Karooooo Ltd (KARO) 2024 Q1 法說會逐字稿

Hello, and welcome to Karooooo's Financial Year 2024 Q1 Earnings Call. On behalf of Karooooo, we would like to thank you for joining us today. I'm Carmen, the group's Chief Strategy and Marketing Officer, and together with Hoeshin, our Group Chief Financial Officer, will be taking you through our strong performance and growth.

您好，歡迎參加 Karooooo 的 2024 財年第一季度收益電話會議。我們謹代表 Karooooo 感謝您今天加入我們。我是集團首席戰略和營銷官 Carmen，我將與集團首席財務官 Hoeshin 一起帶領您了解我們強勁的業績和增長。

All investors are advised to read through the disclaimer. We will be reviewing all 3 of Karooooo's business units in today's webinar, namely Cartrack, Carzuka and Karooooo Logistics. Our mission remains to be the leading operations cloud as we persist in helping to define the future of operations. We continue to see how crucial mobility is to all operations and how our customers derive huge value from having more than just their vehicles and equipment, but entire operational workforce connected. Our innovative solutions are allowing customers to meet strict government compliance whilst achieving more with less.

建議所有投資者仔細閱讀免責聲明。我們將在今天的網絡研討會上回顧 Karooooo 的所有 3 個業務部門，即 Cartrack、Carzuka 和 Karooooo Logistics。我們的使命仍然是成為領先的運營雲，因為我們堅持幫助定義運營的未來。我們不斷看到移動性對所有運營有多麼重要，以及我們的客戶如何通過不僅擁有自己的車輛和設備，而且還擁有整個運營員工隊伍來獲得巨大的價值。我們的創新解決方案使客戶能夠滿足嚴格的政府合規性，同時以更少的成本實現更多的目標。

Our customers are continuously tackling challenges around their operations efficiencies, including fuel, safety, maintenance, resource scheduling and more. However, they were also increasingly facing new obstacles from new government mandates to carbon footprint tracking and worker retention. These all contribute to the growing demand for our platform. Our strong track record of identifying trends and developing solutions that successfully solve customer challenges to add huge value to their daily operations as evident, and this is a strong driver for our continued strong sustainable growth. Through digital transformation and user-friendly tools, we offer invaluable support to customers in achieving compliance and navigating their day-to-day challenges, simplifying their operations and boosting their efficiencies.

我們的客戶不斷應對運營效率方面的挑戰，包括燃料、安全、維護、資源調度等。然而，他們也越來越多地面臨新的政府強制要求、碳足跡追踪和員工保留等新障礙。這些都促使我們平台的需求不斷增長。我們在識別趨勢和開發解決方案方面擁有良好的記錄，成功解決客戶的挑戰，為他們的日常運營增加巨大的價值，這是顯而易見的，這是我們持續強勁的可持續增長的強大動力。通過數字化轉型和用戶友好的工具，我們為客戶提供寶貴的支持，幫助他們實現合規性、應對日常挑戰、簡化運營並提高效率。

Karooooo operates within massive interconnected and mostly untapped global markets. Analysts estimate that operations contribute to over 40% of the global GDP, and as businesses recognize the importance of IoT data in enhancing the operations, the opportunities for us continue to expand. With operations becoming more cross-functional and new government mandates arising and being enforced, the range of problems we can address is widening alongside the need for our platform, setting the stage for substantial and long-term growth ahead.

Karooooo 在大規模互聯且大部分尚未開發的全球市場中運營。分析師估計，運營對全球 GDP 的貢獻超過 40%，隨著企業認識到物聯網數據在增強運營方面的重要性，我們的機會將繼續擴大。隨著業務變得更加跨職能以及新的政府指令的產生和執行，我們可以解決的問題範圍隨著我們平台的需求而不斷擴大，為未來的實質性和長期增長奠定了基礎。

Karooooo's ownership-orientated culture is deeply entrenched in all parts of our business, being vertically integrated has not only given us deep tangible knowledge about operations but has allowed us to control our distribution to ensure we are able to quickly adapt to our customers' growing needs. This, alongside our continuous investment in our proprietary internal solutions has fostered a customer-centric culture that focuses on providing world-class customer service.

Karooooo 以所有權為導向的文化在我們業務的各個方面都根深蒂固，垂直整合不僅讓我們對運營有深入的有形知識，而且使我們能夠控制我們的分銷，以確保我們能夠快速適應客戶不斷增長的需求。再加上我們對專有內部解決方案的持續投資，培育了一種以客戶為中心的文化，專注於提供世界一流的客戶服務。

We have a strong history of building scalable software that solves complex problems across different disciplines and customers quickly understand their large return of investment from our platform. Through an ecosystem of open APIs, our platform enables customers to connect with other tools to bring all their operational data into a single unified cloud where they receive actionable insights that drive huge impact.

我們在構建可解決不同學科的複雜問題的可擴展軟件方面擁有悠久的歷史，並且客戶可以快速了解他們從我們的平台獲得的巨額投資回報。通過開放 API 的生態系統，我們的平台使客戶能夠與其他工具連接，將所有運營數據放入一個統一的雲中，在那裡他們可以獲得可帶來巨大影響的可操作的見解。

Karooooo's constant innovation, customer centricity and ownership-orientated culture has enabled us to develop a platform that benefits from long-term stickiness as shown by our 95% customer retention rate and is easily implemented in small to large enterprises across a range of diverse industries.

Karooooo 不斷創新、以客戶為中心和以所有權為導向的文化使我們能夠開發出一個平台，該平台受益於長期粘性（95% 的客戶保留率），並且可以在各種不同行業的小型到大型企業中輕鬆實施。

At the core of our success is the ability to set ourselves apart through strong execution. Our forward-looking approach delivers high ROI to customers and enables us to build a sustainable business that will benefit stakeholders for generations to come. We have unique go-to-market strategies, strong distribution channels and place full focus on providing a great customer experience on our end-to-end operations cloud. We have a vertically integrated business model, proprietary internal management systems and a strong entrepreneurial culture. These all come together to allow us to challenge the status quo to successfully solve problems and provide customers with a platform they can rely on as the backbone of their operations. This is highlighted by our increase in commercial customers to over 108,000. We continue to see no industry or customer concentration risk.

我們成功的核心是通過強有力的執行力使自己與眾不同的能力。我們的前瞻性方法為客戶帶來了高投資回報率，並使我們能夠建立可持續發展的業務，造福子孫後代的利益相關者。我們擁有獨特的進入市場策略、強大的分銷渠道，並完全專注於在我們的端到端運營雲上提供出色的客戶體驗。我們擁有垂直整合的業務模式、專有的內部管理系統和強大的創業文化。所有這些結合在一起，使我們能夠挑戰現狀，成功解決問題，並為客戶提供一個可以信賴的平台，作為其運營的支柱。我們的商業客戶數量已增至超過 108,000 名，這一點凸顯了這一點。我們仍然認為不存在行業或客戶集中風險。

Digitalization, ESG and compliance continue to drive increased demand and adoption of our platform across all geographies. Operators create visibility and are looking to leverage the power of IoT to gain full control over their operations. End customers and governments are increasingly focusing on net-zero and putting significant pressure on our customers to reduce their carbon emissions and increase their positive impact on the community. And finally, we have seen large strides by governments to increase compliance across geographies, both in terms of new laws as well as enforcement. These are no longer negotiables.

數字化、ESG 和合規性繼續推動我們平台在所有地區的需求和採用的增加。運營商創建可見性，並希望利用物聯網的力量來完全控制其運營。最終客戶和政府越來越關注淨零排放，並向我們的客戶施加巨大壓力，要求他們減少碳排放並增加對社區的積極影響。最後，我們看到各國政府在提高跨地區合規性方面取得了巨大進步，無論是在新法律還是執法方面。這些已經不再是可以談判的了。

Our approach to ESG successfully solves all government mandates whilst also ensuring customers drive strong operational value from their ESG initiatives. Reducing carbon emissions by cutting fuel is clear. However, our platform goes beyond to ensure customers are also focusing on other aspects of their operations, such as maintenance plans to reduce their maintenance costs and in turn slash their emissions. Tracking emissions in a simple-to-digest format that contextualizes data has enabled customers to embark on government's efforts to reduce emissions more easily.

我們的 ESG 方法成功解決了所有政府要求，同時確保客戶從其 ESG 計劃中獲得強大的運營價值。通過減少燃料來減少碳排放是顯而易見的。然而，我們的平台不僅能確保客戶也關注其運營的其他方面，例如旨在降低維護成本並進而減少排放的維護計劃。以易於理解的方式跟踪數據並將數據置於背景中，使客戶能夠更輕鬆地參與政府的減排工作。

As previously mentioned, governments are increasingly implementing sophisticated mandates that are spreading to all aspects of an operation from driver shifts to regulatory paperwork and machinery inspections. Customers rely on our easy-to-use digital tools to digitalize their operations and ensure compliance with the latest standards.

如前所述，各國政府越來越多地實施複雜的指令，這些指令已擴展到從司機輪班到監管文書工作和機械檢查等運營的各個方面。客戶依靠我們易於使用的數字工具來實現運營數字化並確保符合最新標準。

Customers are also now better equipped to tackle driver and worksite safety through gamified scorecards and AI cameras that reduce speeding and accidents and increased driver well-being and retention as well as company brand within the community. By interconnecting their ESG and operations, we help customers meet their ESG and compliance goals whilst cutting costs, all in all, leading to increased customer ROI and stickiness.

客戶現在還可以通過遊戲化記分卡和人工智能攝像頭更好地解決駕駛員和工作場所的安全問題，從而減少超速和事故，提高駕駛員的福祉和保留率以及社區內的公司品牌。通過將 ESG 和運營互連起來，我們幫助客戶實現其 ESG 和合規目標，同時削減成本，總而言之，從而提高客戶投資回報率和粘性。

We continue to believe that our advanced cloud platform and unrivaled service delivery position us well in Asia. The rapidly growing market remains largely underpenetrated and fragmented and small to large business operators are increasingly looking to digitalize their operations to enhance efficiencies and competitive advantage. Our strong growth in this segment is testament to our ability to localize our solutions and adapt to different customer cultures and needs whilst ensuring they remain reliable, effective and easy to use. Our solutions are robust and built for scale.

我們仍然相信，我們先進的雲平台和無與倫比的服務交付使我們在亞洲佔據有利地位。快速增長的市場在很大程度上仍然滲透不足且分散，小型到大型企業運營商越來越多地尋求數字化運營，以提高效率和競爭優勢。我們在這一領域的強勁增長證明了我們有能力本地化我們的解決方案並適應不同的客戶文化和需求，同時確保它們保持可靠、有效和易於使用。我們的解決方案非常強大並且適合規模化。

There are a large number of companies in Asia paving the way globally with their sophisticated approaches to their operations. Despite Asia's reputation for price sensitivity, customers are increasingly looking towards value for money as they continue to understand how data can revolutionize their businesses. Some customers are focusing on improving their reputation and brand through increased safety, risk management and guaranteed service delivery. Others are leading the way with electric vehicles leveraging our platform to eliminate challenges around battery life and vehicle demand hotspots. And others are powering over 10,000 daily deliveries, whilst reducing fuel costs, vehicle loading downtimes and admin. They use our sophisticated APIs to connect into their ERP and other tools to get a single unified view of their complex operation.

亞洲有許多公司以其複雜的運營方式為全球鋪平了道路。儘管亞洲因價格敏感而聞名，但隨著客戶不斷了解數據如何徹底改變其業務，他們越來越注重物有所值。一些客戶專注於通過提高安全性、風險管理和有保障的服務交付來提高聲譽和品牌。其他公司在電動汽車方面處於領先地位，利用我們的平台來消除電池壽命和車輛需求熱點方面的挑戰。其他公司每天為超過 10,000 次送貨提供動力，同時減少燃料成本、車輛裝載停機時間和管理。他們使用我們複雜的 API 連接到他們的 ERP 和其他工具，以獲得複雜運營的單一統一視圖。

With over 155 billion valuable data points generated monthly and over 10% of all vehicles on the road in South Africa, Karooooo has a huge untapped network effect opportunity. We continue to focus on using our scale advantages to benefit our customers through personalized experiences and advanced machine learning and insights. This remains aligned with our belief to drive sustained long-term value for customers.

Karooooo 每月生成超過 1550 億個有價值的數據點，佔南非道路上所有車輛的 10% 以上，擁有巨大的未開發網絡效應機會。我們繼續專注於利用我們的規模優勢，通過個性化體驗和先進的機器學習和洞察來使我們的客戶受益。這與我們為客戶帶來持續的長期價值的信念是一致的。

Our strong management, entrepreneurial culture and vertically integrated business model have empowered us to remain agile and adaptable resulting in our proven track record of growth and profitability across the varying macroeconomic headwinds across regions. We continue to offer a strong value proposition to customers by continuously adding new innovative solutions to our cloud, whilst also passing on the benefits of our economies of scale to our customers. Our ARPUs remain stable and our customer retention remains very high.

我們強大的管理、創業文化和垂直整合的業務模式使我們能夠保持敏捷性和適應性，從而在各地區不同的宏觀經濟逆風中取得了良好的增長和盈利記錄。我們通過不斷向雲中添加新的創新解決方案，繼續為客戶提供強大的價值主張，同時將規模經濟的優勢傳遞給客戶。我們的 ARPU 保持穩定，客戶保留率仍然很高。

We have a resilient business model that is highly cash generative with strong margins and large visibility of our future revenue. Our balance sheet is robust and management continues to drive strong unit economics with sustained growth of scale. Given the large TAM and our strong principles, we have ample runway for growth.

我們擁有富有彈性的業務模式，能夠產生大量現金，利潤豐厚，未來收入的可見性也很高。我們的資產負債表穩健，管理層繼續通過規模持續增長推動強勁的單位經濟效益。鑑於 TAM 規模龐大和我們堅定的原則，我們有充足的發展空間。

I will now pass over to Hoeshin, who will take us through our financial performance.

現在我將請 Hoeshin 來介紹我們的財務業績。

Thank you, Carmen. I will now talk through Karooooo's financial performance for quarter 1 FY '24. Please note that all comparisons are against quarter 1 FY '23, unless otherwise stated.

謝謝你，卡門。我現在將討論 Karooooo 2024 財年第一季度的財務業績。請注意，除非另有說明，所有比較均針對 2023 財年第一季度。

Our proven and profitable SaaS business model continue and delivered a solid start for the financial year. In Q1, Karooooo's total revenue increased by 24% to ZAR 997 million, and ARR increased 20% to ZAR 3,409 million. As expected, after substantial investment for future growth in all segments, operating profit increased marginally by 3% to ZAR 224 million, and earnings per share increased 3% to ZAR 5.09. All segments continue to see strong traction with the benefits of our strategic investment beginning to show. Our consistent results extend our track record of growth at scale, profitability and cash generation ability.

我們經過驗證且盈利的 SaaS 業務模式繼續延續，並為本財年帶來了良好的開端。第一季度，Karooooo 的總收入增長 24%，達到 9.97 億南非蘭特，ARR 增長 20%，達到 34.09 億南非蘭特。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，營業利潤小幅增長 3%，達到 2.24 億南非蘭特，每股收益增長 3%，達到 5.09 南非蘭特。隨著我們戰略投資的效益開始顯現，所有細分市場都繼續受到強勁的關注。我們一致的業績延續了我們在規模、盈利能力和現金生成能力方面的增長記錄。

Free cash flow in this quarter, up by 39% to ZAR 158 million and continue to bolster our balance sheet. Net cash on hand up by 18% to ZAR 1,137 million. In this quarter, ZAR 32 million are invested in the development of the South African Central office and ZAR 19 million are invested in the working capital of Carzuka. That does turnover days continued to show improvement to 28 days alongside with prudent provisioning to weather off strong economic headwinds in some of the markets we are operating. The healthy cash generation drove up net cash and cash equivalents and support future cash outflows required for future growth.

本季度自由現金流增長 39%，達到 1.58 億南非蘭特，繼續增強我們的資產負債表。手頭現金淨額增長 18%，達到 11.37 億南非蘭特。本季度，投資3200萬蘭特用於南非中央辦事處的發展，1900萬蘭特投資於Carzuka的營運資金。這確實表明周轉天數繼續改善至 28 天，同時我們還採取謹慎的撥備來應對我們所經營的一些市場的強勁經濟逆風。健康的現金生成推動了淨現金和現金等價物的增加，並支持未來增長所需的未來現金流出。

We have strong unit economics, robust operating margins, a leveraged balance sheet and a strong cash conversion. We remain confident that our track records of success, especially our ability to generate healthy cash flow is sustainable. Our earnings per share increased by 3% to ZAR 5.09 in this quarter. The increase is the result of positive revenue growth and improved profitability despite our prudent and strategic investment for go.

我們擁有強勁的單位經濟效益、強勁的營業利潤、槓桿化的資產負債表和強勁的現金轉換能力。我們仍然相信我們的成功記錄，特別是我們產生健康現金流的能力是可持續的。本季度我們的每股收益增長了 3%，達到 5.09 南非蘭特。儘管我們對 Go 進行了審慎的戰略投資，但這一增長是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 continue to prove its ability to scale in varying macroeconomic conditions and consistently beaten the rule of 40. Overall, subscribers grew at scale by 14% to 1,757,452. And in this quarter, subscription revenue grew 18% to ZAR 834 million, and operating profit stood at ZAR 232 million.

我們現在將重點關注 Cartrack，它是 Karooooo 成功的基礎資產。 Cartrack 繼續證明其在不同宏觀經濟條件下擴展的能力，並始終打破 40 的規則。總體而言，訂戶規模增長了 14%，達到 1,757,452 人。本季度，訂閱收入增長 18%，達到 8.34 億南非蘭特，營業利潤為 2.32 億南非蘭特。

As contracts continue with strong SaaS revenue growth, contracts total revenue grew 18% to ZAR 853 million. Cartrack's total subscription revenue represents 98% of total revenue, which is in line with our SaaS business model. We're mentioning our SaaS ARR grew 20% to ZAR 3,401 million. The strong performance of Cartrack was largely supported by demand of small to large enterprise wanting to improve its compliance function and to digitally transform their business to become more efficient and competitive.

隨著合同 SaaS 收入繼續強勁增長，合同總收入增長 18%，達到 8.53 億南非蘭特。 Cartrack 的總訂閱收入佔總收入的 98%，這符合我們的 SaaS 業務模式。我們提到，我們的 SaaS ARR 增長了 20%，達到 34.01 億南非蘭特。 Cartrack 的強勁表​​現在很大程度上得益於小型到大型企業的需求，這些企業希望改善其合規職能並對其業務進行數字化轉型，以提高效率和競爭力。

As contracts continue to have strong visibility of its future SaaS revenue, our realization of economies of scale continue to demonstrate our ability to drive earnings. Gross profit in this quarter increased by 16% to ZAR 600 million. Despite the investment for growth, our operating profit increased by 5% to ZAR 232 million. In this quarter, we increased our headcount, both in sales and G&A. We are building strong support and distribution capabilities as we expand in our territories.

隨著合同繼續對其未來 SaaS 收入具有很強的可見性，我們實現的規模經濟繼續證明了我們推動盈利的能力。本季度毛利潤增長 16%，達到 6 億南非蘭特。儘管進行了增長投資，我們的營業利潤仍增長了 5%，達到 2.32 億南非蘭特。在本季度，我們增加了銷售和一般管理費用方面的員工人數。隨著我們在領土上的擴張，我們正在建立強大的支持和分銷能力。

Our adjusted EBITDA up by 10% to ZAR 392 million. Cartrack's low cost of acquiring a customer, high customer lifetime value and retention rate as well as strong benefits from economies of scale results in our leading unit economics. Our LTV to CAC is over 9. We have strong profit margins with our gross profit margin on subscription revenue at 71% and commercial customer retention rate of 95%. While we remain prudent with our capital allocation, we started our hiring drive in quarter 1 for territorial expansion and growth of the business.

我們調整後的 EBITDA 增長了 10%，達到 3.92 億南非蘭特。 Cartrack 的低獲客成本、高客戶生命週期價值和保留率以及規模經濟帶來的巨大效益造就了我們領先的單位經濟效益。我們的生命週期價值 (LTV) 與 CAC 之比超過 9。我們的利潤率很高，訂閱收入毛利率為 71%，商業客戶保留率為 95%。儘管我們對資本配置保持謹慎態度，但我們在第一季度開始了招聘活動，以實現領土擴張和業務增長。

Over the years, Cartrack has maintained a steady ARPU and average upfront cost of acquiring a subscriber. ARPU for the quarter was ZAR 160. Cartrack's average lifetime revenue per subscriber increased to ZAR 9,604 in this quarter. The average upfront cost of adding a subscriber to our cloud in this quarter was ZAR 2,363. These costs mainly relates to sales commission and telematic device, which are capitalized and sales and marketing expenses that are expensed off.

多年來，Cartrack 一直保持穩定的 ARPU 和獲取訂戶的平均前期成本。本季度的 ARPU 為 160 南非蘭特。本季度 Cartrack 每個用戶的平均生命週期收入增至 9,604 南非蘭特。本季度向我們的雲添加訂閱者的平均前期成本為 2,363 南非蘭特。這些成本主要與資本化的銷售佣金和遠程信息處理設備以及費用化的銷售和營銷費用有關。

The headroom derived from the average lifetime revenue per subscriber after subtracting the average upfront cost of adding a subscriber was ZAR 7,241 per subscriber. From the ZAR 7,241, we incur the cost to service a subscriber over the contract life cycle of 60 months. The cost to service a subscriber decreased as we grow our subscriber base. Our unit economics have remained steady, allowing a strong operating profit.

每個訂戶的平均終生收入減去增加訂戶的平均前期成本後得出的淨空為每個訂戶 7,241 南非蘭特。從 7,241 南非蘭特起，我們承擔在 60 個月的合同生命週期內為訂戶提供服務的費用。隨著我們訂戶基數的擴大，服務訂戶的成本也隨之下降。我們的單位經濟效益保持穩定，營業利潤強勁。

Cartrack continue to grow its subscriber base and ARR to expand in all geographies. The South African economies remains under pressure as a result of continuing strain on the National Power Grid. Despite the challenging trading conditions, our subscriber grew by 13%. In Asia, the Middle East and U.S.A., subscriber grew by 24% as the traction in Southeast Asia has been encouraging. Southeast Asia remained as the second largest contributor to the group's revenue, presenting the most compelling growth opportunity to the group in medium to long term.

Cartrack 繼續擴大其用戶群和 ARR，以擴展到所有地區。由於國家電網持續緊張，南非經濟仍然面臨壓力。儘管交易環境充滿挑戰，我們的訂閱用戶仍增長了 13%。在亞洲、中東和美國，由於東南亞的吸引力令人鼓舞，訂閱用戶增長了 24%。東南亞仍然是該集團收入的第二大貢獻者，為該集團提供了中長期最引人注目的增長機會。

Europe saw a healthy growth of 12% and remained a region we are focusing our resources on. With our recent partnership with leading OEMs, we are poised to leverage our extensive offerings to further develop the connected vehicle ecosystem and expect these partnerships to contribute to our results in medium term.

歐洲實現了 12% 的健康增長，仍然是我們重點關注的地區。通過我們最近與領先的原始設備製造商的合作，我們準備利用我們廣泛的產品來進一步開發互聯車輛生態系統，並期望這些合作夥伴關係能夠在中期為我們的業績做出貢獻。

Africa-other maintained its growth with 7% increase in subscribers. At the end of quarter 1, our ARR increased 20% to ZAR 3,401 million. This is at a good trending as we continue to see the momentum of growth in our subscriber and ARR. Cartrack 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.

非洲其他地區的用戶數量增長了 7%，保持增長。截至第一季度末，我們的 ARR 增長了 20%，達到 34.01 億南非蘭特。這是一個良好的趨勢，因為我們繼續看到我們的用戶和 ARR 的增長勢頭。 Cartrack 繼續保持強勁的營業利潤率，我們的趨勢與 2021 年上市時制定的長期財務目標一致。

In this quarter, our subscription revenue gross profit margin stood at 71%, which is consistent with our expectation. Research and development expenses as a percentage of subscription revenue are 6%. With the start of our hiring drive in Q1, we prudently invest into sales and marketing headcounts to drive our territorial expansion and growth. And as a result, sales and marketing expenses as a percentage of subscription revenue increased to 14%. General and admin expenses as a percentage of subscription revenue are at 21% and will continue to improve as we remain pragmatic in our operating expenses. Operating profit as a percentage of subscription revenue are 28%, and our adjusted EBITDA as a percentage of subscription revenue are at 47%. We have had a solid start to our financial year 2024.

本季度，我們的訂閱收入毛利率為71%，與我們的預期一致。研發費用佔訂閱收入的比例為6%。隨著第一季度招聘活動的開始，我們審慎地投資於銷售和營銷人員，以推動我們的領土擴張和增長。結果，銷售和營銷費用佔訂閱收入的百分比增加到 14%。一般費用和管理費用佔訂閱收入的百分比為 21%，並且隨著我們在運營費用方面保持務實，該比例將繼續改善。營業利潤佔訂閱收入的百分比為 28%，調整後的 EBITDA 佔訂閱收入的百分比為 47%。我們的 2024 財年有了一個良好的開端。

Our guidance for Cartrack's outlook remains unchanged with number of subscribers between 1.9 million to 2.1 million. Cartrack's subscription revenue between ZAR 3.4 billion to ZAR 3.6 million and Cartrack's operating profit margin between 28% to 31%.

我們對 Cartrack 前景的指引保持不變，訂戶數量在 190 萬至 210 萬之間。 Cartrack 的訂閱收入在 34 億至 360 萬南非蘭特之間，Cartrack 的營業利潤率在 28% 至 31% 之間。

Carzuka and Karooooo Logistics continue to gain traction and bolster Karooooo revenue growth. Both segments showed good progress with strong quarter 1 growth. Carzuka delivered ZAR 82 million in revenue in this quarter. This growth continues to support our belief in the sustainability of its agile, data enhanced and highly scalable business model. It is also a testament of Karooooo's customer-centric innovation in solving unique mobility needs. While it is at an operating loss as we carry out 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. We consider this an asset-light investment and once Carzuka's revenue exceed ZAR 300 million per quarter, we believe the business will give us the return we expect.

Carzuka 和 Karooooo Logistics 繼續獲得關注並促進 Karooooo 收入增長。這兩個細分市場都取得了良好進展，第一季度增長強勁。 Carzuka 本季度實現收入 8200 萬南非蘭特。這種增長繼續支持我們對其敏捷、數據增強和高度可擴展的業務模式的可持續性的信念。這也證明了 Karooooo 在解決獨特的移動需求方面以客戶為中心的創新。雖然我們在基礎設施和品牌建設方面進行投資時出現了運營虧損，但我們也將專注於完善內部流程，以提高效率並務實地支出。我們認為這是一項輕資產投資，一旦 Carzuka 每季度的收入超過 3 億南非蘭特，我們相信該業務將為我們帶來預期的回報。

Karooooo Logistics delivered significant growth, generating ZAR 62 million in revenue and an encouraging operating profit of ZAR 5 million in this quarter. Its focus on delivery as a service has gained momentum, while we continue to integrate into Cartrack's platform to expand its customer base. The Karooooo Logistics stack is expected to deliver a long-term revenue stream to the group.

Karooooo Logistics 實現了顯著增長，本季度實現了 6200 萬南非蘭特的收入和令人鼓舞的 500 萬南非蘭特的營業利潤。它對交付即服務的關注已經獲得動力，同時我們繼續集成到 Cartrack 的平台以擴大其客戶群。 Karooooo Logistics 預計將為該集團帶來長期收入來源。

I would like to thank everybody for joining us today, and we will now open the floor to Q&A with our group CEO and founder, Mr. Zak Calisto.

我要感謝大家今天加入我們，現在我們將與我們的集團首席執行官兼創始人 Zak Calisto 先生進行問答。

Thank you, Hoeshin. And thank you, everybody, for joining us today. I'm going to start off with a question from Matthew from William Blair. Are subscriber addition strength in June and July relative to the first quarter. We've certainly at a much stronger June and July compared to the first 3 months of the financial year. So this quarter, we are hoping to see a substantially better quarter than the previous year in terms of subscriber additions.

謝謝你，霍辛。感謝大家今天加入我們。我將從威廉·布萊爾馬修提出的問題開始。與第一季度相比，六月和七月的用戶增加量是否強勁。與本財年的前 3 個月相比，我們的 6 月和 7 月無疑要強勁得多。因此，本季度，我們希望在訂戶增加方面看到比上一年明顯更好的季度。

Another question from Matthew from William Blair. Which expense lines do you anticipate to show the most leverage throughout the year, so that Cartrack's segment can meet its operating profit and margin target.

威廉·布萊爾馬修提出的另一個問題。您預計全年哪些費用項目將發揮最大的槓桿作用，以便 Cartrack 的部門能夠實現其營業利潤和利潤率目標。

In the first quarter, we've spent a substantial amount of money in terms of recruiting people for support, which falls under G&A. We are continuing Q2 to also recruit and add more headcount. And I certainly believe G&A is the one that will then taper off. And allow us to meet our targets. I certainly believe we are on track, and we're going in accordance with budgets and to meet our targets.

在第一季度，我們在招聘支持人員方面花費了大量資金，這屬於一般管理費用。我們將繼續第二季度招聘和增加更多員工。我當然相信 G&A 將會逐漸減少。並讓我們實現我們的目標。我當然相信我們正在步入正軌，並且我們將按照預算進行並實現我們的目標。

And the next question from Parker Lane. How should we think about the balance of growth and profitability over the medium to long term as Carzuka and Karooooo Logistics continue to (inaudible)?

帕克·萊恩提出了下一個問題。隨著 Carzuka 和 Karooooo Logistics 繼續（聽不清），我們應該如何考慮中長期增長和盈利的平衡？

Parker, I think one needs to see these 3 different segments in isolation. They've got very different margins. And as they've got different margins on the consolidated numbers, that's going to affect our margins. But I see Carzuka reaching breakeven in the short term. And I certainly see Karooooo Logistics that is already profitable, continue to scale that. But I think for a very long time to come. A Cartrack was certainly be the driving force of our operating profits.

帕克，我認為人們需要單獨看待這三個不同的部分。他們的利潤率非常不同。由於他們在合併數據上的利潤率不同，這將影響我們的利潤率。但我認為 Carzuka 在短期內會達到盈虧平衡。我當然看到 Karooooo Logistics 已經盈利，並繼續擴大規模。但我認為未來很長一段時間。 Cartrack 無疑是我們營業利潤的驅動力。

The next question, I'm going to Matthew from Confluence Impact Fund. Two areas, I would like to understand better, the change in capitalization of costs and the result in lower reported EBITDA, what were the nature of these costs?

下一個問題我將由 Confluence Impact Fund 的 Matthew 回答。我想更好地了解兩個領域，成本資本化的變化以及報告的 EBITDA 降低的結果，這些成本的性質是什麼？

And -- so maybe it needs a bit of clarity. There is no change in the way we capitalize costs. That is something that's not discretionary. That's something by IFRS. And what has changed is that what we've seen is a huge increase in marketing costs, and those marketing costs are expensed upfront. And with those being expensed upfront, that are obviously effecting our operating profit. But as Hoeshin took us through the unit economics, you can also see the drive in ARPU and we will drive more value out of each subscriber and it will offset that initial cost that we do have upfront that is affecting us. So we'll reap the benefits going into the future.

而且——所以也許需要澄清一下。我們資本化成本的方式沒有變化。這是不可自由裁量的事情。這是 IFRS 的規定。發生的變化是，我們看到營銷成本大幅增加，而這些營銷成本是預先支出的。由於這些費用是預先支出的，這顯然會影響我們的營業利潤。但當 Hoeshin 帶領我們了解單位經濟學時，您還可以看到 ARPU 的驅動力，我們將從每個訂戶身上獲得更多價值，這將抵消我們確實影響我們的初始成本。因此，我們將在未來獲得好處。

And is there a better way that we can better understand comparable reporting for historical periods. The only way we can do that is by either cash accounting. And in terms of cash accounting, what we see is that our breakeven of the cost that we incur upfront has remained fairly constant. I haven't got the exact number on me, but I think it's around 22 or 23 months. So despite the total costs going up, given the ARPU and given the lower costs to service each vehicle on a client every month. We have a breakeven point that's remained fairly constant historically.

有沒有更好的方法可以讓我們更好地理解歷史時期的可比報告。我們能做到這一點的唯一方法是採用現金會計。就現金會計而言，我們看到的是我們預先產生的成本的盈虧平衡保持相當穩定。我沒有確切的數字，但我認為大約是 22 或 23 個月。因此，儘管總成本上升，但考慮到 ARPU 以及每月為客戶提供每輛車服務的成本較低。我們的盈虧平衡點在歷史上一直保持相當穩定。

Then Asian growth also from Matthew from Confluence Impact Fund, which markets are responsible for the growth in Asia?

那麼亞洲的增長也來自 Confluence Impact Fund 的 Matthew，哪些市場推動了亞洲的增長？

Clearly, we're gaining strong momentum in Singapore and with certainly the market leaders in Singapore. And we're getting really good momentum in the Philippines, Indonesia, Thailand at this stage.

顯然，我們在新加坡的勢頭強勁，當然還有新加坡的市場領導者。現階段我們在菲律賓、印度尼西亞、泰國的勢頭非常好。

How is the sales marketing setup there. We've got the same setup throughout all the geographies that we operate in.

那裡的銷售營銷設置如何？我們在所有開展業務的地區都採用了相同的設置。

Are you happy that you will be able to sustain 20% growth in this geography?

您對能夠在該地區保持 20% 的增長感到高興嗎？

Well, we certainly believe 20% to be a very low growth in Asia. And clearly, with COVID, that was very difficult. I think the year post-COVID was difficult, but for different reasons. I think the job market was quite difficult. I think we're now starting to get the momentum that we need. And I certainly believe we will go -- we will grow much faster than we currently are. And certainly, it's my opinion and also the team's opinion that will grow faster than we're currently growing.

嗯，我們當然認為 20% 在亞洲是一個非常低的增長。顯然，對於新冠病毒，這非常困難。我認為新冠疫情后的一年很困難，但原因各有不同。我認為就業市場相當困難。我認為我們現在開始獲得所需的動力。我當然相信我們會前進——我們會比現在增長得更快。當然，我的觀點以及團隊的觀點將會比我們目前的增長速度更快。

Then we'll go to Sebastian. Can you comment further on a higher proportion of [Carzuka, Karooooo relate] that was expenses in this quarter? And what drives this figure? Is this to due customers' canceling?

然後我們就去找塞巴斯蒂安。您能否進一步評論一下本季度支出中較高比例的[Carzuka、Karooooo 相關]？是什麼推動了這個數字？這是由於客戶取消嗎？

So what drives the figure, it's really what does it cost us to put our vehicle on our cloud. This -- and I might be opinion but a bit repetitive here, but I will do it for the sake of clarity. The portion of those costs, we actually expense upfront, which is the sales, salaries and the marketing costs and the other costs we capitalized, which is the IoT devices and the technicians and the commissions paid. This is a IFRS rules, on how to do the accounting for it? And is this due to customers' canceling? It's got absolutely nothing to do with customers' canceling? What customers canceling will do, it will reduce your, a, obvious your customer retention, and it will also reduce your life cycle of the vehicle on your cloud. And we've consistently been at 16 months. And this is obviously an actual calculation.

所以推動這個數字的因素實際上是我們將車輛放在雲上的成本。這可能是我的觀點，但這裡有點重複，但為了清楚起見，我會這樣做。這些成本的一部分實際上是我們預先支出的，即銷售、工資和營銷成本以及我們資本化的其他成本，即物聯網設備、技術人員和支付的佣金。這是IFRS的規則，關於如何做會計呢？這是由於客戶取消預訂造成的嗎？這和客戶取消訂單完全沒有關係嗎？客戶取消預訂會造成的後果是，它會明顯降低您的客戶保留率，並且還會縮短雲上車輛的生命週期。我們一直都是 16 個月。而這顯然是一個實際的計算。

The next one from Alexandra Sklar. Southeast Asia growth continue well above the company average. How much go-to-market investment are you putting in behind the current momentum in the regions?

下一篇來自 Alexandra Sklar。東南亞的增長繼續遠高於公司平均水平。為了推動這些地區當前的發展勢頭，您將投入多少市場投資？

Clearly, our biggest capital allocation continues still to be South Africa. But obviously, as a proportion, that's decreasing. And Southeast Asia is clearly increasing substantially. So what we did see is a huge increase in that in Q1 this year.

顯然，我們最大的資本配置仍然是南非。但顯然，從比例來看，這一比例正在下降。東南亞顯然正在大幅增長。所以我們確實看到今年第一季度出現了巨大的增長。

(inaudible) is trying to been a focus, but what are your latest thoughts around pricing and the ability to push pricing as a growth driver?

（聽不清）正試圖成為焦點，但您對定價以及推動定價作為增長動力的能力的最新想法是什麼？

Our pricing model is very much around our unit economics and while we're giving operating profits of -- in the region of 30% in terms of our P&L. We believe there is no need to drive our pricing at this stage. We are getting great benefits from the economies of scale. But our ability to drive our pricing, we did test it last year. And we believe should it be necessary that we certainly got a lot of elasticity to push up pricing, given that we're continuously adding stack to our platform. And if one had to take the route that every time you put on a new stack or you enhance the stack that you can go to the market and upsell, I believe we can do that, should it be necessary.

我們的定價模型很大程度上取決於我們的單位經濟效益，而我們的營業利潤則在損益表的 30% 左右。我們認為現階段沒有必要推動我們的定價。我們從規模經濟中獲得了巨大的利益。但我們去年確實測試了我們推動定價的能力。我們認為，鑑於我們不斷向平台添加堆棧，我們當然有必要擁有很大的彈性來推高價格。如果必須採取這樣的路線，即每次添加新的堆棧或增強堆棧時，您都可以進入市場並進行追加銷售，我相信我們可以做到這一點，如果有必要的話。

Next question from (inaudible). You are evidently spending for future growth, for example, the hiring drive. How many months does it take before the spend is translating into revenue growth?

下一個問題來自（聽不清）。顯然，您正在為未來的增長進行支出，例如招聘活動。支出需要多少個月才能轉化為收入增長？

It's typically, I would say, it's about 6 months. And the real effects of investment, what I've learned is you invest and the real benefits actually comes 2 or 3 years later. Normally, what you find is when you bring on staff, it takes them about 6 months to settle. And they really -- most staff only start adding real value after they've been with us for about 24 months. So -- but you do start seeing value after 6 months.

我想說，通常是大約 6 個月。投資的真正效果，我了解到的是，你進行投資，真正的收益實際上會在兩三年後出現。通常情況下，當你聘用員工時，你會發現他們需要大約 6 個月的時間才能安定下來。事實上，大多數員工在為我們工作大約 24 個月後才開始增加真正的價值。所以——但 6 個月後你確實開始看到價值。

Next question from Gokul Raj. With the low base in Asia and Europe, should we not expect a higher growth rate than what the firm was delivered currently?

下一個問題來自 Gokul Raj。由於亞洲和歐洲的基數較低，我們難道不應該期望公司的增長率高於目前的增長率嗎？

I certainly believe so. And I certainly believe that we are going to be driving that. Our commitment now is to really start growing Asia and Europe faster.

我當然相信是這樣。我當然相信我們將推動這一目標。我們現在的承諾是真正開始更快地推動亞洲和歐洲的發展。

A question from [Kan Ho]. The number of net additions in subscribers slowed down to 25,000 in South Africa for this quarter and last quarter. What are the reasons for this?

[Kan Ho] 的提問。本季度和上季度南非的訂戶淨增數量放緩至 25,000 人。其原因何在？

Kan Ho , South Africa at the moment has got quite a few challenges. South Africa is quite a resilient country. It's -- every so often goes through these challenges. And one of the biggest challenges we've got now is the stress on the electricity grid. And obviously, that's been quite a negative effect on the economy as a whole.

Kan Ho 表示，南非目前面臨不少挑戰。南非是一個很有韌性的國家。它經常經歷這些挑戰。我們現在面臨的最大挑戰之一是電網的壓力。顯然，這對整個經濟產生了相當負面的影響。

Next question from [Colson] from [Coronation]. How did you manage to grow subs South Africa? Is it increased market share or higher industry penetration?

下一個問題來自[加冕]的[科爾森]。你們是如何成功發展南非的潛艇的？是市場份額增加還是行業滲透率提高？

We don't have the full market statistics to be able to answer you with the level of degree of confidence that I would like. But I believe it's a combination of market share and higher industry penetration.

我們沒有完整的市場統計數據，無法以我想要的自信程度回答您。但我相信這是市場份額和更高行業滲透率的結合。

Next question, Prashant Premkumar. Can you please provide some context on ESG carbon footprint monetary being a driver for growth? What are some of the specific government regulations driving adoption and which geographies?

下一個問題，Prashant Premkumar。您能否提供一些有關 ESG 碳足跡貨幣作為增長驅動力的背景信息？推動採用的具體政府法規有哪些以及哪些地區？

So there's a lot of talk about ESG. There's a lot of very positive movements in that direction. And what we are seeing is government legislation starting to come through in many geographies for compliance. One good example is Europe is now bringing in e-tackle graph, which also is going to be used in sedan vehicles that are used for companies. So we're looking to get real benefit out of that. But it's really going to pay, I certainly believe, ESG, we're very well positioned to help corporate report on the compliance, on the -- on many of the ESG aspects. And we certainly believe that's going to become a stronger and stronger drive for our growth.

因此，關於 ESG 的討論很多。朝著這個方向有很多非常積極的進展。我們看到許多地區開始通過政府立法以確保合規。一個很好的例子是歐洲現在正在引進電子滑車圖表，該技術也將用於公司使用的轎車。因此，我們希望從中獲得真正的好處。但我當然相信，ESG 確實會帶來回報，我們非常有能力幫助企業報告合規性以及 ESG 的許多方面。我們當然相信這將成為我們增長的越來越強大的動力。

So Chris, his question is Samsara making much out of utilizing artificial intelligence to improve safety and efficiency and the general AI innovation, is this an area that where you sees potential in.

所以克里斯，他的問題是 Samsara 充分利用人工智能來提高安全性和效率，以及通用人工智能創新，你認為這是一個有潛力的領域嗎？

Chris, I think the word artificial intelligence is the word of the day today. Everybody is using it. I think artificial intelligence has been with us for about 20 years. But certainly in the last 3 to 4 years, we've seen a huge exponential growth in the maths behind it. We've been doing it for many years. And if you look at our platform and our offering, it will be quite evident that we are driving the benefits that come from good algorithms and good data collection, good data presentation in the facility. And that's fundamentally what artificial intelligence is. So it really is just a buzzword that's, at the moment, being used very loosely. And I certainly believe, we are very much involved in delivering artificial intelligence and continue to improve on that aspect of our business.

克里斯，我認為人工智能這個詞是當今的熱門詞彙。每個人都在使用它。我認為人工智能已經伴隨我們大約20年了。但在過去的三到四年裡，我們確實看到了其背後的數學知識呈指數級增長。我們已經這樣做很多年了。如果你看看我們的平台和我們的產品，就會很明顯地看到，我們正在推動良好的算法、良好的數據收集、設施中良好的數據呈現所帶來的好處。這就是人工智能的本質。所以它實際上只是一個流行詞，目前使用得非常寬鬆。我當然相信，我們積極參與提供人工智能，並繼續改進我們業務的這方面。

Then I've got a question from [Miles Free]. Is subscription growth outside Africa, taking longer and cost them more than anticipated since COVID-19?

然後我收到了[Miles Free] 的問題。自 COVID-19 以來，非洲以外地區的訂閱增長是否比預期花費的時間更長、成本更高？

It's certainly taking longer but costing more I don't think that's necessarily the case. But outside Africa or what we did see specifically is a year, the last FY '23 very turbulent, very difficult to hire people. That's starting to normalize in Q1 and in Q2. And we certainly believe that once we get the necessary momentum with the hiring, then we'll reach the results in the revenue growth.

這肯定需要更長的時間，但成本更高，我認為情況不一定如此。但在非洲以外，或者說我們確實看到的是，去年 23 財年非常動盪，很難僱用人員。這種情況在第一季度和第二季度開始正常化。我們當然相信，一旦我們通過招聘獲得必要的動力，那麼我們將實現收入增長的結果。

The next question from Miles Free . How is trading going outside the African Q2 off a low base relative to TAMs? As I said earlier, I do -- we are having a stronger Q2.

Miles Free 的下一個問題。相對於 TAM 而言，非洲第二季度以外地區的交易量為何處於較低基數？正如我之前所說，我們的第二季度表現更加強勁。

What are the inhibitors to double the subscribers? And the reality of that is yes, the ability to distribute, and we are very much focused on increasing our distribution capabilities.

阻礙訂閱者翻倍的因素有哪些？事實是，是的，分銷能力，我們非常注重提高我們的分銷能力。

Another question from Miles. What EBITDA percentage Carzuka could achieve on a quarterly revenue of ZAR 300 million? We're looking that once we get to ZAR 300 million, we'll probably be sitting on an operating profit of around 4% to 5%.

邁爾斯的另一個問題。 Carzuka 在 3 億南非蘭特的季度收入中可以實現多少 EBITDA 百分比？我們預計，一旦達到 3 億南非蘭特，我們的營業利潤可能會達到 4% 到 5% 左右。

I want to thank everybody for joining us. Thank you, and I look forward to talking to you in approximately 90 days' time.

我要感謝大家加入我們。謝謝您，我期待在大約 90 天的時間內與您交談。