CASH AND CASH EQUIVALENTS

9 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

The Company considers all highly liquid debt instruments with an original maturity of three months or less when purchased to be cash equivalents unless they are legally or contractually restricted. The Company’s cash and cash equivalent balances exceed Federal Deposit Insurance Corporation (“FDIC”) and other local jurisdictional limits. Restricted cash at March 31, 2024 consisted of escrow amounts of $85,000 for a facilities agreement (the “Facilities Agreement”) with RMB deposited in escrow

for the MiX Combination and cash of $310 held in escrow for purchases from a vendor. Restricted cash at December 31, 2024 consists of cash of $3,855 held in escrow related to the FC Acquisition to secure purchase price adjustment payment obligations under the Purchase Agreement and certain tax liabilities, cash of $310 held in escrow for purchases from a vendor, cash of $794 held by MiX Telematics Enterprise BEE Trust (a VIE which is consolidated) to be used solely for the benefit of its beneficiaries and cash securing guarantees of $51 issued in respect of property lease agreements entered into by MiX Telematics Australasia.