Karooooo Ltd (KARO) 2025 Q3 法說會逐字稿

Hello and welcome to Karooooo's Financial year 2025 Q3 earnings call.

大家好，歡迎參加 Karooooo 的 2025 財年第三季財報電話會議。

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 Paul Bieber, Karooooo's VP of Investor Relations and Strategic Finance.

我是保羅‧比伯 (Paul Bieber)，Karooooo 的投資人關係與策略財務副總裁。

We are joined today by Zak Calisto, Founder and CEO, Hoe Shin Goy, Chief Financial Officer and Carmen Calisto, Chief Strategy and Marketing Officer.

今天，創辦人兼執行長 Zak Calisto、財務長 Hoe Shin Goy 和首席策略與行銷長 Carmen Calisto 也加入了我們的行列。

Before handing the call over to Carmen, I would like to remind everyone that some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking.

在將電話轉交給卡門之前，我想提醒大家，我們今天發表的一些有關我們業務運營和財務業績的聲明可能被認為是前瞻性的。

Such statements are based on current expectations and assumptions.

此類陳述基於當前的預期和假設。

They are subject to a number of risks and uncertainties.

它們面臨許多風險和不確定性。

Actual results could differ materially, please refer to the safe harbor statement in our form 20F including the risk factors and the 6K that we filed yesterday.

實際結果可能存在重大差異，請參閱我們昨天提交的 20F 表格中的安全港聲明（包括風險因素）和 6K。

We undertake no obligation to update any forward-looking statements.

我們不承擔更新任何前瞻性陳述的義務。

During this call, we will present both IFRS and non-IFRS financial measures.

在本次電話會議中，我們將介紹 IFRS 和非 IFRS 財務指標。

The reconciliation of non-IFRS to IFRS measures is included in the 6K that we filed with the SEC yesterday.

非 IFRS 與 IFRS 措施的調節包含在我們昨天向 SEC 提交的 6K 中。

With that, I'd like to hand the call over to Carmen.

說到這裡，我想把電話轉給卡門。

During the call today, we will review both Karooooo's operating units.

在今天的電話會議中，我們將審查 Karooooo 的兩個營運部門。

Cartrack and Karooooo logistics for those new to Karooooo.

Cartrack 和 Karooooo 物流服務，適合剛接觸 Karooooo 的人。

Cartrack is our operations management SAS platform.

Cartrack 是我們的營運管理 SAS 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。

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

Cartrack 的營運動能主要推動了 Karooooo 的成長和強勁的財務表現。

For FY25 year-to-date, Cartrack subscription revenue was approximately ZAR3 billion an increase of 15% year-on-year or 20% year-on-year on a US dollar basis.

2025 財年迄今，Cartrack 訂閱營收約 30 億南非蘭特，年增 15%，以美元計算年增 20%。

Cartracks year-to-date operating profit margin was 30%.

Cartracks 今年迄今的營業利益率為 30%。

Karooooo logistics is our rapidly growing delivery as a service business that empowers our large enterprise customers to scale their e-commerce and logistics operations.

Karooooo 物流是我們快速成長的交付即服務業務，使我們的大型企業客戶能夠擴展其電子商務和物流業務。

Karooooo logistics is a structurally lower margin business and car track showing good growth momentum.

Karooooo 物流是一項結構性利潤率較低的業務，汽車賽道顯示出良好的成長動能。

Karooooo logistics is strategically important to us as it empowers our customers to scale their e-commerce and logistics operations through a capital light model.

Karooooo 物流對我們具有重要的策略意義，因為它使我們的客戶能夠透過輕資本模式擴展其電子商務和物流業務。

Whilst driving high culture customer attention for FY25 year-to-date Karooooologistics delivery as a service revenue was ZAR310 million.

在吸引高文化客戶注意的同時，2025 財年至今，Karooooologics 交付服務收入為 3.1 億南非蘭特。

An increase of 38% year-on-year or 45% year-on-year on a US dollar basis.

年增38%，以美元計算年增45%。

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

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

Karooooo logistics is profitable at its current scale.

Karooooo 物流以目前的規模是盈利的。

In Q3 Karooooo delivered another strong quarter with total revenue of ZAR1,159 million.

第三季度，Karooooo 再次表現強勁，總收入達 11.59 億南非蘭特。

An increase of 15% year-on-year subscription revenue of ZAR1,032 million an increase of 14% year-on-year and adjusted earnings per share of ZAR7.67 an increase of 21% year-on-year Q3 continued our long track record of delivering profitable growth at scale.

第三季認購營收年增 15%，達 10.32 億南非蘭特，年增 14%，調整後每股收益 7.67 南非蘭特，較去年同期成長 21%實現大規模獲利成長的記錄。

In Q3, we were a rule of 60 company when adding our Q3 subscription revenue growth of 14% and our Q3 Cartrack adjusted EBITA margin of 47%.

在第三季度，我們是 60 家公司的規則，第三季訂閱營收成長了 14%，第三季 Cartrack 調整後的 EBITA 利潤率為 47%。

We ended Q3 with more than $2.2 million subscribers, an increase of 17% year-on-year and more than 125,000 businesses across all industries, trusting us to power and improve their daily operations.

截至第三季度，我們的訂戶數量超過 220 萬美元，年增 17%，各行業的企業超過 125,000 家，相信我們能夠推動和改善他們的日常營運。

We continue to grow our data asset and our platform now generates more than $180 billion valuable data points monthly which we leverage to drive actionable insights for our customers.

我們不斷增加我們的數據資產，我們的平台現在每月產生超過 1800 億美元的有價值的數據點，我們利用這些數據點為客戶提供可行的見解。

Before diving into our Q3 business and operational highlights.

在深入了解我們第三季的業務和營運亮點之前。

We want to take a moment to underscore our distinctive financial profile, something that is exceptionally rare in the public markets, particularly among small cap companies.

我們想花點時間強調我們獨特的財務狀況，這在公開市場，尤其是小型股公司中極為罕見。

We believe we are amongst the select few SAS companies operating at a rule of 50 plus based on 2025 GAAP Street estimates notably within ASA universe of approximately 200 companies.

我們相信，根據 2025 年 GAAP Street 估計，我們是少數幾家營運規模超過 50 家的 SAS 公司之一，尤其是在 ASA 大約 200 家公司的範圍內。

We believe we are one of only two small cap companies operating at this level.

我們相信，我們是僅有的兩家處於這一水平的小型公司之一。

Being part of this elite group reflects our unwavering commitment to disciplined and profitable growth.

成為這個精英團隊的一員反映了我們對有紀律和獲利成長的堅定承諾。

We are proud to stand out as a leader in financial performance amongst our SASS peers in Q3, Carres total subscribers increased 17% year-on-year highlighted by stable growth in South Africa and a 200 basis point quarter on quarter acceleration in Europe.

我們很自豪能夠在第三季度的 SASS 同行中脫穎而出，成為財務業績的領先者，Carres 總用戶數同比增長 17%，其中南非的穩定增長和歐洲季度環比增長 200 個基點的增長尤為突出。

In september, we successfully completed the move to our newly built central office in South Africa.

九月，我們成功完成了南非新建的總部辦公室的搬遷。

This move bolsters our operational capacity and positions us to support higher levels of organic growth.

此舉增強了我們的營運能力，並使我們能夠支援更高水準的有機成長。

We are already seeing positive early results from the strategic investment.

我們已經看到策略投資的正面早期成果。

Additionally, we continue to ramp up our investment in sales and marketing across Southeast Asia and are seeing early signs of success.

此外，我們繼續增加對東南亞銷售和行銷的投資，並看到了成功的早期跡象。

We remain confident that Southeast Asia represents the most compelling growth opportunity for the group over the medium to long term, we will have more to say about the Southeast Asia opportunity.

我們仍然相信，從中長期來看，東南亞是該集團最引人注目的成長機會，我們將更多地談論東南亞的機會。

Later in this presentation with our ongoing investments in sales, marketing and infrastructure to support future growth, we believe we have ample runway to accelerate customer acquisition whilst maintaining robust earnings.

在本次演示中，我們在銷售、行銷和基礎設施方面正在進行投資以支持未來的成長，我們相信我們有足夠的空間來加速客戶獲取，同時保持強勁的收益。

Finally, Cartrack delivered healthy subscriber editions in Q3 while maintaining strong unit economics with an LTV to CAC ratio greater than nine, our commercial customer retention rate remains at 95% and we continue to grow the business at scale with discipline.

最後，Cartrack 在第三季提供了健康的訂戶版本，同時保持了強勁的單位經濟效益，LTV 與CAC 之比大於9，我們的商業客戶保留率保持在95%，並且我們繼續按紀律大規模發展業務。

Our Q3 financial highlights include Carres year-to-date subscription revenue increased 20% year-on-year on a US dollar basis.

我們第三季的財務亮點包括 Carres 年初至今的訂閱收入以美元計算年增 20%。

Cartrack subscription revenue increased 19% year-on-year on a US dollar car track surpassed ZAR1 billion in quarterly subscription revenue.

Cartrack 訂閱營收年增 19%，美元汽車賽道季度訂閱營收超過 10 億南非蘭特。

We remained a rule of 60 company and Karooooo's adjusted earnings per share increased 21% year-on-year to ZAR7.67.

我們仍然保持 60 家公司的規則，Karooooo 的調整後每股收益年增 21% 至 7.67 南非蘭特。

Our balance sheet remained strong and unleveraged and we ended the quarter with net cash and cash equivalents of ZAR856 million.

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 8.56 億南非蘭特。

Additionally, given our strong Q3 financial performance and operating momentum, we are reaffirming our previous FY25 financial outlook.

此外，鑑於我們第三季強勁的財務業績和營運勢頭，我們重申了先前 2025 財年的財務前景。

We believe we are well positioned to deliver durable and profitable growth driven by our strong unit economics, disciplined capital management and consistent track record of execution.

我們相信，在我們強大的單位經濟、嚴格的資本管理和一致的執行記錄的推動下，我們有能力實現持久和盈利的成長。

We offer an easy to use and differentiated enterprise SAS platform that leverages our vast and proprietary data asset to provide our customers with actionable insights and analytics to simplify their decision making.

我們提供易於使用且差異化的企業 SAS 平台，該平台利用我們龐大的專有數據資產為客戶提供可行的見解和分析，以簡化他們的決策。

Our financial performance speaks for itself underscored by a rule of 60 financial profile and a healthy unlevered balance sheet.

我們的財務表現不言而喻，60 財務狀況規則和健康的無槓桿資產負債表凸顯了我們的財務表現。

Additionally, as a founder led organization, we bring long term vision, strategic focus and an entrepreneurial approach to an expansive total addressable market with significant growth opportunities.

此外，作為創辦人領導的組織，我們將長期願景、策略重點和創業方法帶入廣闊的整體目標市場，並帶來巨大的成長機會。

Still ahead our innovative platform goes far beyond connected vehicles and equipment.

我們的創新平台仍然領先，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 seamlessly unifying and contextualizing data from a wide range of sources including OEM devices and proprietary devices as well as open APIS.

我們的平台透過無縫統一和情境化來自各種來源（包括 OEM 設備和專有設備以及開放 APIS）的數據來改變決策。

By consolidating business operations into a centralized hub.

透過將業務運營整合到一個集中中心。

We enable our customers to overcome complex operational challenges related to safety compliance, productivity service delivery, cost control, fuel management maintenance, routing resource allocation and workforce retention.

我們協助客戶克服與安全合規性、生產力服務交付、成本控制、燃料管理維護、路線資源分配和勞動力保留相關的複雜營運挑戰。

Powered by our extensive data asset advanced AI and robust analytics.

由我們廣泛的數據資產、先進的人工智慧和強大的分析提供支援。

Our platform delivers actionable insights that drive meaningful improvements to our customers physical operations.

我們的平台提供切實可行的見解，推動對客戶的實體運作進行有意義的改進。

We are deeply committed to continuous innovation, ensuring our platform remains intuitive, fast and adaptable to the ever evolving business needs of our customers.

我們堅定地致力於持續創新，確保我們的平台保持直覺、快速並適應客戶不斷變化的業務需求。

Simplicity is at the core of our solution from implementation to daily use, helping customers make smarter decisions faster.

簡單性是我們解決方案從實施到日常使用的核心，幫助客戶更快做出更明智的決策。

Whilst driving ROI our end to end operations cloud delivers a robust all encompassing suite of advanced features that go well beyond traditional telematics providing unmatched value by enhancing safety, optimizing operations and driving cost savings for our customers.

在提高投資回報率的同時，我們的端到端營運雲端提供了一套強大的、全方位的高級功能，遠遠超出了傳統的遠端資訊處理，透過增強安全性、優化營運和推動客戶節省成本，提供無與倫比的價值。

Key highlights of our platform include AI powered cameras, these cameras proactively improve driver behavior and reduce operational risks leading to safer and more efficient fleet management field management tools.

我們平台的主要亮點包括人工智慧攝像頭，這些攝影機可主動改善駕駛員行為並降低營運風險，從而提供更安全、更有效率的車隊管理現場管理工具。

Our tools simplify daily operations with automated scheduling, dispatch management and work order coordination, delivery management excellence.

我們的工具透過自動調度、調度管理和工單協調、卓越的交付管理來簡化日常營運。

Smart route optimization enables faster, more efficient deliveries helping customers exceed expectations with their logistics operations.

智慧路線優化可實現更快、更有效率的交付，幫助客戶超越其物流營運期望。

Real time.

即時的。

Mobile asset tracking, our asset tags that leverage a proprietary network powered by our vast car subscriber base, ensure real time visibility and control of mobile assets, enhancing operational oversight in areas with limited mobile network coverage such as mines, scalable e-commerce, logistics career logistics empowers our customers to scale their e-commerce operations effortlessly through a capital light model fraud mitigation features.

行動資產追蹤，我們的資產標籤利用由我們龐大的汽車用戶群提供支援的專有網絡，確保行動資產的即時可見性和控制，加強對行動網路覆蓋有限的區域（如礦山、可擴展的電子商務、物流）的營運監督職業物流使我們的客戶能夠透過輕資本模型欺詐緩解功能輕鬆擴展其電子商務營運。

Our advanced rules based cargo floating functionality and automated fuel claim validation help reduce fraud, vehicle sharing and scheduling features like vehicles sharing, scheduling and keyless access, enhance fleet utilization and overall convenience, driver risk analytics.

我們基於先進規則的貨物浮動功能和自動燃油索賠驗證有助於減少詐欺、車輛共享和調度功能（例如車輛共享、調度和無鑰匙訪問）、提高車隊利用率和整體便利性、駕駛員風險分析。

Our platform provides powerful tools to assess and mitigate driver risk ensuring safer fleet operations.

我們的平台提供強大的工具來評估和降低駕駛員風險，確保車隊運作更安全。

By offering an integrated and feature-rich solution.

透過提供整合且功能豐富的解決方案。

We continue to support our customers in achieving operational excellence, scalability and sustainable growth.

我們持續支持客戶實現卓越營運、可擴展性和永續成長。

A prime example of the impact and power of our end to end operations cloud is its deep integration into the daily operations of an emergency service provider.

我們的端到端營運雲端的影響和力量的一個主要例子是它與緊急服務提供者的日常營運的深度整合。

This seamless integration significantly enhances response times, patient care and overall operational efficiency through API integrations with the dispatch control room.

透過與調度控制室的 API 集成，這種無縫集成顯著提高了回應時間、患者護理和整體營運效率。

Our platform enables automated dispatch of the closest available ambulance, reducing dispatch time and ensuring faster on scene arrival live tracking provides peace of mind to patients and their families.

我們的平台能夠自動調度最近的可用救護車，減少調度時間並確保更快地到達現場即時跟踪，讓患者及其家人安心。

Advanced route optimization and real time dashboards support efficiency and utilization by enforcing designated home zones and improving fleet distribution safety is a priority.

先進的路線優化和即時儀表板透過強制執行指定的歸屬區域和提高車隊配送安全性來支援效率和利用率。

Our AI powered cameras help reduce risk while integrated daily medical inventory checklists ensure ambulances are fully prepared for any emergency.

我們的人工智慧攝影機有助於降低風險，同時整合的每日醫療庫存清單可確保救護車為任何緊急情況做好充分準備。

A single click route optimization feature adapts to real time traffic conditions and digital vehicle inspections combined with preventative maintenance, improve fleet reliability and uptime.

點擊路線優化功能可適應即時交通狀況和數位車輛檢查，並結合預防性維護，提高車隊可靠性和正常運行時間。

Our control room integration helps maintain brand reputation by ensuring that emergency lights are used only when appropriate.

我們的控制室整合確保僅在適當的時候使用應急燈，有助於維護品牌聲譽。

Additionally, remote video access supports training incident management and risk mitigation.

此外，遠端視訊存取支援培訓事件管理和風險緩解。

By embedding deeply into our customers daily operations.

透過深入融入客戶的日常營運。

We enhance emergency care delivery, strengthen patient trust and minimize operational risks.

我們加強緊急護理服務，增強患者信任並最大程度地降低營運風險。

We remain deeply committed to investing in product innovation particularly in AI driven solutions that deliver ROI for our customers.

我們仍然堅定地致力於投資於產品創新，特別是人工智慧驅動的解決方案，為我們的客戶帶來投資回報。

Our platform leverages AI to provide actionable insights in critical areas such as fatigue, driving, unscheduled stops, fuel fraud detection and driver risk profiling key factors that directly impact our customers' operational performance by addressing these challenges.

我們的平台利用人工智慧在疲勞、駕駛、計劃外停車、燃油詐欺檢測和駕駛員風險分析等關鍵領域提供可操作的見解，這些關鍵因素透過解決這些挑戰來直接影響客戶的營運績效。

We believe our AI solutions enable customers to mitigate risks, enhance service delivery, reduce costs and most importantly help save lives.

我們相信，我們的人工智慧解決方案能夠幫助客戶降低風險、增強服務交付、降低成本，最重要的是幫助拯救生命。

For example, one of our customers in South Africa, our AI powered cameras combined with our fully digitalized coaching platform and actionable analytics to achieve a 32% reduction in fatigue related driving incidents.

例如，我們在南非的一位客戶將我們的人工智慧攝影機與我們完全數位化的輔導平台和可操作的分析相結合，將疲勞相關的駕駛事故減少了 32%。

A 13% drop in mobile phone usage and improved seat belt compliance, key contributors to preventing road fatalities.

手機使用率下降 13%，安全帶合規性提高，這是防止道路死亡的關鍵因素。

In Q3, we saw strong momentum in our AI camera business and we are encouraged by the growing customer interest in our vision solutions.

在第三季度，我們看到人工智慧相機業務強勁成長，客戶對我們的視覺解決方案日益增長的興趣也讓我們深受鼓舞。

Our customers choose us because we deliver tangible Roy by reducing costs, boosting productivity and enhancing safety all through a user friendly platform backed 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、提高生產力和增強安全性，為 Roy 帶來實實在在的利益。

The value proposition of our platform is significant with a proven ability to create meaningful business impact.

我們平台的價值主張非常重要，具有創造有意義的業務影響力的能力。

For instance, one of our customers in Thailand achieved a fuel theft reduction of over 90% within just three months of adopting our platform by automating fuel claim validation and pinpointing theft locations through advanced analytics and other features of our platform.

例如，我們在泰國的一位客戶在採用我們的平台後的短短三個月內，通過自動化燃油索賠驗證並通過我們平台的高級分析和其他功能精確定位盜竊地點，實現了超過90% 的燃油盜竊減少。

Our solution provided unparalleled visibility and control enabling our customer to eliminate almost all fuel theft across their fleet.

我們的解決方案提供了無與倫比的可見性和控制力，使我們的客戶能夠消除其車隊中幾乎所有的燃油盜竊行為。

As a result, this customer reported a remarkable 70% return on investment across their entire fleet driven solely by the significant reduction in fuel theft.

結果，該客戶報告說，僅由於燃油盜竊事件的大幅減少，其整個車隊的投資回報率就達到了 70%。

Our platform drives a significantly higher all in Roy for this customer.

我們的平台為該客戶帶來了顯著更高的 Roy 收益。

When accounting for productivity, safety and compliance benefits, as businesses look to increase their e-commerce offerings and optimize their logistics capabilities.

在考慮生產力、安全性和合規性效益時，企業希望增加其電子商務產品並優化其物流能力。

Many companies are also looking to move away from online marketplaces to better serve their customers and reduce the risk of losing control of the customer within a marketplace context.

許多公司也希望擺脫線上市場，以更好地服務客戶並降低在市場環境中失去對客戶控制的風險。

This is a key driver of demand for Karooooo logistics which connects businesses to an elastic supply of third party drivers and continues to gain adoption by our large enterprise customers seeking to scale their e-commerce capabilities on their own terms.

這是 Karooooo 物流需求的關鍵驅動因素，它將企業與靈活的第三方司機供應聯繫起來，並繼續被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採用。

During Q3 Karooooo logistics delivered revenue of ZAR109 million an increase of 20% year-on-year and an 8% operating profit margin growth in Q3 was negatively impacted by our customers' strategic decision to focus on instore Black Friday promotions.

第三季度，Karooooo 物流營收 1.09 億南非蘭特，年增 20%，第三季營業利潤率成長 8%，但受到顧客專注於店內黑色星期五促銷的策略決策的負面影響。

We see a large opportunity for career logistics going forward.

我們看到了職業物流未來的巨大機會。

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

我們對產品創新的堅定承諾和對獲利成長的嚴格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 as we continue to execute and scale.

我們相信，隨著我們繼續執行和擴展，各行業的企業都在尋求利用技術來優化其實體運營，因此我們有充足的成長空間。

We believe we are only getting started.

我們相信我們才剛開始。

We believe there is ample opportunity for growth over time.

我們相信，隨著時間的推移，將會有充足的成長機會。

We plan to expand our customer base, increase subscription sales to existing customers, expand the scope of our operations in newer geographies and expand our operations platform and services.

我們計劃擴大我們的客戶群，增加對現有客戶的訂閱銷售，擴大我們在新地區的營運範圍，並擴大我們的營運平台和服務。

We plan to invest in all geographies to expand our sales and support infrastructure to drive growth and maintain our customer Centricity and we continue to see Southeast Asia as the most compelling growth opportunity for the group over the medium to long term.

我們計劃在所有地區進行投資，以擴大我們的銷售和支援基礎設施，以推動成長並保持以客戶為中心，我們繼續將東南亞視為該集團中長期最引人注目的成長機會。

In Q3, we continued to expand our sales and marketing investments in Southeast Asia, positioning ourselves to capture the significant and growing opportunity in this dynamic region.

第三季度，我們繼續擴大在東南亞的銷售和行銷投資，以抓住這個充滿活力的地區的重大且不斷增長的機會。

Why are we so optimistic about Southeast Asia's potential collectively, Indonesia, the Philippines, Thailand, Malaysia, Vietnam, Singapore and Hongkong represent over $600 million people and a thriving $4 trillion economy.

為什麼我們對東南亞的整體潛力如此樂觀？

Rapid urbanization and the rise of a growing middle class are fueling increased demand for commercial vehicles to transport both goods and passengers efficiently.

快速的城市化和不斷壯大的中產階級的崛起正在推動對商用車輛的需求不斷增加，以高效運輸貨物和乘客。

Moreover, the adoption of data driven supply chain management is accelerating globally.

此外，數據驅動的供應鏈管理的採用正在全球加速。

And Southeast Asia's logistics sector accounts for a larger share of GDP compared to markets like the US and Europe underscoring its strategic importance.

與美國和歐洲等市場相比，東南亞物流業佔GDP的比重更大，凸顯了其戰略重要性。

Given these favorable trends, we see significant long term potential in Southeast Asia driven by relatively low fleet management penetration and ongoing tailwinds such as robust economic growth, intensifying competition in logistics and the increasing focus on fuel efficiency and driver safety.

鑑於這些有利的趨勢，我們認為東南亞的長期潛力巨大，這是由於車隊管理滲透率相對較低以及經濟強勁增長、物流競爭加劇以及對燃油效率和駕駛員安全日益關注等持續的有利因素推動的。

While competitive dynamics vary by country, the landscape is broadly fragmented with most players offering basic track and trace solutions.

雖然競爭動態因國家而異，但格局大致分散，大多數參與者都提供基本的追蹤和追蹤解決方案。

Very few competitors provide a comprehensive feature-rich SASS platform given our best in class, full stack operations management, SASS platform, strong brand for high service delivery and the favorable macro trends.

鑑於我們一流的全端營運管理、SASS 平台、高服務交付的強大品牌以及有利的宏觀趨勢，很少有競爭對手提供功能豐富的全面 SASS 平台。

We believe we are in a strong market position and set up for sustained growth in the region for years to come.

我們相信，我們處於強大的市場地位，並為未來幾年在該地區的持續成長做好了準備。

Our healthy subscription gross margin, efficient customer acquisition and attractive commercial retention rate continue to drive our leading unit economics.

我們健康的訂閱毛利率、高效的客戶獲取和有吸引力的商業保留率繼續推動我們領先的單位經濟效益。

In Q3, we maintained an LTV to CAC ratio of more than nine.

第三季度，我們的 LTV 與 CAC 比率保持在 9 以上。

We are excited about our massive TAM and remain committed to profitable growth as we pursue the expansive growth opportunity ahead of us, we maintain a sharp focus on capital allocation, a cornerstone of our business strategy.

我們對龐大的 TAM 感到興奮，並在追求面前的廣闊增長機會時繼續致力於盈利增長，我們繼續高度關注資本配置，這是我們業務戰略的基石。

Over the past 20 years, we've cultivated a culture that prioritizes profitable growth grounded in disciplined capital management.

過去 20 年來，我們培育了一種以嚴格的資本管理為基礎、優先考慮獲利成長的文化。

We are committed to continuing this disciplined approach which we firmly believe will drive long term shareholder value.

我們致力於繼續這種嚴格的方法，我們堅信這將推動長期股東價值。

With that in mind.

考慮到這一點。

We'd like to share our capital allocation framework.

我們想分享我們的資本配置架構。

Our top priority is investing in organic growth and product innovation.

我們的首要任務是投資有機成長和產品創新。

Given our strong unit economics, sustained profitability and large market opportunity.

鑑於我們強大的單位經濟效益、持續的獲利能力和巨大的市場機會。

Over time, we've developed robust operational capabilities to assess unit economics by both country and customer acquisition channel.

隨著時間的推移，我們已經開發出強大的營運能力，可以按國家/地區和客戶獲取管道評估單位經濟效益。

Enabling us to focus on maximizing return on incremental capital invested by geography at current growth rates.

使我們能夠專注於以當前成長率實現各地區增量資本投資回報最大化。

Our business generates significant excess cash with our strong balance sheet and net cash position, we aim to return surplus capital to shareholders when we cannot efficiently invest it for growth primarily through an annual dividend as to avoid doubt management prioritizes growth over dividends.

我們的業務憑藉強大的資產負債表和淨現金狀況產生大量過剩現金，當我們無法主要透過年度股息有效投資成長時，我們的目標是將剩餘資本返還給股東，以避免管理層將成長優先於股息的疑慮。

In addition, we have shareholder authorization to repurchase up to 10% of our outstanding shares.

此外，我們也獲得股東授權回購最多 10% 的已發行股票。

While share repurchases remain an option.

雖然股票回購仍然是一種選擇。

Our near to medium term focus is on enhancing market liquidity.

我們中短期的重點是增強市場流動性。

Finally, we take a prudent and strategic approach to M&A we view M&A as a tool to accelerate time to market in key geographies, expand our product portfolio or strengthen our competitive position.

最後，我們對併購採取審慎和策略性的態度，我們將併購視為加快關鍵地區上市時間、擴大我們的產品組合或增強我們的競爭地位的工具。

However, given our compelling organic growth profile, customer centric culture and attractive unit economics, we set a high bar for any potential acquisitions.

然而，鑑於我們引人注目的有機成長概況、以客戶為中心的文化和有吸引力的單位經濟效益，我們為任何潛在收購設定了很高的門檻。

M&A opportunities must offer clear strategic value or optionality to meet our criteria.

併購機會必須提供明確的策略價值或選擇性才能滿足我們的標準。

Ultimately, we see it as our responsibility to allocate capital thoughtfully.

最終，我們認為深思熟慮地分配資本是我們的責任。

Always with the goal of maximizing long term shareholder returns.

始終以股東長期回報最大化為目標。

I will now hand over to Hoe Shin who will discuss our Q3 financial performance.

我現在將交給 Hoe Shin，他將討論我們第三季的財務表現。

Thank you, Carmen.

謝謝你，卡門。

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

我現在將討論 Karooooo 2025 財年第三季的財務表現。

Please note that all comparisons are against quarter three FY24.

請注意，所有比較均針對 2024 財年第三季。

Unless otherwise stated, our proven and profitables business model continued to deliver strong results in quarter three.

除非另有說明，我們經過驗證和盈利的業務模式在第三季度繼續帶來強勁的業績。

Karooooo's total subscription revenue increased 14% to $1,032 million rent on a US dollar basis.

Karooooo 的總訂閱收入成長了 14%，以美元計算租金達到 10.32 億美元。

Karooooo subscription revenue increased 19% year-on-year operating profit increased 18% to $325 million and adjusted earnings per share increased 21% to 7 RAND and $0.67.

Karooooo 訂閱營收年增 19%，營業利潤成長 18%，達到 3.25 億美元，調整後每股盈餘成長 21%，達到 7 蘭德和 0.67 美元。

The two segments of Karooooo, Cartrack and Karooooo logistic complement each other by supporting our large enterprise customer as they scale their e-commerce operations overall.

Karooooo、Cartrack 和 Karooooo Logistics 的兩個部門在我們的大型企業客戶整體擴展其電子商務業務時提供支持，從而相輔相成。

Karooooo demonstrated strong quarter on quarter financial performance with a quarterly operating profit.

Karooooo 展現了強勁的季度財務表現和季度營業利潤。

Now at a record of $325 million, we will now focus on car tracks the underlying assets of Karooooo success.

現在，我們的資產達到創紀錄的 3.25 億美元，我們現在將專注於 Karooooo 成功的基礎資產。

In this quarter, Cartrack experienced healthy customer acquisition.

本季度，Cartrack 的客戶獲取情況良好。

Quarter three subscriber increased 17% to $2.2 million subscription revenue increased 14% to $1,029 million rent.

第三季訂閱用戶租金成長 17%，達到 220 萬美元，訂閱收入成長 14%，達到 10.29 億美元。

And operating profit was a record of $360 million.

營業利潤達到創紀錄的 3.6 億美元。

Cartrack continues to prove its ability to scale in varying macroeconomic conditions and was a rule of 60 company in quarter three when adding our third quarter subscription revenue growth of 14% year-on-year and our third quarter adjusted EBITA margin of 47%.

Cartrack 繼續證明其在不同宏觀經濟條件下擴展的能力，並在第三季成為 60 家公司的規則，第三季訂閱營收年增 14%，第三季調整後 EBITA 利潤率為 47%。

Cartrack experience solid customer acquisition with net subscriber addition of 86,617 in this quarter, an increase of 15% year-on-year.

Cartrack 的客戶獲取表現強勁，本季淨新增用戶達 86,617 名，較去年同期成長 15%。

We operate in a massive addressable market and we believe that we have ample runway to accelerate our customer acquisition strategy while maintaining robust earnings.

我們在一個巨大的潛在市場中運營，我們相信我們有足夠的跑道來加速我們的客戶獲取策略，同時保持強勁的收益。

We will also prioritize our capital allocation in sales and marketing.

我們還將優先考慮在銷售和行銷方面的資本配置。

Looking ahead, we are on track to surpass $2.3 million subscribers by year end and we are expecting a record quarter for net subscriber additions.

展望未來，到年底，我們的訂戶數量預計將突破 230 萬美元，我們預計季度淨訂戶增量將創歷史新高。

Cars continue to grow its subscriber base across geographies.

汽車在各個地區的用戶群不斷增長。

South African subscriber increased 16% year-on-year in quarter three and comprise 75% of our total subscriber.

第三季南非用戶年增 16%，占我們總用戶的 75%。

We believe that the economic environment in South Africa is improving and we are confident that our move to our newly built central office position us to support strong organic growth as it will allow us to expand our customer base and increase subscription sales to existing customers in Asia and the Middle East subscriber increased 20% year-on-year in quarter three.

我們相信南非的經濟環境正在改善，我們相信搬遷到新建的中央辦公室將使我們能夠支持強勁的有機成長，因為這將使我們能夠擴大客戶群並增加對亞洲現有客戶的訂閱銷售第三季度中東用戶較去年同期成長20%。

With strong momentum in Southeast Asia.

在東南亞勢頭強勁。

This region comprised 12% of our total subscribers.

該地區占我們訂閱者總數的 12%。

Southeast Asia remained the second largest contributor to the group's revenue.

東南亞仍然是該集團收入的第二大貢獻者。

Presenting the most compelling growth opportunity over the medium to long term Europe subscriber increased 19% year-on-year in quarter three and comprise 9% of our total subscribers.

歐洲用戶在中長期呈現最引人注目的成長機會，第三季年增 19%，占我們用戶總數的 9%。

European subscriber growth accelerated by 200 basis point quarter over quarter, driven by our investment in distribution.

在我們對分銷的投資的推動下，歐洲用戶成長季比加速了 200 個基點。

Over the last few quarters, we remain focused on increasing our presence in this region, especially through OEM partnerships.

在過去的幾個季度中，我們仍然專注於擴大我們在該地區的業務，特別是透過 OEM 合作夥伴關係。

In addition, we are experiencing encouraging demand with our propriety compliance technology.

此外，我們的專有合規技術的需求也令人鼓舞。

As customers seek to simplify compliance with changing legislations, Africa.

隨著客戶尋求簡化對不斷變化的立法的合規性，非洲。

Others maintain its growth with 16% increase in subscribers and comprise 4% of our total subscribers.

其他用戶保持成長，訂閱者成長 16%，占我們訂閱者總數的 4%。

Karooooo's adjusted earnings per share increased 21% to 7 RAND and $0.67 in this quarter.

本季 Karooooo 調整後每股收益成長 21%，達到 7 蘭德和 0.67 美元。

This is driven by higher subscription revenue and expanding gross margins.

這是由訂閱收入增加和毛利率擴大所推動的。

Cartrack earning per share increased 8% to 7 RAND and $0.51. And Karooooo logistic earning per share increased 23% to rand $0.16. As Karooooo continue to scale and grow, we are confident with our financial year '25 adjusted earnings per share outlook in this quarter.

Cartrack 每股收益成長 8%，達到 7 蘭德和 0.51 美元。 Karooooo 物流每股收益成長 23%，達到 0.16 蘭特。隨著 Karooooo 繼續擴大規模和成長，我們對本季 25 財年調整後每股收益前景充滿信心。

We continue to demonstrate high cash conversions as our earnings increase free cash flow was $188 million rent.

隨著我們的收益增加，自由現金流為 1.88 億美元，租金繼續表現出較高的現金轉換率。

We have now settled into our newly built South African central office and looking forward to strong economic growth in this region.

我們現已入駐新建的南非中心辦事處，並期待該地區經濟的強勁成長。

Our total development cost for the new building excluding the land was RAND322 million and we do not expect significant capital allocation to the building going forward.

我們新大樓的總開發成本（不包括土地）為 3.22 億蘭特，我們預計未來不會向該大樓分配大量資本。

Our balance sheet reflects our track record of growth at scale profitability and cash generation.

我們的資產負債表反映了我們在規模獲利能力和現金產生方面的成長記錄。

Our net cash on hand, plus cash in bank fixed deposit was $856 million rent.

我們手頭上的淨現金加上銀行定期存款現金為 8.56 億美元的租金。

We expect our disciplined approach to capital allocation coupled with our earnings and free cash flow growth to continue and bolster our strong balance sheet that this collection days remain extremely healthy and within our historical norms.

我們預計我們嚴格的資本配置方法以及我們的收益和自由現金流增長將繼續並加強我們強大的資產負債表，使這個收款日保持非常健康並符合我們的歷史標準。

At 27 days last August, we paid a cash dividend of $33.4 million or $1.08 per share to our shareholders.

截至去年 8 月 27 天，我們向股東支付了 3,340 萬美元的現金股息，即每股 1.08 美元。

The dividend per share increased 27%.

每股股利增加27%。

We have strong unit economics, robust operating margins and leveraged 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、槓桿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。

Given our strong quarter three results, we are reaffirming our financial outlook for FY25.

鑑於第三季的強勁業績，我們重申 2025 財年的財務前景。

In closing, we are excited about the operating momentum in the business and our year-to-date financial performance.

最後，我們對業務的營運動能和今年迄今的財務表現感到興奮。

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

展望未來，我們相信，我們有吸引力的銷售業務模式、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擺在我們面前的昂貴的成長機會。

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，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。

Hi everyone.

大家好。

Good evening, good morning, good afternoon.

晚上好，早安，下午好。

I want to thank everybody for taking the time and joining us.

我要感謝大家抽空加入我們。

I'll go through the questions.

我將逐一解答這些問題。

There's a question from Jackson from William Blair, looking at attracting the necessary talent, what have been the best sources of human capital and what has been the company's selling point to prospective employees.

威廉布萊爾 (William Blair) 的傑克森提出了一個問題，涉及吸引必要的人才、人力資本的最佳來源是什麼以及公司對潛在員工的賣點是什麼。

I think the best sources of human capital we do, we don't outsource our recruitment, we do it all internally.

我認為我們所做的最好的人力資本來源是，我們不外包招聘，我們全部在內部完成。

And you know, there's various channels, whether it's referrals or whether it's actually just on digital platforms.

你知道，有各種各樣的管道，無論是推薦還是實際上只是在數位平台上。

So we have different ways of attracting people and we also post and you know, we have incoming queries or applicants for the jobs.

因此，我們有不同的方式來吸引人們，我們也會發帖，你知道，我們收到了有關職位的查詢或申請人。

What has been our unique selling points?

我們獨特的賣點是什麼？

I think that really depends whether you are hiring at technical person, a developer or a sales person.

我認為這實際上取決於您正在招募技術人員、開發人員還是銷售人員。

Those we would have selling points that talk to the respective jobs in the business, but fundamentally hiring senior people to the business, it's very easy for us.

我們的賣點是與業務中的相應工作相關的，但從根本上來說，為業務聘用資深人員，這對我們來說非常容易。

We are a very attractive business.

我們是一家非常有吸引力的企業。

So if we want a senior person, we find those hires are extremely easy where it becomes more challenging is actually on the distribution front, which is actually sales people.

因此，如果我們想要一名高級人員，我們發現這些招聘非常容易，而更具挑戰性的實際上是在分銷方面，即銷售人員。

There's very, really good quality sales people and attracting the right people and training them is not always the easiest.

有非常非常優秀的銷售人員，吸引合適的人員並培訓他們並不總是最容易的。

So that's really probably where it's the most difficult is building out that ability to sell while being vertically integrated and not looking for agents and third parties to sell for us.

因此，最困難的地方可能就是在垂直整合的同時建立銷售能力，而不是尋找代理商和第三方為我們銷售。

The next question is from Rudi Van Niekerk.

下一個問題來自魯迪·范尼科克。

How should we think of the impact of the new generation vehicles that have integrated or have integrated full self driving technologies.

我們應該如何看待整合或已經整合全自動駕駛技術的新一代汽車的影響。

I think we're in the very early stages of self driving technologies.

我認為我們正處於自動駕駛技術的早期階段。

I think there's one or two smaller cities in America that are doing it.

我認為美國有一兩個較小的城市正在這樣做。

There's a few running around singapore, but I think we're still quite a long way away from self driving, becoming a way of life.

新加坡已經有一些人在跑步了，但我認為我們距離自動駕駛成為一種生活方式還有很長的路要走。

And obviously things do change between now and where that becomes an absolute reality.

顯然，從現在到這成為絕對現實，事情確實改變了。

I think we could probably see UFOs before we see full self driving vehicles in some parts of the world.

我認為，在世界某些地區看到全自動駕駛汽車之前，我們可能會看到不明飛行物。

I'm not sure.

我不知道。

But I think fundamentally the way we operate our business and see our business is that when we agile and we adapt, there's no need to adapt right now.

但我認為從根本上來說，我們經營業務和看待業務的方式是，當我們敏捷且適應時，現在就不需要適應。

It's too early in the curve to start planning for that.

現在開始製定計劃還為時過早。

But I think in itself because we're helping businesses run their, how do we help our businesses run their operations?

但我認為，就其本身而言，因為我們正在幫助企業運營，我們如何幫助我們的企業運作？

Quite frankly, I think whether the vehicle is self driven or not, the whole Ecosystem of the supply, the distribution.

坦白說，我認為無論車輛是否是自動駕駛，供應、分銷的整個生態系統。

There's a lot more that we do and like I said, we're probably a couple of years away from this and by the time that has happened, we will look like a very different business to what we are currently are today.

我們還有很多工作要做，就像我說的，我們可能還需要幾年的時間才能實現這一目標，到那時，我們的業務將與今天的情況截然不同。

National fact, I think we today are quite a different business to what we were four years ago and certainly a big difference in the business that we were 10 years ago.

全國範圍內的事實，我認為我們今天的業務與四年前有很大不同，而且與十年前的業務當然也有很大的不同。

The next question is from Jackson, from William Blair with multiple regions performing strongly.

下一個問題來自傑克遜，威廉·布萊爾，多個地區表現強勁。

What has been the contribution to AR from each?

他們各自對 AR 做出了哪些貢獻？

Is this a good way to think about the breakdown going forward?

這是思考未來崩潰的好方法嗎？

Yes, I think that's a good way to look at it, but it's very much in keeping with the growth, growth in subscription revenue in the region.

是的，我認為這是一個很好的看待它的方式，但這與該地區訂閱收入的成長非常一致。

And obviously at the moment, our ARR and our subscription revenue was impacted by the stronger RAND.

顯然，目前我們的 ARR 和訂閱收入受到了 RAND 走強的影響。

Which obviously the non South African entities, whether it's Europe or Southeast Asia.

這顯然是非南非實體，無論是歐洲還是東南亞。

They were dealing with the stronger RAND.

他們正在與實力更強的蘭德公司打交道。

I see since November, since year end, that's corrected quite a bit with the South African rand has weakened, but I think the other currencies probably have weakened against the dollar as well.

我認為自 11 月以來，自年底以來，隨著南非蘭特的走弱，這一情況已經得到了很大的修正，但我認為其他貨幣兌美元的匯率也可能已經走弱。

So I haven't quite looked at the impact for Q3 and the potential impact for Q3.

所以我還沒有完全研究對第三季的影響以及對第三季的潛在影響。

The next question comes from Alex from Raymond James.

下一個問題來自雷蒙德詹姆斯的亞歷克斯。

Can you talk about your planned global sales and marketing hiring efforts?

您能談談您計劃的全球銷售和行銷招募工作嗎？

What is the magnitude you are looking to grow the sales organization over the next 12 months in some of your core regions?

您希望在未來 12 個月內將某些核心區域的銷售組織發展到何種程度？

In Asia, our target is to grow that by about 70% of our current our current headcount and we believe that we will comfortably be able to do that 70% increase.

在亞洲，我們的目標是將現有員工人數增加約 70%，我們相信我們能夠輕鬆實現 70% 的成長。

We also increasing in South Africa.

我們還在南非增加業務。

We just settling down in the new building, but we're probably going to increase head count in South Africa by about 30% on the sales and marketing side.

我們剛剛在新大樓安頓下來，但我們可能會將南非的銷售和行銷人員數量增加約 30%。

And in Europe, we're also looking at increasing it by about 50% this year.

在歐洲，我們還計劃今年將其增加約 50%。

We've been increasing Europe consistently over the last six or eight quarters and we can see already the results where we're starting to get 19% growth.

在過去的六到八個季度中，我們一直在持續增加歐洲業務，我們已經可以看到我們開始實現 19% 成長的結果。

Next question, Patrick o'reilly, Fleet watch, there's a lot of noise around the Africa free trade agreement.

下一個問題，帕特里克·奧萊利，艦隊觀察，圍繞非洲自由貿易協定有很多噪音。

Do you see the noise translating into positive opportunities for Cartrack in Africa?

您是否認為這些噪音會轉化為 Cartrack 在非洲的正面機會？

Patrick with the trade agreement or no trade agreement?

派崔克有貿易協定還是沒有貿易協定？

The opportunities are very vast and huge for us.

對我們來說，機會是非常巨大的。

Clearly the more free trade there is the more logistics there is that obviously acts in our favor.

顯然，自由貿易越多，物流就越多，顯然對我們有利。

I think those are the questions for today.

我想這些就是今天的問題。

I want to thank everybody.

我要感謝大家。

Should there be any other questions?

還應該有其他問題嗎？

You're welcome to email me.

歡迎您給我發電子郵件。

Thank you.

謝謝。

Bye bye.

再見。