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m'X I TELEMATICS MOBILE INFORMATION EXCHANGE MiX Telematics Reports First Quarter Fiscal 2022 U.S. GAAP Financial Results First Quarter Highlights : ● Subscription revenues of $ 31.1 million Net subscriber additions of 8,800 , bringing the total base to over 753,000 subscribers Net income of $ 3.5 million Adjusted EBITDA of $ 8.3 million , at a 23.8 % margin Net cash provided by operating activities of $ 4.7 million Cash and cash equivalents of $ 46.1 million at quarter end Midrand , South Africa and Boca Raton , July 29 , 2021 - MiX Telematics Limited ( " MiX Telematics " ) ( NYSE : MIXT , JSE : MIX ) , a leading global Software - as - a - Service ( " SaaS ” ) provider of connected fleet management solutions , today announced financial results , in accordance with accounting principles generally accepted in the United States ( " GAAP " ) , for the first quarter of fiscal 2022 , which ended June 30 , 2021 . " MiX's first quarter performance showed improved financial and operational results , highlighted by sequential expansion of our subscriber base and our return to year over year revenue growth . Our success in signing several large and important wins across different verticals and geographies is an exciting early indication of the growth opportunities we see across our business , " said Stefan Joselowitz , Chief Executive Officer of MiX Telematics . Joselowitz continued , “ Our return to growth was an important near - term milestone and reflects in part the benefits of the investments in our customer relationships , products and go - to - market efforts in recent quarters . We are increasingly confident in our ability to achieve our long - term targets as we execute on our strategy , and as global economic conditions normalize . " Financial Results for the Three Months Ended June 30 , 2021 Subscription Revenues : Subscription revenues were $ 31.1 million , an increase of 20.2 % compared to $ 25.9 million for the first quarter of fiscal 2021. Subscription revenues represented 89.1 % of total revenues during the first quarter of fiscal 2022. Subscription revenues increased by 3.5 % on a constant currency basis , year over year . During the first quarter of fiscal 2022 , the Company's subscriber base grew by a net 8,800 subscribers . The majority of our revenues and subscription revenues are derived from currencies other than the U.S. Dollar . Accordingly , the weakening of the U.S. Dollar against these currencies ( in particular against the South African Rand ) following recent currency volatility , has positively impacted our revenue and subscription revenues reported in U.S. Dollars . Compared to the first quarter of fiscal year 2021 , the South African Rand strengthened by 21 % against the U.S. Dollar . The Rand / U.S . Dollar exchange rate averaged R14.14 in the first quarter of fiscal year 2022 compared to an average of R17.97 during the first quarter of fiscal year 2021. The impact of translating foreign currencies to U.S. Dollars at the average exchange rates during the first quarter of fiscal 2022 led to a 16.7 % increase in reported U.S. Dollar subscription revenues . Total Revenues : Total revenues were $ 34.9 million , an increase of 26.9 % compared to $ 27.5 million for the first quarter of fiscal 2021. Total revenues increased by 9.6 % on a constant currency basis , year over year . Hardware and other revenues were $ 3.8 million , an increase of 134.8 % , compared to $ 1.6 million for the first quarter of fiscal 2021 . The impact of translating foreign currencies to U.S. Dollars at the average exchange rates during the first quarter of fiscal 2022 led to a 17.3 % increase in reported U.S. Dollar revenues . Gross Margin : Gross profit was $ 22.9 million , compared to $ 18.9 million for the first quarter of fiscal 2021. Gross profit margin was 65.5 % , compared to 68.8 % for the first quarter of fiscal 2021 . Income From Operations : Income from operations was $ 4.3 million , compared to $ 2.7 million for the first quarter of fiscal 2021. Operating income margin was 12.4 % , compared to 9.8 % for the first quarter of fiscal 2021. Operating expenses of $ 18.5 million increased by $ 2.3 million , or 14.1 % , compared to the first quarter of fiscal 2021 . 1