MIXT MiX Telematics Limited

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Nature of the Business

MiX Telematics Limited and its subsidiaries (“the Company”) is a global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (“SaaS”). The Company’s solutions enable customers to manage, optimize and protect their investments in commercial fleets, mobile assets or personal vehicles. The Company’s solutions enable a wide range of customers, from large enterprise fleets to small fleet operators and consumers, to reduce fuel and other operating costs, improve efficiency, enhance regulatory compliance, promote driver safety, manage risk and mitigate theft.

The Company is incorporated and domiciled in South Africa, with its principal executive office in Boca Raton, Florida. The Company’s fiscal year ends on March 31.

Basis of preparation and consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and reflect, in the opinion of management, all adjustments, consisting of normal recurring adjustments and accruals, which are necessary for a fair statement of the results of the interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated on consolidation.

These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended March 31, 2023 filed with the SEC on June 22, 2023.

Use of estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts reported and disclosed. Significant estimates include, but are not limited to, fair value measurement of contingent consideration, allowances for doubtful accounts, the assessment of expected cash flows used in evaluating goodwill for impairment and income and deferred taxes. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements.

We have considered the impact of rising inflation, fuel prices, global politics, sanctions and the impact thereof on global trade on the estimates and assumptions used. As of December 31, 2023, we have taken into account the impact of the above on goodwill sensitivities and impairment assessments. However, future changes in economic conditions could have an impact on future estimates and judgements used.

Summary of significant accounting policies

There have been no changes to the Company’s significant accounting policies disclosed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023, filed with the SEC on June 22, 2023, that have had a material impact on the Company’s Condensed Consolidated Financial Statements and related notes.

Recently Adopted Accounting Pronouncements

There were no new accounting pronouncements adopted during the nine months ended December 31, 2023.

Recent Accounting Pronouncements Not Yet Adopted

On October 28, 2021, the FASB issued ASU 2021-08, which amends ASC 805, Business Combinations, to require companies to apply ASC 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This creates an exception to the general recognition and measurement principle in ASC 805 which requires an acquirer to generally recognize such items at fair value on the acquisition date. The ASU is effective for fiscal years beginning after December 15, 2022 and interim periods therein for public business entities (PBEs). For all other entities, it is effective for fiscal years beginning after December 15, 2023 and interim periods therein. Early adoption is permitted for all entities, including adoption in an interim period. The adoption of the ASU is expected to have no material impact.

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MiX Telematics North America, a 100% owned subsidiary of the Company, acquired Trimble Inc.’s Field Service Management business (“FSM”) in North America on September 2, 2022 (the “FSM Acquisition”).

FSM’s North American operations include the sale and support of telemetry and video solutions that enable back-office monitoring and visualization for fleet services management in a number of industries.

All existing FSM subscription contracts and the related revenue streams were acquired by MiX Telematics North America. The initial accounting for the business combination was complete at March 31, 2023. For additional information on the acquisition please refer to our Annual Report on Form 10-K for the year ended March 31, 2023, which we filed with the SEC on June 22, 2023.

The Company provides fleet and mobile asset management solutions. The principal revenue streams are (1) Subscription and (2) Hardware and other. Subscription revenue is recognized over time and hardware and other revenue is recognized at a point-in-time.

To provide services to customers, a device is required which collects and transmits information collected from the vehicle or other asset. Fleet customers may also obtain other items of hardware, virtually all of which are functionally dependent on the device. Some customers obtain control of the device and other hardware (where legal title transfers to the customer); while other customers do not (where legal title remains with the Company). A contract arises on the acceptance of a customer’s purchase order, which is typically executed in writing.

Contract liabilities

When customers are invoiced in advance for subscription services that will be provided over periods of more than one month, or pay in advance of service periods of more than one month, deferred revenue liabilities are recorded. Deferred revenue as of March 31, 2023 and December 31, 2023 was $5.3 million and $6.5 million, respectively. During the quarters ended December 31, 2022 and December 31, 2023, revenue of $1.2 million and $0.8 million, respectively, which was included in the deferred revenue balances at the beginning of each such quarter, was recognized. During the nine months ended December 31, 2022 and December 31, 2023, revenue of $3.4 million and $2.9 million, respectively, which was included in the deferred revenue balances at the beginning of each such financial year, was recognized.

Contract acquisition costs

Commissions payable to sales employees and external third parties which are incurred to acquire contracts are capitalized and amortized, unless the amortization period is 12 months or less, in which instance they are expensed immediately. Deferred commissions were $6.0 million and $9.4 million as of March 31, 2023 and December 31, 2023, respectively, and are included in Other assets on the Condensed Consolidated Balance Sheets.

The following is a summary of the amortization expense recognized (in thousands):

			Three Months Ended December 31,												Nine Months Ended December 31,
			2022						2023						2022						2023
Amortization recognized during the period:			$	(1,088)					$	(1,464)					$	(3,017)					$	(3,819)
–Cost of revenue (external commissions)			(868)						(1,215)						(2,340)						(3,153)
–Sales and marketing (internal commissions)			(220)						(249)						(677)						(666)

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The movements in the allowance for doubtful accounts are as follows (in thousands):

						Nine Months Ended December 31,
						2022						2023
Balance at April 1						$	5,426					$	2,745
Bad debt provision						2,872						3,561
Write-offs						(4,326)						(2,638)
Foreign currency translation differences						(636)						(11)
Balance at December 31						$	3,336					$	3,657

Overview of the Company’s exposure to credit risk from customers

The maximum exposure to credit risk at the reporting date is the gross carrying value of each receivable and loan to external parties. As of March 31, 2023 and December 31, 2023, the Company had no significant concentration of credit risk, due to its spread of customers across various operations and geographical locations.

The Company does not hold any collateral as security.

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Property, plant and equipment comprises owned and right of use assets. The Company leases many assets including property, motor vehicles and office equipment.

The cost and accumulated depreciation of owned assets are as follows (in thousands):

						March 31, 2023						December 31, 2023
Owned assets
Plant and Equipment						$	793					$	845
Motor Vehicles						1,948						1,888
Furniture, fixtures and equipment						1,295						1,175
Computer and radio equipment						3,743						4,088
In-vehicle devices						72,405						82,687
Assets in progress						26						34
Owned assets, gross						80,210						90,717
Less: accumulated depreciation and impairments						(46,932)						(53,232)
Owned assets, net						$	33,278					$	37,485

Depreciation expense related to owned assets during the three months ended December 31, 2022 and 2023 was $2.4 million and $3.6 million, respectively. Depreciation expense related to owned assets during the nine months ended December 31, 2022 and 2023 was $7.2 million and $9.4 million, respectively. Depreciation expense related to in-vehicle devices is included in subscription cost of revenue.

The cost and accumulated depreciation of right-of-use assets are as follows (in thousands):

						March 31, 2023						December 31, 2023
Right-of-use assets
Property						$	5,792					$	5,193
Equipment, motor vehicles and other						259						306
Less: accumulated depreciation						(2,550)						(2,119)
Right of use assets, net						$	3,501					$	3,380

Intangible assets comprise the following (in thousands):

						As of March 31, 2023																		As of December 31, 2023
			Useful life (in years)			Gross Carrying amount						Accumulated amortization						Net						Gross Carrying amount						Accumulated amortization						Net
Patents and trademarks			3 - 10			$	90					$	(63)					$	27					$	121					$	(95)					$	26
Customer relationships			1 - 10			8,234						(3,061)						5,173						8,316						(4,008)						4,308
Internal-use software, technology and other			1 - 20			39,031						(22,336)						16,695						41,127						(24,214)						16,913
Total						$	47,355					$	(25,460)					$	21,895					$	49,564					$	(28,317)					$	21,247

For the three months ended December 31, 2022 and 2023, amortization expense of $1.6 million has been recognized in both periods. For the nine months ended December 31, 2022 and 2023, amortization expense of $4.0 million, and $4.6 million, respectively, has been recognized. Non-cash disposals of $0.6 million and $2.0 million were recognized for the nine months ended December 31, 2022 and 2023, respectively. Foreign exchange related gains of $2.9 million and foreign exchange related

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losses $0.3 million, on accumulated amortization, were recognized for the nine months ended December 31, 2022 and 2023, respectively.

Accrued expenses and other liabilities comprise the following (in thousands):

						March 31, 2023						December 31, 2023
Current:
Product warranties						$	317					$	320
Maintenance						430						339
Employee-related accruals						3,392						3,997
Bonus and incentives						3,344						2,738
Lease liabilities						688						868
Accrued commissions						3,675						5,023
Loss contingency (1)						474						—
Value added tax payables						1,239						1,371
Post-acquisition support and hardware payable (1)						2,265						1,729
Other accruals						5,662						7,229
Total current						$	21,486					$	23,614
Non-current:
Lease liabilities						$	2,966					$	2,803
Other liabilities						402						462
Total non-current						$	3,368					$	3,265
(1) Relates to the FSM Acquisition.

Product warranties

The Company provides warranties on certain products and undertakes to repair or replace items that fail to perform satisfactorily. Management estimates the related provision for future warranty claims based on historical warranty claim information, the product lifetime, as well as recent trends that might suggest that past cost information may differ from future claims. The table below provides details of the movement in the accrual (in thousands):

						As of December 31,
						2022						2023
Product warranties
Opening balance						$	683					$	359
Warranty credit						(44)						(11)
Reclassification (1)						265						—
Acquisition (2)						41						—
Foreign currency translation difference						(86)						1
Balance as of December 31						$	329					$	349
Non-current portion (included in other liabilities)						$	42					$	29
Current portion						$	287					$	320
(1) Relates to a reclassification of certain costs from Product warranties to the Maintenance provision during fiscal year 2023.
(2) Relates to the FSM Acquisition.

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Development expenditure incurred comprises the following (in thousands):

			Three Months Ended December 31,												Nine Months Ended December 31,
			2022						2023						2022						2023
Costs capitalized (1)			$	905					$	1,144					$	2,934					$	3,662
Costs expensed (2)			1,358						1,424						4,362						4,403
Total costs incurred			$	2,263					$	2,568					$	7,296					$	8,065
(1) Costs capitalized relate only to the development of internal-use software, which are recognized in accordance with the Intangible assets (Internal-use software and technology) accounting policy.
(2) Costs expensed are included in Administration and other expenses in the Condensed Consolidated Statements of Income.

The Company leases property, office equipment and vehicles under operating leases. The lease terms vary between 1 month and 120 months, with many leases providing renewal rights and certain leases with annual escalations of up to 8% per annum. To the extent the Company is reasonably certain that it will exercise renewal options, such options have been included in the lease terms used for calculating the right-of-use assets and lease liabilities. Right-of-use assets are included in Property, plant and equipment in the Condensed Consolidated Balance Sheets and lease liabilities related to the Company’s operating leases are included in Accrued expenses and other liabilities and Long-term accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets.

Where lease terms are 12-months or less, and meet the criteria for short-term lease classification, no right-of-use asset and no lease liability are recognized.

The components of lease cost are as follows (in thousands):

			Three Months Ended December 31,												Nine Months Ended December 31,
			2022						2023						2022						2023
Operating lease cost			$	297					$	286					$	932					$	889
Short-term lease cost			104						156						236						368
Total lease cost			$	401					$	442					$	1,168					$	1,257

Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands):

						Nine Months Ended December 31,
						2022						2023
Operating cash flow information:
Cash payments included in the measurement of lease liabilities						$	1,069					$	775
Non-cash activity:
Right-of-use assets obtained in exchange for new operating lease liabilities						$	868					$	600

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Weighted-average remaining lease term and discount rate for our operating leases are as follows:

						March 31, 2023						December 31, 2023
Weighted-average remaining lease term - operating leases (months) (1)						22						19
Weighted-average discount rate - operating leases						8.0		%				8.4		%
(1) Including expected renewals where appropriate.

Maturities of operating lease liabilities as of December 31, 2023 were as follows (in thousands):

2024 (remainder)						$	288
2025						1,064
2026						860
2027						727
2028						684
Thereafter						828
Total future minimum lease payments						4,451
Less: Imputed interest						(780)
Present value of future minimum lease payments						3,671
Less: Current portion of lease liabilities						(868)
Non-current portion of lease liabilities						$	2,803

Our income tax provision reflects our estimate of the effective tax rate expected to be applicable for the full fiscal year, adjusted for any discrete events which are recorded in the period they occur. The estimates are re-evaluated each quarter based on our estimated tax expense for the full fiscal year.

Our effective tax rate was 74.3% for the nine months ended December 31, 2022 compared to 59.6% for the nine months ended December 31, 2023. Our effective tax rate was 7.4% for the three months ended December 31, 2022 compared to 34.3% for the three months ended December 31, 2023.

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Basic

Basic earnings per share is calculated by dividing the income attributable to ordinary shareholders of the parent by the weighted average number of ordinary shares in issue during the period.

The net income and weighted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data):

			Three Months Ended December 31,												Nine Months Ended December 31,
			2022						2023						2022						2023
Ordinary shares:
Numerator (basic)
Net income attributable to MiX Telematics Limited stockholders			$	2,788					$	1,461					$	2,260					$	3,318
Denominator (basic)
Weighted-average number of ordinary shares in issue and outstanding			552,865						554,021						552,148						554,086
Basic earnings per share			$	0.005					$	0.003					$	0.004					$	0.006
American Depositary Shares*:
Numerator (basic)
Net income attributable to MiX Telematics Limited stockholders			$	2,788					$	1,461					$	2,260					$	3,318
Denominator (basic)
Weighted-average number of American Depositary Shares in issue and outstanding			22,115						22,161						22,086						22,163
Basic earnings per American Depositary Share			$	0.13					$	0.07					$	0.10					$	0.15
*One American Depositary Share is the equivalent of 25 ordinary shares.

Diluted

Diluted earnings per share is calculated by dividing the diluted income attributable to ordinary shareholders by the diluted weighted average number of ordinary shares in issue during the period. Restricted share units and stock appreciation rights granted to directors and employees are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share if the required target share price or annual shareholder return hurdles (as applicable) would have been met based on the performance up to the reporting date, and to the extent to which they are dilutive.

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			Three Months Ended December 31,												Nine Months Ended December 31,
			2022						2023						2022						2023
Ordinary shares:
Numerator (diluted)
Diluted net income attributable to MiX Telematics Limited stockholders			$	2,788					$	1,461					$	2,260					$	3,318
Denominator (diluted)
Weighted-average number of ordinary shares in issue and outstanding			552,865						554,021						552,148						554,086
Adjusted for:
– potentially dilutive effect of stock appreciation rights			2,249						—						2,873						—
– potentially dilutive effect of restricted share units			697						—						1,026						208
Diluted-weighted average number of ordinary shares in issue and outstanding			555,811						554,021						556,047						554,294
Diluted earnings per share			$	0.005					$	0.003					$	0.004					$	0.006
American Depositary Shares*:
Numerator (diluted)
Diluted net income attributable to MiX Telematics Limited stockholders			$	2,788					$	1,461					$	2,260					$	3,318
Denominator (diluted)
Weighted-average number of American Depositary Shares in issue and outstanding			22,115						22,161						22,086						22,163
Adjusted for:
– potentially dilutive effect of stock appreciation rights			90						—						115						—
– potentially dilutive effect of restricted share units			27						—						41						9
Diluted weighted-average number of American Depositary Shares in issue and outstanding			22,232						22,161						22,242						22,172
Diluted earnings per American Depositary Share			$	0.13					$	0.07					$	0.10					$	0.15
*One American Depositary Share is the equivalent of 25 ordinary shares.

The Company has six reportable segments, which are based on the geographical location of the five Regional Sales Offices (“RSOs”) and also includes the Central Services Organization (“CSO”). The RSOs provide fleet and mobile asset management solutions and predominantly generate external revenue. CSO is the central services organization that wholesales products and services to RSOs who, in turn, interface with our end-customers, distributors and dealers. CSO is also responsible for the development of hardware and software platforms and provides common marketing, product management, technical and distribution support to each of the other reportable segments. CSO is a reportable segment because it produces discrete financial information which is reviewed by the chief operating decision maker (“CODM”) and has the ability to generate external revenue.

The CODM has been identified as the Chief Executive Officer who makes strategic decisions for the Company. The performance of the reportable segments has been measured and evaluated by the CODM using Segment Adjusted EBITDA, which is a measure that uses income before income tax expense excluding the contingent consideration remeasurement, non-recurring transitional service agreement costs, strategic costs, acquisition-related costs, interest expense, interest income, net foreign exchange losses/gains, net loss/profit on sale of property, plant and equipment, restructuring costs, stock-based compensation costs, depreciation, amortization, onerous contract costs, operating lease costs and corporate and consolidation

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entries. Product development costs are capitalized and amortized and this amortization is excluded from Segment Adjusted EBITDA.

Segment assets are not disclosed because such information is not reviewed by the CODM.

The following tables provide revenue and Segment Adjusted EBITDA (in thousands):

			Three Months Ended December 31, 2022
			Subscription revenue (1)						Hardware and other revenue (2)						Total revenue						Segment Adjusted EBITDA
Regional Sales Offices
Africa			$	18,029					$	1,460					$	19,489					$	8,121
Europe			3,051						748						3,799						1,402
Americas			5,842						308						6,150						1,378
Middle East and Australasia			4,013						2,382						6,395						2,308
Brazil			1,516						440						1,956						614
Total Regional Sales Offices			32,451						5,338						37,789						13,823
Central Services Organization			18						—						18						(2,570)
Total Segment Results			$	32,469					$	5,338					$	37,807					$	11,253

1.Subscription revenue is recognized over time.

2.Hardware and other revenue is recognized at a point in time.

			Three Months Ended December 31, 2023
			Subscription revenue (1)						Hardware and other revenue (2)						Total revenue						Segment Adjusted EBITDA
Regional Sales Offices
Africa			$	19,408					$	1,512					$	20,920					$	8,869
Europe			3,014						368						3,382						1,113
Americas			5,062						561						5,623						1,321
Middle East and Australasia			4,361						2,318						6,679						2,802
Brazil			1,805						671						2,476						782
Total Regional Sales Offices			33,650						5,430						39,080						14,887
Central Services Organization			5						—						5						(2,504)
Total Segment Results			$	33,655					$	5,430					$	39,085					$	12,383

1.Subscription revenue is recognized over time.

2.Hardware and other revenue is recognized at a point in time.

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			Nine Months Ended December 31, 2022
			Subscription revenue (1)						Hardware and other revenue (2)						Total revenue						Segment Adjusted EBITDA
Regional Sales Offices
Africa			$	55,163					$	4,545					$	59,708					$	23,586
Europe			9,215						1,747						10,962						3,737
Americas			13,535						1,471						15,006						2,496
Middle East and Australasia			12,095						5,156						17,251						6,295
Brazil			4,065						1,077						5,142						1,457
Total Regional Sales Offices			94,073						13,996						108,069						37,571
Central Services Organization			59						—						59						(8,029)
Total Segment Results			$	94,132					$	13,996					$	108,128					$	29,542

1.Subscription revenue is recognized over time.

2.Hardware and other revenue is recognized at a point in time.

			Nine Months Ended December 31, 2023
			Subscription revenue (1)						Hardware and other revenue (2)						Total revenue						Segment Adjusted EBITDA
Regional Sales Offices
Africa			$	56,606					$	3,997					$	60,603					$	26,016
Europe			9,184						1,377						10,561						3,639
Americas			14,503						1,286						15,789						2,403
Middle East and Australasia			12,757						6,441						19,198						8,338
Brazil			5,237						1,790						7,027						2,629
Total Regional Sales Offices			98,287						14,891						113,178						43,025
Central Services Organization			16						4						20						(7,321)
Total Segment Results			$	98,303					$	14,895					$	113,198					$	35,704

1.Subscription revenue is recognized over time.

2.Hardware and other revenue is recognized at a point in time.

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A reconciliation of the segment results to income before income tax expense is disclosed below (in thousands):

			Three Months Ended December 31,												Nine Months Ended December 31,
			2022						2023						2022						2023
Segment Adjusted EBITDA			$	11,253					$	12,383					$	29,542					$	35,704
Corporate and consolidation entries			(2,267)						(2,267)						(7,219)						(7,179)
Operating lease costs (1)			(298)						(285)						(933)						(888)
Product development costs (2)			(280)						(293)						(972)						(976)
Onerous contract costs			—						(4)						—						35
Depreciation and amortization			(4,012)						(5,254)						(11,208)						(14,024)
Stock-based compensation costs			(273)						(262)						(324)						(827)
Restructuring costs			(84)						—						(84)						(30)
Net (loss)/profit on sale of property, plant and equipment			(1)						45						32						49
Net foreign exchange (losses)/gains			(755)						(493)						743						(1,346)
Interest income			106						307						994						774
Interest expense			(378)						(604)						(1,002)						(1,645)
Acquisition-related costs			—						—						(784)						—
Strategic costs (3)			—						(1,200)						—						(1,996)
Non-recurring transitional service agreement costs (4)			—						(361)						—						(482)
Contingent consideration remeasurement			—						511						—						1,049
Income before income tax expense			$	3,011					$	2,223					$	8,785					$	8,218
1.For the purposes of calculating Segment Adjusted EBITDA, operating lease expenses are excluded from the Segment Adjusted EBITDA. Therefore, in order to reconcile Segment Adjusted EBITDA to income before income tax expense, the total lease expense in respect of operating leases needs to be deducted.
2.For segment reporting purposes, product development costs, which do not meet the capitalization requirements under ASC 730 Research and Development or under ASC 985 Software, are capitalized and amortized. The amortization is excluded from Segment Adjusted EBITDA. In order to reconcile Segment Adjusted EBITDA to income before income tax expense, product development costs capitalized for segment reporting purposes need to be deducted.
3.Strategic costs relate to costs incurred in relation to the Powerfleet Transaction discussed in note 18 to the condensed consolidated financial statements.
4.Certain non-recurring costs related to the extension of the transitional service agreement in respect of the FSM business acquired from Trimble in September 2022 were incurred on a temporary basis from September 2023 to December 2023 and have been excluded from Adjusted EBITDA.

No single customer accounted for 10% or more of the Company’s total revenue for the three months ended December 31, 2022 and 2023. No single customer accounted for 10% or more of the Company’s accounts receivable as of March 31, 2023 or December 31, 2023.

The Company has issued equity-classified share incentives under the MiX Telematics Long-Term Incentive Plan (“LTIP”) to directors and certain key employees within the Company.

The LTIP provides for three types of grants to be issued, namely performance shares, restricted share units (“RSUs”) and stock appreciation rights (“SARs”).

As of December 31, 2023, there were 12,790,000 shares reserved for future issuance under the LTIP.

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The total stock-based compensation expense recognized during the three months ended December 31, 2022 and 2023 was $0.3 million in each period. The total stock-based compensation expense recognized during the nine months ended December 31, 2022 and 2023 was $0.3 million and $0.8 million, respectively.

Stock appreciation rights granted under the LTIP

The following table summarizes the activities for the outstanding SARs:

			Number of SARs						Weighted- Average Exercise Price in U.S. Cents*						Weighted Average Contractual Remaining Term (years)						Aggregate Intrinsic Values (in thousands)*
Outstanding as of April 1, 2023			35,800,000						37
Granted			10,600,000						27
Exercised			—						—
Forfeited			(1,425,000)						32
Outstanding as of December 31, 2023			44,975,000						34						3.83
Vested and expected to vest as of December 31, 2023			42,726,250						34						3.83						$	—
Vested as of December 31, 2023			—						—						—						$	—

As of December 31, 2023, there was $2.1 million of unrecognized compensation cost related to unvested SARs. This amount is expected to be recognized over a weighted-average period of 3.72 years.

*U.S. currency amounts are based on a ZAR:USD exchange rate of 18.2982 as of December 31, 2023.

Restricted share units granted under the LTIP

0.8 million RSUs were outstanding and unvested as of April 1, 2023. 0.8 million RSUs vested and were settled during the first quarter of fiscal year 2024. There were no outstanding RSUs as at the end of the first, second and third quarters of fiscal year 2024.

The following table summarizes the Company’s unvested RSUs for the nine months ended December 31, 2023:

			Number of RSUs						Weighted- Average Grant-Date Fair Value in U.S. Cents*
Unvested as of April 1, 2023			800,000						31
Settled			(800,000)						31
Unvested as of December 31, 2023			—						—

* The exercise price used to determine the grant date fair value is denominated in South African cents. U.S. currency amounts are based on a ZAR:USD exchange rate of 18.2982 as of December 31, 2023.

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As of March 31, 2023 debt comprised bank overdrafts of $15.3 million. As of December 31, 2023 debt comprised $20.5 million of bank overdrafts and $0.6 million of book overdrafts, respectively.

Details of undrawn facilities are shown below:

						Interest rate						March 31, 2023						December 31, 2023
Undrawn borrowing facilities at floating rates include:
– Standard Bank:
CFC Overdraft						SA Prime* less 1.2%						$	1,180					$	1,798
Overdraft						SA Prime* less 1.2%						—						—
Vehicle and asset finance						SA Prime* less 1.2%						—						—
Working capital facility						SA Prime* less 0.25%						—						—
– Nedbank Limited overdraft						SA Prime* less 2%						264						547
– Investec Bank Limited Facility:
General committed banking facility						SA Prime* less 1.5%						7,222						656
General uncommitted banking facility						Negotiable (overnight or daily rates)						10,000						10,000
												$	18,666					$	13,001

*South African prime interest rate

As of March 31, 2023 and December 31, 2023, the South African prime interest rate was 11.25% and 11.75% respectively. The Standard Bank and Nedbank Limited (“Nedbank”) facilities have no fixed renewal date and are repayable on demand. The facility from Nedbank is unsecured.

The Investec Bank Limited (“Investec”) credit facilities are comprised of a 364-day renewable committed general credit facility of R350 million (the equivalent of $19.1 million as of December 31, 2023) (the “Committed Facility”) and an uncommitted general credit facility of $10 million (the “Uncommitted Facility”). As of December 31, 2023, $18.5 million of the Committed Facility was utilized.

Under the Committed Facility, the Company will pay a commitment fee charged at 30bps on any undrawn portion of the Committed Facility (plus VAT on such amount), calculated monthly and payable, free of deduction, monthly in arrears on the first business day of each month. The Uncommitted Facility is repayable on demand by Investec and a fee of 10bps per annum shall be charged on any undrawn portion of the Uncommitted Facility (plus VAT on such amount), calculated monthly and payable, free of deduction, monthly in arrears on the seventh business day of each month.

The loans under the Committed Facility bear interest at South African prime interest rate less 1.5% per annum and the loans under the Uncommitted Facility bear interest at overnight or daily negotiable rates, in each case which such interest shall accrue on all amounts outstanding under the Committed Facility or the Uncommitted Facility, as the case may be, payable monthly in arrears on the first business day of each month, or as otherwise specified in the Credit Agreement. Investec shall advise the Company of any changes to the applicable interest rate.

On November 15, 2022, the Company concluded a second amendment to the credit agreement with Standard Bank, which entitles the Company to utilize a maximum amount of R70.0 million (the equivalent of $3.8 million as of December 31, 2023), in the form of a customer foreign currency account overdraft facility (the “CFC Overdraft Facility”). All other facilities under the facility letter with Standard Bank were replaced by the CFC Overdraft Facility. The CFC Overdraft Facility has no fixed renewal date and is repayable on demand. The CFC Overdraft Facility bears interest at the South African Prime interest rate less 1.2% per annum. As of December 31, 2023, $2.0 million of the CFC Overdraft Facility was utilized.

In November 2022, the Company also terminated the suretyship securing the Company’s indebtedness (among other parties) to Standard Bank and signed by the Company and its subsidiaries; MiX Telematics Africa Proprietary Limited (“MiX Telematics Africa”) and MiX Telematics International Proprietary Limited (“MiX Telematics International”). A new suretyship agreement was entered into providing that the Company and only one subsidiary being MiX Telematics International, binds themselves as

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surety(ies) and co-principal debtor(s) for the payment, when due, of all the present and future debts of any kind of the Company and MiX Telematics International to Standard Bank. The security release letter also provided that Standard Bank’s claims to any security furnished by the Company and its subsidiaries under the original suretyship agreement were released upon signature of the new suretyship agreement.

On December 19, 2023, Powerfleet and the Company entered into a commitment letter with Rand Merchant Bank, a division of FirstRand Bank Limited (“RMB”), pursuant to which RMB has committed to provide two senior secured term loan facilities to Powerfleet and Powerfleet Sub in an aggregate principal amount of up to $85 million (comprised of two facilities in the aggregate principal amount of up to the ZAR equivalent of $50 million and $35 million, respectively (the “Term A facility” and “Term B facility,” respectively, and, collectively, the “term facilities”)) and a general banking facility to Powerfleet Sub in an aggregate principal amount of up to R350 million (the “general facility” and, together with the term facilities, the “credit facilities”). The term facilities will be available to Powerfleet for the purpose of redeeming the Series A preferred stock in full in cash, and the general facility will be available to fund the ongoing activity and capital expenditures of Powerfleet Sub. The credit facilities are subject to customary closing conditions.

Service agreement

In terms of an amended network services agreement with Mobile Telephone Networks Proprietary Limited (“MTN”), MTN is entitled to claw back payments from MiX Telematics Africa, a subsidiary of the Company, in the event of early cancellation of the agreement or certain base connections not being maintained over the term of the agreement. No connection incentives will be received in terms of the amended network services agreement. The maximum potential liability under the arrangement as of March 31, 2023 and December 31, 2023 was $1.1 million and $0.9 million, respectively. No loss is considered probable under this arrangement.

Competition Commission of South Africa matter

On April 15, 2019 the Competition Commission of South Africa (“Commission”) referred a matter to the Competition Tribunal of South Africa (“Tribunal”). The Commission contends that the Company and a number of its channel partners have engaged in market division. Should the Tribunal rule against MiX Telematics, the Company may be liable for an administrative penalty in terms of the Competition Act, No. 89 of 1998. The Company cooperated fully with the Commission during its preliminary investigation.

The Tribunal has since set the matter for hearing from June 24 to July 2, 2024. Leading up to that date various intermediary steps such as discovery, filing of witness statements and trial bundle exchanges will take place.

We cannot predict the timing of a resolution or the ultimate outcome of the matter. However, the Company and its external legal advisers continue to believe that we have consistently adhered to all applicable laws and regulations and that the referral from the Commission is without merit. As of December 31, 2023, no intermediary steps have taken place, and we have not made any provisions for this matter as an estimate of the possible loss or range of loss could not be made, and we do not believe that an outflow of economic resources is probable.

Other than the items below, the directors are not aware of any matter material or otherwise arising since December 31, 2023 and up to the date of this report, not otherwise dealt with herein.

Dividend declared

The Board of Directors declared, in respect of the three months ended December 31, 2023, a dividend of 4.50000 South African cents per ordinary share and 1.12500 South African Rand per American Depositary Share (“ADS”), which will be paid on March 7, 2024 to ADS holders on record as of the close of business on February 23, 2024.

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v3.24.0.1

Cover - shares	9 Months Ended
	Dec. 31, 2023	Jan. 26, 2024	Mar. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-36027
Entity Registrant Name	MIX TELEMATICS LIMITED
Entity Incorporation, State or Country Code	T3
Entity Address, Address Line One	750 Park of Commerce Blvd
Entity Address, Address Line Two	Suite 310
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33487
City Area Code	(877)
Local Phone Number	585-1088
Title of 12(b) Security	American Depositary Shares, each representing 25 Ordinary Shares, no par value
Trading Symbol	MIXT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		554,020,612
Treasury stock (in shares)	53,816,750		53,800,000
Amendment Flag	false
Entity Central Index Key	0001576914
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

v3.24.0.1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 25,419	$ 29,876
Restricted cash	863	781
Accounts receivables, net of allowances for doubtful accounts of $2.7 million and $3.7 million as of March 31, 2023 and December 31, 2023, respectively	28,264	24,194
Inventory, net	5,137	4,936
Prepaid expenses and other current assets	9,470	9,950
Total current assets	69,153	69,737
Property, plant and equipment, net	40,865	36,779
Goodwill	39,060	39,258
Intangible assets, net	21,247	21,895
Deferred tax assets	583	2,090
Other assets	10,614	6,804
Total assets	181,522	176,563
Current liabilities:
Short-term debt	21,136	15,253
Accounts payables	4,897	6,120
Accrued expenses and other liabilities	23,614	21,486
Contingent consideration	312	3,569
Deferred revenue	6,487	5,295
Income taxes payable	288	298
Total current liabilities	56,734	52,021
Deferred tax liabilities	13,506	12,357
Long-term accrued expenses and other liabilities	3,265	3,368
Total liabilities	73,505	67,746
MiX Telematics Limited stockholders’ equity
Preference shares: 100 million shares authorized but not issued	0	0
Ordinary shares: 608.8 million and 607.8 million no-par value shares issued as of March 31, 2023 and December 31, 2023, respectively	63,455	64,001
Less treasury stock at cost: 53.8 million shares as of March 31, 2023 and December 31, 2023	(17,315)	(17,315)
Retained earnings	78,334	79,024
Accumulated other comprehensive loss	(13,790)	(13,399)
Additional paid-in capital	(2,672)	(3,499)
Total MiX Telematics Limited stockholders’ equity	108,012	108,812
Non-controlling interest	5	5
Total stockholders’ equity	108,017	108,817
Total liabilities and stockholders’ equity	$ 181,522	$ 176,563

v3.24.0.1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,657	$ 2,745
Preference shares, authorized (in shares)	100,000,000	100,000,000
Preference shares, issued (in shares)	0	0
Ordinary shares, issued (in shares)	607,800,000	608,800,000
Ordinary shares, outstanding (in shares)	607,800,000	608,800,000
Treasury stock (in shares)	53,816,750	53,800,000

v3.24.0.1

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Revenue
Total revenue	$ 39,085	$ 37,807	$ 113,198	$ 108,128
Cost of revenue
Total cost of revenue	15,587	13,459	43,311	39,945
Gross profit	23,498	24,348	69,887	68,183
Operating expenses
Sales and marketing	3,537	4,589	10,512	12,974
Administration and other	17,507	15,728	50,052	47,275
Total operating expenses	21,044	20,317	60,564	60,249
Income from operations	2,454	4,031	9,323	7,934
Other (expense)/income	66	(748)	(234)	859
Interest income	307	106	774	994
Interest expense	604	378	1,645	1,002
Income before income tax expense	2,223	3,011	8,218	8,785
Income tax expense	762	223	4,900	6,525
Net income	1,461	2,788	3,318	2,260
Less: Net income attributable to non-controlling interest	0	0	0	0
Net income attributable to MiX Telematics Limited	$ 1,461	$ 2,788	$ 3,318	$ 2,260
Net income per ordinary share
Basic (in dollars per share)	$ 0.003	$ 0.005	$ 0.006	$ 0.004
Diluted (in dollars per share)	0.003	0.005	0.006	0.004
Net income per American Depositary Share
Basic (in dollars per share)	0.07	0.13	0.15	0.10
Diluted (in dollars per share)	$ 0.07	$ 0.13	$ 0.15	$ 0.10
Ordinary shares
Weighted average (in shares)	554,021,000	552,865,000	554,086,000	552,148,000
Diluted weighted average (in shares)	554,021,000	555,811,000	554,294,000	556,047,000
American Depositary Shares
Weighted average (in shares)	22,161,000	22,115,000	22,163,000	22,086,000
Diluted weighted average (in shares)	22,161,000	22,232,000	22,172,000	22,242,000
Subscription
Revenue
Total revenue	$ 33,655	$ 32,469	$ 98,303	$ 94,132
Cost of revenue
Total cost of revenue	11,942	9,864	33,373	29,769
Hardware and other
Revenue
Total revenue	5,430	5,338	14,895	13,996
Cost of revenue
Total cost of revenue	$ 3,645	$ 3,595	$ 9,938	$ 10,176

v3.24.0.1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 1,461	$ 2,788	$ 3,318	$ 2,260
Other comprehensive income/(loss)
Foreign currency translation gains/(losses), net of tax	3,018	5,166	(391)	(13,443)
Total comprehensive income/(loss)	4,479	7,954	2,927	(11,183)
Less: Total comprehensive income attributable to non-controlling interest	0	0	0	0
Total comprehensive income/(loss) attributable to MiX Telematics Limited	$ 4,479	$ 7,954	$ 2,927	$ (11,183)

v3.24.0.1

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Accumulated Other Comprehensive Income/(Loss)	Additional Paid-In Capital	Retained Earnings	Total MiX Telematics Limited Stockholders’ Equity	Non-Controlling Interest
Beginning balance (in shares) at Mar. 31, 2022		605,177
Beginning balance at Mar. 31, 2022	$ 126,697	$ 64,390	$ (17,315)	$ 3,909	$ (4,001)	$ 79,709	$ 126,692	$ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,260					2,260	2,260
Other comprehensive income	(13,443)			(13,443)			(13,443)
Issuance of common stock in relation to SARs and RSUs exercised (in shares)		2,292
Issuance of common stock in relation to RSUs exercised	0
Stock-based compensation	324				324		324
Dividends declared	(3,962)					(3,962)	(3,962)
Ordinary shares repurchased and cancelled (in shares)		(328)
Ordinary shares repurchased and cancelled	(107)	$ (107)					(107)
Ending balance (in shares) at Dec. 31, 2022		607,141
Ending balance at Dec. 31, 2022	111,769	$ 64,283	(17,315)	(9,534)	(3,677)	78,007	111,764	5
Beginning balance (in shares) at Sep. 30, 2022		605,903
Beginning balance at Sep. 30, 2022	104,792	$ 64,283	(17,315)	(14,700)	(3,950)	76,469	104,787	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,788					2,788	2,788
Other comprehensive income	5,166			5,166			5,166
Issuance of common stock in relation to SARs and RSUs exercised (in shares)		1,238
Issuance of common stock in relation to RSUs exercised	0
Stock-based compensation	273				273		273
Dividends declared	(1,250)					(1,250)	(1,250)
Ending balance (in shares) at Dec. 31, 2022		607,141
Ending balance at Dec. 31, 2022	$ 111,769	$ 64,283	(17,315)	(9,534)	(3,677)	78,007	111,764	5
Beginning balance (in shares) at Mar. 31, 2023	608,800	608,754
Beginning balance at Mar. 31, 2023	$ 108,817	$ 64,001	(17,315)	(13,399)	(3,499)	79,024	108,812	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,318					3,318	3,318
Other comprehensive income	(391)			(391)			(391)
Issuance of common stock in relation to SARs and RSUs exercised (in shares)		800
Issuance of common stock in relation to RSUs exercised	0	$ 0					0
Stock-based compensation	827				827		827
Dividends declared	(4,008)					(4,008)	(4,008)
Ordinary shares repurchased and cancelled (in shares)		(1,716)
Ordinary shares repurchased and cancelled	$ (546)	$ (546)					(546)
Ending balance (in shares) at Dec. 31, 2023	607,800	607,838
Ending balance at Dec. 31, 2023	$ 108,017	$ 63,455	(17,315)	(13,790)	(2,672)	78,334	108,012	5
Beginning balance (in shares) at Sep. 30, 2023		607,838
Beginning balance at Sep. 30, 2023	104,606	$ 63,455	(17,315)	(16,808)	(2,934)	78,203	104,601	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,461					1,461	1,461
Other comprehensive income	3,018			3,018			3,018
Stock-based compensation	262				262		262
Dividends declared	$ (1,330)					(1,330)	(1,330)
Ending balance (in shares) at Dec. 31, 2023	607,800	607,838
Ending balance at Dec. 31, 2023	$ 108,017	$ 63,455	$ (17,315)	$ (13,790)	$ (2,672)	$ 78,334	$ 108,012	$ 5

v3.24.0.1

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)	3 Months Ended
	Dec. 31, 2023 R / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 R / shares	Dec. 31, 2022 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in ZAR/USD per share) | (per share)	R 0.04	$ 0.2	R 0.04	$ 0.2

v3.24.0.1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 3,318	$ 2,260
Current Income Tax Expense (Benefit)	2,006	2,154
Deferred Income Tax Expense (Benefit)	2,894	4,371
Net (loss)/profit on sale of property, plant and equipment	(49)	(32)
Contingent consideration remeasurement	(1,049)	0
Depreciation expense	9,404	7,216
Amortization expense	4,620	3,992
Amortization of Deferred Sales Commissions	3,819	3,017
Investment Income, Net	871	8
Share-based Payment Arrangement, Noncash Expense	827	324
Net foreign exchange (losses)/gains	1,346	(743)
Accounts Receivable, Credit Loss Expense (Reversal)	3,561	2,872
Write-down of inventory	323	434
Net Accrued Expenses And Other Liabilities Raised	(272)	580
Other Noncash Income (Expense)	(262)	(468)
Increase (Decrease) in Inventories	(524)	(2,073)
Increase (Decrease) in Accounts Receivable	(7,631)	(4,848)
Increase (Decrease) in Prepaid Expense and Other Assets	(495)	(60)
Increase (Decrease) in Accounts Payable	(1,591)	(3,183)
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities	2,943	3,579
Increase (Decrease) in Contract with Customer, Asset	(6,763)	(4,973)
Increase (Decrease) Of Foreign Exchange Movements On Operating Capital	(1,637)	(876)
Interest received	697	590
Interest paid	(1,252)	(601)
Income tax paid	(1,587)	(745)
Net cash provided by operating activities	13,517	12,795
Cash flows from investing activities
Acquisition of property, plant and equipment – in-vehicle devices	(12,140)	(14,521)
Acquisition of property, plant and equipment – other	(701)	(788)
Proceeds from the sale of property, plant and equipment	65	71
Acquisition of intangible assets	(4,254)	(4,086)
Cash paid for business combination	0	(3,739)
Deferred consideration paid	(1,414)	0
Net cash used in investing activities	(18,444)	(23,063)
Cash flows from financing activities
Cash paid for ordinary shares repurchased	(546)	(107)
Cash paid on dividends to MiX Telematics Limited stockholders	(4,002)	(3,955)
Movement in short-term debt	5,946	7,562
Net cash from financing activities	1,398	3,500
Net decrease in cash and cash equivalents, and restricted cash	(3,529)	(6,768)
Cash and cash equivalents, and restricted cash at beginning of the period	30,657	34,719
Effect of exchange rate changes on cash and cash equivalents, and restricted cash
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(846)	(2,142)
Cash and cash equivalents, and restricted cash at end of the period	$ 26,282	$ 25,809

v3.24.0.1

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Nature of the Business MiX Telematics Limited and its subsidiaries (“the Company”) is a global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (“SaaS”). The Company’s solutions enable customers to manage, optimize and protect their investments in commercial fleets, mobile assets or personal vehicles. The Company’s solutions enable a wide range of customers, from large enterprise fleets to small fleet operators and consumers, to reduce fuel and other operating costs, improve efficiency, enhance regulatory compliance, promote driver safety, manage risk and mitigate theft. The Company is incorporated and domiciled in South Africa, with its principal executive office in Boca Raton, Florida. The Company’s fiscal year ends on March 31. Basis of preparation and consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and reflect, in the opinion of management, all adjustments, consisting of normal recurring adjustments and accruals, which are necessary for a fair statement of the results of the interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated on consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended March 31, 2023 filed with the SEC on June 22, 2023. Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts reported and disclosed. Significant estimates include, but are not limited to, fair value measurement of contingent consideration, allowances for doubtful accounts, the assessment of expected cash flows used in evaluating goodwill for impairment and income and deferred taxes. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. We have considered the impact of rising inflation, fuel prices, global politics, sanctions and the impact thereof on global trade on the estimates and assumptions used. As of December 31, 2023, we have taken into account the impact of the above on goodwill sensitivities and impairment assessments. However, future changes in economic conditions could have an impact on future estimates and judgements used. Summary of significant accounting policies There have been no changes to the Company’s significant accounting policies disclosed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023, filed with the SEC on June 22, 2023, that have had a material impact on the Company’s Condensed Consolidated Financial Statements and related notes. Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted during the nine months ended December 31, 2023. Recent Accounting Pronouncements Not Yet Adopted On October 28, 2021, the FASB issued ASU 2021-08, which amends ASC 805, Business Combinations, to require companies to apply ASC 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This creates an exception to the general recognition and measurement principle in ASC 805 which requires an acquirer to generally recognize such items at fair value on the acquisition date. The ASU is effective for fiscal years beginning after December 15, 2022 and interim periods therein for public business entities (PBEs). For all other entities, it is effective for fiscal years beginning after December 15, 2023 and interim periods therein. Early adoption is permitted for all entities, including adoption in an interim period. The adoption of the ASU is expected to have no material impact.

v3.24.0.1

Acquisition	9 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition MiX Telematics North America, a 100% owned subsidiary of the Company, acquired Trimble Inc.’s Field Service Management business (“FSM”) in North America on September 2, 2022 (the “FSM Acquisition”). FSM’s North American operations include the sale and support of telemetry and video solutions that enable back-office monitoring and visualization for fleet services management in a number of industries. All existing FSM subscription contracts and the related revenue streams were acquired by MiX Telematics North America. The initial accounting for the business combination was complete at March 31, 2023. For additional information on the acquisition please refer to our Annual Report on Form 10-K for the year ended March 31, 2023, which we filed with the SEC on June 22, 2023.

v3.24.0.1

Revenue from contracts with customers	9 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue from contracts with customers	Revenue from contracts with customers The Company provides fleet and mobile asset management solutions. The principal revenue streams are (1) Subscription and (2) Hardware and other. Subscription revenue is recognized over time and hardware and other revenue is recognized at a point-in-time. To provide services to customers, a device is required which collects and transmits information collected from the vehicle or other asset. Fleet customers may also obtain other items of hardware, virtually all of which are functionally dependent on the device. Some customers obtain control of the device and other hardware (where legal title transfers to the customer); while other customers do not (where legal title remains with the Company). A contract arises on the acceptance of a customer’s purchase order, which is typically executed in writing. Contract liabilities When customers are invoiced in advance for subscription services that will be provided over periods of more than one month, or pay in advance of service periods of more than one month, deferred revenue liabilities are recorded. Deferred revenue as of March 31, 2023 and December 31, 2023 was $5.3 million and $6.5 million, respectively. During the quarters ended December 31, 2022 and December 31, 2023, revenue of $1.2 million and $0.8 million, respectively, which was included in the deferred revenue balances at the beginning of each such quarter, was recognized. During the nine months ended December 31, 2022 and December 31, 2023, revenue of $3.4 million and $2.9 million, respectively, which was included in the deferred revenue balances at the beginning of each such financial year, was recognized. Contract acquisition costs Commissions payable to sales employees and external third parties which are incurred to acquire contracts are capitalized and amortized, unless the amortization period is 12 months or less, in which instance they are expensed immediately. Deferred commissions were $6.0 million and $9.4 million as of March 31, 2023 and December 31, 2023, respectively, and are included in Other assets on the Condensed Consolidated Balance Sheets. The following is a summary of the amortization expense recognized (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Amortization recognized during the period: $ (1,088) $ (1,464) $ (3,017) $ (3,819) –Cost of revenue (external commissions) (868) (1,215) (2,340) (3,153) –Sales and marketing (internal commissions) (220) (249) (677) (666)

v3.24.0.1

Credit risk related to accounts receivable	9 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Credit risk related to accounts receivable	Credit risk related to accounts receivable The movements in the allowance for doubtful accounts are as follows (in thousands): Nine Months Ended December 31, 2022 2023 Balance at April 1 $ 5,426  $ 2,745  Bad debt provision 2,872  3,561  Write-offs (4,326) (2,638) Foreign currency translation differences (636) (11) Balance at December 31 $ 3,336  $ 3,657  Overview of the Company’s exposure to credit risk from customers The maximum exposure to credit risk at the reporting date is the gross carrying value of each receivable and loan to external parties. As of March 31, 2023 and December 31, 2023, the Company had no significant concentration of credit risk, due to its spread of customers across various operations and geographical locations. The Company does not hold any collateral as security.

v3.24.0.1

Inventory - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventory, Raw Materials, Gross	$ 1,510	$ 3,131

v3.24.0.1

Property, plant and equipment	9 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment	Property, plant and equipment Property, plant and equipment comprises owned and right of use assets. The Company leases many assets including property, motor vehicles and office equipment. The cost and accumulated depreciation of owned assets are as follows (in thousands): March 31, 2023 December 31, 2023 Owned assets Plant and Equipment $ 793  $ 845  Motor Vehicles 1,948  1,888  Furniture, fixtures and equipment 1,295  1,175  Computer and radio equipment 3,743  4,088  In-vehicle devices 72,405  82,687  Assets in progress 26  34  Owned assets, gross 80,210  90,717  Less: accumulated depreciation and impairments (46,932) (53,232) Owned assets, net $ 33,278  $ 37,485  Depreciation expense related to owned assets during the three months ended December 31, 2022 and 2023 was $2.4 million and $3.6 million, respectively. Depreciation expense related to owned assets during the nine months ended December 31, 2022 and 2023 was $7.2 million and $9.4 million, respectively. Depreciation expense related to in-vehicle devices is included in subscription cost of revenue. The cost and accumulated depreciation of right-of-use assets are as follows (in thousands): March 31, 2023 December 31, 2023 Right-of-use assets Property $ 5,792  $ 5,193  Equipment, motor vehicles and other 259  306  Less: accumulated depreciation (2,550) (2,119) Right of use assets, net $ 3,501  $ 3,380

v3.24.0.1

Intangible assets	9 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	Intangible assets Intangible assets comprise the following (in thousands): As of March 31, 2023 As of December 31, 2023 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 10 $ 90  $ (63) $ 27  $ 121  $ (95) $ 26  Customer relationships 1 - 10 8,234  (3,061) 5,173  8,316  (4,008) 4,308  Internal-use software, technology and other 1 - 20 39,031  (22,336) 16,695  41,127  (24,214) 16,913  Total $ 47,355  $ (25,460) $ 21,895  $ 49,564  $ (28,317) $ 21,247  For the three months ended December 31, 2022 and 2023, amortization expense of $1.6 million has been recognized in both periods. For the nine months ended December 31, 2022 and 2023, amortization expense of $4.0 million, and $4.6 million, respectively, has been recognized. Non-cash disposals of $0.6 million and $2.0 million were recognized for the nine months ended December 31, 2022 and 2023, respectively. Foreign exchange related gains of $2.9 million and foreign exchange related losses $0.3 million, on accumulated amortization, were recognized for the nine months ended December 31, 2022 and 2023, respectively.

v3.24.0.1

Accrued expenses and other liabilities	9 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued expenses and other liabilities	Accrued expenses and other liabilities Accrued expenses and other liabilities comprise the following (in thousands): March 31, 2023 December 31, 2023 Current: Product warranties $ 317  $ 320  Maintenance 430  339  Employee-related accruals 3,392  3,997  Bonus and incentives 3,344  2,738  Lease liabilities 688  868  Accrued commissions 3,675  5,023  Loss contingency (1) 474  —  Value added tax payables 1,239  1,371  Post-acquisition support and hardware payable (1) 2,265  1,729  Other accruals 5,662  7,229  Total current $ 21,486  $ 23,614  Non-current: Lease liabilities $ 2,966  $ 2,803  Other liabilities 402  462  Total non-current $ 3,368  $ 3,265  (1) Relates to the FSM Acquisition. Product warranties The Company provides warranties on certain products and undertakes to repair or replace items that fail to perform satisfactorily. Management estimates the related provision for future warranty claims based on historical warranty claim information, the product lifetime, as well as recent trends that might suggest that past cost information may differ from future claims. The table below provides details of the movement in the accrual (in thousands): As of December 31,  2022 2023 Product warranties Opening balance $ 683  $ 359  Warranty credit (44) (11) Reclassification (1) 265  —  Acquisition (2) 41  —  Foreign currency translation difference (86) 1  Balance as of December 31 $ 329  $ 349  Non-current portion (included in other liabilities) $ 42  $ 29  Current portion $ 287  $ 320  (1) Relates to a reclassification of certain costs from Product warranties to the Maintenance provision during fiscal year 2023. (2) Relates to the FSM Acquisition.

v3.24.0.1

Development expenditure	9 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Development expenditure	Development expenditure Development expenditure incurred comprises the following (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Costs capitalized (1) $ 905 $ 1,144 $ 2,934 $ 3,662 Costs expensed (2) 1,358 1,424 4,362 4,403 Total costs incurred $ 2,263 $ 2,568 $ 7,296 $ 8,065 (1) Costs capitalized relate only to the development of internal-use software, which are recognized in accordance with the Intangible assets (Internal-use software and technology) accounting policy. (2) Costs expensed are included in Administration and other expenses in the Condensed Consolidated Statements of Income.

v3.24.0.1

Leases	9 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases The Company leases property, office equipment and vehicles under operating leases. The lease terms vary between 1 month and 120 months, with many leases providing renewal rights and certain leases with annual escalations of up to 8% per annum. To the extent the Company is reasonably certain that it will exercise renewal options, such options have been included in the lease terms used for calculating the right-of-use assets and lease liabilities. Right-of-use assets are included in Property, plant and equipment in the Condensed Consolidated Balance Sheets and lease liabilities related to the Company’s operating leases are included in Accrued expenses and other liabilities and Long-term accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets. Where lease terms are 12-months or less, and meet the criteria for short-term lease classification, no right-of-use asset and no lease liability are recognized. The components of lease cost are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Operating lease cost $ 297  $ 286  $ 932  $ 889  Short-term lease cost 104  156  236  368  Total lease cost $ 401  $ 442  $ 1,168  $ 1,257  Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands): Nine Months Ended December 31, 2022 2023 Operating cash flow information: Cash payments included in the measurement of lease liabilities $ 1,069  $ 775  Non-cash activity: Right-of-use assets obtained in exchange for new operating lease liabilities $ 868  $ 600  Weighted-average remaining lease term and discount rate for our operating leases are as follows: March 31, 2023 December 31, 2023 Weighted-average remaining lease term - operating leases (months) (1) 22 19 Weighted-average discount rate - operating leases 8.0  % 8.4  % (1) Including expected renewals where appropriate. Maturities of operating lease liabilities as of December 31, 2023 were as follows (in thousands): 2024 (remainder) $ 288  2025 1,064  2026 860  2027 727  2028 684  Thereafter 828  Total future minimum lease payments 4,451  Less: Imputed interest (780) Present value of future minimum lease payments 3,671  Less: Current portion of lease liabilities (868) Non-current portion of lease liabilities $ 2,803

v3.24.0.1

Income taxes	9 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Our income tax provision reflects our estimate of the effective tax rate expected to be applicable for the full fiscal year, adjusted for any discrete events which are recorded in the period they occur. The estimates are re-evaluated each quarter based on our estimated tax expense for the full fiscal year. Our effective tax rate was 74.3% for the nine months ended December 31, 2022 compared to 59.6% for the nine months ended December 31, 2023. Our effective tax rate was 7.4% for the three months ended December 31, 2022 compared to 34.3% for the three months ended December 31, 2023.

v3.24.0.1

Earnings per share	9 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Basic Basic earnings per share is calculated by dividing the income attributable to ordinary shareholders of the parent by the weighted average number of ordinary shares in issue during the period. The net income and weighted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Ordinary shares: Numerator (basic) Net income attributable to MiX Telematics Limited stockholders $ 2,788  $ 1,461  $ 2,260  $ 3,318  Denominator (basic) Weighted-average number of ordinary shares in issue and outstanding 552,865  554,021  552,148  554,086  Basic earnings per share $ 0.005  $ 0.003  $ 0.004  $ 0.006  American Depositary Shares*: Numerator (basic) Net income attributable to MiX Telematics Limited stockholders $ 2,788  $ 1,461  $ 2,260  $ 3,318  Denominator (basic) Weighted-average number of American Depositary Shares in issue and outstanding 22,115  22,161  22,086  22,163  Basic earnings per American Depositary Share $ 0.13  $ 0.07  $ 0.10  $ 0.15  *One American Depositary Share is the equivalent of 25 ordinary shares. Diluted Diluted earnings per share is calculated by dividing the diluted income attributable to ordinary shareholders by the diluted weighted average number of ordinary shares in issue during the period. Restricted share units and stock appreciation rights granted to directors and employees are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share if the required target share price or annual shareholder return hurdles (as applicable) would have been met based on the performance up to the reporting date, and to the extent to which they are dilutive. Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Ordinary shares: Numerator (diluted) Diluted net income attributable to MiX Telematics Limited stockholders $ 2,788  $ 1,461  $ 2,260  $ 3,318  Denominator (diluted) Weighted-average number of ordinary shares in issue and outstanding 552,865  554,021  552,148  554,086  Adjusted for: – potentially dilutive effect of stock appreciation rights 2,249  —  2,873  —  – potentially dilutive effect of restricted share units 697  —  1,026  208  Diluted-weighted average number of ordinary shares in issue and outstanding 555,811  554,021  556,047  554,294  Diluted earnings per share $ 0.005  $ 0.003  $ 0.004  $ 0.006  American Depositary Shares*: Numerator (diluted) Diluted net income attributable to MiX Telematics Limited stockholders $ 2,788  $ 1,461  $ 2,260  $ 3,318  Denominator (diluted) Weighted-average number of American Depositary Shares in issue and outstanding 22,115  22,161  22,086  22,163  Adjusted for: – potentially dilutive effect of stock appreciation rights 90  —  115  —  – potentially dilutive effect of restricted share units 27  —  41  9  Diluted weighted-average number of American Depositary Shares in issue and outstanding 22,232  22,161  22,242  22,172  Diluted earnings per American Depositary Share $ 0.13  $ 0.07  $ 0.10  $ 0.15  *One American Depositary Share is the equivalent of 25 ordinary shares.

v3.24.0.1

Segment information	9 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment information	Segment information The Company has six reportable segments, which are based on the geographical location of the five Regional Sales Offices (“RSOs”) and also includes the Central Services Organization (“CSO”). The RSOs provide fleet and mobile asset management solutions and predominantly generate external revenue. CSO is the central services organization that wholesales products and services to RSOs who, in turn, interface with our end-customers, distributors and dealers. CSO is also responsible for the development of hardware and software platforms and provides common marketing, product management, technical and distribution support to each of the other reportable segments. CSO is a reportable segment because it produces discrete financial information which is reviewed by the chief operating decision maker (“CODM”) and has the ability to generate external revenue. The CODM has been identified as the Chief Executive Officer who makes strategic decisions for the Company. The performance of the reportable segments has been measured and evaluated by the CODM using Segment Adjusted EBITDA, which is a measure that uses income before income tax expense excluding the contingent consideration remeasurement, non-recurring transitional service agreement costs, strategic costs, acquisition-related costs, interest expense, interest income, net foreign exchange losses/gains, net loss/profit on sale of property, plant and equipment, restructuring costs, stock-based compensation costs, depreciation, amortization, onerous contract costs, operating lease costs and corporate and consolidation entries. Product development costs are capitalized and amortized and this amortization is excluded from Segment Adjusted EBITDA. Segment assets are not disclosed because such information is not reviewed by the CODM. The following tables provide revenue and Segment Adjusted EBITDA (in thousands): Three Months Ended December 31, 2022 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,029  $ 1,460  $ 19,489  $ 8,121  Europe 3,051  748  3,799  1,402  Americas 5,842  308  6,150  1,378  Middle East and Australasia 4,013  2,382  6,395  2,308  Brazil 1,516  440  1,956  614  Total Regional Sales Offices 32,451  5,338  37,789  13,823  Central Services Organization 18  —  18  (2,570) Total Segment Results $ 32,469  $ 5,338  $ 37,807  $ 11,253  1.Subscription revenue is recognized over time. 2.Hardware and other revenue is recognized at a point in time. Three Months Ended December 31, 2023 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 19,408  $ 1,512  $ 20,920  $ 8,869  Europe 3,014  368  3,382  1,113  Americas 5,062  561  5,623  1,321  Middle East and Australasia 4,361  2,318  6,679  2,802  Brazil 1,805  671  2,476  782  Total Regional Sales Offices 33,650  5,430  39,080  14,887  Central Services Organization 5  —  5  (2,504) Total Segment Results $ 33,655  $ 5,430  $ 39,085  $ 12,383  1.Subscription revenue is recognized over time. 2.Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2022 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 55,163  $ 4,545  $ 59,708  $ 23,586  Europe 9,215  1,747  10,962  3,737  Americas 13,535  1,471  15,006  2,496  Middle East and Australasia 12,095  5,156  17,251  6,295  Brazil 4,065  1,077  5,142  1,457  Total Regional Sales Offices 94,073  13,996  108,069  37,571  Central Services Organization 59  —  59  (8,029) Total Segment Results $ 94,132  $ 13,996  $ 108,128  $ 29,542  1.Subscription revenue is recognized over time. 2.Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2023 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 56,606  $ 3,997  $ 60,603  $ 26,016  Europe 9,184  1,377  10,561  3,639  Americas 14,503  1,286  15,789  2,403  Middle East and Australasia 12,757  6,441  19,198  8,338  Brazil 5,237  1,790  7,027  2,629  Total Regional Sales Offices 98,287  14,891  113,178  43,025  Central Services Organization 16  4  20  (7,321) Total Segment Results $ 98,303  $ 14,895  $ 113,198  $ 35,704  1.Subscription revenue is recognized over time. 2.Hardware and other revenue is recognized at a point in time. A reconciliation of the segment results to income before income tax expense is disclosed below (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Segment Adjusted EBITDA $ 11,253  $ 12,383  $ 29,542  $ 35,704  Corporate and consolidation entries (2,267) (2,267) (7,219) (7,179) Operating lease costs (1) (298) (285) (933) (888) Product development costs (2) (280) (293) (972) (976) Onerous contract costs —  (4) —  35  Depreciation and amortization (4,012) (5,254) (11,208) (14,024) Stock-based compensation costs (273) (262) (324) (827) Restructuring costs (84) —  (84) (30) Net (loss)/profit on sale of property, plant and equipment (1) 45  32  49  Net foreign exchange (losses)/gains (755) (493) 743  (1,346) Interest income 106  307  994  774  Interest expense (378) (604) (1,002) (1,645) Acquisition-related costs —  —  (784) —  Strategic costs (3) —  (1,200) —  (1,996) Non-recurring transitional service agreement costs (4) —  (361) —  (482) Contingent consideration remeasurement —  511  —  1,049  Income before income tax expense $ 3,011  $ 2,223  $ 8,785  $ 8,218  1.For the purposes of calculating Segment Adjusted EBITDA, operating lease expenses are excluded from the Segment Adjusted EBITDA. Therefore, in order to reconcile Segment Adjusted EBITDA to income before income tax expense, the total lease expense in respect of operating leases needs to be deducted. 2.For segment reporting purposes, product development costs, which do not meet the capitalization requirements under ASC 730 Research and Development or under ASC 985 Software, are capitalized and amortized. The amortization is excluded from Segment Adjusted EBITDA. In order to reconcile Segment Adjusted EBITDA to income before income tax expense, product development costs capitalized for segment reporting purposes need to be deducted. 3.Strategic costs relate to costs incurred in relation to the Powerfleet Transaction discussed in note 18 to the condensed consolidated financial statements. 4.Certain non-recurring costs related to the extension of the transitional service agreement in respect of the FSM business acquired from Trimble in September 2022 were incurred on a temporary basis from September 2023 to December 2023 and have been excluded from Adjusted EBITDA. No single customer accounted for 10% or more of the Company’s total revenue for the three months ended December 31, 2022 and 2023. No single customer accounted for 10% or more of the Company’s accounts receivable as of March 31, 2023 or December 31, 2023.

v3.24.0.1

Stock-based compensation plan	9 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation plan	Stock-based compensation plan The Company has issued equity-classified share incentives under the MiX Telematics Long-Term Incentive Plan (“LTIP”) to directors and certain key employees within the Company. The LTIP provides for three types of grants to be issued, namely performance shares, restricted share units (“RSUs”) and stock appreciation rights (“SARs”). As of December 31, 2023, there were 12,790,000 shares reserved for future issuance under the LTIP. The total stock-based compensation expense recognized during the three months ended December 31, 2022 and 2023 was $0.3 million in each period. The total stock-based compensation expense recognized during the nine months ended December 31, 2022 and 2023 was $0.3 million and $0.8 million, respectively. Stock appreciation rights granted under the LTIP The following table summarizes the activities for the outstanding SARs: Number of SARs Weighted- Average Exercise Price in U.S. Cents* Weighted Average Contractual Remaining Term (years) Aggregate Intrinsic Values (in thousands)* Outstanding as of April 1, 2023 35,800,000  37 Granted 10,600,000  27  Exercised —  —  Forfeited (1,425,000) 32 Outstanding as of December 31, 2023 44,975,000  34 3.83 Vested and expected to vest as of December 31, 2023 42,726,250  34 3.83 $ —  Vested as of December 31, 2023 —  —  —  $ —  As of December 31, 2023, there was $2.1 million of unrecognized compensation cost related to unvested SARs. This amount is expected to be recognized over a weighted-average period of 3.72 years. *U.S. currency amounts are based on a ZAR:USD exchange rate of 18.2982 as of December 31, 2023. Restricted share units granted under the LTIP 0.8 million RSUs were outstanding and unvested as of April 1, 2023. 0.8 million RSUs vested and were settled during the first quarter of fiscal year 2024. There were no outstanding RSUs as at the end of the first, second and third quarters of fiscal year 2024. The following table summarizes the Company’s unvested RSUs for the nine months ended December 31, 2023: Number of RSUs Weighted- Average Grant-Date Fair Value in U.S. Cents* Unvested as of April 1, 2023 800,000  31 Settled (800,000) 31 Unvested as of December 31, 2023 —  —  * The exercise price used to determine the grant date fair value is denominated in South African cents. U.S. currency amounts are based on a ZAR:USD exchange rate of 18.2982 as of December 31, 2023.

v3.24.0.1

Debt	9 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2023 debt comprised bank overdrafts of $15.3 million. As of December 31, 2023 debt comprised $20.5 million of bank overdrafts and $0.6 million of book overdrafts, respectively. Details of undrawn facilities are shown below: Interest rate March 31, 2023 December 31, 2023 Undrawn borrowing facilities at floating rates include: – Standard Bank: CFC Overdraft SA Prime* less 1.2% $ 1,180  $ 1,798  Overdraft SA Prime* less 1.2% —  —  Vehicle and asset finance SA Prime* less 1.2% —  —  Working capital facility SA Prime* less 0.25% —  —  – Nedbank Limited overdraft SA Prime* less 2% 264  547  – Investec Bank Limited Facility: General committed banking facility SA Prime* less 1.5% 7,222  656  General uncommitted banking facility Negotiable (overnight or daily rates) 10,000  10,000  $ 18,666  $ 13,001  *South African prime interest rate As of March 31, 2023 and December 31, 2023, the South African prime interest rate was 11.25% and 11.75% respectively. The Standard Bank and Nedbank Limited (“Nedbank”) facilities have no fixed renewal date and are repayable on demand. The facility from Nedbank is unsecured. The Investec Bank Limited (“Investec”) credit facilities are comprised of a 364-day renewable committed general credit facility of R350 million (the equivalent of $19.1 million as of December 31, 2023) (the “Committed Facility”) and an uncommitted general credit facility of $10 million (the “Uncommitted Facility”). As of December 31, 2023, $18.5 million of the Committed Facility was utilized. Under the Committed Facility, the Company will pay a commitment fee charged at 30bps on any undrawn portion of the Committed Facility (plus VAT on such amount), calculated monthly and payable, free of deduction, monthly in arrears on the first business day of each month. The Uncommitted Facility is repayable on demand by Investec and a fee of 10bps per annum shall be charged on any undrawn portion of the Uncommitted Facility (plus VAT on such amount), calculated monthly and payable, free of deduction, monthly in arrears on the seventh business day of each month. The loans under the Committed Facility bear interest at South African prime interest rate less 1.5% per annum and the loans under the Uncommitted Facility bear interest at overnight or daily negotiable rates, in each case which such interest shall accrue on all amounts outstanding under the Committed Facility or the Uncommitted Facility, as the case may be, payable monthly in arrears on the first business day of each month, or as otherwise specified in the Credit Agreement. Investec shall advise the Company of any changes to the applicable interest rate. On November 15, 2022, the Company concluded a second amendment to the credit agreement with Standard Bank, which entitles the Company to utilize a maximum amount of R70.0 million (the equivalent of $3.8 million as of December 31, 2023), in the form of a customer foreign currency account overdraft facility (the “CFC Overdraft Facility”). All other facilities under the facility letter with Standard Bank were replaced by the CFC Overdraft Facility. The CFC Overdraft Facility has no fixed renewal date and is repayable on demand. The CFC Overdraft Facility bears interest at the South African Prime interest rate less 1.2% per annum. As of December 31, 2023, $2.0 million of the CFC Overdraft Facility was utilized. In November 2022, the Company also terminated the suretyship securing the Company’s indebtedness (among other parties) to Standard Bank and signed by the Company and its subsidiaries; MiX Telematics Africa Proprietary Limited (“MiX Telematics Africa”) and MiX Telematics International Proprietary Limited (“MiX Telematics International”). A new suretyship agreement was entered into providing that the Company and only one subsidiary being MiX Telematics International, binds themselves as surety(ies) and co-principal debtor(s) for the payment, when due, of all the present and future debts of any kind of the Company and MiX Telematics International to Standard Bank. The security release letter also provided that Standard Bank’s claims to any security furnished by the Company and its subsidiaries under the original suretyship agreement were released upon signature of the new suretyship agreement. On December 19, 2023, Powerfleet and the Company entered into a commitment letter with Rand Merchant Bank, a division of FirstRand Bank Limited (“RMB”), pursuant to which RMB has committed to provide two senior secured term loan facilities to Powerfleet and Powerfleet Sub in an aggregate principal amount of up to $85 million (comprised of two facilities in the aggregate principal amount of up to the ZAR equivalent of $50 million and $35 million, respectively (the “Term A facility” and “Term B facility,” respectively, and, collectively, the “term facilities”)) and a general banking facility to Powerfleet Sub in an aggregate principal amount of up to R350 million (the “general facility” and, together with the term facilities, the “credit facilities”). The term facilities will be available to Powerfleet for the purpose of redeeming the Series A preferred stock in full in cash, and the general facility will be available to fund the ongoing activity and capital expenditures of Powerfleet Sub. The credit facilities are subject to customary closing conditions.

v3.24.0.1

Contingencies	9 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Service agreement In terms of an amended network services agreement with Mobile Telephone Networks Proprietary Limited (“MTN”), MTN is entitled to claw back payments from MiX Telematics Africa, a subsidiary of the Company, in the event of early cancellation of the agreement or certain base connections not being maintained over the term of the agreement. No connection incentives will be received in terms of the amended network services agreement. The maximum potential liability under the arrangement as of March 31, 2023 and December 31, 2023 was $1.1 million and $0.9 million, respectively. No loss is considered probable under this arrangement. Competition Commission of South Africa matter On April 15, 2019 the Competition Commission of South Africa (“Commission”) referred a matter to the Competition Tribunal of South Africa (“Tribunal”). The Commission contends that the Company and a number of its channel partners have engaged in market division. Should the Tribunal rule against MiX Telematics, the Company may be liable for an administrative penalty in terms of the Competition Act, No. 89 of 1998. The Company cooperated fully with the Commission during its preliminary investigation. The Tribunal has since set the matter for hearing from June 24 to July 2, 2024. Leading up to that date various intermediary steps such as discovery, filing of witness statements and trial bundle exchanges will take place. We cannot predict the timing of a resolution or the ultimate outcome of the matter. However, the Company and its external legal advisers continue to believe that we have consistently adhered to all applicable laws and regulations and that the referral from the Commission is without merit. As of December 31, 2023, no intermediary steps have taken place, and we have not made any provisions for this matter as an estimate of the possible loss or range of loss could not be made, and we do not believe that an outflow of economic resources is probable.

v3.24.0.1

Subsequent events	9 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent events	Subsequent events Other than the items below, the directors are not aware of any matter material or otherwise arising since December 31, 2023 and up to the date of this report, not otherwise dealt with herein. Dividend declared The Board of Directors declared, in respect of the three months ended December 31, 2023, a dividend of 4.50000 South African cents per ordinary share and 1.12500 South African Rand per American Depositary Share (“ADS”), which will be paid on March 7, 2024 to ADS holders on record as of the close of business on February 23, 2024. Business combination

v3.24.0.1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,461	$ 2,788	$ 3,318	$ 2,260

v3.24.0.1

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.0.1

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of preparation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and reflect, in the opinion of management, all adjustments, consisting of normal recurring adjustments and accruals, which are necessary for a fair statement of the results of the interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”).
Consolidation	The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated on consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended March 31, 2023 filed with the SEC on June 22, 2023.
Use of estimates	Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts reported and disclosed. Significant estimates include, but are not limited to, fair value measurement of contingent consideration, allowances for doubtful accounts, the assessment of expected cash flows used in evaluating goodwill for impairment and income and deferred taxes. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. We have considered the impact of rising inflation, fuel prices, global politics, sanctions and the impact thereof on global trade on the estimates and assumptions used. As of December 31, 2023, we have taken into account the impact of the above on goodwill sensitivities and impairment assessments. However, future changes in economic conditions could have an impact on future estimates and judgements used.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted during the nine months ended December 31, 2023. Recent Accounting Pronouncements Not Yet Adopted On October 28, 2021, the FASB issued ASU 2021-08, which amends ASC 805, Business Combinations, to require companies to apply ASC 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This creates an exception to the general recognition and measurement principle in ASC 805 which requires an acquirer to generally recognize such items at fair value on the acquisition date. The ASU is effective for fiscal years beginning after December 15, 2022 and interim periods therein for public business entities (PBEs). For all other entities, it is effective for fiscal years beginning after December 15, 2023 and interim periods therein. Early adoption is permitted for all entities, including adoption in an interim period. The adoption of the ASU is expected to have no material impact.

v3.24.0.1

Revenue from contracts with customers (Tables)	9 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of Recognized Amortization Expense	The following is a summary of the amortization expense recognized (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Amortization recognized during the period: $ (1,088) $ (1,464) $ (3,017) $ (3,819) –Cost of revenue (external commissions) (868) (1,215) (2,340) (3,153) –Sales and marketing (internal commissions) (220) (249) (677) (666)

v3.24.0.1

Credit risk related to accounts receivable (Tables)	9 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Schedule of Movements in the Allowance for Doubtful Accounts	The movements in the allowance for doubtful accounts are as follows (in thousands): Nine Months Ended December 31, 2022 2023 Balance at April 1 $ 5,426  $ 2,745  Bad debt provision 2,872  3,561  Write-offs (4,326) (2,638) Foreign currency translation differences (636) (11) Balance at December 31 $ 3,336  $ 3,657

v3.24.0.1

Property, plant and equipment (Tables)	9 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Owned Property, Plant and Equipment	The cost and accumulated depreciation of owned assets are as follows (in thousands): March 31, 2023 December 31, 2023 Owned assets Plant and Equipment $ 793  $ 845  Motor Vehicles 1,948  1,888  Furniture, fixtures and equipment 1,295  1,175  Computer and radio equipment 3,743  4,088  In-vehicle devices 72,405  82,687  Assets in progress 26  34  Owned assets, gross 80,210  90,717  Less: accumulated depreciation and impairments (46,932) (53,232) Owned assets, net $ 33,278  $ 37,485  The cost and accumulated depreciation of right-of-use assets are as follows (in thousands): March 31, 2023 December 31, 2023 Right-of-use assets Property $ 5,792  $ 5,193  Equipment, motor vehicles and other 259  306  Less: accumulated depreciation (2,550) (2,119) Right of use assets, net $ 3,501  $ 3,380

v3.24.0.1

Intangible assets (Tables)	9 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets comprise the following (in thousands): As of March 31, 2023 As of December 31, 2023 Useful life (in years) Gross Carrying amount Accumulated amortization Net Gross Carrying amount Accumulated amortization Net Patents and trademarks 3 - 10 $ 90  $ (63) $ 27  $ 121  $ (95) $ 26  Customer relationships 1 - 10 8,234  (3,061) 5,173  8,316  (4,008) 4,308  Internal-use software, technology and other 1 - 20 39,031  (22,336) 16,695  41,127  (24,214) 16,913  Total $ 47,355  $ (25,460) $ 21,895  $ 49,564  $ (28,317) $ 21,247

v3.24.0.1

Accrued expenses and other liabilities (Tables)	9 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses and other liabilities comprise the following (in thousands): March 31, 2023 December 31, 2023 Current: Product warranties $ 317  $ 320  Maintenance 430  339  Employee-related accruals 3,392  3,997  Bonus and incentives 3,344  2,738  Lease liabilities 688  868  Accrued commissions 3,675  5,023  Loss contingency (1) 474  —  Value added tax payables 1,239  1,371  Post-acquisition support and hardware payable (1) 2,265  1,729  Other accruals 5,662  7,229  Total current $ 21,486  $ 23,614  Non-current: Lease liabilities $ 2,966  $ 2,803  Other liabilities 402  462  Total non-current $ 3,368  $ 3,265  (1) Relates to the FSM Acquisition.
Schedule of Product Warranties	The table below provides details of the movement in the accrual (in thousands): As of December 31,  2022 2023 Product warranties Opening balance $ 683  $ 359  Warranty credit (44) (11) Reclassification (1) 265  —  Acquisition (2) 41  —  Foreign currency translation difference (86) 1  Balance as of December 31 $ 329  $ 349  Non-current portion (included in other liabilities) $ 42  $ 29  Current portion $ 287  $ 320  (1) Relates to a reclassification of certain costs from Product warranties to the Maintenance provision during fiscal year 2023. (2) Relates to the FSM Acquisition.

v3.24.0.1

Development expenditure (Tables)	9 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Components of Development Expenditure	Development expenditure incurred comprises the following (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Costs capitalized (1) $ 905 $ 1,144 $ 2,934 $ 3,662 Costs expensed (2) 1,358 1,424 4,362 4,403 Total costs incurred $ 2,263 $ 2,568 $ 7,296 $ 8,065 (1) Costs capitalized relate only to the development of internal-use software, which are recognized in accordance with the Intangible assets (Internal-use software and technology) accounting policy. (2) Costs expensed are included in Administration and other expenses in the Condensed Consolidated Statements of Income.

v3.24.0.1

Leases (Tables)	9 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Lease Cost and Supplemental Cash Flow Information and Non-Cash Activity	The components of lease cost are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Operating lease cost $ 297  $ 286  $ 932  $ 889  Short-term lease cost 104  156  236  368  Total lease cost $ 401  $ 442  $ 1,168  $ 1,257  Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands): Nine Months Ended December 31, 2022 2023 Operating cash flow information: Cash payments included in the measurement of lease liabilities $ 1,069  $ 775  Non-cash activity: Right-of-use assets obtained in exchange for new operating lease liabilities $ 868  $ 600  Weighted-average remaining lease term and discount rate for our operating leases are as follows: March 31, 2023 December 31, 2023 Weighted-average remaining lease term - operating leases (months) (1) 22 19 Weighted-average discount rate - operating leases 8.0  % 8.4  % (1) Including expected renewals where appropriate.
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases	Maturities of operating lease liabilities as of December 31, 2023 were as follows (in thousands): 2024 (remainder) $ 288  2025 1,064  2026 860  2027 727  2028 684  Thereafter 828  Total future minimum lease payments 4,451  Less: Imputed interest (780) Present value of future minimum lease payments 3,671  Less: Current portion of lease liabilities (868) Non-current portion of lease liabilities $ 2,803

v3.24.0.1

Earnings per share (Tables)	9 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic Earnings Per Share	The net income and weighted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Ordinary shares: Numerator (basic) Net income attributable to MiX Telematics Limited stockholders $ 2,788  $ 1,461  $ 2,260  $ 3,318  Denominator (basic) Weighted-average number of ordinary shares in issue and outstanding 552,865  554,021  552,148  554,086  Basic earnings per share $ 0.005  $ 0.003  $ 0.004  $ 0.006  American Depositary Shares*: Numerator (basic) Net income attributable to MiX Telematics Limited stockholders $ 2,788  $ 1,461  $ 2,260  $ 3,318  Denominator (basic) Weighted-average number of American Depositary Shares in issue and outstanding 22,115  22,161  22,086  22,163  Basic earnings per American Depositary Share $ 0.13  $ 0.07  $ 0.10  $ 0.15  *One American Depositary Share is the equivalent of 25 ordinary shares.
Schedule of Diluted Earnings Per Share	Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Ordinary shares: Numerator (diluted) Diluted net income attributable to MiX Telematics Limited stockholders $ 2,788  $ 1,461  $ 2,260  $ 3,318  Denominator (diluted) Weighted-average number of ordinary shares in issue and outstanding 552,865  554,021  552,148  554,086  Adjusted for: – potentially dilutive effect of stock appreciation rights 2,249  —  2,873  —  – potentially dilutive effect of restricted share units 697  —  1,026  208  Diluted-weighted average number of ordinary shares in issue and outstanding 555,811  554,021  556,047  554,294  Diluted earnings per share $ 0.005  $ 0.003  $ 0.004  $ 0.006  American Depositary Shares*: Numerator (diluted) Diluted net income attributable to MiX Telematics Limited stockholders $ 2,788  $ 1,461  $ 2,260  $ 3,318  Denominator (diluted) Weighted-average number of American Depositary Shares in issue and outstanding 22,115  22,161  22,086  22,163  Adjusted for: – potentially dilutive effect of stock appreciation rights 90  —  115  —  – potentially dilutive effect of restricted share units 27  —  41  9  Diluted weighted-average number of American Depositary Shares in issue and outstanding 22,232  22,161  22,242  22,172  Diluted earnings per American Depositary Share $ 0.13  $ 0.07  $ 0.10  $ 0.15  *One American Depositary Share is the equivalent of 25 ordinary shares.

v3.24.0.1

Segment information (Tables)	9 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Information	The following tables provide revenue and Segment Adjusted EBITDA (in thousands): Three Months Ended December 31, 2022 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 18,029  $ 1,460  $ 19,489  $ 8,121  Europe 3,051  748  3,799  1,402  Americas 5,842  308  6,150  1,378  Middle East and Australasia 4,013  2,382  6,395  2,308  Brazil 1,516  440  1,956  614  Total Regional Sales Offices 32,451  5,338  37,789  13,823  Central Services Organization 18  —  18  (2,570) Total Segment Results $ 32,469  $ 5,338  $ 37,807  $ 11,253  1.Subscription revenue is recognized over time. 2.Hardware and other revenue is recognized at a point in time. Three Months Ended December 31, 2023 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 19,408  $ 1,512  $ 20,920  $ 8,869  Europe 3,014  368  3,382  1,113  Americas 5,062  561  5,623  1,321  Middle East and Australasia 4,361  2,318  6,679  2,802  Brazil 1,805  671  2,476  782  Total Regional Sales Offices 33,650  5,430  39,080  14,887  Central Services Organization 5  —  5  (2,504) Total Segment Results $ 33,655  $ 5,430  $ 39,085  $ 12,383  1.Subscription revenue is recognized over time. 2.Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2022 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 55,163  $ 4,545  $ 59,708  $ 23,586  Europe 9,215  1,747  10,962  3,737  Americas 13,535  1,471  15,006  2,496  Middle East and Australasia 12,095  5,156  17,251  6,295  Brazil 4,065  1,077  5,142  1,457  Total Regional Sales Offices 94,073  13,996  108,069  37,571  Central Services Organization 59  —  59  (8,029) Total Segment Results $ 94,132  $ 13,996  $ 108,128  $ 29,542  1.Subscription revenue is recognized over time. 2.Hardware and other revenue is recognized at a point in time. Nine Months Ended December 31, 2023 Subscription revenue (1) Hardware and other revenue (2) Total revenue Segment Adjusted EBITDA Regional Sales Offices Africa $ 56,606  $ 3,997  $ 60,603  $ 26,016  Europe 9,184  1,377  10,561  3,639  Americas 14,503  1,286  15,789  2,403  Middle East and Australasia 12,757  6,441  19,198  8,338  Brazil 5,237  1,790  7,027  2,629  Total Regional Sales Offices 98,287  14,891  113,178  43,025  Central Services Organization 16  4  20  (7,321) Total Segment Results $ 98,303  $ 14,895  $ 113,198  $ 35,704  1.Subscription revenue is recognized over time. 2.Hardware and other revenue is recognized at a point in time.
Reconciliation of Segment Results to Income Before Tax	A reconciliation of the segment results to income before income tax expense is disclosed below (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2023 2022 2023 Segment Adjusted EBITDA $ 11,253  $ 12,383  $ 29,542  $ 35,704  Corporate and consolidation entries (2,267) (2,267) (7,219) (7,179) Operating lease costs (1) (298) (285) (933) (888) Product development costs (2) (280) (293) (972) (976) Onerous contract costs —  (4) —  35  Depreciation and amortization (4,012) (5,254) (11,208) (14,024) Stock-based compensation costs (273) (262) (324) (827) Restructuring costs (84) —  (84) (30) Net (loss)/profit on sale of property, plant and equipment (1) 45  32  49  Net foreign exchange (losses)/gains (755) (493) 743  (1,346) Interest income 106  307  994  774  Interest expense (378) (604) (1,002) (1,645) Acquisition-related costs —  —  (784) —  Strategic costs (3) —  (1,200) —  (1,996) Non-recurring transitional service agreement costs (4) —  (361) —  (482) Contingent consideration remeasurement —  511  —  1,049  Income before income tax expense $ 3,011  $ 2,223  $ 8,785  $ 8,218  1.For the purposes of calculating Segment Adjusted EBITDA, operating lease expenses are excluded from the Segment Adjusted EBITDA. Therefore, in order to reconcile Segment Adjusted EBITDA to income before income tax expense, the total lease expense in respect of operating leases needs to be deducted. 2.For segment reporting purposes, product development costs, which do not meet the capitalization requirements under ASC 730 Research and Development or under ASC 985 Software, are capitalized and amortized. The amortization is excluded from Segment Adjusted EBITDA. In order to reconcile Segment Adjusted EBITDA to income before income tax expense, product development costs capitalized for segment reporting purposes need to be deducted. 3.Strategic costs relate to costs incurred in relation to the Powerfleet Transaction discussed in note 18 to the condensed consolidated financial statements. 4.Certain non-recurring costs related to the extension of the transitional service agreement in respect of the FSM business acquired from Trimble in September 2022 were incurred on a temporary basis from September 2023 to December 2023 and have been excluded from Adjusted EBITDA.

v3.24.0.1

Stock-based compensation plan (Tables)	9 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Unvested SARs Activities	The following table summarizes the activities for the outstanding SARs: Number of SARs Weighted- Average Exercise Price in U.S. Cents* Weighted Average Contractual Remaining Term (years) Aggregate Intrinsic Values (in thousands)* Outstanding as of April 1, 2023 35,800,000  37 Granted 10,600,000  27  Exercised —  —  Forfeited (1,425,000) 32 Outstanding as of December 31, 2023 44,975,000  34 3.83 Vested and expected to vest as of December 31, 2023 42,726,250  34 3.83 $ —  Vested as of December 31, 2023 —  —  —  $ —

v3.24.0.1

Debt (Tables)	9 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Undrawn Facilities	Details of undrawn facilities are shown below: Interest rate March 31, 2023 December 31, 2023 Undrawn borrowing facilities at floating rates include: – Standard Bank: CFC Overdraft SA Prime* less 1.2% $ 1,180  $ 1,798  Overdraft SA Prime* less 1.2% —  —  Vehicle and asset finance SA Prime* less 1.2% —  —  Working capital facility SA Prime* less 0.25% —  —  – Nedbank Limited overdraft SA Prime* less 2% 264  547  – Investec Bank Limited Facility: General committed banking facility SA Prime* less 1.5% 7,222  656  General uncommitted banking facility Negotiable (overnight or daily rates) 10,000  10,000  $ 18,666  $ 13,001  *South African prime interest rate

v3.24.0.1

Acquisition - Narrative (Details)	Sep. 02, 2022
MiX Telematics North America, Inc.
Business Acquisition [Line Items]
Ownership interest	100.00%

v3.24.0.1

Revenue from contracts with customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 6.5		$ 6.5		$ 5.3
Revenue	0.8	$ 1.2	2.9	$ 3.4
Deferred commissions	$ 9.4		$ 9.4		$ 6.0

v3.24.0.1

Revenue from contracts with customers - Summary of Recognized Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Amortization recognized during the period	$ (1,464)	$ (1,088)	$ (3,819)	$ (3,017)
Cost of Revenue
Capitalized Contract Cost [Line Items]
Amortization recognized during the period	(1,215)	(868)	(3,153)	(2,340)
Sales and Marketing
Capitalized Contract Cost [Line Items]
Amortization recognized during the period	$ (249)	$ (220)	$ (666)	$ (677)

v3.24.0.1

Credit risk related to accounts receivable - Schedule of Movements in the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at April 1	$ 2,745	$ 5,426
Bad debt provision	3,561	2,872
Write-offs	(2,638)	(4,326)
Foreign currency translation differences	(11)	(636)
Balance at December 31	$ 3,657	$ 3,336

v3.24.0.1

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventory, Raw Materials, Gross	$ 1,510	$ 3,131
Inventory, Finished Goods, Gross	4,804	3,146
Inventory, Gross	6,314	6,277
Inventory Valuation Reserves	(1,177)	(1,341)
Inventory, net	$ 5,137	$ 4,936

v3.24.0.1

Deferred Costs, Capitalized, Prepaid, and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Prepaid expenses and other assets [Abstract]
Other Prepaid Expense, Current	$ 3,678	$ 2,742
Prepaid Taxes	136	95
Indemnification asset	0	474
Income Taxes Receivable, Current	936	1,496
Value Added Tax Receivable	1,203	1,362
Sundry Debtors Receivable, Current	3,129	3,378
Deposits Assets, Current	134	131
Staff Receivable, Current	172	91
Lease receivable	52	171
Interest Receivable, Current	30	10
Prepaid expenses and other current assets	$ 9,470	$ 9,950

v3.24.0.1

Property, plant and equipment - Schedule of Owned Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Owned assets, gross	$ 90,717	$ 80,210
Less: accumulated depreciation and impairments	(53,232)	(46,932)
Owned assets, net	37,485	33,278
Plant and Equipment
Property, Plant and Equipment [Line Items]
Owned assets, gross	845	793
Motor Vehicles
Property, Plant and Equipment [Line Items]
Owned assets, gross	1,888	1,948
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Owned assets, gross	1,175	1,295
Computer and radio equipment
Property, Plant and Equipment [Line Items]
Owned assets, gross	4,088	3,743
In-vehicle devices
Property, Plant and Equipment [Line Items]
Owned assets, gross	82,687	72,405
Assets in progress
Property, Plant and Equipment [Line Items]
Owned assets, gross	$ 34	$ 26

v3.24.0.1

Property, plant and equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3,600	$ 2,400	$ 9,404	$ 7,216

v3.24.0.1

Property, plant and equipment - Schedule of Right-of-Use Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (2,119)	$ (2,550)
Right of use assets, net	3,380	3,501
Property
Property, Plant and Equipment [Line Items]
Right of use property and equipment, gross	5,193	5,792
Equipment, motor vehicles and other
Property, Plant and Equipment [Line Items]
Right of use property and equipment, gross	$ 306	$ 259

v3.24.0.1

Intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	$ 49,564	$ 47,355
Accumulated amortization	(28,317)	(25,460)
Net	21,247	21,895
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	121	90
Accumulated amortization	(95)	(63)
Net	$ 26	27
Patents and trademarks | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	3 years
Patents and trademarks | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	10 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	$ 8,316	8,234
Accumulated amortization	(4,008)	(3,061)
Net	$ 4,308	5,173
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	1 year
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	10 years
Internal-use software, technology and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying amount	$ 41,127	39,031
Accumulated amortization	(24,214)	(22,336)
Net	$ 16,913	$ 16,695
Internal-use software, technology and other | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	1 year
Internal-use software, technology and other | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	20 years

v3.24.0.1

Intangible assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,600	$ 4,620	$ 3,992
Non-cash disposals		2,000	600
Foreign exchange related gains		$ (300)	$ 2,900

v3.24.0.1

Accrued expenses and other liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Current:
Product warranties	$ 320	$ 317	$ 287
Maintenance	339	430
Employee-related accruals	3,997	3,392
Bonus and incentives	2,738	3,344
Lease liabilities	868	688
Accrued commissions	5,023	3,675
Loss contingency	0	474
Sales and Excise Tax Payable, Current	1,371	1,239
Business Combination, Post-Acquisition Support And Hardware Liability, Current	1,729	2,265
Other accruals	7,229	5,662
Total current	23,614	21,486
Non-current:
Lease liabilities	2,803	2,966
Other liabilities	462	402
Total non-current	$ 3,265	$ 3,368
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total current	Total current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total non-current	Total non-current

v3.24.0.1

Accrued expenses and other liabilities - Schedule of Product Warranties (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Product warranties
Beginning balance	$ 359	$ 683
Warranty credit	(11)	(44)
Reclassification	0	265
Acquisition	0	41
Foreign currency translation difference	1	(86)
Ending balance	349	329
Non-current portion (included in other liabilities)	29	42
Current portion	$ 320	$ 287	$ 317

v3.24.0.1

Development expenditure - Components of Development Expenditure (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Costs capitalized	$ 1,144	$ 905	$ 3,662	$ 2,934
Costs expensed	1,424	1,358	4,403	4,362
Total costs incurred	$ 2,568	$ 2,263	$ 8,065	$ 7,296

v3.24.0.1

Leases - Narrative (Details)	Dec. 31, 2023
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Lease term	120 months
Annual escalation percentage	8.00%

v3.24.0.1

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 286	$ 297	$ 889	$ 932
Short-term lease cost	156	104	368	236
Total lease cost	$ 442	$ 401	$ 1,257	$ 1,168

v3.24.0.1

Leases - Supplemental Cash Flow Information and Non-Cash Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Operating cash flow information:
Cash payments included in the measurement of lease liabilities	$ 775	$ 1,069
Non-cash activity:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 600	$ 868
Weighted-average remaining lease term - operating leases (months)	19 months		22 months
Weighted-average discount rate - operating leases	8.40%		8.00%

v3.24.0.1

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Leases [Abstract]
2024 (remainder)	$ 288
2025	1,064
2026	860
2027	727
2028	684
Thereafter	828
Total future minimum lease payments	4,451
Less: Imputed interest	(780)
Present value of future minimum lease payments	3,671
Less: Current portion of lease liabilities	(868)	$ (688)
Non-current portion of lease liabilities	$ 2,803	$ 2,966

v3.24.0.1

Income taxes (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	34.30%	7.40%	59.60%	74.30%

v3.24.0.1

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Basic earnings per share
Net income attributable to MiX Telematics Limited stockholders	$ 1,461	$ 2,788	$ 3,318	$ 2,260
Weighted average number of ordinary shares in issue and outstanding (in shares)	554,021,000	552,865,000	554,086,000	552,148,000
Basic earnings/(loss) per share (in dollars per share)	$ 0.003	$ 0.005	$ 0.006	$ 0.004
Weighted average number of American Depository Shares in issue and outstanding (in shares)	22,161,000	22,115,000	22,163,000	22,086,000
Basic earnings/(loss) per American Depository Share (in dollars per share)	$ 0.07	$ 0.13	$ 0.15	$ 0.10
Diluted earnings per share
Diluted weighted average number of ordinary shares in issue and outstanding (in shares)	554,021,000	555,811,000	554,294,000	556,047,000
Diluted earnings per share (in dollars per share)	$ 0.003	$ 0.005	$ 0.006	$ 0.004
Diluted weighted average number of American Depository Shares in issue and outstanding (in shares)	22,161,000	22,232,000	22,172,000	22,242,000
Diluted earnings per American Depository Share (in dollars per share)	$ 0.07	$ 0.13	$ 0.15	$ 0.10
Stock Appreciation Rights
Diluted earnings per share
Potentially dilutive effect of share-based payment arrangements (in shares)	0	2,249,000	0	2,873,000
Incremental American Depository Shares Attributable to Dilutive effect of Share-Based Payment Arrangements	0	90,000	0	115,000
Restricted Share Units
Diluted earnings per share
Potentially dilutive effect of share-based payment arrangements (in shares)	0	697,000	208,000	1,026,000
Incremental American Depository Shares Attributable to Dilutive effect of Share-Based Payment Arrangements	0	27,000	9,000	41,000

v3.24.0.1

Segment information - Narrative (Details)	9 Months Ended
	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	6
Number of regional sales offices	5

v3.24.0.1

Segment information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 39,085	$ 37,807	$ 113,198	$ 108,128
Segment Adjusted EBITDA	12,383	11,253	35,704	29,542
Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	33,655	32,469	98,303	94,132
Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	5,430	5,338	14,895	13,996
Total Regional Sales Offices
Segment Reporting Information [Line Items]
Total revenue	39,080	37,789	113,178	108,069
Segment Adjusted EBITDA	14,887	13,823	43,025	37,571
Total Regional Sales Offices | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	33,650	32,451	98,287	94,073
Total Regional Sales Offices | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	5,430	5,338	14,891	13,996
Africa
Segment Reporting Information [Line Items]
Total revenue	20,920	19,489	60,603	59,708
Segment Adjusted EBITDA	8,869	8,121	26,016	23,586
Africa | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	19,408	18,029	56,606	55,163
Africa | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	1,512	1,460	3,997	4,545
Europe
Segment Reporting Information [Line Items]
Total revenue	3,382	3,799	10,561	10,962
Segment Adjusted EBITDA	1,113	1,402	3,639	3,737
Europe | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	3,014	3,051	9,184	9,215
Europe | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	368	748	1,377	1,747
Americas
Segment Reporting Information [Line Items]
Total revenue	5,623	6,150	15,789	15,006
Segment Adjusted EBITDA	1,321	1,378	2,403	2,496
Americas | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	5,062	5,842	14,503	13,535
Americas | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	561	308	1,286	1,471
Middle East and Australasia
Segment Reporting Information [Line Items]
Total revenue	6,679	6,395	19,198	17,251
Segment Adjusted EBITDA	2,802	2,308	8,338	6,295
Middle East and Australasia | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	4,361	4,013	12,757	12,095
Middle East and Australasia | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	2,318	2,382	6,441	5,156
Brazil
Segment Reporting Information [Line Items]
Total revenue	2,476	1,956	7,027	5,142
Segment Adjusted EBITDA	782	614	2,629	1,457
Brazil | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	1,805	1,516	5,237	4,065
Brazil | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	671	440	1,790	1,077
Central Services Organization
Segment Reporting Information [Line Items]
Total revenue	5	18	20	59
Segment Adjusted EBITDA	(2,504)	(2,570)	(7,321)	(8,029)
Central Services Organization | Subscription revenue
Segment Reporting Information [Line Items]
Total revenue	5	18	16	59
Central Services Organization | Hardware and other revenue
Segment Reporting Information [Line Items]
Total revenue	$ 0	$ 0	$ 4	$ 0

v3.24.0.1

Segment information - Reconciliation of Segment Results to Income Before Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 12,383	$ 11,253	$ 35,704	$ 29,542
Stock-based compensation costs	(300)		(300)	(800)
Net (loss)/profit on sale of property, plant and equipment			49	32
Net foreign exchange (losses)/gains			(1,346)	743
Interest income	307	106	774	994
Interest expense	(604)	(378)	(1,645)	(1,002)
Contingent consideration remeasurement	511	0	(1,049)	0
Income before income tax expense	2,223	3,011	8,218	8,785
Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	12,383	11,253	35,704	29,542
Corporate and Eliminations
Segment Reporting Information [Line Items]
Corporate and consolidation entries	(2,267)	(2,267)	(7,179)	(7,219)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Operating lease costs	(285)	(298)	(888)	(933)
Product development costs	(293)	(280)	(976)	(972)
Onerous Contract Costs Excluded From Segments	4	0	(35)	0
Depreciation and amortization	(5,254)	(4,012)	(14,024)	(11,208)
Stock-based compensation costs	(262)	(273)	(827)	(324)
Restructuring costs	0	(84)	(30)	(84)
Net (loss)/profit on sale of property, plant and equipment	45	(1)	49	32
Net foreign exchange (losses)/gains	(493)	(755)	(1,346)	743
Interest income	307	106	774	994
Interest expense	(604)	(378)	(1,645)	(1,002)
Acquisition-related costs	0	0	0	(784)
Strategic Costs Excluded From Segments	1,200	0	1,996	0
Non-recurring Transactional Services Agreeement Costs Excluded From Segments	$ 361	$ 0	$ 482	$ 0

v3.24.0.1

Stock-based compensation plan - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2023 USD ($) R / $ shares	Jun. 30, 2023 shares	Dec. 31, 2023 USD ($) R / $ shares	Dec. 31, 2022 USD ($)	Apr. 01, 2023 shares	Mar. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ (0.3)		$ (0.3)	$ (0.8)
Exchange rate | R / $	18.2982		18.2982
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 2.1		$ 2.1
Expected period for recognition of unvested awards			3 years 8 months 19 days
Number of restricted stock units outstanding (in shares)	44,975,000		44,975,000			35,800,000
Number of restricted stock units vested (in shares)			0
Number of restricted stock units exercised (in shares)			0
Number of restricted stock units forfeited (in shares)			1,425,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock units outstanding (in shares)						800,000
Number of restricted stock units unvested (in shares)	0		0		800,000	800,000
Number of restricted stock units vested (in shares)		800,000
Number of restricted stock units exercised (in shares)		800,000
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)	12,790,000		12,790,000

v3.24.0.1

Stock-based compensation plan - Summary of Unvested SARs Activities (Details) - SARs $ / shares in Units, $ in Thousands	9 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Number of SARs
Outstanding as of beginning of period (in shares) | shares	35,800,000
Granted (in shares) | shares	10,600,000
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	(1,425,000)
Outstanding as of end of period (in shares) | shares	44,975,000
Vested and expected to vest (in shares) | shares	42,726,250
Vested (in shares) | shares	0
Weighted- Average Award Price in U.S. Cents
Outstanding as of beginning of period (in dollars per share) | $ / shares	$ 0.45
Granted (in dollars per share) | $ / shares	0.30
Exercised (in dollars per share) | $ / shares	0.19
Forfeited (in dollars per share) | $ / shares	0.43
Outstanding as of end of period (in dollars per share) | $ / shares	0.37
Vested and expected to vest (in dollars per share) | $ / shares	0.37
Vested (in dollars per share) | $ / shares	$ 0.20
Weighted average remaining contractual term, outstanding	3 years 9 months 29 days
Weighted average remaining contractual term, vested and expected to vest	3 years 9 months 29 days
Aggregate intrinsic value, vested and expected to vest | $	$ 0
Aggregate intrinsic value, vested | $	$ 0

v3.24.0.1

Stock-based compensation plan - Summary of Unvested Restricted Stock Units (Details) - RSUs - shares	3 Months Ended
	Dec. 31, 2023	Apr. 01, 2023	Mar. 31, 2023
Number of SARs
Number of restricted stock units unvested (in shares)	0	800,000	800,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(800,000)

v3.24.0.1

Debt - Narrative (Details) $ in Thousands, R in Millions	Jun. 29, 2022 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Nov. 30, 2022 ZAR (R)	Jun. 29, 2022 ZAR (R)
Line of Credit Facility [Line Items]
Bank overdrafts		$ 21,136		$ 15,253
Investec Limited
Line of Credit Facility [Line Items]
Credit facility, period	364 days
General committed banking facility | Investec Limited
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 19,100					R 350.0
Commitment fee percentage	0.30%
Percentage deducted from interest rate		1.50%
Amount of facility utilized		$ 18,500
General uncommitted banking facility | Investec Limited
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000
Commitment fee percentage	0.10%
CFC Overdraft | Standard Bank Limited
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 3,800		R 70.0
Percentage deducted from interest rate		1.20%
Amount of facility utilized		$ 2,000

v3.24.0.1

Debt - Schedule of Undrawn Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Line of Credit Facility [Line Items]
Undrawn borrowing remaining	$ 13,001	$ 18,666
Standard Bank Limited | CFC Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.20%
Undrawn borrowing remaining	$ 1,798	1,180
Standard Bank Limited | Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.20%
Undrawn borrowing remaining		1,180
Standard Bank Limited | Vehicle and asset finance
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.20%
Undrawn borrowing remaining	$ 0	0
Standard Bank Limited | Working capital facility
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	0.25%
Undrawn borrowing remaining	$ 0	0
Nedbank Limited | Overdraft
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	2.00%
Undrawn borrowing remaining	$ 547	264
Investec Limited | General committed banking facility
Line of Credit Facility [Line Items]
Percentage deducted from interest rate	1.50%
Undrawn borrowing remaining	$ 656	7,222
Investec Limited | General uncommitted banking facility
Line of Credit Facility [Line Items]
Undrawn borrowing remaining	$ 10,000	$ 10,000

v3.24.0.1

Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2023	Mar. 31, 2023
Amended Network Service Agreement with MTN | Maximum
Loss Contingencies [Line Items]
Estimate of possible loss	$ 0.9	$ 1.1

v3.24.0.1

Subsequent events (Details)	3 Months Ended
	Dec. 31, 2023 R / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 R / shares	Dec. 31, 2022 $ / shares
Subsequent Events [Abstract]
Dividends declared per share (in ZAR per share) | (per share)	R 0.04	$ 0.2	R 0.04	$ 0.2
Dividends declared per ADS (in ZAR per share)	R 1

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