Karooooo Ltd (KARO) 2023 Q4 法說會逐字稿

Welcome, and thank you for joining Karooooo's Q4 and Full year's FY '23 Results Webinar. I'm Carmen, the Group Chief Strategy and Marketing Officer, and together with Hoeshin, our Group Chief Financial Officer, will be taking you through our performance, growth and future plans. Our team, led by our CEO and founder, Zak, is committed to delivering on our strategic goals and creating long-term value for all of our stakeholders.

歡迎並感謝您參加 Karooooo 的第 4 季度和全年的 23 財年業績網絡研討會。我是集團首席戰略和營銷官 Carmen，我將與集團首席財務官 Hoeshin 一起向您介紹我們的業績、增長和未來計劃。我們的團隊由我們的首席執行官兼創始人 Zak 領導，致力於實現我們的戰略目標並為我們所有的利益相關者創造長期價值。

All shareholders and investors are advised to read this disclaimer. Today, we will be reviewing all 3 of Karooooo's business units in today's webinar, namely Cartrack, Carzuka and Karooooo Logistics. Karooooo's not just embracing the future of operations, we are helping to find it.

建議所有股東和投資者閱讀此免責聲明。今天，我們將在今天的網絡研討會中回顧 Karoooooo 的所有 3 個業務部門，即 Cartrack、Carzuka 和 Karooooo Logistics。 Karoooooo 不僅擁抱運營的未來，而且我們正在幫助尋找它。

We understand that mobility is core to all operations and see the large value in not just connected vehicles and equipment, but in connected teams and data-driven decision-making. By leading the way with innovative solutions and bold new practices, we are on a mission to be the leading operations cloud. We envision a world where operational frictions are eliminated and businesses can operate in a seamless, efficient and safe way that enables them to achieve more with less. But achieving this is becoming significantly more difficult for operators. They're running 24-hour operations, their customers' expectations are increasingly leading to more complicated jobs that span multiple teams and departments. Their employee expectations are also increasing.

我們了解移動性是所有運營的核心，並且不僅在互聯車輛和設備中看到了巨大價值，而且在互聯團隊和數據驅動的決策制定中也看到了巨大價值。通過引領創新解決方案和大膽的新實踐，我們的使命是成為領先的運營雲。我們設想一個消除運營摩擦的世界，企業可以以無縫、高效和安全的方式運營，從而使他們能夠事半功倍。但對於運營商而言，實現這一目標變得更加困難。他們 24 小時不間斷運營，客戶的期望越來越高，導致跨越多個團隊和部門的工作變得更加複雜。他們的員工期望也在增加。

Everything needs to be in real time, new regulations keep popping up, costs of skyrocketing. There's new technology emerging daily. Teams are using more tools than they can remember. There's an overwhelming amount of data available, a little of which is leading to actionable, real, tangible insights. Things have become complex and they are unmanageable without a simple but not simplistic, solution like ours.

一切都需要實時進行，新法規不斷湧現，成本飆升。每天都有新技術出現。團隊使用的工具比他們記得的要多。有大量的可用數據，其中的一小部分正在導致可操作的、真實的、有形的見解。事情已經變得複雜，如果沒有像我們這樣簡單但不簡單的解決方案，它們將無法管理。

Throughout our 17 years in the industry, we have a strong track record of identifying trends early and understanding how we can build a solution that will benefit customers. We sold a large amount of independent as well as interconnected challenges for customers from fleet and equipment management and maintenance to delivery operations and field work management from risk management and compliance, to resource scheduling and vehicle procurement. By digitally transforming operations and offering tools that help guide our customers in navigating their challenges, we had strong value to their daily operations. Karooooo plays in massive interconnected and largely untapped global markets.

在我們從事該行業的 17 年中，我們在及早發現趨勢並了解我們如何構建有利於客戶的解決方案方面擁有良好的記錄。我們為客戶出售了大量獨立和相互關聯的挑戰，從車隊和設備管理和維護到交付運營和現場工作管理，從風險管理和合規性，到資源調度和車輛採購。通過對運營進行數字化轉型並提供有助於指導我們的客戶應對挑戰的工具，我們對他們的日常運營具有強大的價值。 Karoooooo 在巨大的相互關聯且基本上未開發的全球市場中發揮作用。

According to analyst estimates, operations account for over 40% of global GDP. We have a huge runway ahead of us. Businesses are becoming more aware that IoT data is critical to improving their operations and operations are increasingly more cross-functional, meaning the interdependencies between the problems we solve are expanding along with the opportunity ahead of us. We are only at the start of a large long-term growth opportunity.

據分析師估計，運營佔全球 GDP 的 40% 以上。我們面前有一條巨大的跑道。企業越來越意識到物聯網數據對於改善其運營至關重要，並且運營越來越具有跨職能性，這意味著我們解決的問題之間的相互依賴性隨著我們面前的機遇而擴大。我們只是處於一個巨大的長期增長機會的開始。

Globally, Karooooo saw a 19% increase in the number of commercial customers using its cloud platform. As of Q4 FY '23, we helped over 105,000 small to large businesses across diverse industries, optimize their operations, and we continue to see no customer or industry concentration risk.

在全球範圍內，Karoooooo 使用其云平台的商業客戶數量增加了 19%。截至 23 財年第四季度，我們幫助了不同行業的 105,000 多家小型到大型企業優化了他們的運營，我們繼續認為沒有客戶或行業集中風險。

Customers have adopted our solution in varying ways, but all rely on our platform for their operations. The vast diversity in geographies, customers and applications of our platform speak to our strong ability to create a sticky solution and localized to market needs in a scalable manner. Our strong track record of profitably growing at scale is best explained through an understanding of our fundamental business culture and principles that Zak took to market in 2004. Firstly, we are fully vertically integrated. From sales to technical installations, R&D to customer care, we do it all ourselves.

客戶以不同的方式採用了我們的解決方案，但都依賴於我們的平台進行運營。我們平台在地域、客戶和應用程序方面的巨大差異說明了我們創建粘性解決方案並以可擴展的方式本地化以滿足市場需求的強大能力。通過了解 Zak 於 2004 年推向市場的基本商業文化和原則，我們可以很好地解釋我們在大規模盈利增長方面的良好記錄。首先，我們是完全垂直整合的。從銷售到技術安裝，從研發到客戶服務，我們全部親力親為。

This has given us in-depth tangible knowledge of the day-to-day operational challenges our customers face. This means that we have been building operational software that links different business units and solve complex problems since we were founded. We also know that not all data is useful, and it's the ability to link data from different sources and managing to communicate that in a simple to understand and execute way that makes a difference.

這使我們對客戶面臨的日常運營挑戰有了深入的有形知識。這意味著我們自成立以來一直在構建連接不同業務部門並解決複雜問題的運營軟件。我們還知道，並非所有數據都是有用的，能夠鏈接來自不同來源的數據並設法以易於理解和執行的方式進行交流的能力會有所不同。

Most importantly, we ensure our technology is setting our businesses -- most importantly, we ensure our technology is setting a business up for success today, tomorrow and all days ahead. Our technology does not just focus on detecting problems and remedying the damages.

最重要的是，我們確保我們的技術正在為我們的業務奠定基礎——最重要的是，我們確保我們的技術正在為今天、明天和未來所有日子的成功奠定基礎。我們的技術不僅僅專注於檢測問題和補救損害。

It also focuses on tackling the root cause of challenges to prevent them from occurring in the first place. Secondly, we build scalable solutions. We went to market with a solution that solve 80% of all customers' problems and did not focus on developing a niche product for a specific industry or customer. This has helped us because building for scale rather than customizing forced us to learn how to distribute successfully at scale across different regions and through different macroeconomic environments.

它還側重於解決挑戰的根本原因，以防止它們在第一時間發生。其次，我們構建可擴展的解決方案。我們帶著解決 80% 所有客戶問題的解決方案進入市場，而不是專注於為特定行業或客戶開發利基產品。這對我們很有幫助，因為規模建設而不是定制迫使我們學習如何在不同地區和不同的宏觀經濟環境中成功地進行大規模分銷。

We've also learned that customers need to have everything in one place and understand that alone, we are unlikely to provide all the data needed to fully contextualize the business. So we've ensured our platform has open APIs and have built an ecosystem that truly addresses the needs of a business. This increases our platform stickiness and future-proof our solution as customers' needs evolve.

我們還了解到，客戶需要將一切都集中在一個地方，並且了解僅憑這一點，我們不太可能提供完全將業務背景化所需的所有數據。因此，我們確保我們的平台擁有開放的 API，並構建了一個真正滿足企業需求的生態系統。隨著客戶需求的發展，這增加了我們的平台粘性和麵向未來的解決方案。

And finally, we focus on delivering a world-class customer experience. When we launched our fleet management solution, we went straight to cloud and we were the first to market, allowing customers the convenience of choosing a location and time for their IoT installations.

最後，我們專注於提供世界一流的客戶體驗。當我們推出我們的車隊管理解決方案時，我們直接進入了雲，我們是第一個推向市場的，讓客戶可以方便地選擇他們的物聯網安裝的位置和時間。

This customer centricity has helped build strong foundations for our business. Today, we consistently invest in and improve on our proprietary internal systems and tools that empower to exceed our customers' expectations. We see many companies beginning to struggle once they reach a seed in scale as they cannot efficiently manage so many moving parts. Our proprietary internal systems allow us to remain extremely streamlined in servicing our customers as we grow at scale, ensuring we maintain our strong customer centricity and efficiencies.

這種以客戶為中心的理念為我們的業務奠定了堅實的基礎。今天，我們不斷投資和改進我們專有的內部系統和工具，這些系統和工具能夠超越客戶的期望。我們看到許多公司一旦達到規模就開始掙扎，因為他們無法有效地管理如此多的活動部件。隨著我們規模的擴大，我們專有的內部系統使我們能夠在為客戶提供服務方面保持極其精簡，確保我們保持以客戶為中心和高效。

Constant innovation is our status quo. We always ask, is there a better way to do this? We do not believe that because it was the right way to do things 2 years ago, it is still the right way of doing things today. And finally, we work with our customers to guarantee our solution fits into their business and is easy to implement across all stakeholders.

不斷創新是我們的現狀。我們總是問，有沒有更好的方法來做到這一點？我們不相信，因為這是 2 年前做事的正確方法，所以今天仍然是正確的做事方法。最後，我們與客戶合作，確保我們的解決方案適合他們的業務，並且易於在所有利益相關者中實施。

This ensures strong uptake and long-term stickiness as customers very quickly feel the strong ROI of our solution. Fundamentally, our foundations have allowed us to successfully differentiate ourselves for strong execution, and we consistently build for the future.

這確保了強烈的吸收和長期粘性，因為客戶很快就會感受到我們解決方案的強大投資回報率。從根本上說，我們的基礎使我們能夠成功地脫穎而出，實現強大的執行力，並且我們始終如一地為未來而建設。

We are forward-looking and are building a sustainable business that will benefit stakeholders for the generations to come. In summary, we win for the following reasons. We have unique go-to-market strategies with challenge status quo and focus on solving problems. We place full focus on providing a great customer experience. Customers know they can rely on our solution as the backbone of their operations. Our culture is entrepreneurial. Our teams take ownership, are innovative and remain agile to adapt to different market conditions.

我們具有前瞻性，正在建立可持續發展的業務，造福子孫後代的利益相關者。綜上所述，我們獲勝的原因有以下幾點。我們擁有獨特的上市策略，挑戰現狀並專注於解決問題。我們完全專注於提供卓越的客戶體驗。客戶知道他們可以依靠我們的解決方案作為他們運營的支柱。我們的文化是企業家精神。我們的團隊擁有自主權，具有創新精神並保持敏捷以適應不同的市場條件。

We have a user-friendly end-to-end operations cloud, it's easy for customers to derive huge value from our platform. We have strong distribution channels, we can reach small to large customers across varying industries and geographies regardless of where they are in their digitalization journey.

我們擁有用戶友好的端到端運營雲，客戶可以輕鬆地從我們的平台中獲得巨大價值。我們擁有強大的分銷渠道，我們可以覆蓋不同行業和地區的小型到大型客戶，無論他們處於數字化之旅的哪個階段。

We have proprietary internal management systems. Our teams and business units speak to each other to ensure we can continue to successfully scale at large. Our business is also vertically integrated.

我們擁有專有的內部管理系統。我們的團隊和業務部門相互交流，以確保我們能夠繼續成功地大規模擴展。我們的業務也是垂直整合的。

All components of our operation are aligned towards the same goal. Fundamentally, we deliver a high ROI for customers and customers rely on our platform to run their month-to-month, day-to-day, hour-to-hour operations. For many, the uptime of our platform is more important than the uptime of any other software their business is using. Whilst there is a lot of noise in the world, there are 3 key trends that have gained strong sustained momentum and are driving huge need and adoption for our platform.

我們運營的所有組成部分都朝著同一個目標對齊。從根本上說，我們為客戶提供高投資回報率，而客戶依靠我們的平台來運行他們的月度、日常、小時到小時的操作。對於許多人來說，我們平台的正常運行時間比他們企業使用的任何其他軟件的正常運行時間更重要。雖然世界上有很多噪音，但有 3 個關鍵趨勢已經獲得了強勁的持續動力，並正在推動對我們平台的巨大需求和採用。

Firstly, digitalization. Companies of all sizes and across all industries are looking for ways in which they can reinvent their business with technology. They understand that to remain competitive, they need full visibility of their operations. They know that they need to leverage data and contextualize insights to meet the speed of quick decision-making required in today's world.

第一，數字化。各種規模和各行各業的公司都在尋找可以利用技術重塑業務的方法。他們明白，要保持競爭力，他們需要全面了解自己的運營。他們知道他們需要利用數據並將洞察力融入情境，以滿足當今世界所需的快速決策速度。

Then ESG, companies and consumers are looking to do better and companies are looking to go far beyond just reducing their carbon emissions. They're looking at increasing vehicle life spans, switching to electric vehicles, increasing their community impact with better service delivery.

然後 ESG、公司和消費者都希望做得更好，而公司正在尋求遠遠超出減少碳排放量的範圍。他們著眼於延長汽車壽命、改用電動汽車、通過提供更好的服務來增加對社區的影響。

Customers are asking us to show them how to use our solution to bridge the historical divide between drivers, teams and managers to boost morale and safety within their business. And lastly, compliance, businesses and regulators are looking for increased transparency and compliance spreading across all operations teams and industries.

客戶要求我們向他們展示如何使用我們的解決方案來彌合司機、團隊和經理之間的歷史鴻溝，以提高他們業務中的士氣和安全性。最後，合規、企業和監管機構正在尋求在所有運營團隊和行業中提高透明度和合規性。

Governments are implementing and enforcing more laws around work times and other safety or well-being metrics and penalties for noncompliance legislation are increasing. We have seen these shifts intensify over the years globally. And now we see that companies are embracing change and determined to be great at them. Asia is full of rapidly growing emerging markets, making the opportunity for Karooooo huge.

政府正在實施和執行更多關於工作時間和其他安全或福祉指標的法律，對不遵守立法的處罰也在增加。多年來，我們已經看到這些轉變在全球範圍內愈演愈烈。現在，我們看到公司正在擁抱變革，並決心在變革中脫穎而出。亞洲充滿了快速發展的新興市場，這為 Karoooooo 帶來了巨大的機遇。

Each market remains largely underpenetrated and fragmented with no single large nor comprehensive provider. -- populations in these markets are digitally savvy and technology is widespread, even in small remote towns. Whilst the opportunity is large, it is important to note that Asia is full of strong cultures that vary dramatically between markets.

每個市場在很大程度上仍未滲透和分散，沒有單一的大型或綜合供應商。 ——這些市場中的人們精通數字技術，技術也很普及，即使在偏遠的小鎮也是如此。雖然機會很大，但重要的是要注意亞洲充滿了強大的文化，這些文化在不同市場之間差異很大。

It's a place where it is critical to have hands on the ground to understand all local nuances and localize effectively. We believe by positioning our global headquarters in Singapore, we are positioned well for success. Companies are also looking for partners they can rely on for their business, and they are learning quickly to think about return rather than just focusing on cost. We see many large and small businesses come to us for our reliable, easy-to-use platform as well as our strong customer centricity and support. Our advanced cloud platform and robust service delivery sets us up well to compete favorably in Asia.

在這個地方，必須親身實踐以了解所有當地的細微差別並有效地進行本地化。我們相信，通過將我們的全球總部設在新加坡，我們為成功做好了準備。公司也在尋找他們可以依賴的合作夥伴，他們正在迅速學會考慮回報而不是僅僅關注成本。我們看到許多大大小小的企業因為我們可靠、易於使用的平台以及我們強大的以客戶為中心和支持而來找我們。我們先進的雲平台和強大的服務交付使我們在亞洲競爭中處於有利地位。

Whilst there is a portion of the market that is only beginning their digitalization journey, there is also a large portion of the market paving the way with sophisticated needs. Companies understand the value our platform provides and rely on our analytics to deliver on their missions. These companies are doing much more than just looking at GPS.

雖然有一部分市場才剛剛開始他們的數字化之旅，但也有很大一部分市場為複雜的需求鋪平了道路。公司了解我們的平台提供的價值，並依靠我們的分析來完成他們的使命。這些公司所做的不僅僅是研究 GPS。

Companies care about their service delivery. A tourism company uses our solution to ensure their passengers are transported safely on time and also receive the full trip they were sold. Sophisticated reporting alerts managers when drivers deviate from their prescribed routes, leave tourism sites too quickly or make any unexpected stops.

公司關心他們的服務交付。一家旅遊公司使用我們的解決方案來確保他們的乘客按時安全運送，並獲得他們所銷售的完整行程。當司機偏離規定路線、過快離開旅遊景點或進行任何意外停車時，複雜的報告會提醒管理人員。

With our platform, they have brought down their speeding events significantly and ensured all trips run according to schedule. They understand that our solution is a core product to their reputation, risk management and brand. Businesses are also forward thinking. A short-term rentals company has fully adopted EV that uses our solution to optimize their charging schedules, our advanced engine diagnostics and other telemetry data to establish effective maintenance schedules that never overshoot or undershoot services, leading to a huge reduction in overall maintenance costs whilst extending vehicle life spans.

借助我們的平台，他們大大減少了超速事件，並確保所有行程都按計劃進行。他們明白我們的解決方案是他們聲譽、風險管理和品牌的核心產品。企業也具有前瞻性思維。一家短期租賃公司已完全採用電動汽車，該電動汽車使用我們的解決方案來優化他們的充電計劃、我們先進的發動機診斷和其他遙測數據，以建立有效的維護計劃，永遠不會超調或欠調服務，從而大幅降低總體維護成本，同時延長車輛使用壽命。

With vehicle productivity metrics, they know a way to house each vehicle and are better able to predict demand for their business planning and vehicle purchasing. They were able to effectively launch a vehicle delivery solution with our in-field service tools, giving them a game-changing differentiator and they have redefined what customers expect from rental companies.

通過車輛生產率指標，他們知道如何安置每輛車，並且能夠更好地預測對其業務規劃和車輛採購的需求。他們能夠使用我們的現場服務工具有效地推出車輛交付解決方案，為他們提供改變遊戲規則的差異化因素，並且他們重新定義了客戶對租賃公司的期望。

Businesses are also data-driven. A FMCG business doing over 10,000 day deliveries understands the value of data and contextualizing it across different business units. Using our platform, all teams now have full and unified visibility of the entire business process. real-time analytics and communication has enabled them to slash the number of steps in the delivery process, saving them thousands of hours across their fleet daily. With sophisticated APIs into their ERP and other tools, they have connected their entire operation. The queuing downtime of a vehicle as a result of inefficient warehousing strategies has been minimized. -- driver wages are now accurately calculated, safety has skyrocketed through gamified safe driving plans, idling and unproductive fuel usage has been conquered.

企業也是數據驅動的。一家每天交付超過 10,000 天的快速消費品企業了解數據的價值並將其跨不同的業務部門結合起來。使用我們的平台，所有團隊現在都可以全面、統一地了解整個業務流程。實時分析和通信使他們能夠減少交付過程中的步驟數量，每天為他們的車隊節省數千小時。通過將復雜的 API 集成到他們的 ERP 和其他工具中，他們已經連接了整個操作。由於倉儲策略效率低下而導致的車輛排隊停機時間已降至最低。 -- 司機工資現在可以準確計算，通過遊戲化的安全駕駛計劃安全性飆升，空轉和非生產性燃料使用已被克服。

The business has seen dramatic savings from the increased productivity across their fleet and warehouses as well as peace of mind knowing their drivers are representing the company in a strong professional life. Peru has a large untapped network effect opportunity generated from its platform with over 125 billion valuable data points generated monthly.

該公司從車隊和倉庫生產力的提高中獲得了顯著的節省，並且知道他們的司機在強大的職業生涯中代表著公司，讓他們高枕無憂。秘魯的平台產生了巨大的未開發網絡效應機會，每月產生超過 1250 億個有價值的數據點。

In South Africa alone, we have around 10% of all vehicles on the road, giving us a huge runway for adding increased benefits for our customers. Customers are benefiting as we are personalizing their experiences and providing them with tools to improve decision-making and increase their efficiencies.

僅在南非，我們就有大約 10% 的車輛在路上行駛，這為我們提供了一條巨大的跑道，可以為我們的客戶增加更多的利益。客戶正在受益，因為我們正在個性化他們的體驗並為他們提供工具來改進決策並提高他們的效率。

For example, the company can now benchmark their operations against others in their industries. Predictive analytics of historical data are not only leading to improved customer loyalty but allow us to develop new products and services to expand on our platform. To summarize, we believe our strong management entrepreneurial culture and vertically integrated business model have led to our proven track record of growth and profitability in varying macroeconomic headwinds across regions.

例如，公司現在可以將他們的運營與同行業的其他公司進行比較。歷史數據的預測分析不僅可以提高客戶忠誠度，還可以讓我們開發新產品和服務以擴展我們的平台。總而言之，我們相信我們強大的管理創業文化和垂直整合的商業模式使我們在不同地區的不同宏觀經濟逆風中取得了良好的增長和盈利記錄。

We innovate through an entrepreneurial approach that prioritizes customer needs, utilizing our hands-on experience and skills and being adaptable in both planning and execution. We offer a strong value proposition that is easy to prove to customers. Our customer churn remains low as customers see we are consistently delivering on new value-enhancing solutions whilst maintaining a stable ARPU. They trust us.

我們通過優先考慮客戶需求的創業方法進行創新，利用我們的實踐經驗和技能，並在規劃和執行方面具有適應性。我們提供易於向客戶證明的強大價值主張。我們的客戶流失率仍然很低，因為客戶看到我們始終如一地提供新的增值解決方案，同時保持穩定的 ARPU。他們信任我們。

We are able to pass on the benefits of economies of scale to our customers as we successfully execute whilst maintaining prudent capital allocation. Karooooo has a strong financial foundation, the ability to control prices and maintain high operating profit margins, solid unit economics and a history of sustained growth at scale has resulted in a robust balance sheet and resilient business model.

我們能夠將規模經濟的好處傳遞給我們的客戶，因為我們成功執行，同時保持審慎的資本配置。 Karoooooo 擁有強大的財務基礎、控制價格和維持高營業利潤率的能力、穩固的單位經濟效益以及規模持續增長的歷史，從而形成了穩健的資產負債表和富有彈性的商業模式。

We have ample runway for growth. I will now pass over to Hoeshin, who will take us through our financial performance. Thank you.

我們有充足的增長跑道。我現在將轉交給 Hoeshin，他將向我們介紹我們的財務業績。謝謝。

We'll now talk through Karooooo's financial performance for quarter 4 FY '23. Please note that all comparisons are against quarter 4 FY '22, unless otherwise stated. The performance of quarter 4 has been strong, and our cash generation continued to bolster from our profitable SaaS business model. As expected, after substantial investment for future growth in all segments, operating profits and earnings per share for the quarter rose by 60% and 51%, respectively.

我們現在將討論 Karoooooo 在 23 財年第 4 季度的財務業績。請注意，除非另有說明，否則所有比較均針對 22 財年第 4 季度。第 4 季度的表現一直很強勁，我們的現金產生繼續得益於我們盈利的 SaaS 業務模式。正如預期的那樣，在對所有部門的未來增長進行大量投資後，本季度的營業利潤和每股收益分別增長了 60% 和 51%。

Year-to-date operating profit increased by 26% to ZAR 882 million, and earnings per share increased by 27% to ZAR 19.29. This is the result of our prudent and strategic investment growth strategy. Free cash flow up by 54% in this quarter and 44% on a year-to-date basis. This result was achieved despite the group's strategic investment in the expansion brand building and customer acquisition for long-term growth. Considering the strong earnings and free cash flow, clean and unleveraged balance sheet, we are pleased to declare a record dividend of USD 0.85 per share. The dividend will be paid to the shareholders in July 2023. We are confident that this will not impact our growth. We view our business and report our performance into 3 segments, namely Cartrack, Carzuka and Karooooo Logistics.

年初至今營業利潤增長 26% 至 8.82 億南非蘭特，每股收益增長 27% 至 19.29 南非蘭特。這是我們謹慎和戰略性投資增長戰略的結果。本季度自由現金流增長 54%，年初至今增長 44%。儘管該集團為擴大品牌建設和客戶收購進行了戰略投資以實現長期增長，但仍取得了這一成績。考慮到強勁的收益和自由現金流、乾淨且無槓桿的資產負債表，我們很高興地宣布創紀錄的每股 0.85 美元股息。股息將於 2023 年 7 月支付給股東。我們相信這不會影響我們的增長。我們查看我們的業務並將我們的業績報告為 3 個部分，即 Cartrack、Carzuka 和 Karooooo Logistics。

Our total revenue increased by 24% to ZAR 916 million at the end of Q4 and ZAR 3,507 million on a year-to-date basis. Cartrack growth is revenue by 16% to ZAR 796 million at the end of Q4 and 17% to ZAR 3,076 million on a year-to-date basis.

截至第四季度末，我們的總收入增長了 24%，達到 9.16 億南非蘭特，年初至今為 35.07 億南非蘭特。 Cartrack 的增長是第四季度末收入增長 16% 至 7.96 億南非蘭特，年初至今增長 17% 至 30.76 億南非蘭特。

Operating profit for the year increased by 28% to ZAR 915 million, and operating profit margin stood at 30%. Cartrack's year-to-date EBITDA margin at 47% is in line with Karooooo's planned investment for future growth and management guidance range for 2023.

全年營業利潤增長 28% 至 9.15 億南非蘭特，營業利潤率為 30%。 Cartrack 年初至今的 EBITDA 利潤率為 47%，符合 Karooooo 計劃對 2023 年的未來增長和管理指導範圍進行的投資。

Carzuka steady expansion continued to justify our belief in the sustainability of agile, data-enhanced and highly scalable business model. It is also a testament of Karooooo's customer-centric innovation in solving unique mobility needs. Carzuka delivered ZAR 64 million in revenue at the end of Q4 and ZAR 251 million year-to-date.

Carzuka 的穩步擴張繼續證明我們對敏捷、數據增強和高度可擴展的業務模型的可持續性的信念。這也證明了 Karoooooo 在解決獨特的移動需求方面以客戶為中心的創新。 Carzuka 第四季度末實現收入 6400 萬南非蘭特，年初至今實現收入 2.51 億南非蘭特。

While it is at an operating loss as we continue to invest in the infrastructure and brand building, we will also focus in refining our internal processes to improvise the efficacy and being pragmatic in our spending. Once the revenue is more than $300 million per quarter, we believe the business will turn profitable.

雖然由於我們繼續投資於基礎設施和品牌建設而處於運營虧損狀態，但我們還將專注於改進我們的內部流程以提高效率並在我們的支出中務實。一旦每季度收入超過 3 億美元，我們相信該業務將扭虧為盈。

Karooooo Logistics delivered significant growth, generating ZAR 56 million in revenue at the end of Q4 and ZAR 180 million on a year-to-date basis. Karooooo Logistics showed an encouraging operating profit of ZAR 5 million and an operating profit margin of 3% for the year. Its focus on delivery as a service has gained momentum, while we continue to integrate into Karooooo platform to expand its customer base.

Karoooooo Logistics 實現了顯著增長，第四季度末的收入為 5600 萬南非蘭特，年初至今為 1.8 億南非蘭特。 Karoooooo Logistics 的經營利潤為 500 萬南非蘭特，全年經營利潤率為 3%，令人鼓舞。它對交付即服務的關注獲得了動力，同時我們繼續整合到 Karooooo 平台以擴大其客戶群。

All segments are seeing strong traction with the benefit of our strategic investment beginning to show. Our profitable SaaS business model continued to bolster our cash flow generation ability with net cash on hand up by 35% at the end of the year at ZAR 966 million.

隨著我們戰略投資的好處開始顯現，所有細分市場都受到了強勁的推動。我們盈利的 SaaS 業務模式繼續增強我們的現金流生成能力，年底手頭現金淨額增長 35%，達到 9.66 億南非蘭特。

During the year, ZAR 72 million are invested in the development of South African Central Office and ZAR 50 million are invested in the working capital of Carzuka. In Q3, cash dividend of $18.6 million was paid to the shareholders. That does turnover days continued to show improvement to 31 days alongside with prudent provisioning to weather of strong economic headwinds in some of the markets we are operating. We have strong unit economics, robust operating margins, a strong balance sheet and cash position and have consistently beaten the rule of 40.

年內，7200萬南非蘭特用於南非中央辦公室的發展，5000萬南非蘭特用於Carzuka的營運資金。第三季度，向股東支付了 1860 萬美元的現金股息。這確實使周轉天數繼續改善至 31 天，同時在我們經營的一些市場中針對強勁的經濟逆風天氣進行了謹慎的準備。我們擁有強大的單位經濟效益、強勁的營業利潤率、強大的資產負債表和現金狀況，並且一直打破 40 的規則。

We remain confident that our track record of success, especially our ability to generate healthy cash flow is sustainable. Our earnings per share increased by 51% to $4.70 in Q4 and 26% to ZAR 1.29 on a year-to-date basis. The increase is the result of positive revenue growth and improved profitability during the year, despite the impact from the dividend withholding tax of ZAR 27 million.

我們仍然相信我們的成功記錄，尤其是我們產生健康現金流的能力是可持續的。第四季度每股收益增長 51% 至 4.70 美元，年初至今增長 26% 至 1.29 南非蘭特。儘管受到 2700 萬南非蘭特的股息預扣稅的影響，這一增長是年內收入正增長和盈利能力提高的結果。

We will now focus on Cartrack, the underlying assets to Karooooo's success. Cartrack's continue to prove its ability to scale in varying macroeconomic conditions. Overall, subscribers grew at scale by 13% to 1,717,077. And in this quarter, subscription revenue grew to ZAR 793 million, and operating profit rose to ZAR 248 million.

我們現在將關注 Cartrack，它是 Karooooo 成功的基礎資產。 Cartrack 繼續證明其在不同的宏觀經濟條件下進行擴展的能力。總體而言，訂戶規模增長了 13%，達到 1,717,077 人。本季度，訂閱收入增長至 7.93 億南非蘭特，營業利潤增長至 2.48 億南非蘭特。

Our track record of strong annual compounding growth and financial discipline can be seen in our performance. On a year-to-date basis, Cartrack's subscription revenue grew 17% to ZAR 3,004 million, and our operating profit grew 28% to a record ZAR 950 million. Our operating profit and operating profit margin were negatively impacted this financial year as we expense upfront a bigger portion of our cost of acquiring a subscriber in our cloud than in previous year. With mentioning our SaaS ARR for the year grew by 19%.

從我們的業績中可以看出我們強勁的年度複合增長和財務紀律的記錄。從年初至今，Cartrack 的訂閱收入增長了 17%，達到 30.04 億南非蘭特，我們的營業利潤增長了 28%，達到創紀錄的 9.5 億南非蘭特。我們的營業利潤和營業利潤率在本財政年度受到了負面影響，因為與上一年相比，我們在雲中獲取訂戶的成本中預付了更大的一部分。提到我們今年的 SaaS ARR 增長了 19%。

As cartrack continued with strong sales revenue growth, cartrack's total revenue grew 17% to ZAR 3,077 million. cartrack's total subscription revenue represents 98% of total revenue, in line with our SaaS business model. The strong performance of Cartrack was largely supported by demand of small to large enterprise to improve compliance functions and to digitally transform their business to become more efficient and competitive.

由於 cartrack 的銷售收入繼續強勁增長，cartrack 的總收入增長了 17%，達到 30.77 億南非蘭特。 cartrack 的總訂閱收入佔總收入的 98%，符合我們的 SaaS 業務模式。 Cartrack 的強勁表現在很大程度上得到了小型到大型企業改善合規性功能以及對業務進行數字化轉型以提高效率和競爭力的需求的支持。

As cartrack continues to have great visibility of future revenue, our realization of economies of scale continue to demonstrate our ability to expand our margin. Gross profit for Q4, up by 27% to ZAR 568 million, and gross profit margin improved from 65.4% to 71.4% compared to Q4 last year. On a year-to-date basis, gross profit up by 22% to ZAR 2,222 million and gross profit margin improved from 68.4% to 71.6% compared to last year. Operating profit for Q4, up by 61% to ZAR 248 million, and operating profit margin improved from 22.5% to 31.1% compared to the same quarter last year. On a year-to-date basis, operating profit up by 28% to ZAR 950 million and operating profit margin improved from 27.1% to 29.7% compared to last year. Adjusted EBITDA up by 23% to ZAR 371 million and adjusted EBITDA margin improved from 44.2% to 46.6% compared to Q4 last year.

隨著 Cartrack 繼續對未來收入有很好的了解，我們實現規模經濟繼續證明我們有能力擴大利潤。與去年第四季度相比，第四季度毛利潤增長 27% 至 5.68 億南非蘭特，毛利率從 65.4% 提高至 71.4%。年初至今，毛利增長 22% 至 22.22 億南非蘭特，毛利率從去年的 68.4% 提高至 71.6%。與去年同期相比，第四季度營業利潤增長 61% 至 2.48 億南非蘭特，營業利潤率從 22.5% 提高至 31.1%。年初至今，營業利潤增長 28% 至 9.5 億南非蘭特，營業利潤率從去年的 27.1% 提高至 29.7%。與去年第四季度相比，調整後的 EBITDA 增長 23% 至 3.71 億南非蘭特，調整後的 EBITDA 利潤率從 44.2% 提高至 46.6%。

On a year-to-date basis, adjusted EBITDA up by 19% to ZAR 1,456 million, and adjusted EBITDA margin improved from 46.6% to 47.3%. Cartrack low cost of acquiring a customer, high customer lifetime value and retention rate as well as strong benefits from economy of [skill] results in our leading unit economics. Our LTV to CAC is overnight. We have strong profit margins with our gross profit margin on subscription revenue is 73%, and our operating profit margin is 30%.

年初至今，調整後 EBITDA 增長 19% 至 14.56 億南非蘭特，調整後 EBITDA 利潤率從 46.6% 提高至 47.3%。 Cartrack 獲取客戶的低成本、高客戶生命週期價值和保留率以及從 [技能] 經濟中獲得的強大收益造就了我們領先的單位經濟效益。我們對 CAC 的 LTV 是一夜之間。我們的利潤率很高，訂閱收入的毛利率為 73%，營業利潤率為 30%。

While we will remain prudent with our capital allocation, we are well positioned to continue to scale our business. Over the years, cartrack has maintained a steady ARPU and average cost of acquiring a subscriber. ARPU for the year was ZAR 155. Cartrack's average lifetime revenue per subscriber increased to ZAR 9,323 this year. The average cost of adding a subscriber to our cloud in this year was ZAR 2,264 and in Q4, it was ZAR 2,148. Taking ZAR 9,323 and subtract the ZAR 2,264 gives us a headroom of ZAR 7,059 per subscriber. From the ZAR 7,059, we incurred the cost to service a subscriber over 60 months, which allow us to derive a very strong operating profit margin. The headroom has remained steady.

雖然我們將保持審慎的資本配置，但我們有能力繼續擴大我們的業務。多年來，cartrack 一直保持著穩定的 ARPU 和獲取用戶的平均成本。當年的 ARPU 為 155 南非蘭特。今年 Cartrack 每位用戶的平均生命週期收入增加到 9,323 南非蘭特。今年將訂閱者添加到我們的雲的平均成本為 2,264 南非蘭特，而在第四季度為 2,148 南非蘭特。將 9,323 南非蘭特減去 2,264 南非蘭特後，我們可以為每位訂戶節省 7,059 南非蘭特。從 7,059 南非蘭特中，我們產生了 60 個月以上為用戶提供服務的成本，這使我們能夠獲得非常可觀的營業利潤率。餘量保持穩定。

Cartrack continued to expand in all geographies. In South Africa, despite challenging trading conditions due to national power outpace, subscribers grew by 11% as we've seen strong customer demand for our value proposition. In Asia, the Middle East and U.S.A. subscribers grew by 28% as the pace of Cartrack's expansion into Southeast Asia moved the head of historical growth rates.

Cartrack 繼續在所有地區擴張。在南非，儘管由於國家電力增長導致貿易條件充滿挑戰，但用戶增長了 11%，因為我們看到客戶對我們的價值主張有強烈的需求。在亞洲，中東和美國的訂戶增長了 28%，因為 Cartrack 向東南亞擴張的步伐超越了歷史增長率。

Considering that Southeast Asian economies only began to open up towards the end of Q1, we are pleased with the traction gain in this region. As the second largest contributor to the group revenue, Southeast Asia presents the group's most compelling growth opportunity in medium to long term.

考慮到東南亞經濟體在第一季度末才開始開放，我們對該地區的牽引力增長感到滿意。作為集團收入的第二大貢獻者，東南亞是集團中長期最具吸引力的增長機會。

Europe saw a healthy growth of 13% and remain efficient. We aim to allocate more resources in order to drive more rapid growth. Africa, others maintained its momentum with 8% increase in subscribers. On a year-to-date basis, our ARR increased 19% to ZAR 3,235 million, which is at a good trending as we continue to grow our subscriber base and ARR. Cartrack's continue to have robust operating margins and our trends are in line with the long-term financial goals set up upon our listing in 2021. Research and development as a percentage of subscription revenue are 6%, in line with our long-term target of 4% to 6%.

歐洲實現了 13% 的健康增長，並保持高效。我們旨在分配更多資源以推動更快速的增長。非洲和其他地區保持了增長勢頭，訂戶增長了 8%。從年初至今，我們的 ARR 增長了 19% 至 32.35 億南非蘭特，隨著我們繼續擴大用戶群和 ARR，這是一個良好的趨勢。 Cartrack 繼續保持強勁的營業利潤率，我們的趨勢符合我們在 2021 年上市時設定的長期財務目標。研發佔訂閱收入的百分比為 6%，符合我們的長期目標4% 到 6%。

We will be increasing capital allocation into sales and marketing to drive growth, whereby we expect sales and marketing as a percentage of subscription revenue to increase from the current 13% to be within our long-term target of 17% to 19%. We also expect general and admin as a percentage of subscription revenue to drop from 22% as we experienced increased economy of scale, whereby it will fall in line with targets of 12% to 16%.

我們將增加對銷售和營銷的資本配置以推動增長，我們預計銷售和營銷佔訂閱收入的百分比將從目前的 13% 增加到我們 17% 至 19% 的長期目標範圍內。我們還預計，隨著規模經濟的增長，一般和管理佔訂閱收入的百分比將從 22% 下降，從而與 12% 至 16% 的目標保持一致。

Our adjusted EBITDA as a percentage of subscription revenue at 48% will continue to improve to be in line with our targets of 50% to 55% as we remain pragmatic in our operating expense. We have met our 2023 outlook with number of subscribers stood at ZAR 1.7 million. Cartrack's subscription revenue recorded at ZAR 3,004 million and adjusted EBITDA margin of 47%. We are happy with the progress we have made for the year. Our guidance for Cartrack's outlook for year 2024 are: number of subscribers between ZAR 1.9 million to ZAR 2.1 million. The wide range is because of the volatility and macroeconomic environment. As you may be aware, we published our subscriber numbers on our website. And as at the end of April, we have reported the subscriber to be over 1.75 million. Subscription revenue outlook for 2024 is between ZAR 3,400 to ZAR 3,600 million and operating profit margin between 28% to 31%.

我們調整後的 EBITDA 佔訂閱收入的 48% 將繼續改善，以符合我們 50% 至 55% 的目標，因為我們在運營支出方面仍然務實。我們已經實現了 2023 年的展望，訂戶數量為 170 萬南非蘭特。 Cartrack 的訂閱收入為 30.04 億南非蘭特，調整後的 EBITDA 利潤率為 47%。我們對這一年取得的進展感到高興。我們對 Cartrack 2024 年展望的指導是：訂戶數量在 190 萬至 210 萬南非蘭特之間。範圍廣泛是因為波動性和宏觀經濟環境。您可能知道，我們在我們的網站上公佈了我們的訂戶號碼。截至 4 月底，我們報告的訂戶已超過 175 萬。 2024 年的訂閱收入前景在 3,400 南非蘭特至 36 億南非蘭特之間，營業利潤率在 28% 至 31% 之間。

Carzuka and Karooooo Logistics continue to scale and bolster Karooooo's revenue growth. Both segments showed good progress with strong year-to-date revenue growth of 27% and 154%, respectively. In combination with its intuitive e-commerce platform, Carzuka has made significant progress expanded its physical storeroom, adding steadily strategic hubs across South Africa and building its brand.

Carzuka 和 Karoooooo Logistics 繼續擴大規模並促進 Karoooooo 的收入增長。這兩個部門都取得了良好的進展，年初至今的收入分別增長了 27% 和 154%。結合其直觀的電子商務平台，Carzuka 在擴大實體店面、在南非穩步增加戰略中心和打造品牌方面取得了重大進展。

Karooooo Logistics will continue to integrate into Carta platform, enabling Carta customer to manage and enhance their logistic capacity with ES. I would like to thank everybody for joining us today, and we'll now open the floor to Q&A with our group CEO and founder, Mr. Jose Calisto.

Karoooooo Logistics 將繼續融入 Carta 平台，使 Carta 客戶能夠使用 ES 管理和增強他們的物流能力。我要感謝大家今天加入我們，現在我們將開放發言權，與我們的集團首席執行官兼創始人 Jose Calisto 先生進行問答。

Good evening or good morning, where ever you are [it's Zak] speaking every year. And I'm just going to read out the questions. So the first question I've got is from Kiran from William Blair. Can you discuss the importance of the OEM partnerships with BMW Mercedes? And are they more in the pipeline?

晚上好或早上好，無論你在哪裡 [這是 Zak] 每年都會說話。我只是要讀出問題。所以我得到的第一個問題來自威廉布萊爾的基蘭。您能談談與寶馬梅賽德斯的 OEM 合作夥伴關係的重要性嗎？他們還在籌備中嗎？

I'd see the many occasions before that eventually their OEMs, they will have their own telematics solutions and they'll have their own platforms. Their own platforms will be very much about the diagnostics of the vehicle and the safety of the vehicle. And our platform is really about helping customers with the operations and with things outside the diagnostics, but clearly, we also do the diagnostics. And this is just an example where we now get the data from the OEM devices and that data then gets into [closing to] our platform. Are there any other in the pipeline?

之前我見過很多次，最終他們的原始設備製造商，他們將擁有自己的遠程信息處理解決方案，他們將擁有自己的平台。他們自己的平台將非常關注車輛的診斷和車輛的安全性。我們的平台實際上是幫助客戶進行操作和診斷之外的事情，但很明顯，我們也進行診斷。這只是一個示例，我們現在從 OEM 設備獲取數據，然後該數據進入 [關閉] 我們的平台。還有其他的在籌備中嗎？

We are talking to all the other European motor manufacturers. We are in final testing with [sam]. And I believe by the end of Q2, we'll probably be adding about another 5 OEM brands onto the portfolio. We do see as the go-to-market strategy with this only really adding value to us by FY 2025, as we're currently doing the integrations into BMW and Mercedes, but then we've also got to get the distribution right. And this obviously is a long-term project and a long-term partnership. Another question from Kiran at William Blair.

我們正在與所有其他歐洲汽車製造商交談。我們正在對 [sam] 進行最終測試。我相信到第二季度末，我們可能會在產品組合中增加另外 5 個 OEM 品牌。我們確實認為這是進入市場的戰略，到 2025 財年，這只會真正為我們增加價值，因為我們目前正在整合到寶馬和梅賽德斯，但隨後我們還必須正確分配。這顯然是一個長期項目和長期合作夥伴關係。基蘭在威廉布萊爾的另一個問題。

What are your expectations for Asia region in FY '24. It's clearly -- we've got 2 months into the region.

您對 24 財年亞洲地區有何期望？很明顯——我們已經進入該地區 2 個月了。

Clearly, Asia in March and April has outperformed in the other regions in terms of percentage growth. And we clearly are employing people and building our distribution capacity. And that is our focus at this point in time. It's just holding that capacity to distribute. And like everything, it's not always easy to build that capacity. It takes a lot of effort, a lot of energy, a lot of trial and error, and we're very busy with that, and we might content with the traction we've seen.

顯然，亞洲 3 月和 4 月的增長率在其他地區表現出色。而且我們顯然正在僱用人員並建立我們的分銷能力。這是我們目前的重點。它只是擁有分發的能力。和所有事情一樣，建立這種能力並不總是那麼容易。這需要大量的努力、大量的精力、大量的試驗和錯誤，我們正忙於此，我們可能會對我們所看到的牽引力感到滿意。

Next question from [Miles bury]. What does Karooooo's current staff complement and what percentage do you expect to increase in FY '24?

[Miles bury] 的下一個問題。 Karoooooo 現有員工的補充是什麼？您希望在 24 財年增加多少百分比？

As at the end of February '23, our staff was just over 4,000 staff. And we probably intend finishing off the year with about 4,800 staff members.

截至 2023 年 2 月底，我們的員工人數剛剛超過 4,000 人。我們可能打算以大約 4,800 名員工結束這一年。

The next question also from Miles bury . Why are you having any difficulty in filling staff vacancies in Southeast Asia and Europe?

下一個問題也來自邁爾斯伯里。為什麼你們難以填補東南亞和歐洲的員工空缺？

The reality is filling staff vacancies is never easy. If you do find somebody that clients are easy, please, you know I mean we can come and teach us what the recipe is, but it's always difficult, especially if you want to do it in the way we've traditionally grown our business, which is very much financial discipline, making sure that the staff are trained that you build up the staff, and it's never easy, but that's what we've been doing for many years now.

現實是填補員工空缺絕非易事。如果你確實找到了一個客戶很容易的人，拜託，你知道我的意思是我們可以來教我們食譜是什麼，但這總是很困難，特別是如果你想按照我們傳統的方式來發展我們的業務，這是非常嚴格的財務紀律，確保員工接受培訓，你可以培養員工，這絕非易事，但這就是我們多年來一直在做的事情。

The next question from (inaudible) Zak, how are you thinking about the seasonality of net subscriber additions throughout the coming year?

（聽不清）Zak 的下一個問題，您如何看待來年淨用戶增加的季節性？

When you consider the change that you've seen to start in first quarter of FY '24. So if we look at the first 2 months of Q1, it's very much in (inaudible) with our expectations. We've added about over 40,000 net subscribers in 2 months. So I think we're having a relatively good quarter, Q1. And typically, over a decade plus of history, what we normally find is Q1 is traditionally a difficult quarter, and Q4 is a difficult quarter. And that's predominantly because of all the public holidays that you get at the end of the year and that you get in April, you -- either the Christian holidays or the Jewish holidays or the Muslim holidays, but there's a tremendous amount of holidays and festivities in Q1.

當你考慮你所看到的從 24 財年第一季度開始的變化時。因此，如果我們看一下第一季度的前兩個月，它非常符合我們的預期（聽不清）。我們在 2 個月內增加了大約 40,000 多個淨訂閱者。所以我認為我們有一個相對較好的季度，Q1。通常，在十多年的歷史中，我們通常會發現第一季度傳統上是一個困難的季度，而第四季度也是一個困難的季度。這主要是因為你在年底和 4 月都有公共假期，你——無論是基督教假期、猶太教假期還是穆斯林假期，但是有大量的假期和慶祝活動在第一季度。

So it's normally a weaker quarter. And hopefully, we'll have a better Q2 in a Q3 quarter.

所以它通常是一個較弱的季度。希望我們在第三季度會有更好的第二季度。

Next question from (inaudible). Can you give us more details on the partnership with BMW in (inaudible). What value -- what's value proposition has cartrack due for both OEMs, and given that they've got their proprietary telematics service.

下一個問題來自（聽不清）。您能否在（聽不清）中向我們提供有關與寶馬合作夥伴關係的更多詳細信息。什麼價值 - 什麼價值主張對兩個原始設備製造商都有價值，並且考慮到他們擁有專有的遠程信息處理服務。

I think that question has been partially answered when -- on Kiran's question. Our [petty] proposition is really that we, for instance, have got in Europe is compliance now. We -- every single vehicle, sedan vehicle, that is owned by a company, they're going to have to have a (inaudible) graph holding to it. The purpose of that is that the governments do not want to see any company vehicle being driven by more than 4 hours by 1 person. And that was supposed to come into play in Q4 of last year. It's now been postponed to Q2 of this year. We're the only company in Europe that's actually been approved and that's why that postponed it because I want to get more of our competitors to have that technology approved. And clearly, there will be plenty sedans, which will require this technology because a lot of these vans to be long to companies.

我認為這個問題在 Kiran 的問題上得到了部分回答。我們的 [瑣碎] 提議實際上是，例如，我們現在在歐洲獲得的是合規性。我們——公司擁有的每一輛車，轎車，他們都必須有一個（聽不清）圖表來保存它。這樣做的目的是政府不希望看到任何公司車輛由 1 人駕駛超過 4 小時。這應該在去年第四季度開始發揮作用。現在已經推遲到今年第二季度。我們是歐洲唯一一家真正獲得批准的公司，這就是推遲它的原因，因為我想讓更多的競爭對手獲得該技術的批准。很明顯，將會有很多轎車，這將需要這項技術，因為很多這些貨車對公司來說很長。

And over and above that, there's other services that we can supply that the OEMs are not geared to supply certain services.

除此之外，我們還可以提供 OEM 不適合提供某些服務的其他服務。

Next question from (inaudible). What threats, challenges and opportunities as the shift to electric vehicles post for cortrack.

下一個問題來自（聽不清）。向電動汽車的轉變給 Cortrack 帶來了哪些威脅、挑戰和機遇。

We're very fortunate really that we are at the moment that we are in Singapore. So Singapore is probably in the top 5 leading countries with electric vehicles, and we're very close to the infrastructure of electric vehicles, and we are developing technology to deal with this. This will give us the advantage that once it takes bigger momentum in Europe and specifically in South Africa, we will have the technology that today we really give in to the Singaporean customers, we will be able to scale that technology into other regions.

我們真的很幸運，我們現在在新加坡。所以新加坡可能是電動汽車排名前 5 位的領先國家，我們非常接近電動汽車的基礎設施，我們正在開發技術來解決這個問題。這將給我們帶來優勢，一旦它在歐洲，特別是在南非獲得更大的發展勢頭，我們將擁有今天我們真正提供給新加坡客戶的技術，我們將能夠將該技術擴展到其他地區。

Next question from Alex. Can you talk about our subscriber growth ended in March, April relatives to Q4, either to [click] on a geographic basis?

亞歷克斯的下一個問題。您能否談談我們在 3 月、4 月結束的用戶增長與第四季度的關係，或者按地域 [click]？

So I think, Alex, all the question has partially been answered. On a geographic basis, clearly, Asia continues to be our strongest region in growth. But what's encouraging is we saw a strong recovery in South Africa, predominantly as we have geared ourselves to operate in a more difficult environment. And predominantly, that's been caused by the power outages, the traffic lights that are not functioned, the delays. And so it's encouraging what we're seeing in Q1.

所以我認為，亞歷克斯，所有的問題都得到了部分回答。從地域上看，亞洲顯然仍然是我們增長最強勁的地區。但令人鼓舞的是，我們在南非看到了強勁的複蘇，主要是因為我們已經做好了在更困難的環境中運營的準備。這主要是由於停電、交通信號燈不工作以及延誤造成的。因此，我們在第一季度看到的情況令人鼓舞。

Question from Matthew at Conference Impact Fund. Please can you comment on ARPU for cartrack by regions?

會議影響基金的 Matthew 提出的問題。請問您能按地區評論cartrack的ARPU嗎？

We've been a very steady ARPU if you take Europe, South Africa, the rest of Africa very steady. Asia's ARPU is significantly higher than in any other region. But the reason for that is that we've got a huge base of customers in Singapore were doing business in Singapore is also much more expensive than in other regions. So as Indonesia, Philippines, Thailand, Malaysia gets bigger, those ARPUs will trend to be very similar to South Africa and the other -- in the other regions we operate in.

如果歐洲、南非和非洲其他地區非常穩定，我們的 ARPU 一直非常穩定。亞洲的 ARPU 明顯高於任何其他地區。但原因是我們在新加坡擁有龐大的客戶群，在新加坡開展業務也比在其他地區貴得多。因此，隨著印度尼西亞、菲律賓、泰國、馬來西亞變得更大，這些 ARPU 將趨向於與南非和其他國家非常相似——在我們經營的其他地區。

The next question from Alex. How are you thinking about sales and marketing in FY '24 within the context of your outlook.

亞歷克斯的下一個問題。在您的展望範圍內，您如何看待 24 財年的銷售和營銷。

Clearly, this is a focus area. It's the hiring, it's the training, it's the retention. It's what we've been doing. And it hasn't been easy. I think what we saw in FY '23, it was post-COVID. It was like the world that's been reshuffled in terms of talent, whether it's R&D talent, whether it's sales stock, whether it's administrative staff.

顯然，這是一個重點領域。這是招聘，這是培訓，這是保留。這是我們一直在做的。這並不容易。我認為我們在 23 財年看到的是 COVID 之後。就好像這個世界在人才方面重新洗牌一樣，無論是研發人才，還是銷售存貨，還是行政人員。

So that's all starting to settle quite nicely. And hopefully, we'll be able to find our feet and be able to expedite the hiring and the training and get stronger year by year.

所以這一切都開始很好地解決。希望我們能夠站穩腳跟，能夠加快招聘和培訓，並逐年變得更強大。

The next question is from Qudsia. In relation to the unit accounts, we marked time revenue less cost of acquisition of it's allowance you reference 7,000 excess of acquisition.

下一個問題來自 Qudsia。關於單位賬戶，我們將時間收入減去其津貼的購置成本，您參考了 7,000 超額購置。

What is the current lifetime cost to service the customer has at this [rate] between(inaudible) out and sales and marketing to resell rolling over customers (inaudible)

在（聽不清）和銷售和營銷之間以這種[速率]為客戶提供服務的當前生命週期成本是多少，以轉售客戶（聽不清）

So I'm not going to read your question twice or 3x, so I'm just going to speak because sometimes you got to read these questions a few times to fully understand what you're asking.

所以我不會把你的問題讀兩遍或三遍，所以我只是想發言，因為有時你必須多讀幾遍這些問題才能完全理解你在問什麼。

Fundamentally, if we look at the unit economics of a subscriber, what we got the ARPU, we've got the average life cycle expectancy, which is 60 months, you multiply those 2 and you get the revenue that you envisage or estimate to get from 1 vehicle on your platform. From where you deduct your cost of getting that vehicle into the cloud, and that gives you the 7,000. Then we've got what or we call the average cost to service a customer, which is in the region of about ZAR 60, which gives you ZAR 60 times 60, it's another ZAR 3,600.

從根本上說，如果我們看一下訂戶的單位經濟效益，我們得到的是 ARPU，我們得到的是平均生命週期預期，即 60 個月，你將這 2 相乘，就得到了你設想或估計的收入來自您平台上的 1 輛車。從中扣除將車輛導入雲端的成本，得到 7,000。然後我們得到了或者我們稱之為服務客戶的平均成本，大約在 60 南非蘭特，這給你 60 南非蘭特乘以 60，又是 3,600 南非蘭特。

And that gives you an estimated numbers to give you and that will lead you then to your operating profit. Obviously, with that, there's also the [technical] operating profit is an amount of money that you are investing in the expansion of your distribution. But fundamentally, that is the unit economics. And that's one of the tools that we use in measuring the unit economics per subscriber -- per vehicle on the platform.

這會給你一個估計的數字給你，然後你就會得到你的營業利潤。顯然，還有 [技術] 營業利潤是您為擴大分銷而投資的金額。但從根本上說，這就是單位經濟學。這是我們用來衡量每個訂戶的單位經濟效益的工具之一——平台上的每輛車。

The next question from Abdul. You have guided that once that you achieved sharing carzuka quarterly revenue, will be able to achieve breakeven. When do you expect to achieve this? Could you provide us a time line?

下一個問題來自阿卜杜勒。您已經指導，一旦您實現共享 carzuka 季度收入，將能夠實現收支平衡。您期望什麼時候實現這一目標？你能給我們一個時間表嗎？

Abdul the reality is that we've developed a good technology, but we are still facing quite a lot of teething problems, operational problems and just the normal problems that most businesses have as startups. So while I would like to feel that we will get to about ZAR 300 million relatively quickly in the bigger scheme of things over the next 4 to 6 or 7 quarters, it could be earlier. It's very difficult for me to give you a time line at this stage.

阿卜杜勒 現實情況是，我們已經開發出一項很好的技術，但我們仍然面臨著很多初期問題、運營問題以及大多數企業在初創時遇到的正常問題。因此，雖然我覺得在接下來的 4 到 6 或 7 個季度中，我們將在更大的計劃中相對較快地達到大約 3 億南非蘭特，但可能會更早。在這個階段我很難給你一個時間表。

Carzuka revenue dropped up 11% in Q4. What were the reasons behind this?

Carzuka 收入在第四季度下降了 11%。這背後的原因是什麼？

The reasons behind those is the long holidays, the increase in interest rates. So what affordability did drop. But I think fundamentally, our real issue there was us just slowing down the amount of staff, fixing our mistakes and to get ready to rebuilding Q1 that we're currently doing. So it's a little bit of growing, fixing, growing, fixing. It's just a part and parcel of the way we've organically always pulled out businesses.

那些背後的原因是長假期，利率上升。那麼負擔能力確實下降了。但我認為從根本上說，我們真正的問題是我們只是放慢了員工數量，糾正了我們的錯誤，並準備好重建我們目前正在做的第一季度。所以這是一點點成長，修復，成長，修復。這只是我們始終有機地撤出業務的方式的一部分。

The next question from Muhammad. What is the real impact from power out logistic business?

穆罕默德的下一個問題。物流業務停電的真正影響是什麼？

I think fundamentally, we're not an island. So we rely heavily on the telecom infrastructure.

我認為從根本上說，我們不是一個孤島。所以我們嚴重依賴電信基礎設施。

And as all South Africans now, telecoms, the quality of telecoms has dipped because of the outages. Traffic life becoming also a very big part and a problem not only for us but for our customers. We've got -- just in South Africa, we've got approximately 2,000 people on the roads between salespeople and technical people and all of that really impacts our operations.

和現在所有的南非人一樣，電信，電信的質量因為停電而下降。交通生活也成為一個非常重要的部分，不僅對我們而且對我們的客戶來說都是一個問題。我們有 - 僅在南非，我們就有大約 2,000 名人員在銷售人員和技術人員之間奔波，所有這些都對我們的運營產生了真正的影響。

Then obviously, we've got the diesel that we use on a monthly basis because we're not getting electricity from Eskom. In our new building that is going to be totally environmentally frenzy. We're going to be running on solar and on gas. And our waters are also going to be from balls. So hopefully, we're going to be more self-sufficient in the next building.

然後很明顯，我們有每月使用的柴油，因為我們沒有從 Eskom 獲得電力。在我們的新建築中，這將是完全環保的狂熱。我們將使用太陽能和天然氣。我們的水也將來自球。所以希望，我們將在下一棟建築中更加自給自足。

Next question from Sebastian. As the business pivots to ex South Africa markets, will you try to maintain the ARPU in U.S. dollar terms? Or would you be targeting the ZAR 150 price points.

塞巴斯蒂安的下一個問題。隨著業務轉向南非以外的市場，您會嘗試維持以美元計算的 ARPU 值嗎？或者您的目標價位是 150 南非蘭特。

I don't think we necessarily intentionally target any price point. The way we really price ourselves is really about unit economics. So the ZAR 150 that we talk about in 2023 is a very different ZAR 150 that we spoke about in 2005.

我認為我們不一定有意針對任何價格點。我們真正為自己定價的方式實際上是關於單位經濟學。因此，我們在 2023 年談論的 ZAR 150 與我們在 2005 年談論的 ZAR 150 截然不同。

And so fundamentally, it's all really is how don't we get and get our business to have great operating profit margins without being too greedy. And I think our current operating profit margin range is very healthy. And if we can get those at continuous at ZAR 150, then so be it. So we run our business model really about operating profit given our unit economics and given our LTV to CAC.

所以從根本上說，這真的是我們如何在不過於貪婪的情況下獲得併讓我們的業務獲得巨大的營業利潤率。而且我認為我們目前的營業利潤率範圍非常健康。如果我們能以 150 南非蘭特的價格連續獲得這些，那就這樣吧。因此，考慮到我們的單位經濟效益，並將我們的 LTV 提供給 CAC，我們的業務模型實際上是關於營業利潤的。

Those are 2 of our fundamental tools that we use to measure our business.

這些是我們用來衡量業務的兩個基本工具。

Next question from Rudy (inaudible). Regarding carzuka in Q4 revenue was lower than prior quarters. Was it deliberate? I think that's been answered really. So I think I agree this question has been answered. I'll move average to David ever. Could you give us a sense of the Q4 2023 balance sheet investment in carzuka inventory PB obligations, what do you expect this to go and get this cow.

Rudy 的下一個問題（聽不清）。關於 carzuka，第四季度的收入低於前幾個季度。是故意的嗎？我認為這確實得到了回答。所以我想我同意這個問題已經得到回答。我將平均移動到大衛。您能否讓我們了解一下 2023 年第四季度在 carzuka 庫存 PB 義務中的資產負債表投資，您認為這會怎樣並得到這頭牛。

So at carzuka, we put in during the whole financial year, we're putting ZAR 50 million and it's predominantly working capital, which obviously includes inventory. We believe that once we get scale and even if we have invested ZAR 1 billion into it. We've got 2 things. We can easily get financed banks to finance us, which all banks are willing to do, but we've decided to use our own cash.

所以在 carzuka，我們在整個財政年度投入了 5000 萬南非蘭特，主要是營運資金，其中顯然包括庫存。我們相信，一旦我們獲得規模，即使我們向其中投資 10 億南非蘭特。我們有兩件事。我們可以很容易地讓融資銀行為我們提供資金，所有銀行都願意這樣做，但我們決定使用我們自己的現金。

And we believe that given the ability for us to trade the vehicles at the speed we can trade them up in the gross profit margins will have a great return on investment for the shareholders in case lease of the game. The lease obligations, we obviously will do that in a very prudent manner. And as we scale, we'll analyze each lease obligations.

而且我們相信，鑑於我們能夠以我們可以在毛利率中進行交易的速度交易車輛，在遊戲租賃的情況下將為股東帶來巨大的投資回報。租賃義務，我們顯然會以非常謹慎的方式做到這一點。隨著規模的擴大，我們將分析每項租賃義務。

But I think fundamentally, we've been mindful of our investment, and we're very mindful of our investment and the return on the investment for our shareholders.

但我認為從根本上說，我們一直注意我們的投資，我們非常注意我們的投資和股東的投資回報。

The next question from Gregory. Is growth through acquisition to build a network and network effect possible and something you would entertain?

格雷戈里的下一個問題。通過收購來建立網絡和網絡效應的增長是否可能，您會接受嗎？

Clearly, we have been to paying anything that makes sense. So if there was something that we could purchase or acquire to build on to our business or bolt-ons our business, we would do it. But we're also very conscious that our strength is to be -- to grow through organic growth.

顯然，我們一直在支付任何有意義的費用。因此，如果我們可以購買或獲取某些東西來發展我們的業務或鞏固我們的業務，我們就會去做。但我們也非常清楚，我們的優勢在於——通過有機增長實現增長。

And we are also very cautious to a lot of opportunities to land out on our table, which we turned down because the effort to get the culture right in that target company could actually do rail us and make us focus for many months or even years to get the integration right. So we have turned down quite a few opportunities.

而且我們也非常謹慎地對待很多機會，我們拒絕了，因為在目標公司中建立正確文化的努力實際上可能會影響我們，讓我們集中精力幾個月甚至幾年正確整合。所以我們拒絕了很多機會。

The next question is from Dan(inaudible) How impactful were power outages in Q1, please? Will you focus on dividends rather than another acquisition?

下一個問題來自 Dan（聽不清）請問第一季度停電的影響有多大？你會專注於股息而不是另一次收購嗎？

So I think part of that question Dane answers. Will we focus rather on dividends or acquisition? I think fundamentally, at this point in time, if it was actually up to me, we've actually the best way to delever value to our shareholders is actually to do share buybacks. But given our low liquidity, it doesn't make sense. So -- and given our balance sheet and given that we are still able to grow, we're generating a substantial amount of free cash flow on a monthly basis, we thought it was just prudent to return to shareholders USD 0.85 per share.

所以我認為 Dane 回答了這個問題的一部分。我們會更關注股息還是收購？我認為，從根本上說，在這個時間點，如果真的由我決定，我們實際上為股東提供價值的最佳方式實際上是進行股票回購。但鑑於我們的流動性低，這沒有意義。因此 - 鑑於我們的資產負債表以及我們仍然能夠增長，我們每月產生大量自由現金流，我們認為向股東返還每股 0.85 美元是明智的。

The next question from an (inaudible) Do you see the impacts of challenger macro conditions on your additions of subscribers? The number of new additions in South Africa in February quarter '23 is only 250. Is it sustainable additions going forward? And will the additions of South Asia start to ramp up?

下一個問題（聽不清）您是否看到挑戰者宏觀條件對您增加訂戶的影響？ 23 年二月季度南非的新增數量僅為 250。這是可持續的增長嗎？南亞的加入會開始增加嗎？

So as I've mentioned before, we've had a very good 2 months. In the first 2 months, we've gone over additional 40 to just in the first 2 months. We've seen good growth also in South Africa and Southeast Asia and Europe. And clearly, all these macroeconomic conditions do affect us.

因此，正如我之前提到的，我們度過了非常愉快的 2 個月。在前 2 個月中，我們已經增加了 40 多個，僅在前 2 個月。我們在南非、東南亞和歐洲也看到了良好的增長。顯然，所有這些宏觀經濟狀況確實會影響我們。

And a lot of the time, it's really just about us adapting to the new challenges. And while we are agile and we're quite fast, sometimes it does take a bit longer than what we expected. So I see as we've given guidance for FY '24. I feel very comfortable that even with these current macroeconomic conditions that we should be able to meet those -- the guidance that we've given.

很多時候，這真的只是關於我們適應新的挑戰。雖然我們很敏捷而且速度很快，但有時確實比我們預期的要長一些。所以我看到我們已經為 FY '24 提供了指導。我感到非常自在，即使在當前這些宏觀經濟條件下，我們也應該能夠滿足這些條件——我們給出的指導。

Next question from Chris. With South Africa continued at 76 project subscriber base. How are you managing the load-shedding challenges?

克里斯的下一個問題。南非繼續擁有 76 個項目用戶群。您如何應對負載減少的挑戰？

I think I've addressed that.

我想我已經解決了這個問題。

Next question (inaudible). What volume of subscribers are required to reduce G&A to (inaudible) to 16%?

下一個問題（聽不清）。需要多少訂戶才能將 G&A 減少到（聽不清）到 16%？

Well, I think [Miles] to answer that is we could drop our G&A relatively quickly. The reality is we continue to build on our back office to be able to deal with future growth. So it's not going to happen just yet. But as we get more and more market penetration, then I believe it will be very quickly that we will drop from current levels down to 12% to 16%, and that can easily happen over a period of 4 to 5 years, and it happens relatively quickly.

好吧，我認為 [Miles] 的回答是我們可以相對較快地放棄 G&A。現實是我們繼續建立我們的後台，以應對未來的增長。所以這還不會發生。但隨著我們的市場滲透率越來越高，我相信我們會很快從目前的水平下降到 12% 到 16%，這很容易在 4 到 5 年的時間內發生，而且它會發生比較快。

But at this stage, we are more focused on building the backbone, the support infrastructure for growth.

但在這個階段，我們更專注於建設骨幹，支持增長的基礎設施。

And then I've got a question from (inaudible) On your returns on capital have been declining over the past 5 years, COVID (inaudible). What's management [long from] return on capital?

然後我有一個問題來自（聽不清）關於你的資本回報率在過去 5 年裡一直在下降，COVID（聽不清）。什麼是資本回報率？

Well, it depends how you measure this, (inaudible). So we could take all the cash that we've got on our balance sheet and pay it all out there's a dividend. And then all of a sudden, our return on equity will be extremely high. So it really is we could easily -- we could easily pay a much higher dividend and get a better return. I think the ROE that we've got plan is extremely healthy, and we're very conscious of it. In terms of having no cash on our balance sheet, which is traditionally what we did have when we were only under JSE, we used to give out all the cash, then our returns would be very much in line with those days.

嗯，這取決於你如何衡量這一點，（聽不清）。因此，我們可以拿出資產負債表上的所有現金，並將其全部支付出去，以獲得股息。然後突然之間，我們的股本回報率將非常高。所以我們真的可以很容易地——我們可以很容易地支付更高的股息並獲得更好的回報。我認為我們制定的 ROE 非常健康，我們非常清楚這一點。就我們的資產負債表上沒有現金而言，傳統上我們只在 JSE 下時就有現金，我們過去常常拿出所有現金，然後我們的回報將與那些日子非常一致。

The next question from Prashant. How do you view our ecosystem shifting with a huge investment line to go into AI in the next year? Will the ecosystems become more favorable or less for us?

Prashant 的下一個問題。您如何看待我們的生態系統在明年轉向 AI 領域的巨大投資線？生態系統會變得對我們更有利還是更不利？

Clearly, so at the moment, AI is a big buzzword, and AI will continue to grow in leaps and bounds. We will be well we have got quite a lot of machine learning in our algorithms that we do with our data. We have got AI as well. Clearly, the AR we see at the moment is really good and it's very impressive. And obviously, over time, a lot of this AI will filter into companies like ourselves, and we certainly have quite a road map for it. But we're also not rushing into it because we want to understand it a bit better, so that our investment in AI is done correctly.

顯然，目前人工智能是一個流行詞，人工智能將繼續突飛猛進地發展。我們會很好，我們在處理數據的算法中有相當多的機器學習。我們也有人工智能。顯然，我們目前看到的 AR 非常好，令人印象深刻。顯然，隨著時間的推移，很多這種人工智能將滲透到像我們這樣的公司中，我們當然有相當多的路線圖。但我們也不急於進入它，因為我們想更好地理解它，以便我們對 AI 的投資是正確的。

So I think we will speed up or invest further into AI. We just need the dust to settle. And I think in the next 12 to 24 months, we will be evaluating how we will use some of the AI that's in the market in our own business intelligence reports. So we are discussing it, and I don't believe it will be a difficult thing to incorporate onto our platform.

所以我認為我們將加快或進一步投資人工智能。我們只需要塵埃落定。我認為在接下來的 12 到 24 個月內，我們將評估我們將如何在我們自己的商業智能報告中使用市場上的一些人工智能。所以我們正在討論它，我認為將其整合到我們的平台上不會是一件困難的事情。

The next question from (inaudible) Can you discuss more about the economics of logistics business pick up? What's the market size are the competitors? And what's the long-term goal of profitability margin?

下一個問題來自（聽不清）你能討論更多關於物流業務回升的經濟學嗎？競爭對手的市場規模有多大？利潤率的長期目標是什麼？

So at this point in time, we saw profitability margin of about 3%. We believe that can come up to 5%, 6% -- but I think the real play is actually to -- to get the logistics platform on to the logistics stack onto our platform, where our customers can do all their long distance and their last miles through using one single platform. And that's what we're working on, and that is what I believe is really scalable and really profitable because that takes us to a SaaS environment as opposed to a delivery as a service environment. So at the later stage, our customers won't necessarily use pickup. They can use any of these cloud source delivery platforms. We're not very specific that they use pick up. We're more about looking at our customers so that they can leverage on all these other technologies to help them grow their businesses.

所以在這個時間點，我們看到的利潤率約為 3%。我們相信可以達到 5%、6%——但我認為真正的作用實際上是——將物流平台連接到我們的平台上，我們的客戶可以在平台上完成他們所有的長途和他們的最後一英里通過使用一個單一的平台。這就是我們正在做的事情，我認為這才是真正可擴展且真正有利可圖的，因為這將我們帶入 SaaS 環境，而不是交付即服務環境。所以後期我們的客戶不一定會用pickup。他們可以使用這些雲源交付平台中的任何一個。我們不是很具體，他們使用接機。我們更多地關注我們的客戶，以便他們可以利用所有這些其他技術來幫助他們發展業務。

The next question from David Abraham. What are you going to do with cash? Isn't the time to do buybacks?

大衛亞伯拉罕的下一個問題。你打算用現金做什麼？不是回購的時候嗎？

I think up on to that. Buybacks aren't really for us at this point in time given our low -- we haven't got a high liquidity. So it doesn't make sense.

我考慮到這一點。鑑於我們的低 - 我們沒有高流動性，目前回購併不真正適合我們。所以這沒有意義。

Next question coming from Patrick O'Reilly. What is your opinion on South Africa as a viable investment destination, given the many adverse challenges the country is facing.

下一個問題來自 Patrick O'Reilly。鑑於南非面臨許多不利挑戰，您對南非作為一個可行的投資目的地有何看法？

So Patrick, my view, I was in South Africa, I was brought up in South Africa. Since the child, I've always seen headwinds, I've always seen South Africa and turmoil. I mean nothing we see today is that different to when I was a child, 14 years old. I think the problems are different, but there are still problems. We got with other headwinds. These are other headwinds. But I think we've got a resilient economy. I will strongly recommend that anybody that understands South Africa and wants to invest in South Africa, it's a good destination to invest.

所以帕特里克，我認為，我在南非，我在南非長大。從孩提時代起，我就一直看到逆風，我一直看到南非和動盪。我的意思是，我們今天所看到的與我 14 歲的孩子時沒有什麼不同。我覺得問題不一樣，但問題還是有的。我們遇到了其他不利因素。這些是其他不利因素。但我認為我們有一個有彈性的經濟。我會強烈推薦任何了解南非並想在南非投資的人，這是一個很好的投資目的地。

Clearly, South Africa has got a lot of nuances and it's best suited for people like ourselves, South Africans to deal with these headwinds. But certainly, strong governance, corporate governance, a strong economy, despite all these other challenges.

顯然，南非有很多細微差別，它最適合像我們這樣的人，南非人來應對這些不利因素。但可以肯定的是，儘管存在所有這些其他挑戰，但強有力的治理、公司治理、強勁的經濟。

Next question from Sun Beale. Can you maintain the current payout ratio into 2024.

Sun Beale 的下一個問題。您能否將當前的派息率維持到 2024 年。

Well, if we -- Sun Beale, our free cash flow conversion to earnings per share conversion is extremely high. The factor of that is predominantly how fast we grow. The guidance we've given for FY '24 was base that we are expecting macroeconomic headwinds. And given that it's still very much a guidance that we'll still grow at double-digit numbers, which is very healthy. And I certainly believe that our payout ratio could be maintained at 2024.

那麼，如果我們 - Sun Beale，我們的自由現金流轉換為每股收益轉換非常高。其中的因素主要是我們成長的速度。我們為 24 財年給出的指導是我們預期宏觀經濟逆風的基礎。鑑於這仍然是一個很好的指導，我們仍將以兩位數的速度增長，這是非常健康的。我當然相信我們的派息率可以保持在 2024 年。

But clearly, I don't make a decision. That is a board decision whether we pay dividends or not. But in my mind, we certainly believe we will have the cash to do it.

但很明顯，我不會做出決定。這是我們是否支付股息的董事會決定。但在我看來，我們當然相信我們有足夠的現金來做這件事。

The next question from Sun Beale. At which point can we expect investment in growth to seize.

Sun Beale 的下一個問題。我們可以預期對增長的投資會在什麼時候抓住。

Sun Beale, given a large opportunity given all -- it's really -- sometimes I get up in the morning. Now I feel that we really are just a startup. There's so much opportunity. There's so much to do. I really cannot answer that question at this point in time. I think that was the final question. I want to thank everybody for joining us.

Sun Beale，給了我一個很大的機會——真的——有時我早上起床。現在我覺得我們真的只是一個創業公司。有這麼多機會。有很多事情要做。我現在真的無法回答這個問題。我認為這是最後一個問題。我要感謝大家加入我們。

There's a question that just came through (inaudible) How did you manage the CapEx relatively low while growing at this rate.

有一個問題剛剛通過（聽不清）你如何在以這種速度增長的同時管理相對較低的資本支出。

So we've got quite a strong history of looking at our capital allocation in a very disciplined way. And I think it's -- sometimes it's -- we are so disciplined that we could be growing much faster, and we've not been so disciplined and we have we've thrown more money at sales and marketing and just grown a bit more wildly.

因此，我們在以非常有紀律的方式審視我們的資本配置方面有著悠久的歷史。而且我認為它 - 有時它 - 我們是如此自律，以至於我們可以更快地增長，但我們並沒有那麼自律，我們在銷售和營銷方面投入了更多資金，並且增長得更加瘋狂.

So it really is our discipline. It's our organic way of growing. That's allowed us the CapEx to be quite low. Having said that, what we also saw in FY '23 is that which obviously affected our operating profit negatively was that in the bundle sales, a bigger portion than we had seen in prior years was actually expensed upfront, unless was capitalized.

所以這真的是我們的紀律。這是我們有機的成長方式。這使我們的資本支出非常低。話雖如此，我們在 23 財年也看到明顯對我們的營業利潤產生負面影響的是，在捆綁銷售中，比我們前幾年看到的更大的部分實際上是預先支出的，除非被資本化。

In other words, the shareholders will get the benefit over the next 4 years, and they took a bigger punch in operating expenses this year. But despite that, we still got 30% operating profit, and we still did in cartrack ZAR 915 million in operating profit. I think that's the last question. I want to thank the audience for listening in. And please feel free to contact Investor Relations should you have further questions. Thank you.

換句話說，股東將在未來 4 年內獲得收益，而他們今年在運營支出方面的投入更大。但儘管如此，我們仍然獲得了 30% 的營業利潤，並且我們在 cartrack 中仍然獲得了 9.15 億南非蘭特的營業利潤。我認為這是最後一個問題。我要感謝聽眾的聆聽。如果您有其他問題，請隨時聯繫投資者關係部。謝謝。