MiX Telematics Reports First Quarter 2021 U.S. GAAP Financial Results
Summary
MIDRAND, South Africa & BOCA RATON, Fla.--(BUSINESS WIRE)--MiX Telematics Limited (NYSE: MIXT)(JSE: MIX), a leading global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (“SaaS”), today announced financial results, in accordance with accounting principles generally accepted in the United States ("GAAP"), for the first quarter ended June 30, 2020. I am pleased by the progress we made on our three core goals this year of providing the best-in-class software and support to our customers, preserving profitability and continuing to invest in our strategic growth initiatives.” said Stefan Joselowitz, Chief Executive Officer of MiX Telematics. The decline in constant currency subscription revenue was primarily due to the impact of pricing concessions granted to customers combined with contraction in the Company’s subscriber base as a result of economic conditions attributable to the COVID-19 pandemic. CSO is also responsible for the development of our hardware and software platforms and provides common marketing, product management, technical and distribution support to each of our other operating segments. We believe this provides a useful basis to measure the performance of our business as it removes distortion from the effects of foreign currency movements during the period.
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