Company: KARO
Filing Date: 2025-06-09
Form Type: 20-F
Source: 0001213900-25-052372
Chunk: 92

Company: Karooooo Ltd.
Filing Date: 2025-06-09
Form: 20-F
Item: Item 4A
Chunk 92
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 may occur due to subsequent changes in our pricing, service cancellations, upgrades or downgrades and acquisitions or divestitures.

Our calculation of SaaS ARR may
differ from similarly titled metrics presented by other companies. The following table shows Cartrack’s SaaS ARR for each of the
periods presented calculated using subscription revenue for the last month in each period:

                                                              As at February 28/29                                                                                 Y-o-Y %  
                                                              2025                                   2025                                 2024                        2025  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                              (U. S.$                                (in R thousands)                                                       
  SaaS Annualized Recurring Revenue (a non-IFRS measure)                                235,680                            4,383,935                3,769,381               

  (1)      For convenience purposes only, amounts in South African rand as at February 28,                                                                

  (2)      We have elected to omit discussion of the earliest of the three years covered                                                            
           by our consolidated financial statements presented in this annual report because that disclosure as at and for the financial year ended  
           February 28, 2023 was included in our annual report on Form 20-F (File No. 001-40300), filed with the SEC on June 13, 2024, under the    
           section titled “ Item 5. Operating and Financial Review and Prospects.”                                                                  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

For the financial years ended February 28, 2025
and February 29, 2024, SaaS ARR was ZAR 4,383.9 million and ZAR 3,769.4 million, respectively, which represents a 16% increase. We believe
that SaaS ARR growth reflects the underlying momentum in our business.

For the financial years ended February 29, 2024
and February 28, 2023, SaaS ARR was ZAR 3,769.4 million and ZAR 3,235.2 million, respectively, which represents a 17% increase from period
to period, as a result of strong subscriber growth offset by a 3% increase in ARPU due to adverse currency fluctuations.

Average Revenue Per Subscriber (“ ARPU”)
(a non-IFRS measure)

ARPU measures the monet