Financial Data and Key Metrics Changes - Total revenue increased by 24% to ZAR997 million, and ARR increased by 20% to ZAR3,409 million [31] - Operating profit increased marginally by 3% to ZAR224 million, and earnings per share increased by 3% to ZAR5.09 [31][47] - Free cash flow rose by 39% to ZAR158 million, and net cash on hand increased by 18% to ZAR1,137 million [13] Business Line Data and Key Metrics Changes - Cartrack's subscribers grew by 14% to 1,757,452, with subscription revenue growing 18% to ZAR834 million [14] - Carzuka generated ZAR82 million in revenue, while Karooooo Logistics generated ZAR62 million in revenue with an operating profit of ZAR5 million [17][35] - Cartrack's average lifetime revenue per subscriber increased to ZAR9,604, and ARPU for the quarter was ZAR160 [33][49] Market Data and Key Metrics Changes - Southeast Asia remained the second-largest contributor to revenue, with a growth rate of 24% in subscribers [50] - Europe saw healthy growth of 12%, and the company is focusing resources on this region [16] - Subscriber growth in South Africa was 13%, while Africa overall maintained a growth rate of 7% [50][51] Company Strategy and Development Direction - The company aims to be the leading operations cloud, focusing on mobility and compliance solutions [20] - There is a strong emphasis on digital transformation, ESG initiatives, and compliance to drive demand for the platform [25][26] - The company is investing in proprietary internal solutions and expanding its distribution capabilities to adapt to customer needs [23][28] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of addressing new government mandates and operational efficiencies as key drivers for growth [21][22] - The company remains confident in its ability to sustain growth despite macroeconomic challenges, particularly in South Africa [60] - Management expects to see benefits from recent investments in headcount and marketing in the medium to long term [59][63] Other Important Information - The company maintains a robust balance sheet with strong unit economics and cash generation capabilities [28][47] - The customer retention rate stands at 95%, indicating strong customer loyalty [24][49] - The company is well-positioned to leverage the growing demand for IoT data and compliance solutions across various industries [22][26] Q&A Session Summary Question: What are the reasons for the slowdown in subscriber additions in South Africa? - Management indicated that the slowdown is due to a combination of market share and higher industry penetration [44] Question: How is the company managing costs related to customer acquisition? - The company clarified that while costs have increased, the breakeven point for customer acquisition remains stable at around 22 to 23 months [39] Question: What is the outlook for growth in Asia? - Management expressed confidence in achieving growth rates above 20% in Asia, particularly in markets like Singapore, the Philippines, and Indonesia [40][56] Question: How does the company view the impact of ESG regulations on growth? - Management noted that government legislation is increasingly driving compliance, which positions the company well to assist clients in meeting ESG requirements [60] Question: What is the expected timeline for seeing returns from recent investments? - Management stated that it typically takes about six months for new hires to start contributing, with significant benefits expected in the following years [43][59]

Exhibit 99.1 SINGAPORE (July 19, 2023) - Karooooo Limited ("Karooooo") reported solid results for the first quarter ("Q1 2024"), ended May 31, 2023. Karooooo owns 100% of Cartrack, 100% of Carzuka and 70.1% of Karooooo Logistics, (collectively, "the group"). These consistent results extend the group's track record of growth at scale, profitability and cash generation over more than a decade. Achieved in varying macro-economic environments, the group's success is underpinned by an entrepreneurial, innovative ...

PART I [Item 3. Key Information](index=6&type=section&id=Item%203.%20KEY%20INFORMATION) This section outlines significant risks across business operations, third-party reliance, growth, intellectual property, legal proceedings, emerging markets, and share ownership [Risks Relating to Business and Operations](index=6&type=section&id=Risks%20Relating%20to%20Our%20Business%20and%20Operations) Operational risks include customer retention, macroeconomic impacts, rapid technological change, intense competition, and reliance on lead generation - The company's growth depends on adding and retaining customers, influenced by SaaS platform demand, sales success, and economic conditions[57](index=57&type=chunk) - Macroeconomic events like pandemics, geopolitical tensions, supply chain issues, and inflation could adversely affect business operations[62](index=62&type=chunk) - The highly fragmented SaaS fleet management market faces intensifying competition from mobile service providers, global platforms, and OEMs, potentially reducing margins and market share[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - Reliance on cellular (GSM/LTE) and GNSS networks means disruptions or cost increases could impede profitability and harm financial results[70](index=70&type=chunk) [Risks Relating to Reliance on Third Parties](index=15&type=section&id=Risks%20Relating%20to%20Our%20Reliance%20on%20Third%20Parties) Reliance on third parties for SVR operations and hardware components poses risks of reputational harm, legal liability, and production interruptions - Working with third-party security officers for SVR involves use of force, risking reputational harm or legal liability, with less than **0.05% of SVR operations resulting in injury or death since March 2018**[96](index=96&type=chunk)[98](index=98&type=chunk) - Dependence on key third-party hardware suppliers, like for GSM/LTE modules and semiconductors, means supply interruptions could impair production and increase costs[104](index=104&type=chunk)[105](index=105&type=chunk) [Risks Relating to Growth Strategy](index=17&type=section&id=Risks%20Relating%20to%20Our%20Growth%20Strategy) Growth strategy risks include managing rapid expansion, international challenges, uncertain SaaS platform investment returns, and maintaining brand and culture - Rapid growth, with employees increasing from **3,508 to 4,039** and subscribers from **1,525,972 to 1,717,077** (Feb 2022-2023), could strain resources if not managed effectively[111](index=111&type=chunk) - International expansion introduces risks such as localization challenges, foreign law compliance, currency fluctuations, and political or economic instability[114](index=114&type=chunk) - Loss of key management, especially CEO Isaias (Zak) Jose Calisto, or inability to attract and retain talent, could disrupt operations and harm growth[122](index=122&type=chunk) [Risks Relating to IP, Data Privacy, and Cybersecurity](index=20&type=section&id=Risks%20Relating%20to%20Our%20Intellectual%20Property%2C%20Data%20Privacy%20and%20Cybersecurity) Risks include evolving data privacy laws, cybersecurity breaches, service disruptions, and challenges in protecting intellectual property and defending against infringement claims - Evolving data privacy laws (GDPR, POPI Act, CCPA) may increase compliance costs and limit solution offerings[129](index=129&type=chunk)[131](index=131&type=chunk)[134](index=134&type=chunk) - SaaS platform disruptions or cybersecurity breaches could damage reputation, lead to customer loss, and incur liability, especially with third-party data center hosting[144](index=144&type=chunk)[145](index=145&type=chunk) - Reliance on trademark, copyright, and trade secret laws for IP protection, without patents, may offer limited and inadequate defense against competitors[167](index=167&type=chunk)[170](index=170&type=chunk) [Risks Related to Legal Proceedings](index=27&type=section&id=Risks%20Related%20to%20Legal%20Proceedings) The company faces risks from product liability, warranty claims (up to **ZAR 1.0 million**), and service interruption lawsuits, with defense being costly - Exposure to product liability and warranty claims, including an asset recovery warranty of up to **ZAR 1.0 million**, could increase if recovery rates decline[175](index=175&type=chunk)[176](index=176&type=chunk) [Risks Relating to Operations in South Africa and Other Emerging Markets](index=28&type=section&id=Risks%20Relating%20to%20Our%20Operations%20in%20South%20Africa%20and%20Other%20Emerging%20Markets) Operations in emerging markets, especially South Africa (**78% of FY2023 revenue**), face political, economic, and regulatory risks, including currency volatility and inflation - The company is subject to foreign exchange rate fluctuations, especially between the South African rand (reporting currency) and other operational currencies[179](index=179&type=chunk) - **78% of FY2023 revenue** came from South Africa, exposing operations in emerging markets to political instability, high inflation, infrastructure failure, and crime[193](index=193&type=chunk)[195](index=195&type=chunk) - Non-compliance with complex laws like U.S. FCPA, UK Bribery Act, and South Africa's PRECCA could lead to significant penalties and reputational harm[184](index=184&type=chunk)[185](index=185&type=chunk)[191](index=191&type=chunk) [Risks Relating to Investments in Singapore Companies](index=33&type=section&id=Risks%20Relating%20to%20Investments%20in%20Singapore%20Companies) As a Singapore-incorporated company, shareholder rights and U.S. judgment enforcement differ, and Singapore's take-over laws could deter control changes - As a Singapore-incorporated company, shareholder rights may differ from U.S. corporations, potentially hindering shareholder interest protection[213](index=213&type=chunk) - Enforcing U.S. judgments against the company, directors, and officers may be difficult due to assets being outside the U.S. and no reciprocal enforcement treaty with Singapore[216](index=216&type=chunk)[217](index=217&type=chunk) [Risks Relating to Our Ordinary Shares](index=36&type=section&id=Risks%20Relating%20to%20Our%20Ordinary%20Shares) Stock price volatility, dual listing, foreign private issuer exemptions, and CEO's substantial control pose risks to ordinary shares - Ordinary shares traded on Nasdaq (USD) and JSE (ZAR) may result in price variations between markets[233](index=233&type=chunk) - As a foreign private issuer and "controlled company," the company is exempt from certain Nasdaq corporate governance standards, including independent director majority[243](index=243&type=chunk)[244](index=244&type=chunk) - CEO Isaias (Zak) Jose Calisto beneficially owns approximately **74.85% of shares**, granting substantial control over shareholder votes and company direction[249](index=249&type=chunk)[537](index=537&type=chunk) - As an Emerging Growth Company, Karooooo is exempt from independent auditor's attestation on internal control over financial reporting[252](index=252&type=chunk) [Item 4. Information on the Company](index=41&type=section&id=Item%204.%20INFORMATION%20ON%20THE%20COMPANY) This section details Karooooo's history, vertically integrated business model, platform offerings, growth strategy, and competitive landscape across 25 countries [History and Development](index=41&type=section&id=A.%20HISTORY%20AND%20DEVELOPMENT%20OF%20THE%20COMPANY) Founded in South Africa in **2001**, the company expanded globally, relocating its headquarters to Singapore in **2020** for talent and capital access - Founded in **2001** in South Africa, the company initially focused on SVR services and has since expanded globally[256](index=256&type=chunk) - Global headquarters relocated to Singapore in **2020** to leverage talent and capital markets[257](index=257&type=chunk) [Business Overview](index=41&type=section&id=B.%20BUSINESS%20OVERVIEW) Karooooo offers a vertically integrated smart mobility SaaS platform, serving over **1.7 million subscribers** across **25 countries** with real-time data analytics - Karooooo provides a real-time mobility data analytics SaaS platform, serving over **1.7 million subscribers** in **25 countries** as of February 28, 2023[259](index=259&type=chunk)[263](index=263&type=chunk) - The vertically integrated business controls hardware, software, client acquisition, and customer service, enabling rapid innovation and cost control[262](index=262&type=chunk) - Growth strategy focuses on increasing sales to existing customers, expanding customer base and geographic presence, and developing consumer platforms and services[285](index=285&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk) - Key competitors include Verizon Connect, WebFleet by Bridgestone, MiX Telematics, and Geotab in a competitive and fragmented market[324](index=324&type=chunk) [Organizational Structure](index=54&type=section&id=C.%20ORGANIZATIONAL%20STRUCTURE) Karooooo Ltd., a Singapore-based parent, wholly owns key subsidiaries like Cartrack Holdings and Carzuka, operating globally through a network of entities Key Subsidiaries and Holdings (as of 2023) | Company Name | Held by | Country of incorporation | % holding 2023 | | :--- | :--- | :--- | :--- | | Cartrack Holdings Proprietary Limited | Karooooo Ltd | South Africa | 100.0% | | Carzuka.com Pte Ltd | Karooooo Ltd | Singapore | 100.0% | | Karooooo Management Company Pte. Ltd. | Karooooo Ltd | Singapore | 100.0% | | Karooooo Logistics Pty Ltd ("Picup") | Cartrack Holdings Proprietary Limited | South Africa | 70.1% | [Property, Plant and Equipment](index=56&type=section&id=D.%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) The company leases its Singapore office, is building a new Johannesburg office, and uses six third-party data centers globally for its SaaS platform - Principal executive office leased in Singapore; new central office under construction in Johannesburg, South Africa[337](index=337&type=chunk) - Operates **six data center sites** in Netherlands, UAE (Dubai), Singapore, France, and two in South Africa[339](index=339&type=chunk) [Item 5. Operating and Financial Review and Prospects](index=57&type=section&id=Item%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section analyzes Karooooo's FY2023 financial condition and operating results, covering business segments, key metrics, liquidity, and critical accounting estimates [Operating Results](index=57&type=section&id=A.%20OPERATING%20RESULTS) FY2023 saw total revenue grow **28% to ZAR 3,507.1 million**, subscription revenue up **17%**, and profit up **28%**, despite new investments Karooooo Consolidated Financial Highlights (Year Ended Feb 28) | Metric | 2023 (ZAR millions) | 2022 (ZAR millions) | Y-o-Y % Change | | :--- | :--- | :--- | :--- | | Total Revenue | 3,507.1 | 2,746.2 | 28% | | Subscription Revenue | 3,010.1 | 2,568.2 | 17% | | Gross Profit | 2,272.4 | 1,823.6 | 25% | | Operating Profit | 881.9 | 699.1 | 26% | | Profit for the year | 608.8 | 476.6 | 28% | | Adjusted EBITDA | 1,426.8 | 1,211.8 | 18% | Key Business Metrics (as of Feb 28) | Metric | 2023 | 2022 | Y-o-Y % Change | | :--- | :--- | :--- | :--- | | Subscribers | 1,717,077 | 1,525,972 | 13% | | SaaS ARR (ZAR millions) | 3,235.2 | 2,727.6 | 19% | | ARPU (ZAR) | 155 | 151 | 3% | - The company operates three segments: Cartrack (SaaS), Carzuka (vehicle marketplace), and Karooooo Logistics (last-mile delivery)[346](index=346&type=chunk)[347](index=347&type=chunk) [Liquidity and Capital Resources](index=74&type=section&id=B.%20LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Primary liquidity sources are cash from operations, cash on hand (**ZAR 965.8 million**), and a **ZAR 925.0 million** revolving credit facility Consolidated Statement of Cash Flows Summary (Year Ended Feb 28, in ZAR millions) | Cash Flow Activity | 2023 | 2022 | Y-o-Y % Change | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 1,126.7 | 931.7 | 21% | | Net cash utilized by investing activities | (622.2) | (658.2) | (5)% | | Net cash (utilized by)/generated from financing activities | (420.0) | 335.0 | (225)% | - As of February 28, 2023, cash and cash equivalents totaled **ZAR 965.8 million**[458](index=458&type=chunk) - A **ZAR 925.0 million** revolving credit facility with Standard Bank was unutilized as of February 28, 2023[474](index=474&type=chunk) [Critical Accounting Estimates](index=80&type=section&id=E.%20CRITICAL%20ACCOUNTING%20ESTIMATES) Critical accounting estimates include useful life of capitalized devices and commission assets (**60 months**), and annual goodwill impairment testing - The estimated average useful life of a subscriber contract for depreciating capitalized telematics devices and amortizing commission assets is **60 months**[492](index=492&type=chunk) - Goodwill is annually tested for impairment using value-in-use calculations, relying on discount rates and future financial performance estimates[493](index=493&type=chunk) [Item 6. Directors, Senior Management and Employees](index=81&type=section&id=Item%206.%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section details the board of directors (**five members**, **three independent**), executive officers, and employee numbers (**4,039 full-time employees**) - The board comprises **five members**, including CEO Isaias (Zak) Jose Calisto and **three independent directors**[497](index=497&type=chunk)[518](index=518&type=chunk) Aggregate Director and Executive Officer Compensation | Year Ended February 28 | 2023 (ZAR thousands) | 2022 (ZAR thousands) | | :--- | :--- | :--- | | Short-term employee benefits | 16,557 | 13,109 | | Post-employment benefits | 378 | 276 | | **Total** | **16,935** | **13,385** | - As of February 28, 2023, the company had **4,039 full-time employees**, with **2,816** in South Africa[531](index=531&type=chunk) [Item 7. Major Shareholders and Related Party Transactions](index=86&type=section&id=Item%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) This section discloses major shareholders, with CEO Isaias (Zak) Jose Calisto controlling approximately **74.85%**, and significant related party transactions Major Share Ownership (as of May 19, 2023) | Name of Owner | Number of Shares | Percent | | :--- | :--- | :--- | | Isaias (Zak) Jose Calisto (CEO) | 20,028,811 | 64.71% | | Juan Marais (CSO) | 3,140,000 | 10.14% | | Gobi Capital LLC | 2,177,218 | 7.03% | | All executive officers and directors as a group | 23,168,999 | 74.85% | - CEO Isaias (Zak) Jose Calisto beneficially owns **74.85% of shares** due to a voting agreement with One Spire (Pty) Ltd[537](index=537&type=chunk) - Significant related party transactions include a **ZAR 25.8 million** loan to Bumbene House and acquisitions of Karooooo Logistics and Purple Rain Properties, involving CEO interests[550](index=550&type=chunk)[552](index=552&type=chunk)[555](index=555&type=chunk) [Item 8. Financial Information](index=89&type=section&id=Item%208.%20FINANCIAL%20INFORMATION) This section confirms consolidated financial statements, notes no material legal proceedings, and details interim dividends declared for FY2023 and FY2024 - The company is not currently a party to any material legal proceedings[562](index=562&type=chunk) - An interim dividend of **60 U.S. cents per share** for Q1 FY2023 was paid on September 12, 2022[566](index=566&type=chunk) - The board declared an interim dividend of **85 U.S. cents per share** for Q1 FY2024, payable on July 3, 2023[567](index=567&type=chunk) [Item 10. Additional Information](index=91&type=section&id=Item%2010.%20ADDITIONAL%20INFORMATION) This section covers the company's constitution, material contracts, and detailed tax considerations for investors in Singapore, South Africa, and the U.S - The company has not entered into any material contracts outside the ordinary course of business[579](index=579&type=chunk) - The report summarizes tax considerations for holding shares in Singapore, South Africa (e.g., **20% dividend tax**), and the U.S. (e.g., PFIC rules)[581](index=581&type=chunk)[607](index=607&type=chunk)[623](index=623&type=chunk) [Item 11. Quantitative and Qualitative Disclosures about Market Risk](index=100&type=section&id=Item%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURE%20ABOUT%20MARKET%20RISK) Primary market risks include foreign currency fluctuations (ZAR), interest rate risk on variable loans, and credit risk from customer receivables - Exposed to foreign currency risk across multiple functional currencies (ZAR, USD, EUR, SGD), with no current hedging strategy[653](index=653&type=chunk)[654](index=654&type=chunk) - Interest rate risk from variable loan obligations; a **100 basis point increase** would yield **ZAR 0.6 million** additional interest income (Feb 28, 2023)[655](index=655&type=chunk)[656](index=656&type=chunk) - Credit risk from customer receivables is managed via policies, including direct debit for individual customers and ongoing credit quality evaluation[658](index=658&type=chunk)[659](index=659&type=chunk) PART II [Item 15. Controls and Procedures](index=102&type=section&id=Item%2015.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and internal financial reporting controls were effective as of February 28, 2023, with no material changes - Management concluded disclosure controls and procedures were effective as of February 28, 2023[674](index=674&type=chunk) - Internal control over financial reporting assessed as effective (Feb 28, 2023) using COSO "Internal Control—Integrated Framework (2013)"[678](index=678&type=chunk) - As an Emerging Growth Company, Karooooo is exempt from independent auditor's attestation on internal control over financial reporting[680](index=680&type=chunk) [Item 16. Corporate Governance and Other Matters](index=103&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Matters) This section covers audit committee financial expert, code of ethics, principal accountant fees, and Nasdaq listing standard exemptions for foreign private issuers - Siew Koon Lim qualifies as an "audit committee financial expert"[684](index=684&type=chunk) - A code of business conduct and ethics has been adopted and is available on the company website[685](index=685&type=chunk) Principal Accountant Fees (Ernst & Young LLP) | Fee Category | FY 2023 (ZAR thousands) | FY 2022 (KPMG LLP, ZAR thousands) | | :--- | :--- | :--- | | Audit fees | 14,307 | 12,364 | | Tax fees | - | - | | All other fees | - | - | | **Total** | **14,307** | **12,364** | - As a foreign private issuer, the company follows Singapore corporate governance practices instead of certain Nasdaq requirements[693](index=693&type=chunk) PART III [Item 18. Financial Statements](index=106&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section includes audited consolidated financial statements for FY2021-2023, featuring statements of financial position, profit or loss, comprehensive income, equity, and cash flows Consolidated Statement of Financial Position (as of Feb 28, in ZAR thousands) | | 2023 | 2022 | | :--- | :--- | :--- | | **Total Assets** | **3,751,580** | **3,089,601** | | Total Non-current assets | 2,288,813 | 1,974,475 | | Total Current assets | 1,462,767 | 1,115,126 | | **Total Equity and Liabilities** | **3,751,580** | **3,089,601** | | Total Equity | 2,691,875 | 2,174,181 | | Total Liabilities | 1,059,705 | 915,420 | Consolidated Statement of Profit and Loss (Year ended Feb 28, in ZAR thousands) | | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Revenue | 3,507,067 | 2,746,151 | 2,290,543 | | Gross profit | 2,272,395 | 1,823,590 | 1,620,020 | | Operating profit | 881,915 | 699,125 | 726,562 | | **Profit for the year** | **608,806** | **476,607** | **497,420** | | Basic and diluted EPS (ZAR) | 19.29 | 15.24 | 15.65 |

Karooooo Ltd. (NASDAQ:KARO) Q4 2023 Earnings Conference Call May 9, 2023 8:00 AM ET Company Participants Carmen Calisto – Chief Strategy & Marketing Officer Goy Hoeshin – CFO Isaias Jose Calisto - CEO Conference Call Participants Kiran Kuttickat - William Blair Unidentified Analyst - Carmen Calisto Welcome and thank you for joining Karooooo's Q4 and Full year's FY 2023 Results Webinar. I'm Carmen, the Group Chief Strategy and Marketing Officer, and together with Hoeshin, our Group Chief Financial Officer, ...

| --- | --- | --- | |-------|-----------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | C | | | | | | | | KARO00000 | | | | | | | | | | | | Earnings Presentation Q4 and FY23 | | | | | | | | | | | | | | In our key markets, we have rights to use, or hold, certain trademarks relating to Cartrack, or the respective applications for trademark registration are underway. We do not hold or have rights to any other additional patents, trademarks or licenses, that, if absent, would have ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) Karooooo reported robust growth for both Q4 and the full fiscal year 2023, marked by significant increases in revenue, earnings per share, and free cash flow, while maintaining a strong balance sheet and declaring a record dividend [Overall Performance Highlights](index=1&type=section&id=Overall%20Performance%20Highlights) Karooooo reported robust growth for both Q4 and the full fiscal year 2023, marked by significant increases in revenue, earnings per share, and free cash flow. The company demonstrated strong performance across its segments, particularly in subscription revenue, and maintained a healthy, unleveraged balance sheet, enabling a record dividend payment to shareholders. The growth was achieved despite challenging macroeconomic conditions, underscoring the effectiveness of its Operations Cloud platform in attracting and retaining a growing commercial customer base FY 2023 vs FY 2022 Key Financial Metrics | Metric | FY 2023 | FY 2022 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | ZAR 3,507M | ZAR 2,746M | +28% | | Subscription Revenue | ZAR 3,010M | ZAR 2,568M | +17% | | Earnings Per Share (EPS) | ZAR 19.29 | ZAR 15.24 | +27% | | Free Cash Flow | ZAR 547M | ZAR 379M | +44% | | Net Cash & Equivalents | ZAR 966M | ZAR 718M | +35% | Q4 2023 vs Q4 2022 Key Financial Metrics | Metric | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | ZAR 916M | ZAR 742M | +24% | | Subscription Revenue | ZAR 794M | ZAR 671M | +18% | | Earnings Per Share (EPS) | ZAR 4.70 | ZAR 3.11 | +51% | - The company plans to pay a record cash dividend of **USD 26.3 million (USD 0.85 per share)** in July 2023, supported by strong earnings and free cash flow generation[7](index=7&type=chunk) - The commercial customer base grew to **over 105,000** from over 88,000 in the prior year, with a **95% commercial customer retention rate**[8](index=8&type=chunk) [Fourth Quarter 2023 Financial Overview](index=3&type=section&id=Fourth%20Quarter%202023%20Financial%20Overview) Karooooo's Q4 2023 performance was marked by strong revenue and profit growth, despite challenging South African trading conditions, driven by Cartrack and significant expansion in Carzuka and Karooooo Logistics [Q4 2023 Key Metrics](index=3&type=section&id=Q4%202023%20Key%20Metrics) In Q4 2023, Karooooo's Cartrack subsidiary reached 1,717,077 subscribers, a 13% year-over-year increase. However, net subscriber additions slowed by 31% to 38,471, reflecting challenging trading conditions in South Africa. Despite this, total group revenue grew by 24% (22% in constant currency) Q4 2023 Key Performance Indicators | Metric | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Cartrack Subscribers | 1,717,077 | 1,525,972 | +13% | | Net Subscriber Additions | 38,471 | 55,587 | -31% | | Total Revenue | ZAR 916M | ZAR 742M | +24% | | Subscription Revenue | ZAR 794M | ZAR 671M | +18% | - Challenging trading conditions in South Africa, primarily due to unprecedented national power outages, impacted performance in Q4 2023[11](index=11&type=chunk) [Q4 2023 Segment Performance](index=3&type=section&id=Q4%202023%20Segment%20Performance) In Q4 2023, Cartrack remained the primary revenue driver with 16% growth. Carzuka and Karooooo Logistics demonstrated significant expansion, with revenues growing 98% and 139% respectively. Cartrack maintained high profitability, while Carzuka's operating loss increased due to investment, and Karooooo Logistics turned an operating profit Q4 2023 Revenue by Segment (ZAR Thousands) | Segment | Q4 2023 Revenue | Q4 2022 Revenue | Growth | | :--- | :--- | :--- | :--- | | Cartrack | 796,356 | 685,907 | +16% | | Carzuka | 63,734 | 32,163 | +98% | | Karooooo Logistics | 56,265 | 23,579 | +139% | | **Karooooo Consolidated** | **916,355** | **741,649** | **+24%** | Q4 2023 Operating Profit/(Loss) by Segment (ZAR Thousands) | Segment | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | Cartrack | 247,615 | 154,231 | | Carzuka | (12,646) | (3,749) | | Karooooo Logistics | 2,196 | (1,881) | | **Karooooo Consolidated** | **237,165** | **148,601** | - Cartrack's subscription revenue of **ZAR 793 million** accounted for **99.5%** of its total revenue[14](index=14&type=chunk) - The technology stack of Karooooo Logistics is being integrated into the Cartrack platform, which is expected to create a new subscription-based revenue stream[17](index=17&type=chunk) [Q4 2023 Operating Expenses](index=4&type=section&id=Q4%202023%20Operating%20Expenses) Consolidated operating expenses rose 15% to ZAR 355 million in Q4 2023, primarily driven by strategic investments. Cartrack's expenses increased 10%, with a notable 31% rise in sales and marketing to support customer acquisition. Investments in brand building and infrastructure for Carzuka and Karooooo Logistics also contributed to the overall increase Q4 2023 Operating Expenses by Segment (ZAR Thousands) | Segment | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Cartrack | 322,501 | 294,430 | +10% | | Carzuka | 18,738 | 7,376 | +154% | | Karooooo Logistics | 13,621 | 7,968 | +71% | | **Karooooo Total** | **354,860** | **309,774** | **+15%** | - Cartrack's sales and marketing expenses increased by **31% to ZAR 100 million**, reflecting investment in long-term customer acquisition[20](index=20&type=chunk) - As a percentage of subscription revenue, Cartrack's G&A and R&D expenses decreased to **21%** and **5%** respectively, showing improved operational efficiency[23](index=23&type=chunk) [Q4 2023 Profitability](index=5&type=section&id=Q4%202023%20Profitability) Karooooo's profitability significantly improved in Q4 2023, with operating profit surging 60% to ZAR 237 million and earnings per share up 51% to ZAR 4.70. This was driven by Cartrack's strong performance, which saw its operating profit grow 61% and its operating margin expand to 31%. Adjusted EBITDA for the group increased by 22% to ZAR 362 million Q4 2023 Profitability Metrics | Metric | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Operating Profit | ZAR 237M | ZAR 149M | +60% | | Earnings Per Share (EPS) | ZAR 4.70 | ZAR 3.11 | +51% | | Adjusted EBITDA | ZAR 362M | ZAR 298M | +22% | - Cartrack's operating profit margin expanded to **31%** from 22% in Q4 2022, while its gross profit margin grew to **71%** from 65%[25](index=25&type=chunk) - Carzuka's operating loss widened to **ZAR 13 million** due to investments in infrastructure and brand building[26](index=26&type=chunk) - Karooooo Logistics achieved an operating profit of **ZAR 2 million**, a turnaround from a ZAR 2 million loss in the prior year[26](index=26&type=chunk) [Full Year 2023 Financial Overview](index=6&type=section&id=Full%20Year%202023%20Financial%20Overview) Karooooo's full fiscal year 2023 saw strong revenue and profit growth, primarily driven by Cartrack's expanded subscriber base and significant contributions from Carzuka and Karooooo Logistics, despite some challenging market conditions [FY 2023 Key Metrics](index=6&type=section&id=FY%202023%20Key%20Metrics) For the full fiscal year 2023, Karooooo's total revenue grew 28% to ZAR 3,507 million, with subscription revenue up 17%. Cartrack's subscriber base increased by 13%, although net additions for the year were down 13% compared to FY 2022, reflecting challenging conditions in certain quarters FY 2023 Key Performance Indicators | Metric | FY 2023 | FY 2022 | Change | | :--- | :--- | :--- | :--- | | Cartrack Subscribers | 1,717,077 | 1,525,972 | +13% | | Net Subscriber Additions | 191,105 | 219,972 | -13% | | Total Revenue | ZAR 3,507M | ZAR 2,746M | +28% | | Subscription Revenue | ZAR 3,010M | ZAR 2,568M | +17% | - The company faced challenging trading conditions in South Africa during Q1 and Q4 of FY 2023[31](index=31&type=chunk) [FY 2023 Segment Performance](index=6&type=section&id=FY%202023%20Segment%20Performance) For the full year 2023, Cartrack's revenue grew 17%, with subscription revenue making up 98% of its total. Carzuka and Karooooo Logistics were significant growth drivers for the group, with revenues surging 273% and 327% respectively. Cartrack's operating profit increased 28%, while Karooooo Logistics became profitable for the year FY 2023 Revenue by Segment (ZAR Thousands) | Segment | FY 2023 Revenue | FY 2022 Revenue | Growth | | :--- | :--- | :--- | :--- | | Cartrack | 3,076,640 | 2,636,800 | +17% | | Carzuka | 250,845 | 67,310 | +273% | | Karooooo Logistics | 179,582 | 42,041 | +327% | | **Karooooo Consolidated** | **3,507,067** | **2,746,151** | **+28%** | FY 2023 Operating Profit/(Loss) by Segment (ZAR Thousands) | Segment | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Cartrack | 914,981 | 715,336 | | Carzuka | (37,813) | (13,302) | | Karooooo Logistics | 4,747 | (2,909) | | **Karooooo Consolidated** | **881,915** | **699,125** | [FY 2023 Operating Expenses](index=7&type=section&id=FY%202023%20Operating%20Expenses) Full-year operating expenses increased by 24% to ZAR 1,400 million, reflecting planned investments in growth. Cartrack's expenses rose 19%, with sales and marketing up 23% and G&A up 20%. Carzuka and Karooooo Logistics also saw significant expense increases due to investments in brand building and infrastructure FY 2023 Operating Expenses by Segment (ZAR Thousands) | Segment | FY 2023 | FY 2022 | Change | | :--- | :--- | :--- | :--- | | Cartrack | 1,296,147 | 1,091,090 | +19% | | Carzuka | 61,961 | 21,399 | +190% | | Karooooo Logistics | 42,200 | 13,817 | +205% | | **Karooooo Total** | **1,400,308** | **1,126,306** | **+24%** | - Cartrack's sales and marketing expenses increased **23% to ZAR 395 million**, while G&A expenses rose **20% to ZAR 646 million**, partly due to foreign exchange losses and salary increases[39](index=39&type=chunk)[40](index=40&type=chunk) - Cartrack's provision for expected credit losses was stable at **ZAR 87 million**, representing a decrease as a percentage of revenue to **2.8%** from 3.4% in FY 2022[41](index=41&type=chunk) [FY 2023 Profitability](index=7&type=section&id=FY%202023%20Profitability) For the full year, Karooooo's operating profit grew 26% to ZAR 882 million, and earnings per share increased 27% to ZAR 19.29. Cartrack was the main driver, with a 28% increase in operating profit and margin expansion to 30%. The group's Adjusted EBITDA rose 18% to ZAR 1,427 million FY 2023 Profitability Metrics | Metric | FY 2023 | FY 2022 | Change | | :--- | :--- | :--- | :--- | | Operating Profit | ZAR 882M | ZAR 699M | +26% | | Earnings Per Share (EPS) | ZAR 19.29 | ZAR 15.24 | +27% | | Adjusted EBITDA | ZAR 1,427M | ZAR 1,212M | +18% | - Cartrack's operating profit margin expanded to **30%** (FY 2022: 27%) and its gross profit margin increased to **72%** (FY 2022: 68%)[43](index=43&type=chunk) - Earnings per share were negatively impacted by **ZAR 27 million** in dividend withholding taxes from subsidiary dividend payments[42](index=42&type=chunk) [Business Outlook](index=8&type=section&id=Business%20Outlook) Karooooo provided its FY 2024 guidance, focusing on Cartrack's continued subscriber and revenue growth, and strong operating profit margins, reflecting confidence in sustainable cash flows and robust results [FY 2024 Guidance](index=8&type=section&id=FY%202024%20Guidance) Karooooo provided its financial guidance for fiscal year 2024, focusing exclusively on its main subsidiary, Cartrack. The company anticipates continued growth in its subscriber base and subscription revenue, while maintaining strong operating profit margins. The guidance reflects confidence in the business model's ability to generate sustainable cash flows and robust results Cartrack FY 2024 Guidance | Metric | Guidance Range | | :--- | :--- | | Number of Subscribers | 1,900,000 - 2,100,000 | | Subscription Revenue | ZAR 3,400M - ZAR 3,600M | | Operating Profit Margin | 28% - 31% | - The company has opted to provide operating profit guidance instead of Adjusted EBITDA guidance due to a change in the proportion of subscriber acquisition costs being expensed versus capitalized[51](index=51&type=chunk) - Management is confident in the company's position for growth, citing a large, underpenetrated market and strong demand from diverse industries[47](index=47&type=chunk)[48](index=48&type=chunk) [Financial Position and Cash Flow](index=9&type=section&id=Financial%20Position%20and%20Cash%20Flow) Karooooo maintained a strong, unleveraged balance sheet with increased net cash and improved debtor collection, while generating record free cash flow in FY 2023, supporting strategic investments and growth initiatives [Balance Sheet and Liquidity](index=9&type=section&id=Balance%20Sheet%20and%20Liquidity) As of February 28, 2023, Karooooo maintained a strong and unleveraged balance sheet. Net cash and cash equivalents increased by 35% to ZAR 966 million. The company also improved its debtor collection days and adopted a policy to hold excess cash reserves in US Dollars - Net cash and cash equivalents stood at **ZAR 966 million**, up from ZAR 718 million the previous year[56](index=56&type=chunk) - Property, plant and equipment increased, primarily due to **ZAR 105 million** in capitalized telematic devices and **ZAR 72 million** for the development of a new central office in South Africa[54](index=54&type=chunk) - Debtor's collection days improved to **31 days** from 34 days in the prior year[55](index=55&type=chunk) - The group has available bank facilities totaling **ZAR 1 billion** for growth initiatives[56](index=56&type=chunk) [Cash Flow Performance](index=9&type=section&id=Cash%20Flow%20Performance) The company generated record cash flow in FY 2023. Cash from operating activities reached ZAR 1,127 million, and free cash flow (a non-IFRS measure) increased by 44% to ZAR 547 million, even after strategic investments in expansion and customer acquisition FY 2023 Cash Flow Metrics (ZAR Millions) | Metric | FY 2023 | FY 2022 | Change | | :--- | :--- | :--- | :--- | | Cash from Operating Activities | 1,127 | 932 | +21% | | Free Cash Flow | 547 | 379 | +44% | [Geographical Overview for Cartrack](index=9&type=section&id=Geographical%20Overview%20for%20Cartrack) Cartrack's Q4 2023 performance showed growth across all major regions, with Asia Pacific, Middle East, and US leading in subscriber and revenue growth, while South Africa, Europe, and the rest of Africa also posted solid gains [Regional Performance](index=9&type=section&id=Regional%20Performance) Cartrack's Q4 2023 performance showed growth across all major regions. The Asia Pacific, Middle East, and US region led with a 28% increase in subscribers and 40% subscription revenue growth. South Africa, the largest market, grew subscribers by 11% despite economic challenges. Europe and the rest of Africa also posted solid subscriber and revenue gains Q4 2023 Cartrack Subscriber Growth by Region | Region | Subscribers (Feb 28, 2023) | Y-o-Y Growth | | :--- | :--- | :--- | | South Africa | 1,314,902 | +11% | | Asia Pacific, Middle East & US | 185,147 | +28% | | Europe | 143,878 | +13% | | Africa (excl. SA) | 73,150 | +8% | Q4 2023 Cartrack Subscription Revenue Growth by Region | Region | Reported Growth | Constant Currency Growth | | :--- | :--- | :--- | | South Africa | +15% | N/A | | Asia Pacific, Middle East & US | +40% | +28% | | Europe | +16% | +12% | | Africa (excl. SA) | +37% | +23% | - Southeast Asia is identified as the group's most compelling growth opportunity in the medium to long term[66](index=66&type=chunk) - In Europe, new partnerships with OEMs like BMW and Mercedes-Benz are expected to contribute to results in the medium term[70](index=70&type=chunk) [Corporate and Shareholder Information](index=11&type=section&id=Corporate%20and%20Shareholder%20Information) Karooooo's corporate activities include a strategic acquisition in Swaziland and the declaration of a significant interim dividend, reflecting strong financial performance and a commitment to shareholder returns [Subsequent Events](index=11&type=section&id=Subsequent%20Events) Following the end of the fourth quarter, Karooooo acquired a 76% stake in Cartrack Swaziland (Proprietary) Limited from its existing franchisees for ZAR 9.1 million in March 2023. This strategic acquisition is expected to contribute over ZAR 2 million in earnings for FY 2024 - In March 2023, the group acquired **76%** of Cartrack Swaziland for **ZAR 9.1 million**[73](index=73&type=chunk) - The acquired entity is expected to generate over **ZAR 2 million** in earnings for FY 2024[73](index=73&type=chunk) [Dividend Declaration](index=11&type=section&id=Dividend%20Declaration) The Board of Directors declared an interim dividend of 85 U.S. cents per ordinary share for the first quarter of FY 2024. The dividend will be paid on July 3, 2023, to shareholders of record as of June 23, 2023. This decision reflects the company's strong earnings and free cash flow performance Dividend Details | Item | Detail | | :--- | :--- | | Dividend per Share | USD 0.85 | | Record Date | June 23, 2023 | | Payment Date | July 3, 2023 | - The dividend policy prioritizes investment for growth but allows for distributions as determined by the Board, considering factors like earnings, cash flow, and capital requirements[74](index=74&type=chunk)[75](index=75&type=chunk) [Appendix: Financial Statements and Reconciliations](index=14&type=section&id=Appendix%3A%20Financial%20Statements%20and%20Reconciliations) This appendix provides comprehensive unaudited consolidated financial statements for Q4 and FY 2023, alongside detailed reconciliations of non-IFRS measures to their IFRS equivalents, ensuring transparency and clarity in financial reporting [Consolidated Financial Statements](index=14&type=section&id=Consolidated%20Financial%20Statements) This section contains the unaudited consolidated financial statements for the three months and year ended February 28, 2023, including the Statement of Profit and Loss, Statement of Financial Position, and Statement of Cash Flows - Consolidated Statement of Profit and Loss for Q4 and FY 2023[92](index=92&type=chunk)[93](index=93&type=chunk) - Consolidated Statement of Financial Position as of February 28, 2023[96](index=96&type=chunk)[97](index=97&type=chunk) - Condensed Consolidated Statement of Cash Flows for Q4 and FY 2023[99](index=99&type=chunk)[100](index=100&type=chunk) [Reconciliations of Non-IFRS Measures](index=15&type=section&id=Reconciliations%20of%20Non-IFRS%20Measures) This section provides detailed reconciliations of non-IFRS financial measures to their most directly comparable IFRS measures. It includes reconciliations for Adjusted Profit, Free Cash Flow, Adjusted EBITDA, Adjusted EPS, Headline EPS, and constant currency revenue figures - Reconciliation of Profit to Adjusted Profit[95](index=95&type=chunk) - Reconciliation of Free Cash Flow[101](index=101&type=chunk)[102](index=102&type=chunk) - Reconciliation of Profit to Adjusted EBITDA[104](index=104&type=chunk) - Reconciliation of Basic and Diluted Earnings to Adjusted and Headline Earnings Per Share[105](index=105&type=chunk)[108](index=108&type=chunk) - Reconciliation of reported revenue to constant currency revenue[109](index=109&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) [Appendix: Definitions and Disclaimers](index=24&type=section&id=Appendix%3A%20Definitions%20and%20Disclaimers) This appendix provides essential definitions for key non-IFRS financial measures and business metrics, along with a standard disclaimer regarding forward-looking statements, emphasizing the inherent risks and uncertainties [Definitions](index=24&type=section&id=Definitions) This section provides definitions for key non-IFRS financial measures and business metrics used throughout the report, such as Adjusted EBITDA, Free Cash Flow, Annualized Recurring Revenue (SaaS ARR), and Average Revenue per Subscriber per month (ARPU) - Defines Adjusted EBITDA as profit adjusted for finance income/costs, taxes, D&A, and certain non-recurring items like IPO costs[117](index=117&type=chunk) - Defines Free Cash Flow as net cash from operating activities less purchases of property, plant, and equipment[122](index=122&type=chunk) - Defines SaaS ARR as the monthly subscription revenue for all customers multiplied by twelve[119](index=119&type=chunk) [Forward-Looking Statements](index=26&type=section&id=Forward-Looking%20Statements) This section contains a standard safe harbor statement, cautioning readers that forward-looking statements, including the business outlook, are subject to risks and uncertainties and are not guarantees of future performance. It advises against placing undue reliance on these statements - Warns that forward-looking statements involve risks and uncertainties and actual results may differ materially[130](index=130&type=chunk)[131](index=131&type=chunk) - Disclaims any duty to update forward-looking statements to reflect events or circumstances after the date of the announcement[133](index=133&type=chunk)

| --- | --- | --- | |--------------|----------------|---------------| | | | | | Warehouse | Secure Vehicle | Competitively | | & Other | Buying & | Priced | | Systems | Selling | Insurance | | Integrations | Platform | Quotes | 100,000+ Commercial Customers NO CUSTOMER OR INDUSTRY CONCENTRATION RISK 7 INVESTMENT HIGHLIGHTS Pass on benefits of economies of scale to customers Successful execution whilst maintaining prudent capital allocation allowing for stable ARPUs Track record of delivering new value-enhan ...

Karooooo Ltd. (NASDAQ:KARO) Q3 2023 Earnings Conference Call January 20, 2023 8:00 AM ET Company Participants Richard Schubert - Chief Operating Officer Carmen Calisto - Chief Strategy and Marketing Officer Zak Calisto - Chief Executive Officer and Founder Conference Call Participants Richard Schubert Welcome to the Karooooo 2023 results webinar. I am Richard, the group’s COO and we are pleased to present the Q3 results to our shareholders and investors. We are excited to share our performance, growth, and ...

Exhibit 99.1 SINGAPORE (January 19, 2023) - Karooooo Limited ("Karooooo") reported solid results for the third quarter ("Q3 2023"), ended November 30, 2022. Karooooo owns 100% of Cartrack, 100% of Carzuka and 70.1% of Karooooo Logistics, (collectively, the "group"). This performance extends the group's decade-plus track record of strong growth at scale, profitability and cash generation, in varying macro-economic environments. Our entrepreneurial culture supports exceptional agility, customer centricity and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of August, 2022 Commission File Number: 001-40300 KAROOOOO LTD. (Exact name of registrant as specified in its charter) 1 Harbourfront Avenue Keppel Bay Tower #14-07 Singapore 098632 +65 6255 4151 (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual ...