MiX Telematics (MIXT) Tops Q4 EPS by 2c, Revenues Beat; Suspends Issuance of Guidance for 1Q & FY21

MiX Telematics (NYSE: MIXT) reported Q4 EPS of $0.13, $0.02 better than the analyst estimate of $0.11. Revenue for the quarter came in at $36.2 million versus the consensus estimate of $27.29 million.

Fourth Quarter Fiscal 2020 (year over year):

• Subscription revenues of $31.5 million, up 6% on a constant currency basis
• Net subscriber additions of 5,700 bringing the total base to over 818,000, up 9%
• Net loss of $2.4 million, including $3.5 million deferred tax charge and $0.4 million foreign exchange loss
• Adjusted EBITDA of $10.6 million, or 29.2% Adjusted EBITDA margin
• Non-GAAP net income of $2.9 million

“MiX’s fourth quarter performance was solid in the context of the unprecedented uncertainty caused by the COVID-19 pandemic, significant related exchange rate volatility and challenges in the oil and gas market. Our mission at MiX is to continue providing the best-in-class software and support for our customers who rely on us as they adapt their businesses to the current situation,” said Stefan Joselowitz, Chief Executive Officer of MiX Telematics.

Joselowitz continued, “Although the near-term demand environment is uncertain, with our continued investments in our strategic initiatives, we strongly believe MiX is well positioned to meet our long-term subscription revenue growth and profitability targets as global economic conditions begin returning to normal.”

Business Outlook

Due to the uncertainty surrounding the level of business disruption as a result of the spread of COVID-19, the Company is suspending its practice of issuing financial guidance for the full 2021 fiscal year and the first quarter of fiscal 2021.

For earnings history and earnings-related data on MiX Telematics (MIXT) click here.

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