EROAD delivers another period of strong growth in H1 FY20

Market Release 22 November 2019

EROAD delivers another period of strong growth in H1 of FY20
Transport technology services company EROAD (ERD.NZX) today released its financial results for the
first half of the 2020 financial year.
All numbers relate to the six months ended 30 September 2019 and comparisons relate to the six
months ended 30 September 2018.
Key highlights:
• Revenue increased 35% to $38.5m with strong contributions from the New Zealand and
North American markets
• Achieved 27% annualised growth in new contracted units during the first half of the year
• EBITDA increased 92% to $11.9m and reported loss after tax improved by 97% to $106.4k
• Completed deployment for two large enterprise customers in North America
• Continued investment into R&D and new business systems to support future growth and
scalability
EROAD is pleased to have delivered a strong first half performance, driven by continued solid growth
in contracted unit numbers, high retention rates and a disciplined and targeted investment strategy.
The first half saw a revenue increase of 35% to $38.5m, up from $28.5m in the first half of the prior
financial year. Average Revenue per Unit (ARPU) increased from $56.00 to $57.60 and Future
Contracted Income increased by 14% to $130.9m from $115.1m.
“EROAD delivered a 92% increase in EBITDA and a 97% improvement in reported after-tax loss over
the period demonstrating our increasing scale and improving operating leverage. At the same time,
we continued investing significantly in developing new markets and products which will help realise
the growth potential of EROAD.” said Steven Newman, Chief Executive Officer.
"Our customer value proposition has enabled us to capitalise on our large addressable market,
growing our contracted units by an annualised growth rate of 27%. The quality of our products and
services is reflected in a consistently high asset retention rate of 94.9%.”
EROAD Chair Graham Stuart says: “The Board is pleased to see EROAD deliver yet another period of
strong growth. In only six months, EROAD has added 12,990 new contracted units across New
Zealand, North America and Australia, renewed 355 customers in New Zealand and Australia of
which 147 upgraded to EHubo2, launched four new SaaS products and upgraded a range of existing
products. We continued to demonstrate industry leading system up-time of 99.9% and to invest
heavily in our reliability, scalability, quality and growth. The company is well positioned as we head
towards our next major goal of 250,000+ contracted units.”

New Zealand
The New Zealand business continues to be a growing success, contributing strongly to the Group
result and providing a launchpad and cashflow for market expansion and product development.
Revenue for New Zealand increased by 20% to $25.6m from $21.3m and EBITDA increased by 18% to
$16.2m from $13.7m in the comparable period. Annualised contracted unit growth for the period
was 16%, in line with the company’s expectations. This was achieved through the execution of
EROAD’s strategy of expanding the implementation of its technology within existing customer fleets,
as well as signing up new customers.
North America
The North American business delivered strong growth in contracted units of 58% and is now larger
than what the global EROAD business was at the time it listed on the NZX in 2014. This significant
growth in contracted units included the completed deployment for EROAD’s largest enterprise
customer (5,500 units). Following the signing of a further large enterprise account in June, EROAD’s
investment in scalable systems and processes enabled installation of all 1,650 contracted units
within a nine week period.
The run rate for small to medium business customers during the first half has been below EROAD’s
expectations. Additionally, EROAD has not seen the anticipated level of increase in sales pipeline
ahead of the AOBRD (Automatic On-Board Recording Device) to ELD (Electronic logging device)
mandate deadline at the end of December 2019.
Pleasingly, the strong enterprise sales growth in this market resulted in revenue increasing by 72% to
$11.9m from $6.9m and EBITDA increased period on period to $3.2m from $(0.4)m.
Australia
EROAD continued to build its brand presence in the Australian market, with steady annualised
growth in contracted units of 26% in HY19 reflecting gains in the small-to-medium businesses
segment. The small-to-medium business run rate remains steady but is below EROAD’s expectations.
The pipeline of enterprise customers (with longer sales lead times) remains encouraging and above
original expectations.
Revenue remained flat at $0.3m, while EBITDA fell to $(0.8)m from $(0.2)m in the previous period,
as EROAD continued to invest in sales and marketing activity in this new market to support future
growth.
Extending the platform and scaling for growth
EROAD continues to see substantial growth opportunities across all the markets it operates in, and
accordingly, continues to prioritise investment in research and development activity to capitalise on
this potential growth. In the half year to 30 September 2019, a total of $8.2m was invested in
research and development, of which $5.0m was capitalised and $3.2m of previously capitalised
research and development was expensed/amortised. In-line with our expectations, the total amount
invested in research and development represented 21% of revenue.
Over the period, in addition to several upgrades to our SaaS offering for customers, we launched
four new SaaS products – Hours of Service Recap and the Texas Intrastate Rule Set in North America,
Fuel Tax Credits in Australia and My EROAD Dashboard for both New Zealand and Australia. These
further enhance EROAD’s customer value proposition.

Over the last nine months we have developed EROAD Where to create a cost disruptive solution to
asset tracking versus IOT trackers. This product was developed together with our customers and
utilises a unique mesh network that only EROAD can deliver in New Zealand of Ehubo2 devices, and
apps on users mobile devices, to locate small bluetooth tags, that have been designed and
manufactured locally and are robust enough for any environment. At just $30 per EROAD Where tag,
and $5 per month per tag for access to the dedicated EROAD Where Asset Management application,
the game changing price point delivers a disruptive asset tracking solution to a large addressable
market.
In addition, EROAD invested $3.3m of capital expenditure in its new generation of business systems
to support future growth and scalability.
Funding EROAD’s growth
In the short term, EROAD is increasing the limits for its debt facilities to fund upfront hardware and
installation costs associated with continuing growth. Together with its strengthening operating cash
inflows, this will fund EROAD’s organic growth across its three markets. In the last six months,
EROAD also utilised $6m of the cash raised from the December 2017 equity raise to progress
investments in new generation business systems, key research and development projects and other
strategic initiatives including its market re-entry into Australia. Going forward, EROAD anticipates
any inorganic growth of scale will be funded through new equity issuances.
Recognition
The innovation and significant difference we are making to road safety was acknowledged
internationally this week by the International Road Federation, who awarded EROAD the 2019
Global Road Achievement Award for Technology, Equipment and Manufacturing.
EROAD also received the 2019 NZ Exporter of the Year (Large Company) Award, and we appeared
once again on the Deloitte Fast 50 Master of Growth Index.
Further accolades were gained through EROAD being named a finalist in the Australasian Brake Fleet
Safety Awards (Fleet Safety product), The NZ Hi-Tech Awards (for both Company of the Year and
Innovation) and the NZTE International Business Awards for Best Large Company.
Outlook
EROAD’s encouraging pipeline is anticipated to deliver solid organic growth for the remainder of the
financial year and beyond.
Consistent, solid growth is expected in the New Zealand business for the second half of the financial
year. North America is now an established market for EROAD and contributing strongly to EBITDA.
Following the strong growth in the first half with the onboarding of two large enterprise customers,
further growth in the second half is expected to be at a reduced rate and will predominantly come
from the small to medium customer run rate business. In Australia, it is anticipated that some of
the strong enterprise pipeline will be converted prior to the end of FY20 in addition to steady gains
in the small to medium customer run rate business.
In the second half of FY20 EROAD will go live with its new generation of business systems, giving an
improved customer experience and increased capability to scale the business. This will deliver
further operating leverage into FY21. 

Beyond FY20 the growth potential is significant for EROAD. While the New Zealand business is
market leading, there is still significant room to expand our customer base and service offering. We
expect the North American growth to continue through building our brand presence, the 2017 ELD
mandate contract roll-offs and the sunset of 3G technology. Our more recent expansion into
Australia has great potential and is expected to deliver positive EBITDA within the next 3-4 years at
lower sales levels than was required for North America, reflecting its lower cost to serve through the
leverage of EROAD’s New Zealand based customer support team.

Potential ASX listing

EROAD is becoming a global company with expanding offshore operations, revenues and significant
growth aspirations. Following the re-launch of our Australian business and increasing interest from
Australian and other international investors, the Board announced in October that it is considering
seeking an ASX Foreign Exempt Listing to facilitate greater alignment between the EROAD’s business
operations and investor base. A decision regarding a secondary listing is expected in early 2020.
EROAD currently remains committed to maintaining an NZX listing.

Conference Call details:

EROAD’s Chief Executive Officer, Steven Newman and Chief Financial Officer, Alex Ball will give a
presentation on the company's financial and operational performance for the FY20 Half Year via a
teleconference commencing at 10.30am NZDT.

The call can be accessed by dialling the relevant number from the below list and using the
Conference ID Number: 10002522

The number to dial from the country you are calling from:
New Zealand Toll Free:0800 122 360
Auckland:09 950 5335
Christchurch:03 741 3929
Wellington:04 830 1013
Australia Toll Free:1800 760 146
Hong Kong:800 960 484
Japan:0053 112 2880
Singapore:800 101 3287
UK:0808 145 3702
USA/Canada:1 844 393 3437

An audio replay and transcript of this conference call will be available once it has been uploaded to
the EROAD website. Those will be found under ‘presentations’ on Eroad.co.nz/investors.

Ends

For Investor enquires please contact:

Alex Ball
Chief Financial Officer
ph: +64 29 772 5631
alex.ball@eroad.com

For Media enquiries please contact:

Amanda West
Merlin Consulting
ph: +64 21 043 9674
amanda@merlinconsulting.co.nz


Non-GAAP Measures
EROAD has used non-GAAP measures when discussing financial performance in this document. The
directors and management believe that these measures provide useful information as they are used
internally to evaluate performance of business units, to establish operational goals and to allocate
resources.
Non-GAAP measures are not prepared in accordance with NZ IFRS (New Zealand International
Financial Reporting Standards) and are not uniformly defined, therefore the non-GAAP measures
reported in this document may not be comparable with those that other companies report and
should not be viewed in isolation or considered as a substitute for measures reported by EROAD in
accordance with NZ IFRS. The non-GAAP measures EROAD has used above are Average Revenue per
Unit, EBITDA and Future Contracted Income. The definitions of these can be found in the EROAD
Investor Presentation for H1 20 Glossary on pages 31 and 32.

About EROAD
EROAD believes every community deserves safer, more productive roads. This is why EROAD
develops technology solutions (products and services) that manage vehicle fleets, support regulatory
compliance, improve driver safety and reduce the costs associated with driving. EROAD also
provides valuable insights and data analytics to universities, government agencies and others who
research, trial and evaluate future transport networks. This data enables those who use the roads to
influence the design, management and funding of future transport networks.
EROAD launched with the purpose of modernizing New Zealand’s paper-based road user charging
system. By 2009 EROAD had introduced the world’s first nationwide electronic road user charging
system and now around 46% of collected heavy vehicle road user charges in New Zealand are being
collected using EROAD technology. By March 2019, this had delivered NZ$2.5B to NZTA for the
sustainability of the NZ transport network. In the USA EROAD introduced the first electronic Weight
Mile Tax service (2014) and the first independently verified Electronic Logging Device service (2017).
EROAD (ERD) is listed on the NZX and employs almost 300 staff located across NZ, Australia and
North America.
https://www.eroadglobal.com/global/investors/

---

REPORT 2020EROAD INTERIM

EROAD INTERIM REPORT 20202
Graham Stewart
Chairman
Dear Shareholder
We are pleased to inform you that EROAD has
delivered yet another period of strong growth,
driven by continued solid growth in contracted
unit numbers, excellent retention rates and a
disciplined and targeted investment strategy.
Working towards our purpose of safer, more productive roads, in the first half
of the 2020 financial year we added 12,990 new contracted units across New
Zealand, North America and Australia. In doing so, in May 2019, we moved
past a major milestone of 100,000 contracted units in our customer’s vehicles.
We successfully renewed 355 New Zealand and Australian customers
with 4,564 contracted units. 147 of those customers upgraded to Ehubo2
amounting to 1,766 contracted units upgrading from Ehubo1 to Ehubo2.
We launched four new SaaS (Software as a Service) products and upgraded
a range of existing products. We continued to demonstrate industry leading
system up-time of 99.99% while continuing to invest in the reliability,
scalability and quality of our platform and services to enable the next phase
of growth. We are well positioned to head towards our next major goal of
250,000+ contracted units.
Across all our markets, our customers are increasingly more focused on using
telematics to ensure the safety of their employees as well as realising the
additional benefits these bring including improved asset maintenance and
tracking of assets and reduced emissions through more optimised routing.
This focus is aligned with EROAD’s customer value proposition resulting
in annualised growth of 27% in our contracted unit numbers. The quality
of these products and services are reflected in our consistently high asset
retention rate of 94.9%.
EROAD delivers
another period of
strong growth in
H1 of FY20
LETTER FROM THE CHAIRMAN AND CEO
Steven Newman
Chief Executive Officer
$
109.4m
H1 19H1 20
+27%
ANNUALISED TOTAL
CONTRACTED UNITS
$
96.4m

EROAD INTERIM REPORT 20203
FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
The first half of the 2020 financial year saw revenue increase by 35% to
$38.5m, with Average Revenue per Unit (ARPU) also increasing from $56.00
to $57.60. This contributed to a 92% increase in earnings before interest, tax,
depreciation and amortisation (EBITDA) to $11.9m and a consequential 97%
improvement in reported after-tax loss, with only a small $106.4k loss for the
period.
In terms of future earnings, our future contracted income – the value of future
revenue from existing contracted units – increased by 14% to $130.9m.
We continued our significant investment in developing new markets and
products to capture the substantial growth we see for the business. This
included investing $8.2m in research and development activities as well as
$3.3m of capital expenditure to implement new business systems that will
enable EROAD to scale up to deliver this growth efficiently. We have also
invested in on-the-ground sales capability in Australia and commenced
increased marketing activity following our re-launch last year. Collectively,
these investments will contribute to our future growth.
The New Zealand business continues to be a growing success, contributing
strongly to the Group result and providing a launchpad and cashflow for
market expansion and product development. Revenue for New Zealand
increased by 20% to $25.6m and EBITDA increased by 18% to $16.2m.
Annualised new contracted unit growth in the period was 16%, in-line with our
expectations. We achieved this growth through the execution of our strategy
of expanding the implementation of EROAD technology within existing
customer fleets as well as signing new customers.
The North American business delivered strong annualised contracted unit
growth of 58% and is now a larger business than the global EROAD business
at the time it listed on the NZX in 2014. This significant growth in contracted
units included the completed deployment for EROAD’s largest enterprise
customer of approximately 5,500 units. Following the signing of a further
large enterprise account in June, EROAD’s investment in scalable systems
and processes enabled the installation of all 1,650 contracted units for that
customer within a nine-week period.
The run rate for small-to-medium business customers during the first half
has been below our expectations. We have not seen the anticipated level of
increase in sales pipeline ahead of the significant US regulatory change, the
AOBRD (Automatic On-Board Recording Device) to ELD (Electronic Logging
Device) mandate deadline, that comes into effect at the end of December
2019. Pleasingly, strong growth in enterprise sales in this market resulted in
revenue increasing by 72% to $11.9m and EBITDA increased period on period
from $(0.4)m to $3.2m.
We continued to build our brand presence in the Australian market, with
steady annualised growth in contracted units of 26% reflecting gains in the
small-to-medium businesses sector. The small-to-medium business run rate is
steady but below EROAD’s expectations. However, the pipeline of enterprise
customers (with longer sales lead times) remains encouraging and above
original expectations.
Revenue for the Australian business remained flat at $0.3m, while EBITDA
reduced from $(0.2)m to $(0.8)m, as EROAD continued to invest into this
new market to support future growth by completing the build-out of its field
sales team and increasing marketing activity.
LETTER FROM THE CHAIRMAN AND CEO
$
28.5m
$
38.5m
H1 19H1 20
+35%
REVENUE
$
38.5m
H1 19H1 20
H1 19H1 20
+92%
EBITDA
H1 19H1 20
$
6.2m
$
11.9m
$
130.9m
H1 19H1 20
+14%
FUTURE CONTRACTED
INCOME
$
115.1m
$
130.9m

EROAD INTERIM REPORT 20204
EXTENDING THE PLATFORM AND SCALING FOR GROWTH
We continue to see substantial future growth opportunities across all the
markets we operate in, and for that reason, continue to prioritise investment
in research and development activity to capitalise on that growth potential. In
the half year to 30 September 2019, a total of $8.2m was invested in research
and development. Of this amount, $5.0m was capitalised and $3.2m of
previously capitalised research and development was expensed/amortised.
The total amount invested in research and development represented 21% of
revenue, in-line with our expectations.
Around 40% of EROAD’s investment in research and development is spent on
enhancing the platform with 60% spent on new and enhanced SaaS products
for customers. During HY20 this investment continued to enhance our
off ering to drive growth in customer numbers, retention rates and increase
average revenue per customer.
Over the fi rst half of the fi nancial year, we launched four new SaaS features
and a number of upgrades. For North America, we integrated the Texas
Intrastate ruleset into our system. Drivers of fl eets domiciled in Texas can now
select this ruleset from within their truck, enabling them to view and track
their driving hours in line with Texas regulations. We also upgraded our Hours
of Service product, extending customer confi dence ahead of the AOBRD to
ELD transition deadline in December 2019. In Australia, we launched our Fuel
Tax Credit (FTC) service which has achieved an Australian Tax Offi ce class
ruling. This automates FTC claims through using our advanced GPS-tracking
technology to map real-time locational and fuel usage data (on and off -road).
We launched MyEROAD Dashboard for the NZ market, providing a mobile-
friendly consolidation of key fl eet metrics onto a single view dashboard.
Over the last nine months we have developed EROAD Where to provide
customers with a cost eff ective solution for keeping track of their assets.
For customers with many or low cost assets, using 3G trackers is a cost
prohibitive undertaking. EROAD Where provides an alternative. Our unique
Mesh network (which only EROAD can create in New Zealand) is made up
of Ehubo Gen 2 units and the EROAD Where App on mobile phones. When
paired with Low energy Bluetooth® EROAD Where Tags (designed and built
in New Zealand) then there is a viable low-cost alternative that makes asset
tracking an aff ordable proposition. At just $30 per EROAD Where tag, and
$5 per month per tag for access to the dedicated EROAD Where Asset
Management application, the game changing price point delivers a disruptive
asset tracking solution to a large addressable market. IOT trackers claim to
save time, reduce costs, and help businesses perform better. EROAD Where
does that too, but at a fraction of the cost.
LETTER FROM THE CHAIRMAN AND CEO
MyEROAD Dashboard
EROAD Fuel Tax Credits (FTC) Solution
Texas Intrastate Ruleset
Hours of Service Recap

EROAD INTERIM REPORT 20205
RECOGNITION
The innovation and signifi cant diff erence we are making to road safety was
acknowledged internationally this week by the International Road Federation,
who awarded EROAD the 2019 Global Road Achievement Award for
Technology, Equipment and Manufacturing.
EROAD also received the 2019 NZ Exporter of the Year (Large Company), and
we have appeared once again on the Deloitte Fast 50 Master of Growth Index.
Further accolades included EROAD being named a fi nalist in the Australasian
Brake Fleet Safety Awards (Fleet Safety product), The NZ Hi-Tech Awards
(for both Company of the Year and Innovation) and the NZTE International
Business Awards for Best Large Company.
CHOOSING TO GROW
Having achieved the critical milestone of 100,000 contracted units in May, we
are now aiming for our next major milestone of 250,000+ contracted units.
The investment to scale for the next phase of our growth positions us well
and we consider there are many exciting opportunities ahead. While organic
expansion will continue to play an important role in EROAD’s growth, we
are also targeting opportunities to acquire complementary businesses to
accelerate our growth trajectory.
Our cashfl ow and bank funding facilities will be deployed to capture organic
growth opportunities. We will build acquisition capability during the second
half of the year, so we are ready to look to acquire complementary businesses
in FY21 as the right opportunities are identifi ed.
EROAD is becoming a global company with expanding off shore operations
and revenues as well as signifi cant growth aspirations. Following the
re-launch of our Australian business and increasing interest from Australian
and other international investors in October, the Board announced it is
considering seeking an ASX Foreign Exempt Listing to facilitate greater
alignment between EROAD’s business operations and investor base. A
decision regarding a secondary listing is expected in early 2020. EROAD
currently remains committed to maintaining an NZX listing.
BOARD UPDATE
Your Board remains focussed on performance, compliance and on the big
picture. As you are aware, the Board has been going through a period of
renewal to ensure we have the right expertise to support the management
team in creating shareholder value. Over the past six months we have
been undertaking an extensive search to appoint a North American based
director with experience in North American and international markets. It is
also anticipated that we will undertake a search in the fi rst half of 2020 for a
director with experience in marketing, innovation, fi nance and risk.
CAPITAL STRUCTURE
In the short term, we are increasing the limits for our debt facilities to fund
upfront hardware and installation costs associated with continuing growth.
Together with our strengthening operating cash infl ows, this will fund our
organic growth across the three markets. In the last six months, we have
also utilised $6m of the cash raised from the December 2017 equity raise to
progress investments in new generation business systems, key research and
development projects and other strategic initiatives including our market
re-entry into Australia. Going forward we anticipate any inorganic growth of
scale will be funded through new equity issuances.
We continue to review the appropriateness of our capital structure and
funding capacity, including the role for equity and debt fi nancing of both
organic growth and acquisition opportunities.
EROAD is focused on capturing the many growth opportunities we see
ahead. While we continue to see opportunity to grow shareholder value we
will invest for growth as opposed to commence dividend payments.
GLOBAL ROAD ACHIEVEMENT AWARD
LETTER FROM THE CHAIRMAN AND CEO

EROAD INTERIM REPORT 20206
OUTLOOK
EROAD has an encouraging overall pipeline that will continue to deliver solid
organic growth for the remainder of the fi nancial year and beyond.
Consistent, solid growth is expected in the New Zealand business for
the remainder of the fi nancial year. North America is now an established
market for EROAD, contributing strongly to EBITDA in FY20. Following the
strong growth in the fi rst half with the on-boarding of two large enterprise
customers, further growth in the second half is expected to be at a reduced
rate and predominantly come from the small-to-medium customer run rate
business. In Australia, it is anticipated that some of the strong enterprise
pipeline will be converted prior to the end of FY20 in addition to continuing
steady gains in the small-to-medium customer run rate business. In the
second half of FY20 EROAD will go live with its new generation of business
systems, giving an improved customer experience and increased capability to
scale the business. This will deliver further operating leverage into FY21.
Beyond FY20 the growth potential is signifi cant for EROAD. While our New
Zealand business is market leading, there is still signifi cant room to expand
our customer base and service off ering. We expect North America growth
to continue benefi tting from our building brand presence, the 2017 ELD
mandate contract roll-off s and the sunset of 3G technology. We consider
our more recent expansion into Australia has great potential and expect to
deliver positive EBITDA within the next 3-4 years at lower sales levels than
was required for North America, refl ecting its lower cost to serve through the
leverage of our New Zealand based customer support team.
We are confi dent and ambitious about the future prospects for EROAD and
we look forward to updating you on our progress in May with the release of
our FY20 fi nancial results.

Graham Stuart Steven Newman
Chairman Chief Executive Offi cer
22nd November 2019
LETTER FROM THE CHAIRMAN AND CEO
NON-GAAP MEASURES
EROAD has used non-GAAP measures when
discussing fi nancial performance in this
document. The directors and management
believe that these measures provide useful
information as they are used internally to
evaluate performance of business units, to
establish operational goals and to allocate
resources.
Non-GAAP measures are not prepared in
accordance with NZ IFRS (New Zealand
International Financial Reporting Standards)
and are not uniformly defi ned, therefore
the non-GAAP measures reported in
this document may not be comparable
with those that other companies report
and should not be viewed in isolation or
considered as a substitute for measures
reported by EROAD in accordance with NZ
IFRS. The non-GAAP measures EROAD has
used above are Average Revenue per Unit,
EBITDA and Future Contracted Income.
The defi nitions of these can be found in
the EROAD Investor Presentation for H1 20
Glossary on pages 31 and 32.

EROAD INTERIM REPORT 202077
Omega Morgan
EROAD Customer, North America

EROAD INTERIM REPORT 20208
R.S. Davis Recycling
EROAD Customer, North America

EROAD INTERIM REPORT 20209

EROAD INTERIM REPORT 202010
STATEMENTSFINANCIAL
MP Feeds
EROAD Customer, Australia

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS11
EROAD LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
GROUP
30 September 201930 September 2018
Notes
Unaudited
$000's
Unaudited
$000's
Revenue238,49628,549
Operating Expenses3(26,565)(22,348)
Earnings before interest, taxation, depreciation and amortisation 11,9316,201
Depreciation of Property, Plant & Equipment8(4,021)(3,148)
Amortisation of Intangible Assets9(3,620)(3,078)
Amortisation of Contract and Customer Acquisition Assets(2,864)(2,265)
Earnings/(loss) before interest and taxation1,426(2,290)
Net financing costs(1,593)(1,279)
Loss before tax (167)(3,569)
Income tax benefit1161159
Loss from continuing operations(106)(3,410)
Loss after tax for the period attributable to the shareholders(106)(3,410)
Items that are or may be reclassified subsequently to profit or loss
Other comprehensive income(176)(494)
Total comprehensive loss for the period(282)(3,904)
Loss per share - Basic (cents) (0.16)(5.10)
Loss per share - Diluted (cents) (0.16)(5.04)
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMES
11

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS12
EROAD LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2019
GROUP
30 September 201931 March 2019
Notes
Unaudited
$000's
Audited
$000's
CURRENT ASSETS
Cash and cash equivalents710,12416,139
Restricted bank accounts716,28612,673
Trade and other receivables11,44710,501
Contract fulfi lment costs2,6682,425
Costs to obtain contracts2,6272,164
Current tax receivable-5
Total Current Assets43,15243,907
NON-CURRENT ASSETS
Property, plant and equipment83 7, 7 1 433,902
Intangible assets937,81933,132
Contract fulfi lment costs2,7262,662
Costs to obtain contracts2,3482,100
Deferred tax assets7, 6 6 77, 4 9 5
Total Non-Current Assets88,27479,291
TOTAL ASSETS131,426123,198
CURRENT LIABILITIES
Borrowings1219,28917,163
Trade payables and accruals7, 3 9 56,111
Payables to transport agencies716,26212,489
Contract liabilities106,0925,758
Lease liabilities965782
Employee entitlements1,7291,338
Total Current Liabilities51,73243,641
NON-CURRENT LIABILITIES
Borrowings
1218,1611 7, 476
Contract liabilities
103,9564,209
Lease liabilities
5,8206,247
Deferred tax liabilities437335
Total Non-Current Liabilities
28,37428,267
TOTAL LIABILITIES80,10671,908
NET ASSETS51,32051,290
EQUITY
Share capital680,73680,612
Translation reserve(1,831)(1,655)
Retained earnings(27,585)(27,667)
TOTAL SHAREHOLDERS' EQUITY51,32051,290
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Chair of the Finance, Risk and Audit Committee,22 November 2019Chairman,22 November 2019
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Chair of the Finance, Risk and Audit Committee,
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Chair of the Finance, Risk and Audit Committee,
CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS13
EROAD LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
GROUP
Share Capital Retained Earnings Translation
Reserve
Total
Notes$000's$000's$000's$000's
Balance as at 1 April 2018 (Audited) 80,326 (21,695) (535) 58,096
Loss after tax for the period - (3,410) - (3,410)
Other comprehensive income - - (494) (494)
Total comprehensive loss for the period, net of tax - (3,410) (494) (3,904)
Equity settled share-based payments 94 110 - 204
Share capital issued6 192 - - 192
Balance at 30 September 2018 (Unaudited) 80,612 (24,995) (1,029) 54,588
Balance as at 1 April 2019 (Audited) 80,612 (27,667) (1,655) 51,290
Loss after tax for the period
-
(106)
-
(106)
Other comprehensive income - - (176)(176)
Total comprehensive Loss for the period, net of tax - (106) (176) (282)
Equity settled share-based payments 124 188 - 312
Share capital issued6 - - - -
Balance at 30 September 2019 (Unaudited) 80,736 (27,585) (1,831) 51,320
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS14
EROAD LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
GROUP
30 September 201930 September 2018
Unaudited
$000's
Unaudited
$000's
Cash flows from operating activities
Cash received from customers 3 7, 6 3 1 30,198
Payments to suppliers and employees (26,332) (21,770)
Interest received 7 11
Interest paid (1,394) (1,315)
Tax paid (3) (72)
Net cash inflow from operating activities 9,909 7,0 5 2
Cash flows from investing activities
Payments for investment in property, plant & equipment (6,304) (6,350)
Payments for investment in intangible assets (8,307) (3,732)
Payments for investment in contract fulfilment assets (1,831) (1,753)
Payments for investment in customer acquisition assets (2,050) (1,768)
Net cash outflow from investing activities (18,492) (13,603)
Cash flows from financing activities
Receipts from bank loans 18,258 12,375
Repayments of bank loans (15,447) (5,631)
Cash (outflow)/inflow from lease liability (243) 210
Net cash inflow from financing activities 2,568 6,954
Net (decrease)/ increase in cash held (6,015) 403
Cash at beginning of the financial year16,13921,869
Closing cash and cash equivalents 10,12422,272
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CASH FLOWS

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS15
EROAD LIMITED
RECONCILIATION OF OPERATING CASH FLOWS WITH REPORTED LOSS AFTER TAX
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
GROUP
30 September 201930 September 2018
Unaudited
$000's
Unaudited
$000's
Loss after tax for the six month period attributable to the shareholders(106)(3,410)
Add/(less) non-cash items
Tax asset recognised(69)(568)
Depreciation and amortisation10,5058,491
Other non-cash (income)(1,395)(99)
9,0417,824
Add/(less) movements in other working capital items:
(Increase)/decrease in trade and other receivables(945)1,304
Decrease in current tax receivables514
(Increase) in current tax payables-(85)
Increase in contract liabilities81345
Increase in trade payables, interest payable and accruals1,8331,060
9742,638
Net cash from operating activities9,9097,0 5 2
RECONCILIATION OF OPERATING CASH FLOWS WITH REPORTED LOSS AFTER TAX

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS16
NOTES TO THE FINANCIAL STATEMENTS
EROAD LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
NOTE 1 • SUMMARY OF SIGNIFICANT GROUP ACCOUNTING POLICIES
The condensed consolidated financial statements of EROAD Limited (EROAD), together with its subsidaries (the "Group"), as at and
for the six months ended 30 September 2019, have been prepared in accordance with the New Zealand equivalent to International
Accounting Standard 34: "Interim Financial Reporting" (NZ IAS 34), and Generally Accepted Accounting Practice in New Zealand
(NZ GAAP) and should be read in conjunction with the financial statements as at and for the year ended 31 March 2019. The Group
is a profit oriented entity.
EROAD is a company domiciled in New Zealand registered under the Companies Act 1993 and listed on the New Zealand Stock
Exchange (NZX) Main Board. The Company is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013
and the financial statements have been prepared in accordance with the requirements of that Act and the Financial Reporting Act
2013. The Group provides electronic on-board units and software as a service to the transport industry.
The condensed consolidated financial statements for the Group are for the period ended 30 September 2019. The financial
statements were authorised for issue by the directors on 22 November 2019 and are unaudited.
The accounting policies below have been applied consistently to all periods presented in these financial statements.
Basis of preparation
Statement of compliance with IFRS
The condensed consolidated financial statements comprise the following: condensed consolidated statement of comprehensive
income, condensed consolidated statement of financial position, condensed consolidated statement of changes in equity,
condensed consolidated statement of cash flows, and accounting policies and notes to the condensed consolidated financial
statements contained on pages 11 to 30.
These condensed consolidated financial statements have been prepared in accordance with NZ IAS 34, and should be read in
conjunction with the Group's last annual consolidated financial statements as at and for the year ended 31 March 2019 ('last annual
financial statements'). These do not include all of the information required for a complete set of NZ IFRS financial statements.
However, selected explanatory notes are included to explain events and transactions that are significant to an understanding
of changes in the Group's financial position and performance since the last financial statement, including key estimates and
judgements.
Basis of measurement
The financial statements are prepared on the historical cost basis, except for certain financial instruments carried at fair value.
Presentation currency
The financial statements are presented in New Zealand dollars and all values are rounded to the nearest thousand dollars ($000's)
except in Borrowings Note 12 where the values in narratives are in absolute dollars. The functional currency of EROAD is New
Zealand Dollars (NZD).
NOTE 2 • REVENUE FROM CONTRACTS WITH CUSTOMERS
GROUP
30 September 201930 September 2018

Unaudited
$000's
Unaudited
$000's
Revenue from contracts with customers
Software as a Service (SaaS) revenue35,86927,116
Other
Transaction fee revenue 1,1861,175
Grant revenue387-
Other revenue1,054258
Total Revenues38,49628,549
Set out above is the disaggregation of the Group's revenue from contracts with customers. The disaggregation reflects the nature,
amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Specifically, software as a service
(SaaS) revenue represents revenue earned from customer contracts for the sale or rental of hardware, installation services and
provision of software services. Transaction fee revenue relates to the collection of Road User Charges (RUC) fees.

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
17
NOTE 2 • REVENUE FROM CONTRACTS WITH CUSTOMERS (continued)
Transaction price allocated to the remaining performance obligations
The below table represents the revenue allocated to performance obligations that are unsatisfied or partially unsatisfied at the
period end. The revenue amounts yet to be recognised under non-cancellable contract agreements at 30 September are expected
to be recognised by EROAD based on the time bands disclosed below.
GROUP
30 September 201930 September 2018

Unaudited
$000's
Unaudited
$000's
Software as a Service (SaaS) revenue
Not later than one year62,46054,543
Later than one year not later than five years68,44560,597
Total price allocated to remaining performance obligations130,905115,140
The Group reports the Non-GAAP measure, Future Contracted Income. The definition of Future Contracted Income includes all
future hardware and SaaS cash inflows relating to income under non-cancellable long-term agreements. The disclosure above aligns
with the Future Contracted Income reported by the Group.
Software as a service revenue
The Group generates revenue through the sale of hardware assets, rental of hardware assets, installation of hardware assets and
provision of software services as part of contracts with customers as part of a bundled package. These hardware units enable
customers to access the software platform offered by the Group. The transaction involving hardware and accessories does not convey
a distinct good or service. The sale does not transfer control to the customer as the Group provides a significant service of integrating
the software service to produce a combined output. The sale of the hardware, accessories and software service are referred to as SaaS
revenue, which is recognised on a straight line basis over the contract period. There are no variable consideration terms within the
contracts.
A contract liability is recognised where consideration is received in advance of the completion of associated performance obligations.
The contract liability is derecognised over time. As a result there is a financing component which the Group recognises as a finance cost
when consideration is received in advance.
The Group offers installation services as part of a number of promises to transfer goods and services within each contract. Installation
services do not convey a distinct good or service and therefore are not a separate performance obligation as the installation is a set-up
activity that does not provide the customer a direct benefit other than access to the software services. As a result, the installation
service is considered as part of the single performance obligation; referred to as SaaS revenue, which includes the software service and
hardware sale or rental for which the customer simultaneously receives and consumes the benefit of the service. Where installation
revenue is received in advance of satisfying the performance obligation, a contract liability is recognised. The contract liability is
derecognised over time evenly over the period of the contract as the customer derives the benefit evenly from the services provided
over the contract period. The majority of contracts are for 3 years and can be for a term of up to 5 years. As a result there is a financing
component which the Group recognises as a finance cost when consideration is received in advance.
Transaction fees
When the Group acts in the capacity of an agent rather than as the principal in a transaction, the revenue recognised is the net
amount of commission made by the Group.
Capitalised contract fulfillment costs
The Group capitalises incremental costs of fulfilling customer contracts, typically distribution and installation costs. Contract
fulfillment costs are amortised evenly over the period of the contract. The majority of contracts are for 3 years and can be for a
term of up to 5 years.
Capitalised contract acquisition costs
The Group has applied a policy of capitalising only costs that are incremental in obtaining contracts with customers, typically
sales commissions. Contract acquisition costs are amortised evenly over the period of the contract. The majority of contracts are
for 3 years and can be for a term of up to 5 years.

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS18
NOTES TO THE FINANCIAL STATEMENTS
NOTE 3 • EXPENSES
GROUP
30 September 201930 September 2018

Note
Unaudited
$000's
Unaudited
$000's
Personnel expenses - net of capitalised employee remuneration
513,02710,382
Administrative and other operating expenses9,2498,106
SaaS platform costs4,0073,482
Directors fees1861 74
Auditor's remuneration - KPMG40132
Callaghan growth grant review - KPMG3-
Tax compliance services - KPMG2743
Tax advisory services - KPMG2629
Total operating expenses26,56522,348

During the six months the costs expensed for Research and Development was $3,201 (30 September 2018: $2,276).
NOTE 4 • SEGMENTAL NOTE
Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis. Unallocated items comprise income tax .
The Group has four segments as described below, which are the Group's strategic divisions. The strategic divisions offer different
services and are managed separately because they require different technology, services and marketing strategies. For each
strategic division, the Group's CEO (the chief operating decision maker) reviews internal management reports. The following
summary describes the operations in each of the Group's segments.
EROAD reports selected financial information segmented by geographic location for operating companies and corporate and
development costs.
• Corporate & Development: Corporate head office costs and R&D activities for development of new and existing products and
services
• North America: Operating companies serving customers in North America
• Australia: Operating companies serving customers in Australia
• New Zealand: Operating companies serving customers in New Zealand

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
19
NOTE 4 • SEGMENTAL NOTE (continued)
Reportable segment information
Information related to each reportable segment is set out below. Segment result represents Earnings before Interest, Taxation,
Depreciation & Amortisation (EBITDA), which is the measure reported to the chief operating decision maker. New Zealand
and Australia were prevously reported as one segment and have now been reported seperately and comparatives have been
restated.
Corporate & DevelopmentNorth America New ZealandAustralia
30 September
2019
30 September
2018
30 September
2019
30 September
2018
30 September
2019
30 September
2018
30 September
2019
30 September
2018

Unaudited
$000's

Unaudited
$000's

Unaudited
$000's

Unaudited
$000's

Unaudited
$000's
Restated
Unaudited
$000's

Unaudited
$000's
Restated
Unaudited
$000's
Revenue
Software as a
Service (SaaS)
revenue
--11,3376,81123,88419,956325350
Transaction fee
revenue
----1,1861,175--
Other revenue
1
8,7976,019560101493171-2
8,7976,01911,8976,91225,56321,302325352
Earnings
Before Interest,
Taxation,
Depreciation &
Amortisation
(6,731)(7,012)3,232(387)16,20913,684(756)(206)
Depreciation of
Property, Plant
& Equipment
(536)(365)(1,901)(1,474)(2,293)(1,814)(24)(34)
Amortisation
of Intangible
Assets
(3,620)(3,078)------
Amortisation
of Contract
and Customer
Acquisition
Assets
--(814)(498)(2,019)(1,735)(30)(31)

1
Revenue from Corporate & Development Markets includes R&D Grant Income of $387 (30 September 2018: Nil).

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS20
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4 • SEGMENTAL NOTE (continued)
Reconciliation of information on reportable segments
GROUP
30 September 201930 September 2018
Unaudited
$000's
Unaudited
$000's
Revenue
Total revenue for reportable segments46,58234,584
Elimination of inter-segment revenue(8,086)(6,035)
Consolidated Revenue38,49628,549
EBITDA
Total EBITDA for reportable segments11,9546,080
Elimination of inter-segment EBITDA(23)121
Consolidated EBITDA11,9316,201
Depreciation
Total depreciation for reportable segments(4,754)(3,686)
Elimination of inter-segment profit733538
Consolidated Depreciation(4,021)(3,148)
Geographic information
The geographic information below analyses the Group's revenue by the EROAD's country of domicile and other countries. In
presenting the following information segment revenue has been based on the geographic location of customers.
GROUP
30 September 201930 September 2018

Unaudited
$000's
Unaudited
$000's
Revenue
New Zealand26,27421,285
All foreign countries:
USA11,8976,912
Australia325352
Total revenue38,49628,549

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
21
NOTE 4 • SEGMENTAL NOTE (continued)
Allocation of Development Assets
Included within Total Assets are Development Assets of $31,588 as at 30 September 2019 (31 March 2019: $29,764) which for the
purpose of the segment note have been allocated to the Corporate & Development Market based on the ownership of intellectual
property. The amortisation for these assets is also presented in the Corporate & Development segment. For impairment testing
purposes, management allocate the Development Assets to the cash generating units (CGUs) based on the specific CGU that the
Development Asset relates to, or if the Development Asset is developed for use globally across all CGUs, the asset is allocated to
CGUs based on the proportionate share of the Group's Contracted Units. At 30 September 2019 there was $20,888 (31 March 2019:
$18,868) of global Development Assets that have been allocated across CGUs based on the Contracted Units. The allocation of the
Development Asset to CGUs within the following reportable segments for the purpose of impairment testing was as follows:
30 September 201931 March 2019

Unaudited
$000's
Audited
$000's
North America13,95813,443
New Zealand 16,20215,458
Australia1,428863
31,58829,764
Corporate & DevelopmentNorth America New ZealandAustralia
30 September
2019
31 March
2019
30 September
2019
31 March
2019
30 September
2019
31 March
2019
30 September
2019
31 March
2019
Unaudited
$000's
Audited
$000's
Unaudited
$000's
Audited
$000's
Unaudited
$000's
Audited
$000's
Unaudited
$000's
Audited
$000's
Total
assets
81,34185,39723,08218,79445,36240,7012,1171,331
30 September 201931 March 2019

Unaudited
$000's
Audited
$000's
Total assets
Total assets for reportable segments151,902146,223
Elimination of inter-segment balances(20,476)(23,025)
Consolidated Total assets131,426123,198

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS22
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4 • SEGMENTAL NOTE (continued)
Geographic information
The geographic information below analyses the Group's non-current assets by EROAD's country of domicile and other countries. In
presenting the following information, segment assets were based on the geographic location of the assets.
GROUP
30 September 201931 March 2019

Unaudited
$000's
Audited
$000's
Non-current assets
New Zealand63,41558,283
All foreign countries:
USA16,34213,276
Australia850238
Total non-current assets80,60771,797
Non-current assets exclude financial instruments and deferred tax assets.
NOTE 5 • PERSONNEL EXPENSES
GROUP
30 September 201930 September 2018

Unaudited
$000's
Unaudited
$000's
Salaries and wages - excluding capitalised commission costs14,67311,461
Annual leave 365220
Performance bonus383273
Share-based payments312204
Salaries and wages capitalised to Development and Software Assets(2,706)(1,776)
13,02710,382

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
23
NOTE 6 • PAID UP CAPITAL
All issued shares are fully paid up and have equal voting rights and share equally in dividends and surplus on winding up.
GROUP
Number of
ordinary shares
Issue price
$
Issued Capital
$
At 31 March 2019 (Audited)68,278,77280,612
Issue of shares to staff under LTI schemes 46,794 $2.64124
Held in trust as treasury stock (46,794)
At 30 September 2019 (Unaudited)68,278,77280,736

At 30 September 2019 there was 68,278,772 authorised and issued ordinary shares (31 March 2019: 68,278,772). 900,690 (31
March 2019: 906,783) shares are held in trust for employees in relation to the long-term incentive plan and are accounted for as
treasury stock.
The calculation of both basic and diluted loss per share at 30 September 2019 was based on the loss attributable to ordinary
shareholders of ($106) (30 September 2018: ($3,410)). The weighted number of ordinary shares on 30 September 2019 was
67,318,877 (30 September 2018: 66,880,441) for basic earnings per share and 68,069,248 for diluted earnings per share (30
September 2018: 67,903,457).
Other components of equity include:
• Translation reserve - comprises foreign currency translation differences arising from the translation of financial statements of
the Group’s foreign subsidiaries into New Zealand Dollars.
• Retained earnings - includes all current and prior period retained profits and share-based employee remuneration.
NOTE 7 • CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
GROUP
30 September 201931 March 2019

Unaudited
$000's
Audited
$000's
Cash and bank10,12416,139
Restricted bank accounts16,28612,673
26,41028,812
Cash and cash equivalents exclude restricted bank accounts. Restricted bank accounts are presented separately from cash and
cash equivalents on the face of the Statement of Financial Position and movements in restricted bank accounts are excluded
from the Statement of Cash Flows. The restricted bank accounts relate to Road Users tax collected from clients due for payment
to the appropriate government agency. At 30 September 2019 the amount payable to transport agencies was $16,262 (31 March
2019: $12,489).

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS24
NOTES TO THE FINANCIAL STATEMENTS
NOTE 8 • PROPERTY, PLANT AND EQUIPMENT
GROUP
Right of Use
Assets
Hardware
Assets
Plant and
equipment
Leasehold
improvements
Motor
vehicles
Office
equipmentComputersTotal
$000's$000's$000's$000's$000's$000's$000's$000's
Year ended
31 March 2019 - Audited
Opening net book amount 1,50420,79621844040831616623,848
Additions5,3838,6791201,3562439725616,134
Disposals(2,680)--(8)(132)--(2,820)
Depreciation charge(758)(5,119)(91)(173)(169)(145)(167)(6,622)
Depreciation recovered2,517914-396--3,530
Effect of movement in
exchange rates
60(260)-22-82(168)
Closing net book amount6,02625,0102471,64044627625733,902
Cost6,91540,3646272,4781,0411,1312,83755,393
Accumulated depreciation(889)(15,354)(380)(838)(595)(855)(2,580)(21,491)
Net book amount6,02625,0102471,64044627625733,902
GROUP
Right of Use
Assets
Hardware
Assets
Plant and
equipment
Leasehold
improvements
Motor
vehicles
Office
equipmentComputersTotal
$000's$000's$000's$000's$000's$000's$000's$000's
Six months ended
30 September 2019 - Unaudited
Opening net book amount 6,02625,0102471,64044627625733,902
Additions-5,67910524094321546,304
Disposals--------
Depreciation charge(471)(3,103)(47)(158)(82)(72)(88)(4,021)
Depreciation recovered-185-----185
Effect of movement in
exchange rates
631,251-211441,344
Closing net book amount5,61829,0223051 ,74 34592403273 7, 7 1 4
Cost7,0 4747, 4 977322,7681,1361,1913,01263,383
Accumulated depreciation(1,429)(18,475)(427)(1,025)(677)(951)(2,685)(25,669)
Net book amount5,61829,0223051 ,74 345924032737, 7 1 4
Included in the Hardware Assets is equipment under construction of $7,654 (31 March 2019: $6,997).
Items of plant and equipment are stated at cost, less accumulated depreciation and impairment losses. Cost includes the purchase
consideration, and those costs directly attributable to bringing the asset to the location and condition necessary for its intended use.
Where an item of plant and equipment is disposed of, the gain or loss recognised in the statement of comprehensive income is calculated
as the difference between the net sales price and the carrying amount of the asset.
Subsequent costs
The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an
item when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the Group
and the cost of the item can be measured reliably. All other costs are recognised in the statement of comprehensive income as an
expense in the period they are incurred.

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
25
NOTE 8 • PROPERTY, PLANT AND EQUIPMENT (continued)
Depreciation
Depreciation begins when the asset is in the location and condition necessary for it to be capable of operating in the manner
intended by management. The following rates have been used:
Leasehold improvements3 to 9 yearsStraight line
Hardware assets3 to 6 yearsStraight line
Plant and equipment3 to 11 yearsStraight line
Computer/Office equipment1 to 3 yearsStraight line
Motor vehicles3 to 5 yearsStraight line
The above rates reflect the estimated useful lives of the respected categories. Leasehold improvements are depreciated over the
contracted lease term.
NOTE 9 • INTANGIBLE ASSETS
GROUPPatentsTrade MarksDevelopmentSoftwareTotal
$$$$$
Year ended 31 March 2019 - Audited
Opening net book amount143326,8533,00229,902
Additions--8,3341,3759,709
Disposals-----
Amortisation charge(2)-(5,423)(1,054)(6,479)
Closing net book amount123329,7643,32333,132
Cost183346,3306,90553,286
Accumulated amortisation(6)-(16,566)(3,582)(20,154)
Net book amount123329,7643,32333,132
GROUPPatentsTrade MarksDevelopmentSoftwareTotal
$$$$$
Six months ended 30 September 2019 - Unaudited
Opening net book amount123329,7643,32333,132
Additions--5,0063,3018,307
Disposals-----
Amortisation charge--(3,182)(438)(3,620)
Closing net book amount123331,5886,18637,819
Cost183351,33610,20661,593
Accumulated amortisation(6)-(19,748)(4,020)(23,774)
Net book amount123331,5886,18637,819

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS26
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9 • INTANGIBLE ASSETS (continued)
The useful lives of the Group's Intangible Assets are assessed to be finite. Assets with finite lives are amortised over their
useful lives and tested for impairment whenever there are indications that the assets may be impaired. Where an indicator
of impairment exists the Group makes a formal assessment of the recoverable amount. Where the carrying value of an asset
exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The recoverable
amount is the greater of fair value less costs to sell the assets value in use. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).
Research and Development
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge and understanding, is
recognised in the statement of comprehensive income when incurred.
Development activities involve a plan or design for the production of new or substantially improved products and processes.
Development expenditure is capitalised only if development costs can be measured reliably, the product or process is technically
and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to
complete development and to use or sell the asset. The expenditure capitalised includes the cost of materials, direct labour
and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditure is
recognised in the statement of comprehensive income when incurred.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.
Other intangible assets
Other intangibles assets that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated
amortisation and accumulated impairment losses.
Subsequent expenditure
Subsequent expenditure is only capitalised when it increases the future economic benefits embodied in the specific asset to which
is relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in the statement
of comprehensive income when incurred.
Amortisation
Amortisation is recognised in the statement of comprehensive income on a straight line basis over the estimated useful life of
intangible asset. The estimated useful lives for the current and comparative periods are as follows:
Patents10 to 20 years
Development Hardware & Platform7 to 15 years
Development Products5 to 10 years
Software5 to 7 years

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
27
NOTE 10 • CONTRACT LIABILITIES
The group enters into contracts with customers for the provision of software services over a contracted period. As stated in the
accounting policies, this revenue is recognised over time as the customer simultaneously receives and consumes the benefit
of the service. The Group has determined that the benefit of the services provided is consumed evenly over the period of the
contract, and thus the performance obligations are satisfied evenly over the period. Where the Group receives a portion of the
transaction price of a contract in advance, this is recognised as a contract liability and released over the contract period as the
Group satisfies its performance obligations.
GROUP
30 September 201931 March 2019
Unaudited
$000's
Audited
$000's
Opening balance
9,96710,174
Amounts deferred during the period3,0815,048
Amount recognised in the Statement of Comprehensive Income(3,000)(5,255)
10,0489,967
Current6,0925,758
Non-current3,9564,209
NOTE 11 • INCOME TAX EXPENSE
GROUP
30 September 201930 September 2018

Unaudited
$000's
Unaudited
$000's
(a) Reconciliation of effective tax rate
Loss before income tax(167)(3,569)
Income tax using the Company's domestic tax rate of 28% (47)(999)
Non-deductible expense9464
Temporary differences
Losses and timing differences not recognised-257
Effect of different tax rates(23)119
Income tax expense/(benefit)(61)(159)
(b) Current tax expense/(benefit)
Current year4(90)
4(90)
(c) Deferred tax (benefit)
Current year(65)(69)
(65)(69)
At 30 September 2019 there were no imputation credits available to shareholders (30 September 2018: Nil)
Income tax expense comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the
extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. Current tax payable
also includes any tax liability arising from the declaration of dividends.

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS28
NOTES TO THE FINANCIAL STATEMENTS
NOTE 11 • INCOME TAX EXPENSE (continued)
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be
applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the
reporting date.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they
relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to
settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
NOTE 12 • BORROWINGS
GROUP
30 September 201931 March 2019

Unaudited
$000's
Audited
$000's
Current borrowings
Term Loans - NZ $ denominated9,0246,149
Term Loans - US $ denominated3 ,7498,477
NZ Growth Funding - Committed Cash Advance Facility 3,8271,810
US Growth Funding - Committed Cash Advance Facility 2,739801
Capitalised borrowing costs(50)(74)
19,28917,163
Non-current borrowings
Term Loans - NZ $ denominated4,4561,500
Term Loans - US $ denominated1,79210,239
NZ Growth - Committed Cash Advance Facility 7,5214,289
US Growth - Committed Cash Advance Facility 4,3921,448
18,1611 7, 476
Terms and debt repayment schedule
30 September
2019
30 September
2019
31 March
2019
31 March
2019
Nominal
Interest
Year of
Maturity
Unaudited
Face Value
$000's
Unaudited
Carrying amount
$000's
Audited
Face Value
$000'
Audited
Carrying amount
$000's
Term Loans - NZ $ denominated5.00%202013,48113,4816,8196,819
Term Loans - US $ denominated5.55%20205,5405,54019,54619,546
NZ Growth - Committed Cash Advance
Facility
4.47%202011,34811,3486,0996,099
US Growth - Committed Cash Advance
Facility
4.98%20207,1317,1312,2492,249
Capitalised borrowing costs - 2020-(50)-(74)
37,5003 7, 4 5 034,71334,639

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
29
NOTE 12 • BORROWINGS (continued)
On 3 July 2017, in order to support funding requirements in connection with the Group’s growth and to manage the related working
capital requirements, the Company entered into a Multi-Option Credit Facility Agreement with the Bank of New Zealand (BNZ). The
agreement was subsequently amended and restated in December 2017 and October 2018. At 30 September 2019, EROAD had the
following facilities in place:
$5,250,000 (NZD) Term Loan Facility A – to restructure existing term facilities. The Term Loan has a term of 24 months from the
October refinance date, with the facility having a maturity date in October 2020. The interest rate is variable based on the 3-month
BKBM bid plus a margin of 3.10%. Principal and interest payments are made quarterly in line with a 30 month repayment profile.
$5,998,480 (NZD) Term Loan Facility B – used to restructure the Outstanding Amount under the Committed Cash Advances Facility
as at the First Amendment Date in December 2017. The Term Loan has a term of 24 months from the October 2018 refinance date, with
the facility having a maturity date in October 2020. The interest rate is variable based on the 3-month BKBM bid plus a margin of 3.10%.
Principal and interest payments are made quarterly in line with a 33 month repayment profile.
$2,182,057 (USD) Term Loan Facility B – used to restructure the Outstanding Amount under the Committed Cash Advances Facility as
at the First Amendment Date in December 2017. The Term Loan has a term of 24 months from the October 2018 refinance date, with
the facility having a maturity date in October 2020. The interest rate is variable based on the 3-month US LIBOR plus a margin of 3.10%.
Principal and interest payments are made quarterly in line with a 33 month repayment profile.
$12,966,043 (NZD) Term Loan Facility E – used to restructure the Outstanding Amount under the Committed Cash Advances Facility as
at the Second Amendment Date in October 2018. The Term Loan has a term of 24 months from the October 2018 refinance date, with
the facility having a maturity date in October 2020. The interest rate is variable based on the 3-month BKBM bid plus a margin of 3.10%.
Principal and interest payments are made quarterly in line with a 33 month repayment profile.
$3,264,184 (USD) Term Loan Facility E – used to restructure the Outstanding Amount under the Committed Cash Advances Facility as
at the Second Amendment Date in October 2018. The Term Loan has a term of 24 months from the October 2018 refinance date, with
the facility having a maturity date in October 2020. The interest rate is variable based on the 3-month US LIBOR plus a margin of 3.10%.
Principal and interest payments are made quarterly in line with a 33 month repayment profile.
$20,000,000 (NZD) Committed Cash Advance Facility – to finance the up-front costs in connection with securing Future Contracted
Income. The Committed Cash Advance Facility has a 24 month term from the October 2018 refinance date, with the facility having a
maturity date in October 2020. Structurally the facility is paid down and redrawn (revolving credit) each time the Company presents a
certificate outlining the Group’s growth in new Future Contracted Income on a monthly basis. For drawings in New Zealand Dollars of a
1-month duration, the interest rate is the 1-month BKBM plus margin of 2.50%. For drawings in USD of a 1-month duration, the interest rate
is the 1 month US LIBOR plus a margin of 2.50%. In addition to a 1.50% line fee on the total facility limit, payable quarterly in advance.
$5,150,000 (NZD) Overdraft Facilities – for general working capital purposes. This is an on demand facility with the interest rate based
on the Market Connect Overdraft Prime Rate plus a margin of 1%.
EROAD’s operating covenants to support the above facilities include Loan to Total FCI Ratio, Interest Cover Ratio, Total Assets
(Obligators) to Total Assets (Group) ratio, and an umbrella limit on the aggregate of all facilities being below $40,000,000 (NZD).
EROAD was compliant with all covenants during the period and at 30 September 2019.
The security package for the Multi-Option Credit Facility Agreement includes an all obligations cross-guarantee granted by EROAD
Australia Pty Limited and EROAD Inc in favour of the BNZ in respect of the obligations of EROAD Limited, and a General Security
Agreement granted by EROAD Limited, EROAD Inc and EROAD Australia Pty Limited in favour of the BNZ as secured parties.
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part
of the cost of that asset. Other borrowing costs are recognised as an expense in the period in which they are incurred.
The Group has positive operating cash flows which funds the day-to-day servicing and support of its existing customer base. The
Group plans to fund future research and development spend with excess operating cash flows of the business, whilst looking to fund
the capex needed for future growth in hardware units with debt funding facilities.
Since 30 September 2019, the Group has formally extended the term of the debt facilities through to the end of January 2021.
Concurrently discussions are underway with the bank to restructure and extend its debt facilities.  The Group has received an
indicative term sheet, which the board has approved, for a revised growth funding debt facility with a term through to January
2022. It is anticipated that full credit approval and loan documentation will be finalised for this facility in December 2019.

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS30
NOTES TO THE FINANCIAL STATEMENTS
NOTE 13 • RELATED PARTY TRANSACTIONS
Related party transactions are consistent in nature with those reported at 31 March 2019.
NOTE 14 • CAPITAL COMMITMENTS
As at 30 September 2019 the Group had confirmed purchase orders open with its third party manufacturer of hardware units
amounting to $950 (31 March 2019: $735).
NOTE 15 • CONTINGENT LIABILITIES
During the year ended 31 March 2019, the Group was approached by a third party who asserted that EROAD had infringed a number of
its patents. From our internal review of the patent claims asserted by the other party, the Group believes there are grounds in support
for why we have not infringed their patents and also strong grounds that the patents would likely be considered invalid if EROAD was
to challenge them. The Group strongly asserts that we have not infringed the patents and have informed the other party that we will
seek our attorney fees from them in the event we succeeded in any potential litigation.
As we firmly believe that we not infringed any patents no amounts have been provided for in relation to this claim. The Group has
incurred legal costs in defending this claim over the six months ended 30 September 2019 and will continue to incur legal costs over
the next twelve months.
NOTE 16 • NET TANGIBLE ASSETS PER SHARE
GROUP
30 September 201930 September 201831 March 2019

Unaudited
$000's
Unaudited
$000's
Audited
$000's
Net assets (equity)51,32054,58851,290
Less intangibles(37,819)(30,556)(33,132)
Total net tangible assets13,50124,03218,158
Net tangible assets per share ($) 0.20 0.35 0.27
The non-GAAP measure above is disclosed to comply with NZX Debt Market Listing Rule 2.3(f).
NOTE 17 • EVENTS SUBSEQUENT TO BALANCE DATE
There are no reportable events subsequent to balance date other than the extension of the debt facility term as outlined in Note 12
Borrowings (31 March 2019: Nil).

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS
INDEPENDENT REVIEW REPORT
31
© 2019KPMG, a New Zealand partnership and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.
Independent ReviewReport
To the shareholders of EROAD Limited
Report on thecondensedconsolidated financial statements
Conclusion
Based on our review, nothing has come to our
attention thatcauses us to believe that the
condensedconsolidated financial statementsof
EROAD Limited (the company) and its subsidiaries
(the Group)on pages11 to 30do not:
i.present fairly in all material respects the
Group’s financial position as at 30
September 2019and its financial
performance and cash flows for the 6
month period ended on that date; and
ii.comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review oftheaccompanying
condensedconsolidated financial statementswhich
comprise:
—thecondensed consolidatedstatementof
financial position as at 30 September 2019;
—thecondensed consolidatedstatementsof
comprehensive income,changes in equityand
cash flowsfor the 6 month periodthen ended;
and
—notes, including a summary of significant Group
accounting policies and other explanatory
information.
Basis for conclusion
A review ofcondensedconsolidated financial statementsin accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity(“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures,consisting of making enquiries, primarilyof persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of EROAD Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant
to the audit of the annualfinancial statements.
Our firm has also provided other services to the Groupin relation totax compliance, taxadvisoryand other
assurance services.Subject to certain restrictions, partners and employees of our firm may also deal with the
Groupon normal terms within the ordinary course of trading activities of the business of the Group. These
matters have not impaired our independence as reviewerof the Group. The firm has no other relationship with,
or interest in, the Group.
Use of thisIndependentReviewReport
This report is made solely to the shareholders as a body. Our reviewwork has been undertakenso that we
might state to theshareholders those matters we are required to state to them in theIndependentReview
Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibilityto anyone other than the shareholdersas a bodyfor our reviewwork, this report,or any of the
opinionswe have formed.

EROAD INTERIM REPORT 2020 • FINANCIAL STATEMENTS32
INDEPENDENT REVIEW REPORT
Responsibilities of the Directors for thecondensed consolidated
financial statements
TheDirectors, on behalf of theGroup,are responsible for:
—the preparation and fair presentation of thecondensed consolidated financial statementsin accordance with
NZ IAS 34 Interim Financial Reporting;
—implementing necessary internal controlto enable the preparation ofancondensedconsolidated financial
statementsthat isfairly presented andfree from material misstatement, whether due to fraud or error; and
—assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless theyeither intend to liquidateor to
cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the reviewof thecondensed
consolidated financial statements
Our responsibility isto express a conclusion on thecondensed consolidatedfinancial statementsbased on our
review. We conducted our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude
whether anything has come to our attention that causes us to believe that thecondensed consolidatedfinancial
statementsare not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly we do not express an audit
opinion on thesecondensedconsolidated financial statements.
This description forms part of ourIndependentReviewReport.
KPMG
Auckland
22November 2019

EROAD INTERIM REPORT 202033
Bridgestone
EROAD Customer, New Zealand

Angel Transport
EROAD Customer, New Zealand
EROAD INTERIM REPORT 202034

SHARE REGISTRAR
Computershare Investments Services Limited
Private Bag 92119, Victoria Street West
Auckland 1142, New Zealand
MANAGING YOUR SHAREHOLDING ONLINE
To change your address and view your
investment portfolio on line please visit:
www.computershare.co.nz/investorcentre
GENERAL ENQUIRIES
Email: enquiry@computershare.co.nz
Telephone: + 64 9 488 8777
Facsimile: + 64 9 488 8787
INVESTOR RELATIONS
EROAD Limited
260 Oteha Valley Road, Albany
Auckland 0632, New Zealand
Telephone: 0800 437 623
Email: investors@eroad.com
EROAD INTERIM REPORT 202035

WWW.EROADGLOBAL.COM/INVESTORS

---

1
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
EROAD INVESTOR
PRESENTATION H1 20

IMPORTANT INFORMATION
The information in this presentation is of a general nature and does
not constitute financial product advice, investment advice or any
recommendation. Nothing in this presentation constitutes legal,
financial, tax or other advice.
This presentation may contain projections or forward-looking
statements regarding a variety of items. Such projections or
forward-looking statements are based on current expectations,
estimates and assumptions and are subject to a number of risks,
uncertainties and assumptions.
There is no assurance that results contemplated in any projections
or forward-looking statements in this presentation will be realised.
Actual results may differ materially from those projected in this
presentation. No person is under any obligation to update this
presentation at any time after its release to you or to provide you
with further information about EROAD.
While reasonable care has been taken in compiling this
presentation, none of EROAD nor its subsidiaries, directors,
employees, agents or advisers (to the maximum extent permitted
by law) gives any warranty or representation (express or implied)
as to the accuracy, completeness or reliability of the information
contained in it nor takes any responsibility for it. The information
in this presentation has not been and will not be independently
verified or audited.
NON-GAAP MEASURES
EROAD has used non-GAAP measures when discussing financial
performance in this document. The directors and management
believe that these measures provide useful information as they
are used internally to evaluate performance of business units, to
establish operational goals and to allocate resources.
Non-GAAP measures are not prepared in accordance with NZ
IFRS (New Zealand International Financial Reporting Standards)
and are not uniformly defined, therefore the non-GAAP measures
reported in this document may not be comparable with those that
other companies report and should not be viewed in isolation or
considered as a substitute for measures reported by EROAD in
accordance with NZ IFRS. The non-GAAP measures are not subject
to audit or review. Definitions as can be found in the Glossary on
pages 31 and 32 where non-GAAP measures have been identified.

01
35%
IN REVENUE
reflecting strong growth in
New Zealand and North America
(H1 20: $38.5m • H1 19: $28.5m)
92%
IN EBITDA
demonstrating increase in scale
and improving operating leverage
(H1 20: $11.9m • H1 19: $6.2m)
$
106k
OPERATING LOSS AFTER TAX
a 97% improvement
on H1 19 $3.4m loss
EROAD delivers another period of strong growth in H1 of FY20
$
15.8m
FUTURE
CONTRACTED INCOME
(H1 20: $130.9m • H1 19: $115.1m)
$
2.8m
OPERATING
CASH INFLOWS
(H1 20: $9.9m • H1 19: $7.1m)
21%
OF REVENUE REINVESTED IN R&D
to capitalise on future growth potential
(H1 20: $8.2m • H1 19: $6.5m)

02
27%
ANNUALISED CONTRACTED UNIT GROWTH
reflecting 2 large North American
enterprise customers onboarded
94.9%
ASSET RETENTION RATE
reflecting quality of service and product offering
(H1 19: 94.7%)
$
57. 6 0
MONTHLY SAAS ARPU
up from $56.00 in H1 19
Successfully executing on strategy
4
NEW SAAS PRODUCTS
adding to our
customer value proposition
$
3.3m
INVESTED IN NEW GENERATION
BUSINESS SYSTEMS
to scale for growth and improve operating leverage
BUILT UP CAPACITY
AND EXPERTISE
in key sales and
customer service teams

03
OPERATIONAL
UPDATE
Steven Newman
Chief Executive Officer
03

04
UNIT GROWTH
6-year annual CAGR of 49%
201420152016201720182019H1 20
9,973
14,332
19,864
26,031
31,298
36,953
43,430
48,041
59,538
77,600
85,989
96,390
109,380
-
20,000
40,000
60,000
80,000
100,000
120,000
9,973 14,332 19,264 24,041 28,140 32,452 38,129 41,939 49,802 59,843 65,034 71,446 75,674
1,513
600
1,990
3,158
4,501
5,301
6,102
9,736
17,757
20,955
24,944
32,193
Australia
North America
New Zealand
ANZ
• Delivered second best half on record
with 12,990 contracted units added.
• 56% of the H1 20 increase came from
North America, following rollout of two
significant Enterprise customers.

05
2,216 2,052 2,420 1,892 2,473 3,204 1,835 1,975 3,090 4,773 4,777 5,264 2,591 2,851 3,271 2,890 2,865 2,699
897
271
796
547
422
378
392
409
1,321
2,313
5,076
2,945
1,581
1,617
1,104
2,885
2,904
4,345
43
134
3,113
2,323
3,216
2,439
2,895
3,582
2,227
2,384
4,411
7,086
9,853
8,209
4,172
4,468
4,375
5,775
5,812
7,178
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2016201720182019H1 20
Australia
North America
New Zealand
ANZ
Strong unit growth
continues in H1 20
CONTRACTED UNITS
• On-boarding of Enterprise customers
(with longer lead times) and new regulatory
settings impact the consistency of growth in
contracted units.
• Solid consistent run rate business in
New Zealand continues to underpin growth.
H1 20 Two Largest
North American
Enterprise Customers
H2 18 ELD Mandate and
Strong Enterprise
Growth in New Zealand

06
PRODUCT AND INNOVATION
EROAD FUEL TAX CREDIT
(FTC) SOLUTION
MYEROAD DASHBOARD
A mobile-friendly consolidation
of key fleet metrics onto a single
view dashboard.
SEPTEMBER
2019
AU
NZ
AUGUST
2019
AU
Launched four new SaaS products
Allows EROAD customer administrators to view
the most recent cycle data for each driver. 
HOURS OF SERVICE RECAP
Drivers can select this ruleset from within their
truck, enabling them to view and track their
driving hours in line with Texas regulations.
TEXAS INTRASTATE RULE SET
AUGUST
2019
NA
JULY
2019
NA
Enables the maximum rebate companies
can claim on all of the fuel tax paid, for
vehicles or fuel-operated equipment, on
or off-road, and has achieved an Australian
Tax Office class ruling.

07
A game changer for the market
• EROAD Where is an Asset
Management platform, similar in
design to the EROAD Depot platform.
• It is being launched together with
the EROAD designed and built
EROAD Where Bluetooth® tag, which
leverages the power of our unique
Mesh network (which only EROAD
can create in New Zealand), made up
of Ehubo Gen 2 units and the EROAD
Where App on mobile phones.
• At just $30 per EROAD Where tag, and
$5 per month per tag subscription, the
game changing price point delivers a
disruptive asset tracking solution to a
large addressable market.
• EROAD has determined an initial
target market of c. 1m assets.
• IOT trackers claim to save time, reduce
costs, and help businesses perform
better. EROAD Where does that too,
but at a fraction of the cost. This is a
game changer in cost in the market,
even for low cost or high volumes of
assets.
• The platform has been designed
to communicate with a variety of
future devices, so EROAD Where will
continue to scale with our customer’s
needs
• Now in the final stages of Beta
testing in Q3, will be launched in Q4.
• Investment prior to launch has
been c.$1m.

08
NZ MARKET SUMMARY
EROAD’s three strategic priorities in the New Zealand market are:
•
GROW THROUGH RETENTION AND ACCOUNT EXPANSION
-NZ asset retention rate of 95.2%
-1,766 of ANZ connected units were upgraded from Ehubo1 to
Ehubo2
-58% of contracted units are now using Ehubo2
(55% as at March 2019)
-12% of NZ customers are now using 2 or more SaaS products
-Implementation of customer success model across
sales and support teams
• CONTINUE EXPANSION INTO SAFETY CONSCIOUS MARKET
-Through continued expansion of EROAD’s safety and compliance
centered proposition, annualised unit growth of 16% was achieved 
• LEVERAGE NETWORK INTO NEW OPPORTUNITIES
-Launch of the EROAD Where business, and the continuing
development of data analytics revenue
16%
ANNUALISED
GROWTH IN UNITS
95.2%
ASSET
RETENTION RATE
(H1 19: 95.5%)
$54.15
NZ MONTHLY SAAS ARPU
(H1 19: $52.99)
$
16.2m
EBITDA
(H1 19: $13.7m)
New Zealand remains a
significant growth opportunity

09
NA MARKET SUMMARY
58%
ANNUALISED
GROWTH IN UNITS
2
LARGE ENTERPRISE
CUSTOMERS ONBOARDED
$64.87
NA MONTHLY SAAS ARPU
(H1 19: $57.86)
$
3.2m
EBITDA
(H1 19: $(0.4)m)
EROAD’s three strategic priorities in the North American market are:
•
BUILD SUSTAINABLE RUNRATE BUSINESS IN THE SMB SPACE
-The average monthly SMB runrate was 328 units.
This was below EROAD’s expectations
-Work is underway to improve this runrate, although with the
lower than anticipated AOBRD to ELD pipeline this may not be
achieved in the short term
-Expect some growth from 2017 ELD mandate contract roll-offs
and sunset of 3G technology
• PURSUE SELECTIVE ENTERPRISE OPPORTUNITIES
-3,631 units from EROAD’s largest enterprise customer win were
deployed and a second large enterprise customer was won and
deployed (1,650 units)
• CONSIDER STRATEGIC GROWTH OPPORTUNITIES
-Continues to hold discussions with potential partners around a
range of opportunities
North America is now
an established market

10
26%
ANNUALISED
GROWTH IN UNITS

LAUNCHED
EROAD FTC SOLUTION

BUILT OUT SALES TEAM
AND INCREASED
MARKETING EFFORTS
$
(0.8)m
EBITDA
(H1 19: $(0.2)m)
EROAD’s three strategic priorities in the Australian market are:
•
BUILD SUSTAINABLE RUNRATE BUSINESS IN THE SMB SPACE
-The monthly average runrate achieved was 22 units. This is below
EROAD’s expectations and work is underway to improve this in the
short term, including increasing marketing and informing potential
customers on EROAD’s customer value proposition
• PURSUE SELECTIVE ENTERPRISE OPPORTUNITIES
-The enterprise opportunity pipeline for Australia (fleets of 500–
1000) continues to be strong and above expectations. Given the
longer sales lead times for this type of customer, we only anticipate
some wins prior to the end of FY20
• MANAGE COST BASE FOR EFFICIENCIES IN GROWTH
-The size of the in-market sales team and marketing activity is closely
monitored and increases will only follow increases in sales achieved
and opportunity pipeline. Customer support functions continue to
be provided from New Zealand to ensure cost to serve efficiencies
at this early stage of entry into Australia
Building brand in Australia
leveraging Trans-Tasman synergies
Fuel tax credits
AU MARKET SUMMARY

11
FINANCIAL
UPDATE
Alex Ball
Chief Financial Officer
11
DRAFT

12
+35%
5.0
-
10.0
15.0
20.0
25.0
30.0
35.0
45.0
40.0
H1 19H1 20
$
28.5m
$
38.5m
REVENUE
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
+92%
$
6.2m
$
11.9m
EBITDA
H1 19H1 20
+14%
$
115.1m
$
130.9m
FUTURE
CONTRACTED INCOME
H1 19H1 20
-
40.0
20.0
60.0
80.0
100.0
120.0
140.0
+27%
96.4k
109.4
k
ANNUALISED TOTAL
CONTRACTED UNITS
FY 19H1 20
20.0
40.0
60.0
80.0
100.0
120.0
-
EROAD delivers another period of strong growth

13
Continued strong EBITDA growth in New Zealand
and North America, partly offset by Australian market entry
($m)
H1 20
H1 19Movement
New Zealand
16.2
13.7 2.5
North America
3.2
(0.4) 3.6
Australia
(0.8)
(0.2) (0.6)
Corporate & Development
(6.7)
(7.0) 0.3
Elimination of inter-segment EBITDA
-
0.1 (0.1)
EBITDA
11.9
6.2 5.7
EBITDA MARGIN
31%
22%9%
H1 20 EBITDA ($m)
NEW ZEALAND
Continued solid EBITDA growth in NZ with
$4.3m additional revenue flowing through to
an additional $2.5m of EBITDA net of increased
investment in customer support, product and
engineering teams.
NORTH AMERICA
Strong EBITDA growth of $3.6m from $(0.4)m to
$3.2m reflects strong revenue growth of $5.0m
from $6.9m to $11.9m and improved operating
leverage in addition to stronger USD.
AUSTRALIA
Comparative half year was prior to re-launch into
Australian market. Investment made into building
sales and marketing capability in new market.
CORPORATE
Revenues were higher than the previous half
year with grant income and revenues relating to
US I-95 RUC pilot and our data analytics team.
Partly offset by higher operating expenses from
investment in management capability in the
second half of FY19 continuing through to FY20.

14
MONITORING PERFORMANCE
53.7
66.5
75.8
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Annualised Monthly
Recurring Revenue
($m)
H1 19H2 19H1 20
115.1
117.4
130.9
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
H1 19H2 19H1 20
Future Contracted
Income
($m)
Research and Development as % of Revenue
21
23
13
14
8
21
13
8
9
-
5
10
15
20
25
R&D Expensed
R&D Capitalised
Total R&D
H1 19H2 19H1 20
Monitoring Performance: Leading Growth Indicators
AMRR increase reflects  growth
in recurring revenues from new
units and SaaS ARPU.
FCI increased with new incremental
contracted units added and renewals,
partially offset by recognition of
revenues for new and existing contracts.
R&D as % of Revenue within expected
range of between 18-22% of Revenue.

15
MONITORING PERFORMANCE
Monitoring Performance: Enterprise value from existing customer base
Monthly SaaS ARPU has been trending upwards over past 12 months. 
- Plan and hardware upgrades
- Above average pricing for new sales, including NA enterprise accounts
- Stronger USD vs NZD
Asset Retention Rate has remained stable and
remains a focus as we work to maintain this very high
level through renewal programmes in key markets.
54.10
56.00
57.60
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
H1 19H2 19H1 20
Monthly SaaS Average Revenue Per Unit ($)
94.7
94.4
94.9
-
20.0
40.0
60.0
80.0
100.0
H1 19H2 19H1 20
Asset Retention Rate (%)

16
MONITORING PERFORMANCE
Monitoring Performance: Profitability
CAC as a % of Revenue would be expected to trend
down over time as revenue grows, reductions will be
partly offset by investment in CAC ahead of revenues
in Australia.
CTS has trended down slightly but remained within 4-5% of revenue
range. There will be some further operational leverage expected from
FY21 as business realises benefits of system transformation investment.
CTS will improve over time as scale and leverage increases.
16
17
6
5
5
23
17
21
22
-
5
10
15
20
25
H1 19H2 19H1 20
CAC Expensed
CAC Capitalised
Total CAC
Cost to Acquire Customers as % of Revenue
4.7
4.5
4.4
-
1.0
2.0
3.0
4.0
5.0
6.0
CTS
Cost to Service and Support as % of Revenue
H1 19H2 19H1 20

17
OPERATING EXPENSES ($m)
Personnel
expenses
Other
Employment
SaaS
Platform costs
Sub-contractors
Sales and
Marketing
Software
and Systems
Legal
costs
Other
Professional Services
Other
22.3
26.6
-
5.0
10.0
15.0
20.0
25.0
30.0
0.5
0.3
0.2
0.3
0.4
0.1
0.4
2.6
0.3
SCALECAPABILITY
EXPANSION
STRATEGIC
INITIATIVES
H1 19H1 20
Operating expenses have increased on previous half year with scale and expansion into Australian market

18
CAPITAL EXPENDITURE
Capital Expenditure has increased
on the comparative half year with
increased Development spend and
investment in scalable systems.
PROPERTY PLANT & EQUIPMENT
• Investment in Hardware Assets (excluding
inventory movements) has increased due to
higher new unit volumes, stronger USD, and
higher accessories due to higher weighting of
NA sales. 
INTANGIBLE ASSETS
• R&D spend of $8.2m is within signalled range
of 18-22% of revenues. $5.0m of which was
capitalised as Development Assets up $1.3m
on the comparative half year (see next slide). 
• Software additions are $3.3m higher as a
result of the investment in process and system
transformation. 
Additions to Property, Plant and Equipment
Additions to Intangible Assets
6.4
6.3
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Total
PPE Additions
($m)
5.3
5.7
Hardware
Asset Additions
($m)
2.7
5.0
Hardware excluding
Inventory Movement
($m)
1.1
0.6
Other
Capex
($m)
H1 19H1 20H1 19H1 20H1 19H1 20H1 19H1 20
3.7
8.3
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
9.0
8.0
Total
Intangible Additions
($m)
3.7
5.0
Development Additions ($m)
0.0
3.3
Software Additions ($m)
H1 19H1 20H1 19H1 20H1 19H1 20

19
R&D SPEND
3.7
4.6
5.0
2.3
2.8
3.2
6.0
7.4
8.2
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
H1 19H2 19H1 20
R&D ExpensedR&D Capitalised
Research and Development ($m)
IncreaseDecreaseTotal
Movement in Development Assets ($m)
29.8
5.0
(3.2)
31.6
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
FY19Additions
AmortisationH1 20
Continued investment in R&D critical to delivering reliability, scalability, quality and growth

20
GROUP CASH FLOW
Cash receiptsfrom customers
16.1
10.1
-
10.0
20.0
30.0
40.0
50.0
60.0
H1 19H1 20
37.6
(26.3)
(1.4)
-
(6.3)
(8.3)
(1.8)
(2.1)
2.8
(0.2)
Payments to employeesand suppliers
InterestpaidOther OperatingCash Flows
Investmentin PPE
Investment inIntangible Assets
Investment inContract Fulfillment Assets
Investment inCustomer Acquisition Assets
Net drawdown frombanking facilities
Other FinancingCash Flows
Increased
Decreased
Total
Cash position has reduced by $6m in the half year with elevated levels of investment in business systems and R&D
Investment in Intangible Assets
includes $3.3m of investment
in business systems

21
FREE CASH FLOWS
Free Cash Flows impacted by
investment in strategic initiatives
The Group expects to fund ongoing investment
in intangible assets with operating cash flows.
Operating cash flows will continue to improve
with continued growth and operating leverage.
In the short term, until the business becomes
Free Cash Flow positive, the Group expects
that investing cash flows will be able to be
funded by operating cash inflows and available
debt facilities.
Operating Cash Flows ($m)Investing Cash Flows ($m)
H2 19H1 19H1 20
(18.5)
(13.6)
(13.7)
7.3
9.9
7.1
H2 19H1 19H1 20
Free Cash Flows ($m)
(6.6)
(6.4)
(8.6)
H2 19H1 19H1 20
(20.0)
(15.0)
(10.0)
(5.0)
-
5.0
10.0
15.0
20.0
Operating Cash Flows:
• H1 19 included favourable
working capital movements
from improvements in debtors.
• H1 20 operating cash flows
include negative EBITDA of
$0.8m relating to AU market.
• Expensed $0.9m more R&D
than H1 19.
Investing Cash Flows:
• $8.3m investment in intangible
assets, an increase of $4.6m
on H1 19. $3.3m of which
relates to strategic investment
in business systems.
Development asset investment
was $5m, up $1.3m on H1 19.
• $6.3m PPE largely investment
in Hardware Assets.
• $3.9m investment in contract
fulfilment and customer
acquisition.
Free Cash Flows:
Free cash flows impacted by
investment in key strategic
initiatives:
• $0.8m EBITDA loss in
relation to AU market entry.
• $3.3m investment in
business and operating
systems.
• $2.2m higher R&D
compared to H1 19.

22
OUTLOOK
Steven Newman
Chief Executive Officer
22

23
SAFER, MORE PRODUCTIVE ROADS
EXTENDING THE PLATFORMSCALING FOR GROWTH CHOOSING TO GROW
Launched EROAD Fuel Tax Credit solution
in Australia market
Launched Texas Intrastate Ruleset and HOS
Recap in North America market improving
customer value proposition 
Launched MyEROAD Dashboard improving
retention and revenue 
EROAD Where to be launched in Q4 FY20
Largely completed our roll-out of new
generation of business systems and supporting
processes. This will be completed in the next
few months
Built further capability in sales and
customer support
12,990 new subscribers added in H1 20
Second Enterprise customer signed with 
1,650 units installed within nine weeks
Building acquisition capability in FY20 so
we are ready to execute in FY21 as the right
opportunities are identified 
Continue to review the appropriateness of our
capital structure and funding capacity
ENERGISED AND CAPABLE TEAM OF EROADERS
Creating Shareholder Value in FY20

24
• Consistent, solid growth is expected in the New Zealand
business for the remainder of FY20.
• Following the strong growth for North America in H1 20 with
the on-boarding of two large enterprise customers, further
growth in the second half is expected to be at a reduced rate
and predominantly come from the small to medium customer
run rate business.


•  In Australia, it is anticipated that some of the strong
enterprise pipeline will convert prior to the end of FY20.  In
addition, steady gains will be delivered in the small to medium
customer run rate business. 

• Will go live with new generation of business systems in H2 20.
This will deliver further operating leverage into FY21.
• Research and development cost is still anticipated to be
within the higher end of the 18 to 22% of revenue range
previously outlined.
• Operating expenses are anticipated to be several million
dollars higher in the second half of FY20 due to the full year
impact of new capability hires, an anticipated increase in
legal costs relating to the US patent claim, the costs
associated with the company’s share based payment scheme
as well as continuing capability hires in the product and
engineering functions as well as strategic partnering and
acquisitions.
H2 20 Outlook

25
Q&A
25

26
APPENDICES
Statement of Income (NZ$m)
SIX MONTHS ENDEDH1 20H1 19Movement
Revenue38.528.59.9
Expenses(26.6)(22.3)(4.3)
Earnings before interest, taxation,
depreciation and amortisation
11.96.25.7
Depreciation of Property, Plant & Equipment(4.0)(3.1)(0.9)
Amortisation of Intangible Assets
(3.6)(3.1)(0.5)
Amortisation of Contract and Customer Acquisition Assets(2.9)(2.3)(0.6)
Earnings/(loss) before interest and taxation
1.4(2.3)3.7
Net Financing Costs
(1.6)(1.3)(0.3)
Loss before tax
(0.2)(3.6)3.4
Income Tax benefit0.10.2(0.1)
Loss after tax for the year attributable to the shareholders
(0.1)(3.4)3.3
Other comprehensive income(0.2)(0.5)0.3
Total comprehensive (loss) for the year
(0.3)(3.9)3.6

27
AS AT PERIOD ENDH1 20FY19 Movement
Cash10.116.1(6.0)
Restricted Bank Account16.312.73.6
Costs to Acquire and Contract Fulfilment Costs5.34.60.7
Other11.410.50.9
Total Current Assets
43.143.9(0.8)
Property, Plant and Equipment3 7. 733.93.8
Intangible Assets3 7. 833.14.7
Costs to Acquire and Contract Fulfilment Costs5.14.80.3
Other7. 77. 50.2
Total Non-Current Assets
88.379.39.0
TOTAL ASSETS
131.4123.28.2
Payables to Transport Agencies16.312.53.8
Contract Liabilities10.010.00.0
Borrowings3 7. 534.62.9
Other Liabilities16.314.81.5
Total Liabilities
80.171.98.2
NET ASSETS
51.351.30.0
Balance Sheet (NZ$m)
APPENDICES
• Cash has reduced by $6.0m since 31 March
2019 and been utilised on investing in new
generation business systems, key research
and development projects, including EROAD
Where, and Australian market re-entry sales
and marketing activity.
• Intangible assets have increased due to
investment in new generation business systems
and capitalised development activity.

28
SIX MONTHS ENDEDH1 20H1 19Movement
Cash flows from operating activities
Other operating cash flows11.38.42.9
Interest paid(1.4)(1.3)(0.1)
Net cash inflow from operating activities9.97.12.8
Cash flows from investing activities
Property, Plant and Equipment (including hardware assets)(6.3)(6.3)(0.0)
Intangible Assets(8.3)(3.7)(4.6)
Contract Fulfillment and Customer Acquisition Assets(3.9)(3.5)(0.4)
Net cash outflow from investing activities(18.5)(13.6)(4.9)
Cash flows from financing activities
Bank loans2.86.7(3.9)
Other financings cash flows(0.2)0.3(0.5)
Net cash outflow from financing activities2.67.0(4.4)
Net increase/(decrease) in cash held
(6.0)0.4(6.4)
Cash at beginning of the financial period
16.121.9(5.8)
Closing cash and cash equivalents10.122.3(12.2)
APPENDICES
Cash Flow Statement (NZ$m)
• Investing cashflows in intangibles consist of
$3.3m of spend in new generation business
systems and an incremental amount of spend
on key research and development activity.
• Financing cash inflows have reduced period on
period as a net effect of amounts drawn down
to fund up front hardware and installation
costs from new sales, less scheduled loan
repayments.

29
SIX MONTHS ENDEDH1 20H1 19
Loss after tax for the six month period attributable to the shareholders(0.1)(3.4)
Add/(less) non-cash items
Tax asset recognised(0.1)(0.6)
Depreciation and amortisation10.58.5
Other non-cash expenses/(income)(1.4)(0.1)
Add/(less) movements in other working capital items:
Decrease/(increase) in trade and other receivables(0.9)1.3
Decrease/(increase) in current tax payables0.0(0.1)
Increase/(decrease) in contract liabilities0.10.3
Increase /(decrease) in trade payables, interest payable and accruals1.81.1
Net Cash from operating activities9.97.0
APPENDICES
Reconciliation of Profit to movement in cash (NZ$m)

30
-
12 24 36 48 60 72
Cumulative Cash & Accounting $
Months
Cumulative Free Cash Flows
Cumulative Accounting P&L
UPFRONT CASH OUTFLOWS:
•
Hardware & Accessory costs (for accounting
capitalised and depreciated over expected useful life –
72 months Hardware/36 months Accessories)
• Costs of Fulfilment - largely incremental installation
and shipping costs (for accounting capitalised and
amortised over initial contract term)
• Costs of Acquisition - incremental commission costs
(for accounting purposes capitalised and amortised
over initial contract term)
UPFRONT CASH INFLOWS:
•
Installation & Shipping Revenues 
RECURRING CASH INFLOWS:
•
Monthly Contracted Invoicing
• Recurring Cash Outflows
• SaaS Platform Costs
• Costs to Service and Support per unit
High-level example of incremental cash flows and
accounting impact of additional units:
• Example of 36-month rental contract
• Example assumes renewal of contract with same
hardware at end of initial 36-month term 
• Non-incremental Costs of Acquisition such as sales
salaries and marketing costs excluded from analysis.
These are expensed when incurred
Illustrative – Incremental Accounting & Cash Flows (per Unit)
APPENDICES

31
APPENDICES
• Annualised Growth in Units
Annualised growth in units is calculated as the growth in contracted units
from 31 March 2019 to 30 September 2019 multiplied by 2.
• Annualised Monthly Recurring Revenue (AMRR)
Annualised monthly recurring revenues (AMRR) a non-GAAP measure
representing monthly Recurring Revenue for the last month of the period
(September of $6.3m included in SaaS revenue), multiplied by 12. It provides
a 12 month forward view of revenue, assuming unit numbers, pricing and
foreign exchange remain unchanged during the year.
• Asset Retention Rate
The number of Total Contracted Units at the beginning of the 12 month
period and retained as Total Contracted Units at the end of the 12 month
period, as a percentage of Total Contracted Units at the beginning of the 12
month period.
• Automatic On Board Recording Device (AOBRD)
AOBRDs are electronic devices that can be used to automatically record
drivers’ hours of service.
• Costs to Acquire Customers (CAC)
Costs to Acquire Customers (CAC) are non-GAAP measures of costs to
acquire customers. Total CAC represents all costs sales & marketing related
costs. CAC Capitalised includes incremental sales commissions for new sales,
upgrades and renewals which are capitalised and amortised over the life of
the contract. All other CAC related costs are expensed when incurred and
included within CAC Expensed.


• Costs to Service & Support (CTS)
Is a non-GAAP measure of costs to support and service customers. Total CTS
represents all customer success and product support costs. These costs are
included in Administrative and other Operating Expenses reported in Note 3
Expenses of the Interim Financial Statements.
• Customer Retention Rate
Asset Retention Rate excluding contraction in existing customer Total
Contracted Units when customer remained with EROAD.
• Depot
EROAD’s web-based platform that allows customers to manage (and pay)
their RUC, WMT and fleet management services.
• Driver Vehicle Inspection Report (DVIR)
A report created by a driver identifying defects and safety risks to a
commercial vehicle.
• EBITDA
Is a non-GAAP measure representing Earnings before Interest, Taxation,
Depreciation and Amortisation (EBITDA). Refer Condensed Consolidated
Statement of Comprehensive Income in Interim Financial Statements.
• EBITDA Margin
Is a non-GAAP measure representing EBITDA divided by Revenue.
• Ehubo1 and Ehubo2 (GEN1 and GEN2)
EROAD’s first and second generation electronic distance recorder which
replaces mechanical hubodometers. Ehubo is a trade mark registered in New
Zealand, Australia and the United States.

Glossary\

32
• Electronic Logging Device (ELD)
An electronic solution that synchronises with a vehicle engine to
automatically record driving time and hours of service records.
• Free Cash Flows
Is a non-GAAP measure representing Operating cash flow and Investing
cash flow reported in the Statement of Cash Flows.
• Future Contracted income (FCI)
A non-GAAP measure which represents contracted Software as a Service
(SaaS) income to be recognised as revenue in future periods. Refer Revenue
Note 2 of Interim Financial Statements.
• Heavy Vehicle
A truck, or a truck and trailer, weighing over:3.5 tonnes in New Zealand
(required to pay RUC); 12 tonnes in Oregon (required to pay WMT); or 4.5
tonnes in Australia.
• International Fuel Tax Agreement (IFTA)
A cooperative agreement between all states (excluding Alaska and Hawaii)
of the United States, and the Canadian provinces, designed to make it
simpler for inter-jurisdictional carriers to report and pay fuel excise taxes,
requiring only one fuel licence to operate across multiple jurisdictions.
• International Registration Plan (IRP)
An agreement between all states (excluding Alaska, Hawaii and Washington
D.C.) of the United States, and the Canadian provinces, for the registration
of inter-jurisdictional vehicles. Registration fees are paid to a fleet’s base
jurisdiction, which then distributes them to other jurisdictions based on the
miles travelled in each member jurisdiction. Refer Revenue Note 2 in the
Interim Financial Statements.
• Monthly SaaS Average Revenue Per Unit (ARPU)
Monthly Software as Service (SaaS) Average Revenue Per Unit is a non-
GAAP measure that is calculated by dividing the total SaaS revenue for the
year reported in Note 2 of the Interim Financial Statements, by the total of
the TCU balances at the end of each month during the year.
• Recurring Revenue
The Software as a Service (SaaS) revenues EROAD recognises on a recurring
monthly basis in accordance with the groups revenue recognition policy.
• Road User Charges (RUC)
Charges payable under the New Zealand Road User Charges Act 2012 in
respect of the distance travelled by a RUC vehicle on a road. In New Zealand,
RUC is payable for heavy vehicles and all vehicles powered by a fuel not
taxed at source. The charges go towards the cost of repairing roads.
• Total Contracted Units (TCU)
Total Contracted Units represents the total units subject to a customer
contract and includes both Units on Depot and Units Pending Installation.
• Units on Depot
The number of EROAD devices installed in vehicles and subject to a service
contract with a customer.
• Units Pending Installation
The number of EROAD devices subject to a service contract with a customer
but pending installation.
• Weight-Mile Tax (WMT)
A mileage-based tax imposed on heavy vehicles according to a combination
of the number of axles and/or combined weight of the vehicle and the
number of miles driven in Oregon, USA.
APPENDICES
Glossary contd.

33
INTRODUCTION
TO EROAD

34
Our purpose is safer, more
productive roads
SAFER
• EROAD solutions have a direct impact on road
safety, reducing accident/incident rates and
saving lives
• Vehicle service and maintenance monitoring
ensures safer vehicles on our roads
• Our driver management services improve
driving behaviour
IMPROVED PRODUCTIVITY
• EROAD data insights help customers achieve
greater fuel efficiency and reduce emissions 
• Our analytics informs improved infrastructure
decisions
• EROAD solutions reduce compliance costs
and  improve on-road productivity
New Zealand reduction in speed
Frequency (events per 100km)
Posted Speed
TM
Overspeed Dashboard
TM
Drive Buddy
TM
47%
SPEED EVENTS
25
20
20152016201720182019
15
10
-
Driver Login
TM
Driver Leaderboard
TM
New Zealand reduction in speed
The above graph shows the reduction in speed events
over time as product enhancements have been added.

35
Every country is looking to solve the same transport issues
road safety
How do we pay for and
maintain roading infrastructure?
How do we improve
health and safety on roads?
How do we ensure
vehicles are fit for use?
•
How do we best
manage driver fatigue?

36
Our customers too have common problems to be solved
How do we manage our
fleets most effectively?
How do I manage my
drivers cost effectively
How do I keep my
business compliant?
How do I keep
my drivers safe?

37
road safety
ROAD USER CHARGING
• Weight-Mile Tax
•
R
oad User Charges
•

T
olling
COMPLIANCE
• Vehicle Compliance
•
Driv
er Compliance
•
Flee
t Compliance
COMMERCIAL SERVICES
• Tracking
•
F
uel Management
•
Driv
er Behaviour
•

Servic
e & Maintenance
STRONG FOUNDATIONAL PLATFORM
(regulatory telematics)
COMMERCIAL SERVICES
• Tracking
•
F
uel Management
•
Driv
er Behaviour
•

Servic
e & Maintenance
GENERAL FLEET
MANAGEMENT COMPANIES
EROAD delivers
additional value
To p
down
We pioneered regulatory telematics
providing a solid foundation for our unique customer value proposition

38
We pioneered regulatory telematics
This is why we are the experts in easy compliance, improved safety & easy fleet management
CUSTOMER
CENTERED
Our solutions help run
a safer business
ONE
SOURCE
One platform delivering
intuitive, multiple services
RELIABLE
ACCURACY
First to receive independent
verification (ELD, NA)
EASY
TO USE
“Better than the 30 other
devices we tried”
Solving customer problems using
four pillars of products and services

39
FLEET MANAGEMENT
2009 / Launch
2019 / Present
TAX COMPLIANCE
AUTO RUC
OFF-ROAD
CLAIMS
HEALTH & SAFETY
LEADERBOARD
DRIVER
INSIGHT
SPEED
MONITORING
IFTA
EASY FILE
ELECTRONIC
IRP
ELECTRONIC
OREGON WMT
ELECTRONIC
OREGON RUAF
IFTA FUEL
TRIP RECORDS
EASY-TO-USE
ELD
FRINGE
BENEFIT TAX
DRIVER
CERTIFICATIONS
ELECTRONIC
LOGBOOK
EROAD
SHARE
E-TRACK
WIRED
ASSET
TRACKER
ROAD SAFETY
PROOF OF
SERVICE
MyEROAD
DASHBOARD
TRIP
INVESTIGATOR
PARTNER
INTEGRATIONS
DAILY FLEET
ACTIVITY
GEOFENCE
SITE ACTIVITY
FUEL
MANAGEMENT
IDLE
REPORT
SERVICE SCHEDULING
AND ALERTS
SERVICE
RECORD HISTORY
OUTSOURCED REPAIR
SERVICE ACCESS
DAILY DRIVER
ACTIVITY
FUEL TAX
CREDITS
EROAD
U Book-it
SPEED
MONITORING
EROAD
ANALYTICS
SAFETY EVENT
MONITORING
CHAIN OF
RESPONSIBILITY
INTEGRATED
DVIR WORKFLOW
Building out product solutions to solve these problems

40
10%
10%
10%
60%
10%
15%
25%
10%
TARGET
R&D SPEND
CUSTOMER
FACING
Reliability, Availability,
Serviceability and Scalability
Quality/Bugs
Unplanned Enhancements
Learning/Future
New to World
New to EROAD
Planned Enhancements
R&D Investment profile
18% – 22% investment in R&D
We spend 60%
on customer facing
products and services

41
Research by CJ O’Driscoll & Associates has
estimated the commercial telematics market in
North America has grown by 265% during the
past ten years.
McKinsey & Company estimates the value of
telematics could be as large as $750 billion by
2030 with no country reaching adoption rates
that exceed 20% (US – 20%, Italy 17%, Australia
3% and NZ 1%).
Global commercial telematic CAGRs are
estimated at 18%-21% between 2018 and 2024.
Main drivers are:
• Regulatory change (H&S, COR, Driver Fatigue)
• Operational improvements from integration to
back office systems (Payroll, dispatch, logistics
management)
• Data insights, benchmarking and predictions
• More customer solutions, and connected
devices
Heavy Vehicles
120k
Light Commercial Vehicles
500k
NEW ZEALAND
Heavy Vehicles
700k
Light Commercial Vehicles
2.9m
AUSTRALIA
IFTA & IRP Services
2.9m vehicles
ELDs HOS Interstate only
3m vehicles
NORTH AMERICA
Oregon WMT
306k vehicles
CURRENT MARKETS
EROAD 11.3%
TOTAL
NZ MARKET
(620k Vehicles)
Total Addressable Market (TAM)
EROAD is operating in a large
and growing market

42
051015202530
TeleTrac Navman
PeopleNet
GPSTrackIt
MiX Telematics
NexTraq
Synovia Solutions
Agilis (LinxUp)
Geotab
GPS Insight
Verizon Connect
TomTom Telematics
Fleet Complete
EROAD
Zonar Systems
ORBCOMM
Azuga
KeepTruckin
J.J. Keller
Samsara


Years to reach
100k units
Years to grow
from 100k units
to 250k units
• The true race we are in is with other telematic
competitors who operate in our markets.
• We know from the C.J. Driscoll research their growth
performance and can set growth targets for ourselves. 
• 28 telematics providers operating in North America,
Australia and New Zealand have achieved the 100,000
subscriber vehicle milestone. On average achieved in
12 years. EROAD achieved this milestone in 9 years.
• 13 telematics providers have achieved the 250,000
subscriber vehicle milestone taking an average further
3.2 years to achieve. High growth rates were achieved
through acquisition (of product gaps or subscriber
base), large R&D spend, and significant marketing
investment.
• Of the 15 telematic providers than have not achieved
the 250,000 milestone, 5 have been acquired or
merged. The balance of 10 (excluding EROAD) have
an average estimated fleet size of 143,000 and an
average estimated run rate of 17,000 per year.
• Based on H1 20 contracted unit growth we will achieve
the 250,000 contracted unit target in six years. Our
challenge is to get there faster.
“What race we are in?”
Years to reach 100k and 250k units

43
PRIVACY AND
CYBER SECURITY
RESPONSIBLE
MANUFACTURING
WAST E
REDUCTION
• Designed for privacy and security
• Data centre and network architecture built to
meet the requirements of the most security-
sensitive organizations
• Independently audited annually for IT security
• EROAD operates in partnership with AWS
security to leverage AWS expertise
• We have evaluated our supply chain against
human rights and sustainable manufacturing
criteria
• Our manufacturing partner participates in
Carbon Disclosure Project to reduce CO2
emissions
• Our supply chain improvements have reduced
reliance on international freight
• We remanufacture/ refurbish ≈1500 units per
month using recycled components
• In FY19 we reclaimed 287kg of LiSOCl2
batteries and 48kg of PCB boards
• Manufacturing scrap levels have reduced by
67% since 2017
• We follow NZ Ministry for the Environment
guidance on minimising electrical and
electronic equipment waste
We act with environmental and social responsibility

44
SAFER, MORE PRODUCTIVE ROADS
EXTENDING THE PLATFORMSCALING FOR GROWTH CHOOSING TO GROW
Recognised pioneer in regulatory telematics 
Unique and compelling product, driving growth
and retention of customer base 
Product enhancements delivering further
retention and increased ARPU
Market leader in New Zealand, emerging in
North America and launching in Australia
Strengthened leadership team and deepened
capabilities in key areas
Invested to strengthen systems capability to
support growth aspirations
Continued high level of innovation and
investment in R&D
Achieved critical milestone of 100,000
subscribers, now aiming for 250,000+
Cashflow and debt facilities to fund
organic growth
Seeking opportunities to acquire
complementary businesses
Poised to become a global leader in vehicle
telematics
ENERGISED AND CAPABLE TEAM OF EROADERS
Creating Shareholder Value

45
GLOBAL HEAD OFFICE
AND ANZ HEADQUARTERS
2
60 Oteha Valley Road, Albany
Auckland, New Zealand
w
ww.eroad.co.nz
NORTH AMERICAN
HEAD OFFICE
7
618 SW Mohawk Street
Tualatin, OR 97062, USA
w
ww.eroad.com
AUSTRALIA
Level 36, Tower 2, Collins Square
727 Collins Street, Docklands
VIC 3008, Australia
www.eroad.com.au
NZX: ERD • investors@eroad.com • eroadglobal.com/investors
For further information please contact:
Alex Ball, Chief Financial Officer
alex.ball@eroad.com • 029 772 5631

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
TEL +64 9 927 4700 PO Box 305 394
FAX +64 9 927 4701 Triton Plaza, North Shore 0757 Page 1
FREE 0800 4 EROAD Auckland, New Zealand eroad.co.nz
22 November 2019
Results for announcement to the market
Name of issuer Eroad Limited
Reporting Period 6 months to 30 September 2019
Previous Reporting Period 6 months to 30 September 2018
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing operations $38,496 up 35%
Total Revenue $38,496 up 35%
Net profit/(loss) from continuing
operations
($106) Loss down 97%
Total net profit/(loss) ($106) Loss down 97%
Interim/Final Dividend
Amount per Quoted Equity Security No dividend declared
Imputed amount per Quoted Equity
Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per Quoted Equity
Security
$0.20 $0.35
A brief explanation of any of the figures
above necessary to enable the figures
to be understood
For commentary on the result, please refer to the Interim Report for the
six months ended 30 September 2019.
Authority for this announcement
Name of person

authorised to make
this announcement
Alex Ball
Contact person for this announcement Alex Ball
Contact phone number +64 29 772 5631
Contact email address alex.ball@eroad.com
Date of release through MAP

22 November 2019

Unaudited financial statements are contained in the Interim Report for the six months ended
30 September 2019 that accompanies this announcement.