Operator Good day and welcome to the MiX Telematics First Quarter Fiscal 2016 Conference Call. Today’s conference is being recorded. At this time I would like to turn the conference over to Megan Pydigadu, CFO. Please go ahead. Megan Pydigadu - Chief Financial Officer Thank you. Good day and welcome to MiX Telematics earnings results call for the first quarter of fiscal 2016 which ended on June 30, 2015. Today we will be discussing the results announced in our press release issued a few hours ago. I’m Megan Pydigadu, Chief Financial Officer and joining me on the call today is Stefan Joselowitz or as many of you know him, Joss. He is the President and Chief Executive Officer of MiX Telematics. During the call we will make statements relating to our business that may be considered forward-looking, pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are subjects to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a discussion of the material risks and other important factors that could affect our results please refer to those contained in our Form 20-F and other filings with the Securities and Exchange Commission available on our website at www.mixtelematics.com under the Investor Relations tab. Also during the course of today’s call, we will refer to certain non-IFRS financial measures. There is a reconciliation schedule detailing these results currently available in our press release, which is located on our Web site and filed with the Securities and Exchange Commission. With that, let me turn the call to Joss. Stefan Joselowitz - President and Chief Executive Officer Thanks Megan. I would like to thank you all for joining us to review our first quarter fiscal year 2016 financial results and outlook. We again posted solid revenue growth, profitability and operating cash flow and our results for the quarter demonstrate our proven ability to deliver ongoing value to customers across the globe. We continue to take a balanced approach to growth and profits and I am pleased to report that our adjustments to alleviate cost structures are yielding sightings without undermining our productivity. With our growing stability features including flexible analytics and extended mobile capabilities we continue to capitalize on our position as a leading global provider of cloud based fleet management and asset tracking solutions. Megan will shortly take you to the financial details, but let me provide you an overview of the first quarter fiscal '16 results. We posted 15% subscription revenue growth compared to Q1 last year. This was at the midpoint of our guidance. Net of churn we grew our subscriber base 13% over the past year. Our gross margin of 70% was up 4% from the comparative period as subscription revenue currently makes up nearly 18% of our total revenue. More and more customers are opting for our fully bundled offering and as the long-term value of these contracts are higher; we are pleased with this trend. We have posted adjusted EBITDA margin of 19%. The first quarter is seasonally the low point for margins in our fiscal year. We believe our expected annualized margin which is over 20% is a more accurate representation of that current operating leverage. Furthermore we believe there is room for margin expansion overtime. In fact we continue to believe that over the long-term our global business can achieve adjusted EBITDA margins close to those of African region which has achieved higher critical mass and delivers nearly a 28% margin. We ended Q1 with cash and cash equivalents of R959 million, up from R945 million at the end of the last quarter. We generated R35 million in cash from operating activities, while generating free cash flow is a major priority we did invest R38 million capital expenditures. More