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Property, plant and equipment
 12 Months Ended
Mar. 31, 2024
MiX Telematics Limited [Member]  
Property, plant and equipment

6. Property, plant and equipment

 

Property, plant and equipment comprises owned and right-of-use assets. The Company leases many assets including property, motor vehicles and office equipment.

 

The cost and accumulated depreciation of owned assets are as follows (in thousands):

 

   2023   2024 
   As of March 31, 
   2023   2024 
Owned assets          
Plant and equipment  $793   $684 
Motor vehicles   1,948    2,243 
Furniture, fixtures and equipment   1,295    1,205 
Computer and radio equipment   3,743    4,131 
In-vehicle devices   72,405    80,169 
Assets in progress   26    15 
Owned assets, gross   80,210    88,447 
Less: accumulated depreciation and impairments   (46,932)   (52,860)
Owned assets, net  $33,278   $35,587 

 

Total depreciation expense related to owned assets during the years ended March 31, 2023 and 2024 was $9.7 million and $14.2 million, respectively. Depreciation expense related to in-vehicle devices is included in subscription cost of revenue.

 

During fiscal year 2023, the Africa segment reassessed the useful lives of its installed in-vehicle devices where, on average, the useful lives were increased from 3 years to 5 years. The reassessment of the useful lives resulted in a $1.4 million reduction in the depreciation expense relative to what would have been recognized in fiscal year 2023 had the change not occurred.

 

 

During fiscal year 2024, the Africa segment reassessed the useful lives of its installed in-vehicle devices where, on average, the useful lives were increased from 29 to 34 months. The reassessment of the useful lives resulted in a $1.2 million reduction in the depreciation expense relative to what would have been recognized in fiscal year 2024 had the change not occurred.

 

The cost and accumulated depreciation of right-of-use assets are as follows (in thousands):

 

   2023   2024 
   As of March 31, 
   2023   2024 
Right-of-use assets          
Property  $5,792   $5,849 
Equipment, motor vehicles and other   259    330 
Less: accumulated depreciation   (2,550)   (2,385)
Right-of-use assets, net  $3,501   $3,794