EROAD on track to meet FY25 financial guidance
TEL +64 9 927 4700 PO Box 305 394
FAX +64 9 927 4701 Triton Plaza, North Shore 0757 Page 1
FREE 0800 4 EROAD Auckland, New Zealand eroad.co.nz
EROAD on track to meet FY25 financial guidance
AUCKLAND, 25 November 2024: 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 6 months ended 30 September 2024.
All numbers are stated in New Zealand dollars (NZ$) and relate to the six months ended 30 September
2024 (H1 FY25), unless stated otherwise. Comparisons relate to the six months ended 30 September
2023 (H1 FY24).
Financial Highlights
1
• Positive Free Cash Flow (to the firm) of $0.1m in H1 FY25 compared to negative free cash
flow (to the firm) $0.2m in H1 FY24. The company is now consistently free cash flow positive.
This is the result of growth in units, price increases and cost control. When normalised for the
temporary impact of the 4G upgrade program, free cash flow (to the firm) was $6.2m in H1
FY25 compared to $2.8m in H1 FY24.
• Revenue increased to $95.9m for H1 FY25 from $88.9m in H1 FY24. This represents a 8%
increase against the prior comparable period. Growth in revenue was delivered across all
markets.
• Annualised Recurring Revenue increased by $8.8m (+5%) to $177.9m in H1 FY25 from
$169.1m in H1 FY24, reflecting growth across all markets. On a constant currency basis, ARR
increased $13.0m (+8%).
• EBIT of $2.4m in H1 FY25 compared to $0.1m in H1 FY24
2
. Normalised
3
EBIT increased to
$4.7m in H1 FY25 up from $1.6m in H1 FY24
2
. Normalised for 4G hardware upgrade costs of
$2.3m and $1.5m in H1 FY25 and H1 FY24, respectively.
Operational Highlights
• Customer Retention of Contracted Units remains high at 92.8% in H1 FY25 (NZ 94%; AU
88%; NA 92%), compared to 94.2% in H1 FY24.
• Key enterprise customer wins and expansions during the period. A large Australasian
customer renewed (+6k connections) their New Zealand fleet and expanded their Australian
1
EROAD has presented certain non-GAAP financial measures as part of its H1 FY25 results, which EROAD’s directors
and management believe provide useful information as they exclude any impacts of one-offs which can make it difficult to
compare and assess EROAD’s performance. The non-GAAP financial measures EROAD has used in this document are
Annualised Recurring Revenue (ARR), EBIT, Normalised EBIT, Normalised Revenue and Free Cash Flow. A detailed reconciliation
of non-GAAP measures to EROAD’s reported financial information is included on EROAD’s website
(http://www.eroadglobal.com/global/investors/). General information about EROAD’s use of non-GAAP financial information is
included on page 2 of the H1 FY25 Investor Presentation.
2
Restated. Refer to Summary of Significant Accounting Policies (e) in the 30 September 2024 audited financial statements.
3
Normalised for the recognition of costs associated with the 4G hardware upgrade program in H1 FY25 and H1 FY24.
TEL +64 9 927 4700 PO Box 305 394
FAX +64 9 927 4701 Triton Plaza, North Shore 0757 Page 2
FREE 0800 4 EROAD Auckland, New Zealand eroad.co.nz
fleet (+5k connections). In North America, secured renewals and expanded services to
Medline, ABC Trucking and US Foods generating $1.8m of new incremental total contract
revenue.
• Partnership with Geotab to expand product offering. Integration of global telematics
leader Geotab’s affordable hardware with EROAD’s advanced fleet management platform
allows EROAD to tap into a largely underserved segment of the market .
Chair Susan Paterson said, “The half year results confirm that, despite macro-economic headwinds in
New Zealand, Australia and the US, EROAD has now established a track record of disciplined
operational cost management and consistent free cash flow generation. This provides a strong and
sustainable foundation to expand the services we provide to new and existing customers.
“We remain on track to meet guidance on the key financial measures, and are updating the forecast
R&D spend to $35m (from $32m). We are working to achieve our long-term targets particularly as
economic conditions improve and as the rebuilt sales pipeline in North America begins to develop
further.”
Co-CEO's Mark Heine and David Kenneson were pleased with the progress EROAD is making, “It's
been another six months of solid execution against our strategy, with the core business in Australia and
New Zealand delivering excellent free cash flow, costs well managed, and significant work put into
strengthening the North America sales pipeline.
“We’ve expanded our product suite, including the new and innovative AI dashcam. Our recent
strategic partnership with Geotab also illustrates how we can grow our addressable market by
partnering to augment our product solutions and meet diverse fleet needs.
“While pleased, we have a long way to go to meet our ambitions for sustainable, long-term growth in
shareholder value. For the remainder of the FY25 year, we will be maintaining our focus on customers,
on disciplined execution, on cost control, on targeting sustainable growth opportunities and on
building out the sales and conversion pipeline.”
Outlook & Guidance
Heine and Kenneson added, “As we enter the second half of FY25, we remain confident in EROAD’s
clear focus on complex fleet operations, disciplined growth, and commitment to delivering value
through innovation. We are firmly on track to deliver against our full-year financial guidance,
supported by a strategy that prioritises high-quality revenue and effective execution.”
• FY25 Revenue guidance of $190m to $195m
• FY25 EBIT guidance of $5m to $10m, normalised for the 4G hardware upgrade program
• EROAD expects to be free cash flow positive in FY25
• Forecast R&D spend increased to $35m, from $32m previously
TEL +64 9 927 4700 PO Box 305 394
FAX +64 9 927 4701 Triton Plaza, North Shore 0757 Page 3
FREE 0800 4 EROAD Auckland, New Zealand eroad.co.nz
ENDS
Authorised for release to the NZX and ASX by EROAD’s Board of Directors.
Webinar details
EROAD’s Co-Chief Executive Officers, Mark Heine and David Kenneson, and Chief Financial Officer,
Margaret Warrington, will give a presentation on the financial and operational performance for H1
FY25 via webinar on Monday 25 November 2024 at 12:00pm NZT / 10am AEDT.
Register in advance for this webinar:
When: Monday 25 November 2024
Time: 12:00pm NZT / 10am AEDT
Topic: EROAD H1 FY25 Financial Results
Link:
www.eroad.co.nz/investor-presentation/
After registering, you will receive a confirmation email containing information about joining the
webinar. A recording of this webinar will be available once it has been uploaded to the EROAD
website under ‘presentations’ on www.
eroadglobal.com/investors/
For Investor enquiries please contact:
Jason Kepecs
jason.kepecs@eroad.com
NZ contact: +64 21 990 474
AU contact: +61 47 7711 136
For Media enquiries please contact:
Richard Llewellyn
richard@shanahan.nz
+64 27 523 2362
About EROAD
EROAD is a fully integrated technology, tolling and services provider, based in Auckland, New Zealand, and
serving customers in New Zealand, Australia and North America. They were the first company in the world to
implement a GNSS/cellular-based road charging solution across an entire country. They design and manufacture
in-vehicle hardware, operate secure payment and merchant gateways and offer web based value-added services.
EROAD modernises road charging and compliance for road transport by replacing paper-based systems with easy-
to-use electronic systems. They are the largest provider of road user charges (RUC) compliance in New Zealand,
and a leading provider of health and safety compliance and fleet management solutions. EROAD is listed on the
New Zealand Stock Exchange (NZX) and Australian Stock Exchange (ASX) under the stock symbol of ERD.
www.eroad.co.nz
---
1
EROAD (NZX: ERD ASX: ERD)FinancialResults
For the 6 months ended 30 September 2024 (H1 FY25)
25 November 2024
2
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 ofrisks, uncertainties and
assumptions.
All numbersrelate to the 6 monthsended 30September 2024(H1 FY25)
and comparisons relate to the 6 months ended 30September2023 (H1
FY24), 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 presented certain non-GAAP financial measures as part of its
H1 FY25results, which EROAD’s directors and management believe
provide useful information as they exclude any impacts of one-offs which
can make it difficult to compare and assess EROAD’s performance. Non-
GAAP financial measures are not prepared in accordance with NZ IFRS
(New Zealand International Financial Reporting Standards) and are not
uniformly defined, therefore the non-GAAP financial measures reported
in this presentation 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. Non-GAAP financial measures are not subject to audit or review.
The non-GAAP financial measures EROAD has used in this presentation
are identified and defined in the Glossary on page 43 of this presentation.
A detailed reconciliation of non-GAAP measures to EROAD’s reported
financial information is included on EROAD’s website
http://www.eroadglobal.com/global/investors/
33
Agenda
Result Overview
Operational Overview & Key Metrics
Geographic
Financial
4G Hardware UpgradeProgram
EROADStrategy
Strategic Priorities
Partnerships
New Products
Light Vehicle eRUCOpportunity
Outlook & FY25 Guidance
4
QUALITY FOODSTRONG FOUNDATIONSCONNECTIVITYSUSTAINABLE FUTURES
Trusted by the companies who keep society moving
Deliveringintelligence you can trustfor a better world tomorrow
OUR PURPOSE:
5
01
HI FY25
Results Overview
PAGE 5
6
H1 FY25 Financial Results
On track to meet financial guidance on all key measures
Reported Revenue
$95.9m
+8% H1 FY24
of $88.9m
Reported EBIT
$2.4m
$0.1mH1 FY24
(1)
Free Cash Flow
$0.1m
($0.2m)H1 FY24
ARR
(2)
$177.9m
+8% constant currency
+5% reported H1 FY24
ARPC
$17.8k
(Average Revenue Per
Customer)
Asset Retention
92.8%
94.2% in H1 FY24
1
Restated. Refer to Summary of Significant Accounting Policies (e) in the 30 September 2024 audited financial statements.
2
Formerly known as Annualised Monthly Recurring Revenue (AMRR). Definition is unchanged. See Glossary on page 43 for further detail.
7
•Continued focus on existing customers
with fleet growth opportunity
•Piloting multi-product adoption with key
customers to expand within existing
fleets
•Secured and expanded key North
American customers, adding
approximately $1.8m of total contract
revenue
(1)
•Leveraging NZ brand and experience to
win Australian fleet (5k units) and renew
New Zealand fleet (6k units) of Trans-
Tasmanenterprise customer
•New AI camera for growth via new and
existing customers.
•On track to deliver FY25 financial
guidance
•Annual price increases in July 2024
increase revenue by $2.8m annually
to better reflect product value
•Consistently free cash flow positive,
ahead of guidance.
•Generated normalisedfree cash flow
of $6.2m, adjusted for planned 4G
hardware upgrade to conclude in
FY26.
•Partnershipwith Geotab in New
Zealand expands offering, opening
untapped market and upgrade
path for new customers.
•Releaseof enterprise-centric
products to drive penetration into
existing customers
•New logo pipeline build supported
by recent very large enterprise win
•Changes in New Zealand RUC
regime opening upnew
opportunities for EROAD
Positive results affirm FY25 guidance
Building Momentum for Growth
SOLID FOUNDATIONSCONSISTENT EXECUTION OF STRATEGY
Delivering core business
Drive customer expansion
Pathway to growth
1
Total contract revenue for this transaction represents the annual recurring revenue (ARR) expected to be received over the termof the contract.
8
Product Expansion &
Interoperability
Customer-Centric
Sales Strategy
Ecosystem
Partnerships for
Market Reach
Data-Driven Insights
and AI Innovations
Drive multi-product adoption by
enhancing the all-in-one
platform.
Expand customer base with a
focus on high-value, complex
accounts with growing fleets.
Leverage partnerships to
broaden reach and serve diverse
customer needs.
Increase customer value
through actionable data and
predictive technology.
Strategic Priorities for Sustainable Growth
Build a scalable, customer-centered platform driving sustainable ARR growth across global markets.
9
Customer Mix
Weighting to Enterprise segment an opportunity to expand with our customers
NZ $100k+ ARR
Customers
NZ $10 -$100k ARR
Customers
NZ <$10K ARR
Customers
195
1,812
7,983
54%
of revenue
34%
of revenue
13%
of revenue
$490k
ARPC
$33k
ARPC
$3k
ARPC
•EROAD’s largest 195 customers
account for 54% of revenue.
•These enterprise customers
represent potential for product
line expansion into existing fleets.
•Larger, more resilient fleets offer
long-term growth opportunities,
enabling EROAD to scale
alongside them as they expand
their operations and fleet
volumes.
•Further potential exists in
expanding EROAD products into
existing customers’ other vehicles
that are not currently EROAD
enabled.
10% average organic
growth in US Large
Enterprise customers
compared to HY1 FY24
10
ARR
(1)
Expansionvia ProductAdoption
Pricing based on a mix of billing & list price data for the past 12 months on assumed 36 month contract with USD-NZD FX as at September 30 2024 closing date.
Heavy Transport
100 Trucks
The value in offering an all-in-one platform modelled on illustrative fleetof 100 US trucks
Other
$53k
Average ARR
(1)
SaaS opportunity
for single product
in a 100 truck fleet
Base SaaS & devices are
entry level products
meeting legislative
requirements and core
needs with no add-ons.
Within the truck, driver &
manager segments add-ons
increase potential ARR
(1)
opportunity by 249% vs base
SaaS & device fees alone.
Base
SaaS
$53k
Base
Device
$72k
$18k
SaaS
upgrades
$110k
$39k
Device
upgrades
$186k
$75k
Base SaaS
$224k
$39k
SaaS
upgrades
$333k
$68k
Device
upgrades
$359k
$25k
$41k
$265k
Base Devices
Light
Commercial
Higher product
adoption = higher
ARR
(1)
potential
In-Cab ARR
(1)
OpportunityTrailer & Load ARR Opportunity
Expanding our presence with
customers into trailer and load
monitoring, the potential ARR
opportunity increases by 575%
compared to base SaaS & Device.
Whole Fleet
1
Formerly known as Annualised Monthly Recurring Revenue (AMRR). Definition is unchanged. See Glossary on page 43 for further detail.
Trailer & Load
100 Reefer + 50 Dry Trailer
Whole Fleet
Operations
11
H1 FY25New Zealand
HIGHER VALUE
Generated $25.3m of free cash flow
(2)
FCF increased 15.5% YoY, ARPU
increased 2.2%
CUSTOMER LOYALTY
Renewal ofkey enterprise customer
for 6,000 units plus expansionto their
AU operations
CUSTOMER OPPORTUNITY
Partnership with Geotab to provide
these customer with an attractive
alternative for light commercial.
FLEET RESIZING
Fleet resizing due to weak economic
conditions in NZ has contributed to
half of the unit reduction –primarily
across SMB customers.
4G Upgrade Program
expected to temporarily
lead to increased churn
as units are swapped out
Strong cash generative market with a focus on multi-product
adoption
New Zealand
NZ$13.8k
ARPC
NZ$59.47
Monthly SaaS ARPU
2.2%
94.1%
Asset Retention Rate
4G Hardware Upgrade
Programme slightly elevating
churn
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
Net Units AddedGross Units Added
8,559
6,690
5,028
1,628
NZ$49.8m
Revenue
11.4%
8,213
5,364
6,504
4,175
5,506
2,934
Revenue continues
steady growth – up
11.4% YoY supported by
consistent sales delivery
in tight market
conditions and price
increases
1
Formerly known as Annualised Monthly Recurring Revenue (AMRR). Definition is unchanged. See Glossary on page 43 for further detail.
2
Free cash flow is before corporate and development allocations. See page 38 for regional breakout of free cash flow
12
NZ$39.6m
Revenue
H1 FY25North America
Solid foundations forenterprise growth and customer expansion
North America
NZ$29k
ARPC
US$18.7k
NZ$59.49
Monthly SaaS ARPU
USD$36.18
1.2%
2.6%
92.2%
Asset Retention
Rate
ENTERPRISE SALES CYCLES
Moved to pilot across several
enterprise accounts
RENEWALS AND EXPANSIONS
Focused on securing renewals and
product expansion at existing
customers including Medline, ABC
Trucking, and US Foods generating
$1.8m of incremental total contract
revenue
(2)
.
FLEET RESIZING
Approximately 40% of unit reduction
is related to fleet resizing. US trucking
activity and spot contract rates
remain tepid.
CUSTOMER CHURN
Impacted primarily by one large
account. Remaining churn is in line
with strategy shift toward higher
value accounts
,
2,914
4,462
8,335
3,467
(366)
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
Net Units AddedGross Units Added
12,936
7,344
Strategic refocusing on securing
and expanding with key enterprise
customers
and away from lower profitability
customers as new logo pipeline is
built out
3,665
7,416
8,050
1
Formerly known as Annualised Monthly Recurring Revenue (AMRR). Definition is unchanged. See Glossary on page 43 for further detail.
2
Total contract revenue for this transaction represents the annual recurring revenue (ARR) expected to be received over the termof the contract
1.8%
constant currency
13
544
993
2,372
1,605
1,778
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
Net Units AddedGross Units Added
H1 FY25Australia
Unit count not yet reflecting
full 5,000+ unit contract signed.
Rollout has commenced and
unitfigures and revenue
impact willupdate alongside
that progress
Stronggrowth with momentum building in enterprise
Australia
NZ$48.13
Monthly SaaS ARPU
AU$44.05
88.2%
Asset Retention
Rate
Focused sales efforts lead
to strong revenue growth
of 16% vs H1 FY24
TRANS TASMAN ENTERPRISE
Expansion of ~5k units from existing
NZ enterprise customer not
reflected in revenue and partially in
unitsales countwith ~70% still to
come
DRIVING VALUE
2.0% lift in ARPU driven by mix of
pricing and sales focus on higher
value opportunities & sustainable
growth.
CUSTOMERCHURN
Unit reduction primarilycomes from
an enterprise customerwho
provided notice in Dec 2023.
Remaining majorityis across SMB &
in line with expectations & strategy
3,368
2,614
NZ$6.5m
Revenue
3.1%
2.0%
constant currency
1,136
2,424
849
16.1%
NZ$25k
ARPC
AU$23k
1
Formerly known as Annualised Monthly Recurring Revenue (AMRR). Definition is unchanged. See Glossary on page 43 for further detail.
14
H1 FY25
Financials
Medline
The largest owned transportation fleet of any
healthcare product distributor in the U.S.
1,900+ fleet. Recently signed a renewal for a 41
month term at a 6% increase in ARPU.
15
SaaS
$83.5m
SaaS
$89.7m
H1 FY24H1 FY25
HardwareFeeOther
H1 FY24H1 FY25
Reported Operating CostsReported Revenue
Benefits from $20m cost-out program in
FY23 and FY24 continue to be maintained.
Increased costs reflect variable costs to
serve customer growth and wage inflation
Revenue of $95.9m is up 8% on
H1 FY24 reflecting the impact of
growth including the final Sysco
rollout and annual price
increases
Reported EBIT
EBIT of $2.4m reflects positive unit
growth, price increases and impact
of cost-out program over FY23 and
FY24.
$88.9m
$95.9m
$0.1m
$2.4m
H1 FY24H1 FY25
$63.3m
$66.7m
Financial results on-track for guidance, demonstrating our commitment to deliver on our promises
Revenue & EBIT
(1)
1
Restated. Refer to Summary of Significant Accounting Policies (e) in the 30 September 2024 audited financial statements.
16
Operating cost as a % of revenueOperating costs as a % of revenue have
continued to decline
Operating costs as a % of revenue havenow flattened
reflecting the cost out program over FY23 and FY24.
Further operating leverage to be driven by revenue
growth while maintaining fixed costs.
Operating costcontrol has been maintained with
investment in North American growth infrastructure
being offset by savings in a number of other categories.
H1 FY24H1 FY25
Cost-out program to deliver cost base for profitable growth
Operating Costs
82%
75%
71%
70%
69%
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
* Sales and Marketing in the above chart represents non-personnel costs such as conferences and communications
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
17
Cost to service & support
as a % of revenue
Variable and fixed costs
as a % of revenue
Cost to acquire customers
as a % of revenue
Variable costs
(1)
have been reduced due to
efficiencies from costs savings. Fixed
costs
(2)
as a % of total cost is expected to
reduce as the business scales.
Customer acquisition costs remain
steady with a higher component
being expenses as investment is
made in North America
Costs to support has remained steady
11%
11%
12%
H1 FY24H2 FY24H1 FY25
CAC ExpensedCAC Capitalised
5.9%
6.4%6.4%
H1 FY24H2 FY24H1 FY25
Management focus on gaining efficiency across all cost measures
Operational Efficiency
41%
42%
30%
27%
71%
69%
H1 FY24H1 FY25
Fixed costsVariable costs
1
Variable costs include cost of goods sold, delivery, and cost to support and service
2
Fixed costs include cost to acquire (sales & marketing), general and administrative, and research and development
18
9.6
11.3
8.6
5.1
6.8
7.9
17%
19%
17%
0%
5%
10%
15%
20%
25%
30%
0.0
10.0
20.0
30.0
40.0
50.0
H1 FY24H2 FY24H1 FY25
R&D - CapitalisedR&D - ExpensedR&D % of revenue (RHS)
R&D as % of revenue
NZ$m
R&D % of revenue being held firm as re-focusing initiatives drive ROI and speed to market
Research & Development
•Total R&D spend of $16.5m
in H1 FY25, 17% of revenue.
•Compares to $14.7m, or 17%
of revenue, in H1 FY24.
•Forecast R&D of $35m in
FY25 equates to 18% of the
mid-point of FY25 revenue
guidance ($190-195m).
19
Positive free cash flow to the firm trajectory
Average monthly cash burn
continues to reduce
Cash flow continues to improve through execution
Cash Flow Trend
-14.6
-30.5
-21.7
-8.2
-0.2
1.5
0.1
H1 FY24H1 FY25
$0.9m
1
$0.5m
H1 FY22H2 FY22H1 FY23H2 FY23H1 FY24H2 FY24
Reported freecash flow to the firm expected to grow in H2 FY25 based on current forecasts, price uplifts,
phasing in annual upfront billing and profile of 4G hardware upgrade program.
EROAD delivered $6.2m of free cash flow to the firm in H1 FY25 when normalisedfor the one-time 4G
hardware upgradeprogram.
Cash burn continues to decrease due to maintenance of cost control
1
Normalisedfor capital raised during the period
H1 FY25
20
$(14.6)
$(30.5)
$(21.7)
$(8.2)
$2.8
$8.0
$6.2
$(35.0)
$(30.0)
$(25.0)
$(20.0)
$(15.0)
$(10.0)
$(5.0)
$-
$5.0
$10.0
$15.0
H1 FY22H2 FY22H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
Normalised for the
temporary impact of the
4G upgrade program
Normalised Free Cash Flow Growth
Building a profitable business with strong fundamentals
STRONG FCF GENERATING
CAPACITY
EROAD’S core operations generated
$14m of normalised free cash flow over
the last 12 months
This represents a ~7.5% FCF yield,
when normalised for one-time costs
related to the 4G hardware upgrade
program.
ONE-TIME 4G UPGRADE SPEND
Spend is on track and in budget with
approximately $3m4G upgrade spend
expected in remaining FY25 and an
additional $8–10m in FY26. These costs
are self-funded from existing cash flow
TIMING
From January 2026, the program is
expected to be complete and reported
free cash flow will converge with
normalised free cash flow.
NZ$m
$0.1$1.5
$(0.2)
ReportedNormalised for 4G program
21
NZ$mFY25FY26
Expected investment
(Hardware + Program costs)
$7–$9m$8–$10m
One-off accelerated replacement program costs relate
specifically to the 3G Network shutdown
UPGRADES TO ANZ NETWORK
•One NZ announced it would further postpone shutdown of
the 3G network to December 2025.
Unit replacement program progressing to plan and on budget, 67% of all units in ANZ already 4G compatible
4G Hardware Upgrade Program ANZ
Active 4G
units in ANZ
67%
Units still
to replace
Rollout
progress
October, 2024
Telstra 3G Shutdown AU
Completed
December, 2025
One NZ 3G & 2G Shut Off
Starts - NZ
Key dates
PROGRAM COSTS
•Total program costs remains in-line with previously
announced expectations of $24m-$30m.
•One NZ’s multiple postponements of the 3G shutdown date
has delayed customer upgrades & impacts spend timeline
22
02
Strategy
Update
Clarity Edge Camera
Pictured is the AI enabled Clarity Edge dashcam
which is now in general release.
23
COMPLIANCE &
ASSURANCE
•Road user charges
•Fuel tax
•Cold-chain assurance
•Construction assurance
PRODUCTIVITY
•Trip routing
•Driver allocation
•Asset utilisation
•Job allocation
SUSTAINABILITY
•EV support
•Carbon emissions
•Fuel reduction
•Fleet benchmarking
EROAD PLATFORM
VIDEOFORMSDRIVER APPSTRACKINGWORKFLOWSROUTING
AI AND MACHINE LEARNING
Data Rich Fleet Operations Platform
INTEGRATIONS
•Partner
•OEM
•Third party data
23
•Driver coaching
•Vehicle health
•Incident prevention
•Speed reduction
HEALTH & SAFETY
DATA COLLECTED
24
Build a scalable, customer-centered platform driving sustainable ARR growth across global markets.
Strategic Priorities for Sustainable Growth
Priority
Product Suite Expansion &
Interoperability
Customer-Centric Sales
Strategy
Ecosystem Partnerships for
Market Reach
Data-Driven Insights and AI
Innovations
Goal
Drive multi-product adoption
by enhancing the all-in-one
platform.
Expand customer base with a
focus on high-value, complex
accounts with growing fleets.
Leverage partnerships to
broaden reach and serve
diverse customer needs.
Increase customer value
through actionable data and
predictive technology.
Key
Focus
Areas
•Improve interoperability across
fleet management needs, from
safety to compliance.
•Prioritise modular
enhancements that enable
customers to adopt new features
as their needs grow.
•Target complex fleets and high-
growth sectors with focused
sales.
•Align account management and
onboarding to drive multi-
product adoption.
•Prioritise customers with fleet
growth potential to drive organic
growth alongside expansion.
•Partner with leading technology
and industry players to bring
best-in-class solutions to
EROAD’s platform.
•Strengthen OEM and third-party
partnerships to deliver value-
added integrations.
•Expand AI capabilities in safety
and predictive maintenance to
provide proactive insights.
•Develop data tools that allow
customers to optimize fleet
performance and manage risks
effectively.
Why it
matters
Enables customers to consolidate
their operations within EROAD’s
ecosystem, increasing ARR per
account.
Focused sales efforts maximise
revenue potentialby prioritising
customers with fleet growth
opportunities, driving organic
expansion alongside increased
multi-product adoption.
Partnerships allow EROAD to offer
comprehensive solutions that
optimise R&D resourcing. Enables
broader product range and
customer base, from entry-level
customers in ANZ to sophisticated
enterprise accounts in all markets.
Advanced insights enhance
customer loyalty and support
premium pricing, boosting ARR.
25
Partnerships: Geotab
Introducing a simple, low-cost light commercial solution to the platform with EROAD Locate
Primary global customer set
BENEFITS
•Expanded reach:
Affordable, entry-levelsolution for
the light commercial vehicle
market, launched rapidly through
a strategic partnership
•Pathway to growth:
Low-cost solution introduces new
customers to the EROAD
ecosystem, creating opportunities
for upsell and multi-product
adoption.
•ARR expansion:
Augments existing product range
with a simple solution as an add-
on for existing customer. Part of
our strategy to increase ARR
(1)
.
Light Commercial
High-cost assets critical to customer
operations need hard wearing devices and
advanced functionality.
Mixed use assets –often operating
alongside heavy vehicles. Can be
served well by simple solutions.
OPPORTUNITY
4.8m
Light commercial
vehicles in ANZ.
~48%
not currently using
telematics
EROAD has partnered with Geotab to introduce EROAD Locate
- a new low-cost device for light commercial vehicles for ANZ.
By leveraging the hardware from Geotab, we increase our
product offering while maintaining engineering focus on our
core product development needs.
1
Formerly known as Annualised Monthly Recurring Revenue (AMRR). Definition is unchanged. See Glossary on page 43 for further detail.
26
Heavy VehiclesLight Vehicles
PapereRUC
86%
of all eRUC
transactions in heavy
vehicles use EROAD
$1.32b
$822m
Light Vehicle eRUCOpportunity
Growth potential across light vehicles where eRUCadoption is low
Annual RUC collected by NZ Government
June 2024 $2.15b
Total
eRUC
LIGHT COMMERCIAL
OPPORTUNITY:
•91% of RoadUser Charges for light
vehicles are not collected via eRUC
•EROAD Locate via Geotab partnership
offers an entry level product for this
segment to switch from paper
•Proposed government changes to
fuel excise would see this segment
expand further
•Increasing the volume of transactions
that choose eRUCover paper is a large
opportunity
72%
28%
9%
91%
27
Clarity Edge: AI powered real-time safety
AI enhanced video detection with real-time voice coaching
85%69%63%61%60%
Data from a US customer pilot shows
Clarity Edge in-cab voice coaching
activelyenhances driver safety in
real time, reducing risky behaviours
and creating safer roads
Real impact for real drivers.
Overspeed
instances
Distracted
driving
Yawning
Failure to
stop
Cellphone
usage
Our new Clarity Edge camerascombine
AI and voice coaching to create safer
fleets through real-time driver
engagement and intervention.
Clarity Edge is more than a dash-cam, it’s
a critical component of our product
strategy to lead in AI-driven safety
solutions.
By adding value through advanced AI
features, we strengthen customer loyalty
and product adoption - driving ARR
growth as customers expand their use of
EROAD’s product suite.
28
03
Trends
& Guidance
29
GoalMetricFY23FY24H1 FY25
Strategy
FY26 Targets
SaaS
Quality
ARR
2
$153.7m$177.8m$177.9m
Grow customer base in-line with
estimated market growth
3
11% - 13% CAGR
Churn
5%5%7%Maintain historical churn rate
5% - 7%
4
Average Lease Duration
Remaining (years)
1.31.41.5
Rebalance toward longer-dated
enterprise contracts
1.5 – 2.0
5
InvestmentR&D as % of revenue
23%18%17%Focus on projects with near-term ROI
13% - 15%
6
Return
NormalisedFree Cash
Flow
1,8
Margin
-18%6%6%Improve cash efficiency and drive NA growth
9%+
7
1
A non-GAAP measure representing operating cash flow and investing cash flow reported in the Statement of Cash Flows (excluding net interest paid).
2
Formerly known as AnnualisedMonthly Recurring Revenue (AMRR). Definition is unchanged. See Glossary on page 43 for further detail. Annual recurring revenue includes negative FX impact of $4.2m in H1 FY25
3
Targeted growth in-line with blended market growth in North America and ANZ.; ANZ fleet management unit market is estimated to grow at a 16% CAGR (2019-2024); North America private fleet telematics market is expected to grow by 11%
per year until 2030 (Sources: ACT Research, I.H.S., Berg, Expert interviews).
4
In-line with historical churn rates (based on FY20-22A range).
5
Assumes that average lease duration remaining (years) increases with weighting to longer dated enterprise contracts.
6
Decrease in R&D as % of revenue is driven by streamlining of activities towards projects with near-term ROI.
7
Driven by additional cash efficiencies and growth in North America. Includes effects from roll-off of the switch program, leverage (holding fixed costs as we grow) and the anticipated $20m cost-out.
8
Normalisedfor 4G hardware upgrade costs
On track for Free Cash Flow
1
positive fiscal year 2025
Implementation of refreshed strategy provides pathway to sustainable, profitable growth
Focused execution delivers results against refreshed strategy
Key Metrics Trend
30
H1 FY25 results affirm year-end financial guidance
Half-year FY25 results together with recent renewals, expansions and rollout of
previously announced new customer contracts support achievement of FY25
financial guidance.
Reiterating FY25 Financial Guidance, updating R&D guidance
•Revenue growth reflects targeting large enterprise customers with long
sales cycle
•EBIT of $5m to $10m normalisedfor 4G hardware upgrade programme
•Free cash flow positive
•R&D spend increased to $35m, from $32m previously
Outlook
Grow our existing customer base in North America utilisingdedicated North
American sales teams focused on new logo acquisition and expansion of existing
relationships.
Continued growth in New Zealand with increased opportunity to leverage brand
recognition to capture new enterprise accounts. Proposed government policies
for eRUCrepresent significant medium/long-term opportunity.
Building on momentum gained in Australia and launching expanded product
suite beyond existing customers.
On track to delivering a path to sustainable, profitable growth
Guidance
FY25 Guidance
Revenue$190m – $195m
Normalised EBIT$5m to $10m
Free cash flowPositive
R&D spend$35m
31
04
Appendix
32
Reported Revenueincreased $7.0m primarily
due to unit growth of approximately 11,000
units since 30 Sep 2024.
Strength of the USD has resulted in increased
revenue of approximately $0.2m.
EBITDAincreased $3.6m reflecting higher
revenues and cost reductions with operating
expenses decreasing year on year as a
percentage of revenue.
D&A decreased $1.3m despite accelerated
depreciation on the units impacted by the 4G
hardware upgrade program.
Interestdecreased $2.2m consistent with
lower borrowing in the period following the
repayment of debt last year as well as
movements in borrowing rates.
NZ$mH1 FY25H1 FY24
(1)
Change ($)
Revenue95.988.97.0
Operating expenses
(66.7)(63.3)
(3.4)
Earnings before interest, taxation, depreciation
and amortisation
29.225.6
3.6
Depreciation of property, plant and equipment(11.0)(11.0)0.0
Amortisation of intangible assets(10.4)(9.6)(0.8)
Amortisation of contract and customer aquisition
assets
(5.4)(4.9)(0.5)
Earnings/(loss) before interest and taxation
2.40.1
2.3
Net financing costs
(2.5)(4.7)
2.2
Profit/(loss) before tax
(0.1)(4.6)
4.5
Income tax benefit/(expense)(1.4)3.2(4.6)
Profit(loss) after tax for the period attributable to
the shareholders
(1.5)(1.4)
(0.1)
Items that are or may be reclassified subsequently to
profit or loss
(9.5)8.8(18.3)
Total comprehensive income / (loss) for the period(11.0)7.4(18.4)
Statement of Income
1
Restated. Refer to Summary of Significant Accounting Policies (e) in the 30 September 2024 audited financial statements.
33
NZ$mH1 FY25H1 FY24Change ($)
Cash received from customers96.188.57.6
Payments to suppliers and employees(71.4)(58.4)(13.0)
Investment in contract fulfilment assets(5.1)(5.6)(0.5)
Net interest(2.2)(3.8)(1.6)
Income taxes paid(0.1)-(0.1)
Cash flows from operating activities17.3 20.7(3.4)
Property, plant & equipment(9.1)(12.8)3.7
Investment in intangible assets(8.8)(9.8)1.0
Contract fulfilment and customer acquisition assets(1.5)(2.1)(0.6)
Cash flows from investing activities(19.4)(24.7)5.3
Bank loans-2.0(2.0)
Payment of lease liability(1.0)(1.1)0.1
Issue of equity-34.3(34.3)
Cost of raising capital-(2.5)(2.5)
Cash flows from financing activities(1.0)12.7(13.7)
Net increase (decrease) in cash held(3.1)8.7(11.8)
Cash at the beginning of the financial period14.58.16.4
Effects of exchange rate changes on cash(0.1)-(0.1)
Closing cash and cash equivalents11.316.8(5.5)
Cash Flow Statement
Operating Cash Flowdecreased $3.4m
primarily due to a reduction in working
capital items.
Investing Cash Flow increased $5.3m
primarily due to the utilisation of existing
inventory for new hardware.
Financing Cash Flowdecreased $13.7m
relative to the prior year in which new capital
was raised.
34
Balance Sheet
Cashdecreased slightly by $3.2m primarily
reflecting financing costs and lease liabilities.
Property, plant and equipmentdecreased
$3.5m due to a decrease in inventory as the
4G hardware upgrade program is rolled out.
Inventory balance at 30 September 2024 was
$27.6m.
Costs to acquire and contract fulfillment
costs increased$0.9m reflecting growth and
renewals.
Borrowingswere basically unchanged at
$36.7m as cash burn continues to decrease
and operations are primarily funded from
internally generated cash flow.
NZ$mH1 FY25FY24
(1)
Change ($)
Cash11.314.5(3.2)
Restricted bank accounts25.117.87.3
Costs to acquire and contract fulfilment costs9.78.21.5
Other32.533.2(0.7)
Total current assets78.673.74.9
Property, plant and equipment85.388.8(3.5)
Intangible assets253.9264.4(10.5)
Costs to acquire and contract fulfillments costs8.38.9(0.6)
Other17.717.70.0
Total non-current assets365.2379.8(14.6)
Total assets443.8453.5(9.7)
Payable to transport agencies25.117.87.3
Contract liabilities
23.323.6(0.3)
Borrowings36.736.60.1
Other liabilities46.954.2(7.3)
Total liabilities132.0132.2(0.2)
Net assets311.8321.3(9.5)
1
Restated. Refer to Summary of Significant Accounting Policies (e) in the 30 September 2024 audited financial statements.
35
1
Under new refinanced facility agreement executed on 29 September 2023
Secured new 3-year $80m bank facility in
October 2023 in conjunction with capital raise.
Amortisationwill reduce the facility limit to $60m
at end of the 3-year commitment
$80m
Bank Facility
Added NZ domestic bank (Kiwibank) in addition to
two existing lenders (ANZ, BNZ)
New facility provides added duration and flexibility,
with headroom to covenants
Net leverage ≤ 1.50x reducing to 1.25x by September 2025 and
1.00x by June 2026. Interest coverage ratio ≥ 4.00x
3
NZ bank
lenders
Provides company with total liquidity of $54.6m.
Sufficient liquidity to grow and achieve free cash
flow positive without the need for further capital
$54.6m
Total liquidity
Strong balance sheet for strategic execution
Liquidity
Bank Facilities
Sufficient liquidity to fund strategic plan
36
NZ$Local $
NZ$mH1 FY25H1 FY24H1 FY25H1 FY24
North American ARPU
NZ$59.49NZ$60.23US$36.18US$36.85
New Zealand ARPU
NZ$59.47NZ$58.17NZ$59.47NZ$58.17
Australian ARPU
NZ$48.13NZ$46.67A$44.05A$43.16
ARPU Trend
37
9,973
14,332
19,264
24,041
28,140
32,452
38,129
41,939
49,802
59,843
65,285
71,446
75,674
80,366
84,526
87,892
93,639
106,916
112,280
116,455
121,483
124,417
126,045
1,513
2,120
2,373
2,874
5,072
14,099
14,643
15,636
18,008
19,613
21,391
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
103,393
106,860
106,494
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
242,884
250,890
253,930
H1 FY14H2 FY14H1 FY15H2 FY15H1 FY16H2 FY16H1 FY17H2 FY17H1 FY18H2 FY18H1 FY19H2 FY19H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
New Zealand
Australia
North America
Unit count
38
NEWZEALAND
$25.3m
NORTHAMERICA
$6.9m
AUSTRALIA
$(2.5)m
CORPORATE& DEVELOPMENT
$(36.0)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
Free Cash Flow to the Firm By Region
39
Strategic R&D allocations across retention and growth areas globally
•Ongoing maintenance
spend in platforms and
systems for existing
customers for retention.
•Targeted investment in
new offerings increases
value by opening new
customer opportunities
and expansion within
existing.
•Our R&D priorities vary
from period to period in
response to customer
and market needs.
•Appointed highly
experienced NZ-based
CTO who started in June
2024.
R&D Investments for Growth
49%
Total R&D investment
is for net new growth
Capex Breakdown
46%
New to EROAD
21%
Planned
enhancements
13%
Reliability,
availability,
serviceability
and scalability
20%
Other
OpexBreakdown
44%
Reliability,
availability,
serviceability
and scalability
30%
Quality/bugs
6%
Planned
enhancements
20%
Other
47%42%
11%
42%
New Zealand
Includes new gen trailer
tracker, decarbonisation
tool and 4G swap out
11%
Australia
Includes features to
retain existing
enterprise customers
including AU fatigue
management tool
47%
North America
Includes expanding
capabilities to support
new enterprise
customers, and
supportenhancements
for US tax and fatigue
products
Capex
Total
R&D
R&D by
Region
40
Compliance and assurance
•RUC and fuel tax compliance
•Electronic, automated RUC
purchases and claims
•Fuel tax reporting and IRP1
registration
•Industry-specific solutions
•Cold chain assurance
•Construction assurance
•Waste and recycling assurance
Dashcams
Iothubs
Trackers and sensors
2
Proprietary and 3
rd
party hardware
Health & Safety
•Driver behaviour
monitoring and feedback
•Electronic logbook
•Vehicle inspections
•Speed monitoring
•Incident detection, alerting
and replay
Productivity
•GPS tracking and
geofencing
•Fleet maintenance
•Fuel management and
idling reports
•Vehicle inspections
Sustainability
•Fuel management and
idling reports
•Fleet utilisation
•Decarbonisation
assessment & insights
1
Powered by
2
EROAD provides a complete connected network that turns disparate customer data into action
Integrated solutions overview
41
Significant growth achievable through market share gain
Market Opportunity
NEW ZEALAND
Value proposition
New Zealand’s leading transport
technology platform for compliance,
productivity, health & safety, logistics
and sustainability.
REVENUE
2
NZ$99.6m
TAM
2
NZ$0.5b
Trusted by:
Largest operator in NZ
6.9% CAGR
1
since Nov-21
Cash generative geography with
leading market position in
target verticals
AUSTRALIA
Value proposition
Trusted transport technology platform for
health & safety, cold chain and
construction assurance.
Trusted by:
#1Integrated Construction
Material Co
16.2% CAGR
1
since Nov-21
Opportunity to leverage leading
New Zealand market position for
trans-Tasman fleets
REVENUE
2
NZ$13.0m
TAM
2
NZ$2.2b
NORTH AMERICA
8.1% CAGR
1
since Nov-21
Largest market with
significant long-term
growth prospects
REVENUE
2
NZ$79.2m
TAM
3
NZ$10.0b
Value proposition
Insights, workflow and productivity solutions help
enterprise customers manage complexity through
complete integration and vertical specialisation.
Trusted by:
Top 2 food shippers in North America
Opportunityto drive
revenue in North
America through
market share gains
from referenceable
customers such as
Sysco
1
Growthof contracted units since acquisition of Coretex
2
Revenue figures are first half FY25 annualised
3
Total addressable market, inclusive of light vehicle market in NZ and AU source: ACT Research, I.H.S, Berg, Expert interviews, Fleet manager interviews, reported financials
42
Market Trend
Despite increasing pressure to reduce
environmental impact, sustainability
efforts across our markets are limited by:
•Lack of EV charging infrastructure
•Price and supply chain limitations
on EV fleets
•Limited range in current EVs
Immediate and meaningful emission
and footprint reductions within their
existing control include:
•Fuel usage
•Driver behaviour
•Vehicle performance
•Reduced product waste
EROAD core products already track,
measure and control leading indicators
for key areas of carbon emissions.
Layering carbon reduction targets into
existing efficiency and cost saving benefits
adds value to customers, and the planet.
•Idle controls
•Vehicle maintenance
•Routing – fuel usage, fresh delivery
•Optimisedpre-cool for cold-chain
•Temperature control (food quality)
•Speed governors - fuel usage
Developed in conjunction with EECA
MyEROADSustainability Module is just
one step in making emissions reduction
as commonplace for our customers as
safety measures and cost improvements.
EROAD IntelligenceEROAD Better World
Positionedfor emerging social and environmental trends
Sustainability
43
ANNUAL RECURRING REVENUE (ARR) A non-
GAAPmeasure representingmonthly Recurring
Revenueforthelastmonthoftheperiod,multiplied
by12.It providesa 12monthforward viewofrevenue,
assumingunitnumbers,pricingand foreign
exchangeremainunchangedduringtheyear.
Formerly known as Annualised Monthly Recurring
Revenue (AMRR).
AVERAGE REVENUE PER CUSTOMER (ARPC)
A non-GAAP measure representing the average
revenue generated per customer, calculated using
Annualised Recurring Revenue (ARR) only. This
metric excludes any one-off payments, providing
insight into the typical sustained revenue generated
from ongoing customer relationships.
ASSET RETENTION RATE
Thenumber ofTotalContractedUnitsatthe
beginning ofthe12monthperiodandretainedas
TotalContractedUnitsattheendofthe12month
period,asa percentageofTotal ContractedUnitsat
the beginningofthe12monthperiod.
CHURN
The inverse of the asset retention rate.
COSTS TO ACQUIRE CUSTOMERS (CAC)
A non-GAAPmeasureofcoststoacquire
customers. TotalCACrepresentsallsales&
marketingrelated costs.CACcapitalisedincludes
incrementalsales commissionsfornewsales,
upgradesandrenewals whicharecapitalisedand
amortisedoverthelifeof thecontract.AllotherCAC
relatedcostsareexpensed whenincurredand
includedwithinCACexpensed.
COSTS TO SERVICE & SUPPORT (CTS)
A non-GAAPmeasureofcoststosupportandservice
customers.TotalCTSrepresentsall customersuccess
andproductsupportcosts. Thesecostsareincluded
in Administrative and otherOperatingExpenses.
EBIT
A non-GAAPmeasurerepresentingEarnings
before Interest andTaxation (EBIT).Referto
ConsolidatedStatementof Comprehensive
IncomeinFinancialStatements.
ENTERPRISE
A customer where the $ARR is more than $100k in
NZD for the Financial year reported
FREE CASH FLOW
A non-GAAPmeasurerepresentingoperatingcash
flowandinvestingcashflownet of interest paid and
received. reportedintheStatement ofCashFlows .
FREE CASH FLOW TO THE FIRM
A non-GAAPmeasurerepresentingoperatingcash
flowandinvestingcashflownet of interest paid and
received. For the purposes of this presentation,
payments for the acquisition of Coretexhave been
excluded.
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)
A non-GAAPmeasurethatis calculatedbydividing
thetotalSaaSrevenuefortheyear(asreportedin
Note 2 ofthe FY24FinancialStatements) minus the
contract liability discounting gain (as reported in the
FY24 Reconciliation of Operating Cash Flows)bythe
TCUbalance attheendofeachmonthduringthe
year.
NORMALISED EBIT
Excludesone-off 4G hardware upgrade
programcosts and accelerated depreciation
NORMALISED FREE CASH FLOW
Excludesone-off 4G hardware upgrade
programcosts and associated hardware spend
ROAD USER CHARGES (RUC)
InNew Zealand,RUCis applicabletoHeavyVehicles
andallvehiclespoweredbya fuelnottaxedat source.
Thechargesarepaidintoa fundcalledtheNational
LandTransportFund,whichiscontrolledbyNZTA,
andgotowardsthecostof repairingtheroads.
SAAS
Softwareasa Service,a methodof softwaredelivery
inwhichsoftwareis accessed onlineviaa subscription
ratherthanbought andinstalledonindividual
computers.
TOTAL CONTRACT VALUE (TCV)
The total value of a customer contract over its entire
duration, including recurring revenue (e.g., ARR) and
any one-off payments
UNIT
A communicationdevicefittedin-caborona
trailer. Wherethereis morethanoneunitfitted
in-cabor ona trailer,it is countedasoneunit
(excluding PhilipsConnect).
Glossary
44
44
ASX & NZX: ERD
investors@eroad.com| eroadglobal.com/investors
EROAD acknowledges the TangataWhenua of New Zealand, the Indigenous
Nations and First Peoples of Australia, and the Custodians of the lands and
waterways in the United States of America where our offices are located. We
express our gratitude and appreciation to these peoples for sharing their culture
and traditions and for their stewardship of these lands. We recognise and pay
respect to their Elders, past, present, and emerging..
---
2025 INTERIM
REPORT
Contents
PAGE 3
LETTER FROM THE CHAIR
PAGE 5
LETTER FROM THE C0-CEOs
PAGE 8
FINANCIAL STATEMENTS
PAGE 15
NOTES TO FINANCIAL STATEMENTS
PAGE 36
INDEPENDENT REVIEW REPORT
PAGE 38
GLOSSARY
PAGE 40
DIRECTORY
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 Recurring Revenue (ARR), 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).
EROAD 2025 INTERIM REPORT
PAGE 3
EROAD 2025 INTERIM REPORT
Dear Shareholders,
At the halfway point of FY25, EROAD has
delivered revenue of $95.9m, having achieved
growth across all three regions. With positive
free cash flow to the firm of $0.1m, EROAD
remains on track to meet its financial guidance.
This performance reflects disciplined execution
against strategic priorities and a focus on
delivering sustainable, profitable growth. Despite
a challenging macroeconomic environment, the
results highlight the resilience of the business
and its ability to adapt to market conditions,
positioning it well for the remainder of the year.
EROAD has evolved alongside its customers,
providing an integrated platform that extends
beyond standard telematics to address the
specific needs of complex fleets. From precise
temperature tracking for cold-chain logistics to
compliance tools for construction and industry-
specific solutions, the platform supports
efficiency, safety, and regulatory assurance.
With specialised modules for sustainability, tax
management, and other critical areas, EROAD
enables fleets to streamline operations within
a single ecosystem. As the leader in road user
charging technology in New Zealand, EROAD
also delivers extensive expertise in simplifying
compliance for its customers.
Letter from the Chair
EROAD 2025 INTERIM REPORT LETTER FROM THE CHAIR
PAGE 4
Strategic growth in a complex market
All three core markets continue to contribute to steady growth
in recurring revenue, driven by a focus on expanding multi-
product adoption and deepening customer engagement. This
reflects the growing value of EROAD’s integrated platform
across a diverse range of fleet operations.
The transport and logistics industry is currently experiencing a
period of significant adjustment, especially in North America.
Following the high demand during COVID-19, the U.S.
trucking sector is now undergoing a process of right-sizing.
Many smaller operators that expanded during the boom are
struggling to adapt to a lower-demand environment, leading
to consolidation within the industry. This reinforces the
importance of focusing on resilient, high-value customers who
benefit most from EROAD’s integrated platform.
In line with this focus, EROAD is actively managing its
customer portfolio, with a deliberate strategy to accept higher
unit reduction as the company prioritises fostering deeper
relationships with enterprise customers aligned to long-
term value creation. Larger fleets, in particular offer unique
advantages—their resilience and growth potential create
opportunities for EROAD to scale alongside them as their
operations expand.
By concentrating on customers who require more than basic
compliance tools, EROAD supports fleets with advanced
solutions that enhance safety, productivity, and operational
efficiency. This targeted approach ensures that value is
delivered where it has the most meaningful impact, helping
fleet operators optimise their operations sustainably and cost-
effectively.
Board priorities and strategic direction
The Board remains committed to EROAD’s vision of
sustainable growth, supporting a strategy that builds
operational strength while expanding its presence in core and
growth markets. This includes repositioning EROAD to deliver
long-term value through efficient growth, targeted customer
engagement, and realigned sales and marketing efforts
to deepen relationships with complex fleet operators. The
deliberate focus on quality of revenue over volume reflects
a strategy designed to build enduring partnerships with
customers in New Zealand, Australia, and North America.
In New Zealand, EROAD is well-positioned to respond to
proposed government initiatives, including the proposed
action plan for road user charges (RUC) and time-of-use
pricing. These policy shifts, which aim to modernise transport
funding, represent an opportunity to expand offerings within
the light commercial vehicle segment. With a proven track
record in RUC compliance, EROAD is prepared to leverage its
expertise to support New Zealand’s evolving infrastructure
needs as new policies come into effect.
Strengthening leadership and future
preparedness
This year, EROAD welcomed Duanne O’Brien as Chief
Technology Officer. Since joining, Duanne has brought focus
and direction to the product team, aligning technology efforts
closely with the company’s strategic goals. His leadership
is already enhancing product capabilities, and the Board
is confident that under his guidance, EROAD will continue
to advance its solutions to meet the changing demands
of modern fleets. This appointment reflects EROAD‘s
commitment to innovation strengthens its ability to maintain a
competitive edge.
Commitment to sustainability and responsible
growth
Sustainability remains a key priority for EROAD and is integral
to its growth strategy and the technologies it develops. The
Board supports ongoing investment in technologies that help
customers to reduce emissions, improve fuel efficiency, and
optimise fleet operations. This focus positions EROAD as a
responsible partner, addressing industry challenges while
delivering tangible benefits to customers and communities.
The Board also prioritises fostering a corporate culture
grounded in responsibility and integrity. This includes a
strong emphasis on compliance, effective risk management,
and robust data privacy protections. These high standards
ensure that EROAD continues to earn the trust of customers,
shareholders, and other stakeholders.
Confidence in our direction
As EROAD enters the second half of FY25, the Board remains
confident in the company’s strategic direction and its ability to
navigate the challenges and capitalise on opportunities. The
continued focus on high-value customers, scalable practices,
and sustainable growth strengthens EROAD’s position in a
competitive market. The results achieved in the first half of
the year affirm the effectiveness of this approach, and while
the road ahead will require continued adaptability and focus,
EROAD is well-positioned to deliver on its commitments to
shareholders and stakeholders. In line with this focus, we are
updating our R&D guidance to ensure continued investment in
innovation that supports long-term growth and differentiation.
On behalf of the Board, I extend my gratitude to shareholders
for their continued support and to the EROAD team for their
dedication. These combined efforts are building a resilient,
future-focused business that is well-positioned to create
lasting value for all.
Sincerely
Susan Paterson
Chair
PAGE 5
EROAD 2025 INTERIM REPORT
Letter from the Co-CEOs
Dear Shareholders,
We are pleased to report EROAD continues
to deliver positive results, achieving half year
revenue of $95.9m - an increase of 8% from HY
FY24. Annualised recurring revenue (ARR) has
grown across all three regions year-over-year,
reflecting our focus on sustainable profitable
growth. The company remains free cash flow
positive,with normalised free cash flow –
excluding the one-time expenses from the 4G
upgrade program in New Zealand - at $6.2m.
The discipline instilled across the business over
recent years has provided the foundations for
sustainable growth, even amid challenging
economic conditions in the trucking and
transportation sectors. By concentrating on our
strengths, we continue to serve larger, more
complex fleets, where our single platform solution
offers a distinct competitive advantage.
PAGE 6
EROAD 2025 INTERIM REPORT LETTER FROM THE C0-CEOs
Delivering solutions that meet diverse
fleet needs
EROAD’s platform is designed to meet the diverse needs of
fleets, from straightforward compliance tools to advanced
solutions for complex operations. Whether managing
refrigerated transport, delivering concrete, or optimising
last-mile logistics, our platform equips customers with the
tools they need to succeed.
While some fleets are satisfied with basic compliance
products, EROAD’s full platform offers distinct value for
operators with complex needs. By integrating critical
functions such as safety, compliance, asset tracking and
load monitoring into a single solution, we enable customers
to streamline operations and improve efficiency.
This ability to deliver tailored, high-value tools differentiates
EROAD in the market, especially within the transport,
construction, and refrigerated segments. It reflects our
commitment to helping customers address their most
critical challenges with solutions that create meaningful
operational improvements.
Expanding value through a balanced
revenue strategy
EROAD’s growth strategy combines expanding multi-product
adoption within our existing customer base alongside targeted
acquisition of new accounts. This two-pronged approach
enables us to deepen relationships with our current customers,
many of whom are larger fleets with significant growth
potential, while driving additional ARR growth through new
customer wins. We also continue to grow alongside existing
customers as their fleets expand, further strengthening
relationships and adding value organically.
In North America we have strengthened our sales capabilities
and are progressing with pilot programs among several key
accounts. These pilots represent important steps toward larger
partnerships as we’re seeing a growing interest in EROAD’s
platform among major fleet operators. While longer sales
cycles are typical in this segment, our history of success with
large-scale accounts, such as Sysco and US Foods reinforce
our credibility. Alongside these pilots, we are also focused on
expanding our reach within existing customers, driving ARR
growth through increased adoption of products such as our
AI-powered Clarity Edge cameras.
Leveraging partnerships to broaden
market reach
As part of our strategic approach to delivering a complete ran-
ge of solutions, EROAD has partnered with Geotab to address
the needs of light commercial fleets. Through this partnership,
we have introduced EROAD Locate, a low-cost, entry-level
telematics solution. With only 48% of the estimated 4.8
million light commercial vehicles in Australasia currently using
telematics, this partnership offers a significant growth oppor-
tunity. EROAD Locate allows us to engage new customers,
including those who may initially require only basic functiona-
lity, while keeping our own engineering resources focused on
EROAD’s core platform for more complex operations.
The partnership is particularly valuable for fleets with mixed
requirements. For example, heavy-vehicle customers may use
EROAD’s full platform for core fleet operations, adding ERO-
AD Locate to meet the needs of corporate or lighter vehicle
fleets. This gives EROAD the flexibility to meet a wider range
of customer needs and reinforces our reputation as a provider
for fleets with complex requirements.
Additionally, as New Zealand advances toward broader user
charging for roads, EROAD Locate is well-positioned to play
an important role in supporting this transition.
Global performance and regional
contributions
New Zealand remains our stable, cash-generative
foundation, with revenue growing 11.4% year-over-year to
$49.8 million. While unit reductions have been influenced
by fleet resizing and the 4G upgrade program, the market
continues to demonstrate resilience and supports broader
strategic initiatives globally.
North America continues to build momentum as EROAD’s
primary growth market, with revenue increasing 2.6% year-
over-year to NZ$39.6 million. Recent renewals with Medline,
ABC Trucking, and US Foods included product expansions,
generating $2 million in additional contract value. While fleet
resizing has impacted unit counts, ARR and ARPU growth
reflect the strength of our enterprise relationships.
Australia has delivered strong results, with revenue
increasing 16.1% year-over-year to NZ$6.5 million. This
growth reflects the success of focused sales efforts on larger
fleets, including the ongoing rollout of a 5,000-unit trans-
Tasman contract, on track for completion by June 2025
with approximately 1,400 units deployed at half-year. This
progress highlights Australia’s position as a promising market
for long-term growth.
PAGE 7
EROAD 2025 INTERIM REPORT LETTER FROM THE C0-CEOs
Commitment to product innovation
Our focus on product innovation remains central to
delivering value for our customers. The recently released
Clarity Edge AI dashcams have already shown significant
safety improvements with early customers, reducing
instances of speeding, distracted driving, and cell phone
use. This product has quickly become part a core part of
our safety offering, resonating strongly with customers who
prioritise driver safety and regulatory compliance.
Since the arrival of Duanne O’Brien as Chief Technology
Officer, our product team has gained renewed focus
and momentum. His leadership has energised the team
to accelerate the delivery of tools that address the real-
world challenges faced by fleets today, ensuring EROAD
continues to meet the complex needs of our customers while
enhancing operational safety and efficiency.
Looking ahead
As we enter the second half of FY25, we remain confident
in EROAD’s clear focus on complex fleet operations,
disciplined growth, and commitment to delivering value
through innovation. To that end, we will be updating our
R&D guidance to ensure investment allocation is aligned
with strategic priorities. We are firmly on track to deliver
against our full-year guidance, supported by a strategy that
prioritises high-quality revenue and effective execution.
We would like to extend our sincere gratitude to the entire
EROAD team for their hard work, resilience, and dedication.
Their commitment enables us to make a meaningful
difference for our customers, supporting safer, more efficient,
and sustainable fleet operations.
On behalf of everyone at EROAD, we thank you, our
shareholders, for your continued support as we execute
against our strategy. EROAD is well-positioned to
deliver long-term sustainable value and capitalise on the
opportunities ahead.
Sincerely,
Mark Heine and David Kenneson
Co-CEOs, EROAD
PAGE 8
EROAD 2025 INTERIM REPORT
Financial
Statements
PAGE 9
EROAD 2025 INTERIM REPORT FINANCIAL STATEMENTS
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2024
30 Sep 2024
Restated*
30 Sep 2023
UnauditedUnaudited
Notes$M's$M’s
Revenue295.988.9
Operating expenses(66.7)(63.3)
Earnings before interest, taxation, depreciation and
amortisation
29.225.6
Depreciation of property, plant and equipment4(11.0)(11.0)
Amortisation of intangible assets5(10.4)(9.6)
Amortisation of contract and customer acquisition assets (5.4) (4.9)
Earnings before interest and taxation2.40.1
Finance expense(2.9)(4.9)
Finance income 0.4 0.2
Net financing costs(2.5)(4.7)
Loss before tax (0.1)(4.6)
Income tax benefit/(expense)8(1.4) 3.2
Loss after tax for the period attributable to the shareholders(1.5) (1.4)
Other comprehensive income
Items that are or may be reclassified subsequently to profit or
loss
Cash flow hedges0.8 (0.5)
Currency translation differences (10.3)9.3
(9.5)8.8
Total comprehensive income for the period (11.0)7. 4
Loss per share - Basic (cents) (0.82)(1.14)
Loss per share - Diluted (cents) (0.82)(1.13)
* Refer to Retrospective Restatement note (e) for further details.
The above Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying
notes.
PAGE 10
EROAD 2025 INTERIM REPORT FINANCIAL STATEMENTS
Condensed Consolidated Statement of Financial Position
As at 30 September 2024
30 Sep 2024
Restated*
31 Mar 2024
UnauditedAudited
Notes$M's$M’s
Current assets
Cash and cash equivalents311.314.5
Restricted bank accounts325.117.8
Derivative financial asset0.4-
Trade and other receivables32.133.2
Contract fulfilment costs7.15.8
Costs to obtain contracts2.62.4
Total Current Assets78.673.7
Non-current assets
Property, plant and equipment485.388.8
Intangible assets5253.9264.4
Derivative financial asset0.4-
Contract fulfilment costs6.06.2
Costs to obtain contracts2.32.7
Deferred tax assets1 7. 31 7. 7
Total Non-Current Assets365.2379.8
Total Assets443.8453.5
PAGE 11
EROAD 2025 INTERIM REPORT FINANCIAL STATEMENTS
Chair,
25 November 2024
Chair of the Finance, Risk and Audit Committee,
25 November 2024
Condensed Consolidated Statement of Financial Position (continued)
As at 30 September 2024
30 Sept 2024
Restated*
31 Mar 2024
UnauditedAudited
Notes$M's$M’s
Current liabilities
Borrowings65.02.5
Trade payables and accruals23.330.3
Payables to transport agencies325.117.8
Contract liabilities10.310.9
Lease liabilities1.31.2
Employee entitlements4.64.1
Derivative financial liabilities-0.3
Total Current Liabilities69.66 7.1
Non-current liabilities
Borrowings31.734.1
Contract liabilities13.012.7
Lease liabilities4.85.1
Derivative financial liabilities0.10.1
Deferred tax liabilities12.813.1
Total Non-Current Liabilities62.465.1
Total Liabilities132.0132.2
Net Assets311.8321.3
Equity
Share Capital7355.7353.5
Share capital premium/discount(19.9)(19.9)
Other reserves11.721.2
Accumulated losses(35.7)(33.5)
Total Shareholders' Equity311.8321.3
* Refer to Retrospective Restatement note (e) for further details.
The above Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
PAGE 12
EROAD 2025 INTERIM REPORT FINANCIAL STATEMENTS
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 September 2024
Share
Capital
Share
Premium /
Discount
Accumulated
losses
Translation
Reserve
Hedging
Reserve
Total
$M’s$M’s$M’s$M’s$M’s$M’s
Balance as at 31 March 2023
(Audited) as previously reported
305.7(19.9)(36.0)(1.2)0.2248.8
Retrospective restatement (note (e))--(0.4)12.2-11.8
Restated balance as at 31 March 2023305.7(19.9)(36.4)11.00.2260.6
Loss after tax for the period--(1.4)--(1.4)
Other comprehensive income---9.3(0.5)8.8
Restated total comprehensive income--(1.4)9.3(0.5)7. 4
Transactions with owners of the Company
Equity settled share-based payments0.4-2.4--2.8
Share capital issued - net of costs26.7----26.7
Funds received in advance for shares5.1----5.1
Restated balance as at 30 Sep 2023
(Unaudited)
337.9(19.9)(35.4)20.3(0.3)302.6
Balance as at 31 March 2024 (Audited)
as previously reported
353.5(19.9)(32.7) 2.5(0.4)303.0
Retrospective restatement (note (e))--(0.8)19.1-18.3
Restated balance as at 31 March 2024353.5(19.9)(33.5) 21.6(0.4)321.3
Loss after tax for the period--(1.5)--(1.5)
Other comprehensive income---(10.3)0.8(9.5)
Total comprehensive income--(1.5)(10.3)0.8(11.0)
Transactions with owners of the Company
Equity settled share-based payments2.2-(0.7)--1.5
Balance as at 30 Sep 2024 (Unaudited)355.7(19.9)(35.7)11.30.4311.8
The above Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
PAGE 13
EROAD 2025 INTERIM REPORT FINANCIAL STATEMENTS
Condensed consolidated Statement of Cash Flows
For the six months ended 30 September 2024
30 Sep 202430 Sep 2023
UnauditedUnaudited
Notes$M’s$M’s
Cash flows from operating activities
Cash received from customers96.188.5
Payments to suppliers and employees(71.4)(58.4)
Payments for contract fulfilment assets(5.1)(5.6)
Interest received0.40.2
Interest paid(2.6)(4.0)
Income taxes paid (0.1) -
Net cash inflow from operating activities 17.3 20.7
Cash flows from investing activities
Payments for investment in property, plant & equipment4(9.1)(12.8)
Payments for investment in intangible assets5(8.8)(9.8)
Payments for investment in cost to obtain contracts (1.5) (2.1)
Net cash outflow from investing activities (19.4) (24.7)
Cash flows from financing activities
Receipts from bank loans-2.0
Repayments of bank loans-(20.0)
Payment of lease liability(1.0)(1.1)
Receipts from issue of equity-29.2
Receipts in advance for equity raise-5.1
Payments for costs of raising equity - (2.5)
Net cash inflow from financing activities (1.0) 12.7
Net increase/(decrease) in cash held(3.1)8.7
Cash at the beginning of the financial period14.58.1
Effects of exchange rate changes on cash and cash equivalents(0.1)-
Closing cash and cash equivalents11.316.8
The above Condensed Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
PAGE 14 PAGE 14
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
Reconciliation of Operating Cash Flows with Reported Profit After Tax
For the six months ended 30 September 2024
30 Sep 2024
Restated*
30 Sep 2023
UnauditedUnaudited
$M’s$M’s
Reconciliation of operating cash flows with reported profit
after tax
Loss after tax for the six month period attributable
to the shareholders
(1.5)(1.4)
Add/(less) non-cash items
Tax asset recognised0.1(3.2)
Depreciation and amortisation26.825.5
Other non-cash expenses1.13.4
Unwinding of interest expense for discounted contract liabilities 0.6(0.4)
28.625.3
Add/(less) movements in other working capital items
Increase/(decrease) in trade and other receivables0.5(1.7)
Increase in current tax payables0.40.1
Increase in contract liabilities0.62.2
(Decrease)/increase in trade payables, interest payable
and accruals
(6.2)1.8
Increase contract fulfilment cost(5.1)(5.6)
(9.8) (3.2)
Net cash from operating activities 17.3 20.7
* Refer to Retrospective Restatement note (e) for further details.
PAGE 15 PAGE 15
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
Notes to the Financial Statements
For the six months ended 30 September 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The condensed consolidated interim financial statements presented for the six months ended 30 September 2024 are for EROAD
Limited (EROAD), 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 (the “Company”) is a company domiciled in New Zealand registered under the Companies Act 1993 and listed on the
New Zealand Stock Exchange (NZX) Main Board and Australian Stock Exchange (ASX). The Company is a FMC reporting entity for
the purposes of the Financial Markets Conduct Act 2013.
The condensed consolidated interim financial statements have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP). NZ GAAP in this instance being New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) as appropriate for profit-oriented entities. These consolidated interim financial statements also comply with
the New Zealand equivalent to International Accounting Standard 34: Interim Financial Reporting (NZ IAS 34), and International
Accounting Standard 34: Interim Financial Reporting (IAS 34) and are prepared in accordance with the Financial Markets Conduct
Act 2013.
The condensed consolidated interim financial statements for the six months ended 30 September 2024 are unaudited and have
been the subject of review by the auditor, pursuant to NZ SRE 2410 (Revised): Review of Financial Statements Performed by the
Independent Auditor of the Entity as issued by the External Reporting Board.
These condensed consolidated interim financial statements have been prepared using the same accounting policies as, and
should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended 31
March 2024 (‘last annual financial statements’). These condensed consolidated interim financial statements do not include all of
the information required for a complete set of NZ IFRS financial statements. However, selected explanatory notes are included
to explain events and transactions that are significant to an understanding of changes in the Group’s financial position and
performance since the last annual financial statements. These financial statements have been approved for issue by the Board of
Directors on 25 November 2024.
(a) Basis of measurement
The financial statements are prepared on the historical cost basis, except for certain financial instruments carried at fair value.
(b) Presentation currency
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.
(c) Standards or interpretations issued but not yet effective and relevant to the Group
A number of new standards, amendments to standards and interpretations are effective for annual periods beginning on or
after 1 April 2024.
The Group has not adopted, and currently does not anticipate adopting, any standards prior to their effective dates.
(d) 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.
PAGE 16 PAGE 16
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
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
(e) Retrospective restatement
During the half-year period to September 2024, the Group identified an error where goodwill and other acquired intangible
assets relating to the Coretex acquisition had been recorded in NZ$, rather than recorded in the functional currency of each of
the Group’s CGUs (US$ for North America and A$ for Australia), in its financial statements since 2022. This has been corrected by
restating each of the affected financial statement line items for prior periods. The following tables summarise the impact on the
Group’s condensed consolidated interim financial statements.
Condensed consolidated statement of comprehensive income
30 September 2023
As previously
presentedAdjustmentRestated
$M’s$M’s$M’s
Amortisation of intangible assets(9.3)(0.3)(9.6)
Income tax benefit3.10.13.2
Loss after tax for the period attributable to the shareholders(1.2)(0.2)(1.4)
Items that are or may be reclassified subsequently to profit and loss
Currency translation differences3.26.19.3
Total comprehensive income for the year1.55.97. 4
Condensed consolidated statement of financial position
31 March 2024
As previously
presentedAdjustmentRestated
$M’s$M’s$M’s
Intangible assets244.420.0264.4
Total assets433.520.0453.5
Deferred tax liability(11.4)(1.7)(13.1)
Total liabilities(130.5)(1.7)(132.2)
Other reserves2.119.121.2
Accumulated losses(32.7)(0.8)(33.5)
Equity303.018.3321.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
PAGE 17 PAGE 17
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
Condensed consolidated statement of financial position (continued)
1 April 2023
As previously
presented
1 April 2023
AdjustmentRestated
$M’s$M’s$M’s
Intangible assets242.113.0255.1
Total assets402.813.0415.8
Deferred tax liability(17.9)(1.2)(19.1)
Total liabilities(154.0)(1.2)(155.2)
Other reserves
(1.0)12.211.2
Accumulated losses(36.0)(0.4)(36.4)
Equity248.811.8260.6
There is no material impact on the Group’s basic or diluted EPS and no impact on the total operating, investing or financing
cash flows for the period ended 30 September 2023. There is no change to the outcome of the impairment testing of the
Group’s North America or Australia CGUs at 31 March 2024.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
PAGE 18 PAGE 18
EROAD 2025 INTERIM REPORT 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 1 SEGMENT REPORTING
EROAD 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 Officers (“CEOs”). The CEOs are considered to be the chief operating decision
makers (“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.
PAGE 19 PAGE 19
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
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
30 Sep
2024
Unaudited
30 Sep
2023
Unaudited
30 Sep
2024
Unaudited
Restated
30 Sep
2023
Unaudited
30 Sep
2024
Unaudited
30 Sep
2023
Unaudited
30 Sep
2024
Unaudited
Restated
30 Sep
2023
Unaudited
$M's$M's$M's$M's$M's$M's$M's$M's
Revenue
Software as a Service (SaaS)
revenue
--38.436.545.042.06.35.0
Hardware revenue-0.11.01.8---0.4
Transaction fee revenue ----3.21.2--
Other revenue 140.7 26.7 0.7 0.3 1.3 1.5 0.2 0.2
Total revenue40.7 26.8 40.1 38.6 49.5 44.7 6.5 5.6
Earnings before interest,
taxation, depreciation &
amortisation
(17.4)(20.7)10.315.934.428.71.91.7
Depreciation of property, plant
& equipment
(0.6)(1.1)(4.8)(5.2)(4.8)(4.0)(0.8)(0.6)
Amortisation of intangible assets(6.7)(6.0)(3.0)(2.8)(0.4)(0.4)(0.3)(0.4)
Amortisation of contract and
customer acquisition assets
--(1.4)(1.5)(3.4)(3.1)(0.6)(0.4)
1
Revenue from Corporate & Development Markets includes R&D Grant Income of $0.9m (30 September 2024: $0.9m).
Corporate &
Development
North America New ZealandAustralia
30 Sep
2024
Unaudited
31 March
2024
Audited
30 Sep
2024
Unaudited
Restated
31 March
2024
Audited
30 Sep
2024
Unaudited
31 March
2024
Audited
30 Sep
2024
Unaudited
Restated
31 March
2024
Audited
$M's$M's$M's$M's$M's$M's$M's$M's
Total assets281.62 8 7. 2185.8205.1105.194.939.434.4
PAGE 20 PAGE 20
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
Reconciliation of information on reportable segments
30 Sep 2024
Unaudited
Restated
30 Sep 2023
Unaudited
$M’s$M’s
Revenue
Total revenue for reportable segments136.8115.7
Elimination of inter-segment revenue(40.9)(26.8)
Consolidated Revenue95.988.9
EBITDA
Total EBITDA for reportable segments29.225.6
Elimination of inter-segment EBITDA--
Consolidated EBITDA29.225.6
Depreciation
Total depreciation for reportable segments(11.0)(10.9)
Elimination of inter-segment depreciation-(0.1)
Consolidated Depreciation(11.0)(11.0)
Amortisation of intangible assets
Total amortisation for reportable segments(10.4)(9.6)
Elimination of inter-segment amortisation--
Consolidated Amortisation(10.4)(9.6)
30 Sep 2024
Unaudited
Restated
31 Mar 2024
Audited
Total assets
$M’s$M’s
Total assets for reportable segments
611.9621.6
Elimination of inter-segment balances(168.1) (168.1)
Consolidated Total Assets443.8 453.5
Allocation of goodwill, property plant and equipment and other intangible assets
Included within Total Assets are Development Assets of $107.9M (Restated 31 March 2024: $109.0M) 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
repective CGU’s
NOTE 1 SEGMENT REPORTING (CONTINUED)
PAGE 21 PAGE 21
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
NOTE 1 SEGMENT REPORTING (CONTINUED)
Also included in the total 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 during the period ended 31 March 2022.
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
30 Sep 2024 Unaudited
North America50.695.71.519.8
New Zealand50.65.7-1.0
Australia 6.7 14.2 - 3.2
107.9 115.6 1.5 24.0
Restated 31 Mar 2024 Audited
North America52.6101.92.022.0
New Zealand50.35.7-1.0
Australia 6.114.2 - 3.4
109.0121.82.0 26.4
PAGE 22 PAGE 22
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
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.
30 Sep 2024
Unaudited
30 Sep 2023
Unaudited
$M’s$M’s
Revenue
New Zealand49.844.7
All foreign countries:
USA39.638.6
Australia6.55.6
Total revenue95.988.9
30 Sep 2024
Unaudited
Restated
31 Mar 2024
Audited
$M’s$M’s
Non-current assets
New Zealand145.3145.2
All foreign countries:
USA169.31 8 7. 3
Australia32.929.6
Total non-current assets347.5362.1
Non-current assets exclude financial instruments and deferred tax assets.
30 Sep 2024
Unaudited
Restated
31 Mar 2024
Audited
$M’s$M’s
Reconciliation of geographical non-current assets
to total non-current assets
Geographical non-current assets347.5362.1
Deferred tax assets1 7. 31 7. 7
Derivative financial instruments0.4-
Total non-current assets365.2379.8
NOTE 1 SEGMENT REPORTING (CONTINUED)
PAGE 23 PAGE 23
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
NOTE 2 REVENUE
30 Sep 2024
Unaudited
30 Sep 2023
Unaudited
$M’s$M’s
Revenue from contracts with customers
Software as a service (SaaS) revenue89.783.5
Hardware revenue (subscription basis)1.02.3
Other
Transaction fee revenue3.21.2
Other revenue and income1.11.0
Grant income
0.9 0.9
Total Revenues
95.9 88.9
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.
Revenue recognition
Revenue 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.
The Group provides electronic on-board units to its customers, which comprise the provision of hardware and the rendering of
services.
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 Group’s main sources of revenue are described in detail below:
Software as a service revenue
Software 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 noted 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.
PAGE 24 PAGE 24
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
Hardware revenue (subscription)
Hardware revenue purchased with a subscription is recognized over the first month’s 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.
The installation revenue associated with uncontracted hardware units is included in the hardware revenue line and recognised
when the installation is completed.
The 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.
Transaction fees
Transaction 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.
Grant 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.
Future contracted income
The Group reports the Non-GAAP measure, Future Contracted Income. The definition of Future Contracted Income includes all
future hardware and SaaS cash inflows relating to income under non-cancellable long-term agreements. The disclosure below
aligns with the Future Contracted Income reported by the Group.
Transaction price allocated to the remaining performance obligations
The below table represents the revenue allocated to performance obligations that are unsatisfied or partially unsatisfied at the
period end. The revenue amounts yet to be recognised under non-cancellable contract agreements at 30 September 2024 are
expected to be recognised by EROAD based on the time bands disclosed below.
30 Sep 2024
Unaudited
30 Sep 2023
Unaudited
$M’s$M’s
Software as a Service (SaaS) revenue
No later than one year
98.993.9
Later than one year, no later than five years190.3132.3
Total price allocated to remaining performance obligations289.2226.2
NOTE 2 REVENUE (CONTINUED)
PAGE 25 PAGE 25
EROAD 2025 INTERIM REPORT 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 note:
NOTE 3 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND PAYABLES TO TRANSPORT AGENCIES
NOTE 3 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND PAYABLES TO TRANSPORT AGENCIES
30 Sep 2024
Unaudited
31 Mar 2024
Audited
$M’s$M’s
Cash and cash equivalents11.314.5
Restricted bank accounts 25.1 17.8
36.4 32.3
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(25.1)(17.8)
PAGE 26 PAGE 26
EROAD 2025 INTERIM REPORT 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 4 PROPERTY, PLANT AND EQUIPMENT
NOTE 5 INTANGIBLE ASSETS
NOTE 4 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 Mar 2024 (Audited)
Opening net book
amount
5.768.70.11.60.20.60.977.8
Additions0.333.0----0.533.8
Disposals-(1.3)-----(1.3)
Depreciation charge(1.5)(20.3)-(0.4)(0.1)(0.2)(0.7)(23.2)
Effect of movement in
exchange rates
0.21.5-----1.7
Closing net book
amount
4.781.60.11.20.10.40.788.8
Cost8.6135.20.82.90.42.05.3155.2
Accumulated
depreciation
(3.9)(53.6)(0.7)(1.7)(0.3)(1.6)(4.6)(66.4)
Net book amount4.781.60.11.20.10.40.788.8
PAGE 27 PAGE 27
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
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
Six months ended 30 Sep 2024 (Unaudited)
Opening net book
amount
4.781.60.11.20.10.40.788.8
Additions0.79.1----0.210.0
Disposals-(0.4)-----(0.4)
Depreciation charge(0.7)(9.8)-(0.1)-(0.1)(0.3)(11.0)
Effect of movement in
exchange rates
(0.2)(1.9)- ----(2.1)
Closing net book
amount
4.578.60.1 1.10.10.30.685.3
At 30 Sep 2024
Cost8.4136.30.82.90.51.95.5156.3
Accumulated
depreciation
(3.9)(57.7)(0.7) (1.8)(0.4)(1.6)(4.9)(71.0)
Net book amount4.578.60.1 1.10.10.30.685.3
Included in the Hardware Assets is equipment under construction to be leased or sold of $27.6M (31 March 2024: $33.2M). 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 comprehensive 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.
Subsequent costs
The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an
item when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the Group
and the cost of the item can be measured reliably. All other costs are recognised in the statement of comprehensive income as an
expense in the period they are incurred.
Impairment
Property plant and equipment is tested for impairment when there are indicators of impairment. It is not possible to identify sepa-
rately 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 4 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
PAGE 28 PAGE 28
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
Depreciation
Depreciation begins when the asset is in the location and condition necessary for it to be capable of operating in the manner
intended by management.
The following rates have been used on a straight line basis:
Leasehold improvements 3 to 9 years
Hardware assets 3 to 6 years
Plant and equipment 3 to 11 years
Computer/Office equipment 1 to 5 years
Motor vehicles 3 to 5 years
Right of use assets 3 to 9 years
The above rates reflect the estimated useful lives of the respected categories. Consideration was given to how long assets can be
deployed and any expected network changes. Leasehold improvements are depreciated over the contracted lease term.
NOTE 5 INTANGIBLE ASSETS
DevelopmentSoftwareGoodwillBrandCustomer
relationships
Patents,
trademarks and
other rights
Total
$M’s$M’s$M’s$M’s$M’s$M’s$M’s
Year ended 31 Mar 2024 (Audited)
Restated opening net book amount102.65.8116.72.62 7. 30.1255.1
Additions21.00.3----21.3
Effect of movement in foreign
exchange rate
1.2-5.10.11.27. 6
Amortisation charge(15.8)(1.0)-(0.7)(2.1) -(19.6)
Restated closing net book amount109.05.1121.82.0 26.4 0.1264.4
Cost179.712.4121.83.832.30.1350.1
Accumulated amortisation(70.7)(7.3)-(1.8)(5.9) -(85.7)
Restated net book amount109.05.1121.82.0 26.4 0.1264.4
Six months ended 30 Sep 2024 (Unaudited)
Restated opening net book amount109.05.1121.82.026.40.1264.4
Additions8.50.3----8.8
Amortisation charge(8.4)(0.6)-(0.4)(1.0)-(10.4)
Effect of movement in foreign
exchange rate
(1.2)-(6.2)(0.1)(1.4)-(8.9)
Restated closing net book amount 107.9 4.8115.61.524.0 0.1253.9
Cost186.412.7115.63.530.70.1349.0
Accumulated amortisation(78.5)(7.9)-(2.0)(6.7)-(95.1)
Net book amount 107.94.8115.61.524.00.1253.9
The useful lives of the Group’s Intangible Assets are assessed to be finite except for goodwill. Assets with finite lives are amortised
over their useful lives and tested for impairment whenever there are indications that the assets may be impaired.
NOTE 4 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
PAGE 29 PAGE 29
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
Research and Development
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge and understanding, is
recognised in the statement of comprehensive income when incurred.
Development activities involve a plan or design for the production of new or substantially improved products and processes.
Development expenditure is capitalised only if development costs can be measured reliably, the product or process is
technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient
resources to complete development and to use or sell the asset. The expenditure capitalised includes the cost of materials,
direct labour and overhead costs that are directly attributable to preparing the asset for its intended use. Other development
expenditure is recognised in the statement of comprehensive income when incurred. There is judgement involved in relation to
whether a project meets the capitalisation criteria, and whether the expenditure can be directly attributable to the respective
project.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.
Other intangible assets
Other intangible assets, including customer relationships, brand, patents and trademarks, that are acquired by the Group and
have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses.
Subsequent expenditure
Subsequent expenditure is capitalised when it increases the future economic benefits embodied in the specific asset to
which relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in the
statement of comprehensive income when incurred.
Amortisation
Patents 10 to 20 years
Development Hardware & Platform 7 to 15 years
Development Products 5 to 10 years
Software 5 to 7 years
Customer relationships 15 years
Brand 5 years
Impairment
The acquisition of Coretex on 1 December 2021, meant goodwill was recognised for the excess between the fair value of conside-
ration paid and the fair value of the net assets acquired. Net assets acquired included finite life intangibles assets such as customer
relationships, brands, software and development assets. The goodwill and finite life intangibles were then allocated to the cash
generating units of the business with the assistance of external specialists. When goodwill is acquired in a business combination,
under the accounting standards, NZ IAS 36 requires an impairment test to be completed annually (for cash-generating units
in which goodwill has been allocated) irrespective of whether there is any indication of impairment. An impairment test is also
required when there is an indicator of impairment identified each reporting period. Refer to note 1 for the allocation of goodwill,
property plant and equipment and other finite life intangible assets to cash generating units (CGUs). The CGU‘s are considered
the lowest level for which there are separately identifiable cashflows. Corporate costs attributable to the CGUs are allocated to the
respective CGUs as part of impairment testing. Unallocated corporate costs and assets are also tested for impairment using a top
down approach.
Impairment testing of CGU’s
Under the accounting standards one of the external sources of information that may indicate that an impairment exists is when
the carrying amount of the net assets of the entity exceeds the entity’s market capitalisation. At 30 September 2024 this is the
case for the EROAD Group. The share price of EROAD at 30 September 2024 being $1.16 equating to a market capitalisation of
$217.0 million compared to net assets of $311.8million at the same date.
To complete the impairment testing management assessed the recoverable amount of each of the cash-generating units
(‘CGU’) of which goodwill, property plant and equipment and finite life intangible assets have been allocated by reference to
its value in use (‘VIU’) determined using a discounted cash flows model. The recoverable amounts of the CGU were estimated
based on the following significant assumptions:
NOTE 5 INTANGIBLE ASSETS (CONTINUED)
PAGE 30 PAGE 30
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
Amount the VIU exceeds
the carrying value $M’s
(functional currency)
Connected unit
CAGR
ARPU CAGRWACC
New Zealand190.75.80%0.13%12.25%
North America58.411.29%1.47%11.00%
Australia13.918.35%1.06%10.75%
The inputs used for the growth in connected units and ARPU in the CGUs reflect past experience and the forecast performance
of the group.
Terminal growth rate of 2.0% for New Zealand and 2.5% for North America and Australia and was applied to 2029 and
thereafter.
Sensitivity analysis was undertaken which concluded that New Zealand results are not particularly sensitive to changes in the
underlying assumptions. Australia and North America are sensitive to the achievement of forecast unit growth, ARPU and
changes in the discount rate.
Results of the sensitivity analysis as follows:
Input required for the VIU to equate to the carrying value
Connected unit
CAGR
ARPU CAGRWACC
New ZealandNot sensitiveNot sensitiveNot sensitive
North America7. 7 0 %(1.84)%13.30%
Australia14.95%(1.60)%12.24%
The Group concluded that the recoverable amount of each of the CGU were higher than their respective carrying values and
therefore no impairment was considered necessary at 30 September 2024.
NOTE 5 INTANGIBLE ASSETS (CONTINUED)
PAGE 31 PAGE 31
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
DEBT AND EQUITY
This section outlines the Group’s capital structure and the related financing costs. This section includes the
following notes:
NOTE 6 BORROWINGS
NOTE 7 EQUITY
NOTE 6 BORROWINGS
30 Sep 2024
Unaudited
31 Mar 2024
Audited
$M’s$M’s
Current borrowings
Term Loans5.02.5
5.02.5
Non-current borrowings
Term Loans20.022.5
Revolving Credit Facility12.312.3
Capitalised borrowings cost (0.6) (0.7)
31.7 34.1
Terms and debt repayment schedule
30 Sep 2024
Unaudited
30 Sep 2024
Unaudited
31 Mar 2024
Audited
31 Mar 2024
Audited
Nominal
Interest
Year of
Maturity
Face
Value
$M’s
Carrying
amount
$M’s
Face
Value
$M’s
Carrying
amount
$M’s
Term Loans8.94%202625.025.025.025.0
Revolving credit facility8.94%202612.312.312.312.3
Capitalised borrowing costs-(0.6)-(0.7)
3 7. 336.73 7. 336.6
The above nominal interest rate represents the weighted average rate of the entire facility.
At 30 September 2024, EROAD had the following in place:
$25.0M (NZD) Term Loan Facility A – to refinance debt from the prior facility. The Term Loan has a term of 36 months from 4
October 2023 refinance effective date, with the facility having a maturity date in October 2026. The interest rate is variable with
reference to a base rate (BKBM bid rate) for the selected interest period plus a margin of 3.75%. EROAD may select an interest
period of 1,2,3 or 6 months. On 31 December 2024, total facility commitments will reduce $1.25m on a quarterly basis until the
maturity of the facility. Accordingly, $5.0m of debt has been classified as current. The full outstanding balance is payable on the
termination date.
PAGE 32 PAGE 32
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
$50.0M (NZD) Revolving Credit Facility B – to refinance debt from the prior facility and for general corporate purposes. The
Revolving Credit Facility has a term of 36 months from 4 October 2023 effective refinance date with a periodic roll over feature
at the end of each interest period (90 days) that is subject to continued compliance with the terms of the loan agreement, with
the facility having a maturity date in October 2026. Funds may be drawn in NZ Dollars, AU Dollars, or US Dollars. The interest rate
is variable with reference to the base rate (BKBM bid rate for NZ Dollar drawings, BBSY bid rate for AU Dollar drawings, and US
Federal Open Market Committee short-term interest rate target for US Dollar drawings) for the selected interest period plus a
margin of 2.25% where the company’s net leverage ratio is below 1.0x and 2.45% where the company’s net leverage ratio is above
1.0x. EROAD may select an interest period of 1,2,3 or 6 months. In addition, a Commitment Fee of 2.25% per annum is payable
where the company’s net leverage ratio is below 1.0x, and 2.45% per annum is payable where the company’s net leverage ratio
is above 1.0x. Commitment fee is payable on the committed balance of the facility quarterly in arrears. On 31 December 2024,
total facility commitments will reduce $1.25m on a quarterly basis until the maturity of the facility. The full outstanding balance is
payable on the termination date.
$5.0M Multi-option working capital facility – for capital expenditure and general working capital purposes. This is an on demand
facility with the interest rate to be agreed between the lender and borrower at the time of borrowing plus a margin of 2.25%. In
addition, a Commitment Fee of 2.25% per annum is payable on the committed balance of the facility quarterly in arrears. The full
outstanding balance is payable on the termination date.
EROAD’s operating covenants to support the above facilities include Interest Cover Ratio, Leverage Ratio and Obligor Assets to
Group Assets. EROAD was compliant with covenants during the period and at 30 September 2024.
The security package for the Multi-Option Credit Facility Agreement includes an all obligations cross-guarantee granted by
EROAD Financial Services Limited, EROAD Australia Pty Limited, EROAD Inc, Coretex Limited, Imarda Pty Limited, Coretex
Australia Pty Limited, Coretex NZ Limited, and Coretex USA Inc in favour of the BNZ (in its capacity of Security Trustee for the
banking syndicate). In respect of the obligations of EROAD Limited, and a General Security Agreements granted by EROAD
Limited, EROAD Financial Services Limited, EROAD Inc, EROAD Australia Pty Limited, Coretex Limited, Imarda Pty Limited,
Coretex Australia Pty Limited, Coretex NZ Limited, and Coretex USA Inc in favour of the BNZ (in its capacity of Security Trustee for
the banking syndicate).
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as
part of the cost of that asset. Other borrowing costs are recognised as an expense in the period in which they are incurred.
NOTE 6 BORROWINGS (CONTINUED)
PAGE 33 PAGE 33
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
NOTE 7 EQUITY
Paid up capital
All issued shares are fully paid up and have equal voting rights and share equally in dividends and surplus on winding up.
Number of
ordinary shares
Issue price
$
Issued Capital
$
31 Mar 2024 (Audited)184,821,022353.5
Shares issued to employees2,228,5360.952.2
355.7
30 Sep 2024 (Unaudited) 187,049,558355.7
At 30 September 2024 there was 187,049,558 authorised and issued ordinary shares (31 March 2024: 184,821,022). 386,166 (31
March 2024: 386,166) shares are held in trust for employees in relation to the long-term incentive plan and are accounted for as
treasury stock.
The calculation of both basic and diluted loss/profit per share at 30 September 2024 was based on the loss attributable to
ordinary shareholders of ($1.5m) (Restated 30 September 2023: loss of $1.4m). The weighted number of ordinary shares on 30
September 2024 was 185,642,091 (30 September 2023: 115,364,078) for basic earnings per share and 185,653,538 for diluted
earnings per share (30 September 2023: 116,342,633).
Share capital premium/discount
This account is for the difference between the issued share price and the trading share price (or fair value share price) on date
of issue and includes contigent consideration portion classified as equity related to the acquisition of Coretex. There have been
no changes since 31 March 2024.
Other components of equity include:
• Translation reserve - comprises foreign currency translation differences arising from the translation of financial statements
of the Group’s foreign subsidiaries into New Zealand dollars.
• Hedging reserve - the hedging reserve is used to record gains or losses on instruments used as cash flow hedges. The
amounts are recognised in profit and loss when the hedged transaction affects profit and loss.
• Retained earnings - includes all current and prior period retained profits and losses and share-based employee remuneration.
PAGE 34 PAGE 34
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
OTHER
This section contains additional notes and disclosures that aid in understanding the Group‘s position and performance but do not
form part of the primary sections. This section includes the following notes:
NOTE 8 INCOME TAX EXPENSE
NOTE 9 RELATED PARTY TRANSACTIONS
NOTE 10 CAPITAL COMMITMENTS
NOTE 11 CONTINGENT LIABILITIES
NOTE 12 NET TANGIBLE ASSETS PER SHARE
NOTE 13 EVENTS SUBSEQUENT TO BALANCE DATE
NOTE 8 INCOME TAX EXPENSE
30 Sep 2024
Unaudited
Restated
30 Sep 2023
Unaudited
$M’s$M’s
(a) Reconciliation of effective tax rate
Loss before income tax(0.1)(4.6)
Income tax using the Company's domestic tax rate of 28% -(1.3)
Non-deductible expense/(non-assessable income)-(0.3)
Adjustment related to prior period0.6(2.1)
Utilisation of tax losses previously unrecognised and tax losses not recognised0.80.6
Effect of different tax rates of subsidiaries operating overseas - (0.1)
Income tax expense/(benefit)1.4(3.2)
(b) Current tax expense
Current year0.7 0.1
0.7 0.1
(b) Deferred tax expense
Current year0.1(1.2)
Adjustments in respect of prior periods0.6 (2.1)
0.7 (3.3)
Income tax expense1.4 (3.2)
At 30 September 2024 there were no imputation credits available to shareholders (31 March 2024: Nil)
Income tax expense comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the
extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. Current tax
payable also includes any tax liability arising from the declaration of dividends.
PAGE 35
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
PAGE 35
EROAD 2025 INTERIM REPORT INDEPENDENT REVIEW REPORT
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be
applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the
reporting date.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they
relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to
settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it
is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at
each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
NOTE 9 RELATED PARTY TRANSACTIONS
Related party transactions are consistent in nature with those reported in 31 March 2024.
NOTE 10 CAPITAL COMMITMENTS
(a) Capital commitments
As at 30 September 2024 the Group had confirmed purchase orders open with its third party manufacturer of hardware units
amounting to $3.7M (31 March 2024: $12.2M).
NOTE 11 CONTINGENT LIABILITIES
As at 30 September 2024 the Company had no contingent liabilities or assets (31 March 2023:$Nil).
NOTE 12 NET TANGIBLE ASSETS PER SHARE
30 Sep 2024
Unaudited
Restated
30 Sep 2023
Unaudited
Restated
31 Mar 2024
Audited
$M’s$M’s$M’s
Net assets (equity)311.8302.4321.3
Less Intangibles(253.9)(261.9)(264.4)
Total net tangible assets57. 940.556.9
Net tangible assets per share ($)0.310.260.31
The non-GAAP measure above is disclosed for consistency with the information disclosed in EROAD’s results announced under
the NZX listing rules.
NOTE 13 EVENTS SUBSEQUENT TO BALANCE DATE
There were no further events occurring subsequent to balance date which require adjustment to or disclosure in the
financial statements.
NOTE 8 INCOME TAX EXPENSE (CONTINUED)
PAGE 36
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
PAGE 36
EROAD 2025 INTERIM REPORT INDEPENDENT REVIEW REPORT
© 2024 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Document classification: KPMG Public
Independent Auditor’s Review
Report
To the shareholders of EROAD Limited (Group)
Report on the interim condensed consolidated financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
condensed consolidated financial statements on
pages 9 to 35 do not:
‒ present fairly, in all material respects, the
Group’s financial position as at 30
September 2024 and its financial
performance and cash flows for the 6 month
period then ended and comply with New
Zealand Equivalent to International
Accounting Standard 34 Interim Financial
Reporting (NZ IAS 34) issued by the New
Zealand Accounting Standards Board.
We have completed a review of the accompanying
interim condensed consolidated financial statements
which comprise:
‒ the interim condensed consolidated
statement of financial position as at 30
September 2024;
‒ the interim condensed consolidated
statements of comprehensive income,
changes in equity and cash flows for the 6
month period then ended; and
‒ notes, including material accounting policy
information.
Basis for conclusion
We conducted our review of the financial statements in accordance with NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our
responsibilities are further described in the Auditor's Responsibilities for the Review of the interim condensed
consolidated financial statements section of our report.
We are independent of EROAD Limited in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Our firm has provided other services to the Group in relation to tax compliance and transfer pricing services.
Subject to certain restrictions, partners and employees of our firm may also deal with the Group on normal terms
within the ordinary course of trading activities of the business of the Group. These matters have not impaired our
independence as auditor of the Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Auditor’s Review Report
This report is made solely to the shareholders. Our review work has been undertaken so that we might state to
the shareholders those matters we are required to state to them in the Independent Auditor’s Review Report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the shareholders for our review work, this report, or any of the conclusions we have formed.
PAGE 37
EROAD 2025 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
PAGE 37
EROAD 2025 INTERIM REPORT INDEPENDENT REVIEW REPORT
Responsibilities of Directors for the interim condensed consolidated
financial statements
The Directors on behalf of the Group are responsible for:
‒ the preparation and fair presentation of the interim condensed consolidated financial statements in
accordance with NZ IAS 34; and
‒ implementing necessary internal control to enable the preparation of interim condensed consolidated
financial statements that is fairly presented and free from material misstatement, whether due to fraud or
error.
Auditor's responsibilities for the review of the interim condensed
consolidated financial statements
Our responsibility is to express a conclusion on the interim condensed consolidated financial statements based
on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to
believe that the interim condensed consolidated financial statements, taken as a whole, are not prepared, in all
material respects, in accordance with NZ IAS 34.
A review of the interim condensed consolidated financial statements prepared in accordance with NZ SRE 2410
(Revised) is a limited assurance engagement. The auditor performs procedures, consisting of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other review
procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand) and consequently does not enable us to
obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on the
financial statements.
The engagement partner on the review resulting in this independent auditor's review report is Matthew Diprose.
For and on behalf of:
KPMG
Auckland
25 November 2024
PAGE 38
EROAD 2025 INTERIM REPORT GLOSSARY
ANNUALISED RECURRING REVENUE (ARR)
A non-GAAP measure representing monthly Recurring
Revenue for the last month of the period, multiplied by 12. It
provides a 12 month forward view of revenue, assuming unit
numbers, pricing and foreign exchange remain unchanged
during the year. Formerly known as Annualised Monthly
Recurring Revenue (AMRR).
AVERAGE REVENUE PER CUSTOMER (ARPC)
A non-GAAP measure representing the average revenue
generated per customer, calculated using Annualised
Monthly Recurring Revenue (AMRR) only. This metric
excludes any one-off payments, providing insight into
the typical sustained revenue generated from ongoing
customer relationships.
ASSET RETENTION RATE
The number of Total Contracted Units at the beginning of
the 12 month period and retained as Total Contracted Units
at the end of the 12 month period, as a percentage of Total
Contracted Units at the beginning of the 12 month period.
CHURN
The inverse of the asset retention rate.
COSTS TO ACQUIRE CUSTOMERS (CAC)
A non-GAAP measure of costs to acquire customers. Total
CAC represents all sales & marketing related costs. CAC
capitalised includes incremental sales commissions for
new sales, upgrades and renewals which are capitalised
and amortised over the life of the contract. All other CAC
related costs are expensed when incurred and included
within CAC expensed
COSTS TO SERVICE & SUPPORT (CTS)
A non-GAAP measure of costs to support and service
customers. Total CTS represents all customer success
and product support costs. These costs are included in
Administrative and other Operating Expenses.
EBIT
A non-GAAP measure representing Earnings before Interest
and Taxation (EBIT). Refer to Consolidated Statement of
Comprehensive Income in Financial Statements.
ENTERPRISE
A customer where the $AMRR is more than $100k in NZD
for the Financial year reported
FREE CASH FLOW
A non-GAAP measure representing operating cash flow
and investing cash flow reported in the Statement of Cash
Flows.
FREE CASH FLOW TO THE FIRM
A non-GAAP measure representing operating cash flow
and investing cash flow net of interest paid and received.
For the purposes of this presentation, payments for the
acquisition of Coretex have been excluded.
FY (FINANCIAL YEAR)
Financial year ended 31 March.
H1 (HALF ONE)
For the six months ended 30 September.
H2 (HALF TWO)
For the six months ended 31 March.
LEASE DURATION
Future contracted income as a proportion of reported
revenue.
MONTHLY SAAS AVERAGE REVENUE PER UNIT (ARPU)
A non-GAAP measure that is calculated by dividing the
total SaaS revenue for the year (as reported in Note 2 of
the FY24 Financial Statements) minus the contract liability
discounting gain (as reported in the FY24 Reconciliation of
Operating Cash Flows) by the TCU balance at the end of
each month during the year.
Glossary
PAGE 39
EROAD 2025 INTERIM REPORT GLOSSARY
NORMALISED EBIT
Excludes one-off 4G hardware upgrade program costs and
accelerated depreciation
NORMALISED FREE CASH FLOW
Excludes one-off 4G hardware upgrade program costs and
associated hardware spend
ROAD USER CHARGES (RUC)
In New Zealand, RUC is applicable to Heavy Vehicles and all
vehicles powered by a fuel not taxed at source. The charges
are paid into a fund called the National Land Transport
Fund, which is controlled by NZTA, and go towards the cost
of repairing the roads.
SAAS
Software as a Service, a method of software delivery in
which software is accessed online via a subscription rather
than bought and installed on individual computers.
TOTAL CONTRACT VALUE (TCV)
The total value of a customer contract over its entire
duration, including recurring revenue (e.g., ARR) and any
one-off payments
UNIT
A communication device fitted in-cab or on a trailer. Where
there is more than one unit fitted in-cab or on a trailer, it is
counted as one unit (excluding Philips Connect).
Glossary(continued)
PAGE 40 PAGE 40
EROAD 2025 INTERIM REPORT DIRECTORY
Directory
Registered Office
in New Zealand
Registered Office
in North America
Registered Office
in Australia
Level 3, 260 Oteha Valley Road,
Albany, Auckland, New Zealand
15110 Avenue of Science,
Suite 100, San Diego,
United States of America 92128
Level 36, Tower 2 Collins Square
727 Collins Street, Docklands,
VIC 3008, Australia
Investor Relations
and Sustainability
Enquires
Managing your
Shareholding Online
Share Register -
New Zealand
Address: EROAD Limited,
PO Box 305 394 Triton Plaza,
North Shore,
Auckland
Email: investors@eroad.com
Telephone: 0800 437 623
Changes in address and investment
portfolios can be viewed and updated
online:
www.computershare.co.nz/
investorcentre.
You will need your CSN and FIN
numbers to access this service.
Computershare Investments Services
Limited
Private Bag 92119, Victoria Street, West
Auckland 1142, New Zealand
Email: enquiry@computershare.co.nz
Telephone: +64 9 488 8777
Website: www.computershare.co.nz/
investorcentre
Legal Advisors Bankers
Chapman Tripp
Level 34 Commercial Bay
Auckland 1010
PO Box 2206, Auckland 1140
Telephone: +64 9 357 9000
ANZ
ASB
Bank of New Zealand
HSBC
Wells Fargo
---
TEL +64 9 927 4700 PO Box 305 394
FAX +64 9 927 4701 Triton Plaza, North Shore 0757 Page 1
FREE 0800 4 EROAD Auckland, New Zealand eroad.co.nz
Results for announcement to the market
Name of issuer EROAD Limited
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
95,857 8%
Total Revenue 95,857 8%
Net profit/(loss) from
continuing operations
749 2839%
Total net profit/(loss) -1,527 -6%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend declared
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
0.28 0.08
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
For commentary on the result, please refer to the Interim Report for
the six months ended 30 September 2024. The prior period has
been restated, refer to the retrospective note (e) in the Interim report
for further details.
Authority for this announcement
Name of person authorised to
make this announcement
Margaret Warrington
Contact person for this
announcement
Margaret Warrington
Contact phone number (09) 927 4700
Contact email address margaret.warrington@eroad.com
Date of release through MAP 25 November 2024
Audited financial statements for the half year ended 30 September 2024 accompany this
announcement.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- FRW — Freightways Group Limited: Annual Shareholders Meeting – including trading update2024-10-22
“ANNUAL SHAREHOLDERS MEETING 2024 | FREIGHTWAYS SDG3 Good Health & Wellbeing •Maintain high standards of Health & Safety in employment •Target Injury Reduction year on year with a focus on critical risks SDG8 Decent Work & Economic Growth •Our commitment is to improve contr…”
- TWL — TradeWindow Holdings Limited: TWL - FY25 Half-Year Results Announcement2024-11-27
“17 Cashflow Average monthly cash consumption continuing to reduce 1 Average monthly cashflow excludes capital raise and acquisition transactions 1H 25 Investor Presentation •Balance date cash and cash equivalents of $0.5m •Capital raise proceeds net of costs in the period $1.7…”