MiX Telematics (MIXT) Tops Q1 EPS by 11c

MiX Telematics (NYSE: MIXT) reported Q1 EPS of $0.08, $0.11 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $27.5 million versus the consensus estimate of $27.24 million.

First Quarter Highlights:

• Subscription revenues of $25.9 million, representing 94% of revenue
• Net subscriber base of over 787,000 subscribers
• Net income of $2.4 million
• Adjusted EBITDA of $7.5 million, or a 27.1% Adjusted EBITDA margin
• Net cash provided by operating activities of $9.4 million leading to positive free cash flow of $7.2 million
• Cash and cash equivalents of $24.5 million at quarter end

“MiX Telematics’ first quarter performance was relatively solid given the challenges presented by the COVID-19 pandemic. I am pleased by the progress we made on our three core goals this year of providing the best-in-class software and support to our customers, preserving profitability and continuing to invest in our strategic growth initiatives.” said Stefan Joselowitz, Chief Executive Officer of MiX Telematics.

Joselowitz continued, “Although the near-term demand environment is difficult and uncertain, we are encouraged by the strong activity we see in our pipeline. We continue to believe that our comprehensive fleet management platform is a high-ROI and mission critical investment for many companies.”

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 second quarter of fiscal 2021.

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

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