MiX Telematics sees great results
According to Stefan Joselowitz (pictured), CEO of MiX Telematics, a leading global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS), the company has seen good results in the second quarter and first half of fiscal 2018.
"MiX reported a very strong second quarter, highlighted by our ability to exceed expectations across all key operating metrics Our 18% year-over-year subscription revenue growth on a constant currency basis was broad-based, driven by uptake from our premium fleet customers globally. Additionally, this is the fifth consecutive quarter of adjusted EBITDA margin improvement. We are confident in our ability to maintain the momentum as we continue to execute our strategic initiatives and remain committed to achieving our longer-term adjusted EBITDA margin target of 30% plus."
Second quarter fiscal 2018:
- Subscription revenue of R349 million ($25.8 million), up over 18% year over year on a constant currency basis
- Net subscriber additions of 14,500 bringing the total base to over 640,000, up 9% year over year
- Operating profit of R45 million ($3.3 million), up 73% year over year
- Adjusted EBITDA of R103 million ($7.6 million), up 56% year over year
- Adjusted EBITDA margin of 25.1% continues the quarterly improvement trend since the start of fiscal 2017.
- Reported Adjusted EBITDA margins were as follows: Q1 2017 15.9%, Q2 2017 18.0%, Q3 2017 21.9%, Q4 2017 22.3%, Q1 2018 23.1%, Q2 2018 25.1%
- Company raises full-year guidance for both revenue and profit.
First half fiscal 2018:
- Subscription revenue of R685 million ($50.5 million), up over 17% year over year on a constant currency basis
- Operating profit of R88 million ($6.5 million), up 80% year over year
- Adjusted EBITDA of R197 million ($14.5 million), up 56% year over year
- Adjusted EBITDA margin of 24.1% up from 17.0% during the same period last year.