Ticking down already too. Thank you everybody for joining. I know it's been a long day here. My name is Dylan Becker. I'm the Research Analyst at William Blair that covers Karooooo Logistics. For all of the necessary disclosures, you can find those on our website at williamblair.com. We have Richard and Paul here, from the team. Richard's got a presentation that he's going to go through for, I don't know, 10 or 15 slides or so, and then we'll go through Q&A to follow that up. With that, gentlemen, thank you for joining us and Richard, take it away. We're tag-teaming. Perfect. Okay, either way. I'm going to stand. Just go to the forward-looking statements and everyone can quickly read the forward-looking statements. I'm sure you all know them. Dylan. Okay. Go ahead, Richard. Who is Karooooo? Karooooo is an operational intelligent platform for connected vehicles and mobile assets. We're delivering mission critical reports and data to help customers make day-to-day decisions to improve their business operations. Our platform is supporting fleet management, asset management, field worker management, and we have AI- assisted video safety, which helps with compliance and risk management. We have a compelling financial profile and a strong balance sheet. This is all underpinned by a Rule of 60 financial profile, and we have a healthy, strong unlevered balance sheet. We're a founder-led organization with a strong track record of disciplined capital allocation, and we focus on organic growth and innovation of our products. We have a growing subscriber base, and accelerating ARR. We currently serve 2.7 million subscribers, mostly in South Africa, Southeast Asia, and Europe. If we have a look at our numbers, our ARR numbers were $ 325 million for the last year. We've got a 95% customer ARR retention ratio. Those 2.7 million subscribers, we're supporting them through over 125,000 businesses. Those businesses are in over 20 countries. We've got just over 7,400 employees that are servicing those customers. An important part of the business is we still have 98% of the revenue is subscription-based revenue. Our LTV to CAC is over 9x at this point in time, which really shows a strong disciplined capital allocation and efficient distribution of our platform. Thanks, Richard. I'm going to quickly run through some of the financials, and then I'll pass it back over to Richard, and he'll talk a little bit about the platform and why we won and a few other things. We recently reported FY 2026 results about two weeks ago. The results were very strong. We report in two different segments. Cartrack is our operational intelligence platform. Cartrack is the primary driver of the strong financial profile of Karooooo. In FY 2026, Cartrack delivered about ZAR 4.8 billion in subscription revenue. That was up 19% year-over-year. There was an acceleration, versus the previous year of 15%. It's important to note that the growth accelerated despite foreign currency headwinds. In U.S. dollars, just north of $300 million in revenue, and in U.S. dollars, the growth rate was 39%, very healthy growth. We combine healthy growth with very strong profitability. In FY 2026, we delivered an operating profit margin of 28%, so very unique financial profile. Karooooo Logistics is another segment. It has a different financial profile. It's our Delivery-as-a-Service. We segment it out in our reporting because it has a different financial profile. That business is growing around 30%. In dollars, it's growing at around 50%, and again, it has a different financial profile. It delivered an 8% operating profit margin. The end customers for both of these segments are essentially the same customers. While Cartrack is an operational intelligence platform, Karooooo Logistics helps large retailers, drugstores, fast food companies in South Africa execute on the e-commerce ambitions by essentially helping them with last mile delivery in South Africa. Now, if you combine Cartrack and Karooooo Logistics on a consolidated basis, we delivered about ZAR 5.5 billion in revenue. That was up 20%. ZAR 4.8 billion in subscription revenue, up 19%, so you can see that the vast majority of revenue is subscription revenue. Operating profit of ZAR 1.4 billion, and EPS of ZAR 32.55. You can see that our operating profit growth of 8% lagged subscription revenue growth. That's primarily for two reasons. One is foreign exchange headwinds. The second is we invest a lot in sales and marketing in FY 2026, to increase our sales capacity and drive acceleration in our growth. In terms of free cash flow, we delivered about just north of ZAR 800 million in free cash flow. That was up 90%, so the business had a very good year in terms of free cash flow generation. We declared a dividend of ZAR 1.50 per share that is payable in July, and that was up 20% year-over-year. Now, we have a very unique financial profile. If you benchmark us against other software companies, we really combine very attractive growth and profitability. If you look at GAAP Rule of 50, we're the only small-cap company in a universe of about 150 software companies that have this financial profile. We're very proud of the financial profile that really combines exceptional profitability and growth. This financial profile really translates to healthy return on invested capital. I'm quickly going to go through some financial and operational highlights from FY 2026. ARR growth in FY 2026 accelerated to around 18%. This is despite foreign currency exchange headwinds. In U.S. dollars, it was up 38%. Notably in South Africa, which is our largest market, it's our most mature market, ARR growth is actually 23%. Very healthy growth in South Africa. Cartrack subscription revenue growth accelerated to 19%. In U.S. dollars, it was 39%. Again, South Africa subscription revenue accelerated to 20% year-over-year. Strong acceleration trends in the business. Our investment in sales and marketing is driving very healthy subscriber growth. Subscriber growth increased 16%. We delivered record Q4 net subscriber additions. Our investments in sales and marketing are starting to pay off. Our growth in terms of subscribers in Asia is accelerating. I mentioned that operating profit was impacted by FX. Our growth-oriented investments accelerate growth. We have a very unique financial profile. When you combine revenue growth and Adjusted EBITDA margin, essentially, we operate at a Rule of 60. It's a very unique financial profile. The business generates a lot of cash, as I previously mentioned. We have a clean and strong balance sheet. I already discussed the dividend. We like to return excess cash to shareholders, currently via dividend. I'm going to pass it over to Richard to talk a little bit about the product. Thank you, Paul. Our operational intelligence platform is not just providing telematics, it's a full end-to-end solution. If you have a look at our existing customer base, we've got very low customer concentration risk and very low industry concentration risks. If you have a look, we're supporting customers in mining, agricultural, logistics, retail, all kind of various sectors, making sure that we support the customers' vehicles, workforce, and any assets they have within their business. You can see from a feature point of view, the platform is very feature diverse in supporting any kind of customers and their requirements. If we look at our typical customer bases, this is customers across various geographies, and you can see here we're supporting customers from FMCG to cement mixing, to leasing customers, to last-mile delivery customers. We've got a very wide range of customer bases throughout the world. If we have a look why we win, this is a very important slide for us. Firstly, it's providing a very easy-to-use and feature-rich platform. Secondly, we're fully vertically integrated, from our sales staff to our installers, to our customer service and support staff, all of that is in-house, that's really making sure that we look after the customers. Customer service is also a strong part of the platform or strong part of the company culture. Making sure that we really service customers is why we have this high retention ratio of over 95%. If we have a look at the geographies we operate. South Africa is still the largest geography, where over 70% of our revenue is coming from. In this area, we're competing against Powerfleet and Geotab, which are North American providers. Then there's some local competition like Ctrack and Netstar. Within Europe, we also see Geotab and Powerfleet and some other local providers. These local providers at this point, some of them are owned by the tire companies. Then Asia. Asia is our strongest growing market at this point, but it's very highly fragmented. We're one of the only providers that is providing a solution across Asia, where all the other competitors are generally local operators. Paul? Sure. Just to finish off, we just want to highlight, since we just reported results, where it really matters in terms of our recent financial report. I mentioned in FY 2026, Cartrack subscription revenue growth accelerated from 15% in FY 2025 to 19%, despite foreign exchange headwinds. The business is showing good underlying acceleration despite some FX headwinds. In terms of ARR growth, the growth reached 18% in South African rand. In U.S. dollars, the growth was 38%. I n South Africa, ARR growth was 23% at the end of the fiscal year in February. Strong growth, especially in South Africa. During FY 2026, it really was an exceptional year in terms of free cash flow generation. We increased our free cash flow by 90%, to around ZAR 810 million, and we returned cash to shareholders via the dividend. We continued our track record of returning excess cash to shareholders. We plan to pay the dividend in July. It's a ZAR 1.50 dividend. It's an increase of 20% year-over-year. As we look out to FY 2027, our guidance at the midpoint implies further acceleration. It also implies 21% EPS growth. If you look at last year, we accelerated, but you didn't see as much flow through down to the EPS line because we were investing a lot in sales and marketing. As we look forward to FY 2027, at the midpoint, we aim to accelerate, but we also aim to generate very healthy EPS expansion. While we hired a lot and invest a lot in sales capacity in FY 2026, we envision a slowdown in hiring in FY 2027. Perfect. Thank you, gentlemen. That was a very helpful overview. Maybe to kind of segue into the Q&A aspect or part of the conversation here. Richard, you've been a part of the business, but as well of the industry for some time. I would love your perspective on how the evolution of the broader kind of telematics moving into connected operation space has evolved. The technology's gotten better, operations have gotten more complex, but what's been kind of the bigger factor or driver of change that's really putting a light on demand and adoption for solutions like yours? Karooooo's been in the business for 22 years now. Although we started with a very much GPS offering, over the years, the product has evolved considerably. If you have a look what a typical customer needs these days, where in the old days customers were happy with location of the vehicles, customers now need a platform that really helps them solve their operational needs. It's not just monitoring the vehicle, it's monitoring the vehicles, monitoring the workforce, whether that workforce be the driver or the co-drivers that are inside the vehicle, as well as monitoring the assets attached to the vehicle. T he customer doesn't have to think for themselves, providing analytics that you show the customer where they can improve their business, how they can improve their operations is key within this market these days. With the evolution of things like video telematics, that's grown dramatically in the last sort of two years, where originally it was a very expensive product. The cost of that product has dropped from thousands of dollars to hundreds of dollars, and it's really helped for wider adoption. This really gives the SMEs and smaller businesses the opportunity to use these tools and get the benefits of these tools, which they didn't before. Recently, within South Africa, we've launched the Cartrack-Tag, which is an asset management product. That really helps you not just look at your vehicles and your staff, but all the assets related to your business. If you're in a construction business, you might have tools that you want to monitor where they are and how productive they are, and how they're being used. The platform is now encompassing all of those solutions. Sure. You guys touched on it in the presentation as well too. I believe the ROI from customers is something like 9x what the cost of the platform is. I guess, could you kind of dive into where those customers are realizing that value from? Obviously, it's fuel efficiency, insurance premium reduction, safety improvement, but kind of give us a sense of how that ROI compounds. The ROI changes depending on the type of customer. A typical customer, you would sit with them and analyze what is the requirements for the customer or what are their pain points. If you have a look at, for example, a mining customer, mining customers are very safety conscious, and they really want to focus on those points. Our general methodology is to take a customer, take the pain points they have, focus on a couple of pain points. Once you've implemented them, then you take the next step and help them improve their business. If you have a look at ROIs, fuel prevention and saving fuel costs, especially with the increase in fuel prices that we're seeing around the world, is a key area. It's a low-hanging fruit that most companies can implement and get benefits in a fairly quick manner. Depending on the industry, fuel costs, whether you're improving the performance of your driver, improving the routes, as well as improving your customer's experience. Your customers want to know when the delivery is going to arrive. If the delivery's late, they want that information. You're also giving the tools to the driver. Before, the drivers were very paper bound. We've seen still today customers in many regions that run their business on Excel spreadsheets and WhatsApp messaging. Now, we're giving them the tool where they can do a delivery, they can do Sign-On-Glass. It's integrated into their ERP platform and that ERP platform invoices the customer immediately. That's a saving in ROI physically on the fuel as well as on all your little operational parts of your business. All of those add up to give a very competitive benefit to a typical customer. I would just add that it costs thousands of dollars to operate a vehicle when you take into account the payroll, the fuel, the insurance, the cost of the vehicle. Our ARPU is $10 a month, give or take. We're very confident in the platform's ability to deliver ROI, given that relatively low ARPU and the cost of operating a vehicle. I would think that it's something that's exceptionally valuable, obviously, in that context as well too. Thinking about who you're selling into, I know you guys gave kind of a handful of examples on the customer slides, but thinking about kind of those businesses, the asset intensity of those businesses, the low margin nature of those businesses where that ROI is quite substantial and meaningful as it pertains to the bottom line for them. We've never focused on any specific industry, like I said. A n ideal customer for us is a customer who has a vehicle or a workforce or some sort of assets. All of those customers are going to get benefits from using our platform. The reality is, there's a large customer base out there, and we see adoption in all areas. If we take logistics, for example, we've seen massive price pressures in the last mile delivery logistics businesses, where these guys are being pushed to save literal cents on every single parcel. It's not just the saving of the money, it's that whole real-time nature. When anybody orders a parcel or something, they want to know where it is, when it's going to arrive. Is it at home? There's this intense need to know exactly what's happening along the value chain line, and that's really where we're adding value to customers. Sure. If we frame that in a financial perspective and tie it to the growth algorithm, we've talked about investments across the platform, 2 million, give or take, plus not minus subscribers on the network today. You said 10 + low double-digit figure. 2.7 million. E xactly. Low double-digit figure per month on the monetization front. How do you think about the levers of adding subscriber count versus expanding ARPU, where's the headroom within both of those segments, if you will? I'll take that one. In FY 2026, we invest a lot in our sales capacity to expand our ability to take advantage of the large runway that we see ahead of us. Our sales and marketing, I think that was up on a consolidated basis 39%, give or take on the year versus 19% subscription revenue growth. Outsized investment in sales and marketing. You're starting to see some of the early signs of success with those investments. Our growth in South Africa is accelerating in terms of ARR and subscription revenue. The growth's accelerating in Asia. What we've said is that in terms of subscriber growth, you should see a positive impact on subscriber growth from those investments in sales and marketing that we made. As we look forward to the FY 2027, you should see a balance of subscriber growth with some of the benefits from selling some of the newer products, tag and video, to our existing customers in South Africa. You should see a balanced algorithm of subscriber growth and some ARPU. Sure. It showed up in the platform evolution. You now have the safety solution, you have asset tags, you have more go-to-market capacity. As we think about that leverage into fiscal 2027, ramping of those resources, as well as just broader maturation of the platform, is that a fair characterization of two of the drivers in the core market? I'll touch on it and then see if Richard wants to add. Obviously, we've invested a lot in sales capacity, some of that capacity has to become productive in FY 2027. On the innovation side, we have new products that Tag expands the TAM beyond vehicles. There are just a lot of tailwinds with video in the market. That's a global phenomenon when it comes to video. We're optimistic that there's a lot of greenfield with the core product in terms of growth, especially in Asia, but also in South Africa. We're obviously very focused on selling Tag and video as well. Organic growth has always been our core focus. You will have seen within the last year, there has been a little bit of push in the upsell area, and we've seen quite good numbers there. Our focus when we're growing the teams at this point in time is to provide upsell teams that go through the existing customer base. Like we said, in South Africa, we've got 2 million customers, 2 million subscribers. Push cameras back into those existing customers, and that's been quite successful and given us some ARPU uplift, as well as pushing and carrying on our organic growth within all the markets. Specifically within Southeast Asia, there's still a massive greenfield opportunity, and we really want to make sure we capitalize on that while we can and grow in every region we can. We've seen the accelerated growth within those regions. We're slowly starting to see the impact of those investments. It's just important to note that most of the growth is greenfield opportunities. We have about 2 million subscribers in South Africa. There are 13 million vehicles. We think we have about 40%-45% market share. There's a lot of runway in the greenfield opportunity in South Africa, and we have a proven track record as well in terms of gaining market share. In Asia, we operate across Southeast Asia, and there's just a huge runway for growth there. It's large populations, it's large economies, it's much earlier stage. We're pretty excited about that opportunity. I definitely want to come back to geographic mix component, but since we just touched on the strength in greenfield dynamic in the core market of South Africa too, I guess, Richard, for you, from a data and a platform perspective, the scale of the network, how you're now solving more solutions, going deeper, finding additional use cases, layering in more value for customers, but how that's driving differentiation and supporting the healthy retention statistics you have, the healthy win rates you have. Just how to think about that moat continuing to grow and compound over time. Two practical examples of sort of network effect. Firstly, the Tag has been a great solution that we released in South Africa, and we've seen very good adoption and very good sales that is helping that growth. The network effect is helping on that side. Also, if we look more at the data side, there's been this big push into operational analytics where we can do comparative analytics, and we use that data moat t o provide that to a customer. We could tell if you're a customer with 20 vehicles and you are in a certain logistics industry, you now have the tools to compare how efficient is your vehicle compared to everybody else in the logistics industry. These kind of comparative analytics help a customer really understand their business. Lots of times, we found customers are not fully aware. Is their business efficient? Can they get more out of their vehicles? These kind of tools that compare and use this wider moat of data really allow a customer to understand where they need to drive their business and what areas they need to improve with. They can actually see not how the competition is doing, but how the industry is improving in their specific market, and that will help them improve their offering to their customers. Perfect. We did call out the three segments: South Africa, Southeast Asia, and Europe. I guess internally, how are you thinking about the opportunities allocating capital within each, and the runway as the platform continues to evolve? I think we want to grow as fast as possible in all the geographies, while delivering within our profitability framework and while maintaining very strong unit economics. Asia is accelerating from a subscriber perspective. South Africa is accelerating and, we obviously, we're focused on Europe as well. There's opportunity in all the markets in which we operate. I'd have to say, obviously given the size, South Africa has a big impact on the overall business. Over the medium to long term, Southeast Asia is the biggest opportunity for the company, given the size of those economies, the populations, and we're just in the very early stages of taking advantage of that. That's probably best reflecting the fact that the core market is accelerating in and of itself as well too, as signs of fundamental momentum. I think if you would've asked us or Zak a few years ago where South Africa would be as a percentage of revenue in FY 2026, he probably would've said a lot lower in terms of percentage of the mix. South Africa has delivered very healthy growth, and it's very resilient, and it's accelerating. That mix isn't coming down. It is a pretty global and diversified business. Obviously, fuel and oil prices are a big dynamic for a lot of your end customers, I guess. It's something that you help solve for too. Are you seeing any impact or implications from the ongoing conflict in the Middle East? How should customers or I guess investors be thinking about exposure there, for the business? It's come up a little bit today in our meetings, probably like half of them. What I'd say is a couple points. The elevated fuel prices provides our salespeople the ammunition to go to customers and show them it's an easy way to deliver ROI to customers. That's helpful. We currently aren't seeing an impact from the war in markets. That's important. Then, obviously we just reported two weeks ago, our guidance that we provided implies acceleration at the midpoint, and healthy EPS growth of 21%. There's really no change to that. I think that answers the question. All good. I know we've got maybe a few minutes here. We've talked a lot about the Cartrack side of the equation. You quickly touched on Karooooo Logistics, I guess. Could you give us a sense as to why Karooooo Logistics makes sense as a part of the Cartrack network and how to think about the evolution of that last mile opportunity as well? The Karooooo Logistics platform was a strategic purchase that we did M&A a couple of years ago. The long-term goal is to provide a more holistic solution to all our customers. Last mile delivery or any kind of delivery is a key part of a lot of businesses. Logistics is a big part of most industries. We've had a real focus of taking that technology, bringing it into our main stack. At the moment, Karooooo Logistics is only operating in South Africa, and they're doing really well. Last year we did 8 million deliveries, parcel deliveries with that software. There's definitely value for customers in all the logistics spaces. As we integrate that software and complete it, we'll release it in other regions to get that value across the board. Logistics customers are in some way quite challenged with pricing. We've seen that in a lot of markets. It's a very competitive market space. Providing solutions in that industry to help improve it is a key part of the platform and the strategy going forward. Perfect. Maybe as one final one to wrap up the conversation here, as I know we're close to time, but Richard, maybe for both of you guys, I guess maybe from a platform perspective and a financial perspective, we've covered a lot on how the evolution of the platform is creating more opportunity to sell into the existing base. There's plenty of greenfield space to go after, presents a healthy growth runway. You have a best-in-class financial profile. What excites you most about the next five-year opportunity for the business and what you can build and innovate on? Obviously what that equates to from a financial perspective. I think the exciting parts for me specifically are the opportunities in the vision space and the analytics space. The video vision has grown dramatically within the last 18 months and the kind of analytics and data you can get. As the AI train carries on, you just get more performance and more speed and more features out of the same platform, so there's great benefits for customers. The second part is the analytics. Also with the help of AI and these evolution of these tools, the data presentation and the way that you can help a customer becomes much simpler. The systems longer term will be able to give better solutions, quicker solutions, and more direct results to a customer, making it much easier for them to do their job. I would say there are a couple of things I'd like to highlight. One is, I know it's over five years. Generally, our growth is very healthy and it's accelerating and it's pretty rare to have a company in a competitive market with the financial profile that we have with accelerating growth, with healthy profitability. There's just a big runway in terms of the potential opportunity going forward. Especially in Asia. It's very early days in Asia. These are very big countries. They're big economies, large population bases. If you see the business that we've built in South Africa, much smaller population than the Asian countries, many of them much smaller, depending on the country, but in aggregate, it's a much smaller GDP. If you put that together and you project forward however many years, over the long term, the Asia opportunity is substantial given the size of those economies. That's great. I believe we're at time here, so that will wrap the prepared presentation, prepared remarks. Because this is the final presentation for the day in this room, we will stay in here for the breakout presentation. We will continue with open Q&A after that. Thank you. Thank you.