Karooooo Ltd (KARO) 2024 Q4 法說會逐字稿

Hello and welcome to Karooooo’s financial year 2024 Q4 and full-year 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, we'll be taking you through our key business updates and robust financial performance.

大家好，歡迎參加 Karooooo 的 2024 財年第四季和全年財報電話會議。我們謹代表 Karooooo 感謝您今天加入我們。我是集團首席策略和行銷長 Carmen，我們將與集團財務長 Hoeshin 一起向您介紹我們的關鍵業務動態和強勁的財務表現。

All investors are advised to read through the disclaimer. We will be reviewing all three of Karooooo's business units in today's webinar, namely: Cartrack, Carzuka, and Karooooo Logistics. Please note this is the last earnings call in which we will report on Carzuka as a stand-alone segment as its remaining operations are integrated in supporting the Cartrack operations.

建議所有投資者仔細閱讀免責聲明。我們將在今天的網路研討會上回顧 Karooooo 的所有三個業務部門，分別是：Cartrack、Carzuka 和 Karooooo Logistics。請注意，這是最後一次財報電話會議，我們將把 Carzuka 作為一個獨立的部門進行報告，因為它的其餘業務已整合到支援 Cartrack 業務中。

Karooooo remains committed to our mission of being the leading operations cloud. Our focus is to simplify the lives of operators and maximize the scale and efficiency of their operation. Our innovative platform goes far beyond connected vehicles and equipment to centralize and unify an entire operation into one single place. We continue to help customers conquer complex challenges around safety, compliance, productivity, service delivery, cost management, fuel, maintenance, routing, resource allocation, driver and worker retention and more.

Karooooo 仍然致力於成為領先的營運雲端的使命。我們的重點是簡化操作員的生活並最大限度地提高其營運規模和效率。我們的創新平台遠遠超出了連網車輛和設備的範圍，可以將整個營運集中並統一到一個地方。我們繼續幫助客戶克服安全、合規性、生產力、服務交付、成本管理、燃料、維護、路線、資源分配、司機和工人保留等方面的複雜挑戰。

Our platform leverages our large data scale, AI and data analytics to offer customers pragmatic insights that simplify problem solving to ensure successful implementation. We are helping to pave the benchmark and future of efficiency, safety, and impact for operational businesses, and continue to believe we have a large runway for growth.

我們的平台利用我們的大數據規模、人工智慧和數據分析為客戶提供務實的見解，簡化問題的解決，確保成功實施。我們正在幫助為營運業務奠定效率、安全和影響力的基準和未來，並繼續相信我們擁有廣闊的成長跑道。

We have comfortably met our financial year outlook targets in all categories and continue on our over 10-year track record of strong growth and financial performance. We ended the financial year with over 1,972,000 subscribers, Cartrack subscription revenue of ZAR3,523 million, and an operating profit margin of 30%. We continue to focus on proving our ability to execute as we show strong growth whilst maintaining strong discipline in our capital allocation.

我們輕鬆實現了所有類別的財政年度展望目標，並繼續保持了 10 多年來強勁增長和財務業績的記錄。截至本財年，我們擁有超過 1,972,000 名訂閱者，Cartrack 訂閱營收為 35.23 億南非蘭特，營業利潤率為 30%。我們將繼續專注於證明我們的執行能力，因為我們表現出強勁的成長，同時在資本配置方面保持嚴格的紀律。

We continue to see that our hard-to-replicate culture stands as a true game-changer for our ability to execute. Guided by our founder-led ethos, our management team embodies an entrepreneurial spirit and fosters an owner-orientated mindset throughout teams in our entire business.

我們繼續看到，我們難以複製的文化真正改變了我們的執行能力。在創辦人領導的精神指導下，我們的管理團隊體現了企業家精神，並在整個企業的團隊中培養了以所有者為中心的心態。

At the core of our culture lies transparency, a principle we uphold unapologetically. This is not for everyone, but it is how we continue to build loyal teams that achieve. We reject the idea of closed-door meetings, and instead choose open floor plans and candid communication. We are open about individual and team weaknesses, so that we know what to expect from each other and how to work together to empower each other through our strengths in order to maximize our collective impact.

我們文化的核心是透明度，這是我們堅定不移地堅持的原則。這並不適合所有人，但它是我們繼續建立忠誠團隊並取得成就的方式。我們拒絕閉門會議的想法，而是選擇開放式的計畫和坦誠的溝通。我們對個人和團隊的弱點持開放態度，以便我們知道對彼此的期望以及如何共同努力，透過我們的優勢相互賦能，從而最大限度地發揮我們的集體影響力。

Pragmatism defines our approach, emphasizing implementation and execution. We prioritize ease of use and practicality in everything we do to ensure a seamless integration into our customers' workflows. Our focus remains on tangible outcomes. We are impact orientated, not fanciful and idea orientated.

實用主義定義了我們的方法，強調實施和執行。我們所做的一切都優先考慮易用性和實用性，以確保無縫整合到客戶的工作流程中。我們的重點仍然是切實的成果。我們以影響力為導向，而不是以幻想和想法為導向。

We also remain agile. We adapt, innovate, and refine our processes with a sense of urgency. This mindset empowers us to break barriers, drive innovation, and continuously enhance our platform and value proposition for customers.

我們也保持敏捷。我們懷著緊迫感調整、創新和完善我們的流程。這種心態使我們能夠打破障礙、推動創新，並不斷增強我們的平台和為客戶提供的價值主張。

In embracing these principles, we continue to grow at scale with strong efficiencies. We continue to execute in different markets, under varying macroeconomic environments. We continue to innovate and evolve our platform, embracing new technologies in practical ways. And we continue to do so whilst remaining disciplined with our capital allocation.

在遵循這些原則的過程中，我們繼續以高效率實現規模成長。我們繼續在不同的市場、不同的宏觀經濟環境下執行任務。我們不斷創新和發展我們的平台，以實際的方式擁抱新技術。我們將繼續這樣做，同時保持資本配置的紀律。

Our commitment to product innovation and development remains, and we continue to invest in our AI capabilities. We have witnessed the profound impact that our data-enabled AI platform has on operational efficiency by empowering operators to address complex challenges head on.

我們對產品創新和開發的承諾仍然存在，並繼續投資於我們的人工智慧能力。我們見證了我們的數據驅動的人工智慧平台使營運商能夠應對複雜的挑戰，從而對營運效率產生了深遠的影響。

The key to our success with AI has been our unique ability to derive simple-to-use tools that harness AI to deliver tangible insights and practical applications for customers. Through the combination of our AI-enabled cameras and easy-to-use and fully digitalized driver coaching tools, we have delivered an end-to-end solution to customers that ensures they conduct effective coaching that focuses on the right things and ensures change happens.

我們在人工智慧領域取得成功的關鍵在於我們擁有獨特的能力，能夠開發出簡單易用的工具，利用人工智慧為客戶提供實際的見解和實際應用。透過將我們的人工智慧攝影機與易於使用且完全數位化的駕駛員輔導工具相結合，我們為客戶提供了端到端解決方案，確保他們進行有效的輔導，專注於正確的事情並確保發生變化。

A prime example of our solution's efficacy is showcased by a leading mine in South Africa who has flipped their standing on safety. Within just one month, they have achieved dramatic improvement in critical high-risk driver behavior that often leads to accidents and fatalities.

南非一家領先的礦場轉變了安全立場，這就是我們解決方案有效性的典型例子。在短短一個月內，他們在經常導致事故和死亡的關鍵高風險駕駛員行為方面取得了顯著改善。

Fatigued driving incidents have decreased by 32%, mobile phone usage by 13%, seatbelt non-compliance by 35%, and camera coverage, which is indicative of non-compliance with safety or other protocols, has plummeted by 40%. These transformative outcomes prove the power of our end-to-end solution in revolutionizing safety standards and operational efficiency. As we continue to innovate, we remain dedicated to driving positive change and fostering safer work environments globally.

疲勞駕駛事故減少了 32%，手機使用率減少了 13%，不繫安全帶的情況減少了 35%，相機覆蓋率（顯示不遵守安全或其他協議）下降了 40%。這些變革性成果證明了我們的端到端解決方案在徹底改變安全標準和營運效率方面的力量。在我們不斷創新的同時，我們仍然致力於推動積極的變革並在全球範圍內創造更安全的工作環境。

Karooooo's leading operations cloud now drives the digital transformation of over 121,000 commercial customers. We consistently demonstrate high implementation success and maintain a 95% commercial customer retention rate across businesses of various sizes in all industries, from logistics to construction, and from emergency services to tourism. We continue to have low industry and customer concentration risk.

Karooooo 領先的營運雲端現已推動超過 121,000 家商業客戶的數位轉型。從物流到建築，從緊急服務到旅遊業，我們在所有行業的各種規模的企業中始終表現出很高的實施成功率，並保持著 95% 的商業客戶保留率。我們的產業和客戶集中度風險仍然較低。

We also continue to leverage our vast data set to empower our customers with full visibility and control of their operation by offering them meaningful insights and practical tools for simplified decision making. Our platform offers customers an undeniable value proposition with a high ROI within weeks.

我們也繼續利用我們龐大的數據集，為客戶提供有意義的見解和實用工具，以簡化決策，從而使他們能夠全面了解和控制其營運。我們的平台為客戶提供了不可否認的價值主張，並在幾週內獲得了高投資報酬率。

Karooooo is positioned for growth. We have continued to strategically invest in infrastructure for customer acquisition, high customer service delivery, and strong product innovation. We continue to believe that South East Asia will be our largest driver of growth in the medium to long term. We have added new members to our leadership team who are all focused on execution and growth and have continued to build out our sales and support infrastructure and have successfully increased our presence in new provinces.

Karooooo 已做好了發展準備。我們持續對基礎設施進行策略性投資，以獲取客戶、提供優質的客戶服務和強大的產品創新。我們仍然相信東南亞將成為我們中長期最大的成長動力。我們的領導團隊增加了新成員，他們都專注於執行和成長，並繼續建立我們的銷售和支援基礎設施，並成功增加了我們在新省份的業務。

Our internal systems play a large role in our ability to deliver such strong customer service at scale, and we continue to improve on them to ensure we can adhere to our standards as we continue to grow. Our team is excited to move into our new head office building in South Africa in Q2 of FY25 which will allow us to further unlock the impact of our culture. We have established innovative partnerships to leverage our data scale and AI-enabled platform which we will continue to nurture, and we have a strong cash position and strong cash generation to fuel our growth.

我們的內部系統對於我們大規模提供如此強大的客戶服務的能力發揮著重要作用，我們不斷改進這些系統，以確保我們能夠在不斷發展的過程中遵守我們的標準。我們的團隊很高興在 2025 財年第二季搬入南非的新總部大樓，這將使我們能夠進一步發揮我們文化的影響力。我們建立了創新的合作夥伴關係，以利用我們將繼續培育的數據規模和人工智慧平台，並且我們擁有強大的現金狀況和強大的現金生成能力來推動我們的成長。

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

現在我將把工作交給 Hoeshin，他將帶領我們了解我們的財務表現。

Thank you, Carmen. I will now talk through Karoooo’s financial performance for quarter four FY24. Please note that all comparisons are against quarter four FY23 unless otherwise stated.

謝謝你，卡門。我現在將討論 Karoooo 2024 財年第四季的財務表現。請注意，除非另有說明，所有比較均針對 2023 財年第四季。

Financial year ‘24 has been an exciting year for us. We delivered record subscription revenue and earnings while maintaining our momentum of growth and demonstrating our financial discipline. Our consistent strong results further extend our long-standing track record of scalable growth, providing us with multiple levers for continued expansion. In this quarter, our subscription revenue up 18% to ZAR935 million and on a year-to-date basis, up by 17% to ZAR3,536 million.

2024 財年對我們來說是令人興奮的一年。我們創造了創紀錄的訂閱收入和收益，同時保持了成長勢頭並展示了我們的財務紀律。我們持續強勁的業績進一步延續了我們長期的可擴展成長記錄，為我們的持續擴張提供了多種槓桿。本季度，我們的訂閱收入成長 18%，達到 9.35 億南非蘭特，年初至今成長 17%，達到 35.36 億南非蘭特。

Operating profit up by 25% to ZAR296 million and on a year-to-date basis, up by 18% to ZAR1,043 million. Earnings per share up by 45% to ZAR6.81 and on a year-to-date basis, up by 24% to ZAR23.85. We will maintain our robust business model, with our focus remains on growing our subscription revenue as we continue our investment to scale the business.

營業利潤成長 25%，達到 2.96 億南非蘭特，年初至今成長 18%，達到 10.43 億南非蘭特。每股收益成長 45% 至 6.81 南非蘭特，年初至今成長 24% 至 23.85 南非蘭特。我們將保持穩健的業務模式，在繼續投資擴大業務的同時，我們的重點仍然是增加訂閱收入。

Earnings for this quarter were ZAR215 million and our free cash flow was ZAR161 million. Our free cash flow has remained positive despite our investment in the development of our new South African Central office. Up to this quarter, we had invested ZAR263 million in this development. Our results were achieved through strong financial discipline as we continue to make strategic investments for sustainable long-term growth. Our high cash conversion demonstrates our focused capital allocation, and we will remain focus in this approach.

本季獲利為 2.15 億蘭特，自由現金流為 1.61 億蘭特。儘管我們投資開發了新的南非中央辦事處，但我們的自由現金流仍然保持正值。截至本季度，我們已在該開發案上投資了 2.63 億南非蘭特。我們的成果是透過嚴格的財務紀律取得的，因為我們繼續為可持續的長期成長進行策略性投資。我們的高現金轉換率表明我們專注於資本配置，我們將繼續關注這種方法。

Our earnings are benefitting from our robust economies of scale. Karooooo’s earnings per share in this quarter grew by 45% to ZAR6.81. The increase is the result of positive revenue growth and improved profitability despite our prudent and strategic investment for growth. On a year-to-date basis, our earnings per share accelerates to ZAR23.85. Karooooo logistic started to see its traction, contributing ZAR0.48 of positive earnings per share to the group.

我們的收入受益於我們強勁的規模經濟。Karooooo 本季的每股盈餘成長了 45%，達到 6.81 南非蘭特。儘管我們為成長進行了審慎的策略投資，但收入成長和獲利能力提高的結果是這一成長。今年迄今，我們的每股盈餘加速至 23.85 南非蘭特。 Karooooo Logistics 開始嶄露頭角，為集團貢獻了 0.48 南非蘭特的每股正收益。

Our year-to-date earnings per share was impacted by ZAR1.40 for the provision we made for Carzuka’s reduced its operations. Going forwardly, we will cease reporting Carzuka as a stand-alone segment as it integrates into Cartrack’s broader business operations.

我們年初至今的每股盈餘受到 1.40 南非蘭特的影響，因為我們為 Carzuka 提供的撥備減少了其業務。展望未來，我們將不再將 Carzuka 作為一個獨立的部門進行報告，因為它已融入 Cartrack 更廣泛的業務運營中。

Our financial performance in this quarter showcased a strong cash position, with net cash on hand plus cash in bank fixed deposits reaching ZAR922 million. Debtor’s turnover days improving to 29 days alongside with prudent provisioning to weather off strong economic headwinds in some of the markets we are operating.

我們本季的財務表現顯示出強勁的現金狀況，手頭現金淨額加上銀行定期存款現金達到 9.22 億南非蘭特。債務人周轉天數改善至 29 天，同時採取審慎撥備以抵禦我們經營的一些市場中強勁的經濟逆風。

Given our strong cash position and cash generation, currently, we expect to declare a dividend in quarter two FY25, a testament to our confidence in our robust business model that are backed by a strong and clean balance sheet.

鑑於我們目前強勁的現金狀況和現金產生能力，我們預計將在 2025 財年第二季宣布派發股息，這證明了我們對以強勁而乾淨的資產負債表為支持的穩健業務模式的信心。

We will now focus on Cartrack, the underlying asset to Karoooo’s success. Our momentum continued in this quarter as Cartrack’s extend its decade-plus track record of growth at scale, profitability, and cash generation ability. Overall, subscribers grew at scale by 15% to 1,972,000. Subscription revenue grew by 17% to ZAR930 million, while operating profit grew to ZAR289 million. Cartrack has consistently proves its ability to scale in varying macro-economic conditions, and consistently beaten the Rule of 40.

我們現在將專注於 Cartrack，它是 Karoooo 成功的基礎資產。隨著 Cartrack 延續其十多年來在規模、盈利能力和現金生成能力方面的增長記錄，我們的勢頭在本季度繼續保持。總體而言，訂戶規模成長了 15%，達到 1,972,000 人。訂閱收入成長 17%，達到 9.3 億南非蘭特，營業利潤成長到 2.89 億南非蘭特。Cartrack 不斷證明其在不同宏觀經濟條件下擴展的能力，並始終打破 40 法則。

Our compounded annual growth rate has proven to be strong and consistent over the past 10 years. Specifically, our subscriber CAGR stood at 19% and subscription revenue CAGR at 20%, gross profit CAGR at 18%, and operating profit CAGR at 15%. These results underscore our robust business model and strategic execution. Our commitment to disciplined financial management and strategic investments positions us well for continued success and sustainable long-term growth.

事實證明，過去 10 年我們的複合年增長率強勁且穩定。具體來說，我們的訂戶複合年增長率為 19%，訂閱收入複合年增長率為 20%，毛利複合年增長率為 18%，營業利潤複合年增長率為 15%。這些結果凸顯了我們穩健的業務模式和策略執行。我們對嚴格的財務管理和策略投資的承諾使我們能夠持續成功和可持續的長期成長。

Cartrack's strong subscriber growth drove its overall SaaS revenue growth. Total revenue growth in this quarter grew by 20% to ZAR958 million. On a year-to-date basis, total revenue grew 17% to ZAR3,614 million. Cartrack’s total subscription revenue grew 17% to ZAR930 million. On the year-to-date basis, Cartrack’s total subscription revenue grew 17% to ZAR3,523 million. Cartrack’s total subscription revenue represents 97% of total revenue in line with our SaaS business model. The strong performance of Cartrack was largely supported by demand of small to large enterprises to improve compliance functions and to digitally transform their business to become more efficient and competitive.

Cartrack 強勁的用戶成長推動了其整體 SaaS 收入的成長。本季總營收成長 20%，達到 9.58 億南非蘭特。年初至今，總營收成長 17%，達到 36.14 億南非蘭特。Cartrack 的總訂閱收入成長了 17%，達到 9.3 億南非蘭特。今年迄今，Cartrack 的總訂閱收入成長了 17%，達到 35.23 億南非蘭特。根據我們的 SaaS 業務模式，Cartrack 的總訂閱收入佔總營收的 97%。Cartrack 的強勁表​​現在很大程度上得益於小型到大型企業改善合規職能和數位化業務轉型以提高效率和競爭力的需求。

As Cartrack continues to have strong visibility of its future SaaS revenue, our realization of economies of scale continue to expand our earnings and maintain our high margins. In this quarter, earnings per share stood at ZAR6.52, up 27% comparing to previous quarter.

隨著 Cartrack 對其未來 SaaS 收入的持續清晰可見，我們實現的規模經濟將繼續擴大我們的收入並保持高利潤率。本季每股收益為6.52南非蘭特，較上季成長27%。

Gross profit for quarter four up by 21% to ZAR686 million and on a year-to-date basis, gross profit up by 18% to ZAR2,589 million. Gross profit margin has remained consistent at 72%. Operating profit for quarter four up by 17% to ZAR289 million. And on a year-to-date basis, operating profit up by 17% to ZAR1,069 million. Operating profit margin has remained consistent at 30%.

第四季毛利成長 21% 至 6.86 億南非蘭特，年初至今毛利成長 18% 至 25.89 億南非蘭特。毛利率維持在72%不變。第四季營業利潤成長 17%，達到 2.89 億南非蘭特。年初至今，營業利潤成長 17%，達到 10.69 億南非蘭特。營業利益率維持在30%。

Adjusted EBITDA up by 22% to ZAR454 million and on a year-to-date basis, adjusted EBITDA up by 17% to ZAR1,710 million. Adjusted EBITDA margin has remained consistent at 47%. These results prove Cartrack’s ability to maintain high margins and bolster our winning capability to be a leading operations cloud service provider in the market.

調整後 EBITDA 成長 22%，達到 4.54 億南非蘭特；年初至今，調整後 EBITDA 成長 17%，達到 17.10 億南非蘭特。調整後 EBITDA 利潤率維持在 47% 不變。這些結果證明了 Cartrack 維持高利潤的能力，並增強了我們成為市場領先的營運雲端服務供應商的致勝能力。

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 72% and commercial customer retention rate of 95%. Given our track record, we are well positioned to continue scaling our business.

Cartrack 的獲客成本低、客戶終身價值和保留率高，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 LTV 與 CAC 超過 9。我們的利潤率很高，訂閱收入毛利率為 72%，商業客戶保留率為 95%。鑑於我們的業績記錄，我們有能力繼續擴大我們的業務。

Over the years, Cartrack has maintained a steady ARPU and average upfront cost of acquiring a subscriber. ARPU for the quarter was ZAR160. Cartrack’s average lifetime revenue per subscriber in this quarter stood at ZAR9,593. The average up front cost of adding a subscriber to our cloud in this quarter was ZAR2,281. These costs mainly relates to sales commission and telematic devices which are capitalized and sales and marketing expenses that are expensed off. The headroom, derived from the average lifetime revenue per subscriber, after subtracting the average upfront cost of adding a subscriber, was ZAR7,312 per subscriber.

多年來，Cartrack 一直保持穩定的 ARPU 和獲取訂戶的平均前期成本。本季的 ARPU 為 160 南非蘭特。本季 Cartrack 每位訂戶的平均終身收入為 9,593 南非蘭特。本季為我們的雲端添加訂閱者的平均前期成本為 2,281 南非蘭特。這些成本主要與資本化的銷售佣金和遠端資訊處理設備以及費用化的銷售和行銷費用有關。扣除增加訂戶的平均前期成本後，根據每個訂戶的平均終身收入得出的淨空為每個訂戶 7,312 南非蘭特。

From the ZAR7,312, we incur the cost to service a subscriber over the contract life cycle of 60 months. The cost to service a subscriber decrease as we grow our subscriber base. Our unit economics have remained steady, allowing us strong operating profits.

從 7,312 南非蘭特起，我們承擔在 60 個月的合約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，為訂戶提供服務的成本將會降低。我們的單位經濟效益維持穩定，使我們擁有強勁的營業利潤。

Cartrack continues to grow its subscribers base and ARR to expand in all geographies. Our subscribers in South Africa grew by 14% despite challenging trading conditions. Given that we continuously pass on additional benefits to our customers and have a rich data pool, we believe we will continue to see strong customer demand in this region.

Cartrack 的用戶群和 ARR 不斷擴大，在所有地區不斷擴張。儘管貿易條件充滿挑戰，我們在南非的訂閱用戶仍成長了 14%。鑑於我們不斷向客戶傳遞額外的好處並擁有豐富的數據池，我們相信我們將繼續看到該地區強勁的客戶需求。

In Asia, the Middle East, and USA, subscribers grew by 24% as the traction in South East Asia has been encouraging. South East Asia remain as the second largest contributor to the group’s revenue, presenting the most compelling growth opportunity and deliver increasing and sustainable income to the group in medium to long term.

在亞洲、中東和美國，由於東南亞的吸引力令人鼓舞，訂閱用戶成長了 24%。東南亞仍然是該集團收入的第二大貢獻者，提供了最引人注目的成長機會，並在中長期為該集團帶來不斷增長和可持續的收入。

Europe saw a healthy growth of 16% and remains a key focus area for our resource allocation. Leading OEMs have partnered with us, providing their customers access to our platform and driving our growth. 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. In addition, we are experiencing encouraging demand for our proprietary compliance technology in the region.

歐洲實現了16%的健康成長，仍然是我們資源配置的重點領域。領先的原始設備製造商與我們合作，為他們的客戶提供我們的平台並推動我們的成長。我們準備利用我們廣泛的產品來進一步發展互聯車輛生態系統，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。此外，該地區對我們專有合規技術的需求令人鼓舞。

Africa-others maintained its growth with 12% increase in subscribers. At the end of quarter four, our ARR increased 16% to ZAR3,749 million. This encouraging trend reflects our continued momentum in our subscribers growth and ARR.

非洲其他地區的訂戶數量增加了 12%，並保持成長。截至第四季末，我們的 ARR 成長了 16%，達到 37.49 億南非蘭特。這一令人鼓舞的趨勢反映了我們的用戶成長和 ARR 的持續成長動能。

Cartrack continues to have robust operating margins and our trends are in line with the long-term financial goals set out upon our listing in 2021. Our subscription revenue gross profit margin stood at 72% which is consistent with our expectation. Research and development expenses as a percentage of subscription revenue are 6% as we focused on driving substantial benefit from our R&D capital allocation. Our planned investment in improving, enriching, and expanding our operations cloud and internal management systems aim to enhance our value proposition to our customers. Sales and marketing expenses as a percentage of subscription revenue stood at 13%. We believe the strategic investment for customer acquisition positions us well for continued growth and we expect to see future benefits from this investment.

Cartrack 持續維持強勁的營業利潤率，我們的趨勢與 2021 年上市時所製定的長期財務目標一致。我們的訂閱收入毛利率為 72%，符合我們的預期。研發費用佔訂閱收入的百分比為 6%，因為我們專注於從研發資本配置中獲得實質收益。我們計劃投資改進、豐富和擴展我們的營運雲端和內部管理系統，旨在增強我們對客戶的價值主張。銷售和行銷費用佔訂閱收入的比例為 13%。我們相信，針對客戶所獲得的策略性投資為我們的持續成長奠定了良好的基礎，我們期望從這項投資中看到未來的收益。

General and admin expenses as a percentage of subscription revenue are at 21%. The expenses has been relatively stable to reflects our commitment to build a strong support infrastructure to meet our future growth plan yet being pragmatic in our spending. Operating profit as a percentage of subscription revenue are 30% and adjusted EBITDA as a percentage of subscription revenue is at 49%.

一般費用和管理費用佔訂閱收入的百分比為 21%。支出相對穩定，反映出我們致力於建立強大的支援基礎設施，以滿足我們未來的成長計劃，同時在支出方面保持務實。營業利潤佔訂閱收入的百分比為 30%，調整後的 EBITDA 佔訂閱收入的百分比為 49%。

Karooooo Logistics delivered significant growth generating ZAR93 million in revenue, up by 65%; and a commendable operating profit of ZAR7 million up by 201% in this quarter. It focus on delivery-as-a-service through selected third-party crowd-sourced drivers and logistics companies, has been highly scalable, and is delivering substantial growth. While it continued to integrate into Cartrack’s platform to expand its customers based, the Karooooo Logistic stack is expected to deliver a long-term revenue stream to the group. We believe, the benefits of our strategic investment in this segment are starting to manifest given its strong quarter to quarter DaaS revenue growth.

Karooooo Logistics 實現顯著成長，營收達 9,300 萬南非蘭特，成長 65%；本季營業利潤達 700 萬南非蘭特，成長 201%，值得稱讚。它專注於透過選定的第三方眾包司機和物流公司提供交付即服務，具有高度可擴展性，並且正在實現大幅成長。在繼續整合到 Cartrack 平台以擴大其客戶群的同時，Karooooo Logistic 堆疊預計將為該集團帶來長期收入來源。我們相信，鑑於 DaaS 收入逐季度強勁成長，我們在該領域的策略投資的效益已開始顯現。

We are pleased to have comfortably met our 2024 outlook and are satisfied with our performance. We are committed to maintaining this momentum and driving further growth in 2025. Our mission is to be a leading operations cloud service provider and we believe Karooooo is well positioned for the growth. We operated in a growing and largely under penetrated market, with strong demand coming from customer needing to differentiate and digitalize themselves. We expect our continuous investment in our AI products, platform, and customer experience continue to generate robust results in the future.

我們很高興能夠輕鬆實現 2024 年的展望，並對我們的表現感到滿意。我們致力於保持這一勢頭並在 2025 年推動進一步成長。我們的使命是成為領先的營運雲端服務供應商，我們相信 Karooooo 已做好了實現成長的準備。我們在一個不斷成長且滲透率較低的市場中運營，客戶需要實現差異化和數位化，因此需求強勁。我們預計，我們對人工智慧產品、平台和客戶體驗的持續投資未來將繼續產生強勁的成果。

Our outlook for FY2025 are number of subscribers between 2.2 to 2.4 million, Cartrack’s subscription revenue between ZAR3.9 million to ZAR4.15 million, Cartrack’s operating profit margin between 27% to 31%. And Karooooo’s earnings per share between ZAR27.5 to ZAR31.

我們對2025 財年的預期是訂閱者數量在2.2 至240 萬之間，Cartrack 的訂閱收入在390 萬南非蘭特至415 萬南非蘭特之間，Cartrack 的營業利潤率在27% 至31% 之間。Karooooo 的每股盈餘在 27.5 蘭特至 31 蘭特之間。

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，我們現在將與我們的集團執行長兼創始人扎克·卡利斯托先生進行問答。

Thank you, Hoeshin. Good morning or good afternoon or good evening to everybody. I've got a few questions, so I will start off with Matthew from Confluence. What underpinned the improved effective tax rate?

謝謝你，霍辛。大家早安、下午好、晚上好。我有幾個問題，所以我將從 Confluence 的 Matthew 開始。有效稅率提高的支撐因素是什麼？

There's two aspects to that. The one aspect is as certain of our operations were loss-making and as they become profitable, that improves our tax rate; that is the one aspect. The other aspect is inter-company dividends, the amount of dividends we've flowed through all the way to Karooooo, that also impacts the taxes we’ve paid.

這有兩個面向。一方面，我們的某些業務是虧損的，當它們獲利時，我們的稅率就會提高；這是一方面。另一方面是公司間股息，也就是我們一直流向卡魯的股利金額，這也會影響我們所支付的稅金。

Question from David Eborall. Congrats on the results. Zak, you announced in February that your company was buying back 1 million shares, but only 50,000 purchased this quarter.

大衛·埃博羅爾提出的問題。祝賀結果。Zak，您在二月宣布您的公司將回購 100 萬股股票，但本季只回購了 50,000 股。

And, David, the first thing is we said up to 1 million, not 1 million, but I get your point.

David，首先我們說的是 100 萬，而不是 100 萬，但我明白你的意思。

Are you planning to buy the 1 million shares?

您打算購買這100萬股嗎？

David, we continue to plan to buy shares, so we will definitely do that.

大衛，我們繼續計劃買股票，所以我們一定會這樣做。

And what -- only allowed us to buy in the region of about 50,000 shares was really the strict SEC rules to buy shares on the open market. So that we've got quite severe limitations given our low liquidity. But we rely heavily on being able to buy blocks and our broker has reached out to our investor base. And we bought two very small blocks and we weren't able to buy any and none of the other investors were sellers.

只允許我們購買大約 50,000 股的股票實際上是美國證券交易委員會在公開市場上購買股票的嚴格規則。因此，鑑於我們的流動性較低，我們受到了相當嚴重的限制。但我們嚴重依賴購買區塊的能力，而且我們的經紀人已經接觸到了我們的投資者群體。我們買了兩個非常小的地塊，但我們無法購買任何地塊，其他投資者都不是賣家。

The next question from Alex from Stifel. Can you comment if anything changed throughout fiscal Q4 in terms of linearity of subscriber additions and how have subscriber additions tracked thus far in fiscal first quarter?

Stifel 的 Alex 提出了下一個問題。您能否評論一下整個財年第四季用戶增加的線性度是否發生了變化，以及迄今為止第一財季的用戶增加情況如何？

We've seen a very, very good quarter one at this point in time. It's public knowledge that we have surpassed 2 million subscribers now and we are expecting to have a good quarter one in this quarter. And I think last year, it's very much in keeping with our outlook. And given the outlook we're giving for this year, we certainly believe we'll definitely meet it. But so far, the first two months of the year have been very encouraging.

此時我們已經看到了非常非常好的第一季。眾所周知，我們的訂戶數量現已超過 200 萬，我們預計本季的第一季業績會很好。我認為去年的情況非常符合我們的預期。鑑於我們對今年的展望，我們當然相信我們一定會實現這一目標。但到目前為止，今年的前兩個月非常令人鼓舞。

Another question from Alex from Stifel. Looks like the subscriber count guide implies a step up in quarter adds from about 60,000 this year to 80,000 throughout fiscal year 2025, so what gives you the confidence in the acceleration there?

來自 Stifel 的 Alex 提出了另一個問題。看起來訂戶數量指南意味著本季度的訂戶數量將從今年的約 60,000 人增加到 2025 財年的 80,000 人，那麼是什麼讓您對那裡的加速增長充滿信心呢？

I think during the last two financial years, specifically in the last financial year, we've really allocated a lot of capital in growing and improving the way we guide and manage and educate internally our staff and our sales teams. And we believe this will certainly give us yield in FY25 and beyond.

我認為在過去的兩個財政年度，特別是在上一個財政年度，我們確實分配了大量資金來發展和改進我們指導、管理和內部教育我們的員工和銷售團隊的方式。我們相信這肯定會為我們帶來 25 財年及以後的收益。

Question from [Sandile]. You’re buying back 10% of your shares in issue. Who is selling?

問題來自[桑德爾]。您將回購 10% 的已發行股票。誰在賣？

Well, who is selling is any shareholder that is willing to sell, we are in the market buying.

嗯，誰在賣，誰是願意賣的股東，我們在市場上買。

Secondly, on current reinvestment in growth and current free cash flow run, what needs to happen under your control to double non-IFRS free cash flow to over a billion, just as you have double EBIT over four years?

其次，就當前的成長再投資和當前的自由現金流而言，在您的控制下需要發生什麼才能將非國際財務報告準則的自由現金流翻倍至超過10 億，就像您在四年內將息稅前利潤翻倍一樣？

I think our free cash flow is something that we definitely look at, but our main focus is not growing free cash flow. Our main focus is actually growing the business as such. And if we grow our business substantially faster than we’re growing now, that will actually have a negative impact on our free cash flow. So while free cash flow is definitely a very important measure to us, what’s more important for us is the way we allocate capital. And we’ve got other metrics that we prioritize over the free cash flow metrics.

我認為我們肯定會關注我們的自由現金流，但我們的主要重點不是增加自由現金流。我們的主要重點實際上是發展業務本身。如果我們的業務成長速度遠遠快於現在的成長速度，這實際上會對我們的自由現金流產生負面影響。因此，雖然自由現金流對我們來說絕對是一個非常重要的衡量標準，但對我們來說更重要的是我們分配資本的方式。我們還有其他指標，我們優先考慮自由現金流指標。

And then why is the share repurchase program more appealing to you over dividends?

那麼為什麼股票回購計畫比股息對你更有吸引力呢？

Well, the share buyback is in itself a dividend to all the shareholders, and we believe that our share is undervalued. And that’s why we have opted to also do share buybacks.

那麼，股票回購本身就是對所有股東的股息，我們認為我們的股票被低估了。這就是我們選擇進行股票回購的原因。

Another question from David Eborall. Just looking at your guidance, if we take this incremental revenue, incremental subs for the high scenario, the APRU projected to drop from 160 to 120.

大衛·埃博羅爾提出了另一個問題。看看您的指導，如果我們將這種增量收入、增量用戶視為高情景，APRU 預計將從 160 下降到 120。

David, I haven't got the exact metrics, and I'm reading these questions as they come through. So I have to look at that to see how you get to these numbers. But just looking at the question, something looks wrong. And I don't believe that would be the case. So it just depends how you've calculated this data. I will look at it and I will send it to you via e-mail because I'd have to look at how you did this arithmetic.

大衛，我還沒有確切的指標，我正在閱讀這些問題。所以我必須看看你是如何得到這些數字的。但光看問題就覺得有些不對勁。我不相信情況會是這樣。因此，這僅取決於您如何計算這些數據。我會看一下並透過電子郵件將其發送給您，因為我必須看看您是如何進行此算術的。

Gokul Raj. How big can Karoooo Logistics get in a three- to four-year timeframe? What margins can this segment generate?

戈庫爾·拉傑.Karoooo Logistics 在三到四年內可以發展到多大？該細分市場可以產生多少利潤？

I think the margins we’re currently generating are really optimized profit margins. They could certainly improve, but we don’t believe we must model our long-term growth at higher margins than we currently have. I think this sort of margins is what we can expect. And how fast we can grow? I certainly believe in the next four years we will see growth of no less than 25% year on year. And I’m being quite conservative but it’s very much my personal view.

我認為我們目前產生的利潤率確實是優化後的利潤率。他們當然可以改善，但我們不認為我們必須以比目前更高的利潤率來模擬我們的長期成長。我認為這種利潤率是我們可以預期的。我們的成長速度有多快？我當然相信未來四年我們將看到年比不低於25%的成長。我相當保守，但這很大程度上是我個人的觀點。

Sevashen Thaver. What trends are Cartrack seeing in the South African competitive landscape?

塞瓦申‧塔弗。Cartrack 在南非的競爭格局中看到了哪些趨勢？

I think we have been in the market for 10 years less than our competitors, and we continue to grow our business but both in subscribers and subscription revenue. We don’t rely on OEM low subscription revenue models to grow our subscribers and we -- not a company that’s focused on white-labelling.

我認為我們進入市場的時間比競爭對手少了 10 年，而且我們的業務在訂閱者和訂閱收入方面都在持續成長。我們不依靠 OEM 低訂閱收入模式來增加我們的訂閱者，而且我們不是一家專注於白標的公司。

And you mentioned one of our competitors that's growing subscriber, who are they taking the share? I think the competitor you mentioning is very much around white-labelling. I'm not pushing through the brand.

您提到我們的一個競爭對手正在增加訂戶，他們正在搶佔份額？我認為你提到的競爭對手主要是圍繞著白標。我不會推銷這個品牌。

Rudi Van Niekerk. Could you please confirm whether the company will continue with the recently announced share buyback program?

魯迪·範·尼克爾克。請您確認公司是否會繼續執行最近宣布的股票回購計畫？

Rudi, yes, we will.

魯迪，是的，我們會的。

Sebastian. Is Cartrack seeing the fleet sizes in South Africa growing given the failure of the rail network?

塞巴斯蒂安.鑑於鐵路網的故障，Cartrack 是否認為南非的車隊規模正在成長？

I think it’s still very early days, and I think the transport industry in South Africa is also in a bit of disarray. However, what we are seeing is courier companies getting larger. But in terms of long haul companies, we don’t really see anybody getting bigger.

我認為現在還處於早期階段，南非的運輸業也有點混亂。然而，我們看到的是快遞公司規模越來越大。但就長途運輸公司而言，我們並沒有真正看到任何人變得更大。

Another question from Rudi Van Niekerk. What is the scope of scaling Karooooo Logistics? Do you think it could grow to a level where it would?

魯迪·范尼科克提出了另一個問題。Karooooo Logistics 的擴充範圍有多大？您認為它可以成長到這樣的水平嗎？

I think I've answered that question, Rudi. Sorry, I'm reading the questions and answering it. That's why.

我想我已經回答了這個問題，魯迪。抱歉，我正在閱讀問題並回答。這就是原因。

Patrick O'Leary. Europe comprises 16% of your subscriber base. What countries have you penetrated in Europe given that Europe has a massive number of telematics suppliers? Are any European OEMs selecting Cartrack as an OEM offering as has happened in South Africa?

派崔克·奧利裡。歐洲佔您的訂戶群的 16%。鑑於歐洲擁有大量的遠端資訊處理供應商，你們在歐洲已經滲透到了哪些國家？是否有歐洲 OEM 廠商像南非一樣選擇 Cartrack 作為 OEM 產品？

So, Patrick, we've got more. I would say, probably close to all the OEMs in Europe are dealing with us. And they've opted to use our platform. However, we’re still in very early stages in doing that. And we believe that in the medium term that’s definitely going to be a significant source of our business.

所以，派崔克，我們還有更多。我想說，可能接近所有歐洲的原始設備製造商都在與我們打交道。他們選擇使用我們的平台。然而，我們仍處於這方面的早期階段。我們相信，從中期來看，這肯定會成為我們業務的重要來源。

Then a question from Dylan Becker. As you expand into new geographies, called out new provinces in the quarter.

然後是迪倫貝克爾的問題。當您擴展到新的地區時，請在本季度指定新的省份。

I think it's a just -- Dylan, when we talk about the geography, we refer to a country. And we refer to provinces, we refer to a large country like Indonesia but we only have presence in maybe two or three of the provinces. But there is a substantial -- there is a lot of large cities where we still have no presence. And that's what we refer to as provinces.

我認為這是公正的——迪倫，當我們談論地理時，我們指的是一個國家。我們指的是省份，我們指的是像印尼這樣的大國，但我們可能只在其中兩個或三個省份開展業務。但在許多大城市，我們仍然沒有業務。這就是我們所說的省份。

With your quick ROI, are you seeing initial customer lands serving as references that are driving additional customer acquisitions in the market as brand awareness grows?

憑藉快速的投資報酬率，您是否看到初始客戶土地可以作為參考，隨著品牌知名度的提高，推動市場上獲得更多客戶？

Certainly so, Dylan. As our brand gets stronger, we certainly get bigger momentum in the business. And in a lot of these geographies, we're starting to get a lot of brand recognition. But I still think in a lot of them, we’re still far from being a very strong brand. Clearly, in certain countries, we already are a very strong brand. But in some countries, we’re still building the brand.

當然是這樣，迪倫。隨著我們的品牌變得越來越強大，我們的業務肯定會獲得更大的動力。在許多這樣的地區，我們開始獲得許多品牌認可。但我仍然認為，在很多方面，我們距離成為一個非常強大的品牌還很遠。顯然，在某些國家，我們已經是一個非常強大的品牌。但在一些國家，我們仍在打造品牌。

Chris Logan. Can you please provide some insight into what factors are necessary to substantially accelerate subscriber additions in South East Asia from the current 24%, possibly back towards the growth levels pre-COVID pandemic severe impacts of 30% -- 55% and 58%?

克里斯洛根。您能否提供一些見解，說明需要哪些因素才能大幅加快東南亞用戶增加速度，從目前的 24% 增長到可能回到新冠疫情嚴重影響前 30%、55% 和 58% 的增長水平？

Chris, I think it’s just really us building our distribution, which I believe we’ve made really good progress in FY24. I think that progress is going to serve us well in FY25 and beyond. But we continue to expand into other provinces in the countries we operate. So as we build our capability to distribute, we will certainly get back to a much higher levels of growth.

克里斯，我認為這只是我們在建立我們的發行版，我相信我們在 2024 財年取得了非常好的進展。我認為這項進展將在 2025 財年及以後對我們大有裨益。但我們繼續擴展到我們經營所在國家的其他省份。因此，當我們建立分銷能力時，我們肯定會恢復到更高的成長水準。

Another question from Rudi Van Niekerk. How does the gradual adoption of EV's impact Cartrack's business?

魯迪·范尼科克提出了另一個問題。電動車的逐步採用對 Cartrack 的業務有何影響？

Our platform is able to deal with EV vehicles. We’ve integrated with a lot of EV vehicles. And in actual fact, we got one OEMs sending us their vehicles, so extra two OEMs sending us their EV vehicles. So for us, it’s -- we're well advanced with our EV technology.

我們的平台能夠處理電動車。我們已經與許多電動車整合。事實上，我們有一家 OEM 向我們發送了他們的車輛，所以另外兩家 OEM 向我們發送了他們的電動車。所以對我們來說，我們的電動車技術非常先進。

I want to thank everybody who joined. There's another question from Myles Fourie. Any acquisitions in the pipeline?

我要感謝所有加入的人。邁爾斯·福里也提出了另一個問題。正在進行中的任何收購嗎？

No, Myles. Not at this stage.

不，邁爾斯。不是現階段。

I want to thank everybody for attending and we'll speak again at our Q1 results. Thank you. Bye-bye.

我要感謝大家參加，我們將在第一季的結果中再次發言。謝謝。再見。