FY23 Results Delivered In Line With Guidance

Market Release 24 May 2023

Strategic discipline pays off: FY23 results in line with guidance
as management executes new plan

Transportation technology services company EROAD Limited (NZX/ASX: ERD), with its purpose of
‘delivering intelligence you can trust, for a better world tomorrow’, today released its financial
results for the 12 months ended 31 March 2023.
All numbers are stated in New Zealand dollars (NZ$) and relate to the 12 months ended 31 March
2023 (FY23), comparisons relate to the 12 months ended 31 March 2022 (FY22), unless stated
otherwise. FY23 includes a full 12-month contribution from Coretex, while FY22 figures include a
four-month contribution from Coretex.
Financial Highlights
• Normalised revenue of $165.3m was above guidance ($159m to $164m). Reported
Revenue increased from $114.9m in FY22 to $174.9m for FY23 ( 52% increase). This reflects
a full 12-month contribution from Coretex and is normalised for a one-off acquisition
accounting adjustment of $9.6m relating to the Coretex merger. Growth in revenue was
delivered across all markets.
• EBIT improved from a loss of $7.2m in FY22 to a profit of $1.7m, reflecting the recognition
of one-off acquisition revenue and integration costs. Normalised for those one-off items,
EBIT is a loss of $4.5m at the midpoint of the company’s guidance (loss between $3m and
$6m).
• Annualised Monthly Recurring Revenue increased by $19.1m (14.2%). From $134.6m in
FY22 to $153.7m in FY23, reflecting growth across all markets and a FX benefit of $8.6m.
• Free Cash Flow improved from an outflow of $45.1m in FY22 to an outflow of $29.9m in
FY23. This included a clear improvement throughout the year, with the 1H23 FCF outflow of
$21.7m effectively halving to $8.2m in 2H23. Available liquidity (debt facility headroom +
cash) was $27.5m at the end of March 2023.
Operational Highlights
• Asset Retention remains high at 94.8% in FY23 (NZ 96%; AU 97%; NA 93%).
• Key client wins during the year included Sysco in North America (over 9k connections),
Fonterra in New Zealand (taking the full product suite including cameras, Ehubo, and
satellite), and the renewal of ABC in North America (6k connections).
• Following a strategic review which commenced in November 2022, management is
targeting positive FCF by FY26 by right sizing the cost base and better capitalising on
significant growth opportunities in its key markets. EROAD achieved $10m (annualised) of
cost out in FY23.

Outlook & Guidance
• FY24 Revenue guidance of $175m to $180m (growth of between 6-9%)
• FY24 EBIT guidance of $0m to $5m (normalised for accelerated 3G replacement program)
• Cost-out program to continue with an additional $10m (annualised) targeted for FY24
• FY24 R&D spend guidance of $30m
• Looking ahead, EROAD reaffirms its expectation to be Free Cash Flow neutral by FY25 and
Free Cash Flow positive by FY26, while staying within a $90m debt facility.
• Goldman Sachs review is ongoing: EROAD has undertaken a review to help identify
partnership options to contribute some combination of market access, expertise and capital
to drive further growth in the North American market.
“Our dedication to strategic discipline and execution in FY23 has paid off,” said Mark Heine, Chief
Executive Officer. “I am proud to report that our financial results have met the market guidance we
provided 12 months ago, demonstrating our commitment to delivering on our promises. I continue
to believe EROAD is building the right foundations for future growth. As a result of our strategic
business model review, we are shifting to a segmented customer service model, refining R&D
priorities, right-sizing the cost base while growing revenues and focusing on differentiating to win
Enterprise clients in North America. We have a highly motivated, refreshed and talented team and
we can successfully execute this strategic approach within our current funding headroom.”
EROAD Chair Graham Stuart said: “After a difficult year the Board remains firmly focused on
surfacing shareholder value, with this effort spearheaded by an in-depth strategic review aimed at
assessing where EROAD could do business better. While this process involved some tough
decisions, we were pleased to see the results of this become apparent during the second half of
FY23. We believe the steps taken over the past year have put EROAD firmly on the path to
sustainable earnings growth and Free Cash Flow positive by FY26.”

ENDS

Authorised for release to the NZX and ASX by EROAD’s Board of Directors.

Webinar details

EROAD’s Chief Executive Officer, Mark Heine, and Chief Financial Officer, Margaret Warrington, will
give a presentation on the company's financial and operational performance for FY23 via a
teleconference commencing on Wednesday 24 May 2023 at 12:00pm NZT.

Register in advance for this webinar:
When: Wednesday 24 May 2023
Time: 12:00pm NZT
Topic: EROAD FY23 Results Announcement
Link: https://us02web.zoom.us/webinar/register/WN_UidXXi6jTI-lTw9WTFkZFg

After registering, you will receive a confirmation email containing information about joining the
webinar. A replay of this conference call will be available once it has been uploaded to the EROAD
website under ‘presentations’ on https://www.eroadglobal.com/global/investors/

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 have used are Annualised Monthly Recurring Revenue (AMRR),
Costs to Acquire Customers (CAC), Costs to Service & Support (CTS), EBITDA, Normalised EBITDA,
EBITDA margin, Normalised EBITDA margin, Normalised Revenue, Free Cash Flow and Future
Contracted Income (FCI).








For Media enquiries please contact:
Hugo Shanahan
Hugo@shanahan.nz
Investor enquires please contact:
Matt Gregorowski
Citadel-MAGNUS
+61 422 534 755
mgregorowski@citadelmagnus.com

---

EROAD (NZX: ERD ASX: ERD)
FinancialResults
For the 12 months ended 31 March 2023 (FY23)
24 May 2023

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.
All number relate to the 12 months ended 31 March 2023 (FY23) and
comparisons relate to the 12 months ended 31 March 2022 (FY22),
unless otherwise stated. All dollar amounts are in NZD, unless
otherwise stated.
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,
EROAD or its subsidiaries, directors, employees, agents or advisers (to
the maximum extent permitted by law) do not give any warranty or
representation (express or implied) as to the accuracy, completeness
or reliability of the information contained in it or take 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
can be found in the Glossary on page 32 of this presentation.
PAGE 2

Agenda
1.FY23 Result Overview
•Operational Overview & Key Metrics
•Geographic
•Financial
•Hardware Replacement & Integration
2.EROAD Strategy
•Key Market Opportunities
•Strategy
•Cost Out
3.Outlook & Guidance
MARK HEINE, CEO
MARGARET WARRINGTON, CFO
PAGE 3

Key Highlights
Reported revenue $174.9m
+52.2% vs pcp
Normalised Revenue
1
$165.3m
Slightly above guidance range
of $159-164m
$20m Cost-out
$10m (annualised) completed in FY23,
additional $10m (annualised) targeted
in FY24
Reported EBIT $1.7m
Normalised EBIT
1,2
$(4.5)m
Midpoint of guidance range
of $(6)–(3)m
FCF
3
$(29.9)m
Cash burn reduced from $4.2m/mth
in H1 FY23 to $1.8m/mth in H2 FY23
R&D $37.2m
23% of normalised revenue
Future contracted income
$219.6m
Increased 16% in FY23
Asset retention 94.8%
Improvement on FY22 93.4%
FY23 RESULTS IN LINE WITH GUIDANCE GIVEN IN MAY 2022, WITH CASH BURN
IMPROVING IN H2 FY23
AMRR $153.7m
+14.2% vs pcp
Unit net adds 18,452
Growth of 8.8% YoY
1. Normalised for $9.6m for accounting adjustment related to contingent consideration . 2. Normalised for integration costs of $3.4m. 3. Free Cash Flow to the firm normalised for Coretex acquisition payments
and excludes financing costs
PAGE 4
FY23 Results In Line With Guidance
Strategic Discipline Pays Off

01
FY23
Result Overview
PAGE 5

Operational Overview
Refreshed strategy
•Outputs of November review: right-size the cost base; move to generate positive FCF; better capitalise on
growth opportunities in key markets
•Strategic review announced at March investor day, with Goldman Sachs appointed, is ongoing and aims to
evaluate a number of options: aim to accelerate North America strategy via partnership options
Financial headroom to execute on strategy
•Cost savings of $10m (annualised) achieved in FY23 with additional $10m (annualised)targeted in FY24
•Normalised cash burn reduced to $1.8m/month in H2 FY23 (from $4.2m in H1 FY23)
•Liquidity of $27.5m available via credit facility headroom and cash to execute on strategy
Refreshed management team
•CEO Mark Heine, CFO Margaret Warrington, President NA and CIO Akinyemi Koyi, and EGM ANZ Konrad
Stempniak
•COO Aaron Latimer is returning to EROAD; CPO Shelley Prentice started in April; Chief Transformation
Officer Steen Andersen started in February, New CTO joining Q1 FY24
•Chief Sustainability Officer Craig Marris & Chief Data Science Officer Dean Marris promoted internally
Key enterprise accounts won or retained
•Won Sysco in North America (over 9,000 connections)
•Won Fonterra in New Zealand taking full product suite (cameras, Ehubo, and satellite)
•Renewed ABC in North America (6,000 connections)
CREDIBLE RESULTS AND CAPABLE OF DELIVERING ON STRATEGY
PAGE 6

Key Metrics
FOCUSED EXECUTION DELIVERS GOOD RESULTS AGAINST REFRESHED STRATEGY
* Annualised monthly recurring revenue includes positive FX impact of $8.6m
Goal MetricFY22FY23StrategyFY26 Targets
SaaS
Quality
AMRR*
$134.6$153.7Grow customer base in-line with market growth
11% – 13%
CAGR
Churn
7%5%Maintain historical churn rate5% – 7%
Average Lease
Duration Remaining
(years)
1.41.3
Rebalance toward longer-dated enterprise
contracts
1.5 – 2.0
InvestmentR&D as % of revenue
28%23%Focus on projects with near-term ROI13% – 15%
ReturnFree Cash Flow Margin
-39%-18%Improve cash efficiency and drive NA growth9%+
PAGE 7

Revenue& EBIT
Operating Costs
2
1
Revenue normalised for $9.6m in FY23 and $1.3m in FY22, respectively, relating to accounting adjustment for contingent consideration
2
Operating costs normalised for transaction and integration costs of $3.4 in FY23 and $7.6m in FY22, respectively
3
EBIT normalised for contingent consideration of $9.6m in FY23 and $1.3m in FY22 respectively, and integration costs of $3.4m in FY23 and $7.6m in FY22 respectively
Normalised Revenue
1
81.2
91.6
113.6
165.3
FY20FY21FY22FY23
The cost-out program achieved
$10m of annualised cost savings in
FY23, albeit with Personnel costs
rising given the inclusion of Coretex
expenses.
Normalised revenue of $165.3m was
slightly above FY23 guidance range
($159-164m)
Normalised EBIT
3
Normalised EBIT of $(4.5)m was at the
midpoint of the FY23 guidance range
($(6)-(3)m)
4.5
5.1
-0.9
-4.5
-7
-5
-3
-1
1
3
5
7
FY20FY21FY22FY23
54.1
61.2
86.3
126.3
FY20FY21FY22FY23
Guidance
(159 to 164)
Guidance
(-6 to -3 )
FINANCIAL RESULTS HAVE DELIVERED ABOVE GUIDANCE, FULFILLING
OUR COMMITMENT TO DELIVERING ON OUR PROMISES
PAGE 8
$m$m$m

New Zealand
CASH GENERATIVE MARKET WITH A FOCUS ON MULTI-PRODUCT ADOPTION
FY23 NZ Developments
•1,092 customers renewed
their plans with EROAD,
representing a total of 28,631
units renewed for another
term
•Enterprise customers
Bidfood (735), Higgins (496)
renewed their contracts
•Won Fonterra with a whole-
of-fleet solution (total of
500+ units), with 50 units
installed in FY23
14,803
14,717
11,387
9,539
FY22FY23
Gross Units AddedNet Units Added
PAGE 9
Net unit adds 9,539
Growth of 8.9% YoY
Asset Retention Rate
95.9%
(FY22: 97.3%)
1,556 Customers added
services
(13,387 subscriptions)
Monthly SaaS ARPU
NZ$55.70
Decline of 1.3% YoY reflecting Coretex’s
higher weighting to purchased
hardware model
EBITDA NZ$53.7m
Growth of 18.8% YoY

FY23 AU Developments
•51 customers renewed their
plans with EROAD,
representing a total of 1,166
units renewed for another term
•Enterprise customer Jim
Pearson Transport renewed
their contract representing
600+ units
•Accelerated amortisation
recognised following notice of
termination from a 1,500 unit
customer
3,823
1,985
3,357
1,537
FY22FY23
Gross Units AddedNet Units Added
Australia
OPPORTUNITIES TO LEVERAGE TRANS TASMAN FLEETS REMAINS A FOCUS
PAGE 10
Unit net adds 1,537
Growth of 10.9% YoY
Asset Retention Rate
97.0%
(FY22: 88.4%)
290 Customers added
services
(1,699 subscriptions)
Monthly SaaS ARPU
A$42.27
Growth of 15.2% YoY
[FY22 was A$36.69]
EBITDA NZ$2.2m
Growth from $0.1m in FY22

11
FY23 NA Developments
•110 customers renewed their
plans with EROAD, representing
a total of 7,185 units renewed for
another term
•Major enterprise customer ABC
renewed their contract
representing 6,000+ units
•Won Sysco (total of 9,000+ units),
with 1,038 number of units
installed in FY23
•Churn includes fleet resizes for
channel customers who own
their hardware on evergreen
contracts (approx. 2k units)
•The SMB customer base
represents a majority of the
churn with only one enterprise
customer lost (approx. 900 units)
North America
SOLID GROWTH WITH MOMENTUM BUILDING IN OUR ENTERPRISE FOCUS
9,118
15,394
1,617
7,376
FY22FY23
Gross Units AddedNet Units Added
Net unit adds 7,376
Growth of 8.4% YoY
Monthly SaaS ARPU
US$36.65
Decline of 6.1% YoY reflecting Coretex’s
higher weighting to purchased
hardware model
Asset Retention Rate
93.2%
(FY22: 84.2%)
404 Customers added
services
(2,625 subscriptions)
EBITDA NZ$18.1m
Growth of 93% YoY following
acquisition of Coretexin FY22

Operational Efficiency
MANAGEMENT FOCUS ON GAINING EFFICIENCY ACROSS ALL COST MEASURES
4.6%
6.4%
5.9%
FY21FY22FY23
Cost to support & service
as a % of revenue
Customer acquisition cost (CAC)
per unit
11%
11%
11%
2%
3%
2%
13%
14%
13%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
FY21FY22FY23
CAC expensedCAC capitalised
$451
$587
$690
FY21FY22FY23
Cost to acquire customers
as a % of revenue
Higher cost per unit in FY23 reflects the
lag between the costs spent to acquire a
customer and the recognition of a new
unit added following installation. This is
particularly pronounced with large
enterprise wins.
Our underlying costs increase in line
with revenues following the
acquisition of Coretex.
The decline over the prior year reflects
savings from driving efficiencies and
the cost-out program.
PAGE 12

0%
7%
3%
2%
4%
2%
5%
14%
46%
1%
2%
2%
3%
4%
5%5%
16%
40%
Bad Debts
Integration /
Transaction costs
Sales & Marketing
Professional services
Software & Systems
COGS and Warranties
Administrative
Saas
Personnel
FY22FY23
Operating Costs
COST-OUT PROGRAM HAS HELPED TO RE-ALIGN COST BASE FOR IMPROVED PROFITABILITY
$m
Operating cost as a % of normalised revenue
1
Cost-out program estimated impact on Personnel costs
Personnel Costs driven by Coretex (pcp includes only four
months), partially offset by cost-out. Annualised cost-out for FTE
estimated to be $9.6m
Full impact of FY23 savings should allow EROAD to grow revenue while holding operating costs at current levels
PAGE 13
COGS increased due to the higher proportion of hardware sales
following acquisition of Coretex
1
Revenue normalised for $9.6m in FY23 and $1.3m in FY22, respectively, relating to accounting adjustment for contingent consideration

Cash Flow Bridge
CASH FLOWS IMPROVED SIGNIFICANTLY OVER THE COURSE OF FY23
& CONTINUE IN RIGHT DIRECTION
-14.6
-30.5
-21.7
-8.2
-50
-45
-40
-35
-30
-25
-20
-15
-10
-5
0
H1 FY22H2 FY22H1 FY23H2 FY23
Free cash flow to the firm
1
FY22 to FY23
EBITDA increased due to full year of Coretex results, organic growth of 18k units, and operating cost savings ($3.5m impact in the period). The full
impact of FY23’s cost-out program will impact FY24 and is expected to be partially offset by inflationary impacts and investment in North America.
R&D increased due to temporarily higher spending related to integration of the Coretex and EROAD platforms. R&D is budgeted to reduce from $37.2m
in FY23 to ~$30m in FY24 as integration is completed and efficiencies created.
PP&E remained flat as investment in inventory in the prior year was utilised for new units in the current year. It is expected that as EROAD grows and
the 3G replacement program accelerates, inventory (assets under construction) will decrease over FY24.
Cost-out program driving improvement in free cash flow
to the firm
1
$m
$m
PAGE 14
1
Normalised for Coretex acquisition payments

Debt
REDUCING CASH BURN STRENGTHENS FUNDING CAPACITY AND STRATEGIC PLANS
CAN BE EXECUTED WITHIN $90M DEBT FACILITY
Consistent cash burn improvement and total liquidity of $27.5m allow EROAD to fund strategic goals within its existing capital structure.
EROAD remains compliant with all debt covenants for its $90m syndicated credit facility.
Sufficient liquidity to fund strategic planNormalised
(1)
monthly cash burn has improved
$m
4.2
1.8
0
2
4
6
8
10
H1 FY23H2 FY23
$m
(1) Normalised for $8.5m contingent consideration related to the Coretex transaction, paid in December 2022.
PAGE 15

R&D
R&D % OF REVENUE IMPROVES AS RE-FOCUSING INITIATIVES DRIVE EFFICIENCY
Research & Development decreasing as % of revenue on strategic shift
Commentary
•Total R&D spend of $37.2m in
FY23 is inclusive of a full year
of Coretex’s results and
temporarily elevated
integration spend.
•Integration related R&D work
was $8.1m in FY23, of which
$7.7m was capitalised.
•R&D of $30m in FY24
equates to 17% of the mid-
point of FY24 revenue
guidance ($175-180m).
8.39.613.123.725.5
5.1
6.0
8.2
8.0
11.7
13.4
15.6
21.3
31.7
37.2
30.0
22%
19%
23%
28%
23%
17%
0%
5%
10%
15%
20%
25%
30%
0
5
10
15
20
25
30
35
40
FY19FY20FY21FY22FY23FY24G
R&D - CapitalisedR&D - ExpensedR&D % of revenue (RHS)
$m
PAGE 16

Upgrades to ANZ network
•With One New Zealand (formerly Vodafone New Zealand) turning off its 3G service in August 2024,
EROAD is accelerating the swap-out of older model products over a 2-3 year period.
•Telstra Australia will be turning off its 3G network in June 2024.
•Requires $25-$30m total investment of which $5-$7m is COGS and program operating costs; current
inventory includes ~$6m of finished goods and componentry to facilitate replacement hardware.
•~$7-$9m of hardware cash flows would have been incurred through normal unit exchange program over
the 2-3 year period with the remainder related to bringing future renewal events forward.
FY23 Progress and FY24 Expectations
•As at 8 May, 37% of all units in ANZ were 4G compatible.
3G Hardware Replacement
UNIT REPLACEMENT PROGRAM PROGRESSING TO PLAN,
WITH 37% OF ALL UNITS IN ANZ ALREADY 4G COMPATIBLE
PAGE 17
NZ$mFY24FY25FY26
Expected investment
(Hardware + Program costs)
$11–$13m$8–$10m$5–$7m
Accelerated replacement program costs are one off and relate specifically to the 3G Network shutdown

Integration Progress
INTEGRATION WITH CORETEX REALIGNED TO STRATEGIC PRIORITIES
& PROGRESSING WELL
Background
•Following the acquisition of Coretex in December 2021,
integration was planned within 12-18 months initially focused on
promoting the Coretex 360 platform and CoreHub hardware
solution as EROAD’s next generation product in NA to drive sales
momentum
Progress update
•We have created a comprehensive integration platform that
enables us to sync data and product features across both
platforms, including telematic data
•This new integration platform enables us to share the best of
capabilities across existing EROAD and Coretex customers. This
approach enables us to advance toward a single set of products,
features and user experience
•Due to realignment of strategic priorities, some of the
integration streams are now planned to complete outside of the
initial 18 month window
•Focus has remained on the areas of integration which allow us to
seize opportunities presented by the customer and market
INTEGRATION STREAMPROGRESS
Personnel
Complete
Locations & Assets
Complete
Integrated product platform
Complete
Sales Backoffice / Systems
Complete
Data ingestion engine
On track
Brand Retirement
On track
Operational Backoffice / Systems
Paused
PAGE 18

PAGE 19
02
Strategy
Update

Repositioning To Generate Cash & Drive Growth
RIGHT-SIZING THE FOUNDATIONS TODAY ALLOWS EROAD TO SCALE EFFICIENTLY,
RESPOND TO MARKET DRIVERS QUICKER AND BE MORE AGILE TO CUSTOMER NEEDS
PLATFORM
TODAY
Multiple solutions
supporting range
of offerings,
custom builds for
large fleets
Development of
software &
hardware, with
long time to
market (1yr+)
PLATFORM
TOMORROW
Scalable platforms
centred around
verticals supporting
fast customisation
More focus on
software
development for
scalability, quicker
time to market (<8
months)
PAGE 20

Strategy Timeframe
Turnaround the core
Future Growth
Approach
Corporate overhead reductionEfficiency in ANZ / Growth in NAGrowth in NA Verticals
Timing
FY23FY24~3-5 years
Headcount reduction
Overhead expense reduction
Value focus
Customer service segmentation
Accelerated replacement program
execution
Product stabilisation and
simplification
Rollout Sysco and retain North
American enterprise customers
Ongoing cost-out
Growth in large enterprise customer
base
Capitalise on sales and product
improvements made
Rationalisation of cost base
Economies of scale on development,
other functions
Annualised
savings
$10m completed$10m targeted
OPTIMISING BUSINESS OPERATIONS UNDERWAY, AFTER WHICH RESOURCES
CAN BE DEPLOYED TO ACHIEVE SCALEABLE GROWTH
PAGE 21

Cost-out Program
•Product simplification
•Consolidate product suite and eliminate
duplication
•Corporate efficiency
•Streamlining processes and systems
•Focus on return on investment
•Supplier renegotiation
•Merger has created opportunities to
negotiate joint contracts
•Contract manufacturing cost reductions
•Expense rationalisation
•Discretionary travel, computer subs, and
other expenses
FY24: Targeted $10m (annualised) cost-out
•Right-sized personnel
•Reduced actual and planned positions
(approximately 75 FTE)
•Reduced sub-contractor spend
•40% reduction in run-rate spend
•Property footprint reduction
•Closed Portland, OR office and
consolidated Albany, NZ site
•Optimised mobile data usage
•Negotiated alternative cellular pricing
for our camera product
•Negotiated data plan more in-line with
our merged consumption pattern
•De-prioritised business systems investment
•Removed low-priority business systems
FY23: Completed $10m (annualised) cost-out
ALREADY HALFWAY THROUGH COST-OUT PROGRAM,
WITH TARGETED PLANS FOR THE REMAINING $10M
PAGE 22

03
Trading Update &
Outlook
PAGE 23

Outlook & Guidance
North America strategic partnership update
•EROAD has undertaken a review to identify partnership
options to contribute a combination of additional market
access, expertise and capital to gain further growth in the
North American market.
•The review is currently ongoing as the company evaluates a
number of options. We will provide further updates to the
market when appropriate.
Guidance
•FY24 revenue guidance announced:
•Revenue growth of between 6 – 9%
•Cost-out program to continue
•EBIT of $0m to $5m normalised for accelerated 3G replacement
program
Free Cash Flow neutral by FY25, positive by FY26
•Implementation of refreshed strategy will
provide pathway to sustainable, profitable growth.
FY24 Guidance
Revenue$175m –$180m
Normalised EBIT$0m to $5m
R&D spend$30m
COMMITTED TO DELIVERING A PATH TO SUSTAINABLE,
PROFITABLE GROWTH
PAGE 24

04
Appendix
PAGE 25

Statement of Income
Revenueincreased $60m primarily due to the inclusion of
a full year of Coretex revenue versus only four months in
the prior year.
Strength of the USD has resulted in increased revenue of
approximately $7.5m.
The change in the commercial model through the
Coretex acquisition resulted in revenue of $6.3m of
outright hardware sales with no term being recognised in
the year (rather than spread over 3 years if sold under the
EROAD rental model).
EBITDAincreased $24.2m on the benefit of cost
reductions in the second half of this financial year with
operating expenses increasing year on year tracking lower
than revenue growth.
D&A increased $15.3m on the additional units and
intangibles from the acquisition of Coretex depreciated
for a full 12 months as well as unit growth during FY23.
Amortisation expense in FY23 includes accelerated
amortisation of $0.9m to reflect the impact of an
enterprise customer churn
Interestincreased $3.6m in line with increased borrowing
in the period as well as movements in the interest rates
and the recognition of $0.8m for the discount unwind of
the cash contingent consideration in the period.
NZ$mFY23FY22Change ($)
Revenue174.9114.960.0
Operating expenses(129.7)(93.9)(35.8)
Earnings before interest, taxation,
depreciation and amortisation
45.221.024.2
Depreciation of property, plant and
equipment
(17.2)(10.4)(6.8)
Amortisation of intangible assets(17.9)(11.0)(6.9)
Amortisation of contract and customer
aquisition assets
(8.4)(6.8)(1.6)
Earnings/(loss) before interest and taxation1.7(7.2)8.9
Net financing costs(6.8)(3.2)(3.6)
Profit/(loss) before tax(5.1)(10.4)5.3
Income tax benefit/(expense)2.10.81.3
Profit(loss) after tax for the period
attributable to the shareholders
(3.0)(9.6)6.6
Items that are or may be reclassified
subsequently to profit or loss
2.7(0.3)3.0
Total comprehensive income / (loss) for the
period
(0.3)(9.9)9.6
PAGE 26

Cash Flow Statement
Operating CF increased $15.5m primarily due to the
inclusion of a full year of Coretex results versus only four
months in the prior year and organic growth.
Investing CF decreased $61.8m on the acquisition of
Coretexin the prior year comparable period.
Investment in intangible assets reflects the 12 months
of integration activity versus only four months in the
prior year.
Financing CF decreased $39.9m on the equity raise to
partially fund the acquisition of Coretexin the prior year
offset by increased borrowings.
NZ$mFY23FY22Change ($)
Cash received from customers165.2109.455.8
Payments to suppliers and employees(128.9)(92.2)(36.7)
Investment in contract fulfilment assets(7.6)(5.7)(1.9)
Net interest(4.6)(2.8)(1.8)
Income taxes paid0(0.1)0.1
Cash flows from operating activities24.18.615.5
Property, plant & equipment(27.5)(28.4)0.9
Investment in intangible assets(28.2)(24.9)(3.3)
Contract fulfilment and customer acquisition
assets
(2.9)(3.2)0.3
Investment in Coretex, net of cash acquired(8.5)(72.4)63.9
Cash flows from investing activities(67.1)(128.9)61.8
Bank loans38.5(2.9)41.4
Payment of lease liability(1.3)(1.6)0.3
Issue of equity085.0(85.0)
Cost of raising capital0(3.4)3.4
Cash flows from financing activities37.277.1(39.9)
Net increase (decrease) in cash held(5.8)(43.2)37.4
Cash at the beginning of the financial period13.957.1(43.2)
Effects of exchange rate changes on cash000
Closing cash and cash equivalents8.113.9(5.8)
PAGE 27

Balance Sheet
PP&Eincreased $16.1m partially due to responding to
global supply chain uncertainties over the past 12-18
months that have driven growing inventory levels to
ensure security of stock, as well as the ongoing growth
from new hardware leasing.
Inventory balance at 31 March 2023 was $27.8m.
Contract fulfillment & customer acquisition assets
increased $2.5m reflecting growth and renewals
Borrowingsincreased by $22.9m since H1 FY23 largely due
to contingent consideration cash settlement of $8.5m paid
on 23 December 2022, and the remaining balance reflects
cash burn requirements for inventory purchasing and
other operating expenses
Other liabilities at year-end FY22 included the contingent
consideration in relation to the acquisition of Coretex
which was settled on 23 December 2022.
NZ$mFY23FY22Change ($)
Cash8.113.9(5.8)
Restricted bank accounts11.614.7(3.1)
Costs to acquire and contract fulfilment costs7.65.71.9
Other34.427.27.2
Total current assets61.761.50.2
Property, plant and equipment77.861.716.1
Intangible assets242.1231.410.7
Costs to acquire and contract fulfillments
costs
5.85.20.6
Other15.410.35.1
Total non-current assets341.1308.632.5
Total assets402.8370.132.7
Payable to transport agencies11.915.0(3.1)
Contract liabilities19.411.97.5
Borrowings70.632.138.5
Other liabilities52.163.4(11.3)
Total liabilities154122.431.6
Net assets248.8247.71.1
PAGE 28

ARPU Trend
NZ$Local $
NZ$mFY22FY23FY22FY23
North American ARPU
NZ$56.38NZ$58.77US$39.02US$36.65
New Zealand ARPU
NZ$56.45NZ$55.70NZ$56.45NZ$55.70
Australian ARPU
NZ$38.99NZ$46.35A$36.69A$42.27
PAGE 29

9,973
14,332
19,264
24,041
28,140
32,452
38,129
41,939
49,802
59,843
65,285
71,446
77,187
82,486
86,899
90,766
98,711
121,015
126,923
132,091
600
1,990
3,158
4,501
5,301
6,102
9,736
17,757
20,955
24,660
31,227
34,002
35,294
35,437
33,992
87,682
90,596
95,058
9,973
14,332
19,864
26,031
31,298
36,953
43,430
48,041
59,538
77,600
86,240
96,106
108,414
116,488
122,193
126,203
132,703
208,697
217,519
227,149
H1 FY14H2 FY14H1 FY15H2 FY15H1 FY16H2 FY16H1 FY17H2 FY17H1 FY18H2 FY18H1 FY19H2 FY19H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23H2 FY23
ANZNorth America
Unit Count
PAGE 30

Free Cash Flow By Region
PAGE 31
NEW ZEALAND
$40.8m
NORTH AMERICA
$2.2m
AUSTRALIA
$0.9m
CORPORATE & DEVELOPMENT
$(62.4)m
H&A Assets - Hardware & Accessory Assets • CA Assets - Customer Acquisition Assets • CE EBITDA – Corporate and Elimination EBITDA • H&A under Construction - Hardware & Accessories +/_ Inventories
Inflows
Outflows
Total

Glossary
ANNUALISED MONTHLY RECURRING REVENUE
(AMRR)
Anon-GAAPmeasure representingmonthly
RecurringRevenueforthelastmonthofthe
period,multipliedby12.Itprovidesa12month
forward viewofrevenue,assumingunitnumbers,
pricingand foreignexchangeremainunchanged
duringtheyear.
ASSET RETENTION RATE
Thenumber ofTotalContractedUnitsatthe
beginningofthe12monthperiodandretainedas
TotalContractedUnitsattheendofthe12month
period,asapercentageofTotal ContractedUnitsat
the beginningofthe12monthperiod.
CHURN
The inverse of the asset retention rate.
COREHUB
EROAD’s next generation telematics hardware that
collects rich data, meets electronic logging device
certification.
COSTS TO ACQUIRE CUSTOMERS (CAC)
Anon-GAAPmeasureofcoststoacquire
customers. TotalCACrepresentsallsales&
marketingrelated costs.CACcapitalisedincludes
incrementalsales commissionsfornewsales,
upgradesandrenewals whicharecapitalisedand
amortisedoverthelifeof thecontract.Allother
CACrelatedcostsareexpensed whenincurredand
includedwithinCACexpensed.
COSTS TO SERVICE & SUPPORT (CTS)
Anon-GAAPmeasureofcoststosupportand
service customers.TotalCTSrepresentsall customer
success andproductsupportcosts. Thesecostsare
includedin Administrative and otherOperating
Expenses.
CY (CALENDAR YEAR)
12monthsended31December
EBITDA
Anon-GAAPmeasurerepresentingEarnings
before Interest,Taxation,Depreciationand
Amortisation (EBITDA).ReferConsolidated
Statementof ComprehensiveIncomein
FinancialStatements.
EBITDA MARGIN
Anon-GAAPmeasurerepresentingEBITDA
divided byRevenue.
EHUBO, EHUBO2 and EHUBO 2.2
EROAD’s first and second generation
telematics hardware. EHUBO is a trade mark
registered in New Zealand, Australia and the
United States.
ELECTRONIC LOGGIING DEVICE (ELD)
An electronic solution that synchronises with a
vehicle engine to automatically record driving time
and hours of service records
ENTERPRISE
Acustomer where the $AMRR is more than $100k
in NZD for the Financial year reported
FREE CASH FLOW
Anon-GAAPmeasurerepresentingoperatingcash
flowandinvestingcashflowreportedinthe
Statement ofCashFlows.
FREE CASH FLOW TO THE FIRM
Anon-GAAPmeasurerepresentingoperatingcash
flowandinvestingcashflownet of interest paid and
received. For the purposes of this presentation,
payments for the acquisition of Coretexhave been
excluded.
FUTURE CONTRACTED INCOME (FCI)
Anon-GAAPmeasurewhichrepresentscontracted
SoftwareasaService(SaaS)incometobe
recognised asrevenueinfutureperiods.Refer
RevenueNote2of theFY23FinancialStatements.
FY (FINANCIAL YEAR)
Financialyearended31March.
H1 (HALF ONE)
Forthesixmonthsended30September.
H2 (HALF TWO)
Forthesixmonthsended31March.
LEASE DURATION
Future contracted income as a proportion of
reported revenue.
MONTHLY SAAS AVERAGE REVENUE PER UNIT
(ARPU)
Anon-GAAPmeasurethatiscalculatedbydividing
thetotalSaaSrevenuefortheyearreportedinNote
2 ofthe FY23FinancialStatements,bytheTCU
balance attheendofeachmonthduringtheyear.
NORMALISED EBITDA
Excludesone-off items including acquisition
accounting revenue ($9.6m) and integration
costs ($3.4m). FY22normalisations include
acquisitionaccountingrevenue($1.3m), due
diligence costs ($2.0m),
transactioncosts($1.6m),and
integrationcosts($4.0m).
NORMALISED EBITDA MARGIN
Excludesone-offitems, consistent with the
definition provided for Normalised EBITDA
NORMALISED REVENUE
Excludesthe one-offacquisition accounting revenue
in FY23 ($9.6m).
ROAD USER CHARGES (RUC)
InNew Zealand,RUCisapplicabletoHeavyVehicles
andallvehiclespoweredbyafuelnottaxedat source.
ThechargesarepaidintoafundcalledtheNational
LandTransportFund,whichiscontrolledbyNZTA,
andgotowardsthecostof repairingtheroads.
SAAS
SoftwareasaService,amethodofsoftwaredelivery
inwhichsoftwareisaccessedonlineviaa
subscription ratherthanboughtandinstalledon
individual computers.
SAAS REVENUE
Softwareasaservice (SaaS)revenue
represents revenueearnedfromcustomer
contractsforthe saleorrentalofhardware,
installationservicesand provisionofsoftware
services.
TOTAL CONTRACTED UNITS
RepresentsEROADand Coretexbrandedunits
subjecttoa customercontractbothonDepotand
pending instalmentandCoretexbrandedunits
currentlybilled.
UNIT
Acommunicationdevicefittedin-caborona
trailer. Wherethereismorethanoneunitfitted
in-cabor onatrailer,itiscountedasoneunit
(excluding PhilipsConnect).
360
A web-based platform that allows customers to
access data collected by CoreHuband the
associated reports.
PAGE 32

33
ASX & NZX: ERD
investors@eroad.com | eroadglobal.com/investors
EROAD acknowledges the Indigenous Nations, First Peoples, TangataWhenua and
Custodians of the lands and waterways on which our offices reside in New Zealand,
Australia and the United States of America. We express gratitude and appreciation
to these peoples for sharing their culture and traditions and stewarding these
lands. We recognise and pay respect to their elders, past, present and emerging.

---

EROAD
Annual Report
2023

PAGE 2 PAGE 3
We provide end-to-end technology solutions
which connect vehicles, assets and operations to
help businesses make real-time decisions from
real-time data. Helping run safer, greener, more
productive businesses.
OUR PURPOSE
Delivering intelligence you can trust,
for a better world tomorrow
At EROAD, we believe you can’t plan where you are going tomorrow, if you don’t
know where you are today. The businesses we serve are at the heart of their local
economies. They don’t just need data, they need intelligence. Reliable, accurate
and real-time insight enabling them to make decisions which move us all forward
towards a safer and more sustainable future.
OUR GOAL
Empowering transformation
Our goal is to become a system of record for our clients, serving as a catalyst
for change. Through our platform, they can obtain data, analyse it, and take
action to digitally transform their operations. We offer more than just telematics;
we deliver unparalleled insights to enhance fleet and operational performance.
We empower transformation by increasing efficiency, enhancing productivity,
managing safety, compliance and measuring sustainability.
EROAD 2023 ANNUAL REPORT

EROAD 2023 ANNUAL REPORT
PAGE 4
LETTER FROM THE CHAIR |
PAGE 5
Contents
PAGE 6
FY23 HIGHLIGHTS
PAGE 8
LETTER FROM THE CHAIR
PAGE 10
LETTER FROM THE CHIEF EXECUTIVE OFFICER
PAGE 14
STRATEGIC DIRECTION
PAGE 18
WHAT WE DO
PAGE 26
OUR MARKETS
PAGE 28
EXPLORING VALUE
PAGE 40
FUTURE GROWTH
PAGE 42
OUR LEADERSHIP
PAGE 48
FINANCIAL STATEMENTS
PAGE 106
CORPORATE GOVERNANCE REPORT
PAGE 124
REMUNERATION REPORT
PAGE 144
REGULATORY DISCLOSURES
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 have used are,
Annualised Monthly Recurring Revenue (AMRR), Costs
to Acquire Customers (CAC), Costs to Service & Support
(CTS), EBITDA, Normalised EBITDA, EBITDA margin,
Normalised EBITDA margin, Normalised Revenue, Free
Cash Flow and Future Contracted Income (FCI).
About this Report
The 2023 Annual Report describes EROAD’s strategy,
financial performance and includes the Corporate
Governance Statement and the Remuneration Report.
EROAD’s FY23 Sustainability Report will be published in
June 2023 which will provide information on EROAD’s
approach and performance in relation to its most material
social and environmental issues.
All numbers relate to the 12 months ended 31 March 2023
(FY23) and comparisons relate to the 12 months ended
31 March 2022 (FY22), unless stated otherwise. All dollar
amounts are in NZD, unless otherwise stated. This report
covers the 12 months ended 31 March 2023 and is dated
24 May 2023.
This report has been approved by the Board and is
signed on behalf of EROAD Limited by Graham Stuart,
Chairman and Susan Paterson, Chair of the Finance Risk
and Audit Committee.
Susan Paterson
Chair of the Finance, Risk
and Audit Committee
Graham Stuart
Chairman
EROAD acknowledges the
Indigenous Nations, First Peoples,
Tangata Whenua and Custodians of
the lands and waterways on which
our offices reside in New Zealand,
Australia and the United States of
America. We express gratitude and
appreciation to these peoples for
sharing their culture and traditions
and stewarding these lands. We
recognise and pay respect to their
elders, past, present and emerging.

EROAD 2023 ANNUAL REPORT
PAGE 6 PAGE 7
STRATEGIC DIRECTION |
After a challenging year, EROAD has delivered results in line
with guidance. I believe EROAD is building the right platform
for future growth. Management utilised FY23 to align our
business model with a new strategic direction. This plan, which
is built around turning around our core and improving our
US offering, allows us to right-size the cost base, generate
positive Free Cash Flow, and capitalise on significant growth
opportunities in our key markets.
Mark Heine, CEO
REPORTED REVENUE
$174.9m
normalised for one off contingent
consideration accounting impacts
$165.3
(FY22: $114.9M)
AMRR
$153.7m
reflecting growth of 14.2%, including
a positive FX impact of $8.6m
(FY22: $134.6M)

FREE CASH FLOW
MARGIN
(
18
)
%
normalised for Coretex consideration
in FY22 and FY23
(FY22: (39)%)
R&D
AS A % OF REVENUE
23%
reflecting the benefit from the
growth in revenue with a full year
of both companies
(FY22: 28%)
REPORTED EBITDA
$45.2m
FY23: $39.0m normalised for
integration costs and contingent
consideration accounting
(FY22: $21M)

CONTRACTED UNITS
227,149
representing net growth of
18,452 units globally
(FY22: 208,697)
ASSET
RETENTION RATE
94.8%
reflecting high asset retention rates
in all regions
(FY22: 93.4%)
MONTHLY
SAAS ARPU
$56.34
reflecting expansion of SaaS
products and ancillary hardware
within our customer base along with
a positive FX impact of $2.11
(FY22: $55.57)
FY23 HIGHLIGHTS |
FY23 Highlights
PAGE 7

EROAD 2023 ANNUAL REPORT
PAGE 8
LETTER FROM THE CHAIR |
PAGE 9
EROAD’s results this year reflect the
success of a strategic shift. After going
off the rails in FY22, this past year
needed to be a period of rebuilding
and refocus for EROAD. Last May, we
provided the market with guidance that
FY23 Revenue would be in the range
of $150m to $170m and Normalised
EBIT would end between a break even
result and a loss of $5m. It is pleasing to
report that Normalised Revenue for the
year was $165.3m and Normalised EBIT
was a loss of $4.5m, both key measures
reflecting improvement on FY22 results
and within the guidance ranges we
provided to the market 12 months ago.
A New Purpose for EROAD:
Delivering Intelligence You Can Trust,
For a Better World Tomorrow
Over the last quarter of the year, EROAD undertook
a comprehensive process involving a wide range of
stakeholders to define a new purpose for the company.
We are pleased to announce that we have adopted the
new purpose of “Delivering Intelligence You Can Trust,
For a Better World Tomorrow”. This build on our previous
purpose of “Creating Safer and More Sustainable Roads”.
It also better reflects a unified EROAD, following our
merger with Coretex, and aligns with our public tagline of
“Empowering Transformation”. We are confident that this
bold and aspirational purpose will resonate with our team
and all our stakeholders, and it reinforces our commitment
to deliver innovative solutions for a better future.
Building on last year’s inaugural Sustainability Report, we
are pleased to announce that this year’s Sustainability
Report (to be released in June) will include coverage
of our sustainability performance, including detailed
information on our efforts to reduce our carbon footprint,
help our customers do the same, and promote diversity
and inclusion within our workforce. Looking ahead, we are
committed to preparing for climate-related disclosures
in FY24, and we will continue to actively engage with our
stakeholders and industry to ensure that we are meeting
expectations for sustainability leadership and transparency.
EROAD values transparency and accountability to
our stakeholders, and we are proud to announce that
we continue to voluntarily comply with the Australian
“Say on Pay” regime. In doing so, we have published a
comprehensive remuneration report and will put a vote for
adoption at the same time as our FY23 ASM. This is in line
with our ongoing commitment to best practice governance
and our shareholders’ interests.
Continuous Board Renewal
During FY23, Tony Gibson advised the EROAD Board that
he will not stand for re-election as an Independent Director
at the upcoming 2023 Annual Shareholders’ Meeting, in
line with EROAD’s program of Director rotation. Mr Gibson
has been a valued member of the Board since 2009 and
served in several capacities, including Chair prior to the
company’s NZX listing and Chair of the Remuneration,
Talent, and Nomination Committee as well as being a
member of the Finance, Audit and Risk Committee. Tony’s
experience and insight were instrumental in shaping the
direction of EROAD from its early stages, and we thank him
for his contribution over the years.
By necessity the business has changed profoundly
over this past 12 months, the Board cannot be immune
to these changes, to remain effective we must also be
committed to reviewing our composition to ensure that
we have the right capabilities that can deliver sustainable
long-term value to our shareholders. As part of this, we
have commenced a search for an additional Director to
ideally bring further North American experience and
perspective to the Board, and we expect to make an
appointment within the next six months.
Looking Ahead
The goals for the business over the coming year have
been detailed at our Sydney Investor Day in March, where
we demonstrated how our refreshed strategy provides a
pathway to sustainable, profitable growth. Our focus on
durable growth will drive EROAD to become Free Cash Flow
neutral by FY25, and Free Cash Flow positive by FY26.
Our solutions continue to deliver strong return on
investment for our customers, and with our refreshed
strategy we are confident in our ability to navigate through
any economic uncertainties. We have the technology
and talented people in place to execute against our
strategic priorities and deliver on our purpose of delivering
intelligence you can trust, for a better world tomorrow.
Thank you for your continued support of EROAD and we
look forward to seeing you at the upcoming ASM.
In June 2022, we appointed Mark Heine as Chief Executive
Officer. Under Mark’s strong leadership EROAD has rebuilt
the foundations for profitable growth. He has also made
significant changes to EROAD‘s senior leadership team
since taking on his role. The pending appointment of a
Chief Technology Officer will be the final addition to the six
new appointments he has made to his direct report team,
contributing to the overall revitalisation of the company‘s
leadership structure under Mark‘s guidance.
During the third quarter we undertook an in-depth
strategic review supported by McKinsey & Company. The
outcome of this review was a programme that focuses on
three key sets of initiatives:
1. Product rationalisation
2. North American growth, and
3. Cost reduction
The targets for each of these initiatives, agreed with
management, provide a pathway to positive Free Cash
Flow by FY26. Our FY23 results are already testament to
the successful implementation of this plan.
Throughout all this change, the underlying business has
continued to grow. Our key revenue measure of Annualised
Letter from the Chair
Monthly Recurring Revenue (AMRR) reflects growth of
14.2% for the year.
Planning is also well developed, and execution underway,
to manage the implications arising from the planned
shutdown of the 3G cellular network in New Zealand and
Australia from June 2024. This involves replacing the
remaining 60% of our installed 3G devices in operation
across ANZ. It requires significant capital expenditure and
the dedication of staff resources to manage a complex
logistical challenge.
While the Board believes EROAD can undertake this unit
replacement programme and still pursue a North American
growth strategy, there will be trade-offs. For this reason,
we have appointed Goldman Sachs to help identify
partnership opportunities to contribute some combination
of market access, expertise and capital to drive further
growth in the North American market.
We take immense pride in the exceptional performance
of our people, who have persevered through another
challenging year of considerable change and uncertainty.
Their exceptional work ethic, dedication and unwavering
commitment to our shared goals have paved the way for
sustained growth.
Graham Stuart
Chairman

PAGE 11
LETTER FROM THE CHIEF EXECUTIVE OFFICER |EROAD 2023 ANNUAL REPORT
PAGE 10
Letter from the
Chief Executive Officer
FY23 presented a range of challenges and opportunities for EROAD and
was a pivotal year of transition. Although the fundamentals of EROAD are
strong, over the last few years EROAD had lost its way on its customer
focus and cost base. This has now changed. When I presented last year’s
results, I made a commitment to our shareholders. We would demonstrate
we are credible and capable of delivering what we promise. Our pursuit of
this commitment is evidenced by us meeting our guidance for our FY23
results, coupled with a clear path to growth and Free Cash Flow positive
by FY26. As we commence another financial year, I am proud to say that
we are well on the way to achieving significant and transformative change,
driven by the dedication and talent of our exceptional team at EROAD.
A Clear Strategic Direction
EROAD ended FY23 with a renewed strategic approach of
being customer-led. We have also developed a new strategy
to capitalise on key opportunities ahead of us and have
begun implementation. In the second half of the financial
year, the management team, with McKinsey & Company,
led a strategic business model review. This process yielded
four key opportunities for optimisation. In the final quarter of
FY23, EROAD commenced executing against this strategy.
1. We are shifting to a segmented customer service
model to reduce our cost to serve and provide better
cus
tomer service.
2. We have refined our R&D program to ensure faster speed to
market while ensuring our platform is robust and scalable.
3.
W
e are developing a differentiated product offering in North
America to target enterprise customers.
4.
Finally, we are laser focused on removing costs from our
business and improving unit economics.
To effectively reposition EROAD’s business model to
simultaneously drive growth and generate cash, our strategy
has two key limbs. Firstly, we must turn around the core
business. This is to ensure we can accelerate our shift to be
Free Cash Flow positive by FY26 and, to this end, we have
realised over $10m (annualised) in savings in FY23 and are
targeting a further $10m (annualised) in FY24.
Our second limb is to grow in North America. To achieve
this, we are targeting transportation customers, investing
in scalable and competitive product offerings, particularly
productivity and sustainability functionality, and scaling up
our enterprise team.
Strong Leadership Team
Our strategy is complemented by a strong and experienced
leadership team. As well as elevating talent from within our
business to key positions, I have added several talented
individuals with experience in technology and industry. Our
new Chief Transformation Officer Steen Andersen brings 25
years of experience across SaaS businesses. Shelley Prentice,
who recently commenced as Chief People Officer, joins us
from a strong background in transportation. Returning to
EROAD, our Chief Operating Officer Aaron Latimer can
blend his knowledge of our operating model with his history
in the technology sector. Lastly, a new Chief Technology
Officer, joining in Q1, will bring telematic experience.
Laser Focused Execution
To help return confidence to our shareholders, the EROAD
team have been laser focused on execution in FY23. I am
proud to report that our financial results have met market
guidance, demonstrating our commitment to delivering
on our promises. Key highlights from our FY23 financial
results include:
• Revenue increased from $114.9m in FY22 to $174.9m for
FY23 (52%). Normalised revenue of $165.3m was above
the company’s guidance ($159m to $164m). This reflects a
full 12-month contribution from Coretex and is normalised
for a one-off acquisition accounting adjustment of $9.6m
relating to the Coretex merger. Growth in revenue was
delivered across all markets.
•

EBIT impr
oved from a loss of $7.2m in FY22 to a profit of
$1.7m, reflecting the recognition of one-off acquisition
revenue and integration costs. Normalised for those
one-off items, EBIT is a loss of $4.5m at the midpoint of
guidance (loss between $3m and $6m).
•

Annualised Mon
thly Recurring Revenue increased by
$19.1m (14.2%). From $134.6m in FY22 to $153.7m in
FY23, reflecting growth across all markets and a FX
benefit of $8.6m.
•
Free Cash Flow improved from an outflow of $45.1m in
FY22 to an outflow of $29.9m in FY23. This included a
clear improvement throughout the year, with the 1H23 FCF
outflow of $21.7m effectively halving to $8.2m in 2H23.
Available liquidity (debt facility headroom + cash) was
$27.5m at the end of March 2023.
•
Growth in contracted units increased by 9% year on year
by adding a net number of 18,452 units in FY23 (total of
227,149 units);
• Asset Retention Rate remaining high at 94.8%; and
• R&D costs reducing from 28% of revenue in FY22 to 23% of
revenue in FY23, with a total spend of $37.2m in FY23.
Reflecting the full year of combined Coretex and EROAD,
our operating expenditure increased from $93.9m in
FY22 to $129.7m in FY23. We have made great strides in
reducing our cash burn from $4.2m/month in H1 FY23
to $1.8m/month in H2 FY23 (normalised for the Coretex
contingent consideration payment), which is a testament
to our efforts to manage costs and improve efficiency.
We have maintained our liquidity position, with $27.5m
available via credit facility headroom and cash enabling us
to execute on our strategy.

PAGE 13
LETTER FROM THE CHIEF EXECUTIVE OFFICER |EROAD 2023 ANNUAL REPORT
PAGE 12
Confident Outlook
As we move forward into FY24, we acknowledge that there
is much work to be done. However, our team is resolute
and well-prepared to tackle the challenges ahead. We have
detailed plans in place, and our teams are already fully
engaged in the implementation process.
It is anticipated Revenue will be between $175m to $180m
reflecting the continued growth across all our markets.
EBIT is expected to be neutral to $5m (normalised for
accelerated depreciation planned as part of our 4G
upgrade program). Additionally, we plan to deliver
another $10m (annualised) in savings through cost-cutting
initiatives in FY24. We believe we are on track to be Free
Cash Flow neutral by FY25 and positive by FY26.
Our focus on operational efficiency and disciplined
execution will continue to be a key driver of success.
I look forward to regularly updating you on EROAD’s
ongoing positive progress in delivering on our strategy of
sustainable, profitable growth.
Mark Heine
Chief Executive Officer
Our Markets
With the merger with Coretex, the expanded EROAD
team has the capability and solutions to deliver increased
benefits to our existing and prospective customers.
In North America we achieved a growth in AMRR of 14%
(in local currency), demonstrating the value that our
solutions bring to the market. In addition, we are proud to
have won contracts with a key enterprise customer, Sysco,
which further cements our position as a leading provider
of telematics solutions in North America. Another major
enterprise customer, ABC, has renewed their contract with
EROAD, demonstrating their confidence in our ability to
provide high-quality and innovative solutions.
In New Zealand, Fonterra signed up to our full
product suite, including telematics, eRUC, dual-facing
dashcams, roll-over alert technology, and satellite
communications, to equip more than 500 milk tankers.
EROAD is also addressing the upcoming closure of One
New Zealand’s (formerly Vodafone New Zealand) 3G
service in August 2024.
To ensure smooth transition, we are accelerating the swap-
out of older model products over a 2-3 year period. As of
8 May 2023, 37% of our ANZ customer base was utilising
4G enabled devices. While there is much work to be done,
the EROAD team is ready and committed to meeting this
challenge head on.
Integration Progress
As part of our strategic direction and realignment of
priorities, we have made the decision to extend the
timeline for some of the Coretex integration streams
beyond the initial 18-month window.
This decision was made with a focus on ensuring that
we prioritise areas of integration that will allow us to seize
opportunities presented by our customers and the market.
Despite the extended timeline, we have made significant
progress towards our integration goals, including the
creation of a comprehensive platform that enables us to
sync data and product features across both EROAD and
Coretex platforms. This approach enables us to advance
toward a single set of products, features and
user experience.
Growth Opportunities
EROAD’s growth potential remains strong, and we are
confident we can deliver. In the short term, we will pursue
growth from targeted opportunities where we have already
demonstrated success. The first being our continued
alignment towards servicing key enterprise customers. In
FY23 we have proven our ability to successfully execute
this strategy by winning Sysco in North America over
larger established telematic vendors. 90% of EROAD’s
enterprise customers already subscribe to two or more
of our product categories. With penetration of telematics
growing by 10% CAGR through to 2030, we are confident
we will see continued multi-product adoption across our
full customer cohort.
The total addressable revenue market for telematics
across EROAD‘s regions is already over $10bn, and
forecast to grow to $21bn by 2030. North America
represents the largest opportunity, responsible for
94%. As we focus on building up product functionality
applicable to whole-of-fleet and capability to service
enterprise customers, our growth in this region over the
longer term will be significant.
In the longer term, our strategic shift to operate at scale
positions us well to translate our momentum into profitable
growth segments. Our current investment in an integrated
platform will enable us to address the market shift towards
demand for bespoke workflow solutions. We are also
focused on providing better insights for our customers,
including total supply chain visibility. To this end, we
have appointed Dean Marris into the role of Chief Data
Science Officer. Furthermore, our developing sustainability
product category, and the appointment of our new Chief
Sustainability Officer Craig Marris, ensures we are ready for
the impending regulatory market changes as customers
shift towards Net Zero goals.
LETTER FROM THE CHIEF EXECUTIVE OFFICER |
PAGE 13

EROAD 2023 ANNUAL REPORT
PAGE 14 PAGE 15
STRATEGIC DIRECTION |
EROAD has utilised FY23 to align its business model with a new strategic
direction, and is entering FY24 with a well-defined plan to establish itself
as a sustainable SaaS provider with consistent revenue growth, bolstered
by stable positive cash flows within the next two years.
FY23: Planning a pathway to durable growth
Our roadmap
After completing the Coretex acquisition at the end of
FY22, it became clear that EROAD‘s business model was
no longer suitable for the merged business or the current
market conditions. Whilst many external factors were
contributing, pre-existing weaknesses became more
pronounced in the larger business, necessitating a clear
plan for sustainable cash generation. EROAD engaged
McKinsey & Company to work with management on a
strategic review, completed in November 2022. This led to
the implementation of two key pillars: improving the core
business for efficiency and expanding in North America,
the largest addressable market. This strategy allows
EROAD to efficiently scale, respond to market drivers, and
meet customer needs with agility.
For the remainder of the fiscal year, the EROAD
management team have been planning, and executing, the
strategic changes necessary for the company to enjoy its
next phase of Free Cash Flow positive and durable growth.
Strategic direction
TURN AROUND THE CORE
GROWTH IN NORTH AMERICA
Scale up NA
focused enterprise
sales team
Decrease
inefficiencies in
personnel and
corporate cost
Tailor service
levels to drive
performance
Streamline R&D
functions and
refocus spend
Complete scalable and
competitive product
offering for enterprise
Target
transportation
vertical, whole-
of-fleet solutions
$10m
Cost reduction (annualised) achieved
in FY23, with a further annualised $10m
reduction targeted in FY24
The completed cost-out program in FY23 included:
• reduced actual and planned FTE across all regions and
functions (approximately 75)
•
40% reduction in sub-contractor spend
•

c
onsolidated property footprint
•
optimised data usage contracts
•

r
emoval of low priority business systems
FY23 HIGHLIGHT
EROAD has adopted a customer-led approach as a
fundamental part of its business strategy to prioritise
and meet the evolving needs of its customers.
Recognising the significance of customer satisfaction
and loyalty in driving long-term success, EROAD places
great emphasis on understanding its customers‘ pain
points, challenges, and aspirations.
Paving the way towards
Free Cash Flow positive
In FY23, management focused on implementing strategies
aimed at stabilising Free Cash Flow by FY25 and achieving
positive Free Cash Flow by FY26.
During the past 18 months, there has been a notable
improvement in EROAD‘s Free Cash Flow, primarily due
to the expansion of operating cash flow and a more
controlled growth in investment.
Continuous enhancements in managing cash burn, along
with the current liquidity position, enable EROAD to
finance its strategic roadmap while staying within a $90m
debt facility.
IMPROVEMENT IN FREE CASH FLOW
EROAD TODAYEROAD TOMORROW
1H22 2H22 1H23 2H23
$(14.6)m
$(30.5)m
$(21.7)m
$(8.2)m
Renewing our focus on customer

EROAD 2023 ANNUAL REPORT
PAGE 16 PAGE 17
STRATEGIC DIRECTION |
From broad & disconnected to
unified & scalable
In response to the challenges posed by the merger, EROAD
faced the complexity of managing multiple platforms.
However, significant progress has been made in integrating
these platforms, and EROAD is actively transitioning from
offering diverse solutions with differing features towards
unified platforms that are scalable, efficient, and provide
enhanced value to customers. This transition not only
streamlines operations but also reduces the need for R&D
expenditures over time.
Simultaneously, EROAD is intensifying its focus on scalable
software development, enabling the company to introduce
new products to the market at an accelerated pace. By
investing in scalable software solutions, EROAD aims
to enhance its agility and responsiveness, ensuring that
innovative offerings can be swiftly brought to market to
meet evolving customer demands.
As a result of these efforts, EROAD is determined to provide
its customers with unified platforms that offer faster
customisations and improved value. This strategic shift
allows EROAD to optimise resources, simplify operations,
and enhance its ability to deliver tailored solutions that cater
to the specific needs of its customer base.
EROAD TODAY:
MULTIPLE PLATFORMS
Range of discrete solutions
Customisations costly as required across
many solutions
Limited ingestion of data from non-EROAD
products
Large R&D spend in maintenance alone
From focusing on trucks,
to focusing on operators
In recent years, it has become evident that EROAD‘s strength
lies in serving large enterprise customers with complex supply
chain operations that require more than just basic telematics
features. The transportation and supply chain industries
in our markets face numerous challenges, and enterprise
customers need capable technology partners to navigate
their evolutionary transitions. EROAD is well-positioned to
collaborate with these customers and capitalise on these
opportunities by serving as their system of record. While
historically more focused on trucks, we are now shifting our
attention to operators.
Currently, EROAD‘s products in North America provide a
strongly differentiated and competitive safety solution. We will
continue to invest in these products to bring increased value
to our customers. The current solution investment focus is
around regulatory, productivity, and sustainability feature sets.
Strategic direction
Successful at winning new
enterprise customers...
9,000+
units awarded with Sysco contract
signed in North America
FY23 HIGHLIGHT
... and renewing existing
enterprise contracts
23,472
units renewed for enterprise
customers contracts in FY23
EROAD TOMORROW:
SINGLE UNIFYING PLATFORM
Customisations are unconstrained
Scalable solutions achieved faster & cheaper
Integrated platform allows cluster solutions
More accessible data ingestion through
integrated platform

WHAT WE DO |
PAGE 19
EROAD 2023 ANNUAL REPORT
PAGE 18
EROAD’s unified solution
EROAD provides a connected network across vehicles, assets and operations.
Enabling customers to turn raw data from various sources into actionable insights.
Our software platform integrates data from proprietary hardware, IoT devices,
sensors, and cameras into a single interface, providing customers across all
industries with an essential system of record that improves safety outcomes and
saves time and money. EROAD’s solutions are designed to deliver value across
four distinct outcomes, with many customers benefiting from multiple aspects
of the product suite.
What we do
POWERED BY
2
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•
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and claims
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registration
•
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•
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•
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rreeppllaayy
1. Launching 2023.
2. Proprietary and 3rd party hardware

WHAT WE DO |
PAGE 21
EROAD 2023 ANNUAL REPORT
PAGE 20
Whether it is for insurance purposes, speeding alerts, idle times,
route optimisation or staff recognition with the leaderboard.
There is so much you can do. EROAD can save your business so
much on the bottom line, just by having the view of what your
fleet and your drivers are doing. There are many options on the
market, but EROAD is the tried, proven and trusted one.
Damon Bryant, Alexander Group NZ
Advancing action with data
33.7+ bn
Data points in FY23
205+ m
API Calls in FY23
352+ k
Triggered events
captured on video in FY23
Customers generate vast amounts of data on a daily
basis, and it can be overwhelming to manage and extract
meaningful insights from it. However, not all data is equal.
To be effective, data must meet certain criteria: it must be
high-fidelity, meaning it accurately represents what it is
intended to measure; it must be of high-quality, free from
errors or inaccuracies; it must be consistently and easily
accessible, available when needed and in a user-friendly
format; and it must be enriched, with relevant context or
additional information to give it meaning.
At EROAD, our end-to-end solution is designed to
meet all of these requirements, providing our customers
with a powerful tool to generate useful data as well as
the platform which synthesises it into valuable insights
and actions.
What we do
EROAD’s Cloud Platform
Integrated multi-product suite
Vehicle
Telematics
Video Based
Safety
Asset Monitoring
& Control
Driver
Apps
All Vehicles. All Assets.
One Platform

WHAT WE DO |
PAGE 23
EROAD 2023 ANNUAL REPORT
PAGE 22
EROAD’s customers generate billions of data points every year. But our
customers are not data scientists. They’re operators, and they need simple,
intuitive interfaces to act on this data. We translate their data into ways they
can save money, save time and operate in a safer and more sustainable way.
At EROAD, we begin by giving our customers access to
the data generated by their physical operations. This data
is brought into our system in real-time and is then enri-
ched and analysed using machine learning techniques.
Our software platform includes recording and alerting
engines that help us identify insights that are most rele-
vant to our customers, which we then surface through our
intuitive applications.
By focusing on creating user-friendly applications, we
empower frontline workers with the tools they need to
improve their job performance. Through customer feed-
back, we have learned that integrating multiple solutions
into a single system is more powerful than using separate,
siloed systems from different vendors. This approach not
only reduces the total cost of ownership but also ensures
that all necessary data is available in a single location,
enabling better decision-making.
Transforming operations:
Complex data made simple
Trusted intelligence
MyEROAD is the first thing I open every day. I look to see where
my trucks are, what time they arrived at each of the depots and
my geofences, and make a plan for the day on servicing. It’s
actually my dashboard for the day, so it’s a really important tool.
Tristan Bernie, Aramex NZ
PlatformProductsSingle Pane
of Glass
Functional

Users
Drivers
Safety
Compliance
Finance
INSIGHTS
ACTION
DATA
All Vehicles. All Assets. One Platform.
Data
Sources
Hardware &
Sensor Data
Location
HD Video
Engine
diagnostics
API
Integrations
GPS & Satellite
Digital
Documents
Integration
Licensing
Machine
Learning
Analytics
Alerting
Workflows
Control
Vehicle
Telematics
Asset
Monitoring &
Control
Driver Apps
Indexing &
Storage
Reporting
Video Based
Safety
Collaboration
Enrichment
Real-time data
aggregation

WHAT WE DO |
PAGE 25
EROAD 2023 ANNUAL REPORT
PAGE 24
Success for EROAD continues due to...
...more diverse
customer mix
...multi-national
growth
...more diversified
industries
Enterprise customers enable us to
scale and develop custom solutions or
platform upgrades, which in turn provide
opportunities for expanding our offerings to
all customers. Meanwhile, the SMB customers
provide a steady and reliable revenue stream
for EROAD.
EROAD’s expanding footprint in North
America helps growth continue whilst
reducing our reliance on the maturing
New Zealand market.
EROAD serves a diverse range of industries
that reflect the critical infrastructure at the
core of our communities, making it more than
just a transport service provider.
EROAD uses a subscription billing model across all the
regions it services. This model provides customers with
access to its integrated platform for a monthly fee over a
contractual term. The minimum term length is usually 36
months, but it can be extended up to twice that length
for larger customers. To enable data generation, EROAD
provides the hardware or sensors required for connecting
vehicles and assets. In many cases, EROAD leases this
hardware, in a bundle with the SaaS, over the same
contract term, which increases the monthly charges to
the customer. However, in some instances, customers can
purchase the hardware outright at the start of the term.
EROAD’s recurring revenue model is driven by unit
economics, and we aim to achieve customer profitability
within the first term. All costs, including the cost to acquire,
the cost of the hardware, and operating costs incurred
during that period, are paid back during the first 36 month
contract term. Profitability is maximised over the second
term and any further terms, provided the customer is
retained. If the customer continues to renew their contract,
EROAD may replace the hardware, and a shorter payback
period on the hardware may commence again. However,
the acquisition costs do not reoccur.
Like all subscription billing models, extending the life of
a customer across multiple terms is key to profitability.
To date, we have had significant success with EROAD
maintaining an asset retention rate above 90% historically
and 94.8% in FY23.
Illustrative unit economics of EROAD’s recurring revenue model:
Leased hardware
...more profitable sales model
Operating model
Units by Customer size
Units by Market
Units by Industry
42%
21%
31%
7%
17%
51%
18%
7%
6%
Enterprise
SMB
New Zealand
North America
Australia
Construction &
civil engineering
Freight &
road transport
Refrigerated
transport
Services & trade
Agriculture/forestry
Other
Customer
Acquisition
Cost (CAC)
Hardware
(HW) Cost
Average Useful Life of Hardware: 6 Years
1st Customer Contract Term
Customer
Acquired
CAC
Payback
Breakeven
(HW payback)
Profit
2nd Customer Contract Term
49%
51%

PAGE 27
EROAD 2023 ANNUAL REPORT
PAGE 26
OUR MARKETS |
Where we play
Our success in scaling and growing across all three regions is evident by the fact
there are more similarities than differences. In FY23, a total of 1,253 customers
across all regions renewed their plans, which included 36,382 units. Additionally,
2,250 customers added an additional 17,711 subscriptions to their existing plans.
These figures demonstrate the value and satisfaction that our solution brings to
customers across all regions.
EROAD markets at a glance
North AmericaAustraliaNew Zealand
95,058
UNITS (FY22: 87,682)
110
CUSTOMERS RENEWED
PLANS
93.2%
RETENTION RATE
(FY22: 84.2%)
15,636
UNITS (FY22: 14,099)
51
CUSTOMERS RENEWED
PLANS
97.0 %
RETENTION RATE
(FY22: 88.4%)
116,455
UNITS (FY22: 106,916)
1,092
CUSTOMERS RENEWED
PLANS
95.9%
RETENTION RATE
(FY22: 97.3%)
$18.1m
EBITDA (FY22: $9.4M)
404
CUSTOMERS UPGRADED
PLANS
$36.65
MONTHLY SAAS ARPU
USD (FY22: $39.02)
$2.2m
EBITDA (FY22: $0.1M)
290
CUSTOMERS UPGRADED
PLANS
$42.27
MONTHLY SAAS ARPU
AUD (FY22: $36.69)
$53.7m
EBITDA (FY22: $45.2M)
1,556
CUSTOMERS UPGRADED
PLANS
$55.70
MONTHLY SAAS ARPU
NZD (FY22: $56.45)

PAGE 29
EROAD 2023 ANNUAL REPORT
PAGE 28
EROAD 2023 ANNUAL REPORT
PAGE 28
A better world tomorrow
Despite the need for a strategic shift, EROAD has been able to maintain
growth due to our core value of delivering meaningful outcomes for
customers. EROAD is committed to helping customers achieve their goals
and improve their business operations, which has been a key driver of
our success. By consistently providing value and positive results, EROAD
has gained the trust of customers and is well-positioned to continue to
capture market share and expand into new areas. As market conditions
change, EROAD will continue to focus on delivering exceptional customer
experiences and tangible business outcomes, which will remain at the
forefront of our customer-led business model.
Let’s explore the ways EROAD creates value for customers.
Exploring value
Retaining customers is critical for any business model that relies
on recurring revenue. At EROAD, we prioritise a partnership
approach with our customers, resulting in a significant portion
of our customer base remaining with us for an extended period.
63% of all current customers have been with EROAD
for more than 3 years.
Empowering customer momentum
PAGE 29
Growth powered by customer expansion
At EROAD, we understand that our
success is tightly intertwined with the
success of our customers.
As our customers expand and evolve, we are committed
to growing with them and adapting our products and
services to meet their changing needs.
This allows us to maintain strong, long-lasting relationships
with our customers, and it also provides us with valuable
insights into emerging trends and opportunities. Notably,
fleet and asset expansion among our enterprise customers
has been a significant driver of our recurring revenue
growth at EROAD.
Detailed here are two individual examples where EROAD
has benefited from significant revenue growth powered by
customers‘ fleet expansion.
28%
CAGR Customer Revenue Growth (FY19)
EROAD Customer | Food services transport
(USA)
1000+ fleet
19%
CAGR Customer Revenue Growth (FY19)
EROAD Customer | Construction Supplier
(USA)
1500+ fleet
Customer Relationships
% of current customers by tenure
<3 years 3<6 years 6<9 years 9+ years
37%36%18% 9%
EXPLORING VALUE |
This not only benefits our profitability, but we also believe
that establishing long-term partnerships creates a mutually
advantageous relationship for both EROAD and our
customers. By working closely with our customers over
an extended period, we ensure that they receive the best
value from our products. This approach allows us to receive
feedback and make necessary improvements to better
meet our customers’ needs. Additionally, our customers
can benefit from this partnership through multi-product
adoption and customer expansion, driving growth for both
EROAD and our customers.

PAGE 31
EROAD 2023 ANNUAL REPORT
PAGE 30
Jim Pearson Transport has been using EROAD telematics
(formerly known as SmartTrack, a legacy Coretex brand)
in their prime mover trucks for over two decades. Aron
Robinson, Contracts Manager at Jim Pearson’s, says the
company has chosen to continue with EROAD due to the
product and service provided.
At the time, SmartTrack was the only telematics solution
in Australia that offered live vehicle tracking, giving
Jim Pearson a competitive advantage. “EROAD was
instrumental in helping us attract business partners, in the
early 2000’s most competitors had to ‘ping’ their trucks
for a location. SmartTrack offered live tracking and helped
us secure new business as we moved into the telematics
world.” Since the very start of the relationship, Jim Pearson
Transport have grown significantly in size, expanding their
fleet, and the need for EROAD’s products.
Even though Porter Group were convinced EROAD was
a good product from the outset of the initial partnership,
its strength and potential exceeded their expectations:
Group Asset Manager Ken Reilly states, “The more we
used EROAD, the more we learned, the more excited we
became and the more buy-in grew – from the workshop
management to the haulage and hire management and
now even senior management.”
Over the six years they have been with EROAD, there
have been many areas of growth. “We see the value of
EROAD’s progression and how being part of that journey
will help the Porter Group grow.” From starting with Vehicle
Telematics in 2017, the group has enhanced their solution
with Driver Apps and Asset Monitoring. In 2023, EROAD
expanded its partnership with the Porter Group into their
Australian business.
EROAD’s product development rationale continues to
be based on securing customer value and connections
through vehicle telematics initially and expanding across
related categories over the life of the customer. Through
this approach, EROAD has established strong, long-
term relationships with our customers, who appreciate
the convenience and efficiency of working with a single
provider for multiple products and services.
Whilst half of the total customer base subscribe only to
vehicle telematics, this signals excellent opportunity for
EROAD to continue to achieve subscription and ARPU
growth, from existing customers.
Jim Pearson Transport (AU)
Refrigerated transport
600+ fleet
Porter Group Hire (ANZ)
Heavy Equipment suppliers
270+ fleet
PAGE 30
of all customers subscribe
to 2+ product categories
of enterprise customers subscribe
to 2+ product categories
Growth powered by
multi-product adoption
By offering a suite of complementary products and services, EROAD has
been able to provide more value to our customers while also generating
more revenue per customer from multi-product adoption. 90% of enterprise
customers utilise products across two or more categories, demonstrating the
value of our integrated suite.
Exploring value
47%+90%+
Vehicle Telematics
4 Product Categories
Video Based Safety
Asset Monitoring & Control
Driver Apps
Vehicle
Telematics
Vehicle
Telematics
(NZ)
+ 26% CAGR
Unit Growth
+ 130% CAGR
Revenue Growth
Vehicle
Telematics
Asset
Monitoring &
Control
Vehicle
Telematics
Asset
Monitoring
Driver Apps
(NZ)
Vehicle
Telematics
Asset
Monitoring
Driver Apps
(NZ)
AU
Expansion
EXPLORING VALUE |
Initial Partnership
2001
Initial Partnership
2017
Multi-product Adoption
2023
Multi-product Adoption
2020
Trans Tasman Growth
2023

WHAT WE DO |
PAGE 33
EROAD 2023 ANNUAL REPORT
PAGE 32 PAGE 33
CASE STUDY
Delivering whole-of-fleet intelligence
Fonterra, NZ
Exploring value
Fonterra is a co-operative owned and supplied by about 9,000 farming families
in Aotearoa New Zealand. Through the spirit of co-operation and a can-do
attitude, Fonterra’s farmers and employees share the goodness of their milk
through innovative consumer, foodservice and ingredients brands.
From Cape Reinga to Bluff, and almost everywhere in
between, Fonterra’s milk collection operation spans the
entire country. Through its fleet of 500+ milk collection
tankers and 1600+ tanker operators, Fonterra completes
an average of one farm collection every 15 seconds and
collects around 16.5 billion litres of milk per year.
As well as electronic RUC and in-vehicle driver monitoring
hardware, the safety-focused organisation is also installing
EROAD’s high-definition dual-facing dashcams to gather
vital evidence that can help exonerate innocent drivers in
the event of an incident.
Fonterra will also mitigate the risk of roll-over events in
its liquid tankers with EROAD’s specialised hardware.
EROAD’s Collision and Rollover Alert solution utilises vehicle
roll-over alert technology and satellite communications to
ensure emergency services can be dispatched as quickly as
possible, if the worst should happen – including when the
vehicle is outside cellular range.
Paul Phipps, GM National Transport & Logistics at Fonterra
says, “safety doesn’t happen by accident, so with us
picking up milk from our shareholders all over rural New
Zealand we choose to partner with an industry leader who
delivers Emergency and Automated Alerts through a 24/7
Satellite Solution for when we leave areas with cellular
coverage. This becomes a great mechanism in supporting
our strategy of sending our valued employees home the
way they come to work each and every day.”
EROAD’s innovative solutions will help Fonterra to improve
its market-leading commitment to health and safety, and
we look forward to a long partnership.
EROAD was delighted to partner with iconic NZ company Fonterra in
FY23. The partnership consists of a 5 year contract to install solutions from
all 4 of EROAD’s product categories across their fleet of 500+ milk tankers.
The whole-of-fleet solution was the unique differentiator for Fonterra,
edging out the incumbent fleet management software provider which the
company had used for 13 years.
+16.5b
Fonterra collect 16.5 billion
litres of milk per year
+100m km
Fonterra vehicles travel
upwards of 100 million
kilometers every year
Fonterra has chosen to partner with
EROAD, due to their innovation across
a number of products (telematics,
eRUC, dashcams etc). Their ability
to harmonise these products into an
overall telematics solution, that meets
our business requirements, will assist
us in maintaining our market-leading
commitment to health and safety. It
is great to be working with another
New Zealand-based team developing
products here in Aotearoa.
Malcolm Bailey, Fonterra NZ
EXPLORING VALUE |EROAD 2023 ANNUAL REPORT

PAGE 35
EROAD 2023 ANNUAL REPORT
PAGE 34
Downer is one of the biggest civil companies in New Zealand and the largest
provider of services to asset owners across 120 locations. Their fleet of 6,000
vehicles and assets travel in excess of over 120 million kilometers every year.
Downer recognise driving as one of the top critical risks its people face every day.
The aim of the accreditation is to recognise fleet operators
that demonstrate and continuously improve on-road and
workplace safety practices. Rewarding their real safety
improvements with a reduction in the ACC portion of
licencing fees.
After completion of an ACC audit in June 2022, Downer
obtained the highest accreditation, achieving ACC Fleet
Saver Gold.
Downer have many initiatives and processes which
contribute to their successful health and safety program,
EROAD is one of them. Since 2016, Downer has been able
to utilise EROAD’s data and features to better report on and
improve its health and safety-focused culture.
“We’ve always had a strong culture around health and
safety, but with EROAD on board our improved ability to
track and report means we are much better equipped to
proactively manage, lead, and reward the right behaviours,
and to address any issues faster,” says National Fleet
Manager Josh Hedley.
Since first partnering with EROAD, Downer’s events per
km (EPK) has improved by over 94%. “I think in the health
and safety space, Downer would be a leader in terms of the
improvements we’ve seen in driver behaviour and also the
ability to track who’s driving vehicles and an awareness of
what’s going on. EROAD is integral to our business and how
we manage the fleet and the health and safety of our people,
they’re more than just a telematics provider,” says Josh.
CASE STUDY
Empowering real improvements
in safety outcomes
Downer, NZ
Exploring value
0
5
10
15
2017201820192020202120222023
In recognition of this, in 2022 Downer launched an internal
initiative called Downer Drive, providing a roadmap to
driving safely and sustainably. In support of this initiative
they applied and worked towards achieving ACC (Accident
Compensation Corporation) Fleet Saver accreditation.
+120m km
Downer vehicles travel upwards of
120 million kilometers every year
EROAD Drive Buddy
& Driver ID introduced
EROAD Posted Speed
introduced
EXPLORING VALUE |
94%
Reduction in average # of speed
events per 100km travelled since
installation
Speed events per 100km
In 2022 Downer New Zealand achieved
the Gold level of the ACC Fleet Saver
Programme. We are very proud to
have achieved this level at our first
audit. Downer’s use of EROAD in all of
our fleet was instrumental in Downer
not only achieving this accreditation,
but also in improving the safety of our
people. EROAD is critical in assisting
us to monitor our fleet, to improve
driver behaviour to reduce risk, and
to inform the development of our
safety programmes. This year we have
extended this to Sustainability and
have used EROAD to drive our Idling
Reduction programme to reduce
emissions and save on fuel.
Barry Bignell,
Executive General Manager, Zero Harm

EROAD 2023 ANNUAL REPORT
PAGE 36 PAGE 37
Each category within EROAD’s product suite offers substantial
opportunities for customers to receive immediate value and achieve
rapid ROI. As inflationary pressures persist, we are witnessing an increase
in customer adoption, as the benefits of installing EROAD’s solutions
across their entire fleet become increasingly valuable.
Empowering real returns on investment
Exploring value
Real and rapid return on investment
Tax Claims
EROAD’s solutions offer customers the chance to recoup
expenses incurred through tax savings related to road user
charges or excise tax, off-road claims, or fringe benefits,
in all three regions, regardless of regulatory differences.
These savings can be substantial and are made possible by
EROAD’s certification as a recognised tax collection device.
Fuel Savings
EROAD provides its customers with in depth and
actionable intelligence on their fleet usage and idle time,
which presents enormous opportunities to cut fuel costs
by decreasing consumption.
Insurance Claims
By utilising EROAD’s platform, many customers are eligible
for upfront reductions in insurance premiums. Additionally,
EROAD’s real-time Video Based Safety clips have proven
valuable in disproving fraudulent insurance claims and
substantiating legitimate ones.
Efficiency improvements saving money
Resource & Administration Time
EROAD’s products are specifically designed to lessen the
administrative burden of managing the performance of
a customer’s fleet and assets. This includes minimising
reporting time, claim preparation time, fuel reconciliation,
workflow, routing, maintenance, and driver management.
Asset Utilisation
By utilising EROAD’s integrated platform and having
complete visibility of their entire fleet, customers can
optimise their assets in a variety of ways. This includes
decreasing pre-cool time, eliminating idle time for trailers,
improving servicing and maintenance management,
reducing daily stop times, mapping and comparing asset
movements, and identifying instances of under-utilisation.
$200,000
USD fuel cost saved p.a. by E.A.
Sween (USA) due to reduction
in idle time
$16.9m
NZD off-road claims NZ EROAD
eRUC customers were eligible
for in FY23
10 min
compared to 2 weeks to file
fuel tax reports for Hat Creek
Construction & Materials (USA)
7%
reduction in insurance
premiums saved by Recoil
Oilfield Services (USA)
From a fuel tax credit reporting perspective, EROAD is
completely changing the game for us. The benefit of
EROAD is that we’re now getting accurate off-road usage
and we’re currently able to go back four years
and adjust our fuel tax claim.
Tom Gower, HiWay Group, AUS
Data harvested has given us a valuable look at our cold
chain performances during transport. Using the trailer
return air data as part of our new predictive product
temperature monitoring process we were able to save
about USD$50,000 per month by not requiring drivers
to probe product at each stop.
Tim Bates, Golden State Foods, USA
EXPLORING VALUE |

EROAD 2023 ANNUAL REPORT
PAGE 38 PAGE 39
STRATEGIC DIRECTION |
In 2012, QCD selected Coretex – which was
acquired by EROAD in 2021 – to replace
the costly and unreliable process of manual
temperature monitoring of its reefer trailers.
QCD has since deployed EROAD’s reefer
fleet management solution in hundreds of
trailers, allowing the automated, continuous
monitoring of air temperature from
warehouse to restaurant.
EROAD recognises we have a duty
to drive forward real sustainability
improvements. For both our business
and our customers. Transport has the
highest reliance on fossil fuels of any
sector and accounted for 37% of CO2
emissions from end-use sectors globally
in 2021.
CASE STUDY
Empowering visibility of total operations
Quality Custom Distribution, USA

Empowering a road to sustainability
Exploring valueExploring value
To adopt a greater pace of change, EROAD has
made two significant commitments to furthering our
internal sustainability initiatives. We have appointed
a Chief Sustainability Officer, Craig Marris. EROAD
has also achieved certification under the Toitū
carbon-reduce programme.
Alongside our internal initiatives, we continue
to expand our product suite to empower
customers to measure and improve their
own sustainability efforts.
To understand more detail regarding EROAD’s
sustainability journey, please read our FY23
Sustainability Report.*
1.5m
deliveries per year
7,500
restaurants serviced nationally
Together, QCD and EROAD determined the precise
specifications to ensure freshness for a variety of
perishable food categories and variable packing data sets.
“The algorithm works flawlessly,” says Larkin Williams,
General Manager for QCD. “Everyone wants to make sure
they know that the core temperature of their products is
compliant. Being able to build on air temperature reading
by receiving actual product temperature will allow us to
communicate to our customer that they are receiving the
highest quality of product every time.”
CoreTemp provides real-time compliance to QCD and
its customers. Moreover, the elimination of manual
temperature probes has resulted in significant cost savings
for QCD, says Tim Bates, Corporate Quality Systems
Director.
Following the successful pilot program, QCD implemented
the EROAD solution for all of its delivery routes. “I think
CoreTemp has helped elevate our game,” Bates says.
“We’ve got a lot of powerful information that we never had
in years past.”
Quality Custom Distribution (QCD) is a leader in the quick
service restaurant freight industry. Established in 2006 as
a division of Golden State Foods (GSF), QCD completes
more than 30,000 refrigerated transport deliveries a
week from 24 distribution centres strategically located
throughout the United States. QCD leverages more than
five decades of GSF distribution expertise, providing high-
quality, custom distribution services at a competitive price.
Trusted by top industry brands, including Starbucks,
Chipotle and Chick-fil-A, the company services more
than 7,500 restaurants nationally – totaling more than
1.5 million deliveries per year. QCD has a longstanding
commitment to innovation and incorporates state-of-the-
art technology in every aspect of its operations – from
warehouse management systems to its single-platform
fleet monitoring solution.
Throughout this ongoing partnership, EROAD has
advanced its capabilities for remote reefer control,
two-way communication, hours of service compliance,
geofencing and a host of management applications.
QCD was also instrumental in piloting CoreTemp: a
simulated product temperature monitoring system that
uses artificial intelligence and advanced algorithms to
eliminate the need for manual temperature probes.
4%
EROAD reduction target for fuel
emissions by 2025
29k tCO2e
Total EROAD emissions for FY23
15%
EROAD reduction target for
electricity emissions by 2025
* Available June 2023
EXPLORING VALUE |

EROAD 2023 ANNUAL REPORT
PAGE 40 PAGE 41
EROAD’s product roadmap is aligned to key market trends for
the telematics and transport industries. By strategically shifting
towards operating at scale, EROAD is well-positioned to leverage
its momentum and achieve sustainable long-term growth.
Large & fast growing market
Key market drivers producing
future tailwinds
As we scale, EROAD is prioritising efficient growth. Our subscription-
based business model, with strong long-term unit economics, is a
solid foundation for future profitability. We have a well-defined plan to
be Free Cash Flow positive by FY26 within a $90m debt facility. This
strategic move puts us in a strong position to capitalise on predicted
growth opportunities.
Total telematics revenue pool for
geographies EROAD serves (NZD)
TELEMATICS
INDUSTRY TRENDS
BROADER TRANSPORT
INDUSTRY TRENDS
Across the three regions EROAD operates in, the
conservative estimate of the telematics revenue pool is
valued at $10.9 billion. If the market continues to grow at
the expected compound annual growth rate (CAGR) of
10 per cent, it could be worth as much as $22.8 billion by
the year 2030.
Our customer base is diversified across various end
markets, and we are not solely focused on the trucking
industry. With our current and future product offerings, we
are targeting significant and rapidly growing markets.
Future Growth
FUTURE GROWTH |
2030
$22.8b
2022
$10.9b
PAGE 41
As we focus on building up product functionality applicable to
whole-of-fleet and capability to service enterprise customers,
our growth in North America will be significant. In the longer
term, our strategic shift to operate at scale positions us well to
translate our momentum into profitable growth segments.
Mark Heine, CEO, EROAD
KEY TRENDSEROAD FOCUS
1
Demand for advanced
workflow-based solutions
Demand for bespoke/custom
workflow solutions
2
OEM offering built-in telematics
IOT platform/Data aggregator
Need for cohesive and standardised integration
across multiple data sources
3
Tighter integration across
supply chain
4
Commoditisation of base
offering stack
Whole-of-fleet
As base telematics are further commoditised
and fleets consolidated, EROAD will compete
with whole-of-fleet solutions (including APIs,
aggregation and enrichment)
5
Fleet consolidation
6
Transition to EV fleets
Sustainability focus
Regulatory landscapes across all markets
changing, impacting both reporting
requirements and tax. Provides tailwind for
telematics fleet management.
7
Focus on sustainability
and ESG (excl. electrification)
8
Future regulatory
requirements

EROAD 2023 ANNUAL REPORT
PAGE 42 PAGE 43
OUR LEADERSHIP |
The Management Team
MARK HEINE
Chief Executive Officer
MARGARET WARRINGTON
Chief Finance Officer
AARON LATIMER
Chief Operating Officer
Mark began his tenure as CEO in June
2022. With a deep knowledge of
EROAD’s business coupled with his
well established legal expertise, Mark
is best placed to lead EROAD. Mark
joined EROAD in 2015 after establishing
himself as a well regarded lawyer in
NZ and Australia. He has experience
across a range of legal areas including
corporate, commercial, M&A, litigation,
privacy, IP and antitrust. Mark has also
been employed as a barrister in New
Zealand and holds current practicing
certificates for New Zealand and
Australia. He holds an LLB and BA from
the University of Otago.
Margaret joined EROAD in September
2020 and was formally appointed as
CFO in November 2022, having served
as acting CFO since May. With more
than 12 years’ experience in senior
finance and commercial positions
across multiple sectors in New Zealand,
Margaret is a highly experienced
finance professional. Her previous roles
include Head of Finance at Summerset
Group, CFO at Statistics New Zealand
and acting CFO at the Inland Revenue
Department. As CFO, Margaret heads
EROAD’s global corporate division
and she brings a fresh and relatable
approach to corporate finance.
Margaret is a qualified Chartered
Accountant and holds a Bachelor of
Commerce and a Diploma in Teaching
from the University of Wellington.
Aaron recently re-joined EROAD
as Chief Operating Officer after 18
months as VP of Operations at Syft
Technologies. Having previously
served as EROAD’s Global Supply
Chain Manager, Aaron brings extensive
knowledge of the business and
significant supply chain management
expertise. His background in
manufacturing, operations
management, strategy, logistics, and
business process improvements make
Aaron a great addition to the Executive
Team. Aaron is based in New Zealand
and holds a Bachelor of Commerce
from the University of Canterbury.
STEEN ANDERSEN
Chief Transformation Officer
SHELLEY PRENTICE
Chief People Officer
AKINYEMI KOYI
President North America &
Chief Innovation Officer
Steen joined EROAD as Chief
Transformation Officer in February
2023, leading the transformation office.
Steen brings extensive experience
in business development, strategic
planning, product management,
customer operations and enterprise
resource. He has held senior positions
including Chief Customer Service
Officer, Chief Delivery Officer and VP of
Sales and Professional Services. Based
in North America, Steen holds a Master
of Science in Economics and Business
Administration from Aarhus University.
With a wealth of global HR experience,
Shelley heads the People and Capability
function at EROAD. In April 2023,
she joined the team after serving as
a senior executive at Piritahi, where
she led Operational Excellence on
behalf of Kāinga Ora. With over two
decades experience in various senior
and executive roles spanning multiple
sectors, Shelley is deeply committed
to driving transformative change. She
believes in strategically developing
culture, capability and optimisation
of work practices that empower high-
performance and sustainable growth.
Shelley holds a Bachelor of Human
Resource Management and a Bachelor
of Hospitality Management from
Auckland University of Technology.
Akinyemi Koyi (AK) has more than 20
years of experience as a leader and
innovator in the technology sector.
Working in a variety of industries,
Akinyemi has built, managed and
nurtured highly skilled, successful
teams while overseeing complex
engineering projects. He joined EROAD
in 2021 when EROAD acquired Coretex,
a telematics company where Akinyemi
was Chief Operating Officer and Chief
Technology Officer. Akinyemi brings
to EROAD a dedication to innovation,
a people-focused leadership style and
a commitment to creating technology
solutions that make our customers
safer and more successful.

Our Leadership

EROAD 2023 ANNUAL REPORT
PAGE 44 PAGE 45
The Management Team
KONRAD STEMPNIAK
Executive General Manager ANZ
CRAIG MARRIS
Chief Sustainability Officer &
EVP Mixed Fleets
DEAN MARRIS
Chief Data Science Officer &
EVP Construction
Konrad joined EROAD as General
Manager - Australia in February 2021,
before his promotion to EGM Australia/
New Zealand in January 2023. He is an
accomplished executive leader with
experience 10+ years experience in
strategic operations, technical sales
and building high performing teams.
Based in Sydney, Konrad holds an MBA
from the Australian Graduate School of
Management at the University of
NSW (with excellence), a Bachelor
of Arts/Bachelor of Education and
recently completed the Australian
Institute of Company Director course
with AICD. Konrad loves to support
community initiatives and is a volunteer
surf life saver.
Craig was the Executive Vice President
Mixed Fleets in North America and is
a one of the Co-founders of Coretex
and launched the North American
Operations in 2006. Craig has been
instrumental in establishing the
distributor network, launching the
compliance solution in 2009, and led
the direct sales growth for Coretex.
This new role allows Craig to capitalise
on his keen interest in climate change
data science and apply this to help
fleets navigate their transitions
effectively to more sustainable
operations. Craig has a double degree
in Marketing and Economics from
Otago University and is a recent
graduate from the Harvard Business
School of Analytics, graduating with
distinction.
As one of the co-founders of Coretex,
Dean joined the EROAD team following
the acquisition in 2021. With a strong
automotive background, Dean brings
a wealth of knowledge in this area.
He was the President and founding
member of International Telematics in
New Zealand before his role as EVP of
Sales and Distribution in North America
for Coretex. Dean holds a Bachelor
of Commerce with a double major in
Marketing and Economics and is recent
graduate from the Harvard Business
School of Analytics and Data Science
graduating with distinction. With
established skills in telematics, coupled
with significant business and analytics
knowledge and experience, Dean
is a key member of EROAD’s North
American leadership team.
JEREMY WILTON
Vice President Product and
Engineering
TIM MOLE
Director of Technology
Jeremy joined EROAD in October
2020, spearheading product research
and development for hardware
devices. With 20+ years of experience
in crafting and implementing product
strategies for hardware and software
organisations across APAC and North
America, Jeremy brings invaluable
expertise to his role having worked for
several Forbes 2000 Global technology
companies. Holding a BSc in Computer
Science, he combines technical
acumen with a proven track record of
commercial success, driving EROAD’s
innovation in the transportation
industry.
Tim is an experienced senior leader in
data, analytics and engineering with
more than 29 years’ experience. He
joined EROAD in December 2021 as
Director of Analytics and Insight before
moving into the Director of Technology
role. Throughout his career, Tim has
held management roles at Xero, Humm
Group and Intergen. Tim holds a
Bachelor of Science (BSc) in Computer
Science and Operations Research from
University of Canterbury. Alongside
Jeremy Wilton, Tim oversees the
product, development and engineering
team until EROAD appoints a
permanent Chief Technology Officer.
Our Leadership
OUR LEADERSHIP |

EROAD 2023 ANNUAL REPORT
PAGE 46 PAGE 47
The Board
Our Leadership
GRAHAM STUART
Chairman, Independent Director,
Auckland
Appointed: January 2018,
Chairman from August 2018
BARRY EINSIG
Independent Director,
Pennsylvania
Appointed: January 2020
TONY GIBSON
Independent Director,
Auckland
Appointed: October 2009
Board Committees: Finance, Risk and
Audit, Remuneration, Talent
and Nomination
Graham brings extensive leadership
and governance experience. He has
previously served as CEO of Sealord
Group and CFO then Director of
Strategy and Growth at Fonterra.
More than half his executive career
was spent as Chief Financial Officer
or equivalent and he has business
experience across Asia, Europe, the UK
and Latin America. In addition to his
impressive executive resume, Graham
brings significant board experience
in NZ, Europe, Australia, and Latin
America and currently serves on four
listed company boards. Graham holds
a Master’s degree in Science and a
Bachelor of Commerce in Finance.
Board Committees: Remuneration,
Talent and Nomination, Technology
Located in Pennsylvania, Barry brings
considerable knowledge of the North
American transport market as well
as global automated and connected
vehicle expertise. He is currently a
Vice President at Econolite and has
held other senior leadership positions
within the transport industry. Barry
was an advisor to the Singapore
Ministry of Transportation on their
Highly Automated Vehicle Programme.
In addition, he has reviewed work
undertaken by the Transportation
Research Board and has created patent-
approved technology used in Public
Safety Networks. Barry holds a Bachelor
of Science (Environmental Biology).
Board Committees: Remuneration,
Talent and Nomination (Chairman)
and Finance, Risk and Audit
Tony joined the EROAD Board in
October 2009 and brings more than 30
years’ experience in shipping, logistics,
technology and governance. He is one
of New Zealand’s most experienced
transport professionals and is the
current Managing Director and CEO of
VINZ (Vehicle Inspection New Zealand).
Tony previously served as the Chief
Executive of Ports of Auckland and in
2008 he was appointed to the Road
User Review Group by the Minister of
Transport. Tony has worked in various
senior management positions across
Africa, Asia and Europe and is currently
a director for Marsden Maritime
Holdings and North Tugz.
SARA GIFFORD
Independent Director,
Massachusetts
Appointed: April 2022
SUSAN PATERSON
Independent Director,
Auckland
Appointed: March 2019
SELWYN PELLETT
Non-Executive Director,
Auckland
Appointed: December 2021
Board Committees: Remuneration,
Talent and Nomination, Technology
Based in Boston, Sara has extensive
leadership experience in software
companies and is well versed in logistics,
transportation, product implementation,
and sales. She has significant business
experience across North America,
Europe, Southeast Asia, Australia, and
NZ. Sara served as the Chief Solutions
Officer and executive board member
of Quintiq and is a director of North
American company Spiro. Sara is also
the co-founder and director of Activote,
a non-partisan application enabling
voting in North America. Sara holds
a Bachelor of Science in Computer
Engineering and a Master’s of Science in
Software Engineering.
Board Committees: Finance, Risk
and Audit (Chair) and Remuneration,
Talent and Nomination
Susan is a highly sought-after
professional director with more than
25 years Board/Chair experience in
NZX/ASX listed companies, private
companies, government entities and
not-for-profits. With a pharmaceutical
and management background and an
MBA (London Business School), she
has worked in a range of consulting and
management positions throughout New
Zealand and internationally. Susan is an
appointed Officer of New Zealand Order
of Merit (services to governance) and
was awarded Chartered Fellow status by
the Council of the Institute of Directors.
Board Committees: Technology
Selwyn is an acclaimed technology
entrepreneur with more than 40 years’
experience in electronics supply chains,
enterprise level network security
and telematics in Asia, Australia, NZ,
North America and Europe. He has
extensive experience in international
sales, marketing, strategic planning and
supply chain management, spanning
small start-ups to multibillion-dollar
corporations. Selwyn was the founder
and CEO of Coretex Limited before the
merger with EROAD, and the previous
co-founder, CEO and Chairman of
Endace Ltd. Selwyn’s leadership,
vision and significant contribution to
New Zealand’s technology sector was
recognised by the New Zealand Hi
Tech Association who named him as a
‘Flying Kiwi’ in 2009.
OUR LEADERSHIP |

EROAD 2023 ANNUAL REPORT
PAGE 48 PAGE 49
CORPORATE GOVERNANCE REPORT |FINANCIAL STATEMENTS |EROAD 2023 ANNUAL REPORT
PAGE 48 PAGE 49
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2023

20232022
Notes$M's$M’s
Revenue2174.9114.9
Operating expenses5(129.7)(93.9)
Earnings before interest, taxation, depreciation and
amortisation
45.221.0
Depreciation of property, plant and equipment10(17.2)(10.4)
Amortisation of intangible assets11(17.9)(11.0)
Amortisation of contract and customer acquisition assets3(8.4)(6.8)
Earnings/(loss) before interest and taxation1.7(7.2)
Finance expense(7.1)(3.3)
Finance income0.30.1
Net financing costs14(6.8)(3.2)
Loss before tax(5.1)(10.4)
Income tax benefit202.10.8
Loss after tax for the period attributable to the
shareholders
(3.0)(9.6)
Other comprehensive income
Items that are or may be reclassified subsequently to profit
or loss
2.7(0.3)
Total comprehensive loss for the period(0.3)(9.9)

Loss per share - Basic (cents) 15(2.69)(10.07)
Loss per share - Diluted (cents) 15(2.68)(9.98)
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the
accompanying notes.

Financial
Statements

EROAD 2023 ANNUAL REPORT
PAGE 50 PAGE 51
CORPORATE GOVERNANCE REPORT |FINANCIAL STATEMENTS |EROAD 2023 ANNUAL REPORT
PAGE 50 PAGE 51
Consolidated Statement of Financial Position
As at 31 March 2023
2023 Restated 2022
Notes$M's$M’s
Current assets
Cash and cash equivalents78.113.9
Restricted bank accounts711.614.7
Trade and other receivables834.42 7. 2
Contract fulfilment costs35.33.6
Costs to obtain contracts32.32.1
Total Current Assets61.761.5
Non-current assets
Property, plant and equipment1077.861.7
Intangible assets11242.1231.4
Derivative financial asset180.2-
Contract fulfilment costs34.03.3
Costs to obtain contracts31.81.9
Deferred tax assets2115.210.3
Total Non-Current Assets341.1308.6
Total Assets402.8370.1
Consolidated Statement of Financial Position (continued)
As at 31 March 2023
2023 Restated 2022
Notes$M's$M’s
Current liabilities
Borrowings131.4-
Trade payables and accruals923.037. 3
Payables to transport agencies711.915.0
Contract liabilities47. 45.7
Lease liabilities121.71.4
Employee entitlements3.74.6
Total Current Liabilities49.164.0
Non-current liabilities
Borrowings1369.232.1
Contract liabilities412.06.2
Lease liabilities125.84.3
Derivative financial liabilities-0.2
Deferred tax liabilities2117.915.6
Total Non-Current Liabilities104.958.4
Total Liabilities154.0122.4
Net Assets248.8247.7
Equity
Share Capital15305.7293.3
Share capital premium/discount(19.9)(6.5)
Other reserves(1.0)(3.7)
Accumulated losses(36.0)(35.4)
Total Shareholders' Equity248.8247.7
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

Chair of the Finance, Risk and Audit Committee, 24 May 23Chairman, 24 May 23

EROAD 2023 ANNUAL REPORT
PAGE 52 PAGE 53
CORPORATE GOVERNANCE REPORT |FINANCIAL STATEMENTS |EROAD 2023 ANNUAL REPORT
PAGE 52 PAGE 53
Consolidated Statement of Changes in Equity
For the year ended 31 March 2023
Consolidated
Share
Capital
Share
Premium /
Discount
Accumulated
losses
Translation
Reserve
Hedging
Reserve
Total
Notes$M’s$M’s$M’s$M’s$M’s$M’s
Balance as at 1 April 2021131.7-(26.2)(3.4)-102.1
Loss for the year--(9.6)--(9.6)
Other comprehensive loss---(0.1)(0.2)(0.3)
Total comprehensive loss--(9.6)(0.1)(0.2)(9.9)
Transactions with owners
of the Company
Equity settled share-based
payments
161.3-0.4--1.7
Share capital issued80.4----80.4
Issue of ordinary shares related to
business combination
79.9(6.5)---73.4
Balance as at 31 March 2022293.3(6.5)(35.4)(3.5)(0.2)247.7
Balance as at 1 April 2022293.3(6.5)(35.4)(3.5)(0.2)247. 7
Loss for the year--(3.0)--(3.0)
Other comprehensive income---2.30.42.7
Total comprehensive income--(3.0)2.30.4(0.3)
Transactions with owners
of the Company
Equity settled share-based
payments
161.4-(1.3)--0.1
Share capital issued relating to
business combination
1511.0(9.7)---1.3
Contingent shares forfeited
reclassification
-(3.7)3.7---
Balance at 31 March 2023305.7(19.9)(36.0)(1.2)0.2248.8
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

Consolidated Statement of Cash Flows
For the year ended 31 March 2023
2023 Restated 2022
Notes$M’s$M’s
Cash flows from operating activities
Cash received from customers165.2109.4
Payments to suppliers and employees(128.9)(92.2)
Payments for contract fulfilment assets3(7.6)(5.7)
Interest received0.30.1
Interest paid(4.9)(2.9)
Income taxes paid-(0.1)
Net cash inflow from operating activities24.18.6
Cash flows from investing activities
Payments for investment in property, plant & equipment10(27.5)(28.4)
Payments for investment in intangible assets11(28.2)(24.9)
Payments for investment in cost to obtain contracts3(2.9)(3.2)
Payments for investment in subsidiary (including contingent
consideration), net of cash acquired
23(8.5)(72.4)
Net cash outflow from investing activities(67.1)(128.9)
Cash flows from financing activities
Receipts from bank loans52.732.1
Repayments of bank loans(14.2)(35.0)
Payment of lease liability(1.3)(1.6)
Receipts from issue of equity-85.0
Payments for costs of raising equity-(3.4)
Net cash inflow from financing activities3 7. 27 7.1
Net decrease in cash held(5.8)(43.2)
Cash at beginning of the financial period13.957.1
Closing cash and cash equivalents 8.113.9
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

EROAD 2023 ANNUAL REPORT
PAGE 54 PAGE 55
CORPORATE GOVERNANCE REPORT |EROAD 2023 ANNUAL REPORT
PAGE 54 PAGE 55
NOTES TO FINANCIAL STATEMENTS |
Reconciliation of Operating Cash Flows with Reported Profit After Tax
For the year ended 31 March 2023
2023 Restated 2022
Notes$M’s$M’s
Reconciliation of operating cash flows with reported profit
after tax
Loss after tax for the year attributable
to the shareholders
(3.0)(9.6)
Add/(less) non-cash items
Tax asset recognised(3.9)(1.1)
Depreciation and amortisation43.528.2
Other non-cash expenses/(income)0.50.8
Contingent consideration and revaluation(9.6)-
Unwinding of interest expense for discounted contract liabilities
and contingent consideration
1.70.6
Contract liability discounting gain(1.8)-
30.428.5
Movements in other working capital items
Increase in trade and other receivables(6.1)(10.4)
Increase in current tax payables2.1-
Increase in contract liabilities7. 95.3
Increase in contract fulfillment cost(7.6)(5.7)
Increase in trade payables, interest payable and accruals0.40.5
(3.3)(10.3)
Net cash from operating activities24.18.6

Notes to the consolidated financial statements
For the year ended 31 March 2023
REPORTING ENTITY
The consolidated financial statements for the year ended 31 March 2023 are for EROAD Limited (the “Company”) and
its subsidiaries (collectively referred to as the “Group”). The Group provides electronic on-board units and software as a
service to the transport industry.

EROAD Limited is a company domiciled in New Zealand registered under the Companies Act 1993 and is a FMC reporting
entity for the purposes of the Financial Markets Conduct Act 2013. The Company is listed on the New Zealand Stock
Exchange (NZX) Main Board and the Australian Stock Exchange (ASX).

BASIS OF PREPARATION
The consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Practice
in New Zealand (NZ GAAP). The financial statements comply with New Zealand equivalents to International Financial
Reporting Standards (NZ IFRS) as appropriate for profit-oriented entities and other New Zealand accounting standards,
and authoritative notices that are applicable to entities that apply NZ IFRS. These financial statements also comply with
International Financial Reporting Standards and the requirements of the Financial Markets Conduct Act 2013.
The financial statements are presented in New Zealand dollars ($) which is the Group’s presentation currency, and all values
are rounded to million dollars to one decimal place ($M’s) except where stated. Items included in the financial statements
of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity
operates (the “functional currency”). The functional currency of the Company and its New Zealand subsidiaries is New
Zealand dollars. The functional currency of the Company’s Australian and North American subsidiaries are Australian
dollars and United States dollars respectively.

All amoun
ts are shown exclusive of goods and services tax (GST) except for trade receivables and trade payables, and
except where the amount of GST incurred is not recoverable. When this occurs, GST is recognised as part of the cost of the
asset or as an expense as applicable.

The financial statements are prepared on the historical cost basis, except for certain financial instruments which are carried
at fair value.

BASIS OF CONSOLIDATION
Subsidiaries are fully consolidated at the date on which the Group obtains control, and continue to be consolidated until the
date when such control ceases. The financial statements are prepared for the same reporting period as the Company, using
consistent accounting policies. All intra-group transactions and balances arising within the Group are eliminated in full.
ACCOUNTING POLICIES
Accounting policies that summarise the measurement basis used and that are relevant to the understanding of the financial
statements are provided throughout the accompanying notes.
“

T
he accounting policies adopted have been applied consistently throughout the periods presented in these consolidated
financial statements, except as mentioned below.

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EROAD 2023 ANNUAL REPORT
PAGE 56
NOTES TO FINANCIAL STATEMENTS |
NZ IAS 1 amendment
The Group has early adopted the amendments to NZ IAS 1 with regards to the classification requirement of liabilities as current
or non-current in the current year. The impact of adoption on these consolidated financial statements has been outlined in the
table below.

NZ IAS 1 (OLD) IMPACTNZ IAS 1 (NEW)
$M’s$M’s$M’s
31 MARCH 2023
Current borrowings40.6(39.2)1.4
Non-current borrowings30.039.269.2
31 MARCH 2022
Current borrowings2.1(2.1)-
Non-current borrowings30.02.132.1
31 MARCH 2021
Current borrowings6.4(1.4)5.0
Non-current borrowings28.61.430.0
The Group adopted all mandatory new and amended NZ IFRS Standards and Interpretations and there has been no material
impact on the Group’s financial statements.
There are no other new standards, amendments or interpretations that have been issued and are not yet effective, that are
expected to have a significant impact on the Group.
COMPARATIVE INFORMATION
The statement of cash flow presentation has been amended to reclassify the contract fulfilment assets from investing activities
to operating activities cash flows. The impact of this reclassification on the comparative period is shown below.
The reclassification better reflects the Group’s operation.
2022
REPORTED
RECLASS
2022
RECLASSIFIED
$M’s$M’s$M’s
Cash flows from operating activities14.3(5.7)8.6
Cash flows from investing activities(134.6)5.7(128.9)
The prior year statement of financial position has been restated for the finalisation of provisional values in relation to the
acquisition of Coretex. Refer to note 23 for further details on the change.
Apart from the changes noted above and the change as a result of early adoption of NZ IAS 1 amendments Classification of
Liabilities as Current or Non-current, there have been no other changes to comparative figures.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In applying the Group’s accounting policies, management continually evaluates judgements, estimates and assumptions
based on experience and other factors, including expectations of future events that may have an impact on the Group. All
judgements, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances
available to the Group. Actual results may differ from the judgements, estimates and assumptions.
The significant judgements, estimates and assumptions made by management in the preparation of these financial
statements are outlined within the financial statement notes to which they relate. These are:
•
Taxation - recognition and utilisation of tax losses
• Intangible assets - assumptions used in the impairment tests; capitalisation of development costs
• Property, plant and equipment - determining residual values and useful lives
GOING CONCERN
As at balance the Group’s current assets exceeded its current liabilities by $12.6 million (2022 restated: net current liabilities of
$2.5m). The directors have carefully considered the ability of the Group to continue to operate as a going concern for at least
the next 12 months from the date the financial statements are authorised for issue. It is the conclusion of the directors that the
Group will continue to operate as a going concern and the financial statements have been prepared on that basis.
In reaching their conclusion the directors have considered the following factors:
•

Cash r
eserves as at 31 March 2023 of $8.1M and bank borrowing facility of $90M of which $19.4M was undrawn as at
31 March 2023 after including borrowing costs of $0.5M. Along with cost saving initiatives of the group, this provides
sufficient level of headroom to help support the business for at least the next 12 months from the date of issuance of
these financial statements;
• The Future Contracted Income of $219.6M provides certainty of forecast revenue; and
• The directors have made due enquiry into the appropriateness of the assumptions underlying the budgetary forecasts.

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EROAD 2023 ANNUAL REPORT
PAGE 58
NOTES TO FINANCIAL STATEMENTS |
PERFORMANCE
This section focuses on the Group’s financial performance. This section includes the following notes:
NOTE 1 SEGMENT REPORTING
NOTE 2 REVENUE
NOTE 3 CONTRACT FULFILMENT AND COSTS TO OBTAIN CONTRACTS
NOTE 4 CONTRACT LIABILITIES
NOTE 5 EXPENSES
NOTE 6 PERSONNEL EXPENSES
NOTE 1 SEGMENT REPORTING
ERO
AD operating segments are based on geographic location for operating companies and corporate and development
costs. These operating segments equate to the Group’s strategic divisions and are reported in a manner consistent with
the internal reporting provided to the Chief Executive Officer (“CEO”). The CEO is considered to be the chief operating
decision maker (“CODM”).

The four segments/strategic divisions offer different services and are managed separately because they require different
technology, services and marketing strategies. For each strategic division, the CODM reviews internal management reports.
The following summary describes the operations in each of the Group’s segments.

• 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
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, derivative financial instruments, finance income
and expenses.
Inter-segment pricing is determined on an arm’s length basis.
NOTE 1 SEGMENT REPORTING
(CONTINUED)
Reportable segment information
Key information related to each reportable segment as provided to the CODM is set out below.
Corporate &
Development
North America New ZealandAustralia
20232022202320222023202220232022
$M's$M's$M's$M's$M's$M's$M's$M's
Revenue
Software as a Service (Saas)
revenue
-0.365.335.075.865.38.33.5
Hardware revenue0.6-5.42.40.2-0.70.1
Transaction fee revenue ----3.73.0--
Other revenue 161.732.11.92.94.01.50.30.3
Total revenue62.332.472.640.383.769.89.33.9
Earnings before interest,
taxation, depreciation &
amortisation
(28.5)(33.9)18.19.453.745.22.20.1
Other segment information
Total assets2 7 7. 3256.9100.480.869.564.815.413.3
Depreciation of property, plant &
equipment
(2.1)(1.5)(7.8)(3.8)(6.9)(5.2)(0.6)(0.3)
Amortisation of intangible assets(10.2)(8.8)(5.1)(1.7)(0.9)(0.3)(1.7)(0.2)
Amortisation of contract and
customer acquisition assets
--(2.3)(1.5)(5.4)(5.0)(0.6)(0.3)
1
Revenue from Corporate & Development Markets includes R&D Grant Income of $1.6M (31 March 2022: $1.3M) and reassessment of contingent consideration
of $9.6m (31 March 2022: $1.3M).

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EROAD 2023 ANNUAL REPORT
PAGE 60
NOTES TO FINANCIAL STATEMENTS |
Reconciliation of information on reportable segments
20232022

$M’s$M’s
Revenue
Total revenue for reportable segments227.9146.4
Elimination of inter-segment revenue(53.0)(31.5)
Consolidated Revenue174.9114.9

EBITDA
Total EBITDA for reportable segments45.520.8
Elimination of inter-segment EBITDA(0.3)0.2
Consolidated EBITDA45.221.0
Depreciation

Total depreciation for reportable segments(17.4)(10.8)
Elimination of inter-segment depreciation0.20.4
Consolidated Depreciation(17.2)(10.4)
Amortisation of intangible assets
Total amortisation for reportable segments(17.9)(11.0)
Elimination of inter-segment amortisation--
Consolidated Amortisation(17.9)(11.0)
Total assets

Total assets for reportable segments462.6415.8
Elimination of inter-segment balances(59.8)(45.7)
Consolidated Total Assets402.8370.1
Allocation of goodwill, property plant and equipment and other intangible assets
Included within T
otal Assets are Development Assets of $100.4M (31 March 2022: $88.3m) 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 are also presented in the Corporate & Development segment. The Group’s
cash generating units (CGUs) are North America, New Zealand and Australia. For impairment testing purposes
management allocate the Development Assets to the CGU based on the specific CGU that the Development Asset relates
to, or if the Development Asset is developed for use globally across all CGU’s, the asset is allocated to CGU’s based on
the proportionate share of the Group’s Contracted Units. Property plant and equipment and other finite intangible assets
are also included and tested as part of impairment testing of respective CGU’s.

Also included in the t
otal assets is the intangible assets acquired through the acquisition of the Coretex subsidiaries and
resulting goodwill. The allocation of these to cash-generating units has been done based on valuation expert advice as part of
acquisition accounting in the prior year.
The allocation of the Development Assets, goodwill and other intangibles to CGU’s within the following reportable segments for the
purpose of impairment testing was as follows:
Development AssetsGoodwillBrand
Customer
relationships
$M's$M's$M's$M's
31 MARCH 2023
North America46.388.82.420.7
New Zealand48.35.7-1.1
Australia5.813.6-3.5
100.4108.12.425.3
31 MARCH 2022 Restated
North America43.388.83.121.9
New Zealand39.85.7-1.2
Australia5.213.6-4.9
88.3108.13.128.0
Geographic information
The geographic information below analyses the Group’s revenue and non-current assets by the Company’s country of domicile
and other countries. In presenting the following information revenue has been based on the geographic location of customers
and assets were based on the geographic location of the assets. These allocations are not aligned with the Group’s reportable
segments.

2023Restated 2022
$M’s$M’s
Revenue
New Zealand94.072.1
All foreign countries:
USA71.639.0
Australia9.33.8
Total revenue174.9114.9
Non-current assets
New Zealand230.4206.5
All foreign countries:
USA84.679.9
Australia10.711.9
Total non-current assets325.7298.3
Non-current assets exclude financial instruments and deferred tax assets.

NOTE 1 SEGMENT REPORTING
(CONTINUED)NOTE 1 SEGMENT REPORTING (CONTINUED)

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EROAD 2023 ANNUAL REPORT
PAGE 62
NOTES TO FINANCIAL STATEMENTS |
2023Restated 2022
$M’s$M’s
Reconciliation of geographical non-current assets
to total non-current assets

Geographical non-current assets325.7298.3
Deferred tax assets15.210.3
Derivative financial instruments0.2-
Total non-current assets341.1308.6
NOTE 2 REVENUE
20232022

$M’s$M’s
Revenue from contracts with customers
Software as a service (Saas) revenue149.4104.1
Hardware revenue (subscription basis)6.92.5
Other
Transaction fee revenue3.73.0
Other revenue and income13.34.0
Grant income1.61.3
Total Revenues174.9114.9
Set out above is the disaggregation of the Group’s revenue. The disaggregation reflects the nature, amount, timing and
uncertainty of revenue and cash flows are affected by economic factors.

R
evenue recognition
R
evenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when
it transfers control over a good or a service to a customer.

T
he Group provides electronic on-board units to its customers, which comprise the provision of hardware and the rendering of
services.

F
or the majority of the Group’s customers the supply of electronic on-board units (leased or purchased outright), installation
of the units and providing services are not distinct and have one single performance obligation (linked to the service contract).
Consequently, the Group does not recognise revenue separately for these goods and services but recognises this revenue
together as the provision of software as a service (SAAS) revenue.

Each of the Gr
oup’s main sources of revenue are described in detail below:
S
oftware as a service revenue
Soft
ware as a service (SaaS) revenue represents revenue earned from customer contracts for the sale or rental of hardware,
installation services, training and support services and provision of software services.
As not
ed above, the Group has determined that for the majority of customers the supply and installation of units and the
services are not distinct and treated as one single performance obligation. That is, EROAD’s customers do not have the right
to direct the use of EROAD’s assets (such as the Ehubo, Corehub and TMU units) as EROAD continues to have the right and
ability to change how the asset operates during the customer’s contract period. These contracts are therefore accounted for
as service contracts. 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 do 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 Software as a Service (SaaS) revenue, which is recognised on a straight
line basis over the contract period to reflect the fulfilment of the performance obligations as they arise. There are no variable
consideration terms within the contracts.
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 software
as a service (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.

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 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 recognise as a finance cost when
consideration is received in advance.

Hardware revenue (subscription)
Har
dware revenue purchased with a subscription is recognized over the first months subscription. Hardware revenue
reflects hardware sales where a subscription must be separately purchased to utilise the hardware and obtain access to
services. The hardware together with the monthly subscription is considered a single performance obligation. A receivable
is recognised by the Group when the right to consideration becomes unconditional, as only the passage of time is required
before payment is due.

T
he installation revenue associated with uncontracted hardware units is included in the hardware revenue line and recognised
when the installation is completed.

T
he services revenue associated with the uncontracted hardware units is included in the software as a service revenue line and
is recognised when the performance obligation is completed.

T
ransaction fees
T
ransaction fee revenue relates to the collection of Road User Charges (RUC) fees. The Group acts as an agent for transport
authorities in the market that is operates in. Where fees are collected on their behalf, the Group charges a commission. The
revenue recognised is the net amount of the commission fee earned by the Group.

Gr
ant income
Government grants are recognised at fair value in the statement of comprehensive income over the same periods as the costs
for which the grants are intended to compensate. No unfulfilled conditions or contingencies exist related to the government
grants.
Other revenue and income
Included in other inc
ome and revenue is $9.6M related to the reassessment of contingent consideration as outlined in Note 23.
Future contracted income

T
he 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
below aligns with the Future Contracted Income reported by the Group.
NOTE 2 REVENUE
(CONTINUED)NOTE 1 SEGMENT REPORTING (CONTINUED)

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EROAD 2023 ANNUAL REPORT
PAGE 64
NOTES TO FINANCIAL STATEMENTS |
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 31 March 2023 are
expected to be recognised by EROAD based on the time bands disclosed below.


20232022
$M’s$M’s
Software as a Service (SaaS) revenue
No later than one year88.183.6
Later than one year, no later than five years131.5106.6
Total price allocated to remaining performance obligations219.6190.2
NOTE 3 CONTRACT FULFILMENT AND COSTS TO OBTAIN CONTRACTS
Capitalised contract fulfilment costs
T
he Group capitalises incremental costs of fulfilling customer contracts, typically distribution and installation costs. Contract
fulfilment 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. Customers who do not sign up to a term have contract fulfilment costs expensed up-front.

C
apitalised 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. Customers who do not sign up to a term have contract
acquisition costs expensed up-front.

The following table provides information about contract fulfilment and costs to obtain contracts with customers:
Contract fulfilmentCosts to obtain contracts
2023202220232022
$M’s$M’s$M’s$M’s
Opening net book value6.95.44.03.5
Additions7. 85.73.13.1
Amortisation(5.4)(4.2)(3.0)(2.6)
Closing net book value9.36.94.14.0
Current5.33.62.32.1
Non-current4.03.31.81.9
NOTE 4 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.


20232022
$M’s$M’s
Opening balance11.96.6
Amounts deferred during the period16.910.4
Amount recognised in the statement of comprehensive income(9.4)(5.1)
19.411.9
Current 7. 45.7
Non-current12.06.2
NOTE 5 EXPENSES
20232022
Notes$M’s$M’s
Personnel expenses - net of capitalised employee
remuneration
657. 545.2
Administrative and other operating expenses41.124.3
SaaS platform costs26.015.3
Directors fees0.80.5
Acquisition-related expenses-3.6
Integration-related expenses3.44.0
Auditor's remuneration - KPMG0.50.6
Other assurance services - KPMG0.10.1
Tax compliance and advisory services - KPMG0.30.3
Total operating expenses129.793.9
Other assurance services include half year review and procedures over RDTI claim and NZTA reasonable assurance.

During the year the costs expensed for Research and Development (including integration) was $37.2M (31 March 2022:
$8.0M).
The integration related expenses include internal staff time.
NO
TE 6 PERSONNEL EXPENSES
20232022
$M’s$M’s
Salaries and wages - excluding capitalised commission costs74 .153.7
Annual leave(1.1)0.8
Performance bonus1.40.8
Share-based payments0.12.0
Salaries and wages capitalised to development and software assets(17.0)(12.1)
57. 545.2
NOTE 2 REVENUE
(CONTINUED)NOTE 4 CONTRACT LIABILITIES (CONTINUED)

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PAGE 66
NOTES TO FINANCIAL STATEMENTS |
WORKING CAPITAL
This section provides information about the primary elements of the Group’s working capital. This section includes the
following notes:
NOTE 7 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND PAYABLES TO TRANSPORT AGENCIES
NOTE 8 TRADE AND OTHER RECEIVABLES
NOTE 9 TRADE PAYABLES AND ACCRUALS
NO
TE 7 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND PAYABLES TO TRANSPORT AGENCIES
20232022
$M’s$M’s
Cash and cash equivalents8.113.9
Restricted bank accounts11.614.7
19.728.6
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.
Payables to transport agencies(11.9)(15.0)
NOTE 8 TRADE AND OTHER RECEIVABLES
20232022
$M’s$M’s
Trade receivables22.519.4
Allowance for expected credit losses on trade receivables(3.5)(3.2)
19.016.2
Prepayments and other receivables15.411.0
34.42 7. 2
In addition to the movement in the expected credit losses, the Group has written off $1.7M (2022: $0.8M) of bad debts to the
statement of comprehensive income.

Trade receivables are amounts due from customers for products sold and services provided. Trade receivables are recognised
initially at their transaction price and subsequently measured at the amount to be collected. Due to the short term nature of
these debtors, their carrying value is assumed to approximate fair value.
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through
profit or loss. The Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in
credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established
a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the
debtors and the economic environment. That is, to measure the expected credit losses, trade receivables have been grouped
based on customer industry risk characteristics and the days past due. The expected loss rates are based on recent payment
profiles, historical customer behaviour, age of debt and individual customer circumstances.

NOTE 9 TRADE PAYABLES AND ACCRUALS
2023Restated 2022
$M’s$M’s
Trade payables7. 611.6
Tax payable2.60.8
Sundry accruals12.86.4
Contingent consideration liability-18.5
23.03 7. 3
Trade payables are carried at amortised cost. Due to their short-term nature, they are not discounted.
The contingent consideration liability payable in relation to the acquisition of Coretex Limited and its subsidiaries was settled
on 23 December 2022. Refer to note 23 for further details.

PAGE 69
CORPORATE GOVERNANCE REPORT |
PAGE 69
EROAD 2023 ANNUAL REPORT
PAGE 68
NOTES TO FINANCIAL STATEMENTS |
LONG-TERM ASSETS
This section provides information about the investment the Group has made in long-term assets to operate the business.
This section includes the following notes:
NOTE 10 PROPERTY, PLANT AND EQUIPMENT
NOTE 11 INTANGIBLE ASSETS
NO
TE 12 LEASES AS LESSEE
NOTE 10 PROPERTY, PLANT AND EQUIPMENT
Right of
use assets
Hardware
assets
Plant and
equipment
Leasehold
improvements
Motor
vehicles
Office
equipment
ComputersTotal
$M’s$M's$M's$M's$M's$M's$M's$M's
YEAR ENDED 31 MARCH 2023

Opening net book
amount
4.554.10.11.20.30.60.961.7
Additions3.131.40.10.70.10.20.636.2
Disposals-(7.9)-(0.6)(0.5)--(9.0)
Depreciation charge(1.9)(14.0)(0.1)(0.3)(0.1)(0.2)(0.6)(17.2)
Depreciation
recovered
-2.4-0.60.4--3.4
Effect of movement
in exchange rates
-2.7-----2.7
Closing net book
amount
5.768.70.11.60.20.60.977.8
AT 31 MARCH 2023
Cost9.8106.10.83.10.82.04.9127.5
Accumulated
depreciation
(4.1)(37.4)(0.7)(1.5)(0.6)(1.4)(4.0)(49.7)
Net book amount5.768.70.11.60.20.60.977.8
Right of
use assets
Hardware
assets
Plant and
equipment
Leasehold
improvements
Motor
vehicles
Office
equipment
ComputersTotal
$M's$M’s$M’s$M’s$M’s$M’s$M’s$M’s
YEAR ENDED 31 MARCH 2022

Opening net book
amount
4.128.00.21.30.40.30.434.7
Acquisition
through business
combinations
1.37. 5-0.2-0.10.19.2
Additions0.424.1---0.30.825.6
Disposals----(0.1)--(0.1)
Depreciation charge(1.3)(8.1)(0.1)(0.3)(0.1)(0.1)(0.4)(10.4)
Depreciation
recovered
-3.3--0.1--3.4
Effect of movement
in exchange rates
-(0.7)-----(0.7)
Closing net book
amount
4.554.10.11.20.30.60.961.7
Cost8.576.30.72.91.11.84.395.6
Accumulated
depreciation
(4.0)(22.2)(0.6)(1.7)(0.8)(1.2)(3.4)(33.9)
Net book amount4.554.10.11.20.30.60.961.7
Included in the Hardware Assets is equipment under construction to be leased or sold of $27.8M (2022: $23.8M). Due to the
majority of the equipment under construction being ultimately sold under contract and forming part of hardware assets on the
Group’s fixed asset register it has been accordingly classified under hardware assets.
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 compre-
hensive income is calculated as the difference between the net sales price and the carrying amount of the asset.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any
lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to
restore the underlying asset or the site on which it is located, less any lease incentives received.
Subsequen
t 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.
Impairment
Property plant and equipment is tested for impairment when there are indicators of impairment. It is not possible to identify
separately identifiable cash flows for property, plant and equipment as hardware assets are sold together with various SaaS
services as a package. Property plant and equipment is allocated to the Group’s CGU’s as described in note 1 for the purposes
of impairment testing.
NOTE 10 PROPERTY, PLANT AND EQUIPMENT
(CONTINUED)