now proud thank what forward. going set I And for fourth in want fiscal quarter to that kind Joss, of I’m accomplished keep the financial at up sustained promotion. here. well say Thanks, turn and for my words. changes unless mind his Paul QX. for time are you MiX congratulate success I’m refer the like company our all on also to of otherwise. for XXXX in confident Please we’ve comparisons in the I’d figures all the to year-over-year I results to
reminder, revenues than other currencies the are dollar. the U.S. a of majority derived our from As
XXXX, the in fourth year African subscription X.X% South weakened to revenues. of quarter the Rand compared reported to decrease fiscal against dollar a contributing U.S. a
Rand For an revenues revenue and respectively. subscription came reported in by were with dollar year, the X.X% against Starting strengthened constant million the basis at million, currency on revenues increase P&L, the reported increased $XX.X and the X.X%. of and X.X% subscription total $XX.X U.S. full approximately a
approximately As comparison to renewal fourth in included related was that of one-time included prior a reminder, non-recurring subscription the revenue. a year contract a million fee quarter $X.X
net the year-over-year increase of over year the in Excluding X% the approximately for an second We years. of XX,XXX trends adds with all and net grew one-time quarter quarterly a subscription our of half adds XXX,XXX on the The three in grew in the strongest year, driven fee by prior the strong Subscribers sequentially, areas. constant year-over-year. fourth company the solution ended improved were the revenue quarter in subscribers, basis. X.X% currency
are during our historical with line premium particularly where during vehicles trends greater Based has was the several wins the some the year. pleased market, of recent expectations. XXX contracted of in our underlying be ability grown growth our million seeing year, our grew XX% ARR quarter above and confident impacted which are are dollars performance, and full with our year-over-year longer the on significantly we X% the demand cycles the in levels. fleet at subscriber of We to meaningful base drive forward. larger than going end fleets up $XXX.X in backlog ARR in implementation the installations, continues by million in pending to we
have customers growth of would’ve who XX.X% part of their were expansion. this ARR have revenue $X.X large dynamic, million year-over-year. delays, experienced Adjusted vehicles We other and up receiving plant for double-digit had low Hardware we year-over-year. fleet as
As subscription. a of into solution reminder, our volatile and recent the be from wins, benefit strong the continues other can in not large bundled Hardware hardware some hardware quarter-to-quarter. adoption AI where MiX was revenue Vision to
ago at strong year compared compared Moving XX.X% and on Subscription to period. gross was in XX.X% XX.X% margin to to year expenses. period. a ago remained Gross a margin XX.X% margin operating
subscription majority for value and business. our reminder, revenue best of is the the MiX’s primary revenue a As represents driver
pleased our the margin fiscal of the XXXX, some mix in work are we the unbundled gross costs due the and hardware that our of large performance in to expect some in wins do of chain some backlog. with higher we challenges impact as revenue While through volatility we year quarter, supply
marketing efficient sales and The throughout hardware prior sustain year. our expenses have model we as up XX% supply $XX.X scalable are confident a to annually to reflects targeted year. in could made were the overall XX% the Operating investments compared that were and OpEx margin R&D in stabilizes. have chain and business We and growth million and mix and gross XX%
We robust last significant EBITDA Adjusted customers are $XX.X for of future revenue revenue against generate product expect we XX.X% roadmap $X.X a or compared that year. incremental will or opportunities million and value executing XX.X% for have to development our we growth of million MiX. was
investing and for the growth significant adjusted demonstrates navigating generate was quarter and profitability in was for challenging million income $X.X Adjusted ability to our from EBITDA while cost with environment. expectations a performance $X.X in the period. the in million Our fiscal line down XX.X% our ago even the negative the prior the of fourth year XX.X% The was foreign to effective was and gains in XX.X% tax compared to exchange year. XX.X% rate losses, tax rate company’s quarter XXXX. Ignoring compared impact year net
tax against income higher Our was provision due deferred expected to a one-time asset. expense a than non-cash tax
XX%, the of depending tax effective geographic of between we forward, Going rate XX% an expect and spread on profits.
seeing repurchase building the is on bringing in invested We cash operating cost vehicle an to fourth $X.X quarter, ordinary additional at of backdrop. The our $XX.X manage and devices $XX.X consideration cash stress investment against $X.X the use elevated balance into fourth we of compared of free and are million the million of in the pre-purchase to the supplies part $X.X hardware significant as supply leading investments of shares We cash Turning and repurchase sheet. prudent inventory fiscal expenditures, with shares to includes XX, amount chain. from prices inflation. our this $X.X to equivalents cash of million ended for in to a in in the of market open for In buffer March market million a to market quarter X In million XXXX. million our efforts negative prevailing activities generated the total certain X.X under components for million, proactive full quarter, of net million. capital of vehicle million. $X.X The our year. cash in, The total reflects flow amount we believe
sheet share. balance per again free African X a once ordinary South declare cash Our of and cents us enabled dividend to flow quarterly
for wrap additional perspective like fiscal some I our XXXX. on expectations to provide I would up, Before
are high another of revenue mid We solid single constant with to growth and growth, digit high to single subscription growth. year ARR low currency digit targeting double
to major solution activity continue of markets areas. see encouraging our We demand across each and end
in about We fiscal challenges our global are good and the mindful of prospects we closely, complexities situation facing feel and but the XXXX. the economy monitor
A of year in be growth first relates expect up driver to in the In half primary dynamics to the before the second terms more progression muted with the half. of in some growth of our picking renewal. year one the we year, of unique signed MiX fleet than we of their largest recently engagement their camera expanding with our with a will entire by Africa whom AI be customers XX,XXX MiX vehicles with solution. South Vision more customer five updating This throughout
by we result the However, this its levels of the one as will to customer year in of with $XXX,XXX dealer the with the these pre-approved then fleet of direct is part a goes service If to Western growth end. net key don’t Vision cash perspective, note this original and year the Russia, expect would, we on up the by MiX relationship I our with we From servicing throughout flow initiatives. to business while customers we to due elevated will channel the to which that normal flow as of have saying year. in the much approach adjusted dealers. profitability in ramp off year implement MiX for the guide believe year a growth position example come in customer put cost sanctions We customers good subsidiaries its mid were to the half our financial levels The a XXXX cash would do to an is of important perspective, the in, levels. great of driving the of primarily the ARR over of our hope And to renewal, target AI, in ARR that deliver return back overall to expense specifically, books. transitioned our to we XXs that The EBITDA for company margin first drive cease approximately bring profitability will a wrap to in of these transition. devices of our free and expected investments course, in ARR fiscal invest for levels maintain dealer away this profitability. From continue investing and we from as I’ll as a to targets to balanced efficiencies to to of fiscal customers, from our following. sales also build improve our relationship we is take and half transition. ARR time. was due to full to half ARR vehicle to this MiX gradually XXXX continuing across customer a of cover our ability would decline long-term low expand discipline companies. customer inventory first while a second the
let’s proven ability variety our We our begin value attracted a substantial the profitability Q&A, through this growth generate believe business have shareholders. of business of Operator, and combination for cycles to and can manage please.
