MiX Telematics Limited (NYSE:MIXT) Q2 2023 Earnings Conference Call October 27, 2022 8:00 AM ET

Company Participants

Paul Dell - Chief Financial Officer

Stefan Joselowitz - President and Chief Executive Officer

Conference Call Participants

Matt Pfau - William Blair

Alex Sklar - Raymond James

Operator

Good morning, everyone, and thank you for participating in today's conference call to discuss MiX Telematics Financial Results for the Fiscal Second Quarter ending September 30th, 2022.

Joining us today are MiX Telematics, President and CEO, Stefan Jose; and the company's CFO, Paul Dell. Following their remarks, we will open the call for any questions you may have.

I'd now like to turn the conference over to Chief Financial Officer, Paul Dell, as he reads the company's Safe Harbor statement, providing important cautions regarding forward-looking statements.

Paul, please go ahead, sir.

Paul Dell

Thank you and good morning, everybody. Before we continue, I'd like to remind all participants that during today's call, we will make forward-looking statements related to our business, which are subject to material risks and uncertainties that could cause our actual results to differ materially. For discussion of the material risks and other important factors that could affect our results, please refer to those contained in our Form 10-K and other SEC filings, all of which are available on Investor Relations section of our website.

You will also be referring to certain non-GAAP financial measures. There is a reconciliation schedule detailing these results currently available in our press release, which is located on our website and filed with the SEC.

With that, I’d like to turn the call over to MiX Telematics' President and CEO, Stefan Joselowitz. Josh, over to you.

Stefan Joselowitz

Thank you, Paul. Good morning, everyone, and thank you all for joining us. For our second quarter of fiscal 2023, we again delivered solid financial and operational results, highlighted by 12.9% sequential increase in constant currency annual recurring revenue or ARR. Despite macro headwinds in several geographies, we reported record organic subscriber growth, which was further complemented by our strategic acquisition of Trimble’s Field Service Management business in United States.

In total, we added 76,300 subscribers during the quarter, bringing our base to over 914,000 globally. Our organic growth accelerated with a record 38,300 net subscribers added, up 60% from Q1 of this year. This followed strong contributions across all solution categories and marks our fourth consecutive quarter of adding more than 20,000 net subscribers.