Karooooo Ltd (KARO) 2025 Q1 法說會逐字稿

Hello, and welcome to Karooooo's financial year 2025 Q1 earnings call.

您好，歡迎參加 Karooooo 的 2025 財年第一季財報電話會議。

On behalf of Karooooo we would like to thank you for joining us today.

我們謹代表 Karooooo 感謝您今天加入我們。

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 key business updates and strong financial performance.

我是集團首席策略和行銷長 Carmen，我將與集團財務長 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 both Cartrack and Karooooo logistics in today's webinar.

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 Cartrack 和 Karooooo 物流。

After a milestone Q1 for net subscribers, we continue to profitably grow at scale and now have over 124,000 businesses choosing to power their operations every single day with our cloud.

在淨訂戶數量達到里程碑式的第一季之後，我們繼續實現盈利規模增長，現在有超過 124,000 家企業選擇每天使用我們的雲端為其營運提供支援。

Management believes we are on track to achieving our FY25 outlook and remain excited to continue on our over 10-year track record of strong financial growth and performance.

管理層相信，我們正在實現 25 財年的展望，並對繼續保持 10 多年來強勁的財務成長和業績記錄感到興奮。

Physical operations, bring us the food we eat and the infrastructure we rely on to call our families.

實體運作為我們帶來了我們吃的食物和我們賴以與家人聯繫的基礎設施。

They build our homes and they keep our communities healthy and clean.

他們建造我們的家園，讓我們的社區保持健康和清潔。

Whilst often overlook these physical operations power, everything we do there the reason our lives have become easy.

雖然經常忽視這些物理操作的力量，但我們在那裡所做的一切使我們的生活變得輕鬆。

They may not appear glamorous, but their work is admirable and complex and challenging and still as they continue on their missions to carry our economies.

他們可能看起來並不光鮮亮麗，但他們的工作令人欽佩、複雜且富有挑戰性，並且仍在繼續履行支撐我們經濟的使命。

Physical operations are experiencing big changes in their environments.

物理操作的環境正在經歷巨大的變化。

Customers are more demanding, costs are rapidly rising, and competition is heightening.

客戶的要求越來越高，成本迅速上升，競爭加劇。

In the day-to-day of running a physical operation.

在日常的體力運作中。

There are tons of moving parts between accidents, resource planning, time line commitments, worker productivity, compliance and customer expectations, there's a lot that can go.

事故、資源規劃、時間表承諾、工人生產力、合規性和客戶期望之間存在大量的移動部件，有很多可以改變的地方。

And then there's a extra layer of executing on everything beautifully, whilst keeping your costs down and business efficient.

然後，還有一個額外的層可以完美地執行所有事情，同時降低成本並提高業務效率。

This is no small feat.

這是一個不小的壯舉。

Now the problem is that these physical operations are mostly paper-based or using five separate complex systems that don't speak to each other.

現在的問題是，這些物理操作大多是基於紙張或使用五個相互不溝通的獨立複雜系統。

The result is that they either don't have data get lost in it or living siloed verticals within the same operation.

結果是，他們要么不會丟失數據，要么在同一操作中存在孤立的垂直領域。

What this means is that they severely lacked visibility and control of their operation and become crippled by their inability to make decisions, the left hand doesn't talk to the right hand.

這意味著他們嚴重缺乏對操作的可見性和控制，並因無法做出決策而陷入癱瘓，左手不與右手交談。

As we continue to look beyond vehicles and equipment, Karooooo brings all aspects of the physical operation into a single, easy-to-use and unified platform that simplifies the decision making of physical operations.

隨著我們繼續關注車輛和設備之外的領域，Karooooo 將物理操作的所有方面都整合到一個易於使用的統一平台中，從而簡化了物理操作的決策。

By empowering simpler decision making our customers can spend less time energy and resources wondering about where they should be spending their time, energy and resources.

透過簡化決策，我們的客戶可以花更少的時間、精力和資源思考他們應該把時間、精力和資源花在哪裡。

Instead they can focus on executing on their own missions and goals, whether they want to boost safety increase service delivery, double profitability or reduce emissions, our cloud platform guides them on a great way to do it.

相反，他們可以專注於執行自己的使命和目標，無論他們是想提高安全性、增加服務交付、提高盈利能力還是減少排放，我們的雲端平台都會指導他們以一種很好的方式實現這一目標。

Through simpler decision, making physical operations become faster, more agile, and it could feed on efficiencies.

透過更簡單的決策，使物理操作變得更快、更敏捷，並且可以提高效率。

We collect over 170 billion valuable data points monthly through IoT devices and open integrations, contextualizes data with our advanced algorithms and provide customers with a centralized platform that helps them overcome their challenges.

我們每月透過 IoT 設備和開放整合收集超過 1700 億個有價值的數據點，利用我們的先進演算法將數據置於上下文中，並為客戶提供一個集中式平台，幫助他們克服挑戰。

Everyone talks about data, but the truth is most people aren't great at interpreting it.

每個人都在談論數據，但事實是大多數人並不擅長解釋數據。

Given Karooooo's vertical integration and long track record of strong capital allocation, we have a real edge in knowing what data actually matters to physical operations and how to take that data and transform it into an actionable insight that drives impact.

鑑於 Karooooo 的垂直整合和強大資本配置的長期記錄，我們在了解哪些數據對實體運營真正重要以及如何獲取這些數據並將其轉化為可產生影響的可操作洞察方面具有真正的優勢。

We apply our own operational learnings to our platform and constantly innovate to ensure our platform screams of simple decision making a fast decision making of agile decision making of profitable decision making.

我們將自己的營運經驗應用到我們的平台中，並不斷創新，以確保我們的平台能夠實現簡單決策、快速決策、敏捷決策和獲利決策。

Our platform is easy to use and it's pragmatic.

我們的平台易於使用且實用。

Our operations cloud drives digital transformation for over 124,000 commercial customers with a 95% retention rate across businesses of varying sizes and diverse markets and industries.

我們的營運雲為超過 124,000 家商業客戶推動數位轉型，在不同規模、不同市場和行業的企業中保持了 95% 的保留率。

Despite varying macroeconomic headwinds, we continue to grow the value proposition of our platform is massive, and we have a huge runway for growth.

儘管宏觀經濟面臨不同的阻力，我們仍在繼續發展我們平台的巨大價值主張，並且我們擁有巨大的成長空間。

Onscreen, getting a parcel from A to B seems relatively easy, you click add to cart and it just shows up.

在螢幕上，從 A 地獲取包裹到 B 似乎相對容易，您單擊“添加到購物車”，它就會顯示出來。

But behind the scenes of a paper-based logistics company is a lot of manual mapping, distance calculating, capacity restraint and time matching, clustering, sequencing, shuffling, tabling, assigning and redefining.

但紙本物流公司的幕後是大量的人工映射、距離計算、容量限制和時間匹配、聚類、排序、洗牌、製表、分配和重新定義。

As you can imagine, not only is this a massive waste of time, energy and resources, but it also leads to massive costs and inevitable wrong orders, which in turn leads to the inability to compete and a less than ideal customer experience.

可以想像，這不僅是對時間、精力和資源的巨大浪費，而且還會導致巨大的成本和不可避免的錯誤訂單，進而導致無法競爭和不太理想的客戶體驗。

But with Cartrack's delivery solution a business simply uploads their jobs and details, selects which drivers are available and our AI delivers them with an optimized schedule that ticks all the boxes, they simply review it and say, yes.

但是，透過Cartrack 的送貨解決方案，企業只需上傳他們的工作和詳細信息，選擇哪些司機可用，我們的人工智慧就會為他們提供符合所有條件的優化時間表，他們只需查看並說，是的。

By digitalizing a leading medical labs, logistics infrastructure, they have gained full visibility and control of their operations.

透過對領先的醫學實驗室、物流基礎設施進行數位化，他們獲得了對其營運的全面可見性和控制。

They've seen massive results in productivity, allowing them to differentiate themselves through 20 minute SLA and scale their business, all whilst having their admin costs.

他們在生產力方面取得了巨大成果，使他們能夠透過 20 分鐘的 SLA 脫穎而出並擴展業務，同時還需要承擔管理成本。

When decision making is decoded, it becomes simple.

當決策被解碼後，事情就變得簡單了。

And when it's simple companies can achieve great things.

當事情變得簡單時，公司就能取得偉大的成就。

In other instances, operations lack the visibility to understand where their problems come from.

在其他情況下，營運部門缺乏了解問題根源的可見性。

With advanced fuel solutions we were able to help our customer understand that idling was costing them tens of thousands each year.

借助先進的燃油解決方案，我們能夠幫助客戶了解空轉每年造成數萬美元的損失。

And through the simple decision of implementing a proactive buzz and game, I find driver behavior, they could slash this quickly.

透過實施主動的嗡嗡聲和遊戲的簡單決定，我發現司機的行為，他們可以迅速削減這一點。

Throw in-cabin idling buzzer and proprietary gamified driver scorecards, a leading F&B operation reduce their idling time by over 42,000 hours, equating to over USD300,000 in fuel costs over one year.

借助車內怠速蜂鳴器和專有的遊戲化駕駛員記分卡，一家領先的餐飲運營商將怠速時間減少了 42,000 多個小時，相當於一年內的燃油成本超過 300,000 美元。

When drivers spent hours on the road every single day, they begin to make mistakes that have huge consequences.

當司機每天在路上花費數小時時，他們就會開始犯下會造成嚴重後果的錯誤。

They do this without even realizing it, in these cases decisions need to be made instantly to have the largest impact was the manager can coach after the fact on safe, driving nothing quite beats alerting drivers in real time off.

他們甚至沒有意識到這一點，在這些情況下，需要立即做出決定才能產生最大的影響，經理可以在事後指導安全駕駛，沒有什麼比即時提醒駕駛員更好的了。

They still have the chance to correct their behavior and avoid the high risk incident from occurring in the first place.

他們仍然有機會糾正自己的行為，從一開始就避免高風險事件的發生。

Now you can have a paranoid passenger keeping drivers safe in every vehicle, but you can use contracts AI powered camera to do the same thing.

現在，你可以讓一名偏執的乘客在每輛車上保證司機的安全，但你可以使用合約人工智慧攝影機來完成同樣的事情。

All cameras takes for high-risk driving behavior, alert drivers in real time and upload footage for managers to review managers simply review the infractions alongside trend insights to quickly know which course of action to take next using our powerful coaching tools.

所有攝影機都會捕捉高風險駕駛行為，即時提醒駕駛並上傳影片供管理人員查看，管理人員只需查看違規行為以及趨勢洞察，即可使用我們強大的指導工具快速了解下一步要採取的行動方案。

Through AI decision making and practical tools managers take simple steps towards maximizing their fleet safety with impressive results in only months.

透過人工智慧決策和實用工具，管理者可以採取簡單的步驟來最大限度地提高車隊安全性，並在短短幾個月內取得了令人印象深刻的成果。

Not only do our vision solutions help customers make instant improvements to safety, they also offer operations away to make factual decisions about events rather than leaving things to guesswork and draining he said, she sits.

她說，我們的視覺解決方案不僅可以幫助客戶立即改進安全性，還可以讓操作人員就事件做出事實決策，而不是讓事情靠猜測和耗盡精力。

Businesses can remotely request footage from our cloud to gain the evidence they need to simply investigate an event and exonerated innocent drivers.

企業可以從我們的雲端遠端要求錄影，以獲得他們所需的證據，以簡單地調查事件並為無辜司機開脫。

One customer saved over USD60,000 in five months just by proving their drivers, we're not at fault in incidents.

一位客戶僅透過證明他們的司機在五個月內節省了超過 60,000 美元，我們在事故中沒有過錯。

Not only is this a massive cost efficiency, but the simplicity of decision making eliminated management work attentions from lengthy and often inconclusive investigations, which has had a large impact on driver retention and morale.

這不僅帶來了巨大的成本效率，而且決策的簡單性消除了管理人員對冗長且通常沒有結論的調查的注意力，這對司機的保留和士氣產生了很大的影響。

After years of strong execution, we believe we are only getting started, our strong track record of innovation and successful execution with sustained capital allocation discipline puts us in a strong position for growth.

經過多年的強有力執行，我們相信我們才剛剛開始，我們在創新和成功執行方面的良好記錄以及持續的資本配置紀律使我們處於增長的有利地位。

We continue to believe Southeast Asia will be a large driver for growth and continue to invest in continuous platform innovation, both in solutions that will simplify the decision making of businesses today and tomorrow.

我們仍然相信東南亞將成為成長的重要推動力，並繼續投資於持續的平台創新，無論是在解決方案上，還是在簡化當今和未來企業的決策。

We continue to leverage our large data scale to add value to our customers operations with enhanced analytics and comparative benchmarks.

我們繼續利用我們的大數據規模，透過增強的分析和比較基準為客戶的營運增加價值。

Our data scale remains largely untapped and has a massive opportunity ahead.

我們的數據規模很大程度上尚未開發，未來將有巨大的機會。

This quarter we look forward to moving into our new office in Johannesburg that will allow us to further unleash our potential as we move into an environment that is more conducive to our working culture.

本季度，我們期待搬進約翰尼斯堡的新辦公室，這將使我們能夠進一步釋放我們的潛力，進入一個更有利於我們工作文化的環境。

A key differentiator for career is our culture, largely driven by our founder-led approach to business.

職業生涯的一個關鍵區別在於我們的文化，這在很大程度上是由我們創始人主導的業務方法所推動的。

Our culture is not for everyone it is highly entrepreneurial, practical, agile, fast, demanding, transparent and customer-centric.

我們的文化並不適合所有人，它具有高度創業精神、務實、敏捷、快速、要求嚴格、透明且以客戶為中心。

Our culture is at the core of our ability to achieve strong growth at scale with compelling financials and a robust balance sheet.

我們的文化是我們透過引人注目的財務狀況和穩健的資產負債表來實現大規模強勁增長的能力的核心。

Our culture keeps us innovative, ensuring we continue to deliver an easy-to-use platform that drives strong value through simplified decision making for our customers.

我們的文化使我們保持創新，確保我們繼續提供易於使用的平台，透過簡化客戶的決策來推動強大的價值。

We are vertically integrated, we own the systems and tools that empower us to deliver world-class service to our customers.

我們是垂直整合的，我們擁有使我們能夠為客戶提供世界一流服務的系統和工具。

More importantly, we continue to invest in these proprietary tools to ensure we remain agile and resilient against headwinds.

更重要的是，我們繼續投資這些專有工具，以確保我們保持敏捷性和抵禦逆風的能力。

We understand the importance of successful implementation and how to ensure our customers achieve it.

我們了解成功實施的重要性以及如何確保我們的客戶實現這一目標。

We believe in strong monitoring and strategic and disciplined capital allocation.

我們相信強有力的監控以及策略性和嚴格的資本配置。

We have a robust business model and are geared for growth with a massive opportunity ahead of us.

我們擁有穩健的商業模式，並為成長做好了準備，眼前有巨大的機會。

I will now hand over to Hoeshin, who will take us through our strong financial performance for the quarter.

現在我將把工作交給 Hoeshin，他將帶領我們回顧本季強勁的財務表現。

Thank you, Carmen.

謝謝你，卡門。

I will now talk through Karooooo's financial performance for quarter one FY25.

我現在將討論 Karooooo 2025 財年第一季的財務表現。

Please note that all comparisons are against quarter one FY24, unless otherwise stated.

請注意，除非另有說明，所有比較均針對 2024 財年第一季。

Our proven and profitable SaaS business model continued and delivered a solid start for the financial year.

我們行之有效且獲利的 SaaS 業務模式得以繼續，並為本財年帶來了良好的開端。

In this quarter Karooooo's experienced strong customer acquisitions.

在本季度，Karooooo's 的客戶獲取量強勁。

Total subscription revenue up 15% to ZAR964 million and as expected, after substantial investment for future growth in all segments, operating profits up 34% to ZAR300 million and earnings per share, up 41% to ZAR7 and $0.17. All segments continue to see strong traction with the benefits of our strategic investment beginning to show.

訂閱總收入成長15%，達到9.64 億蘭特，如預期的那樣，在對所有部門的未來成長進行大量投資後，營業利潤成長34%，達到3 億蘭特，每股收益成長41%，達到7 蘭特和0.17 美元。隨著我們策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。

As our earnings improve with high cash conversions, free cash flow in this quarter stood at ZAR82 million, the free cash flow generated is keeping with our planned capital allocation for future growth.

隨著我們的利潤隨著高現金轉換而改善，本季的自由現金流為 8,200 萬南非蘭特，產生的自由現金流與我們為未來成長計畫的資本配置保持一致。

In this quarter ZAR37 million are invested in the development of South Africa central office and a total of ZAR304 million invested to date.

本季投資 3,700 萬南非蘭特用於南非中心辦公室的開發，迄今累計投資 3.04 億南非蘭特。

Capital expenditure incurred relates to telematics device install as a result of increase in new subscribers, our strong track record of disciplined capital allocations, earnings and free cash flow, we'll continue to bolster our balance sheet.

所產生的資本支出與新用戶增加導致的遠端資訊處理設備安裝有關，我們在嚴格的資本分配、獲利和自由現金流方面擁有良好的記錄，我們將繼續加強我們的資產負債表。

Karooooo's earnings per share up by 41% to ZAR7 and $0.17 in this quarter.

本季 Karooooo 的每股盈餘成長 41%，達到 7 南非蘭特和 0.17 美元。

The increase is driven by higher subscription revenue and expanded margins.

這一增長是由訂閱收入增加和利潤率擴大所推動的。

The negative impact from Carzuka's on earnings are now resolved with Carzuka fully integrated to support Cartrack operations.

Carzuka 對收益的負面影響現已解決，Carzuka 已完全整合以支援 Cartrack 營運。

Cartrack earnings per share up 29% to $6.94 and Karooooo logistics earnings per share up 188% to

Cartrack 每股盈餘成長 29% 至 6.94 美元，Karooooo 物流每股盈餘成長 188% 至

[ZAR0.23].

[0.23蘭特]。

Karooooo will continue to scale, grow and increases earnings to meet our outlook.

Karooooo 將繼續擴大規模、發展並增加收益，以滿足​​我們的前景。

Our consistent results extend our track record of growth at scale, profitability and cash generation ability.

我們一致的業績延續了我們在規模、獲利能力和現金產生能力方面的成長記錄。

Our net cash on hand plus cash in bank fixed deposits stood at ZAR950 million that this turnover base stood at 30 days alongside with prudent provisioning to weather of strong economic headwinds in some of the markets, we are operating.

我們的手頭現金淨額加上銀行定期存款現金為 9.5 億南非蘭特，週轉基數為 30 天，同時我們正在運營的一些市場中，針對強勁經濟逆風的情況，我們採取了審慎的撥備。

The healthy cash generation continues and we are pleased to announce a cash dividend of $33.4 million to our shareholders, and the dividend will be paid in August 2024.

健康的現金產生仍在繼續，我們很高興地宣布向股東發放 3,340 萬美元的現金股息，股息將於 2024 年 8 月支付。

We have strong unit economics, robust operating margins, unleveraged balance sheet and strong cash conversions.

我們擁有強勁的單位經濟效益、強勁的營業利潤、無槓桿的資產負債表和強勁的現金轉換能力。

We remain confident that our track record of success, especially our ability to generate healthy cash flow is sustainable.

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。

We will now focus on Cartrack the underlying assets of Karooooo success.

我們現在將專注於 Cartrack 是 Karooooo 成功的基礎資產。

Cartrack continued to prove its ability to scale in varying macroeconomic conditions and consistently beaten the rule of 60.

Cartrack 繼續證明其在不同宏觀經濟條件下擴展的能力，並不斷打破 60 規則。

Overall subscriber grew at scale by 17% to 2,047,442 and in this quarter, subscription revenue grew 15% to ZAR960 million, operating profit stood at ZAR287 million.

整體訂戶規模成長 17%，達到 2,047,442 人，本季訂閱營收成長 15%，達到 9.6 億南非蘭特，營業利潤為 2.87 億南非蘭特。

Cartrack experienced strong customer acquisition with net subscriber additions up 88% in this quarter.

Cartrack 的客戶獲取強勁，本季淨用戶增量成長了 88%。

We operate in a huge addressable market and are comfortable we will continue to grow at scale with the opportunities in front of us.

我們在一個巨大的潛在市場中運營，並且確信我們將利用擺在我們面前的機會繼續大規模增長。

As Cartrack continue, it's strong SaaS revenue grew, Cartrack total revenue and subscription revenue up 15% to ZAR981 million and ZAR960 million in this quarter.

隨著Cartrack持續強勁的SaaS營收成長，本季Cartrack總營收和訂閱營收成長15%，分別達到9.81億南非蘭特和9.6億南非蘭特。

Cartrack total subscription revenue represented 98% of total revenue, which is in line with our SaaS business model.

Cartrack 總訂閱收入佔總營收的 98%，符合我們的 SaaS 業務模式。

Cartrack earnings per share up 29% to ZAR6.94. Our earnings will continue to benefit from our strong economies of scales.

Cartrack 每股收益成長 29% 至 6.94 南非蘭特。我們的收入將繼續受益於我們強大的規模經濟。

As Cartrack continues to have strong visibility of its future SaaS revenue, our realization of economies of scale continue to demonstrate our ability to drive earnings.

隨著 Cartrack 對其未來 SaaS 營收的持續清晰可見，我們實現的規模經濟繼續證明了我們推動獲利的能力。

Gross profit in this quarter, up 19% to ZAR730 million when gross profit margin improved to 73%.

本季毛利成長 19%，達到 7.3 億蘭特，毛利率提高至 73%。

Despite the investment for growth our operating profit up 24% to ZAR287 million and operating profit margin improved to 29%.

儘管進行了成長投資，我們的營業利潤仍成長了 24%，達到 2.87 億蘭特，營業利潤率提高至 29%。

Our adjusted EBITDA up 16% to ZAR392 million and adjusted EBITDA margin remained consistent at 46%.

我們調整後的 EBITDA 成長 16%，達到 3.92 億南非蘭特，調整後的 EBITDA 利潤率維持在 46%。

Cartrack 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.

Cartrack 低成本的獲客成本、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。

Our LTV to cap is over nine.

我們的生命週期價值上限超過九。

We have strong profit margins with our gross profit margin on subscription revenue at 74% and commercial customer retention rate of 95%.

我們的利潤率很高，訂閱收入毛利率為 74%，商業客戶保留率為 95%。

We are well positioned to continue scaling while we remain prudent and disciplined with our capital allocation, we will continue to invest in territorial expansion and growth of the business.

我們處於有利地位，可以繼續擴大規模，同時我們對資本配置保持審慎和紀律，我們將繼續投資於業務的領土擴張和成長。

Over the years, Cartrack has maintained a steady ARPU and an average upfront costs of acquiring a 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。

ARPU for the quarter was ZAR159.

本季的 ARPU 為 159 南非蘭特。

In this quarter Cartrack average lifetime revenue per subscriber are ZAR9,551 and the average upfront cost of adding a subscriber to our cloud was ZAR2,370.

本季度，Cartrack 每位訂閱者的平均生命週期收入為 9,551 南非蘭特，為我們的雲端添加訂閱者的平均前期成本為 2,370 南非蘭特。

These costs mainly relate to sales commissions and telematic device, which are capitalized and sales and marketing expense that are expensive.

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昂貴的銷售和行銷費用有關。

The headroom derived from the average lifetime revenue per subscriber, after subtracting the average upfront cost of adding a subscriber was ZAR7,181 per subscriber.

減去增加訂閱者的平均前期成本後，從每個訂閱者的平均終生收入中得出的淨空為每個訂閱者 7,181 南非蘭特。

From the ZAR7,181 when we incur the cost to service a subscriber over the contract life cycle of 60 months, the cost to service a subscriber will decrease as we grow our subscriber base.

從 7,181 南非蘭特開始，當我們在 60 個月的合約生命週期內承擔為訂戶提供服務的成本時，隨著我們訂戶基數的增長，為訂戶提供服務的成本將會降低。

Our unit economics have remained steady, allowing a strong operating profit.

我們的單位經濟效益維持穩定，營業利潤強勁。

Cartrack continue to grow its subscriber base and ARR to expand in all geographies.

Cartrack 繼續擴大其用戶群和 ARR，以擴展到所有地區。

Our subscribers in South Africa grew by 16%, and the prospect of improved economic condition in South Africa gives us confidence that we can continue to extend our long-standing track record of profitable growth at scale and robust cash generation.

我們在南非的用戶成長了 16%，南非經濟狀況改善的前景使我們有信心，我們可以繼續擴大我們在規模獲利成長和強勁現金產生方面的長期記錄。

Our move to our newly built central office in coming September 2024 will continue to support strong organic growth in this region.

我們將於 2024 年 9 月搬遷至新建的中央辦公室，將繼續支持該地區強勁的有機成長。

In Asia, the Middle East and USA subscribers grew by 22% with solid sections in Southeast Asia.

在亞洲、中東和美國，訂閱用戶成長了 22%，其中東南亞地區的訂閱用戶成長了 22%。

Southeast Asia remain as the second largest contributor to the group's revenue, presenting the most compelling growth opportunity to the group in medium to long term.

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成長機會。

Europe saw a healthy growth of 17% and remain as a region we are focusing our resource on.

歐洲實現了 17% 的健康成長，並且仍然是我們重點關注的地區。

Leading OEMs partner with us to give their customer access to our platform.

領先的 OEM 與我們合作，讓他們的客戶能夠存取我們的平台。

We expect this partnership to contribute to our results in medium term.

我們希望這種夥伴關係能夠在中期為我們的業績做出貢獻。

In addition, we are experiencing encouraging demand for our propriety compliance technology in this region.

此外，該地區對我們的專有合規技術的需求令人鼓舞。

Africa others maintains its growth with 14% increase in subscriber.

非洲其他地區的用戶數量增加了 14%，保持成長。

At the end of quarter one, our ARR up 14% to ZAR3,864 million.

截至第一季末，我們的 ARR 成長 14%，達到 38.64 億南非蘭特。

This is at a good trending as we continue to see the momentum of growth in our subscriber in ARR.

這是一個良好的趨勢，因為我們繼續看到 ARR 用戶的成長勢頭。

In this quarter, our subscription revenue gross profit margin grew to 74%, which is consistent with our expectation as we continue to invest in territory expansion and growth in the region we are operating in, our research and development expense as a percentage of subscription revenue are 6% and sales and marketing expense as a percentage of subscription revenue increased to 15%.

本季度，我們的訂閱收入毛利率增長至 74%，這與我們的預期一致，因為我們繼續投資於我們經營所在地區的領土擴張和增長，我們的研發費用佔訂閱收入的百分比為6%，銷售而行銷費用佔訂閱收入的百分比增加至15%。

This strategic investment in customer acquisition will position us well for continued growth.

這種在客戶獲取方面的策略性投資將為我們的持續成長奠定良好的基礎。

General and admin expense as a percentage of subscription revenue are at 21% as we are investing to build strong infrastructure to support our growth.

由於我們正在投資建立強大的基礎設施以支持我們的成長，因此一般費用和管理費用佔訂閱收入的百分比為 21%。

We are also demonstrating our ability to contain costs.

我們也展示了我們控製成本的能力。

Operating profit as a percentage of subscription revenue are 30% and our adjusted EBITDA as a percentage of subscription revenue at 47%.

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 47%。

Cartrack continues to have consistent operating metrics with our strong track record of performance.

Cartrack 繼續保持與我們良好的業績記錄一致的營運指標。

Karooooo Logistics continue to gain adoption by our large enterprise customers seeking to scale their e-commerce capabilities.

Karooooo Logistics 持續受到尋求擴展其電子商務能力的大型企業客戶的採用。

And this quarter Karooooo Logistics delivered significant growth, generating ZAR101 million in revenue and operating profit of ZAR13 million.

本季 Karooooo Logistics 實現了顯著成長，實現營收 1.01 億蘭特，營業利潤 1,300 萬蘭特。

We see large opportunity for Karooooo Logistics and we believe we have the correct strategy to win as we are customer centric, and we will help our large enterprise customer to be customer-centric as well.

我們看到了 Karooooo Logistics 的巨大機遇，我們相信我們有正確的策略來獲勝，因為我們以客戶為中心，我們也將幫助我們的大型企業客戶以客戶為中心。

We have had a solid start to our financial year 2025, and we are on track to meet our outlook.

我們的 2025 財年已經有了一個良好的開端，並且有望實現我們的前景。

Our guidance while our outlook remains unchanged with contracts numbers of subscriber between ZAR2.2 million to ZAR2.4 million, contract subscription revenue between ZAR3.9 million to ZAR4.15 million.

我們的指導不變，但我們的展望保持不變，訂戶合約數量在 220 萬蘭特至 240 萬蘭特之間，合約訂閱收入在 390 萬蘭特至 415 萬蘭特之間。

Cartrack operating profit margin between 27% to 31% and Karooooo's earning per shares between ZAR27.5 to ZAR31.

Cartrack 的營業利潤率介於 27% 至 31% 之間，Karooooo 的每股盈餘在 27.5 蘭特至 31 蘭特之間。

Our mission is to be a leading operation and cloud service provider.

我們的使命是成為領先的營運和雲端服務提供者。

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. Zak Calisto.

我要感謝大家今天加入我們，現在我們將開始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。

Good morning.

早安.

Good afternoon to everyone, and good evening.

大家下午好，晚上好。

Thanks, everybody, for making time for us today.

謝謝大家今天抽出時間來參加我們的活動。

I will go through the questions and explain and answer all the questions.

我將仔細檢查問題並解釋和回答所有問題。

I'll first start off with a question from Dylan Becker.

我先從迪倫貝克爾提出的問題開始。

You talked about the improving environment in South Africa, most mature market, but still seeing nice growth.

您談到了南非這個最成熟市場的環境正在改善，但仍然看到了良好的成長。

How should we think about the runway here, how much logic can these customers be if they were adopt more of the platform?

我們應該如何思考這裡的跑道，如果這些客戶更多地採用該平台，他們的邏輯能有多大？

We saw growth this year in South Africa, up 16%, we believe we are continuing this momentum.

今年我們在南非看到了成長 16%，我們相信我們將繼續保持這一勢頭。

And as Shin said, we will be moving into our new office in Johannesburg in September, and that will definitely give us the opportunity to get it counts.

正如 Shin 所說，我們將於 9 月搬進約翰尼斯堡的新辦公室，這肯定會為我們帶來發揮作用的機會。

At the moment one of our bottlenecks is we haven't got space to has more people.

目前我們的瓶頸之一是我們沒有空間容納更多的人。

And in terms of the platform, we've got it, not all our customers use as much of the platform as they should be using.

就平台而言，我們已經掌握了這一點，但並非所有客戶都使用了他們應該使用的平台。

But we are embarking specifically from September on getting more customers to use parts of the platform that they could be used using that they're not choosing.

但我們從 9 月開始專門開始讓更多客戶使用平台中他們可以使用但他們沒有選擇的部分。

And next question, Roy Campbell, I read South Africa, Ray Campbell from Morgan Stanley and Rest of Africa.

下一個問題，羅伊坎貝爾，我讀了南非，來自摩根士丹利的雷坎貝爾和非洲其他地區。

What is your estimated market share in South Africa?

您在南非的預期市場佔有率是多少？

And what do you estimate the penetration rate is?

您估計滲透率是多少？

Can you discuss the tech competitive environment?

能討論一下科技競爭環境嗎？

So I first would like to say that I think South Africa is the extremely competitive environment and all our competitors have been in the market approximate 10 years more than us.

所以我首先想說的是，我認為南非的競爭環境非常激烈，我們所有的競爭對手進入市場的時間都比我們多大約10年。

We came to the market in 2004 would have been around from '94 to about '96.

我們在 2004 年進入市場，時間大約是 94 年到 96 年左右。

They all very strong and I think it's one of the geographies that we certainly see strong competition.

它們都非常強大，我認為這是我們肯定會看到激烈競爭的地區之一。

We estimate our market share in South Africa at this point in time to be approximately 40% of the installed base.

我們估計目前我們在南非的市佔率約為安裝基數的 40%。

And that's based on some internal calculations that we've done, but it might not be fully accurate.

這是基於我們所做的一些內部計算，但可能不完全準確。

And what do you estimate the penetration is in South Africa at the moment, and we estimate the penetration to be between 3.5 million to 4 million vehicles and the total million capacity is 12 million.

您估計目前南非的滲透率是多少？

And we believe that, yeah, I've been saying this for years eventually this will go up with the whole market will be penetrated.

我們相信，是的，我多年來一直這麼說，最終這將隨著整個市場的滲透而上升。

Another question from Bradley Campbell.

布拉德利·坎貝爾的另一個問題。

Your 16% guidance, you said that a traditional check and trace or you're gaining more market in fleet, in the fleets in the core three

您的 16％ 指導，您說傳統的檢查和追蹤或您正在車隊中獲得更多市場，在核心三個車隊中

[Kennametal].

[肯納金屬]。

We grew our business in South Africa I think 40% of our growth came from consumer and 60% came from commercial customers.

我們在南非發展業務，我認為我們的成長 40% 來自消費者，60% 來自商業客戶。

A question from Alex from Raymond James.

雷蒙德詹姆斯亞歷克斯提出的問題。

Can you talk more about your improved macro unit trends in South Africa.

您能多談談您在南非改進的宏觀單位趨勢嗎？

What did you see in June growth relative to prior months and what we see in South Africa with South Africa's head elections and then most South Africans are very confident that this election results will lead to be a better South Africa.

與前幾個月相比，您在 6 月看到了哪些成長，以及我們在南非的首腦選舉中看到了什麼，然後大多數南非人非常有信心，這次選舉結果將導致南非變得更好。

And what we are seeing as a business, it is in terms of customer defaults starting to decrease.

作為一家企業，我們看到的是客戶違約開始減少。

That's probably start to decrease about three, four months ago.

這個數字可能在三、四個月前就開始減少。

And I think just generally speaking also, the whole economic environment is turning to quite positive compared to what it was a year ago.

我認為總體而言，與一年前相比，整個經濟環境正在變得非常積極。

From Alex says, could you provide some more color on the launch of next gen vision?

亞歷克斯說，您能否為下一代願景的推出提供更多資訊？

What percentage of your commercial customers take on the vision solution and sell the next-gen vision.

您的商業客戶中有多少百分比採用視覺解決方案並銷售下一代視覺。

We actually really only started launching it about two months ago, it's not fully launched and we are finding it to be a very positive uptake and we be excited about that Alex.

實際上我們大約兩個月前才開始推出它，它還沒有完全推出，我們發現它是一個非常積極的吸收，我們對 Alex 感到興奮。

What data are to up lifts and what features are in the next-gen product like it might increase adoption relative to your prior version, I think this version is 3D is got more AI then our previous version, firstly, and second of all, there is also improvement on the AI that we had on our previous versions.

與之前的版本相比，哪些數據可以提升，下一代產品有哪些功能可能會增加採用率，我認為這個版本是 3D，比我們之前的版本有更多的人工智慧，首先，其次，有也是對我們先前版本的人工智慧的改進。

Also the way it integrates into our platform.

還有它整合到我們平台的方式。

It's the improvements I think, are quite big.

我認為這是相當大的改進。

And we actually only rolling out all the improvements within the next few month, so I believe by the time we get to about October, we would have rolled out our new IA capabilities on the video, cameras.

實際上，我們只會在接下來的幾個月內推出所有改進，所以我相信到 10 月左右時，我們就會在影片、攝影機上推出新的 IA 功能。

Ben Jackson, thanks for taking my question and Jack from [Kenlanegu] research.

本傑克森（Ben Jackson），感謝您提出我的問題，感謝來自 [Kenlanegu] 研究的傑克。

I got question on Cartrack geography, Asia Pacific, Middle East and [USA] got the highest rate of subscribers and subscription here.

我有關於 Cartrack 地理的問題，亞太地區、中東和[美國]在這裡的訂閱者和訂閱率最高。

We've got low base and compelling regional growth this year.

今年我們的基數較低，但區域成長引人注目。

Could you give some color on growth rates for the region in financial year FY25.

您能否介紹一下該地區 2025 財年的成長率。

We certainly believe that we can keep the current growth rates and increase our growth rates.

我們當然相信我們可以保持當前的成長率並提高成長率。

And in actual fact, we had a relatively weak quarter in Asia, but we are really seeing a much better quarter now in

事實上，我們在亞洲的季度相對疲軟，但我們現在確實看到了一個更好的季度

[Q2].

[問題2]。

A question from James.

詹姆斯的提問。

As your investment in R&D related to AI capabilities grow and dramatically lighter or is it in line with previous trends.

隨著您對人工智慧功能相關研發的投資不斷增長並大幅減少，或是否符合先前的趨勢。

Our R&D is at about 6% of subscription revenue and we are seeing quite a big increase in R&D.

我們的研發費用約佔訂閱收入的 6%，我們看到研發費用有了相當大的成長。

And compared to last year, but I believe we will by the end of Q4 that will be a bit under control and we are obviously getting much better talent in the R&D department.

與去年相比，但我相信到第四季末我們會有所控制，而且我們顯然在研發部門獲得了更好的人才。

So overall, I think we're getting much more far back in R&D, but despite data R&D is going up.

總的來說，我認為我們在研發方面已經取得了更大的進展，但儘管有數據，研發仍在上升。

Is there any other questions?

還有其他問題嗎？

I think that's all the questions for today.

我想這就是今天的所有問題。

Thanks, everybody, for joining us.

謝謝大家加入我們。

Thank you, bye-bye.

謝謝你，再見。