Company: KARO
Filing Date: 2025-06-09
Form Type: 20-F
Source: 0001213900-25-052372
Chunk: 91

Company: Karooooo Ltd.
Filing Date: 2025-06-09
Form: 20-F
Item: Item 4A
Chunk 91
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4,055.3
million for the financial year ended February 28, 2025, as compared to ZAR 3,522.8 million for the financial year ended February 29, 2024
driven by subscriber growth. The number of Cartrack’s subscribers on our platform directly drives our subscription revenue, which
comprised 98% of Cartrack’s total revenue for the financial year ended February 28, 2025.

                                       Year ended February 28/29                                                                                 Y-o-Y %  
                                       2025                                        2025                                 2024                        2025  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                       (U. S.$                                     (in R thousands)                                                       
  Karooooo’s Subscription Revenue                                     218,705                            4,068,177                3,535,805               

  (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.”                                                                  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

Annualized Recurring Revenue (“ SaaS
ARR”) (a non-IFRS measure)

We use SaaS ARR, a non-IFRS measure,
as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring customer contracts, assuming
zero cancellations. We define SaaS ARR as the annual run rate subscription revenue of subscription agreements from all customers at a
point in time, calculated by taking the monthly subscription revenue for all customers during that month and multiplying by 12. SaaS ARR
is not adjusted for the impact of any known or projected future customer cancellations, service upgrades or downgrades or price increases
or decreases.

The amount of actual revenue
that we recognize over any 12-month period is likely to differ from SaaS ARR at the beginning of that period, sometimes significantly.
This