Karooooo Ltd (KARO) 2025 Q2 法說會逐字稿

(technical difficulty) will discuss our Q2 results and key business highlights.

（技術難度）將討論我們第二季的業績和主要業務亮點。

Our Group CEO and Founder, Zak Calisto will be available for Q&A following our presentation.

我們的集團執行長兼創辦人 Zak Calisto 將在我們的演講結束後接受問答。

All investors are advised to read the disclaimer.

建議所有投資者閱讀免責聲明。

During the call, we will review both of Karooooo's operating units, Cartrack and Karooooo Logistics.

在電話會議期間，我們將回顧 Karooooo 的兩個營運部門 Cartrack 和 Karooooo Logistics。

For those new to Karooooo, Cartrack is our operations management SaaS platform focused in Asia, Africa and Europe.

對於剛接觸 Karooooo 的人來說，Cartrack 是我們專注於亞洲、非洲和歐洲的營運管理 SaaS 平台。

Cartrack operates at scale and has a very attractive financial profile.

Cartrack 經營規模宏大，財務狀況極具吸引力。

As of August 2024, Cartrack's annual recurring revenue was ZAR3,990 million or USD224 million and Cartrack's Q2 operating profit margin was 29%.

截至 2024 年 8 月，Cartrack 的年度經常性收入為 39.9 億南非蘭特（2.24 億美元），Cartrack 第二季營業利潤率為 29%。

Historically, Cartrack's operating momentum has driven Karooooo's growth and strong financial performance.

從歷史上看，Cartrack 的營運勢頭推動了 Karooooo 的成長和強勁的財務表現。

Karooooo Logistics is our rapidly growing delivery as a service business that empowers large enterprises to scale their e-commerce operations and capabilities.

Karooooo Logistics 是我們快速發展的交付即服務業務，可協助大型企業擴展其電​​子商務營運和能力。

Karooooo Logistics is a structurally lower margin business than Cartrack and it is growing rapidly.

從結構上看，Karooooo Logistics 的利潤率低於 Cartrack，但成長迅速。

As of August 2024, Karooooo Logistics annualized B2B delivery as a service revenue was ZAR418 million or USD24 million.

截至 2024 年 8 月，Karooooo Logistics 年化 B2B 配送服務收入為 4.18 億南非蘭特（2,400 萬美元）。

Given Karooooo Logistics' robust revenue growth, we are very excited about the long term growth opportunity for the business.

鑑於 Karooooo Logistics 強勁的營收成長，我們對該業務的長期成長機會感到非常興奮。

We are also proud that Karooooo Logistics is profitable at its current scale.

我們也為 Karooooo Logistics 以目前的規模獲利而感到自豪。

In Q2, Karooooo delivered another strong quarter with total ZAR1,107 million, an increase of 16% year on year, subscription revenue of ZAR986 million, an increase of 15% year on year, and adjusted earnings per share of ZAR7.35, an increase of 31% year on year.

第二季度，Karooooo 再次表現強勁，總收入為11.07 億南非蘭特，年增16%，訂閱收入為9.86 億南非蘭特，年增15%，調整後每股收益為7.35 南非蘭特，年成長16%。

Q2 continued our track record of delivering profitable growth at scale.

第二季延續了我們實現大規模獲利成長的記錄。

In Q2, we were a Rule of 60 company when adding our Q2 subscription revenue growth of 15% year on year and our Q2 Cartrack adjusted EBITDA margin of 45%.

第二季度，我們是一家 60 強公司，第二季訂閱營收年增 15%，第二季 Cartrack 調整後 EBITDA 利潤率為 45%。

For the benefit of investors in the US, we believe our quality of earnings is high as there is no stock-based compensation in our adjusted EBITDA reconciliation unlike many US-based technology companies.

為了美國投資者的利益，我們相信我們的獲利品質很高，因為與許多美國科技公司不同，我們調整後的 EBITDA 調節表中沒有基於股票的薪酬。

We ended Q2 with over 2.1 million subscribers, an increase of 17% year on year and more than 125,000 businesses across all industries trust us to power their daily operations.

截至第二季度，我們的訂閱用戶數量超過 210 萬，年增 17%，各行業超過 125,000 家企業信任我們為其日常營運提供動力。

We continue to build upon our strong data pool and our platform now generates over 180 billion valuable data points monthly, strengthening our position to capitalize on our strong network effects and continue driving enhanced insights for our customers.

我們繼續以強大的數據池為基礎，我們的平台現在每月產生超過 1800 億個有價值的數據點，鞏固了我們利用強大網路效應的地位，並繼續為客戶提供更深入的見解。

In Q2, we started to move to our newly built central office in South Africa, which positions us to support higher organic growth in South Africa.

第二季度，我們開始搬到南非新建的中央辦事處，這使我們能夠支持南非更高的有機成長。

Not only does this office ensure that we can continue to grow our headcount, but it also provides a layout that ensures we continue to foster the Cartrack DNA and our strong culture as we scale.

辦公室不僅確保我們能夠繼續增加員工數量，而且還提供了一個佈局，確保我們在規模擴張時繼續培育 Cartrack DNA 和強大的文化。

We completed the move in September and are already seeing the positive improvement.

我們在九月完成了搬遷，並且已經看到了積極的改善。

We also increased our sales and marketing investment in Southeast Asia beginning in August to capitalize on the attractive and sizable opportunity in the region.

從八月開始，我們還增加了在東南亞的銷售和行銷投資，以利用該地區有吸引力且巨大的機會。

We continue to see Southeast Asia as the most compelling growth opportunity for the group over the medium to long term.

我們仍然認為東南亞是該集團中長期最引人注目的成長機會。

Finally, Cartrack delivered record net subscriber editions in Q2 whilst maintaining strong unit economics with an LTV to CAC ratio greater than 9.

最後，Cartrack 在第二季創造了創紀錄的淨訂戶版本，同時保持了強勁的單位經濟效益，LTV 與 CAC 之比大於 9。

Our commercial customer retention rate remains at 95% and we continue to grow the business at scale with strong discipline.

我們的商業客戶保留率保持在 95%，我們繼續以嚴格的紀律大規模發展業務。

Our Q2 financial highlights included: Cartrack subscription revenue increased 15% year on year to ZAR983 million; Cartrack's growth margin improved approximately 300 basis points year on year to 74%; Cartrack subscribers increased 17% year on year to 2.14 million.

我們第二季的財務亮點包括： Cartrack 訂閱營收年增 15%，達到 9.83 億南非蘭特； Cartrack的成長率年增約300個基點至74%； Cartrack訂閱用戶較去年同期成長17%，達到214萬人。

Karooooo's adjusted earnings per share increased 31% year on year to ZAR7.35; our balance sheet remained strong and unleveraged; and we ended the quarter with net cash and cash equivalents of ZAR674 million.

Karooooo調整後每股盈餘較去年同期成長31%至7.35南非蘭特；我們的資產負債表依然強勁且無槓桿；本季結束時，我們的淨現金和現金等價物為 6.74 億南非蘭特。

Additionally, given our strong Q2 financial performance and operating momentum, we are increasing the midpoint of our guidance ranges for our FY25 outlook for subscribers and Cartrack subscription revenue.

此外，鑑於我們第二季強勁的財務業績和營運勢頭，我們正在提高 25 財年訂閱者和 Cartrack 訂閱收入展望的指導範圍中點。

We believe that we are very well positioned to drive profitable and durable growth given our efficient unit economics and have a proven track record and culture of operating with financial and capital allocation discipline.

我們相信，鑑於我們高效的單位經濟效益，並擁有良好的業績記錄和遵守財務和資本配置紀律的營運文化，我們完全有能力推動盈利和持久增長。

We offer an easy to use and differentiated enterprise SaaS platform that leverages our vast and proprietary data assets.

我們提供易於使用且差異化的企業 SaaS 平台，利用我們龐大的專有數據資產。

We have a strong track record of compelling financials in our Rule of 60 company with a strong and unlevered balance sheet.

我們的 60 規則公司擁有令人信服的財務記錄，擁有強大且無槓桿的資產負債表。

Finally, we have found a led with a unique winning culture and operate in a very large TAM with a massive runway ahead of us.

最後，我們找到了一個擁有獨特致勝文化的領導者，並在一個非常大的 TAM 中運營，前面有一條巨大的跑道。

Karooooo simplifies the lives of operators to help them maximize the scale and efficiency of their operations.

Karooooo 簡化了營運商的生活，幫助他們最大限度地擴大營運規模和效率。

Our innovative platform goes far beyond connected vehicles and equipment.

我們的創新平台遠遠超出了連網車輛和設備的範圍。

We simplify the decision making of physical operations.

我們簡化物理操作的決策。

Our platform transforms decision making by unifying and contextualizing the data and information we collect from OEM devices, proprietary devices as well as open APIs.

我們的平台透過統一和情境化我們從 OEM 設備、專有設備以及開放 API 收集的數據和資訊來改變決策。

It centralizes the operations of businesses across diverse industries into a single place and helps customers conquer complex challenges around safety, compliance, productivity, service delivery, cost management, fuel maintenance, routing, resource allocation, driver and worker retention, and more.

它將不同行業的業務運作集中到一個地方，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 and impactful insights that are easy to execute on.

我們的平台利用我們的大數據規模、人工智慧和數據分析，為客戶提供易於執行的務實且有影響力的見解。

Given Karooooo's vertical integration and long track record of strong capital allocation and efficiencies, we have a real edge in knowing what data actually matters to physical operations and how to provide that data in a way that is easy to implement and will drive real impact.

鑑於 Karooooo 的垂直整合以及強大的資本配置和效率的長期記錄，我們在了解哪些數據對實體運營真正重要以及如何以易於實施並產生真正影響的方式提供這些數據方面擁有真正的優勢。

We constantly innovate to ensure our platform keeps decision making simple, fast and agile.

我們不斷創新，以確保我們的平台使決策保持簡單、快速和敏捷。

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

我們的平台易於使用且實用。

From start to finish, our entire solution focuses on simplifying complex decisions to ensure huge ROI for our customers.

從開始到結束，我們的整個解決方案都專注於簡化複雜的決策，以確保為客戶帶來巨大的投資回報。

Our customers choose us because we deliver ROI by reducing costs, increasing productivity and improving safety with a user-friendly platform supported by a best-in-class service team.

我們的客戶選擇我們，是因為我們透過由一流服務團隊支援的用戶友好平台降低成本、提高生產力和提高安全性來實現投資回報。

The value proposition of our platform is massive.

我們平台的價值主張是巨大的。

If you think about your day to day, the toughest part really is around decision making.

如果你想想你的日常生活，最困難的部分確實是決策。

Let's say, for example, your business is suffering from high fuel costs.

舉例來說，您的企業正遭受高燃料成本的困擾。

Well, firstly, we'll benchmark you to others in your industry so you can understand how much of a problem this really is.

好吧，首先，我們會將您與行業中的其他人進行比較，以便您了解這到底是一個多麼嚴重的問題。

Then there are three key things that could cause this: you're paying for fuel your vehicles aren't using; spending too much fuel per mile traveled; or traveling more miles than you need to achieve the same result.

三個關鍵因素可能會導致這種情況：您為車輛未使用的燃油付費；每行駛一英里花費太多燃油；或行駛的里程數超出了達到相同結果所需的里程數。

Our platform takes customers through each of these highlighting where the drainages are and more importantly, offering solutions for each.

我們的平台將帶領客戶了解每一個問題，並突出顯示排水系統的位置，更重要的是，為每個問題提供解決方案。

By simplifying these decisions, we empower our customers to spend their time, energy and resources, overcoming their challenges and improving their businesses.

透過簡化這些決策，我們使客戶能夠花費時間、精力和資源，克服挑戰並改善業務。

We have some businesses saving over USD300,000 purely on idling in a year and we have others who have managed to scale their business twelvefold as a result of the control, visibility and digitalization our platform provides.

我們有一些企業僅在一年內閒置就節省了超過 30 萬美元，而其他企業則由於我們平台提供的控制、可見性和數位化而成功將其業務規模擴大了 12 倍。

We remain committed to investing in product innovation that leverages AI to deliver ROI to our customers.

我們仍致力於投資產品創新，利用人工智慧為客戶帶來投資回報。

From fatigue driving to unscheduled stopping and detecting fuel fraud to end user risk profiles, our platform harnesses AI to deliver insights around areas that negatively impact operational performance.

從疲勞駕駛到計劃外停車和檢測燃油欺詐，再到最終用戶風險狀況，我們的平台利用人工智慧來提供有關對營運績效產生負面影響的領域的見解。

In doing so, we believe we are using AI to help our customers mitigate risk, improve their service delivery, save money and likely, save lives.

在這個過程中，我們相信我們正在使用人工智慧來幫助我們的客戶降低風險、改善他們的服務交付、節省資金，甚至可能拯救生命。

For example, our AI-powered cameras, alongside our fully digitalized coaching platform and actionable analytics, helped the South African customer reduce fatigue driving by 32% and mobile phone usage by 13%, whilst improving their seat belt compliance, all of which are key contributors to eliminating fatalities on the road.

例如，我們的人工智慧鏡頭，加上我們的全數位化輔導平台和可行的分析，幫助南非客戶減少了32% 的疲勞駕駛和13% 的手機使用率，同時提高了他們的安全帶合規性，所有這些都是關鍵為消除道路死亡做出貢獻。

During Q2, momentum for our camera business was strong, and we are excited about customer interest in our vision solutions.

第二季度，我們的相機業務勢頭強勁，我們對客戶對我們的視覺解決方案感興趣感到興奮。

As businesses look to increase their e-commerce offerings, many are also looking to move away from online marketplaces as they see a risk in losing control of their customers.

隨著企業希望增加電子商務產品，許多企業也希望擺脫線上市場，因為他們看到失去對客戶的控制的風險。

This has been a continued driver for Karooooo Logistics, which continues to gain adoption by our large enterprise customers seeking to scale their e-commerce capabilities under their own terms.

這一直是 Karooooo Logistics 的持續推動力，它繼續受到尋求根據自己的條件擴展其電子商務能力的大型企業客戶的採用。

During Q2, Karooooo Logistics delivered revenue of ZAR101 million, an increase of 40% year-on-year, and an operating profit of ZAR9 million.

第二季度，Karooooo Logistics 營收 1.01 億蘭特，年增 40%，營業利潤 900 萬蘭特。

We see a large opportunity for Karooooo Logistics and continue to maintain a positive outlook on this business unit.

我們看到 Karooooo Logistics 的巨大機遇，並繼續對該業務部門保持積極的前景。

Our commitment to product innovation and a disciplined approach to profitable growth positions us to capitalize on the large and growing market opportunity.

我們對產品創新的承諾和嚴格的獲利成長方法使我們能夠充分利用龐大且不斷增長的市場機會。

We believe we have ample runway for growth as businesses across industries seek to leverage technology to optimize their physical operations.

我們相信，隨著各行業的企業尋求利用技術來優化其實體運營，我們有充足的成長空間。

As we continue to execute and scale, we believe we are only getting started.

隨著我們繼續執行和擴展，我們相信我們才剛剛開始。

We believe there is ample opportunity for growth, and we plan to increase subscription sales to existing customers, expand our customer base, expand the scope of our operations in newer geographies and expand our operations platform and services.

我們相信有充足的成長機會，我們計劃增加對現有客戶的訂閱銷售，擴大我們的客戶群，擴大我們在新地區的業務範圍，並擴大我們的營運平台和服務。

We will continue to invest in all geographies to expand our sales and support infrastructures to achieve growth and maintain our customer centricity and expect Southeast Asia will be our largest driver of growth over the medium to long term.

我們將繼續在所有地區進行投資，以擴大我們的銷售和支援基礎設施，以實現成長並保持以客戶為中心，並預計東南亞將成為我們中長期成長的最大推動力。

Our balance sheet and strong cash generation put us in a good position to accelerate our customer acquisition strategy, whilst remaining highly profitable.

我們的資產負債表和強勁的現金產生能力使我們處於有利地位，可以加速我們的客戶獲取策略，同時保持高利潤。

Our founder-led culture and vertically integrated business model have created an entrepreneurial environment with high customer centricity.

我們的創辦人主導的文化和垂直整合的商業模式創造了一個高度以客戶為中心的創業環境。

This, alongside our open APIs, innovative platform that is easy to use and continuous investment in proprietary internal systems ensures we offer customers an unparalleled offering and is why we win.

再加上我們的開放 API、易於使用的創新平台以及對專有內部系統的持續投資，確保我們為客戶提供無與倫比的產品，這也是我們獲勝的原因。

In Q2, we maintained our leading unit economics with an LTV to CAC ratio of over 9.

第二季度，我們維持領先的單位經濟效益，LTV 與 CAC 比率超過 9。

Our strong discipline in capital allocation, high platform ROI, customer centricity and tight efficiencies at scale lead to our low cost of acquiring a customer, high customer lifetime value and retention rate as well as strong benefits from economies of scale.

我們在資本配置方面嚴格的紀律、高平台投資回報率、以客戶為中心和嚴格的規模效率，使我們獲得客戶的成本很低，客戶終身價值和保留率很高，並從規模經濟中獲得了巨大的好處。

Our Q2 gross profit margin was 75% and our Q2 commercial customer retention rate was 95%.

我們第二季的毛利率為 75%，第二季商業客戶保留率為 95%。

We are excited about our massive TAM and remain committed to profitable growth as we pursue the expansive growth opportunity ahead of us.

我們對龐大的 TAM 感到興奮，並在追求面前的廣闊增長機會的同時繼續致力於盈利增長。

I will now hand over to Hoeshin, who will discuss our Q2 financial performance.

我現在將交給 Hoeshin，他將討論我們第二季的財務表現。

Thank you, Carmen.

謝謝你，卡門。

I will now discuss Karooooo's financial performance for quarter two FY25.

我現在將討論 Karooooo 2025 財年第二季的財務表現。

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

請注意，除非另有說明，所有比較均針對 2024 財年第二季。

Our proven and profitable SaaS business model continued to deliver strong results in quarter two.

我們經過驗證且獲利的 SaaS 業務模式在第二季度繼續取得強勁業績。

Karooooo's total subscription revenue increased 15% to ZAR986 million, operating profit increased 22% to ZAR302 million and adjusted earnings per share increased 31% to ZAR7.35.

Karooooo 的總訂閱收入成長 15%，達到 9.86 億南非蘭特，營業利潤成長 22%，達到 3.02 億南非蘭特，調整後每股收益成長 31%，達到 7.35 南非蘭特。

In this quarter, Cartrack experienced strong customer acquisition and quarter two subscriber increased 17% to 2,136,000 subscribers.

本季度，Cartrack 的客戶獲取強勁，第二季訂戶數量成長 17%，達到 2,136,000 名訂戶。

Subscription revenue increased 15% to ZAR983 million and operating profit was ZAR293 million.

訂閱收入成長 15%，達到 9.83 億南非蘭特，營業利潤為 2.93 億南非蘭特。

Cartrack continues to prove its ability to scale in varying macroeconomic conditions and was a Rule of 60 companies when adding our second quarter subscription revenue growth of 15% and our second quarter adjusted EBITDA margins of 45%.

Cartrack 繼續證明其在不同宏觀經濟條件下擴展的能力，並且在第二季度訂閱收入增長 15% 和第二季度調整後 EBITDA 利潤率 45% 的情況下，成為 60 家公司的規則。

Our solid start in quarter one continue as we gain momentum in quarter two, with a record net subscriber addition of over 89,000 in this quarter, an increase of 18% year-over-year.

我們在第一季繼續保持良好的開局，在第二季度繼續保持強勁勢頭，本季淨用戶增加量創歷史新高，超過 89,000 人，同比增長 18%。

We operate in a massive addressable market.

我們在一個巨大的潛在市場中運作。

In August this year, we accelerated our capital allocation to sales and marketing, and we are comfortable that we can continue to grow our subscriber base profitably at scale.

今年八月，我們加快了對銷售和行銷的資本配置，我們很高興能夠繼續大規模擴大我們的用戶群並實現盈利。

Cartrack continues to grow its subscriber base across geographies.

Cartrack 不斷擴大其跨地區的用戶群。

In quarter two, South African subscriber increased 16%, represents 76% of total subscribers.

第二季度，南非用戶成長了 16%，佔總用戶數的 76%。

We believe the economic environment in South Africa continues to improve, and we are confident that our move to our newly built central office in September 2024 position us to support strong organic growth, as it will allow us to expand our customer base and increase subscription sales to existing customers.

我們相信南非的經濟環境持續改善，我們相信，我們於 2024 年 9 月搬遷到新建的中央辦公室將使我們能夠支持強勁的有機增長，因為這將使我們能夠擴大客戶群並增加訂閱銷售給現有客戶。

Asia, the Middle East and USA. subscribers increased 21% with strong momentum in Southeast Asia.

亞洲、中東和美國。東南亞的訂閱用戶成長了 21%，勢頭強勁。

This region made up of 12% of our total subscribers.

該地區占我們訂閱者總數的 12%。

Southeast Asia remains the second largest contributor to the group's revenue, representing the most compelling growth opportunity over the medium to long term.

東南亞仍然是該集團收入的第二大貢獻者，代表著中長期最引人注目的成長機會。

As such, in September, we started to prudently invest in sales and marketing in Southeast Asia to drive incremental growth.

因此，9月我們開始審慎投資東南亞的銷售和行銷，以推動增量成長。

Europe subscriber increased 17% and comprised 8% of total subscriber.

歐洲用戶成長了 17%，佔總用戶數的 8%。

We remain focused on increasing our presence in the region, especially through OEM partnership with our proprietary compliance technology.

我們仍然專注於擴大我們在該地區的影響力，特別是透過 OEM 合作夥伴關係以及我們專有的合規技術。

Africa, excluding South African subscriber, increased 15% and comprised 4% of total subscribers.

非洲（不包括南非用戶）成長了 15%，佔用戶總數的 4%。

With the strong tractions, we believe we are well positioned for geographical expansion.

憑藉強大的吸引力，我們相信我們已做好地域擴張的準備。

Karooooo's quarter two adjusted earnings per share increased 31% to ZAR7.35, mainly driven by highly subscription revenue and expanding gross margin.

Karooooo 在第二季調整後每股盈餘成長 31%，達到 7.35 南非蘭特，這主要是由於高訂閱收入和不斷擴大的毛利率推動的。

Cartrack's earnings per share increased 22% to ZAR7.17, and Karooooo Logistics earnings per share increased 29% to ZAR0.18. As Karooooo continues to scale, grow and increase its earnings per share, we are confident in our FY25 earnings per share outlook.

Cartrack 每股盈餘成長 22%，至 7.17 蘭特，Karooooo Logistics 每股盈餘成長 29%，至 0.18 蘭特。隨著 Karooooo 繼續擴大規模、成長並提高每股收益，我們對 25 財年每股收益前景充滿信心。

In quarter two, we continue to demonstrate high cash conversions as our earnings increase.

在第二季度，隨著收入的增加，我們繼續表現出較高的現金轉換率。

Free cash flow was ZAR166 million.

自由現金流為 1.66 億南非蘭特。

We invested ZAR49 million in the development of our South African Central office, bringing the total investment in our new office to ZAR316 million.

我們投資4,900萬蘭特用於南非中心辦事處的開發，使新辦事處總投資達3.16億蘭特。

We believe our strong track record of disciplined capital allocation, earnings and free cash flow will continue to bolster our balance sheet.

我們相信，我們在嚴格的資本配置、獲利和自由現金流方面的良好記錄將繼續增強我們的資產負債表。

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。

In this quarter, our net cash on hand plus cash in bank fixed deposits stood at ZAR674 million.

本季度，我們手頭現金淨額加上銀行定期存款現金為 6.74 億南非蘭特。

Debtor's turnover days was 27 days, which includes prudent provisioning given strong economic headwinds in some of the markets we are operating.

債務人的周轉天數為 27 天，其中包括考慮到我們經營的一些市場強勁的經濟逆風而採取的審慎撥備。

In August, we paid a cash dividend of $1.08 per share, a total of $33.4 million to our shareholders, an increase of 27% per share year-over-year.

8月份，我們向股東支付了每股1.08美元的現金股息，共3340萬美元，每股年增27%。

We have strong unit economics, robust operating margin and unleveraged balance sheet and strong cash conversion.

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

Our robust business model are geared for growth with massive opportunities ahead of us.

我們穩健的商業模式旨在為我們帶來巨大機會的成長。

This was backed by a strong and clean balance sheet, and we remain confident that our track record of success, especially our ability to generate healthy cash flow, is sustainable.

這是由強大而乾淨的資產負債表支持的，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。

Given our strong quarter two results and operating momentum, we are raising our outlook FY25 subscriber and Cartrack subscription revenue at the midpoint.

鑑於我們強勁的第二季業績和營運勢頭，我們將 2025 財年訂戶和 Cartrack 訂閱營收的預期上調至中位數。

We are now expecting Cartrack subscriber to be between 2.3 million to 2.4 million compared to 2.2 million to 2.4 million previously.

我們目前預計 Cartrack 訂戶數量將在 230 萬至 240 萬之間，而之前為 220 萬至 240 萬。

Cartrack subscription revenue to be between ZAR3.95 billion to ZAR4.15 billion as compared to ZAR3.9 billion to ZAR4.15 billion previously.

Cartrack 訂閱收入將介於 39.5 億蘭特至 41.5 億蘭特之間，而先前為 39 億蘭特至 41.5 億蘭特。

Cartrack operating profit margin outlook of between 27% to 31% and Karooooo's earnings per share outlook of between ZAR27.5 to ZAR31 remains unchanged.

Cartrack 營運利潤率預期為 27% 至 31%，Karooooo 每股盈餘預期為 27.5 蘭特至 31 蘭特，維持不變。

In closing, we are excited about the operating momentum in the business and our strong first half results highlighted by our improved outlook for FY25.

最後，我們對該業務的營運勢頭以及我們強勁的上半年業績感到興奮，這在我們對 2025 財年前景的改善中得到了體現。

Looking forward, we believe our attractive SaaS business model, strong cash generation and strong balance sheet position us to capitalize on the expansive growth opportunity in front of us.

展望未來，我們相信我們有吸引力的 SaaS 業務模式、強勁的現金產生能力和強勁的資產負債表使我們能夠利用眼前的廣闊成長機會。

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執行長兼創辦人 Zak Calisto 先生進行問答。

Thank you, Hoe Shin.

謝謝你，和信。

I've got a few questions.

我有幾個問題。

So I'll start with the first question from

所以我將從第一個問題開始

[Adil Al].

[阿迪爾·阿爾]。

Karooooo Logistics reported revenue of ZAR101 million for Q2 FY25, which, while demonstrating a strong 40% year-on-year growth, shows muted quarter-on-quarter growth as it matches the Q1 FY25 revenue.

Karooooo Logistics 公佈的 2025 財年第二季營收為 1.01 億南非蘭特，雖然年比強勁成長 40%，但與 2025 財年第一季營收相匹配，季比成長緩慢。

This appears to be the first time we've seen muted Q-on-Q growth for Karooooo logistics, could you comment on the factors contributing to the stagnation?

這似乎是我們第一次看到 Karooooo 物流比成長緩慢，您能否評論一下導致停滯的因素？

Additionally, do you anticipate Karooooo Logistics will achieve double-digit annual revenue growth over the next few years?

此外，您預計 Karooooo Logistics 在未來幾年內將實現兩位數的年營收成長嗎？

And if so, are the key drivers expected to support this growth?

如果是這樣，預計支持這一成長的關鍵驅動因素是什麼？

So in Q1, we really stagnated quite a lot because we needed to basically increase our driver capacity, and we needed to onboard more drivers to be able to deal with the increased demand.

因此，在第一季度，我們確實停滯了很多，因為我們需要從根本上增加我們的司機容量，並且我們需要雇用更多司機才能應對增加的需求。

Further, we also needed to increase our operational capabilities, so we did stagnate intentionally.

另外，我們還需要提高營運能力，所以我們就故意停滯了。

You will see -- in Q3, you'll already see a much better performance compared to Q2.

您會看到，在第三季度，您已經看到比第二季度更好的表現。

And we certainly believe that we can continue delivering double-digit growth.

我們當然相信我們可以繼續實現兩位數的成長。

A question from Alex Sklar.

亞歷克斯·斯克拉的問題。

Zak, can you talk about the mix of the record subscriber adds this quarter?

Zak，您能談談本季新增訂戶的情況嗎？

Any change in commercial mix or larger enterprise net adds?

商業組合或更大的企業淨增加有什麼變化嗎？

It was very much a situation where most of our driver growth was still SME business.

在這種情況下，我們的大部分成長動力仍然是中小企業業務。

Clearly, we did get some large enterprise customers.

顯然，我們確實獲得了一些大型企業客戶。

We've got one or two customers with more than 2,000 trucks.

我們有一兩個客戶擁有超過 2,000 輛卡車。

But fundamentally, it was driven by SME being still primarily the most -- the biggest contributor to our growth.

但從根本上說，它是由中小企業推動的，中小企業仍然是我們成長的最大貢獻者。

Another question from Alex.

亞歷克斯的另一個問題。

Zak or Hoeshin, implied quarter gross margin ex logistics, looks like a new record this quarter.

Zak 或 Hoeshin，隱含的季度扣除物流毛利率，看起來本季創下了新紀錄。

Can you talk about the drivers there?

可以談談那裡的司機嗎？

How sustainable is this higher gross margin level?

這種較高的毛利率水準的可持續性如何？

A lot of it comes from operational efficiencies.

其中很大一部分來自營運效率。

But as you've seen over the past years, our margins tend to go up and down in a very tight band.

但正如您在過去幾年中看到的那樣，我們的利潤率往往在非常窄的範圍內上下波動。

So we did see a very good increase in gross profit.

所以我們確實看到毛利有非常好的成長。

I think we're not -- our business model is not to try and keep it at 74%.

我認為我們不是——我們的商業模式不是試圖將其保持在 74%。

But frankly, if it goes down to 72%, it's still great margins.

但坦白說，如果下降到 72%，利潤率仍然很大。

And we look at the full margins of the business.

我們也關注業務的全部利潤率。

I do not believe that we can get much better margins if we still want growth.

我認為，如果我們仍然想要成長，我們就不可能獲得更好的利潤率。

While we're growing, I think these margins will fluctuate, but in a very narrow band.

在我們發展的過程中，我認為這些利潤率會波動，但幅度非常窄。

[Jackson].

[傑克遜]。

Thanks for taking my question.

感謝您提出我的問題。

I'm Jack for -- from

我是傑克——來自

[Kerlongui Research].

[克爾隆吉研究]。

What is the major driving force for ARPU this quarter?

本季 ARPU 的主要推動力是什麼？

Could you give some color on the ARPU for the next few quarters?

您能否透露一下未來幾季的 ARPU 情況？

Given our new products, I believe that our ARPU will have a tendency to increase.

鑑於我們的新產品，我相信我們的ARPU將會有增加的趨勢。

Although in Asia, as Singapore becomes a smaller part of the business, the ARPU in Asia will probably decrease because the ARPUs we experience in most Asian countries are very much in keeping with the South African ARPU.

儘管在亞洲，隨著新加坡業務規模的縮小，亞洲的 ARPU 可能會下降，因為我們在大多數亞洲國家經歷的 ARPU 與南非的 ARPU 非常一致。

So our drive in revenue is really just customer acquisition.

因此，我們收入的驅動力實際上只是客戶獲取。

And it's been our model for -- since day one, which is 20 years ago.

從 20 年前的第一天起，它就一直是我們的模型。

We've continuously driven subscription revenue through customer acquisition.

我們透過客戶獲取不斷推動訂閱收入。

Question from Roy Campbell from Morgan Stanley.

摩根士丹利羅伊·坎貝爾 (Roy Campbell) 提出的問題。

Has the company participated in further share buyback over the last quarter?

公司在上季度是否參與了進一步的股票回購？

Roy, we haven't anticipated.

羅伊，我們沒有預料到。

What we experienced in the ability -- for our ability to buy shares, it's quite difficult.

我們所經歷的能力——對於我們購買股票的能力來說，這是相當困難的。

The SEC rules make it very difficult in the way we can buy shares.

美國證券交易委員會的規則使我們購買股票的方式變得非常困難。

And at the moment, we are picking up liquidity and I think we need to support the growth in our liquidity.

目前，我們正在增加流動性，我認為我們需要支持流動性的成長。

We've also brought on [Paul Beaver] as [aided] by internal relations.

我們也透過內在關係[協助]聘請了[保羅·比弗]。

So we will be doing a lot more activity on the investor side to build up liquidity.

因此，我們將在投資者方面開展更多活動來增加流動性。

And I don't believe a share buyback that we're getting -- considering that we're now starting to get momentum, will send the right message.

考慮到我們現在開始獲得動力，我不認為我們正在進行的股票回購會發出正確的訊息。

A question from [Seki] from

[Seki] 提出的問題

[ESMO].

[ESMO]。

How is subs growth in Asia Pacific, the Middle East team versus management base case?

與管理基本情況相比，亞太地區、中東團隊的潛艦成長情況如何？

And what would constitute a good outcome in terms of numbers and subs, say, in three years versus the current 250,000?

就數量和潛水艇數量而言，與目前的 25 萬名相比，三年後怎樣才算是一個好的結果？

We started in September a huge drive to get our sales headcount to a level that we really wanted.

我們從九月開始大力推動銷售人員數量達到我們真正想要的水平。

I think we've sorted out a lot of our ability to recruiting build the team.

我認為我們已經整理出了很多招募組建團隊的能力。

And I believe that we would certainly start growing at over 30% year-on-year and I believe we can do that starting in FY26.

我相信我們的年成長肯定會超過 30%，我相信我們可以從 2026 財年開始做到這一點。

A question from

一個問題來自

[Gokul Raj].

[戈庫爾·拉吉]。

Could you update on the secondary public offering of your shareholder?

您能否介紹一下您的股東二次公開發行的最新情況？

And also, what should be the long-term float in the stock that we should expect?

另外，我們應該預期股票的長期浮動是多少？

The -- in July this year, we basically did an offering to the market, the second half into the market, where it was me selling down secondary shares, my shares.

今年7月，我們基本上向市場進行了發行，下半年進入市場，是我拋售二級股票，我的股票。

And I've made it public that over time I will sell about 6 million of my shares over the next five or six years.

我已經公開表示，隨著時間的推移，我將在未來五、六年內出售約 600 萬股股票。

I'll do it in a responsible way.

我會以負責任的方式去做。

So this is public knowledge, there's documentation out there.

所以這是公共知識，有文件。

So the first blog poll that we did, we wanted to sell 75 million shares.

因此，在我們進行的第一個部落格調查中，我們希望出售 7,500 萬股。

We were well oversubscribed already in the first day.

第一天我們就已經超額認購了。

And then for reasons that I don't really understand, our share price dropped from $35 to $28.80. And then if I remember correctly, we had the book build of over $150 million for the $75 million offering, but I wasn't willing to sell at $28.80. And for that matter, we terminated the secondary offering.

然後由於我不太明白的原因，我們的股價從 35 美元跌至 28.80 美元。然後，如果我沒記錯的話，我們的 7500 萬美元發行的帳面價值超過 1.5 億美元，但我不願意以 28.80 美元的價格出售。為此，我們終止了二次發行。

So overtime, we do expect, as I sell into the market or if we happen to do M&A, we will expect higher liquidity, and we're certainly working towards that.

因此，隨著時間的推移，我們確實預計，當我在市場上出售產品或我們碰巧進行併購時，我們將期望更高的流動性，我們當然正在為此努力。

[Amal Preri].

[阿邁勒·普雷裡]。

If Karooooo doesn't make transformational acquisitions, why isn't the balance sheet leveraged?

如果 Karooooo 不進行轉型性收購，為什麼資產負債表不加槓桿？

I don't think that's really our DNA.

我不認為這真的是我們的 DNA。

I mean one can get into very clever financial engineering where you start, but I don't believe we need to do that.

我的意思是，人們可以從一開始就進入非常聰明的金融工程，但我不認為我們需要這樣做。

And I'm quite prudent.

而且我很謹慎。

If we look, we've been a public company as Cartrack before JSE.

如果我們仔細觀察，就會發現在 JSE 之前我們就已經是一家上市公司 Cartrack。

We've always run a very clean balance sheet.

我們的資產負債表一直都很乾淨。

I believe you only get debt if it's absolutely necessary.

我相信只有在絕對必要的情況下你才會欠債。

And we might have a few rainy days, and we want to be well positioned.

我們可能會遇到一些陰雨天，我們希望處於有利位置。

When COVID came, we continued growing.

當新冠疫情到來時，我們繼續成長。

We weren't worried about the balance sheet.

我們並不擔心資產負債表。

So we never know what's around the corner.

所以我們永遠不知道即將發生什麼事。

And we don't want to be where -- when the banks knock at our door, then we start panicking.

我們不想在那裡——當銀行來敲我們的門時，我們就開始恐慌。

We'd rather be -- we're very comfortable to remain in a net cash position as opposed to net -- in a debt position.

我們寧願——我們非常願意保持淨現金頭寸而不是淨債務頭寸。

However, we're not scared of debt if it makes absolute sense.

然而，如果債務絕對有意義，我們就不會害怕。

But I don't think we need to do it just to leverage our balance sheet so that we can engineer our balance sheet.

但我認為我們不需要這樣做只是為了利用我們的資產負債表來設計我們的資產負債表。

A question from

一個問題來自

[Prashant Premkumar].

[普拉桑特·普雷姆庫馬爾]。

Is the LTV to get much higher in Southeast Asia versus company average of 9?

東南亞的 LTV 是否會遠高於公司平均 9？

Has this metric for Southeast Asia changed much in the past few years?

東南亞的這項指標在過去幾年中發生了很大變化嗎？

Prashant, I don't have the LTV to CAC for each geography.

Prashant，我沒有每個地區的 LTV 到 CAC。

And then LTV to CAC to 9 is for the whole of Cartrack.

然後 LTV 到 CAC 到 9 是針對整個 Cartrack 的。

But fundamentally, we've got very high LTV to CAC in all our geographies.

但從根本上來說，我們在所有地區的 CAC 的 LTV 都非常高。

We are now going to go into quite a substantial increase in headcount, and we normally find these headcounts and normally deliver results in the first six months.

我們現在將大幅增加員工人數，我們通常會在前六個月內找到這些員工並提供結果。

That could obviously have a negative impact on our LTV to CAC.

這顯然會對我們的 CAC 生命週期價值產生負面影響。

But we believe that we should be -- still be able to keep it over 9.

但我們相信我們應該——仍然能夠將其保持在 9 以上。

And if it drops below 9, it's also fine.

如果降到9以下也沒什麼問題。

LTV to CAC of 9 is very high.

LTV 與 CAC 比率為 9，非常高。

If it goes to 8, if it goes to 7, and if we believe we're going to get the results, and if we believe the way we're allocating capital, we are on the right path.

如果它達到 8，如果它達到 7，如果我們相信我們會得到結果，如果我們相信我們分配資本的方式，我們就走在正確的道路上。

We don't mind dropping to LTV to CAC of 7 for that matter.

就此而言，我們不介意將 LTV 降至 CAC 為 7。

Thank you for showcasing the AI capabilities of the company.

感謝您展示公司的人工智慧能力。

Approximate percent of used Cartrack AI-based benefits as opposed to just vehicle tracking.

使用 Cartrack 基於人工智慧的優勢（而不僅僅是車輛追蹤）的大約百分比。

Our cost is the base of AI usage customers growing?

我們的成本是AI使用客戶基礎成長的基礎嗎？

The answer to that, AI is, in my opinion, it's just the latest fashionable word.

答案是，在我看來，人工智慧只是最新的時尚詞彙。

So for me to answer that, I would just like to give a bit of color of what I believe AI is.

因此，對我來說，回答這個問題，我只想對我所認為的人工智慧進行一些闡述。

And AI is really just ability, in our case, is to have a substantial amount of data, the ability to process the data, the ability of algorithms and ability to give instant information to our customers to better improve their businesses.

人工智慧實際上只是一種能力，對我們來說，就是擁有大量的數據、處理數據的能力、演算法的能力以及為我們的客戶提供即時資訊以更好地改善他們的業務的能力。

And that's really AI.

這就是真正的人工智慧。

Then the terminology is a -- it's a new terminology.

那麼術語是——這是一個新術語。

It's loosely used.

它使用得很鬆散。

But we've been doing this for many years.

但我們已經這樣做很多年了。

Overtime, obviously, we get better with our predictions, our data, the amount of data we've got, our algorithms get better, but we've been doing this.

顯然，隨著時間的推移，我們的預測、我們的數據、我們所擁有的數據量都變得更好，我們的演算法也變得更好，但我們一直在做這件事。

So I would say that all our business customers have got some form of AI in real time and access to it.

所以我想說，我們所有的商業客戶都可以即時獲得某種形式的人工智慧並可以存取它。

It just depends what exactly are we talking about.

這只取決於我們到底在談論什麼。

So when it comes to the (inaudible), that's very much something that we've introduced in the last year.

因此，當談到（聽不清楚）時，這就是我們去年推出的內容。

But I mean when it comes to the business intelligence reports, the live alerts, all of that is part and parcel of a broader definition of AI.

但我的意思是，當涉及商業智慧報告、即時警報時，所有這些都是更廣泛的人工智慧定義的重要組成部分。

A question from [Miller] from William Blair.

威廉·布萊爾[米勒]提出的問題。

Can you provide some color on the S&M investment across each region as growth seems to be broad-based?

由於成長似乎基礎廣泛，您能否對每個地區的 S&M 投資提供一些說明？

How are you thinking about sustainable efficiency across these investments?

您如何看待這些投資的可持續效率？

So we've got a capital allocation team that is run by

所以我們有一個資本配置團隊，由

[own app].

[自己的應用程式]。

And in this capital allocation team, they actually look at each country.

在這個資本配置團隊中，他們實際上關注每個國家。

And not at each country, they also look at each go-to-market strategy within each country.

不僅針對每個國家，他們也關注每個國家內的每個進入市場策略。

And on that basis, we're always continuously measuring our return on investment.

在此基礎上，我們始終不斷衡量我們的投資回報。

So it's something that we do as a full-time job, and we don't do it just across the company.

因此，這是我們作為全職工作所做的事情，而不僅僅是在整個公司範圍內這樣做。

We do it quite granular.

我們做得非常細緻。

And we've been doing this for many years, and we do it, in my opinion, really well.

我們已經這樣做很多年了，而且在我看來，我們做得非常好。

I think like our lead is that we are perhaps -- have been to prudent in the way we allocate capital.

我認為我們的領先優勢是我們在分配資本的方式上可能保持謹慎。

So there is -- we definitely are going to see less yield in the short term as we grow our salesforce.

因此，隨著我們銷售團隊的壯大，短期內我們肯定會看到產量下降。

But over time, we will go back to very high returns on our sales force.

但隨著時間的推移，我們的銷售人員將恢復到非常高的回報。

[Seki Muthukwakal] from ESMO.

[Seki Muthukwakal] 來自 ESMO。

Any guidance about sales and marketing as a percentage of such revenue as Cartrack going forward?

對於 Cartrack 未來的銷售和行銷佔此類收入的百分比有什麼指導嗎？

That is currently increasing at this point in time.

目前這一數字正在增加。

We will obviously do this in keeping with our track record, which is in a very disciplined way.

顯然，我們會按照我們的往績記錄來這樣做，這是一種非常有紀律的方式。

But the intention is definitely to increase that as a percentage of subscription revenue, to increase the spend on sales and marketing.

但其目的肯定是增加訂閱收入的百分比，以增加銷售和行銷支出。

A question from Alex Sklar.

亞歷克斯·斯克拉的問題。

Can you elaborate on your headcount growth targets over the next 12 months?

能否詳細說明未來 12 個月的員工人數成長目標？

How much are you planning to grow sales and marketing headcount in the next 12 months?

您計劃在未來 12 個月內增加多少銷售和行銷人員？

Alex, we are actually busy most of the day to day with these budgets for the next year.

亞歷克斯，實際上我們每天的大部分時間都在忙於處理明年的預算。

And my feel is at this point in time, we're probably going to grow the sales headcount.

我的感覺是，在這個時候，我們可能會增加銷售人員數量。

In terms of Asia, that will be substantial.

就亞洲而言，這將是巨大的。

But in South Africa, probably about 25%.

但在南非，可能約 25%。

And in Europe, it will be about 25%.

而在歐洲，這一比例約為 25%。

In Asia, we're expecting to go with a VLP, able to do about a 70% increase in headcount, about 70%.

在亞洲，我們預計採用 VLP，能夠將員工數量增加約 70%，約 70%。

That's the questions for today.

這就是今天的問題。

Thank you very much for joining me.

非常感謝您加入我。

Thank you.

謝謝。

Bye-bye.

再見。