MiX Telematics Reports Mixed Q2 Results, Margins Contract, Dodges Outlook

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  • MiX Telematics Ltd MIXT reported second-quarter FY22 revenue growth of 16.6% year-on-year to $36.1 million, beating the consensus of $34.99 million.
  • Revenues from Subscription rose 11.8% Y/Y to $30.9 million, Hardware and other increased 56.1% Y/Y to $5.2 million.
  • The gross margin contracted 300 bps to 63.7% due to the increase in Hardware and other revenues, which carry lower margins than subscription revenue. 
  • The operating margin contracted by 450 bps to 10.3%.
  • Non-GAAP earnings per ADS of $0.10 missed the consensus of $0.12.
  • The adjusted EBITDA margin contracted 680 bps to 21.9%.
  • MiX Telematics generated $5.9 million in operating cash flow and held $39.8 million in cash and equivalents.
  • Outlook: MiX Telematics suspended its practice of issuing financial guidance, citing uncertainty surrounding the level of business disruption due to the spread of COVID-19.
  • Price Action: MIXT shares closed lower by 0.69% at $12.86 on Wednesday.
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