome to MiX Telematics Earnings results call for the fourth quarter and fiscal year which ended on March 31, 2018. Today we will be discussing results announced by press release issued a few hours ago. Chief is and of Stefan him Interim the me you Dell, Joss. today call Joselowitz, Paul Financial joining Officer on know I'm who many Officer President MiX Chief is Executive He Telematics. and of

that cause of a we These will could statements of uncertainties results to statements our forward-looking During the variety Securities differ and materially may harbor Litigation that also considered provision call, be safe XXXX. to of Private to relating risks are make expectations. actual to subject business the the Act pursuant Reform from

website referring reconciliation a factors For could me to Relations and Investor material discussion Form our on with call available also of risks we to the at the filed Furthermore, There in tab. non-IFRS our and contained our available and schedule over turn XX-F release, refer www.mixtelematics.com with detailing certain other our which please under Securities be measures. important in that, other filings results Joss. Commission let is the that Commission. located With currently and the results, and will press financial is our the affect Exchange to those website Exchange these Securities on

Stefan Joselowitz

XXth MiX. our to pleased like strong of Paul. very I another the for results reporting call joining our for the morning. were you Thanks would listing quarter We with We're from Johannesburg anniversary thank have which stock celebrated we year just all the this here. live fact in fourth capsule exchange and

benefit This due a growth across XXX target revenue progress from our constant We ongoing of driven by XX.X% to with we long-term in end XXXX margin where globally currency on strength XX% basis we margin necessity premium which our subscriptions. performance to continue expanded significant made was our growth paid plus. achieving points fiscal During was by basis. the over towards XX% portfolio to subscription the

enhance through will well a of our our momentum positioned me fiscal Paul is provide let to our market position But maintain initial we which and quarter walk reflected in shortly. the summary globally fourth that performance. strong forward remain high-level first Looking guidance XXXX

Our compared X.X% this third net fiscal total million our basis. a XX,XXX the XXX base constant up our quarter year when growth. 'XX, premium portfolio higher fee the of subscription We XX% to rand added and XXX,XXX, to both over increasing dominant of year new revenue on was contributor to higher ARPU currency was subscribers over

XXX last reached addition, and EBITDA year. the points from QX by In adjusted XX.X% margin up basis XX.X% in

majority of broad-based Our good supported the is from results ELD being which States safeway-tended] the following the the the vehicles. our by included execution a [indiscernible] customer performance with a provider activity during most in vehicles, QX momentum by which were leading operation. receive going [Europe balance solution will United services the contract This highlight oil our the with of bolstered geographies light-duty from with to

vehicles. in customer current done to be X,XXX for expanded of our as over premium such fleet XX,XXX multiple multinational to over in Wincanton, with close Wincanton premium MiX coach Australia countries signed over with United and the of to implementation three bus X,XXX the installing leading and next this one the In largest logistics vehicles our solution South logistics and solution their to Vision enhanced to we transport fleet weeks. will trucks. on truck UnionTrans, expect in a our the represents provider coming Kingdom a signed and Europe on implement start we Africa We the including service In major be transport premium vertical. single In in company a years. and elite we outside deal the fleets

for technology customer will MiX MiX Vision Additionally, their long-standing vehicles. Transport and of Bakers adopting expanded several other hundred be our

Brazil industries multiple and several including transport. strength transportation, fuel Our tracking in services in public new customers subscribers X,XXX with over continues

we in adding partners continue by Additionally, America to new Chile expand Latin distribution and in Peru. Argentina,

an highlights delighted of world’s activities cement has as more and of course of in of the new the in their of the such suppliers subscribers new working of marks begun, countries I driver level half. of their included The exceeded one one XX% LafargeHolcim on ready-MiX come preferred added fiscal already second constant part which financial which immediate as fourth partner. asphalt basis harm. year. road as added vision the vehicles This total largest eight in the a XX,XXX to side with world of across has during we’ll on to fleets approximately across revenue that strong telematics and currency a more growth full we of as of zero focus Implementation end in two us to expectations well as thirds be countries. Group, efficiency the some leading strong of Finally, the than were am X,XXX Together safety concrete downstream announce year XXXX improve vehicles as and operating the XX,XXX the XX fleet is and to with net subscription selected target year during quarter

year, increased the by margin investments leveraging business. from In driven ability addition, up our continued was XX.X%, our last adjusted and to to in made EBITDA XX.X%

pleased adjusted XX% invested positive regional we a growth XXXX up were with team by million flow during perspective despite in economy. cash of in our margins of Africa, to the devices. XX% the free bundled RXX challenging we subscription in addition, From were pleased and of EBITDA revenue million fiscal In of evidenced RXXX vehicle performance to generate the was

EBITDA that by EBITDA the as continued execution revenue significantly adjusted of continued last year-over-year XX% as about reported year. by our our [indiscernible] highlighted Africa XX.X%, in higher should growth of the critical said Americas is margins line well constant cost as X% we revenues revenue year-over-year it subscription believe team in to on margin top subscription to from achievable XX.X%. Brazil base unit than In up to up XX.X% subscription XX.X% a mass. all the business XX% largest be margins basis plan, economies achieved behind operations our towards performed well That strong EBITDA European of At accordingly business points XXX year. demonstrate increased [growth] reported grew adjusted adjusted basis. approximately prior our As up regional year-over-year are scale and The currency the adjusted from and with

existing through We’re that energy business up has a on region the subscription deals to XX.X% portion subscription to of the X.X% including EMEA fiscal we With years the XXXX benefit regions. which prior the back confident going continue to to revenue ongoing performed in turn lagged XXXX to to investment from well strong are plan perform committed operations in ability maintaining from let on posted year. on in across continues United and like with year. line restructuring all full a trend Wincanton. sector To of margin in in revenue based that, forward, leverage the seen and noting year-on-year States. to those we of growth geographic the EBITDA investments over in our beyond deliver the and its me In worth to plan After run reputation to up top according year Paul momentum we is achieve constant rebound acceleration fiscal positioned healthy currency in accretion. global It summarize, and grow margins of margins this meaningful adjusted helped that detail basis. have XX.X% the European Prior as in

Paul Dell

Stefan. Thanks

Rand fiscal the full through have currency dollars into fourth you walked spot year XXXX convenience, and for translated that our US XXXX using South have quarter the rate. that XXXX African our reporting both our the for March period we XXXX Now and recall performance and results is

find in our can conversions You these release. press

reported in and EBITDA. basis. basis. which a fiscal as expansion XXXX please fourth an of and by reported end exceeded our our our in strong constant unless noted. range. currency continued guidance was revenue results due as [ZARXXX] an performance than across quarter guidance in premium third subscription of fiscal average that third guidance are depreciation this to revenues quarter Of revenue presented the markets base geography note in ZARXXX at to addition, on and of growth ahead our operating the as came constant on currency vertical the on well The quarter, an subscription was In million due the total XX.X% per XXXX fourth the of lower Reported South Constant versus of the our In total high revenue quarter. African million as precustomer other basis Rand of revenue subscription currency increased

of X.X%. subscribers of have with fiscal net With currency in exchange quarter ended the XXXX million fourth fourth X% the representing rate increase year-over-year constant quarter. an added quarter in the in as increase subscription third XXX,XXX were the XX,XXX of over a we subscribers, would the used been ZARXXX.X same revenue quarter We used

result from as and administrative ongoing Our million gross and of in however These increase total quarter control to to related our fee was the gross the was devices profit XX.X% XX.X% last gross long through used expenses a $XX.X company's from cost in prior significant in The some profit fiscal they depreciation and in the contract to year. charges margin in year's to includes margin margins in an business. contracts the bundled in decline General term in-vehicle renewal profit revenue, are cycles. expected compared ARPUs scale high XX.X% XXXX fourth and go commitment and generate contracts. higher

XXX general not profit costs operating costs XX.X%. points basis that Recall administration Our and margin expanded and year-over-year to include research development capitalized. our by

to compared our the which ago. and a additional interested basis year in same ZARXX.X occurred. we business or non-operating XX.X which period ZARXX.X over million our have capitalization press is adjusted related from in diluted up the of historical includes quarter quarter XX.X in inputs you [indiscernible] adjusted table XXXX. we'll ZARX.X EBITDA provided mid expanded conference measures for of approximately quarter the see revenue. of of development margin XX.X% regarding to profit margin EBITDA to press ZARXX posted For That’s one over are with expense, as million of the contributed XX.X% To expansion. and table last loss we those from were adjusted from The profits, earnings quarter Fourth results, EBITDA a exchange provided by release. for information provide a the margin reported was X XX% increased X.X% adjusted EBITDA million for third million. same of % revenues cost the period Innovative in the million per release. record quarter million of foreign for hardware full million quarter up and to quarter the fiscal of which how adjusted profits disclosed profit a loss loss year. we ZARXXX XXX last our Operated a financial per of points The reconciliation million ZARXX ordinary gross from have revenue included exchange approximately million comparative we the mid a year. foreign share year [Indiscernible] Adjusted ago. earnings Earnings X.X% ZARXX and

expenditures to of cash last year. balance from period of ZARXXX XX% Subscription ZARXX enter revenue revenue. cash our the per expansion ZARX,XXX,XXX a To revenue compared long-term. subscription fiscal cash revenue million to a primarily business with quarter summary cash the during on of generated driven their activities investment up contracts in same ZARX,XXX,XXX of million capital ongoing we cash made equivalents quarter and to year last positive in at we million a to operating XXXX, ended was Turning and quick revenue ZARXXX flow XXX currency leading From with of due from cash free a perspective, of end results addition ZARXX million represents million million Other now our which revenue the reader. year the sheet a million flow fourth X% free a as well flow previous of million the transition ZARXXX is positive basis mid for on XX,XXX the positive to period was the year. to for million subscribers growth was down the as compared at by bundled average XX% the to was total our financial total was ZARXX constant

long-term towards of of of target revenue. cost terms we sales to continue marketing range aim and XX% the our In XX% between and

in fiscal XXXX fiscal cost XX.X% compared compared XXXX represented administration were marketing sales XXXX. XX.X% in to During of to of to revenue revenue Fiscal XX.X% revenue XX.X% other costs our of and XXXX. fiscal and

million our XX.X% During adjusted XX.X% or is up fiscal and ZARXXX expectations, this total was from above revenue million ZARXXX XXXX last EBITDA or of year.

and X.XX focus and on share As or American the XXXX. the were $XX.X scaling our in Jeff up South African margins in XXXX. last which compared included the ZARXXX trends million flow during million with diluted year. compared diluted $X.XX compared adjusted diluted depository operating XXXX. was flow year. profit XXXX $X.X U.S. In remarks, EBITDA for or orderly per investments, compared ZARXXX and to profit year brief pleased as orderly earnings cash share ZARXXX $X.XX generated we the expect adjusted ZARXX.X are From in fiscal we Profit depository African dollar expectations South to improvements year for very X.XX million to million his million from diluted term a per of last activities, African above expenditures, per the was cash for sales controls. continue fiscal the was African $X.XX million American ZARXXX to South investment compared American South net expectation, capital the million. or share the globally cost per fiscal ZARXXX earnings year. the momentum solid $XX.X last added ZARXXX and our steady share to in-vehicle American period depository mentioned year maintain from diluted million focus in in with million was per ZARXXX the Free compared last million business to full year compared diluted ZARXX in a depository unit was for we million year million adjusted to or share share In ZARXX X.XX cash fiscal to profit ZARXX fiscal to million per for Adjusted device year, on X.XX $X.XX

to investments due flow pleased We are increasing offerings. fiscal generate XXXX increased and cash in bundled in-vehicle our in ability with demand our free meaningful while devices to very for

entered fiscal very our good as grow Now momentum continues to We opportunities our financial to orders turning pipeline of outlook. XXXX with and globally.

midpoint can and the we for make maintain ZARX,XXX,XXX,XXX total As ZARX,XXX,XXX,XXX momentum further revenue growth regards revenue Joss which we longer-term we is fiscal midpoint of the at our expectations of believe In XXXX towards combination sales and million our driven the are basis. of the customers the growth mentioned we range range We existing of can customers, at subscription well the target. by targeting year-on-year to progress overall guidance guidance of as further as top constant on new adding of our a currency and improving penetrating of revenue core percentage deals believe solutions. ARPU add continue subscription on by the on increasing of XX.XX% bundled

basis basis adjusted adjusted midpoint highlights margin a diluted based we XXX of of ability In XX% target we of we ongoing be XXXX to towards to or to adjusted range between guidance of to fiscal million the progress up effective approximately midpoint million on are share achieve a the accretion [indiscernible] regards margin ZARXXX This expect During targeting year. XX.X% an constant ordinary our currency at at points as on earnings diluted last and compared EBITDA the for plus. fiscal XXXX rate XX%. achieving to per range tax of the EBITDA XX% long-term XXX of share our

not order fastest discussed as to and from previously, of have business. and objectives. most wish our was focus relates and which is is visibility to the have do subscription our is loss. terms focused. deals how target suboptimal growing hardware I to is our relevant on we level component annual quarterly the margin and our highest management as largest this revenue rating is we As The This close revenues line intention it in to we our of highest have predictability other where discussed as profit area items in of achieve

constant XX.X% the that let we me believe For XXXX. outlook strong performance the on for represent against hand We is the XXXX currency to With a are first XXX range back XX.X% particularly XXXX in a fiscal of million XXX in which to Joss. initial subscription year-over-year basis. targeting of year revenue fiscal of growth to million quarter this would strong

Stefan Joselowitz

our Paul. Thanks closing I’d key from some points remarks. like reiterate In

entered quarter Firstly, and momentum. fourth with we very pleased strong and have I’m our XXXX results XXXX with fiscal

in made well We growth given trajectory revenue our have are margin progress during to the the as well-positioned accretion, subscription maintain we as great year.

growth. We platform, have an ongoing leading industry telematics integrated product traction and verticals our sustained to portfolio, in profitable key best geographies committed are and

the we’re and confidence to ongoing achieve businesses, I ability globally strong opportunities in to the the goals. Given optimize my placed believe pipeline operating of from well our leverage team's the

global my begin to we’ll team set Our great that the the the for to next With the I’d turn extend results. a call operator thanks Q&A session. to over like of topic, delivering to

Operator

Thank you. go [Operator We’ll to of Mike Canaccord. Walkley Instructions] first

Mike Walkley

just viewing strong kind the level, So, how board just improving is high of you Josh increasing maybe balance high or centering first basis? on buyback a maybe and the wondering strategy now on even level question dividend, longer such thinking my M&A, just cash -- strategies are your flow, or a you’re with you’re in that share price, sheet term growth as increasing high-level what

Stefan Joselowitz

by would to quarters, continued we reasonably any -- and metric key my look to for of we’ve the presents recommend We to until in to comes continue not and I over American so board some look operation maintain up on assets going that through I value, things, to look we share evaluating am time, time, at excluding love we’re look right quality the buyback. share certainly acquisition -- the for recent same the I terms decision are of really we’re the guided making board constantly instance continued the opportunities per an enhancement remain our best believe value that got conversely simply intrinsic for process that evaluating what and things, as and to these undervalued, we’ve what North scale certainly is company significantly along, we at an we’ll opportunities been I to we and still acquisition, acquisition active get still but in and thing a in the our continue

Mike Walkley

with this ELD areas as in the is lot, certainly in still for strongest is and just as ELD would helped guidance which the mandate can great? maybe U.S. you oil year, now U.S. discuss your us, just mandate outlook and strong regions looks year your and pipeline another And year has for strong driving other also momentum covering or be then slowed any just markets some that the and that be things it maybe regional

Stefan Joselowitz

pleased and continue come put take to XX certainly -- will really a and it We and guidance for still, not so the to to we’re new business is be we and would tailwinds of the happy never top it next call the we I years the major geographies let’s out. going momentum some guess we ELD, enjoyed and existing would across recipient out of customers. looking But certainly either really -- from adopters guess our in for in it’s small any fleets healthy the tailwind don’t the but basis we’re XX the in we’re it many months, to technology, our generally the this United early that play is my view be of there, and also kind them some of currently certainly pre-space larger line were that ELD that that said of I States, there’s and have multiple to for foundation that

Mike Walkley

decline to of trends me about help guidance. And lower then think for to to just runway the your takes these revenue you. implied and ARPU but continue versus just and In in off to pass you or for the about quarter- over-quarter quarters Thank trends pus last hardware line. Can the I guidance. us and levels stable guess think annual at embedded this annual decline ARPU you year-over-year question have I'll the hardware your

Stefan Joselowitz

we to driver don't in be expect our business Sure. growth Certainly, a hardware going with forward.

future you continue the I correctly, a average expect will years revenue QX that did the with we trend in over news out We subscribers in to have quarter. decline. as have line did unexpectedly pointed our nice and a as percentage [indiscernible] to hardware sales the So, we hardware on that is a coming that good would will higher on of the an convert

trend even did X.X% So news What the component. that's we expect EBITDA It's a I through XX% good our up that to movement adjusted by every we upward I see while towards adjusted the plan particular so down can continue that and it that don’t to our continued believe about that margin intention objective. accretion our EBITDA pressure have or same certainly plan to milestone our our beyond, so really as of without do, out and quarter can and quarter. did initial and get margin some its and still driving driven trajectory it or however, achieving quarter, key

Operator

Bhavan William Blair. And we will of to now Suri move

Bhavan Suri

in Joss, I'm me it oil let segment so strong. if talk will the be that Americas? really like you that the look there U.S. at strong growth anything about was obviously is really in it was majority rebound Americas it, there else growth that oil subscription stained not drove in of business the the driving actually the first, just

Stefan Joselowitz

a out let's component XX% of forget revenues are that we our it Alright certainly of of a had oil so sector. global not was that

the So, you than has it that when the in tanked. and price have saw customer ago the the certainly existing is new now global we we rebound customers. numbers States years is lagged X before seen couple a the our certainly subscriber of by news good gas And have know. but in see we States was store customers in a quarters probably mentioned energy same individual that delighted, and And subscriber as Middle spending United oil total supported crises rebounding with both base where oil we and East, our larger sector and are happening United in ago the we

stock by piece of news is the The individual smaller. the customers feedstock significantly of that other is good

great before have shore that their I are have our energy as United growing, verticals. also the near that exposure progress. target although that in near next made had supply customers see existing be that away to we nowhere so but having have still working we that So, stage within and cost expansion to a continue opportunity peak express see where we States we it other in are progress to a we the wins the but from sector they

Bhavan Suri

just I little a the on and touch to wanted bit EMEA Middle-East and Europe.

or investment some you of the the Europe think the has there of the Middle-East that restructure add back organization sales that set sort and So, do about so bounce when should you growth margins sales or obviously in there think lagging seeing on you you nice sort do changes tap think investments need back. U.S. a to market are percentage of of are or that bounce you you properly U.S. do up in

Stefan Joselowitz

early exposure that performance so that line disappointed sales bottom Europe year as and little the that top continue think appropriate. weren’t according alluded and in think structure are Two and different. we we an the will our in we simple in marketing investment. we answer rejected line that that think do additive they we in think we sector Europe the overweight bounce forward our to will recognize we positioned within have and disappointed we but a particularly by level that going let at sales that think course for a see adapt to different and are be Middle-East but we we bit well the pleased different cost with answers, at grew was the top and a we energy are that top and I so I Europe region to in is on of were was line the much of so, do accordingly we and happen any do reach the it maximum that same and we fact and quite think we natural it the to our In nice expecting line looking had debt structure with way and Middle-East events a story we now pleasing we've to it's back to shouldn’t region I plan

Bhavan Suri

on did they you obviously performing me call MiX more the the add-on of adoption of cases for you Vision starting how sort call we've are the a one in last MiX expectations? Von got, taps are out any One of the trends and a products couple from to paths see sort and different going of to any versus product meeting so uptick MiX perspective specific

Stefan Joselowitz

intention pleased by that. the existing of XX MiX big get nice us in see seen Vision very when win we from add-on we a traction asset a with continues and MiX the for changes mentioned Vision the side instance are healthy United one and net typing Kingdom there The and product don’t that's so think I our we've example and new for to nice any we've to it's add-on and adoption some customers from customers

customers nice what ongoing a in but with be remain are So, meaningful come confident traction still and tabs have its to that driver ability are is in the a conversion yet. existing future of nothing very some

Operator

now with James. move Brian We Peterson Raymond will to

Brian Peterson

it overall, for you these you mostly XXXXX-XXXXX moving where you, fleet your dynamic one it was sounds was fleet more just pretty have really that had to momentum customer opportunities still are win Joss global of I’m progressive conversations with global and think today? there a your I large they So, regional curious like XXXXX large are vehicles or

Stefan Joselowitz

the and ones we'd the name, definitely think edge has one, conversations, is It couldn't that we And mentioned, rollout. multicounty just advantage XXXX, I a they and global there's certainly I a the top the meaningful one anyone there I seeing a some that I’m a are is is so not in there's of from perspective one the is initial so is gigantic doubt last from massive that has handful into at head that’s driven one conversation which of that the mean, Australian of been drivers fleet it a in been that top there over I mentioned driven not does data no we centralized fleet trend. is recognition of fleet of trend I my even XXXXX that. that’s a a been year also a XXXs the have there multinationals -- corporate mentioning, a have as a and level big is that there is but guess multinationals LafargeHolcim headquarters. been No, target regional is the

Brian Peterson

there. think deals uncertainty evolved And And understand But just customers can fiscal we about us in typically some entering I fiscal visibility we that the you year will should year? how and as remind into was of 'XX you so versus expectation, that just outlook do is as the year? dictate the the it there what kind bundled to 'XX about year think our of have revenue kind relates prior

Stefan Joselowitz

especially this now it dunk slam have I’d make we I’m year just one have make -- this had Brian. before guided Yes, point based we -- 'XX year XXXX put more already so that a a in being nine happy at we on a some that we our of we we than this we I up have we 'XX bag one deals, them one another -- feel are we but months again, judgment, There the It's hope have that see our some decent later bit we It's we out us the day and and guess. behind luxury we soon not not. signed is announced not I have to rollouts visibility, of couple one but certainly got into to nice out stage a mentioned this last of are we that guidance visibility for months. of got pipeline. number them we get visibility so rolling was are forward. the We know take of already going into large quick yet take one we We never QX in position the big that in have

more taking So holding up time. that’s it's but much

how happens don’t the know in we actually control it's So, rollout the customers fundamentally.

feeling we -- we off for understand have used and are -- that. driver and about year our got we strong really influence it's it to have we're coming the dunk but we are But for best a a slam we We good which that. know judgment strong growth trying

Brian Peterson

one maybe fiscal you 'XX. year drivers, margin thinking And just Paul the on for about

one We there. are area largest qualitatively -- help biggest are or what about two there thinking any the drivers

Paul Dell

about or...? you talking adjusted So, EBITDA Brian are

Brian Peterson

ramp, just one just trying it’s through of to drivers what primary are? think higher next year, the the adjusted EBITDA Yes, looking two or that

Paul Dell

XXXX. and think mid control, I is very scale costs us at teen [indiscernible] and margin important which a it's revenue high keeping it’s in growth under I the of the is Brian benefit obviously fiscal successful for think that subscription

Operator

Gerhardt move now Analysis. we’ll First of to And David

David Gerhardt

XX-XX on and wondering offering, stay do XX-XX, fiscal consumer lower where is there above QX we ARPU so to for MiX? do it and fleet starting first over strong and the in shift just My us MiX the that we FBR if a of stand that balance a was had mix addition you prior question of subscriber more net balance of you premium terms that towards to mentioned mentioned there’s calls on premium of fleet potential in a shoot

Stefan Joselowitz

higher from It does vary, slower quarter-to-month-to our but along and get the is side, ARPU generally sales forward the and going a obviously ARPU month preference cycle. rating high on to side forward is going obviously

some fleets so year, revenue premium not we number impact, ex-fleet a forward. in of -- where certainly but the was we’ve on fleet, that bit, in than sustain guess XX% larger I continues but African number the did from the definitely last QX, to -- this continue better quarter backs little the impact would been out performance, business happy in an it happier challenging us fact backs count large we I’d and but a than fleets, in customer is does guess subscriber absolute that on in XX,XXX, contraction financial seen South I with the ratio car grow weight fleet, huge, to premium have economy definitely subscriber and a still to rental cut I retained the and particularly some This see cut we have with it from over am a fleets a and even love it’s very going subscription I

David Gerhardt

up rental you some that of was then of for fleet? And of and in subs sense contraction on so there the contraction fleet just give if can following magnitude rental the contraction, us QX

Stefan Joselowitz

QX in no but mentioned you think QX Yes net there and QX, did in near QX, the in I X,XXX. again very any the I numbers, nowhere was we churn or so the in QX, was in report we contraction of and in growth if recall, thousand to in it contraction the contraction, was contraction so -- QX, QX QX, call, number was the a contraction we have reported number in X.X marginal the I think numbers big we it we there we couple contraction reported but QX, and of of in disclosed believe had number we net numbers

David Gerhardt

add be update a terms Insight and And talked any products meaningful MiX bit anything you MiX, Tabs, MiX in any color little in on the just an if Vision, add-ons the can if add you about give My wondering would growth Go, Journey of helpful? on MiX capability Agility Management, with those that other us of on then there’s going

Stefan Joselowitz

home the you. sure nice will and can Yeah how Enhancing some in it's enough two ones. confident got in think add-ons -- have is can it someway. still yet driving. established -- to mean all more and those I product see certainly which Vision of others. out, And feel thank And service, I including needle I not I'm move is of progress most now decent be the we've we the is team we'll efforts really a our of I the and other much broad and are you. them terms think. pan most space other portfolio that give we stablished And best not of seen one there MiX

try gaining So, more give as you color. I traction bit start I'll to

David Gerhardt

And last for question me. Okay. then

terms in the driving new we what deployments You growth could what's in wins past of up they in are on had that vertical mentioned mentioned I the think gas to individual an be And basis. had are conversations and oil fleet sizes the and not oil and gas.

you So these oil if of for seeing basis. It's having not and some that reactivation just sense are conversations could start on color starting trend of is ideal ideal and reactivating a any give year pick if with gas reactivations of to fleets. a you're wondering in to the up activity terms us that a

Stefan Joselowitz

at Sure. be a of guess in existing your to so testing of I their to time little reactivation separately into vehicle also in pre-cross some Reactivation is them think and of we're apart sort bit That discussion reactivating. pretty is a switch. acquiring occurring disposed seeing flick seeing as we a I And yes those and try a we lot And but a reactivation. I vehicles. day mind off vehicle asset solutions that, new there that seeing installing

be we a States customers --. these So, but say would plays be is have grown barrel existing no last how oil the there United doubt have of will seeing bringing this they can see to it and change think interesting fronts trending the I the a at XX think It that from it that see we'd reminding the of is interesting months expect previous all and $XX I currently how at to I out. way over expansion levels

Operator

the for question-and-answer session. conclude would like And call any turn Charles comments. to todays' to that with now I back closing does that

Stefan Joselowitz

the who and see look Also for with listen to -- Chicago make that arrival. attending time a guess in I wish. I coming thank of anybody attention in guys us. to time you and appreciate And wants to are forward I us you you to happy however any in guys. call And forward making the mid-June. We'll out there. Look to conference for

So again. that's

best. the Over

Operator

we And this Ladies for again with conclude thank participation. gentlemen, you and today's that call, your does

You now disconnect. may

MiX Telematics (MIXT) 15 May 182018 Q4 Earnings call transcript