8 unchanged sentences
“Risk Factors” in our Form 10-K.
−Removed: Currency fluctuations, especially with respect to the South African rand, Mexican peso, Brazilian real, and Canadian dollar, may materially impact our income and expenses due to the translation of our foreign subsidiaries’ financial statements into U.S.
+Added: Currency fluctuations, especially with respect to the South African rand, Mexican peso, Brazilian real, Israeli new shekel, and Canadian dollar, may materially impact our income and expenses due to the translation of our foreign subsidiaries’ financial statements into U.S.
For example, the majority of subscription agreements and operating expenses of our subsidiary, MiX Telematics, are denominated in foreign currencies and therefore subject to such fluctuations.
9 unchanged sentences
As a result of our normal borrowing activities, our operating results are exposed to fluctuations in interest rates, which we manage primarily through regular financing activities.
−Removed: We have short- and long-term borrowings in South Africa and Israel which bear interest at variable and fixed rates.
+Added: We have short- and long-term borrowings in South Africa and Israel which bear interest at both variable and fixed rates.
Please refer to Note 12 to our condensed consolidated financial statements contained in Item 1 of Part I of this Quarterly Report on Form 10-Q, which sets out the terms of each of these loans.
−Removed: Interest rates in South Africa remained unchanged for the majority of the 2024 calendar year;
−Removed: however, the South African Reserve Bank announced a 25-basis point reduction in the South African repurchase rate in each of September 2024, November 2024, January 2025 and July 2025, with further reductions expected thereafter.
−Removed: Interest rates in Israel have remained stable at 6.0% which were last changed by the Bank of Israel in January 2024.
−Removed: dollar denominated loans are based on the Standard Overnight Financing Rate (“SOFR”) for which the 90-day average rate as of September 30, 2025 was 4.35%, compared to 5.31% as of September 30, 2024, representing a decline of 0.96% in the rate period over period.
−Removed: Therefore, ignoring the impact of changes to the margin on our borrowings and value of borrowings outstanding, we expect our cost of borrowing to decline moderately in the foreseeable future;
+Added: In South Africa, the South African Reserve Bank’s Monetary Policy Committee has gradually lowered interest rates since 2024, most recently reducing them to 6.75% as of November 20, 2025, a level that was maintained in January 2026.
+Added: In Israel, the Bank of Israel reduced interest rates to 4.0% in January 2026 following a period of unchanged rates throughout 2025.
+Added: dollar-denominated borrowings are based on the Standard Overnight Financing Rate (“SOFR”) for which the 90-day average rate was 4.01% as of December 31, 2025, compared to 4.69% as of December 31, 2024, representing a decrease of 0.68% in the rate period over period.
+Added: Excluding the impact of changes to the margin on our borrowings and value of borrowings outstanding, we expect our cost of borrowing to decline moderately in the foreseeable future;
however, we would expect a higher cost of borrowing if interest rates were to increase in the future.
1 unchanged sentence
We generally maintain surplus cash in cash equivalents.
−Removed: The table below illustrates the effect on our estimated annual interest expense as a result of changes in the respective interest rates utilizing our outstanding borrowings as of September 30, 2025.
+Added: The table below illustrates the effect on our estimated annual interest expense as a result of changes in the respective interest rates utilizing our outstanding borrowings as of December 31, 2025.
The effect of a hypothetical 1% change (100 basis points) applicable to the relevant borrowings is shown below.
19 unchanged sentences
Credit risk is mitigated through diversified customer exposure and proactive collection efforts.
−Removed: As of September 30, 2025, trade receivables totaled $85.0 million, net of an allowance for credit losses of $9.5 million.
+Added: As of December 31, 2025, trade receivables totaled $92.2 million, net of an allowance for credit losses of $9.7 million.
Refer to Note 5 of the unaudited condensed consolidated financial statements for further information relating to the determination of the net allowance for credit losses.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.