MiX Telematics Limited (NYSE:MIXT) Q2 2024 Earnings Conference Call November 8, 2023 8:00 AM ET

Company Participants

Paul Dell - Chief Financial Officer

Stefan Joselowitz - President & 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 Second Quarter of Fiscal 2024 ended September 30, 2023. Joining us today are MiX Telematics President and CEO, Stefan Joselowitz; and the company's CFO, Paul Dell. Following their remarks, we'll open the call for any questions you may have. Please note, this event is being recorded.

I'd now like to turn the conference over to Mick Telematics' Chief Financial Officer, Paul Dell, as he reads the company's safe harbor statement regarding forward-looking statements. Paul, please go ahead.

Paul Dell

Thank you, and good morning, everyone. Before we continue, I'd like to remind all participants that during today's call, we will make certain 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 a 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 available on the Investor Relations section of our website.

We 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 would like to turn the call over to MiX Telematics' President and CEO, Stefan Joselowitz., Jos?

Stefan Joselowitz

Thank you, Paul, and good morning, everyone. It's been an exciting few weeks since we announced our proposed business combination with Powerfleet. This merger of equals will result in one of the largest global providers of connected vehicle SaaS solutions, and I firmly believe that this is the ideal path forward for our organization and shareholders.

In addition to the benefits of a direct NASDAQ listing, which will provide us with significantly increased market exposure and an expanded investor base, the combined entity is expected to unlock further shareholder value through synergistic activities and leveraging our combined best-in-class SaaS solutions to further capitalize on the significant global market opportunity.

I'll dive into more details regarding the transaction a bit later, but let's first review our performance during the second quarter of fiscal 2024. We delivered another strong order with record subscriber growth, increased profitability and solid free cash flow. With the macro environment remaining uncertain and volatility persisting across many of our markets, our model continues to be resilient, and our balance sheet remains a strategic aspect.