Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Aug. 18, 2015 | Dec. 31, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | NET 1 UEPS TECHNOLOGIES INC | ||
Entity Central Index Key | 1,041,514 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 270,658,800 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 46,679,565 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 117,583 | $ 58,672 |
Pre-funded social welfare grants receivable (Note 4) | 2,306 | 4,809 |
Accounts receivable, net (Note 5) | 148,768 | 148,067 |
Finance loans receivable, net (Note 5) | 40,373 | 53,124 |
Inventory (Note 6) | 12,979 | 10,785 |
Deferred income taxes (Note 20) | 7,298 | 7,451 |
Total current assets before settlement assets | 329,307 | 282,908 |
Settlement assets | 661,916 | 725,987 |
Total current assets | 991,223 | 1,008,895 |
PROPERTY, PLANT AND EQUIPMENT, net (Note 8) | 52,320 | 47,797 |
EQUITY-ACCOUNTED INVESTMENTS | 14,329 | 878 |
GOODWILL (Note 9) | 166,437 | 186,576 |
INTANGIBLE ASSETS, net (Note 9) | 47,124 | 68,514 |
OTHER LONG-TERM ASSETS (Note 7 and Note 10) | 14,997 | 38,285 |
TOTAL ASSETS | 1,286,430 | 1,350,945 |
CURRENT LIABILITIES | ||
Accounts payable | 21,453 | 17,101 |
Other payables (Note11) | 45,595 | 42,257 |
Current portion of long-term borrowings (Note 13) | 8,863 | 14,789 |
Income taxes payable | 6,287 | 7,676 |
Total current liabilities before settlement obligations | 82,198 | 81,823 |
Settlement obligations | 661,916 | 725,987 |
Total current liabilities | 744,114 | 807,810 |
DEFERRED INCOME TAXES (Note 20) | 10,564 | 15,522 |
LONG-TERM BORROWINGS (Note 13) | 50,762 | 62,388 |
OTHER LONG-TERM LIABILITIES (Note 10) | 2,205 | 23,477 |
TOTAL LIABILITIES | $ 807,645 | $ 909,197 |
COMMITMENTS AND CONTINGENCIES (Note 24) | ||
EQUITY | ||
COMMON STOCK (Note 14) Authorized: 200,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury - 2015: 46,679,565; 2014: 47,819,299 | $ 64 | $ 63 |
PREFERRED STOCK Authorized shares: 50,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury: 2015: -; 2014: - - | ||
ADDITIONAL PAID-IN CAPITAL | $ 213,896 | $ 202,401 |
TREASURY SHARES, AT COST: 2015: 18,057,228; 2014: 15,883,212 (Note 14) | (214,520) | (200,681) |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Note 15) | (139,181) | (82,741) |
RETAINED EARNINGS | 617,868 | 522,729 |
TOTAL NET1 EQUITY | 478,127 | 441,771 |
NON-CONTROLLING INTEREST | 658 | (23) |
TOTAL EQUITY | 478,785 | 441,748 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,286,430 | $ 1,350,945 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Jun. 30, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 46,679,565 | 47,819,299 |
Common stock, shares outstanding | 46,679,565 | 47,819,299 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury shares, shares outstanding | 18,057,228 | 15,883,212 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Consolidated Statements Of Operations [Abstract] | |||
REVENUE (Note 16) | $ 625,979 | $ 581,656 | $ 452,147 |
Services rendered | 536,046 | 518,297 | 430,268 |
Loan-based fees received | 62,235 | 33,560 | 6,613 |
Sale of goods | 27,698 | 29,799 | 15,266 |
EXPENSE | |||
Cost of goods sold, IT processing, servicing and support | 297,856 | 260,232 | 196,834 |
Selling, general and administration | 158,919 | 168,072 | 191,552 |
Equity instruments issued pursuant to BEE transactions (Note 17) | 11,268 | ||
Depreciation and amortization | 40,685 | 40,286 | 40,599 |
OPERATING INCOME | 128,519 | 101,798 | 23,162 |
INTEREST INCOME | 16,355 | 14,817 | 12,083 |
INTEREST EXPENSE | 4,456 | 7,473 | 7,966 |
INCOME BEFORE INCOME TAXES | 140,418 | 109,142 | 27,279 |
INCOME TAX EXPENSE (Note 20) | 44,136 | 39,379 | 14,656 |
NET INCOME BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 96,282 | 69,763 | 12,623 |
EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 452 | 298 | 351 |
NET INCOME | 96,734 | 70,061 | 12,974 |
LESS (ADD): NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 1,999 | (50) | (3) |
NET INCOME ATTRIBUTABLE TO NET1 | $ 94,735 | $ 70,111 | $ 12,977 |
Net income per share, in United States dollars: (Note 21) | |||
Basic earnings attributable to Net1 shareholders | $ 2.03 | $ 1.51 | $ 0.28 |
Diluted earnings attributable to Net1 shareholders | $ 2.02 | $ 1.50 | $ 0.28 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
NET INCOME | $ 96,734 | $ 70,061 | $ 12,974 |
OTHER COMPREHENSIVE INCOME (LOSS): | |||
Net unrealized income on asset available for sale, net of tax | 422 | 288 | 915 |
Release of foreign currency translation reserve related to sale/ liquidation of businesses (Note 19) | 4,277 | ||
Movement in foreign currency translation reserve | (57,074) | 13,730 | (26,051) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (56,652) | 18,295 | (25,136) |
COMPREHENSIVE INCOME (LOSS) | 40,082 | 88,356 | (12,162) |
(Less) Add comprehensive (income) loss attributable to non-controlling interest | (1,787) | 50 | 3 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NET1 | $ 38,295 | $ 88,406 | $ (12,159) |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Number Of Shares, Net Of Treasury [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total Net1 Equity [Member] | Non-Controlling Interest [Member] | Total |
Balance, shares at Jun. 30, 2012 | 59,003,992 | (13,455,090) | 45,548,902 | ||||||
Balance at Jun. 30, 2012 | $ 59 | $ (175,823) | $ 155,350 | $ 439,641 | $ (75,722) | $ 343,505 | $ 3,306 | $ 346,811 | |
Restricted stock granted (Note 18), shares | 21,569 | 21,569 | |||||||
Exercise of stock option (Note 18) | 240 | 240 | $ 240 | ||||||
Exercise of stock options (Note 18), shares | 30,000 | 30,000 | 30,000 | ||||||
Stock-based compensation charge (Note 18) | 4,387 | 4,387 | $ 4,387 | ||||||
Reversal of stock-based compensation charge (Note 18) | (480) | (480) | (480) | ||||||
Reversal of stock-based compensation charge (Note 18), shares | (55,333) | (55,333) | |||||||
Utilization of APIC pool related to vested restricted stock | (11) | (11) | (11) | ||||||
N1MS acquisition (Note 3) | 1,184 | 1,184 | 1,184 | ||||||
N1MS acquisition (Note 3), shares | 47,412 | 47,412 | |||||||
Net income | 12,977 | 12,977 | (3) | 12,974 | |||||
Other comprehensive income (loss) (Note 15) | (25,136) | (25,136) | (25,136) | ||||||
Balance at Jun. 30, 2013 | $ 59 | $ (175,823) | 160,670 | 452,618 | (100,858) | 336,666 | 3,303 | $ 339,969 | |
Balance, shares at Jun. 30, 2013 | 59,047,640 | (13,455,090) | 45,592,550 | 45,592,550 | |||||
Issue of common stock (Note 14) | $ 4 | 25,050 | 25,054 | $ 25,054 | |||||
Issue of common stock (Note 14), shares | 4,400,000 | 4,400,000 | |||||||
Repurchase of common stock (Note 14) | $ (24,858) | (24,858) | $ (24,858) | ||||||
Repurchase of common stock (Note 14), shares | (2,428,122) | (2,428,122) | (2,428,122) | ||||||
Restricted stock granted (Note 18), shares | 187,963 | 187,963 | |||||||
Exercise of stock option (Note 18) | 198 | 198 | $ 198 | ||||||
Exercise of stock options (Note 18), shares | 26,667 | 26,667 | 26,667 | ||||||
Equity instruments charge (Note 17) | 11,268 | 11,268 | $ 11,268 | ||||||
Stock-based compensation charge (Note 18) | 3,724 | 3,724 | 3,724 | ||||||
Reversal of stock-based compensation charge (Note 18) | (6) | (6) | (6) | ||||||
Reversal of stock-based compensation charge (Note 18), shares | (7,171) | (7,171) | |||||||
Income tax benefit from vested stock awards | 5 | 5 | 5 | ||||||
Acquisition of KSNET non-controlling interest (Note 14) | 1,492 | (178) | 1,314 | (3,276) | (1,962) | ||||
N1MS acquisition (Note 3), shares | 47,412 | 47,412 | |||||||
Net income | 70,111 | 70,111 | (50) | 70,061 | |||||
Other comprehensive income (loss) (Note 15) | 18,295 | 18,295 | 18,295 | ||||||
Balance at Jun. 30, 2014 | $ 63 | $ (200,681) | 202,401 | 522,729 | (82,741) | 441,771 | (23) | $ 441,748 | |
Balance, shares at Jun. 30, 2014 | 63,702,511 | (15,883,212) | 47,819,299 | 47,819,299 | |||||
Repurchase of common stock (Note 14) | $ (9,151) | $ (9,151) | $ (9,151) | ||||||
Repurchase of common stock (Note 14), shares | (1,837,432) | (1,837,432) | |||||||
Restricted stock granted (Note 18), shares | 213,237 | 213,237 | |||||||
Exercise of stock option (Note 18) | $ 1 | $ (4,688) | 6,732 | $ 2,045 | $ 2,045 | ||||
Exercise of stock options (Note 18), shares | 773,633 | (336,584) | 437,049 | 773,633 | |||||
Stock-based compensation charge (Note 18) | 3,195 | 3,195 | $ 3,195 | ||||||
Income tax benefit from vested stock awards | 483 | 483 | 483 | ||||||
Transactions with non-controlling interest (Note 14) | 1,085 | 404 | $ 1,489 | (82) | 1,407 | ||||
Dividends paid to non-controlling interest | (1,024) | (1,024) | |||||||
N1MS acquisition (Note 3) | |||||||||
N1MS acquisition (Note 3), shares | 47,412 | 47,412 | |||||||
Net income | 94,735 | $ 94,735 | 1,999 | 96,734 | |||||
Other comprehensive income (loss) (Note 15) | (56,440) | (56,440) | (212) | (56,652) | |||||
Balance at Jun. 30, 2015 | $ 64 | $ (214,520) | $ 213,896 | $ 617,868 | $ (139,181) | $ 478,127 | $ 658 | $ 478,785 | |
Balance, shares at Jun. 30, 2015 | 64,736,793 | (18,057,228) | 46,679,565 | 46,679,565 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
NET INCOME | $ 96,734 | $ 70,061 | $ 12,974 |
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | |||
Depreciation and amortization | 40,685 | 40,286 | 40,599 |
Earnings from equity-accounted investments | (452) | (298) | (351) |
Fair value adjustment | 248 | (55) | 631 |
Interest payable | 1,283 | 2,100 | 4,313 |
Facility fee amortized | 208 | 738 | 302 |
(Profit) Loss on disposal of property, plant and equipment | (296) | (434) | 110 |
Loss (Profit) on deconsolidation of subsidiaries and business (Note 19) | 55 | ||
Stock-based compensation charge, net of forfeitures (Note 18) | 3,195 | 3,718 | 3,907 |
Fair value of BEE equity instruments granted (Note 17) | 11,268 | ||
Decrease (Increase) in accounts and finance loans receivable, and pre-funded grants receivable | 1,399 | (101,447) | (5,726) |
(Increase) Decrease in inventory | (3,846) | 780 | (2,890) |
(Decrease) Increase in accounts payables and other payables | (850) | 12,671 | 8,113 |
Increase (Decrease) in taxes payable | 606 | 5,523 | (2,748) |
Decrease in deferred taxes | (3,656) | (7,821) | (3,317) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 135,258 | 37,145 | 55,917 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (36,436) | (23,906) | (22,747) |
Proceeds from disposal of property, plant and equipment | 857 | 2,990 | 510 |
Net cash outflow from sale of MediKredit (Note 19) | (669) | ||
Proceeds from sale of business (Note 19) | 1,895 | 186 | |
(Acquisition of equity of)/Capital reduction/ repayment of loan by equity-accounted investment | (13,200) | 539 | 3 |
Acquisitions, net of cash acquired (Note 3) | (2,143) | ||
Other investing activities, net | (29) | 570 | 545 |
Net change in settlement assets | (12,570) | (1,350) | (423,984) |
NET CASH USED IN INVESTING ACTIVITIES | (59,483) | (21,640) | (447,816) |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Repayment of long-term borrowings (Note 13) | (14,128) | (87,008) | (14,508) |
Long-term borrowings obtained (Note 13) | 3,765 | 73,677 | |
Acquisition of treasury stock (Note 14) | (9,151) | ||
Sale of equity to non-controlling interest (Note 14) | 1,407 | ||
Dividends paid to non-controlling interest | (1,024) | ||
Proceeds from issue of common stock (Note 18) | 2,045 | 198 | 240 |
Payment of facility fee (Note 13) | (872) | ||
Proceeds from bank overdraft | 24,580 | ||
Repayment of bank overdraft | (23,335) | ||
Acquisition of interests in KSNET (Note 14) | (1,968) | ||
Net change in settlement obligations | 12,570 | 1,350 | 423,984 |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (4,516) | (13,378) | 409,716 |
Effect of exchange rate changes on cash | (12,348) | 2,880 | (3,275) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 58,911 | 5,007 | 14,542 |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 58,672 | 53,665 | 39,123 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 117,583 | $ 58,672 | $ 53,665 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 12 Months Ended |
Jun. 30, 2015 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Description Of Business And Basis Of Presentation | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Net 1 UEPS Technologies, Inc. ("Net1" and collectively with its consolidated subsidiaries, the "Company") was incorporated in the State of Florida on May 8, 1997. The Company provides payment solutions and transaction processing services across a wide range of industries and in various geographies. It has developed and markets a smart-card based alternative payment system for the unbanked and underbanked populations of developing economies. Its universal electronic payment system ("UEPS") uses biometrically secure smart cards that operate in real-time but offline, which allows users to enter into transactions at any time with other card holders in even the most remote areas. The Company also develops and provides secure transaction technology solutions and services, and offers transaction processing, financial and on-line real-time healthcare management solutions in the United States. The Company's technology is widely used in South Africa today, where it distributes pension and welfare payments to recipient cardholders in South Africa, provides financial services, processes debit and credit card payment transactions on behalf of retailers through its EasyPay system, processes value-added services such as bill payments and prepaid electricity for the major bill issuers and local councils in South Africa, processes third-party and associated payroll payments for employees and provides mobile telephone top-up transactions for the major South African mobile carriers. Through KSNET, the Company offers card processing, payment gateway ("PG") and banking value-added network services ("VAN") in South Korea. Basis of presentation The accompanying consolidated financial statements include subsidiaries over which Net1 exercises control and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The financial statements of entities which are controlled by Net1, referred to as subsidiaries, are consolidated. Inter-company accounts and transactions are eliminated upon consolidation. The Company, if it is the primary beneficiary, consolidates entities which are considered to be variable interest entities ("VIE"). The primary beneficiary is considered to be the entity that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. No Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Translation of foreign currencies The primary functional currency of the Company is the South African Rand ("ZAR") and its reporting currency is the U.S. dollar. The Company also has consolidated entities which have other currencies, primarily South Korean won ("KRW"), as their functional currency. Assets and liabilities are translated at the exchange rates in effect at the balance sheet date. Revenues and expenses are translated at average rates for the period. Translation gains and losses are reported in accumulated other comprehensive income in total equity. Foreign exchange transactions are translated at the spot rate ruling at the date of the transaction. Monetary items are translated at the closing spot rate at the balance sheet date. Transactional gains and losses are recognized in selling, general and administration expense on the Company's consolidated statement of operations for the period. Allowance for doubtful accounts receivable Allowance for doubtful finance loans receivable The Company regularly reviews the ageing of outstanding amounts due from borrowers and adjusts the allowance based on management's estimate of the recoverability of the finance loans receivable. The Company writes off finance loans receivable and related service fees if a borrower is in arrears with repayments for more than three months or dies. Allowance for doubtful accounts receivable A specific provision is established where it is considered likely that all or a portion of the amount due from customers renting point of sale ("POS") equipment, receiving support and maintenance or transaction services or purchasing licenses from the Company will not be recovered. Non-recoverability is assessed based on a review by management of the ageing of outstanding amounts, the location of the customer and the payment history in relation to those specific amounts. Inventory Inventory is valued at the lower of cost and market value. Cost is determined on a first-in, first-out basis and includes transport and handling costs. Equity-accounted investments The Company uses the equity method to account for investments in companies when it has significant influence but not control over the operations of the equity-accounted company. Under the equity method, the Company initially records the investment at cost and then adjusts the carrying value of the investment to recognize the proportional share of the equity-accounted company's net income or loss. The Company does not recognize cumulative losses in excess of its investment or loans in an equity-accounted investment except if it has an obligation to provide additional financial support. Dividends received from an equity-accounted investment reduce the carrying value of the Company's investment. Leasehold improvement costs Costs incurred in the adaptation of leased properties to serve the requirements of the Company are capitalized and amortized over the shorter of the estimated useful life of the asset and the remaining term of the lease. Property , plant and equipment Property, plant and equipment are shown at cost less accumulated depreciation. Property, plant and equipment are depreciated on the straight-line basis at rates which are estimated to amortize the assets to their anticipated residual values over their useful lives. Within the following asset classifications, the expected economic lives are approximately: Computer equipment 3 to 5 years Office equipment 2 to 10 years Vehicles 4 to 8 years Furniture and fittings 5 to 10 years Plant and equipment 5 to 10 years The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in income. Goodwill Goodwill represents the excess of the purchase price of an acquired enterprise over the fair values of the identifiable assets acquired and liabilities assumed. The Company tests for impairment of goodwill on an annual basis and at any other time if events or circumstances change that would more likely than not reduce the fair value of the reporting unit goodwill below its carrying amount. Circumstances that could trigger an impairment test include but are not limited to: a significant adverse change in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; and results of testing for recoverability of a significant asset group within a reporting unit. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss recorded in the statement of operations. Measurement of the fair value of a reporting unit is based on one or more of the following fair value measures: the amount at which the unit as a whole could be bought or sold in a current transaction between willing parties; present value techniques of estimated future cash flows; or valuation techniques based on multiples of earnings or revenue, or a similar performance measure. Intangible assets Intangible assets are shown at cost less accumulated amortization. Intangible assets are amortized over the following useful Customer relationships 1 to 15 years Software and unpatented technology 3 to 5 years FTS patent 10 years Exclusive licenses 7 years Trademarks 3 to 20 years Customer databases 3 years Intangible assets are periodically evaluated for recoverability, and those evaluations take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists. Policy reserves and liabilities Reserves for future policy benefits and claims payable The Company determines its reserves for future policy benefits under its life insurance products using the financial soundness valuation method and assumptions as of the issue date as to mortality, interest, persistency and expenses plus provisions for adverse deviations. Deposits on investment contracts For the Company's interest-sensitive life contracts, liabilities approximate the policyholder's account value. For deferred annuities, the fixed option on variable annuities, guaranteed investment contracts and other investment contracts, the liability is the policyholder's account value. Reinsurance contracts held The Company enters into reinsurance contracts with reinsurers under which the Company is compensated for the entire amount or a portion of losses arising on one The expected benefits to which the Company is entitled under its reinsurance contracts held are recognized as reinsurance assets. These assets consist of short-term balances due from reinsurers (classified within accounts receivable, net) as well as long-term receivables (classified within other long-term assets) that are dependent on the present value of expected claims and benefits arising net of expected premiums payable under the related reinsurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance contract. Reinsurance assets are assessed for impairment at each balance sheet date. If there is reliable objective evidence that amounts due may not be recoverable, the Company reduces the carrying amount of the reinsurance asset to its recoverable amount and recognizes that impairment loss in its condensed consolidated statement of operations. Reinsurance premiums are recognized when due for payment under each reinsurance contract. Sales taxes Revenue and expenses are presented net of sales, use and value added taxes, as the case may be. Revenue recognition The Company recognizes revenue when: there is persuasive evidence of an agreement or arrangement; delivery of products has occurred or services have been rendered; the seller's price to the buyer is fixed or determinable; and collectability is reasonably assured. The Company's principal revenue streams and their respective accounting treatments are discussed below: Fees Pension and welfare and South African participating merchants The Company provides a welfare benefit distribution service to the South Africa Social Security Agency. Fee income received for these services is recognized in the statement of operations when distributions have been made to the recipient cardholders. Recipient cardholders are able to load their welfare grants at merchants enrolled in the Company's participating merchant system in certain provinces. There is no charge to the recipient cardholder to load the grant onto a smart card at the merchant location, however, a fee is charged to the merchant for purchases made at the merchant using the smart card. A fee is also charged to the merchant when the recipient cardholder makes a cash withdrawal. Fee income received for these services is recognized in the statement of operations when the transaction occurs. Card VAN, banking VAN and payment gateway Card VAN services consist of services relating to authorization of credit card transactions including transmission of transaction details ("authorization service"), and collection of receipts associated with the credit card transactions ("collection service"). With its authorization service, the Company connects credit card companies with merchants online when a customer uses his/her credit card via terminals installed at merchants' sites and the Company's central processing server for approval of credit card transactions. Immediately after approval of credit card transactions, the Company transmits details of the transactions to credit card companies online for processing payments. Collection service captures the transaction data and gathers receipts as documented evidence and provides them to credit card companies upon request. The Company earns service fees based on the number of transactions processed for credit card companies when services are rendered in accordance with the contracts entered into between credit card companies and the Company. The Company bills for its service charges to credit card companies each month. Each service could be provided either individually or collectively, based on terms of contracts. The Company charges commission fees to credit card companies for the authorization service provided based on the number of approvals transferred. The right to receive a service fee is due once a credit card transaction has been approved and details of the transaction are transmitted by the Company. Therefore, revenues from the authorization service are recognized when the credit card transactions are authorized and details of the transactions are transmitted. The Company earns a collection service fee once it has provided settled funds to the credit card companies. Therefore, revenue from the collection service is recognized when the Company collects the receipts and provides them to the card companies. For multiple-element arrangements, the Company has identified two VSOE generally exists only when the Company sells the deliverable separately and is the price actually charged by the Company for that deliverable. ESPs reflect the Company's best estimates of what the selling prices of elements would be if they were sold regularly on a stand-alone basis. Because the Company has neither VSOE nor TPE for the two deliverables, the allocation of revenue has been based on the Company's ESPs. Amounts allocated to the authorization and the collection service are recognized at the time of service, provided the other conditions for revenue recognition have been met. The Company's process for determining its ESP for deliverables without VSOE or TPE considers multiple factors that may vary depending upon the unique facts and circumstances related to each deliverable. Key factors considered by the Company in developing the ESPs include prices charged by the Company, historical pricing practices and controls, range of prices for various customers and the nature of the services. Consideration is also given to market conditions such as competitor pricing strategies and market perception. Banking VAN is a division supporting a company's fund management business (large payment transfers, collections, etc.) by relaying financial transactions between client companies and financial institutions. Financial transactions between two or more business enterprises, or between business enterprises and their customers, are conducted through the transaction-processing network established between the Company and the banks. Revenue from the banking VAN service is recognized when the service is rendered by the Company. With its PG service, the Company provides the Internet-based settlement service between an on-line shopping mall and a credit card company when a customer uses his/her credit card, debit card or on-line payment to pay for goods or services. The Company receives fees for carrying out settlements for electronic transactions. Revenue from the PG service is recognized when the service is rendered by the Company. Microlending service fee The Company provides short-term loans to customers in South Africa and charges and recognizes monthly service fee revenue over the term of the loan. The monthly service fee amount is fixed upon initiation and does not change over the term of the loan. Other fees and commissions The Company provides an automated payment collection service to third parties, for which it charges monthly fees. These fees are recognized in the statement of operations as the underlying services are performed. The Company provides medical-related claims adjudication, reconciliation and settlement services ("medical-related claim service") to customers, for which it charges fees. These fees are recognized in the statement of operations as the underlying services are performed. The Company sells prepaid electricity and recognizes a commission in its statement of operations once the prepaid electricity token has been delivered to the customer. Contract variations fees there is persuasive evidence of an agreement; collectability is reasonably assured; and all material terms and conditions of the agreement have been adhered to. Hardware and prepaid airtime voucher sales Revenue from hardware and airtime voucher sales is recognized when risk of loss has transferred to the customer and there are no unfulfilled Company obligations that affect the customer's final acceptance of the arrangement. Any cost of warranties and remaining obligations that are inconsequential or perfunctory are accrued when the corresponding revenue is recognized. The Company buys terminals from manufacturers, and subsequently sells them through its agencies. Revenue is recognized when significant risks and rewards of ownership of terminals have passed to the buyer, usually on delivery of the terminals to the buyer. To the extent that sales of hardware are made in an arrangement that includes software that is more than incidental, the Company considers post-contract maintenance and technical support or other future obligations which could impact the timing and amount of revenue recognized. Software Revenue from licensed software is recognized on a subscription basis over the period that the client is entitled to use the license. Revenue from the sale of software is recognized if all revenue recognition criteria have been met. Post-contract maintenance and technical support in respect of software is generally negotiated and sold as a separate service and is recognized over the period such items are delivered. Systems implementation projects The Company undertakes smart card system implementation projects. The hardware and software installed in these projects are in the form of customized systems, which ordinarily involve modification to meet the customer's specifications. Software delivered under such arrangements is available to the customer permanently, subject to the payment of annual license fees. Revenue for such arrangements is recognized under the percentage of completion method, save for annual license fees, which are recognized in the period to which they relate. Up-front and interim payments received are recorded as client deposits until customer acceptance. The Company's customer arrangements may have multiple deliverables. Generally, the Company's multiple element arrangements fall within the scope of specific accounting standards that provide guidance regarding the separation of elements in multiple-deliverable arrangements and the allocation of consideration among those elements. If not, the Company unbundles multiple element arrangements into separate units of accounting when the delivered element(s) has stand-alone value and fair value of the undelivered element(s) exists. Terminal rental income The Company leases terminals to merchants participating in its merchant acquiring system. Operating rental income is recognized monthly on a straight-line basis in accordance with the lease agreement. Other income Revenue from service and maintenance activities is charged to customers on a time-and-materials basis and is recognized in the statement of operations as services are delivered to customers. Research and development expenditure Research and development expenditure is charged to net income in the period in which it is incurred. During the years ended June 30, 2015, 2014 and 2013, the Company incurred research and development expenditures of $ 2.4 2.2 1.3 Computer software development Product development costs in respect of software intended for sale to licensees are expensed as incurred until technological feasibility is attained. Technological feasibility is attained when the Company's software has completed system testing and has been determined to be viable for its intended use. The time between the attainment of technological feasibility and completion of software development is generally short with immaterial amounts of development costs incurred during this period. Costs in respect of the development of software for the Company's internal use are expensed as incurred, except to the extent that these costs are incurred during the application development stage. All other costs including those incurred in the project development and post-implementation stages are expensed as incurred. Income taxes The Company provides for income taxes using the asset and liability method. This approach recognizes the amount of taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequence of events recognized in the financial statements and tax returns. Deferred income taxes are adjusted to reflect the effects of changes in tax laws or enacted tax rates. The Company measured its South African income taxes and deferred income taxes for the years ended June 30, 2015, 2014 and 2013, using the enacted statutory tax rate in South Africa of 28 As of June 30, 2015, the Company intends to permanently reinvest its non-U.S. undistributed earnings of $ 442.1 In establishing the appropriate deferred tax asset valuation allowances, the Company assesses the realizability of its deferred tax assets, and based on all available evidence, both positive and negative, determines whether it is more likely than not that the deferred tax assets or a portion thereof will be realized. Reserves for uncertain tax positions are recognized in the financial statements for positions which are not considered more likely than not of being sustained based on the technical merits of the position on audit by the tax authorities. For positions that meet the more likely than not standard, the measurement of the tax benefit recognized in the financial statements is based upon the largest amount of tax benefit that, in management's judgement, is greater than 50 The Company's policy is to include interest related to unrecognized tax benefits in interest expense and penalties in selling, general and administration in the consolidated statements of operations. Stock-based compensation Stock-based compensation represents the cost related to stock-based awards granted. The Company measures equity-based stock-based compensation cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. In respect of awards with only service conditions that have a graded vesting schedule, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. The forfeiture rate is estimated using historical trends of the number of awards forfeited prior to vesting. The expense is recorded in the statement of operations and classified based on the recipients' respective functions. The Company records deferred tax assets for awards that result in deductions on the Company's income tax returns, based on the amount of compensation cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in additional paid-in capital (if the tax deduction exceeds the deferred tax asset) or in the statement of operations (if the deferred tax asset exceeds the tax deduction and no additional paid-in capital exists from previous awards). Equity instruments issued to third parties Equity instruments issued to third parties represents the cost related to equity instruments granted. The Company measures this cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. The forfeiture rate is estimated based on the Company's expectation of the number of awards that will be forfeited prior to vesting. The Company records deferred tax assets for equity instrument awards that result in deductions on the Company's income tax returns, based on the amount of equity instrument cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in the statement of operations. Settlement assets and settlement obligations Settlement assets comprise (1) cash received from the South African government that the Company holds pending disbursement to recipient cardholders of social welfare grants and (2) cash received from customers on whose behalf the Company processes payroll payments that the Company will disburse to customer employees, payroll-related payees and other payees designated by the customer. Settlement obligations comprise (1) amounts that the Company is obligated to disburse to recipient cardholders of social welfare grants, and (2) amounts that the Company is obligated to pay to customer employees, payroll-related payees and other payees designated by the customer. The balances at each reporting date may vary widely depending on the timing of the receipts and payments of these assets and obligations. Recent accounting pronouncements adopted The following summary of recent accounting pronouncements reflects only the new authoritative accounting guidance issued that is relevant and applicable to the Company. In March 2013, the Financial Accounting Standards Board ("FASB") issued guidance regarding Parent's Accounting for the Cumulative Translation Adjustment Upon Derecognition of Certain Subsidiaries or Groups of Assets Within a Foreign Entity or of an Investment in a Foreign Entity . This guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The guidance is effective for the Company beginning July 1, 2014, and is applied prospectively. The adoption of this guidance did not have a material impact on the Company's financial statements. Recent accounting pronouncements not yet adopted as of June 30, 2015 In May 2014, the FASB issued guidance regarding Revenue from Contracts with Customers . This guidance requires an entity to recognize revenue when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for the Company beginning July 1, 2017. Early adoption is not permitted. In August 2015, the FASB issued guidance regarding Revenue from Contracts with Customers, Deferral of the Effective Date . This guidance defers the required implementation date specified in Revenue from Contracts with Customers to December 2017. Public companies may elect to adopt the standard along the original timeline. The Company expects that this guidance will have a material impact on its financial statements and is currently evaluating the impact of this guidance on its financial statements on adoption. In August 2014, the FASB issued guidance regarding Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern . This guidance requires an entity to perform interim and annual assessments of its ability to continue as a going concern within one year of the date that its financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. The guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In February 2015, the FASB issued guidance regarding Amendments to the Consolidation Analysis . This guidance amends both the variable interest entity and voting interest entity consolidation models. The requirement to assess an entity under a different consolidation model may change previous consolidation conclusions. The guidance is effective for the Company beginning July 1, 2016. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In July 2015, the FASB issued guidance regarding Simplifying the Measurement of Inventory . This guidance requires entities to measure most inventory "at the lower of cost and net realizable value," thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market (market in this context is defined as one of three different measures). The guidance will not apply to inventories that are measured by using either the last-in, first-out ("LIFO") method or the retail inventory method ("RIM"). The guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. |
Acquisitions
Acquisitions | 12 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | 3. ACQUISITIONS The cash paid, net of cash received related to the Company's various acquisitions during the years ended June 30, 2015, 2014 and 2013 are summarized in the table below: 2015 2014 2013 Net1 Mobile Solutions Proprietary Limited ("N1MS") (formerly Pbel) $ - $ - $ 1,913 SmartSwitch Botswana (Proprietary) Limited ("SmartSwitch Botswana") - - 230 Total cash paid, net of cash received $ - $ - $ 2,143 2015 acquisitions None. 2014 acquisitions None. 2013 acquisitions SmartSwitch Botswana (Proprietary) Limited On December 7, 2012 50 6.3 0.8 N1MS (formerly Pbel) On September 14, 2012 33 23 10 142,236 three three 47,412 The Company had historically engaged the services of N1MS to perform software development services, primarily software utilized on mobile phones and by cash-accepting kiosks. All software developed was the Company's property. Prior to the acquisition, N1MS was jointly owned by the Company's chief executive officer, Dr. Serge Belamant and his son, Mr. Philip Marc Belamant. Dr. Belamant is a non-employee director of N1MS and Mr. Philip Marc Belamant is its chief executive officer. Prior to the acquisition, Mr. Philip Marc Belamant was not employed by the Company. See also Note 25. The Company believes that the acquisition of N1MS is important in the execution of its strategy to commercialize and develop its world-wide virtual card patents and to supply secure, leading-edge technological solutions to the global payments market with particular focus on mobile-based payment solutions. N1MS has been allocated to the Company's South African transaction processing operating segment. The final purchase price allocation of SmartSwitch Botswana and N1MS acquisitions, translated at the foreign exchange rates applicable on the date of acquisition, is provided in the table below: SmartSwitch Botswana N1 MS Total Cash and cash equivalents $ 584 $ 660 $ 1,244 Accounts receivable, net - 234 234 Inventory 150 - 150 Other current assets - - - Property, plant and equipment, net 472 92 564 Intangible assets (Note 9) - 1,785 1,785 Goodwill (Note 9) 657 1,710 2,367 Other payables (218 ) (65 ) (283 ) Income taxes payable - (93 ) (93 ) Deferred tax liabilities (17 ) (494 ) (511 ) Fair value of assets and liabilities on acquisition 1,628 3,829 5,457 Less: gain on re-measurement of previously held interest in SmartSwitch Botswana (328 ) - (328 ) Less: carrying value of SmartSwitch Botswana, an equity accounted investment, at the acquisition date (486 ) - (486 ) Total purchase price $ 814 $ 3,829 $ 4,643 Pro forma results of operations have not been presented because the effect of the SmartSwitch and N1MS acquisitions, individually and in the aggregate, were not material to the Company. During the year ended June 30, 2013, the Company incurred acquisition-related expenditure of $ 0.1 0.7 0.02 1.1 0.5 |
Pre-Funded Social Welfare Grant
Pre-Funded Social Welfare Grants Receivable | 12 Months Ended |
Jun. 30, 2015 | |
Pre-Funded Social Welfare Grants Receivable [Abstract] | |
Pre-Funded Social Welfare Grants Receivable | 4. PRE-FUNDED SOCIAL WELFARE GRANTS RECEIVABLE Pre-funded social welfare grants receivable represents amounts pre-funded by the Company to certain merchants participating in the merchant acquiring system. The July 2015 payment service commenced on July 1, 2015, but the Company pre-funded certain merchants participating in the merchant acquiring systems in the last two days of June 2015. The July 2014 payment service commenced on July 1, 2014, but the Company pre-funded certain merchants participating in the merchant acquiring systems in the last two days of June 2014. |
Accounts Receivable, Net And Fi
Accounts Receivable, Net And Finance Loans Receivable, Net | 12 Months Ended |
Jun. 30, 2015 | |
Accounts Receivable, Net And Finance Loans Receivable, Net [Abstract] | |
Accounts Receivable, Net And Finance Loans Receivable, Net | 5. ACCOUNTS RECEIVABLE, net and FINANCE LOANS RECEIVABLE, net Accounts receivable, net 2015 2014 Accounts receivable, trade, net $ 48,951 $ 64,885 Accounts receivable, trade, gross 50,907 66,198 Allowance for doubtful accounts receivable, end of year 1,956 1,313 Beginning of year 1,313 4,701 Deconsolidation - (32 ) Reversed to statement of operations (61 ) (1,455 ) Charged to statement of operations 1,580 714 Utilized (654 ) (2,451 ) Foreign currency adjustment (222 ) (164 ) Cash payments to agents in South Korea that are amortized over the contract period 53,431 46,591 Other receivables 46,386 36,591 Total accounts receivable, net $ 148,768 $ 148,067 Receivables from customers renting POS equipment from the Company are included in accounts receivable, trade, and are stated net of an allowance for certain amounts that the Company's management has identified may be unrecoverable. Accounts receivable, trade, also includes amounts due from customers from the sale of hardware, software licenses and SIM cards and provision of transaction processing services. The Company did not 0.6 0.4 Finance loans receivable, net 2015 2014 Finance loans receivable, gross $ 44,600 $ 56,207 Allowance for doubtful finance loans receivable, end of year 4,227 3,083 Beginning of year 3,083 - Charged to statement of operations 3,392 3,652 Utilized (1,705 ) (513 ) Foreign currency adjustment (543 ) (56 ) Total finance loans receivable, net $ 40,373 $ 53,124 The Company did not 0.2 |
Inventory
Inventory | 12 Months Ended |
Jun. 30, 2015 | |
Inventory [Abstract] | |
Inventory | 6. INVENTORY The Company's inventory as of June 30, 2015 and 2014, is presented in the table below: 2015 2014 Finished goods $ 12,979 $ 10,785 $ 12,979 $ 10,785 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Jun. 30, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 7. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value of financial instruments Initial recognition and measurement Financial instruments are recognized when the Company becomes a party to the transaction. Initial measurements are at cost, which includes transaction costs. Risk managemen t The Company seeks to reduce its exposure to currencies other than the South African rand through a policy of matching, to the extent possible, assets and liabilities denominated in those currencies. In addition, the Company uses financial instruments in order to economically hedge its exposure to exchange rate and interest rate fluctuations arising from its operations. The Company is also exposed to equity price and liquidity risks as well as credit risks. Currency exchange risk The Company is subject to currency exchange risk because it purchases inventories that it is required to settle in other currencies, primarily the euro and U.S. dollar. The Company has used forward contracts in order to limit its exposure in these transactions to fluctuations in exchange rates between the South African rand, on the one hand, and the U.S. dollar and the euro, on the other hand. Translation risk Translation risk relates to the risk that the Company's results of operations will vary significantly as the U.S. dollar is its reporting currency, but it earns most of its revenues and incurs most of its expenses in ZAR. The U.S. dollar to ZAR exchange rate has fluctuated significantly over the past three years. As exchange rates are outside the Company's control, there can be no assurance that future fluctuations will not adversely affect the Company's results of operations and financial condition. Interest rate risk As a result of its normal borrowing and leasing activities, the Company's operating results are exposed to fluctuations in interest rates, which it manages primarily through regular financing activities. The Company generally maintains limited investment in cash equivalents and has occasionally invested in marketable securities. Credit risk Credit risk relates to the risk of loss that the Company would incur as a result of non-performance by counterparties. The Company maintains credit risk policies with regard to its counterparties to minimize overall credit risk. These policies include an evaluation of a potential counterparty's financial condition, credit rating, and other credit criteria and risk mitigation tools as the Company's management deems appropriate. With respect to credit risk on financial instruments, the Company maintains a policy of entering into such transactions only with South African and European financial institutions that have a credit rating of BBB or better, as determined by credit rating agencies such as Standard & Poor's, Moody's and Fitch Ratings. UEPS-based microlending credit risk The Company is exposed to credit risk in its UEPS-based microlending activities, which provides unsecured short-term loans to qualifying customers. The Company manages this risk by performing an affordability test for each prospective customer and assigns a "creditworthiness score", which takes into account a variety of factors such as other debts and total expenditures on normal household and lifestyle expenses. Equity price and liquidity risk Equity price risk relates to the risk of loss that the Company would incur as a result of the volatility in the exchange-traded price of equity securities that it holds and the risk that it may not be able to liquidate these securities. The market price of these securities may fluctuate for a variety of reasons, consequently, the amount the Company may obtain in a subsequent sale of these securities may significantly differ from the reported market value. Liquidity risk relates to the risk of loss that the Company would incur as a result of the lack of liquidity on the exchange on which these securities are listed. The Company may not be able to sell some or all of these securities at one time, or over an extended period of time without influencing the exchange traded price, or at all. Financial instruments Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including the Company's own credit risk. Fair value measurements and inputs are categorized into a fair value hierarchy which prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The following section describes the valuation methodologies the Company uses to measure financial assets and liabilities at fair value. Investments in common stock In general, and where applicable, the Company uses quoted prices in active markets for identical assets or liabilities to determine fair value. This pricing methodology would apply to Level 1 investments. If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, then the Company uses quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable either directly or indirectly. These investments would be included in Level 2 investments. In circumstances in which inputs are generally unobservable, values typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. Investments valued using such techniques are included in Level 3 investments. Asset measured at fair value using significant unobservable inputs – investment in Finbond Group Limited ("Finbond") The Company's Level 3 asset represents an investment of 156,788,712 The fair value of these securities as of June 30, 2015, represented approximately 1 The Company's ownership interest in Finbond as of June 30, 2015, is approximately 27 Derivative transactions - Foreign exchange contracts As part of the Company's risk management strategy, the Company enters into derivative transactions to mitigate exposures to foreign currencies using foreign exchange contracts. These foreign exchange contracts are over-the-counter derivative transactions. Substantially all of the Company's derivative exposures are with counterparties that have long-term credit ratings of BBB or better. The Company uses quoted prices in active markets for similar assets and liabilities to determine fair value (level 2). The Company has no derivatives that require fair value measurement under level 1 or 3 of the fair value hierarchy. The Company's outstanding foreign exchange contracts are as follows: As of June 30, 2015 Fair market Notional amount Strike price value price Maturity EUR 526,263.00 ZAR 15.1145 ZAR 13.6275 July 20, 2015 EUR 526,263.00 ZAR 15.2025 ZAR 13.7062 August 20, 2015 EUR 526,263.00 ZAR 15.2944 ZAR 13.7898 September 21, 2015 EUR 526,263.00 ZAR 15.3809 ZAR 13.8683 October 20, 2015 EUR 509,516.00 ZAR 15.4728 ZAR 13.9540 November 20, 2015 EUR 529,865.00 ZAR 15.5654 ZAR 14.0397 December 21, 2015 EUR 526,663.00 ZAR 15.6625 ZAR 14.1239 January 20, 2016 As of June 30, 2014 Fair market Notional amount Strike price value price Maturity EUR 182,272.50 ZAR 15.2077 ZAR 14.5803 July 21, 2014 EUR 182,272.50 ZAR 15.3488 ZAR 14.5803 July 21, 2014 EUR 180,022.50 ZAR 15.4228 ZAR 14.6542 August 20, 2014 EUR 180,022.50 ZAR 15.2819 ZAR 14.6542 August 20, 2014 EUR 180,022.50 ZAR 15.3623 ZAR 14.7367 September 22, 2014 EUR 180,022.50 ZAR 15.5041 ZAR 14.7367 September 22, 2014 EUR 181,570.50 ZAR 15.5739 ZAR 14.8119 October 20, 2014 EUR 181,570.50 ZAR 15.4316 ZAR 14.8119 October 20, 2014 EUR 180,022.50 ZAR 15.6552 ZAR 14.8982 November 20, 2014 EUR 180,022.50 ZAR 15.5136 ZAR 14.8982 November 20, 2014 EUR 180,022.50 ZAR 15.5970 ZAR 14.9874 December 22, 2014 EUR 180,022.50 ZAR 15.7391 ZAR 14.9874 December 22, 2014 EUR 174,424.50 ZAR 15.8119 ZAR 15.0671 January 20, 2015 EUR 174,424.50 ZAR 15.6729 ZAR 15.0671 January 20, 2015 The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2015, according to the fair value hierarchy: Quoted Price in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets Related to insurance business (included in other long-term assets): Cash and cash equivalents $ 1,640 $ - $ - $ 1,640 Investment in Finbond (available for sale assets included in other long-term assets) - - 7,488 7,488 Other - 1,259 - 1,259 Total assets at fair value $ 1,640 $ 1,259 $ 7,488 $ 10,387 Liabilities Foreign exchange contracts $ - $ 452 $ - $ 452 Total liabilities at fair value $ - $ 452 $ - $ 452 The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2014, according to the fair value hierarchy: Quoted Price in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets Related to insurance business (included in other long-term assets): Cash and cash equivalents $ 1,800 $ - $ - $ 1,800 Investment in Finbond (available for sale assets included in other long-term assets) - - 8,068 8,068 Other - 47 - 47 Total assets at fair value $ 1,800 $ 47 $ 8,068 $ 9,915 Liabilities Foreign exchange contracts $ - $ 164 $ - $ 164 Total liabilities at fair value $ - $ 164 $ - $ 164 Changes in the Company's investment in Finbond (Level 3 that are measured at fair value on a recurring basis) were insignificant during the years ended June 30, 2015 and 2014, respectively. There have been no Trade, finance loans and other receivables Trade, finance loans and other receivables originated by the Company are stated at cost less allowance for doubtful accounts receivable. The fair value of trade, finance loans and other receivables approximate their carrying value due to their short-term nature. Trade and other payables The fair values of trade and other payables approximates their carrying amounts, due to their short-term nature. Assets and liabilities measured at fair value on a nonrecurring basis The Company measures its assets at fair value on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. The Company has no liabilities that are measured at fair value on a nonrecurring basis. The Company reviews the carrying values of its assets when events and circumstances warrant and considers all available evidence in evaluating when declines in fair value are other-than-temporary. The fair values of the Company's assets are determined using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. An impairment charge is recorded when the cost of the assets exceeds its fair value and the excess is determined to be other-than-temporary. The Company has not recorded any impairment charges during the reporting periods presented herein. The Company owns 25 10 none |
Property, Plant And Equipment,
Property, Plant And Equipment, Net | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant And Equipment, Net [Abstract] | |
Property, Plant And Equipment, Net | 8. PROPERTY, PLANT AND EQUIPMENT, net Summarized below is the cost, accumulated depreciation and carrying amount of property, plant and equipment as of June 30, 2015 and 2014: 2015 2014 Cost: Land $ 869 $ 967 Building and structures 477 530 Computer equipment 121,033 110,393 Furniture and office equipment 6,295 6,686 Motor vehicles 17,660 20,575 Plant and equipment - 68 146,334 139,219 Accumulated depreciation: Land - - Building and structures 134 128 Computer equipment 75,681 73,908 Furniture and office equipment 4,901 4,799 Motor vehicles 13,298 12,519 Plant and equipment - 68 94,014 91,422 Carrying amount: Land 869 967 Building and structures 343 402 Computer equipment 45,352 36,485 Furniture and office equipment 1,394 1,887 Motor vehicles 4,362 8,056 Plant and equipment - - $ 52,320 $ 47,797 |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Goodwill And Intangible Assets, Net | 9 . GOODWILL AND INTANGIBLE ASSETS, net Goodwill Summarized below is the movement in the carrying value of goodwill for the years ended June 30, 2015, 2014 and 2013: Gross Accumulated Carrying value impairment value Balance as of July 1, 2012 $ 224,888 $ (42,151 ) $ 182,737 Acquisition of N1MS (Note 3) 1,710 - 1,710 Acquisition of SmartSwitch Botswana (Note 3) 657 - 657 Foreign currency adjustment (1) (8,697 ) (601 ) (9,298 ) Balance as of June 30, 2013 218,558 (42,752 ) 175,806 Loss on liquidation of Net1 Universal Electronic Technologies (Austria) GmbH and associated entities ("Net1 UTA") (Note 19 ) (44,445 ) 44,445 - Foreign currency adjustment (1) 12,463 (1,693 ) 10,770 Balance as of June 30, 2014 186,576 - 186,576 Foreign currency adjustment (1) (20,139 ) - (20,139 ) Balance as of June 30, 2015 $ 166,437 $ 0 $ 166,437 (1) – the foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Korean won, and the U.S. dollar on the carrying value. Goodwill associated with the acquisition of N1MS and SmartSwitch Botswana represents the excess of cost over the fair value of acquired net assets. The N1MS and SmartSwitch Botswana goodwill is not deductible for tax purposes. See Note 3 for the allocation of the purchase price to the fair value of acquired net assets. N1MS has been allocated to the Company's South African transaction processing operating segment and SmartSwitch Botswana to the International transaction processing operating segment. The Company assesses the carrying value of goodwill for impairment annually, or more frequently, whenever events occur and circumstances change indicating potential impairment. The Company performs its annual impairment test as at June 30 of each year. The results of our impairment tests during the year ended June 30, 2015 and 2014, indicated that the fair value of the Company's reporting units exceeded their carrying values and therefore the Company's reporting units were not at risk of potential impairment. Goodwill has been allocated to the Company's reportable segments as follows: South Financial African International inclusion and transaction transaction applied Carrying processing processing technologies value Balance as of June 30, 2013 $ 30,525 $ 113,972 $ 31,309 $ 175,806 Loss on liquidation of Net1 Universal Electronic Technologies (Austria) GmbH and associated entities ("Net1 UTA") (Note 19) - - - Foreign currency adjustment (1) (2,008 ) 14,455 (1,677 ) 10,770 Balance as of June 30, 2014 28,517 128,427 29,632 186,576 Foreign currency adjustment (1) (3,938 ) (12,908 ) (3,293 ) (20,139 ) Balance as of June 30, 2015 $ 24,579 $ 115,519 $ 26,339 $ 166,437 (1) – the foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Korean won, and the U.S. dollar on the carrying value. Intangible assets, net The Company assesses the carrying value of intangible assets for impairment whenever events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. No Summarized below is the carrying value and accumulated amortization of intangible assets as of June 30, 2015 and 2014: As of June 30, 2015 As of June 30, 2014 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships $ 88,109 $ (45,312 ) $ 42,797 $ 98,676 $ (41,273 ) $ 57,403 Software and unpatented technology 29,964 (28,323 ) 1,641 33,604 (26,207 ) 7,397 FTS patent 3,119 (3,119 ) - 3,619 (3,619 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks 6,094 (3,408 ) 2,686 6,890 (3,176 ) 3,714 Total finite-lived intangible assets . $ 131,792 $ (84,668 ) $ 47,124 $ 147,295 $ (78,781 ) $ 68,514 Amortization expense charged for the years to June 30, 2015, 2014 and 2013 was $ 19.4 16.6 18.2 Future estimated annual amortization expense for the next five fiscal years, assuming exchange rates prevailing on June 30, 2015, is presented in the table below. Actual amortization expense in future periods could differ from this estimate as a result of acquisitions, changes in useful lives, exchange rate fluctuations and other relevant factors. 2016 $ 10,808 2017 8,448 2018 8,446 2019 8,134 2020 7,951 Thereafter $ 3,337 |
Reinsurance Assets And Policy H
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 12 Months Ended |
Jun. 30, 2015 | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 10. REINSURANCE ASSETS AND POLICY HOLDER LIABILITIES UNDER INSURANCE AND INVESTMENT CONTRACTS Reinsurance assets and policy holder liabilities under insurance contracts Summarized below is the movement in reinsurance assets and policy holder liabilities under insurance contracts during the years ended June 30, 2015 and 2014: Reinsurance Insurance assets (1) contracts (2) Balances acquired on July 1, 2013 $ 19,557 $ (19,711 ) Claims and policyholders' benefits under insurance contracts 2,790 (3,063 ) Foreign currency adjustment (3) (1,285 ) 1,296 Balance as of June 30, 2014 21,062 (21,478 ) Claims and policyholders' benefits under insurance contracts 30 (55 ) Transfer to reinsurer (4) (18,000 ) 18,000 Foreign currency adjustment (3) (2,909 ) 2,966 Balance as of June 30, 2015 $ 183 $ (567 ) (1) Included in other long-term assets (2) Included in other long-term liabilities (3) The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. (4) Smart Life has agreed to transfer certain fully reinsured policies to the reinsurer pursuant to conditions imposed by the South African Financial Service Board to uplift the suspension of its life insurance license. The Company has agreements with reinsurance companies in order to limit its losses from large insurance contracts, however, if the reinsurer is unable to meet its obligations, the Company retains the liability. The value of insurance contract liabilities is based on best estimates assumptions of future experience plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The process of deriving the best estimates assumptions plus prescribed margins includes assumptions related to future mortality and morbidity (an appropriate base table of standard mortality is chosen depending on the type of contract and class of business), withdrawals (based on recent withdrawal investigations and expected future trends), investment returns (based on government treasury rates adjusted by an applicable margin), expense inflation (based on a 10-year real return on CPI-linked government bonds from the risk-free rate and adding an allowance for salary inflation and book shrinkage of 1 Assets and policy holder liabilities under investment contracts Summarized below is the movement in assets and policy holder liabilities under investment contracts during the years ended June 30, 2015 and 2014: Investment Assets (1) contracts (2) Balances acquired on July 1, 2013 $ 953 $ (953 ) Maturity claims under investment contracts (202 ) 202 Foreign currency adjustment (3) (63 ) 63 Balance as of June 30, 2014 688 (688 ) Foreign currency adjustment (3) (95 ) 95 Balance as of June 30, 2015 $ 593 $ (593 ) (1) Included in other long-term assets; (2) Included in other long-term liabilities; (3) The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. The Company does not offer any investment products with guarantees related to capital or returns. |
Other Payables
Other Payables | 12 Months Ended |
Jun. 30, 2015 | |
Other Payables [Abstract] | |
Other Payables | 11. OTHER PAYABLES Summarized below is the breakdown of other payables as of June 30, 2015 and 2014: 2015 2014 Participating merchants settlement obligation $ 400 $ 2,118 Payroll-related payables 1,008 991 Accruals 14,484 10,704 Value-added tax payable 3,327 3,477 Other 9,361 7,027 Provisions 17,015 17,940 $ 45,595 $ 42,257 |
Short-Term Facilities
Short-Term Facilities | 12 Months Ended |
Jun. 30, 2015 | |
Short-Term Facilities [Abstract] | |
Short-Term Facilities | 12 . SHORT-TERM FACILITIES South Africa The Company's short-term South African credit facility with Nedbank Limited comprises an overdraft facility of up to ZAR 250 150 8.10 8.35 0.25 0.35 On July 30, 2015, the Company reduced the overdraft facility component of the Company's available aggregate facility with Nedbank from up to ZAR 250 million to up to ZAR 50 400 200 200 As of each of June 30, 2015 and 2014, respectively, the Company had not utilized any of its ZAR 250.0 20.3 139.6 11.4 150 139.0 13.1 South Korea The Company obtained a KRW 10 billion short-term overdraft facility from Hana Bank, a South Korean bank, in January 2014 January 2015 one January 2016 3.60 10.0 8.9 |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Jun. 30, 2015 | |
Long-Term Borrowings [Abstract] | |
Long-Term Borrowings | 13. LONG-TERM BORROWINGS In October 2013, the Company refinanced its long-term South Korean credit facility and signed a new five three 60.0 53.2 15 13.3 10.0 8.9 The Facility A and B loans were fully drawn on October 29, 2013, and used to repay KRW 75.0 70.6 92.4 87.0 17.4 16.4 1.1 1.0 2.2 2.1 The Company drew approximately KRW 4.0 3.8 59.6 Interest on the loans and revolving credit facility is payable quarterly and is based on the South Korean CD rate in effect from time to time plus a margin of 3.10 2.90 1.80 4.90 0.3 The Company paid facilities fees of approximately KRW 0.9 0.9 0.2 0.3 0.4 3.6 4.8 7.1 The Facility A loan is repayable in three 10 30 October 29, 2018 three The loans under the Facilities Agreement are secured by a pledge by Net1 Korea of its entire equity interest in KSNET and a pledge by the immediate parent of Net1 Korea (also one of the Company's subsidiaries) of its entire equity interest in Net1 Korea. The Facilities Agreement contains customary covenants that require Net1 Korea to maintain agreed leverage and debt service coverage ratios and restricts Net1 Korea's ability to make certain distributions with respect to its capital stock, prepay other debt, encumber its assets, incur additional indebtedness, or engage in certain business combinations. The loans under the Facilities Agreement are without recourse to, and the covenants and other agreements contained therein do not apply to, the Company or any of the Company's subsidiaries (other than Net1 Korea). |
Common Stock
Common Stock | 12 Months Ended |
Jun. 30, 2015 | |
Common Stock [Abstract] | |
Common Stock | 14. COMMON STOCK Common stock Holders of shares of Net1's common stock are entitled to receive dividends and other distributions when declared by Net1's board of directors out of legally available funds. Payment of dividends and distributions is subject to certain restrictions under the Florida Business Corporation Act, including the requirement that after making any distribution Net1 must be able to meet its debts as they become due in the usual course of its business. Upon voluntary or involuntary liquidation, dissolution or winding up of Net1, holders of common stock share ratably in the assets remaining after payments to creditors and provision for the preference of any preferred stock according to its terms. There are no pre-emptive or other subscription rights, conversion rights or redemption or scheduled installment payment provisions relating to shares of common stock. All of the outstanding shares of common stock are fully paid and non-assessable. Each holder of common stock is entitled to one The Company's number of shares, net of treasury, presented in the consolidated balance sheets and consolidated statement of changes in equity includes participating non-vested equity shares (specifically contingently returnable shares) as described in Note 18—Amended and Restated Stock Incentive Plan—Restricted Stock—General Terms of Awards. The following table presents reconciliation between the number of shares, net of treasury, presented in the consolidated statement of changes in equity and the number of shares, net of treasury, excluding non-vested equity shares that have not vested during the years ended June 30, 2015, 2014 and 2013: 2015 2014 2013 Number of shares, net of treasury: Statement of changes in equity 46,679,565 47,819,299 45,592,550 Less: Non-vested equity shares that have not vested as of end of year (Note 18) 341,529 385,778 405,226 Number of shares, net of treasury excluding non-vested equity shares that have not vested 46,338,036 47,433,521 45,187,324 Common stock repurchases The Company's Board of Directors has authorized the repurchase of up to $ 100 The share repurchase authorization will be used at management's discretion, subject to limitations imposed by SEC Rule 10b-18 and other legal requirements and subject to price and other internal limitations established by the Board. Repurchases will be funded from the Company's available cash. Share repurchases may be made through open market purchases, privately negotiated transactions, or both. There can be no assurance that the Company will purchase any shares or any particular number of shares. The authorization may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, liquidity and other factors that management deems appropriate. The Company did not 1,837,432 97.4 9.2 12.5 15.0 1.4 exchange rates prevailing as of August 27, 2014). In connection with transactions described above, the CPS shareholder agreement that was negotiated as part of the original December 2013 Relationship Agreement became effective. In addition, during the year ended June 30, 2014, the Company repurchased 2,428,122 24.9 December 2013 Black Economic Empowerment transactions On December 10, 2013, the Company entered into definitive agreements relating to two 4,400,000 2.4 Salient terms of the BEE Relationship Agreements Pursuant to Relationship Agreements between the Company and its BEE partners, the Company sold an aggregate of 4,400,000 60.00 75 25 The Relationship Agreements provided for the entire purchase price for the BEE shares to be financed through a five The loans bore interest at a rate equal to the Johannesburg Interbank Rate plus 300 10 15 120.00 Upon the occurrence of certain "trigger events" with respect to a BEE partner, the BEE shares held by that BEE partner may be repurchased by the Company or one of its designees. These trigger events include the following: failure by the BEE partner to pay any amount due on its loan (including interest) to the lender (in this case, the Company may repurchase only that number of shares which would raise sufficient funds to settle any amount due and unpaid); any other breach by the BEE partner (or in certain circumstances its shareholders) of any provision of the Relationship Agreement, including without limitation, its failure to maintain its BEE status; the Company's common stock trades at or below ZAR 60.00 Nasdaq; the occurrence of certain insolvency events or liquidation proceedings affecting the BEE partner; or the BEE partner fails to satisfy any judgment or arbitration award granted or made against it within 7 If the trigger event involved a failure by a BEE partner to pay any amount due on its loan, then the repurchase price is the volume-weighted average price of the Company's common stock on the Nasdaq for the period of 30 The Company's share price exceeded ZAR 120.00 2,428,122 109.98 The BEE shares are contractually restricted as to resale for a period of five Acquisition of KSNET non-controlling interests During the year ended June 30, 2014, the Company acquired all of the issued share capital of KSNET, Inc. that it did not previously own for approximately $ 2.0 no 1.5 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive (Loss) Income [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | 15. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The table below presents the change in accumulated other comprehensive (loss) income per component during years ended June 30, 2015, 2014 and 2013: Accumulated Net unrealized Accumulated income (loss) Foreign on asset currency available for translation sale, net of reserve tax Total ' 000 ' 000 ' 000 Balance as of July 1, 2012 $ (75,137 ) $ (585 ) $ (75,722 ) Movement in foreign currency translation reserve (26,051 ) - (26,051 ) Unrealized loss on asset available for sale, net of tax of $ 356 - 915 915 Balance as of June 30, 2013 (101,188 ) 330 (100,858 ) Movement in foreign currency translation reserve 13,552 - 13,552 Release of foreign currency translation reserve related to sale/ liquidation of businesses 4,277 - 4,277 Unrealized loss on asset available for sale, net of tax of $ 112 - 288 288 Balance as of June 30, 2014 (83,359 ) 618 (82,741 ) Movement in foreign currency translation reserve (56,862 ) - (56,862 ) Unrealized loss on asset available for sale, net of tax of $ 97 - 422 422 Balance as of June 30, 2015 $ (140,221 ) $ 1,040 $ (139,181 ) There were no 4.3 no |
Revenue
Revenue | 12 Months Ended |
Jun. 30, 2015 | |
Revenue [Abstract] | |
Revenue | 16. REVENUE 2015 2014 2013 Services rendered – comprising mainly fees and commissions $ 536,046 $ 518,297 $ 430,268 Loan-based fees received 62,235 33,560 6,613 Sale of goods – comprising mainly hardware and software sales 27,698 29,799 15,266 $ 625,979 $ 581,656 $ 452,147 Services rendered – comprising mainly fees and commissions for the year ended June 30, 2014, includes a once-off receipt of $ 26.6 no |
Equity Instruments Issued Pursu
Equity Instruments Issued Pursuant To BEE Transactions | 12 Months Ended |
Jun. 30, 2015 | |
Equity Instruments Issued Pursuant To BEE Transactions [Abstract] | |
Equity Instruments Issued Pursuant To BEE Transactions | 17. EQUITY INSTRUMENTS ISSUED PURSUANT TO BEE TRANSACTIONS 2014 transactions On April 16, 2014, the Company issued 4,400,000 11.3 The fair value of the loans provided to the BEE partners was determined to be their face value. The fair value of the equity instruments was calculated utilizing an adjusted Monte Carlo simulation discounted cash flow model which was developed for the purpose of the valuation of these BEE transactions. Cash flows were calculated for each simulated share price path, taking into account the bespoke features of the BEE transactions, as well as the expected interest and capital repayments (funded through the expected sales of BEE shares). The "adjustment" to the Monte Carlo simulation model incorporates a "jump diffusion" process to the standard Geometric Brownian Motion simulation, in order to capture the discontinuous share price jumps observed in the Company's share price movements on stock exchanges on which it is listed. Therefore, the simulated share price paths capture the idiosyncrasies of the observed Company share price movements. For each simulation, the resulting expected cash flows were discounted to the valuation date. The Company used an expected volatility of 21.04 five 7.90 30 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 18. STOCK-BASED COMPENSATION Amended and Restated Stock Incentive Plan The Company's Amended and Restated Stock Incentive Plan (the "Plan") has been approved by its shareholders. No evergreen provisions are included in the Plan. This means that the maximum number of shares issuable under the Plan is fixed and cannot be increased without shareholder approval, the plan expires by its terms upon a specified date, and no new stock options are awarded automatically upon exercise of an outstanding stock option. Shareholder approval is required for the repricing of awards or the implementation of any award exchange program. The Plan permits Net1 to grant to its employees, directors and consultants incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, performance-based awards and other awards based on its common stock. The Remuneration Committee of the Company's Board of Directors ("Remuneration Committee") administers the Plan. The total number of shares of common stock issuable under the Plan is 8,552,580 569,120 569,120 20 subject to awards which terminate or lapse without the payment of consideration may be granted again under the Plan. Shares delivered to the Company as part or full payment for the exercise of an option or to satisfy withholding obligations upon the exercise of an option may be granted again under the Plan in the Remuneration Committee's discretion. No awards may be granted under the Plan after June 7, 2019, but awards granted on or before such date may extend to later dates. Options General Terms of Awards Option awards are generally granted with an exercise price equal to the market price of the Company's stock at the date of grant, with vesting conditioned upon the recipient's continuous service through the applicable vesting date and expire 10 years after the date of grant. The options generally become exercisable in accordance with a vesting schedule ratably over a period of three years from the date of grant. The Company issues new shares to satisfy stock option award exercises but may also use treasury shares. Valuation Assumptions The fair value of each option is estimated on the date of grant using the Cox Ross Rubinstein binomial model that uses the assumptions noted in the following table. The estimated expected volatility is calculated based on the Company's 250 2015 2014 2013 Expected volatility 60 % 50 % 49 % Expected dividends 0 % 0 % 0 % Expected life (in years) 3 3 3 Risk-free rate 1.0 % 0.9 % 0.3 % Restricted Stock General Terms of Awards Shares of restricted stock are considered to be participating non-vested equity shares (specifically contingently returnable shares) for the purposes of calculating earnings per share (refer Note 21) because, as discussed in more detail below, the recipient is obligated to transfer any unvested restricted stock back to the Company for no consideration and these shares of restricted stock are eligible to receive non-forfeitable dividend equivalents at the same rate as common stock. Restricted stock generally vests ratably over a three year period, with vesting conditioned upon the recipient's continuous service through the applicable vesting date and under certain circumstances, the achievement of certain performance targets, as described below. Restricted stock awarded to non-employee directors and employees of the Company vests ratably over a three-year period. Recipients are entitled to all rights of a stockholder of the Company except as otherwise provided in the restricted stock agreements. These rights include the right to vote and receive dividends and/or other distributions. However, the restricted stock agreements generally prohibit transfer of any nonvested and forfeitable restricted stock. If a recipient ceases to be a member of the Board of Directors or an employee for any reason, all shares of his restricted stock that are not then vested and nonforfeitable will be immediately forfeited and transferred to the Company for no consideration. The Company issues new shares to satisfy restricted stock awards. Valuation Assumptions The fair value of restricted stock is based on the closing price of the Company's stock quoted on The Nasdaq Global Select Market on the date of grant. Performance Conditions - Restricted Stock Granted in November 2010 In November 2010, the Remuneration Committee approved an award of 83,000 two 1.44 1.60 1.90 Any outstanding award shares that were not vested and nonforfeitable as of November 10, 2013, were forfeited by the recipient on November 10, 2013, and transferred to the Company for no consideration. One-third of the award shares vested on November 10, 2011. The remaining two-thirds of the restricted stock award did not vest because the financial performance target of $1.90 was not met for June 30, 2013. Refer also " — Stock option and restricted stock activity — restricted stock" below . In August and November 2014, respectively, the Remuneration Committee approved an award of 127,626 71,530 30 19.41 20 11.23 The 127,626 and 71,530 shares of restricted stock are effectively forward starting knock-in barrier options with a strike price of zero. The fair value of these shares of restricted stock was calculated utilizing an adjusted Monte Carlo simulation discounted cash flow model which was developed for the purpose of the valuation of these shares. For each simulated share price path, the market share price condition was evaluated to determine whether or not the shares would vest under that simulation. The "adjustment" to the Monte Carlo simulation model incorporates a "jump diffusion" process to the standard Geometric Brownian Motion simulation, in order to capture the discontinuous share price jumps observed in the Company's share price movements on stock exchanges on which it is listed. Therefore, the simulated share price paths capture the idiosyncrasies of the observed Company share price movements. In scenarios where the shares do not vest, the final vested value at maturity is zero. In scenarios where vesting occurs, the final vested value on maturity is the share price on vesting date. The value of the grant is the average of the discounted vested values. The Company used an expected volatility of 76.01 1.27 63.73 1.21 Amended and Restated Stock Incentive Plan (continued) Stock Appreciation Rights The Remuneration Committee also may grant stock appreciation rights, either singly or in tandem with underlying stock options. Stock appreciation rights entitle the holder upon exercise to receive an amount in any combination of cash or shares of common stock (as determined by the Remuneration Committee) equal in value to the excess of the fair market value of the shares covered by the right over the grant price. No stock appreciation rights have been granted. Stock option and restricted stock activity Options The following table summarizes stock option activity for the years ended June 30, 2015, 2014 and 2013: Weighted Average Weighted Weighted Remaining Aggregate Average average Contractual Intrinsic Grant Number of exercise Term Value Date Fair shares price ($) (in years) ($' 000 ) Value ($) Outstanding – July 1, 2012 2,247,583 16.28 6.43 602 - Granted under Plan: August 2012 431,000 8.75 10.00 1,249 2.90 Exercised (30,000 ) 7.98 24 Outstanding – June 30, 2013 2,648,583 15.15 5.98 313 Granted under Plan: August 2013 224,896 7.35 10.00 568 2.53 Exercised (26,667 ) 7.00 91 Forfeited (136,420 ) 23.51 - Outstanding – June 30, 2014 2,710,392 14.16 5.38 3,909 Granted under Plan: August 2014 464,410 11.23 10.00 2,113 4.55 Exercised (773,633 ) 8.35 3,845 Outstanding – June 30, 2015 2,401,169 15.34 4.74 11,516 The following table presents stock options vesting and expecting to vest as of June 30, 2015: Weighted Weighted Average average Remaining Aggregate exercise Contractual Intrinsic Number of price Term Value shares ($) (in years) ($' 000 ) Vested and expecting to vest – June 30, 2015 2,401,169 15.34 4.74 11,516 These options have an exercise price range of $ 7.35 24.46 The following table presents stock options that are exercisable as of June 30, 2015: Weighted Average Weighted Remaining Aggregate average Contractual Intrinsic Number of exercise Term Value shares price ($) (in years) ($' 000 ) Exercisable – June 30, 2015 1,643,163 17.82 2.96 5,234 During the years ended June 30, 2015, 2014 and 2013, approximately 330,967 462,333 442,666 30,000 During the year ended June 30, 2015, the Company received approximately $ 2.0 201,395 572,238 336,584 0.2 26,667 0.2 30,000 136,420 no Restricted stock The following table summarizes restricted stock activity for the years ended June 30, 2015, 2014 and 2013: Number of Weighted Shares of Average Grant Restricted Date Fair Value Stock ($' 000 ) Non-vested – July 1, 2012 646,617 7,061 Granted – August 2012 21,569 189 Vested – August 2012 (23,436 ) 216 Vested – February 2013 (183,333 ) 1,016 Vested – May 2013 (858 ) 7 Total vested (207,627 ) Forfeitures (55,333 ) 407 Non-vested – June 30, 2013 405,226 4,393 Granted – August 2013 187,963 1,382 Vested – August 2013 (16,907 ) 161 Vested – February 2014 (183,333 ) 1,742 Total vested (200,240 ) Forfeitures (7,171 ) 84 Non-vested – June 30, 2014 385,778 3,534 Granted – August 2014 141,707 581 Granted – November 2014 71,530 229 Total granted 213,237 Vested – August 2014 (74,152 ) 828 Vested – February 2015 (183,334 ) 2,400 Total vested (257,486 ) Non-vested – June 30, 2015 341,529 1,759 The fair value of restricted stock vested during the years ended June 30, 2015, 2014 and 2013, was $ 3.2 1.9 1.2 7,171 23,436 8,547 55,333 two Stock-based compensation charge and unrecognized compensation cost The Company has recorded a net stock compensation charge of $3.2 million, $3.7 million and $3.9 million for the years ended June 30, 2015, 2014 and 2013, respectively, which comprised: Allocated to cost of goods sold, IT Allocated to Total processing, selling, charge servicing general and (reversal) and support administration Year ended June 30, 2015 Stock-based compensation charge $ 3,195 $- $ 3,195 Total – year ended June 30, 2015 $ 3,195 $- $ 3,195 Year ended June 30, 2014 Stock-based compensation charge $ 3,724 $- $ 3,724 Reversal of stock compensation charge related to restricted stock forfeited (6 ) - (6 ) Total – year ended June 30, 2014 $ 3,718 $- $ 3,718 Year ended June 30, 2013 Stock-based compensation charge $ 4,387 $- $ 4,387 Reversal of stock compensation charge related to restricted stock forfeited (480 ) - (480 ) Total – year ended June 30, 2013 $ 3,907 $- $ 3,907 The stock compensation charge and reversals have been allocated to cost of goods sold, IT processing, servicing and support and selling, general and administration based on the allocation of the cash compensation paid to the employees. As of June 30, 2015, the total unrecognized compensation cost related to stock options was approximately $ 1.6 1.2 Tax consequences The Company has recorded a deferred tax asset of approximately $ 1.4 1.6 |
Deconsolidation Of Businesses S
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business | 12 Months Ended |
Jun. 30, 2015 | |
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business [Abstract] | |
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business | 19. DECONSOLIDATION OF BUSINESSES SOLD OR LIQUIDATED AND DISPOSAL OF BUSINESS The profit (loss) on deconsolidation of businesses sold or liquidated and disposal of business during the years ended June 30, 2015, 2014 and 2013 are summarized in the table below: 2015 2014 2013 Profit on sale of MediKredit Integrated Healthcare Solutions Proprietary Limited ("MediKredit") $ - $ 4,125 $ - Profit on disposal of assets related to the business of Net 1 Universal Electronic Technological Solutions (Pty) Ltd ("NUETS business") - 2,081 - Loss on liquidation of Net1 UTA - (6,261 ) - Net profit (loss) for the year ended June 30, $ - $ (55 ) $ - 2014 transactions Sale of MediKredit On June 17, 2014, the Company sold its MediKredit subsidiary to an unrelated third party. The Company has recorded a profit of approximately $4.1 million related to the sale in selling, general and administration expense on its consolidated statement of operations for the year ended June 30, 2014. The profit has been allocated to corporate/eliminations. The sales price will be paid in three 57 14 0.3 2.0 0.01 The purchaser is contingently obligated to pay the Company additional amounts based on future expansion of the MediKredit business in certain circumstances. The Company has not recorded any of these amounts during the year ended June 30, 2015 and 2014, respectively, as none of the contingent events occurred during these years. Disposal of assets related to NUETS business On June 30, 2014, the Company sold the NUETS business, which consisted primarily of customer contracts, other than contracts for UEPS systems in Botswana and Namibia, and equipment for approximately $ 2.2 0.2 1.9 0.06 Liquidation of Net1 UTA The Company had substantially liquidated its Net1 UTA business during the year ended June 30, 2014, due to an inability to implement and expand its technology into new markets on a profitable basis. Net1 UTA's operations were streamlined a number of years ago and the Company did not incur significant cash costs to liquidate Net1 UTA. However, the Company was required to release approximately $6.3 million from its foreign currency transaction reserve which has resulted in a loss on liquidation of Net1 UTA. This non-cash loss on liquidation of Net1 UTA has been recorded in selling, general and administration expense on its consolidated statement of operations for the year ended June 30, 2014. The loss has been allocated to corporate/eliminations. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 20. INCOME TAXES Income tax provision The table below presents the components of income before income taxes for the years ended June 30, 2015, 2014 and 2013: 2015 2014 2013 South Africa $ 137,138 $ 121,338 $ 38,654 United States (7,286 ) (9,923 ) (10,075 ) Other 10,566 (2,273 ) (1,300 ) Income before income taxes $ 140,418 $ 109,142 $ 27,279 Presented below is the provision for income taxes by location of the taxing jurisdiction for the years ended June 30, 2015, 2014 and 2013: 2015 2014 2013 Current income tax $ 48,795 $ 61,902 $ 33,968 South Africa 39,901 41,326 15,418 United States 3,109 14,838 16,061 Other 5,785 5,738 2,489 Deferred taxation (benefit) charge (2,292 ) (7,887 ) (4,915 ) South Africa 398 (3,345 ) (2,037 ) United States 485 (107 ) (331 ) Other (3,175 ) (4,435 ) (2,547 ) Capital gains tax - 202 7 Foreign tax credits generated – United States (2,367 ) (14,838 ) (14,404 ) Income tax provision $ 44,136 $ 39,379 $ 14,656 There were no significant capital gains taxes paid during the years ended June 30, 2015, 2014 and 2013. There were no The movement in the valuation allowance for the year ended June 30, 2015, relates primarily to the release of the valuation allowance resulting from the utilization of foreign tax credits during the year .The movement in the valuation allowance for the year ended June 30, 2014, relates to releases of the valuation allowance resulting from the utilization of foreign tax credits during the year and deconsolidation of net operating loss carryforwards for MediKredit. The movement in the valuation allowance for the year ended June 30, 2013, relates to valuation allowances for foreign tax credits and valuation allowances related to net operating loss carryforwards for the Company's South African subsidiaries, primarily MediKredit. Net1 included actual and deemed dividends received from one of its South African subsidiaries in its years ended June 30, 2015, 2014 and 2013, taxation computation. Net1 applied net operating losses against this income. Net1 generated foreign tax credits as a result of the inclusion of the dividends in its taxable income. Net1 has applied certain of these foreign tax credits against its current income tax provision for the year ended June 30, 2015, 2014 and 2013. A reconciliation of income taxes, calculated at the fully-distributed South African income tax rate to the Company's effective tax rate, for the years ended June 30, 2015, 2014 and 2013 is as follows: 2015 2014 2013 Income tax rate reconciliation: Income taxes at fully-distributed South African tax rates 28.00 % 28.00 % 28.00 % Non-deductible items 2.36 % 4.71 % 6.78 % Foreign tax rate differential 0.06 % 1.89 % 10.39 % Foreign tax credits (1.68 %) (13.59 %) (52.80 %) Taxation on deemed dividends in the United States 3.46 % 13.46 % 57.32 % Capital gains tax paid 0.00 % 0.19 % 0.03 % Movement in valuation allowance (0.08 %) 1.23 % 9.40 % Prior year adjustments (0.69 %) 0.19 % (5.39 %) Income tax provision 31.43 % 36.08 % 53.73 % The non-deductible items during the year ended June 30, 2015, include primarily legal and consulting fees incurred that are not deductible for tax purposes. The non-deductible items during the year ended June 30, 2014, relates principally to expenses that are not deductible for tax purposes, including the charge related to the equity awards issued pursuant to the Company's BEE transactions, stock-based compensation charges, costs incurred to support foreign related entities and interest expense. The non-deductible items during the year ended June 30, 2013, relates principally to expenses that are not deductible for tax purposes, including stock-based compensation charges, costs incurred to support foreign related entities and interest expense. The foreign tax rate differential represents the difference between statutory tax rates in South Africa and foreign jurisdictions, primarily the United States. Deferred tax assets and liabilities Deferred income taxes reflect the temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The primary components of the temporary differences that gave rise to the Company's deferred tax assets and liabilities as at June 30, and their classification, were as follows: 2015 2014 Total deferred tax assets Net operating loss carryforwards $ 1,216 $ 1,901 Provisions and accruals 5,653 5,470 FTS patent 691 909 Intangible assets 616 123 Foreign tax credits 20,212 23,338 Other 7,330 7,765 Total deferred tax assets before valuation allowance 35,718 39,506 Valuation allowances (22,550 ) (25,153 ) Total deferred tax assets, net of valuation allowance 13,168 14,353 Total deferred tax liabilities: Intangible assets 11,510 16,600 Other 4,924 5,824 Total deferred tax liabilities 16,434 22,424 Reported as Current deferred tax assets 7,298 7,451 Long term deferred tax liabilities 10,564 15,522 Net deferred income tax liabilities $ 3,266 $ 8,071 Decrease in total deferred tax liabilities Intangible assets Deferred tax liabilities – intangible assets have decreased during the year ended June 30, 2015, primarily as a result of the amortization of the underlying KSNET intangible assets during the year. Decrease in valuation allowance At June 30, 2015, the Company had deferred tax assets of $13.2 million (2014: $14.4 million), net of the valuation allowance. Management believes, based on the weight of available positive and negative evidence it is more likely than not that the Company will realize the benefits of these deductible differences, net of the valuation allowance. However, the amount of the deferred tax asset considered realizable could be adjusted in the future if estimates of taxable income are revised. At June 30, 2015, the Company had a valuation allowance of $22.6 million (2014: $25.2 million) to reduce its deferred tax assets to estimated realizable value. The movement in the valuation allowance for the years ended June 30, 2015 and 2014, is presented below: Net Foreign Tax operating tax deductible loss carry- FTS Total credits goodwill forwards patent Other July 1, 2013 $ 54,117 $ 24,636 $ 16,957 $ 11,814 $ 474 $ 236 Reversed to statement of operations (1,412 ) (1,412 ) - - - - Charged to statement of operations 1,442 113 - 1,329 - - Utilized (26,698 ) - (17,682 ) (9,016 ) - - Deconsolidation (3,075 ) - - (3,075 ) - - Foreign currency adjustment 779 - 725 192 (105 ) (33 ) June 30, 2014 $ 25,153 $ 23,337 $ - $ 1,244 $ 369 $ 203 Reversed to statement of operations (3,126 ) (3,126 ) - - - - Charged to statement of operations 794 - - - - 794 Utilized (128 ) - - (128 ) - - Foreign currency adjustment (143 ) - - (28 ) (115 ) - June 30, 2015 $ 22,550 $ 20,211 $ - $ 1,088 $ 254 $ 997 Net operating loss carryforwards and foreign tax credits United States As of June 30, 2015, Net1 had net operating loss carryforwards that will expire, if unused, as follows: Year of expiration U.S. net operating loss carry forwards 2025 $ 2,974 During the year ended June 30, 2015 and 2014, Net1 generated additional foreign tax credits related to the cash dividends received. Net1 had no South Africa Net operating losses incurred in South Africa generally expire if a company does not trade during the year. In South Africa, the subsidiary companies that incurred the losses are currently trading and will continue to trade for the foreseeable future. Uncertain tax positions As of June 30, 2015 and 2014, the Company has unrecognized tax benefits of $ 2.3 1.2 The following is a reconciliation of the total amounts of unrecognized tax benefits for the year ended June 30, 2015, 2014 and 2013: 2015 2014 2013 Unrecognized tax benefits - opening balance $ 1,160 $ 1,150 $ 1,314 Gross decreases - tax positions in prior periods - - (170 ) Gross increases - tax positions in current period 1,311 38 216 Lapse of statute limitations - - - Foreign currency adjustment (149 ) (28 ) (210 ) Unrecognized tax benefits - closing balance $ 2,322 $ 1,160 $ 1,150 As of June 30, 2015 and 2014, the Company had accrued interest related to uncertain tax positions of approximately $ 0.3 0.2 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 21. EARNINGS PER SHARE Basic earnings per share include shares of restricted stock that meet the definition of a participating security because these shares are eligible to receive non-forfeitable dividend equivalents at the same rate as common stock. Basic earnings per share have been calculated using the two-class method and basic earnings per share for the years ended June 30, 2015, 2014 and 2013, reflects only undistributed earnings. The computation below of basic earnings per share excludes the net income attributable to shares of unvested restricted stock (participating non-vested restricted stock) from the numerator and excludes the dilutive impact of these unvested shares of restricted stock from the denominator. Diluted earnings per share has been calculated to give effect to the number of shares of additional common stock that would have been outstanding if the potential dilutive instruments had been issued in each period. Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method and are not considered to be participating securities as the stock options do not contain non-forfeitable dividend rights. The calculation of diluted earnings per share includes the dilutive effect of a portion of the restricted stock granted to employees in October 2010, November 2010, February 2012, August 2014 and November 2014 as these shares of restricted stock are considered contingently returnable shares for the purposes of the diluted earnings per share calculation and the vesting conditions in respect of a portion of the restricted stock had been satisfied. The vesting conditions are discussed in Note 18. The following table presents net income attributable to Net1 (income from continuing operations) and the share data used in the basic and diluted earnings per share computations using the two-class method for the years ended June 30, 2015, 2014 and 2013: 2015 2014 2013 (in thousands except percent and per share data) Numerator: Net income attributable to Net1 $ 94,735 $ 70,111 $ 12,977 Undistributed earnings 94,735 70,111 12,977 Percent allocated to common shareholders (Calculation 1) 99 % 99 % 99 % Numerator for earnings per share: basic and diluted $ 93,750 $ 69,376 $ 12,836 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 46,247 45,997 45,057 Effect of dilutive securities: Performance shares related to acquisition - 95 Stock options 152 119 30 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 46,399 46,116 45,182 Earnings per share: Basic $ 2.03 $ 1.51 $ 0.28 Diluted $ 2.02 $ 1.50 $ 0.28 (Calculation 1) Basic weighted-average common shares outstanding (A) 46,247 45,997 45,057 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 46,733 46,484 45,553 Percent allocated to common shareholders (A) / (B) 99 % 99 % 99 % Options to purchase 1,597,751 11.23 24.46 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 22. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information The following table presents the supplemental cash flow disclosures for the years ended June 30, 2015, 2014 and 2013: 2015 2014 2013 Cash received from interest $ 16,399 $ 14,703 $ 12,043 Cash paid for interest $ 4,360 $ 6,969 $ 7,927 Cash paid for income taxes $ 45,459 $ 42,417 $ 21,900 As discussed in Note 18, during the year ended June 30, 2015, employees exercised stock options through the delivery 336,584 13.93 The cash flows associated with the December 2013 BEE transactions and buy back of shares from the BEE partners as described in Note 14 were all denominated in South African rand and net settled and there were no actual cash flow transactions between the parties. The Company would have recorded the following movements in its investing and financing activities in its consolidated statement of cash flows for the year ended June 30, 2014, if cash had actually flowed between the parties as follows: 2014 Cash (used in ) provided by investing activities: Loans provided to BEE partners ($ 25,054 ) Loans repaid by BEE partners $ 24,574 Cash provided by (used in) financing activities: Issue of shares of the Company's common stock to BEE partners $ 25,054 Purchase of shares from BEE partners ($ 24,858 ) In addition, the equity instrument charges discussed in Note 17 and expensed during the year ended June 30, 2014 are book entries and were not paid in cash. |
Operating Segments
Operating Segments | 12 Months Ended |
Jun. 30, 2015 | |
Operating Segments [Abstract] | |
Operating Segments | 23. OPERATING SEGMENTS Operating segments The Company discloses segment information as reflected in the management information systems reports that its chief operating decision maker uses in making decisions and to report certain entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets or reports material revenues. The Company currently has three The South African transaction processing segment currently consists mainly of a welfare benefit distribution service provided to the South African government and transaction processing for retailers, utilities, medical-related claim service customers and banks. Fee income is earned based on the number of recipient cardholders paid. Utility providers and banks are charged a fee for transaction processing services performed on their behalf at retailers. This segment has individually significant customers that each provides more than 10 one 24 one 27 one 42 The Financial inclusion and applied technologies segment derives revenue from the provision of short-term loans as a principal and the provision of smart card accounts, as a fixed monthly fee per card is charged for the maintenance of these accounts. This segment also includes fee income and associated expenses from merchants and card holders using the Company's merchant acquiring system, the sale of prepaid products (electricity and airtime) as well as the sale of hardware and software. Finally, the Company earns premium income from the sale of life insurance products and investment income through its insurance business. The International transaction processing segment consists mainly of activities in South Korea from which the Company generates revenue from the provision of payment processing services to merchants and card issuers through its VAN. This segment generates fee revenue from the provision of payment processing services and to a lesser extent from the sale of goods, primarily point of sale terminals, to customers in South Korea. The segment also includes start up costs related to ZAZOO in the UK and India and generates transaction fee revenue from transaction processing of UEPS-enabled smartcards in Botswana and, until February 2013, through NUETS initiative in Iraq as well as transaction processing of medical-related claims in the United States. Corporate/eliminations includes the Company's head office cost center and the amortization of acquisition-related intangible assets. The charges related to the BEE equity instrument issued during the year ended June 30, 2014 (refer to Note 17), and the profit related to the deconsolidation of subsidiaries and disposal of business (refer to Note 19), during the year ended June 30, 2014, has been allocated to corporate/eliminations. The reconciliation of the reportable segments revenue to revenue from external customers for the years ended June 30, 2015, 2014 and 2013, respectively, is as follows: Revenue From Reportable Inter - external Segment segment customers South African transaction processing $ 236,452 $ 20,521 $ 215,931 International transaction processing 164,554 - 164,554 Financial inclusion and applied technologies 272,600 27,106 245,494 Total for the year ended June 30, 2015 673,606 47,627 625,979 South African transaction processing 261,577 11,543 250,034 International transaction processing 152,725 - 152,725 Financial inclusion and applied technologies 207,595 28,698 178,897 Total for the year ended June 30, 2014 621,897 40,241 581,656 South African transaction processing 242,739 495 242,244 International transaction processing 135,954 - 135,954 Financial inclusion and applied technologies 108,001 34,052 73,949 Total for the year ended June 30, 2013 $ 486,694 $ 34,547 $ 452,147 The Company does not allocate interest income, interest expense or income tax expense to its reportable segments. The Company evaluates segment performance based on segment operating income before acquisition-related intangible asset amortization which represents operating income before acquisition-related intangible asset amortization and allocation of expenses allocated to Corporate/Eliminations, all under GAAP. The reconciliation of the reportable segments measure of profit or loss to income before income taxes for the years ended June 30, 2015, 2014 and 2013, respectively, is as follows: For the years ended June 30, 2015 2014 2013 Reportable segments measure of profit or loss $ 150,538 $ 144,038 $ 50,383 Operating income: Corporate/Eliminations (22,019 ) (42,240 ) (27,221 ) Interest income 16,355 14,817 12,083 Interest expense (4,456 ) (7,473 ) (7,966 ) Income before income taxes $ 140,418 $ 109,142 $ 27,279 The following tables summarize segment information which is prepared in accordance with GAAP for the years ended June 30, 2015, 2014 and 2013: For the years ended June 30, 2015 2014 2013 Revenues South African transaction processing $ 236,452 $ 261,577 $ 242,739 International transaction processing 164,554 152,725 135,954 Financial inclusion and applied technologies 272,600 207,595 108,001 Total 673,606 621,897 486,694 Operating income (loss) South African transaction processing 51,008 61,401 (21,316 ) International transaction processing 26,805 21,952 14,208 Financial inclusion and applied technologies 72,725 60,685 57,491 Subtotal: Operating segments 150,538 144,038 50,383 Corporate/Eliminations (22,019 ) (42,240 ) (27,221 ) Total 128,519 101,798 23,162 Depreciation and amortization South African transaction processing 7,093 7,036 7,516 International transaction processing 17,846 15,823 14,183 Financial inclusion and applied technologies 808 874 678 Subtotal: Operating segments 25,747 23,733 22,377 Corporate/Eliminations 14,938 16,553 18,222 Total 40,685 40,286 40,599 Expenditures for long-lived assets South African transaction processing 7,008 3,425 9,400 International transaction processing 28,205 19,393 12,490 Financial inclusion and applied technologies 1,223 1,088 857 Subtotal: Operating segments 36,436 23,906 22,747 Corporate/Eliminations - - - Total $ 36,436 $ 23,906 $ 22,747 The segment information as reviewed by the chief operating decision maker does not include a measure of segment assets per segment as all of the significant assets are used in the operations of all, rather than any one, of the segments. The Company does not have dedicated assets assigned to a particular operating segment. Accordingly, it is not meaningful to attempt an arbitrary allocation and segment asset allocation is therefore not presented. It is impractical to disclose revenues from external customers for each product and service or each group of similar products and services. Geographic Information Revenues based on the geographic location from which the sale originated for the years ended June 30, are presented in the table below: 2015 2014 2013 South Africa $ 461,425 $ 428,931 $ 317,916 South Korea 160,853 146,667 129,338 Rest of world 3,701 6,058 4,893 Total $ 625,979 $ 581,656 $ 452,147 Long-lived assets based on the geographic location for the years ended June 30, are presented in the table below: Long-lived assets 2015 2014 2013 South Africa $ 72,467 $ 105,627 $ 117,858 South Korea 202,682 229,830 213,589 Rest of world 20,058 6,593 7,676 Total $ 295,207 $ 342,050 $ 339,123 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 24. COMMITMENTS AND CONTINGENCIES Operating lease commitments The Company leases certain premises. At June 30, 2015, the future minimum payments under operating leases consist of: Due within 1 year $ 3,828 Due within 2 years $ 2,133 Due within 3 years $ 794 Due within 4 years $ 314 Due within 5 years $ 107 Operating lease payments related to the premises and equipment were $ 6.8 7.5 15.9 Capital commitments As of June 30, 2015 and 2014, the Company had outstanding capital commitments of approximately $ 3.4 0.2 Purchase obligations As of June 30, 2015 and 2014, the Company had purchase obligations totaling $ 5.0 5.5 Guarantees The South African Revenue Service and certain of the Company's customers, suppliers and other business partners have asked the Company to provide them with guarantees, including standby letters of credit, issued by a South African bank. The Company is required to procure these guarantees for these third parties to operate its business. Nedbank has issued guarantees to these third parties amounting to ZAR 134.5 11.0 125.0 10.2 0.2 2.0 The Company has not recognized any obligation related to these counter-guarantees in its consolidated balance sheet as of June 30, 2015. The maximum potential amount that the Company could pay under these guarantees is ZAR 134.5 11.0 Contingencies Securities Litigation On December 24, 2013, Net1, its chief executive officer and its chief financial officer were named as defendants in a purported class action lawsuit filed in the United States District Court for the Southern District of New York alleging violations of the federal securities laws. The lawsuit was brought on behalf of a purported shareholder of Net1 and all other similarly situated shareholders who purchased Net1's securities between August 27, 2009 and November 27, 2013. On July 23, 2014, the Court appointed a lead plaintiff and lead counsel. On September 22, 2014, the lead plaintiff filed an amended complaint alleging that Net1 made materially false and misleading statements in that it failed to disclose material adverse information and misrepresented the truth about the Company's finances and business prospects. The amended complaint seeks unspecified damages on behalf of the lead plaintiff and all other similarly situated shareholders who purchased Net1's securities between January 18, 2012 and December 4, 2012, which is a shorter class period than proposed in the original complaint. On January 16, 2015, Net1 filed a motion to dismiss plaintiff's amended complaint for failure to state a claim. On March 6, 2015, plaintiff filed an opposition to Net1's motion to dismiss its complaint, and the Company filed a reply brief on March 27, 2015. No motion for class certification has been filed. The Company believes this lawsuit has no merit and intends to defend it vigorously. The Company is subject to a variety of insignificant claims and suits that arise from time to time in the ordinary course of business. Management currently believes that the resolution of these matters, individually or in the aggregate, will not have a material adverse impact on the Company's financial position, results of operations and cash flows. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 25. RELATED PARTY TRANSACTIONS As described in Note 3, on September 14, 2012, the Company acquired all of the outstanding and issued ordinary shares in N1MS. In 2010, the Company had engaged the services of N1MS to perform software development services, primarily software utilized on mobile phones and by cash-accepting kiosks. All software developed under this engagement became the Company's property. During the year ended June 30, 2013, the Company recognized expenses of approximately $ 0.1 |
Unaudited Quartely Results
Unaudited Quartely Results | 12 Months Ended |
Jun. 30, 2015 | |
Unaudited Quarterly Results [Abstract] | |
Unaudited Quarterly Results | 26. UNAUDITED QUARTERLY RESULTS The following tables contain selected unaudited consolidated statements of operations information for each quarter of fiscal 2015 and 2014: Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2015 2015 2014 2014 2015 (In thousands except per share data) Revenue $ 164,286 $ 151,121 $ 154,131 $ 156,441 $ 625,979 Operating income 32,613 31,966 30,815 33,125 128,519 Net income attributable to Net1 $ 23,914 $ 24,358 $ 22,374 $ 24,089 $ 94,735 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.51 $ 0.52 $ 0.48 $ 0.51 $ 2.03 Diluted earnings attributable to Net1 shareholders $ 0.51 $ 0.52 $ 0.48 $ 0.51 $ 2.02 Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2014 2014 2013 2013 2014 (In thousands except per share data) Revenue $ 182,753 $ 138,126 $ 137,283 $ 123,494 $ 581,656 Operating income 42,647 23,949 18,802 16,400 101,798 Net income attributable to Net1 $ 28,584 $ 17,182 $ 12,749 $ 11,596 $ 70,111 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.59 $ 0.38 $ 0.28 $ 0.25 $ 1.51 Diluted earnings attributable to Net1 shareholders $ 0.58 $ 0.37 $ 0.28 $ 0.25 $ 1.50 |
Significant Accounting Polici34
Significant Accounting Policies (Policy) | 12 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of consolidation The financial statements of entities which are controlled by Net1, referred to as subsidiaries, are consolidated. Inter-company accounts and transactions are eliminated upon consolidation. The Company, if it is the primary beneficiary, consolidates entities which are considered to be variable interest entities ("VIE"). The primary beneficiary is considered to be the entity that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. No |
Use Of Estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Translation Of Foreign Currencies | Translation of foreign currencies The primary functional currency of the Company is the South African Rand ("ZAR") and its reporting currency is the U.S. dollar. The Company also has consolidated entities which have other currencies, primarily South Korean won ("KRW"), as their functional currency. Assets and liabilities are translated at the exchange rates in effect at the balance sheet date. Revenues and expenses are translated at average rates for the period. Translation gains and losses are reported in accumulated other comprehensive income in total equity. Foreign exchange transactions are translated at the spot rate ruling at the date of the transaction. Monetary items are translated at the closing spot rate at the balance sheet date. Transactional gains and losses are recognized in selling, general and administration expense on the Company's consolidated statement of operations for the period. |
Allowance For Doubtful Accounts Receivable | Allowance for doubtful accounts receivable Allowance for doubtful finance loans receivable The Company regularly reviews the ageing of outstanding amounts due from borrowers and adjusts the allowance based on management's estimate of the recoverability of the finance loans receivable. The Company writes off finance loans receivable and related service fees if a borrower is in arrears with repayments for more than three months or dies. Allowance for doubtful accounts receivable A specific provision is established where it is considered likely that all or a portion of the amount due from customers renting point of sale ("POS") equipment, receiving support and maintenance or transaction services or purchasing licenses from the Company will not be recovered. Non-recoverability is assessed based on a review by management of the ageing of outstanding amounts, the location of the customer and the payment history in relation to those specific amounts. |
Inventory | Inventory Inventory is valued at the lower of cost and market value. Cost is determined on a first-in, first-out basis and includes transport and handling costs. |
Equity-Accounted Investments | Equity-accounted investments The Company uses the equity method to account for investments in companies when it has significant influence but not control over the operations of the equity-accounted company. Under the equity method, the Company initially records the investment at cost and then adjusts the carrying value of the investment to recognize the proportional share of the equity-accounted company's net income or loss. The Company does not recognize cumulative losses in excess of its investment or loans in an equity-accounted investment except if it has an obligation to provide additional financial support. Dividends received from an equity-accounted investment reduce the carrying value of the Company's investment. |
Leasehold Improvement Costs | Leasehold improvement costs Costs incurred in the adaptation of leased properties to serve the requirements of the Company are capitalized and amortized over the shorter of the estimated useful life of the asset and the remaining term of the lease. |
Property, Plant And Equipment | Property , plant and equipment Property, plant and equipment are shown at cost less accumulated depreciation. Property, plant and equipment are depreciated on the straight-line basis at rates which are estimated to amortize the assets to their anticipated residual values over their useful lives. Within the following asset classifications, the expected economic lives are approximately: Computer equipment 3 to 5 years Office equipment 2 to 10 years Vehicles 4 to 8 years Furniture and fittings 5 to 10 years Plant and equipment 5 to 10 years The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in income. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price of an acquired enterprise over the fair values of the identifiable assets acquired and liabilities assumed. The Company tests for impairment of goodwill on an annual basis and at any other time if events or circumstances change that would more likely than not reduce the fair value of the reporting unit goodwill below its carrying amount. Circumstances that could trigger an impairment test include but are not limited to: a significant adverse change in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; and results of testing for recoverability of a significant asset group within a reporting unit. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss recorded in the statement of operations. Measurement of the fair value of a reporting unit is based on one or more of the following fair value measures: the amount at which the unit as a whole could be bought or sold in a current transaction between willing parties; present value techniques of estimated future cash flows; or valuation techniques based on multiples of earnings or revenue, or a similar performance measure. |
Intangible Assets | Intangible assets Intangible assets are shown at cost less accumulated amortization. Intangible assets are amortized over the following useful Customer relationships 1 to 15 years Software and unpatented technology 3 to 5 years FTS patent 10 years Exclusive licenses 7 years Trademarks 3 to 20 years Customer databases 3 years Intangible assets are periodically evaluated for recoverability, and those evaluations take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists. |
Policy Reserves And Liabilities | Policy reserves and liabilities Reserves for future policy benefits and claims payable The Company determines its reserves for future policy benefits under its life insurance products using the financial soundness valuation method and assumptions as of the issue date as to mortality, interest, persistency and expenses plus provisions for adverse deviations. Deposits on investment contracts For the Company's interest-sensitive life contracts, liabilities approximate the policyholder's account value. For deferred annuities, the fixed option on variable annuities, guaranteed investment contracts and other investment contracts, the liability is the policyholder's account value. |
Reinsurance Contracts Held | Reinsurance contracts held The Company enters into reinsurance contracts with reinsurers under which the Company is compensated for the entire amount or a portion of losses arising on one The expected benefits to which the Company is entitled under its reinsurance contracts held are recognized as reinsurance assets. These assets consist of short-term balances due from reinsurers (classified within accounts receivable, net) as well as long-term receivables (classified within other long-term assets) that are dependent on the present value of expected claims and benefits arising net of expected premiums payable under the related reinsurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance contract. Reinsurance assets are assessed for impairment at each balance sheet date. If there is reliable objective evidence that amounts due may not be recoverable, the Company reduces the carrying amount of the reinsurance asset to its recoverable amount and recognizes that impairment loss in its condensed consolidated statement of operations. Reinsurance premiums are recognized when due for payment under each reinsurance contract. |
Sales Tax | Sales taxes Revenue and expenses are presented net of sales, use and value added taxes, as the case may be. |
Revenue Recognition | Revenue recognition The Company recognizes revenue when: there is persuasive evidence of an agreement or arrangement; delivery of products has occurred or services have been rendered; the seller's price to the buyer is fixed or determinable; and collectability is reasonably assured. The Company's principal revenue streams and their respective accounting treatments are discussed below: Fees Pension and welfare and South African participating merchants The Company provides a welfare benefit distribution service to the South Africa Social Security Agency. Fee income received for these services is recognized in the statement of operations when distributions have been made to the recipient cardholders. Recipient cardholders are able to load their welfare grants at merchants enrolled in the Company's participating merchant system in certain provinces. There is no charge to the recipient cardholder to load the grant onto a smart card at the merchant location, however, a fee is charged to the merchant for purchases made at the merchant using the smart card. A fee is also charged to the merchant when the recipient cardholder makes a cash withdrawal. Fee income received for these services is recognized in the statement of operations when the transaction occurs. Card VAN, banking VAN and payment gateway Card VAN services consist of services relating to authorization of credit card transactions including transmission of transaction details ("authorization service"), and collection of receipts associated with the credit card transactions ("collection service"). With its authorization service, the Company connects credit card companies with merchants online when a customer uses his/her credit card via terminals installed at merchants' sites and the Company's central processing server for approval of credit card transactions. Immediately after approval of credit card transactions, the Company transmits details of the transactions to credit card companies online for processing payments. Collection service captures the transaction data and gathers receipts as documented evidence and provides them to credit card companies upon request. The Company earns service fees based on the number of transactions processed for credit card companies when services are rendered in accordance with the contracts entered into between credit card companies and the Company. The Company bills for its service charges to credit card companies each month. Each service could be provided either individually or collectively, based on terms of contracts. The Company charges commission fees to credit card companies for the authorization service provided based on the number of approvals transferred. The right to receive a service fee is due once a credit card transaction has been approved and details of the transaction are transmitted by the Company. Therefore, revenues from the authorization service are recognized when the credit card transactions are authorized and details of the transactions are transmitted. The Company earns a collection service fee once it has provided settled funds to the credit card companies. Therefore, revenue from the collection service is recognized when the Company collects the receipts and provides them to the card companies. For multiple-element arrangements, the Company has identified two VSOE generally exists only when the Company sells the deliverable separately and is the price actually charged by the Company for that deliverable. ESPs reflect the Company's best estimates of what the selling prices of elements would be if they were sold regularly on a stand-alone basis. Because the Company has neither VSOE nor TPE for the two deliverables, the allocation of revenue has been based on the Company's ESPs. Amounts allocated to the authorization and the collection service are recognized at the time of service, provided the other conditions for revenue recognition have been met. The Company's process for determining its ESP for deliverables without VSOE or TPE considers multiple factors that may vary depending upon the unique facts and circumstances related to each deliverable. Key factors considered by the Company in developing the ESPs include prices charged by the Company, historical pricing practices and controls, range of prices for various customers and the nature of the services. Consideration is also given to market conditions such as competitor pricing strategies and market perception. Banking VAN is a division supporting a company's fund management business (large payment transfers, collections, etc.) by relaying financial transactions between client companies and financial institutions. Financial transactions between two or more business enterprises, or between business enterprises and their customers, are conducted through the transaction-processing network established between the Company and the banks. Revenue from the banking VAN service is recognized when the service is rendered by the Company. With its PG service, the Company provides the Internet-based settlement service between an on-line shopping mall and a credit card company when a customer uses his/her credit card, debit card or on-line payment to pay for goods or services. The Company receives fees for carrying out settlements for electronic transactions. Revenue from the PG service is recognized when the service is rendered by the Company. Microlending service fee The Company provides short-term loans to customers in South Africa and charges and recognizes monthly service fee revenue over the term of the loan. The monthly service fee amount is fixed upon initiation and does not change over the term of the loan. Other fees and commissions The Company provides an automated payment collection service to third parties, for which it charges monthly fees. These fees are recognized in the statement of operations as the underlying services are performed. The Company provides medical-related claims adjudication, reconciliation and settlement services ("medical-related claim service") to customers, for which it charges fees. These fees are recognized in the statement of operations as the underlying services are performed. The Company sells prepaid electricity and recognizes a commission in its statement of operations once the prepaid electricity token has been delivered to the customer. Contract variations fees there is persuasive evidence of an agreement; collectability is reasonably assured; and all material terms and conditions of the agreement have been adhered to. Hardware and prepaid airtime voucher sales Revenue from hardware and airtime voucher sales is recognized when risk of loss has transferred to the customer and there are no unfulfilled Company obligations that affect the customer's final acceptance of the arrangement. Any cost of warranties and remaining obligations that are inconsequential or perfunctory are accrued when the corresponding revenue is recognized. The Company buys terminals from manufacturers, and subsequently sells them through its agencies. Revenue is recognized when significant risks and rewards of ownership of terminals have passed to the buyer, usually on delivery of the terminals to the buyer. To the extent that sales of hardware are made in an arrangement that includes software that is more than incidental, the Company considers post-contract maintenance and technical support or other future obligations which could impact the timing and amount of revenue recognized. Software Revenue from licensed software is recognized on a subscription basis over the period that the client is entitled to use the license. Revenue from the sale of software is recognized if all revenue recognition criteria have been met. Post-contract maintenance and technical support in respect of software is generally negotiated and sold as a separate service and is recognized over the period such items are delivered. Systems implementation projects The Company undertakes smart card system implementation projects. The hardware and software installed in these projects are in the form of customized systems, which ordinarily involve modification to meet the customer's specifications. Software delivered under such arrangements is available to the customer permanently, subject to the payment of annual license fees. Revenue for such arrangements is recognized under the percentage of completion method, save for annual license fees, which are recognized in the period to which they relate. Up-front and interim payments received are recorded as client deposits until customer acceptance. The Company's customer arrangements may have multiple deliverables. Generally, the Company's multiple element arrangements fall within the scope of specific accounting standards that provide guidance regarding the separation of elements in multiple-deliverable arrangements and the allocation of consideration among those elements. If not, the Company unbundles multiple element arrangements into separate units of accounting when the delivered element(s) has stand-alone value and fair value of the undelivered element(s) exists. Terminal rental income The Company leases terminals to merchants participating in its merchant acquiring system. Operating rental income is recognized monthly on a straight-line basis in accordance with the lease agreement. Other income Revenue from service and maintenance activities is charged to customers on a time-and-materials basis and is recognized in the statement of operations as services are delivered to customers. |
Research And Development Expenditure | Research and development expenditure Research and development expenditure is charged to net income in the period in which it is incurred. During the years ended June 30, 2015, 2014 and 2013, the Company incurred research and development expenditures of $ 2.4 2.2 1.3 |
Computer Software Development | Computer software development Product development costs in respect of software intended for sale to licensees are expensed as incurred until technological feasibility is attained. Technological feasibility is attained when the Company's software has completed system testing and has been determined to be viable for its intended use. The time between the attainment of technological feasibility and completion of software development is generally short with immaterial amounts of development costs incurred during this period. Costs in respect of the development of software for the Company's internal use are expensed as incurred, except to the extent that these costs are incurred during the application development stage. All other costs including those incurred in the project development and post-implementation stages are expensed as incurred. |
Income Taxes | Income taxes The Company provides for income taxes using the asset and liability method. This approach recognizes the amount of taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequence of events recognized in the financial statements and tax returns. Deferred income taxes are adjusted to reflect the effects of changes in tax laws or enacted tax rates. The Company measured its South African income taxes and deferred income taxes for the years ended June 30, 2015, 2014 and 2013, using the enacted statutory tax rate in South Africa of 28 As of June 30, 2015, the Company intends to permanently reinvest its non-U.S. undistributed earnings of $ 442.1 In establishing the appropriate deferred tax asset valuation allowances, the Company assesses the realizability of its deferred tax assets, and based on all available evidence, both positive and negative, determines whether it is more likely than not that the deferred tax assets or a portion thereof will be realized. Reserves for uncertain tax positions are recognized in the financial statements for positions which are not considered more likely than not of being sustained based on the technical merits of the position on audit by the tax authorities. For positions that meet the more likely than not standard, the measurement of the tax benefit recognized in the financial statements is based upon the largest amount of tax benefit that, in management's judgement, is greater than 50 The Company's policy is to include interest related to unrecognized tax benefits in interest expense and penalties in selling, general and administration in the consolidated statements of operations. |
Stock-Based Compensation | Stock-based compensation Stock-based compensation represents the cost related to stock-based awards granted. The Company measures equity-based stock-based compensation cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. In respect of awards with only service conditions that have a graded vesting schedule, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. The forfeiture rate is estimated using historical trends of the number of awards forfeited prior to vesting. The expense is recorded in the statement of operations and classified based on the recipients' respective functions. The Company records deferred tax assets for awards that result in deductions on the Company's income tax returns, based on the amount of compensation cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in additional paid-in capital (if the tax deduction exceeds the deferred tax asset) or in the statement of operations (if the deferred tax asset exceeds the tax deduction and no additional paid-in capital exists from previous awards). |
Equity Instruments Issued To Third Parties | Equity instruments issued to third parties Equity instruments issued to third parties represents the cost related to equity instruments granted. The Company measures this cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. The forfeiture rate is estimated based on the Company's expectation of the number of awards that will be forfeited prior to vesting. The Company records deferred tax assets for equity instrument awards that result in deductions on the Company's income tax returns, based on the amount of equity instrument cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in the statement of operations. |
Settlement Assets And Settlement Obligations | Settlement assets and settlement obligations Settlement assets comprise (1) cash received from the South African government that the Company holds pending disbursement to recipient cardholders of social welfare grants and (2) cash received from customers on whose behalf the Company processes payroll payments that the Company will disburse to customer employees, payroll-related payees and other payees designated by the customer. Settlement obligations comprise (1) amounts that the Company is obligated to disburse to recipient cardholders of social welfare grants, and (2) amounts that the Company is obligated to pay to customer employees, payroll-related payees and other payees designated by the customer. The balances at each reporting date may vary widely depending on the timing of the receipts and payments of these assets and obligations. |
Recent Accounting Pronouncements, Adopted | Recent accounting pronouncements adopted The following summary of recent accounting pronouncements reflects only the new authoritative accounting guidance issued that is relevant and applicable to the Company. In March 2013, the Financial Accounting Standards Board ("FASB") issued guidance regarding Parent's Accounting for the Cumulative Translation Adjustment Upon Derecognition of Certain Subsidiaries or Groups of Assets Within a Foreign Entity or of an Investment in a Foreign Entity . This guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The guidance is effective for the Company beginning July 1, 2014, and is applied prospectively. The adoption of this guidance did not have a material impact on the Company's financial statements. |
Recent Accounting Pronouncements, Not Yet Adopted | Recent accounting pronouncements not yet adopted as of June 30, 2015 In May 2014, the FASB issued guidance regarding Revenue from Contracts with Customers . This guidance requires an entity to recognize revenue when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for the Company beginning July 1, 2017. Early adoption is not permitted. In August 2015, the FASB issued guidance regarding Revenue from Contracts with Customers, Deferral of the Effective Date . This guidance defers the required implementation date specified in Revenue from Contracts with Customers to December 2017. Public companies may elect to adopt the standard along the original timeline. The Company expects that this guidance will have a material impact on its financial statements and is currently evaluating the impact of this guidance on its financial statements on adoption. In August 2014, the FASB issued guidance regarding Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern . This guidance requires an entity to perform interim and annual assessments of its ability to continue as a going concern within one year of the date that its financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. The guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In February 2015, the FASB issued guidance regarding Amendments to the Consolidation Analysis . This guidance amends both the variable interest entity and voting interest entity consolidation models. The requirement to assess an entity under a different consolidation model may change previous consolidation conclusions. The guidance is effective for the Company beginning July 1, 2016. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In July 2015, the FASB issued guidance regarding Simplifying the Measurement of Inventory . This guidance requires entities to measure most inventory "at the lower of cost and net realizable value," thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market (market in this context is defined as one of three different measures). The guidance will not apply to inventories that are measured by using either the last-in, first-out ("LIFO") method or the retail inventory method ("RIM"). The guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. |
Significant Accounting Polici35
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies [Abstract] | |
Schedule Of Property Plant And Equipment Expected Economic Lives | Computer equipment 3 to 5 years Office equipment 2 to 10 years Vehicles 4 to 8 years Furniture and fittings 5 to 10 years Plant and equipment 5 to 10 years |
Schedule Of Intangible Assets Useful Lives | Customer relationships 1 to 15 years Software and unpatented technology 3 to 5 years FTS patent 10 years Exclusive licenses 7 years Trademarks 3 to 20 years Customer databases 3 years |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Business Acquisition [Line Items] | |
Schedule Of Cash Paid Net Of Cash Received Related To Company Acquisitions | 2015 2014 2013 Net1 Mobile Solutions Proprietary Limited ("N1MS") (formerly Pbel) $ - $ - $ 1,913 SmartSwitch Botswana (Proprietary) Limited ("SmartSwitch Botswana") - - 230 Total cash paid, net of cash received $ - $ - $ 2,143 |
Prepaid Business And SmartLife [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Preliminary Purchase Price Allocation | SmartSwitch Botswana N1 MS Total Cash and cash equivalents $ 584 $ 660 $ 1,244 Accounts receivable, net - 234 234 Inventory 150 - 150 Other current assets - - - Property, plant and equipment, net 472 92 564 Intangible assets (Note 9) - 1,785 1,785 Goodwill (Note 9) 657 1,710 2,367 Other payables (218 ) (65 ) (283 ) Income taxes payable - (93 ) (93 ) Deferred tax liabilities (17 ) (494 ) (511 ) Fair value of assets and liabilities on acquisition 1,628 3,829 5,457 Less: gain on re-measurement of previously held interest in SmartSwitch Botswana (328 ) - (328 ) Less: carrying value of SmartSwitch Botswana, an equity accounted investment, at the acquisition date (486 ) - (486 ) Total purchase price $ 814 $ 3,829 $ 4,643 |
Accounts Receivable, Net And 37
Accounts Receivable, Net And Finance Loans Receivable, Net (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Accounts Receivable, Net And Finance Loans Receivable, Net [Abstract] | |
Schedule Of Accounts Receivable | 2015 2014 Accounts receivable, trade, net $ 48,951 $ 64,885 Accounts receivable, trade, gross 50,907 66,198 Allowance for doubtful accounts receivable, end of year 1,956 1,313 Beginning of year 1,313 4,701 Deconsolidation - (32 ) Reversed to statement of operations (61 ) (1,455 ) Charged to statement of operations 1,580 714 Utilized (654 ) (2,451 ) Foreign currency adjustment (222 ) (164 ) Cash payments to agents in South Korea that are amortized over the contract period 53,431 46,591 Other receivables 46,386 36,591 Total accounts receivable, net $ 148,768 $ 148,067 |
Schedule Of Finance Loans Receivable | Finance loans receivable, net 2015 2014 Finance loans receivable, gross $ 44,600 $ 56,207 Allowance for doubtful finance loans receivable, end of year 4,227 3,083 Beginning of year 3,083 - Charged to statement of operations 3,392 3,652 Utilized (1,705 ) (513 ) Foreign currency adjustment (543 ) (56 ) Total finance loans receivable, net $ 40,373 $ 53,124 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Inventory [Abstract] | |
Schedule Of Inventory By Categories | 2015 2014 Finished goods $ 12,979 $ 10,785 $ 12,979 $ 10,785 |
Fair Value Of Financial Instr39
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Outstanding Foreign Exchange Contracts | The Company's outstanding foreign exchange contracts are as follows: As of June 30, 2015 Fair market Notional amount Strike price value price Maturity EUR 526,263.00 ZAR 15.1145 ZAR 13.6275 July 20, 2015 EUR 526,263.00 ZAR 15.2025 ZAR 13.7062 August 20, 2015 EUR 526,263.00 ZAR 15.2944 ZAR 13.7898 September 21, 2015 EUR 526,263.00 ZAR 15.3809 ZAR 13.8683 October 20, 2015 EUR 509,516.00 ZAR 15.4728 ZAR 13.9540 November 20, 2015 EUR 529,865.00 ZAR 15.5654 ZAR 14.0397 December 21, 2015 EUR 526,663.00 ZAR 15.6625 ZAR 14.1239 January 20, 2016 As of June 30, 2014 Fair market Notional amount Strike price value price Maturity EUR 182,272.50 ZAR 15.2077 ZAR 14.5803 July 21, 2014 EUR 182,272.50 ZAR 15.3488 ZAR 14.5803 July 21, 2014 EUR 180,022.50 ZAR 15.4228 ZAR 14.6542 August 20, 2014 EUR 180,022.50 ZAR 15.2819 ZAR 14.6542 August 20, 2014 EUR 180,022.50 ZAR 15.3623 ZAR 14.7367 September 22, 2014 EUR 180,022.50 ZAR 15.5041 ZAR 14.7367 September 22, 2014 EUR 181,570.50 ZAR 15.5739 ZAR 14.8119 October 20, 2014 EUR 181,570.50 ZAR 15.4316 ZAR 14.8119 October 20, 2014 EUR 180,022.50 ZAR 15.6552 ZAR 14.8982 November 20, 2014 EUR 180,022.50 ZAR 15.5136 ZAR 14.8982 November 20, 2014 EUR 180,022.50 ZAR 15.5970 ZAR 14.9874 December 22, 2014 EUR 180,022.50 ZAR 15.7391 ZAR 14.9874 December 22, 2014 EUR 174,424.50 ZAR 15.8119 ZAR 15.0671 January 20, 2015 EUR 174,424.50 ZAR 15.6729 ZAR 15.0671 January 20, 2015 The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2015, according to the fair value hierarchy: |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2015, according to the fair value hierarchy: Quoted Price in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets Related to insurance business (included in other long-term assets): Cash and cash equivalents $ 1,640 $ - $ - $ 1,640 Investment in Finbond (available for sale assets included in other long-term assets) - - 7,488 7,488 Other - 1,259 - 1,259 Total assets at fair value $ 1,640 $ 1,259 $ 7,488 $ 10,387 Liabilities Foreign exchange contracts $ - $ 452 $ - $ 452 Total liabilities at fair value $ - $ 452 $ - $ 452 The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2014, according to the fair value hierarchy: Quoted Price in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets Related to insurance business (included in other long-term assets): Cash and cash equivalents $ 1,800 $ - $ - $ 1,800 Investment in Finbond (available for sale assets included in other long-term assets) - - 8,068 8,068 Other - 47 - 47 Total assets at fair value $ 1,800 $ 47 $ 8,068 $ 9,915 Liabilities Foreign exchange contracts $ - $ 164 $ - $ 164 Total liabilities at fair value $ - $ 164 $ - $ 164 |
Property, Plant And Equipment40
Property, Plant And Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant And Equipment, Net [Abstract] | |
Schedule Of Property Plant And Equipment Net | 2015 2014 Cost: Land $ 869 $ 967 Building and structures 477 530 Computer equipment 121,033 110,393 Furniture and office equipment 6,295 6,686 Motor vehicles 17,660 20,575 Plant and equipment - 68 146,334 139,219 Accumulated depreciation: Land - - Building and structures 134 128 Computer equipment 75,681 73,908 Furniture and office equipment 4,901 4,799 Motor vehicles 13,298 12,519 Plant and equipment - 68 94,014 91,422 Carrying amount: Land 869 967 Building and structures 343 402 Computer equipment 45,352 36,485 Furniture and office equipment 1,394 1,887 Motor vehicles 4,362 8,056 Plant and equipment - - $ 52,320 $ 47,797 |
Goodwill And Intangible Asset41
Goodwill And Intangible Assets, Net (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Carrying Value Of Goodwill | Gross Accumulated Carrying value impairment value Balance as of July 1, 2012 $ 224,888 $ (42,151 ) $ 182,737 Acquisition of N1MS (Note 3) 1,710 - 1,710 Acquisition of SmartSwitch Botswana (Note 3) 657 - 657 Foreign currency adjustment (1) (8,697 ) (601 ) (9,298 ) Balance as of June 30, 2013 218,558 (42,752 ) 175,806 Loss on liquidation of Net1 Universal Electronic Technologies (Austria) GmbH and associated entities ("Net1 UTA") (Note 19 ) (44,445 ) 44,445 - Foreign currency adjustment (1) 12,463 (1,693 ) 10,770 Balance as of June 30, 2014 186,576 - 186,576 Foreign currency adjustment (1) (20,139 ) - (20,139 ) Balance as of June 30, 2015 $ 166,437 $ 0 $ 166,437 |
Goodwill Allocated To Reportable Segments | South Financial African International inclusion and transaction transaction applied Carrying processing processing technologies value Balance as of June 30, 2013 $ 30,525 $ 113,972 $ 31,309 $ 175,806 Loss on liquidation of Net1 Universal Electronic Technologies (Austria) GmbH and associated entities ("Net1 UTA") (Note 19) - - - Foreign currency adjustment (1) (2,008 ) 14,455 (1,677 ) 10,770 Balance as of June 30, 2014 28,517 128,427 29,632 186,576 Foreign currency adjustment (1) (3,938 ) (12,908 ) (3,293 ) (20,139 ) Balance as of June 30, 2015 $ 24,579 $ 115,519 $ 26,339 $ 166,437 |
Carrying Value And Accumulated Amortization Of Intangible Assets | As of June 30, 2015 As of June 30, 2014 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships $ 88,109 $ (45,312 ) $ 42,797 $ 98,676 $ (41,273 ) $ 57,403 Software and unpatented technology 29,964 (28,323 ) 1,641 33,604 (26,207 ) 7,397 FTS patent 3,119 (3,119 ) - 3,619 (3,619 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks 6,094 (3,408 ) 2,686 6,890 (3,176 ) 3,714 Total finite-lived intangible assets . $ 131,792 $ (84,668 ) $ 47,124 $ 147,295 $ (78,781 ) $ 68,514 |
Future Estimated Annual Amortization Expense | 2016 $ 10,808 2017 8,448 2018 8,446 2019 8,134 2020 7,951 Thereafter $ 3,337 |
Reinsurance Assets And Policy42
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Summary Of The Movement In Reinsurance Assets And Policy Holder Liabilities Under Insurance Contracts | Reinsurance Insurance assets (1) contracts (2) Balances acquired on July 1, 2013 $ 19,557 $ (19,711 ) Claims and policyholders' benefits under insurance contracts 2,790 (3,063 ) Foreign currency adjustment (3) (1,285 ) 1,296 Balance as of June 30, 2014 21,062 (21,478 ) Claims and policyholders' benefits under insurance contracts 30 (55 ) Transfer to reinsurer (4) (18,000 ) 18,000 Foreign currency adjustment (3) (2,909 ) 2,966 Balance as of June 30, 2015 $ 183 $ (567 ) (1) Included in other long-term assets (2) Included in other long-term liabilities (3) The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. (4) Smart Life has agreed to transfer certain fully reinsured policies to the reinsurer pursuant to conditions imposed by the South African Financial Service Board to uplift the suspension of its life insurance license. |
Summary Of Movement In Assets And Policy Holder Liabilities Under Investment Contracts | Investment Assets (1) contracts (2) Balances acquired on July 1, 2013 $ 953 $ (953 ) Maturity claims under investment contracts (202 ) 202 Foreign currency adjustment (3) (63 ) 63 Balance as of June 30, 2014 688 (688 ) Foreign currency adjustment (3) (95 ) 95 Balance as of June 30, 2015 $ 593 $ (593 ) (1) Included in other long-term assets; (2) Included in other long-term liabilities; (3) The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Other Payables [Abstract] | |
Schedule Of Other Payables | 2015 2014 Participating merchants settlement obligation $ 400 $ 2,118 Payroll-related payables 1,008 991 Accruals 14,484 10,704 Value-added tax payable 3,327 3,477 Other 9,361 7,027 Provisions 17,015 17,940 $ 45,595 $ 42,257 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Common Stock [Abstract] | |
Number Of Shares, Net Of Treasury | 2015 2014 2013 Number of shares, net of treasury: Statement of changes in equity 46,679,565 47,819,299 45,592,550 Less: Non-vested equity shares that have not vested as of end of year (Note 18) 341,529 385,778 405,226 Number of shares, net of treasury excluding non-vested equity shares that have not vested 46,338,036 47,433,521 45,187,324 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive (Loss) Income [Abstract] | |
Changes In Accumulated Other Comprehensive (Loss) Income | Accumulated Net unrealized Accumulated income (loss) Foreign on asset currency available for translation sale, net of reserve tax Total ' 000 ' 000 ' 000 Balance as of July 1, 2012 $ (75,137 ) $ (585 ) $ (75,722 ) Movement in foreign currency translation reserve (26,051 ) - (26,051 ) Unrealized loss on asset available for sale, net of tax of $ 356 - 915 915 Balance as of June 30, 2013 (101,188 ) 330 (100,858 ) Movement in foreign currency translation reserve 13,552 - 13,552 Release of foreign currency translation reserve related to sale/ liquidation of businesses 4,277 - 4,277 Unrealized loss on asset available for sale, net of tax of $ 112 - 288 288 Balance as of June 30, 2014 (83,359 ) 618 (82,741 ) Movement in foreign currency translation reserve (56,862 ) - (56,862 ) Unrealized loss on asset available for sale, net of tax of $ 97 - 422 422 Balance as of June 30, 2015 $ (140,221 ) $ 1,040 $ (139,181 ) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Revenue [Abstract] | |
Schedule Of Revenue | 2015 2014 2013 Services rendered – comprising mainly fees and commissions $ 536,046 $ 518,297 $ 430,268 Loan-based fees received 62,235 33,560 6,613 Sale of goods – comprising mainly hardware and software sales 27,698 29,799 15,266 $ 625,979 $ 581,656 $ 452,147 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Range Of Assumptions Used To Value Options Granted | 2015 2014 2013 Expected volatility 60 % 50 % 49 % Expected dividends 0 % 0 % 0 % Expected life (in years) 3 3 3 Risk-free rate 1.0 % 0.9 % 0.3 % |
Summarized Stock Option Activity | The following table summarizes stock option activity for the years ended June 30, 2015, 2014 and 2013: Weighted Average Weighted Weighted Remaining Aggregate Average average Contractual Intrinsic Grant Number of exercise Term Value Date Fair shares price ($) (in years) ($' 000 ) Value ($) Outstanding – July 1, 2012 2,247,583 16.28 6.43 602 - Granted under Plan: August 2012 431,000 8.75 10.00 1,249 2.90 Exercised (30,000 ) 7.98 24 Outstanding – June 30, 2013 2,648,583 15.15 5.98 313 Granted under Plan: August 2013 224,896 7.35 10.00 568 2.53 Exercised (26,667 ) 7.00 91 Forfeited (136,420 ) 23.51 - Outstanding – June 30, 2014 2,710,392 14.16 5.38 3,909 Granted under Plan: August 2014 464,410 11.23 10.00 2,113 4.55 Exercised (773,633 ) 8.35 3,845 Outstanding – June 30, 2015 2,401,169 15.34 4.74 11,516 The following table presents stock options vesting and expecting to vest as of June 30, 2015: Weighted Weighted Average average Remaining Aggregate exercise Contractual Intrinsic Number of price Term Value shares ($) (in years) ($' 000 ) Vested and expecting to vest – June 30, 2015 2,401,169 15.34 4.74 11,516 These options have an exercise price range of $ 7.35 24.46 The following table presents stock options that are exercisable as of June 30, 2015: Weighted Average Weighted Remaining Aggregate average Contractual Intrinsic Number of exercise Term Value shares price ($) (in years) ($' 000 ) Exercisable – June 30, 2015 1,643,163 17.82 2.96 5,234 |
Restricted Stock Activity | Number of Weighted Shares of Average Grant Restricted Date Fair Value Stock ($' 000 ) Non-vested – July 1, 2012 646,617 7,061 Granted – August 2012 21,569 189 Vested – August 2012 (23,436 ) 216 Vested – February 2013 (183,333 ) 1,016 Vested – May 2013 (858 ) 7 Total vested (207,627 ) Forfeitures (55,333 ) 407 Non-vested – June 30, 2013 405,226 4,393 Granted – August 2013 187,963 1,382 Vested – August 2013 (16,907 ) 161 Vested – February 2014 (183,333 ) 1,742 Total vested (200,240 ) Forfeitures (7,171 ) 84 Non-vested – June 30, 2014 385,778 3,534 Granted – August 2014 141,707 581 Granted – November 2014 71,530 229 Total granted 213,237 Vested – August 2014 (74,152 ) 828 Vested – February 2015 (183,334 ) 2,400 Total vested (257,486 ) Non-vested – June 30, 2015 341,529 1,759 |
Recorded Net Stock Compensation Charge | Allocated to cost of goods sold, IT Allocated to Total processing, selling, charge servicing general and (reversal) and support administration Year ended June 30, 2015 Stock-based compensation charge $ 3,195 $- $ 3,195 Total – year ended June 30, 2015 $ 3,195 $- $ 3,195 Year ended June 30, 2014 Stock-based compensation charge $ 3,724 $- $ 3,724 Reversal of stock compensation charge related to restricted stock forfeited (6 ) - (6 ) Total – year ended June 30, 2014 $ 3,718 $- $ 3,718 Year ended June 30, 2013 Stock-based compensation charge $ 4,387 $- $ 4,387 Reversal of stock compensation charge related to restricted stock forfeited (480 ) - (480 ) Total – year ended June 30, 2013 $ 3,907 $- $ 3,907 |
Deconsolidation Of Businesses48
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business [Abstract] | |
Profit (Loss) On Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business | 2015 2014 2013 Profit on sale of MediKredit Integrated Healthcare Solutions Proprietary Limited ("MediKredit") $ - $ 4,125 $ - Profit on disposal of assets related to the business of Net 1 Universal Electronic Technological Solutions (Pty) Ltd ("NUETS business") - 2,081 - Loss on liquidation of Net1 UTA - (6,261 ) - Net profit (loss) for the year ended June 30, $ - $ (55 ) $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Components Of Income Before Income Taxes | 2015 2014 2013 South Africa $ 137,138 $ 121,338 $ 38,654 United States (7,286 ) (9,923 ) (10,075 ) Other 10,566 (2,273 ) (1,300 ) Income before income taxes $ 140,418 $ 109,142 $ 27,279 |
Provision For Income Taxes By Location Of Taxing Jurisdiction | 2015 2014 2013 Current income tax $ 48,795 $ 61,902 $ 33,968 South Africa 39,901 41,326 15,418 United States 3,109 14,838 16,061 Other 5,785 5,738 2,489 Deferred taxation (benefit) charge (2,292 ) (7,887 ) (4,915 ) South Africa 398 (3,345 ) (2,037 ) United States 485 (107 ) (331 ) Other (3,175 ) (4,435 ) (2,547 ) Capital gains tax - 202 7 Foreign tax credits generated – United States (2,367 ) (14,838 ) (14,404 ) Income tax provision $ 44,136 $ 39,379 $ 14,656 |
Reconciliation Of Income Taxes | 2015 2014 2013 Income tax rate reconciliation: Income taxes at fully-distributed South African tax rates 28.00 % 28.00 % 28.00 % Non-deductible items 2.36 % 4.71 % 6.78 % Foreign tax rate differential 0.06 % 1.89 % 10.39 % Foreign tax credits (1.68 %) (13.59 %) (52.80 %) Taxation on deemed dividends in the United States 3.46 % 13.46 % 57.32 % Capital gains tax paid 0.00 % 0.19 % 0.03 % Movement in valuation allowance (0.08 %) 1.23 % 9.40 % Prior year adjustments (0.69 %) 0.19 % (5.39 %) Income tax provision 31.43 % 36.08 % 53.73 % |
Schedule Of Deferred Tax Assets And Liabilities | 2015 2014 Total deferred tax assets Net operating loss carryforwards $ 1,216 $ 1,901 Provisions and accruals 5,653 5,470 FTS patent 691 909 Intangible assets 616 123 Foreign tax credits 20,212 23,338 Other 7,330 7,765 Total deferred tax assets before valuation allowance 35,718 39,506 Valuation allowances (22,550 ) (25,153 ) Total deferred tax assets, net of valuation allowance 13,168 14,353 Total deferred tax liabilities: Intangible assets 11,510 16,600 Other 4,924 5,824 Total deferred tax liabilities 16,434 22,424 Reported as Current deferred tax assets 7,298 7,451 Long term deferred tax liabilities 10,564 15,522 Net deferred income tax liabilities $ 3,266 $ 8,071 |
Movement In Valuation Allowance | Net Foreign Tax operating tax deductible loss carry- FTS Total credits goodwill forwards patent Other July 1, 2013 $ 54,117 $ 24,636 $ 16,957 $ 11,814 $ 474 $ 236 Reversed to statement of operations (1,412 ) (1,412 ) - - - - Charged to statement of operations 1,442 113 - 1,329 - - Utilized (26,698 ) - (17,682 ) (9,016 ) - - Deconsolidation (3,075 ) - - (3,075 ) - - Foreign currency adjustment 779 - 725 192 (105 ) (33 ) June 30, 2014 $ 25,153 $ 23,337 $ - $ 1,244 $ 369 $ 203 Reversed to statement of operations (3,126 ) (3,126 ) - - - - Charged to statement of operations 794 - - - - 794 Utilized (128 ) - - (128 ) - - Foreign currency adjustment (143 ) - - (28 ) (115 ) - June 30, 2015 $ 22,550 $ 20,211 $ - $ 1,088 $ 254 $ 997 |
Schedule Of Operating Loss Carryforwards | Year of expiration U.S. net operating loss carry forwards 2025 $ 2,974 |
Schedule Of Reconciliation Of Total Amounts Of Unrecognized Tax Benefits | 2015 2014 2013 Unrecognized tax benefits - opening balance $ 1,160 $ 1,150 $ 1,314 Gross decreases - tax positions in prior periods - - (170 ) Gross increases - tax positions in current period 1,311 38 216 Lapse of statute limitations - - - Foreign currency adjustment (149 ) (28 ) (210 ) Unrecognized tax benefits - closing balance $ 2,322 $ 1,160 $ 1,150 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations | 2015 2014 2013 (in thousands except percent and per share data) Numerator: Net income attributable to Net1 $ 94,735 $ 70,111 $ 12,977 Undistributed earnings 94,735 70,111 12,977 Percent allocated to common shareholders (Calculation 1) 99 % 99 % 99 % Numerator for earnings per share: basic and diluted $ 93,750 $ 69,376 $ 12,836 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 46,247 45,997 45,057 Effect of dilutive securities: Performance shares related to acquisition - 95 Stock options 152 119 30 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 46,399 46,116 45,182 Earnings per share: Basic $ 2.03 $ 1.51 $ 0.28 Diluted $ 2.02 $ 1.50 $ 0.28 (Calculation 1) Basic weighted-average common shares outstanding (A) 46,247 45,997 45,057 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 46,733 46,484 45,553 Percent allocated to common shareholders (A) / (B) 99 % 99 % 99 % |
Supplemental Cash Flow Inform51
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Disclosures | 2015 2014 2013 Cash received from interest $ 16,399 $ 14,703 $ 12,043 Cash paid for interest $ 4,360 $ 6,969 $ 7,927 Cash paid for income taxes $ 45,459 $ 42,417 $ 21,900 |
Cash Flow Movements If Cash Had Been Transferred | 2014 Cash (used in ) provided by investing activities: Loans provided to BEE partners ($ 25,054 ) Loans repaid by BEE partners $ 24,574 Cash provided by (used in) financing activities: Issue of shares of the Company's common stock to BEE partners $ 25,054 Purchase of shares from BEE partners ($ 24,858 ) |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Operating Segments [Abstract] | |
Reconciliation Of Reportable Segments Revenue | Revenue From Reportable Inter - external Segment segment customers South African transaction processing $ 236,452 $ 20,521 $ 215,931 International transaction processing 164,554 - 164,554 Financial inclusion and applied technologies 272,600 27,106 245,494 Total for the year ended June 30, 2015 673,606 47,627 625,979 South African transaction processing 261,577 11,543 250,034 International transaction processing 152,725 - 152,725 Financial inclusion and applied technologies 207,595 28,698 178,897 Total for the year ended June 30, 2014 621,897 40,241 581,656 South African transaction processing 242,739 495 242,244 International transaction processing 135,954 - 135,954 Financial inclusion and applied technologies 108,001 34,052 73,949 Total for the year ended June 30, 2013 $ 486,694 $ 34,547 $ 452,147 |
Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income | For the years ended June 30, 2015 2014 2013 Reportable segments measure of profit or loss $ 150,538 $ 144,038 $ 50,383 Operating income: Corporate/Eliminations (22,019 ) (42,240 ) (27,221 ) Interest income 16,355 14,817 12,083 Interest expense (4,456 ) (7,473 ) (7,966 ) Income before income taxes $ 140,418 $ 109,142 $ 27,279 |
Summary Of Segment Information | For the years ended June 30, 2015 2014 2013 Revenues South African transaction processing $ 236,452 $ 261,577 $ 242,739 International transaction processing 164,554 152,725 135,954 Financial inclusion and applied technologies 272,600 207,595 108,001 Total 673,606 621,897 486,694 Operating income (loss) South African transaction processing 51,008 61,401 (21,316 ) International transaction processing 26,805 21,952 14,208 Financial inclusion and applied technologies 72,725 60,685 57,491 Subtotal: Operating segments 150,538 144,038 50,383 Corporate/Eliminations (22,019 ) (42,240 ) (27,221 ) Total 128,519 101,798 23,162 Depreciation and amortization South African transaction processing 7,093 7,036 7,516 International transaction processing 17,846 15,823 14,183 Financial inclusion and applied technologies 808 874 678 Subtotal: Operating segments 25,747 23,733 22,377 Corporate/Eliminations 14,938 16,553 18,222 Total 40,685 40,286 40,599 Expenditures for long-lived assets South African transaction processing 7,008 3,425 9,400 International transaction processing 28,205 19,393 12,490 Financial inclusion and applied technologies 1,223 1,088 857 Subtotal: Operating segments 36,436 23,906 22,747 Corporate/Eliminations - - - Total $ 36,436 $ 23,906 $ 22,747 |
Revenue Based On Geographic Location | 2015 2014 2013 South Africa $ 461,425 $ 428,931 $ 317,916 South Korea 160,853 146,667 129,338 Rest of world 3,701 6,058 4,893 Total $ 625,979 $ 581,656 $ 452,147 |
Long-Lived Assets Based On Geographical Location | Long-lived assets 2015 2014 2013 South Africa $ 72,467 $ 105,627 $ 117,858 South Korea 202,682 229,830 213,589 Rest of world 20,058 6,593 7,676 Total $ 295,207 $ 342,050 $ 339,123 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Future Minimum Payments Under Operating Leases | Due within 1 year $ 3,828 Due within 2 years $ 2,133 Due within 3 years $ 794 Due within 4 years $ 314 Due within 5 years $ 107 |
Unaudited Quartely Results (Tab
Unaudited Quartely Results (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Unaudited Quarterly Results [Abstract] | |
Schedule Of Unaudited Consolidated Statements Of (Loss) Income | Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2015 2015 2014 2014 2015 (In thousands except per share data) Revenue $ 164,286 $ 151,121 $ 154,131 $ 156,441 $ 625,979 Operating income 32,613 31,966 30,815 33,125 128,519 Net income attributable to Net1 $ 23,914 $ 24,358 $ 22,374 $ 24,089 $ 94,735 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.51 $ 0.52 $ 0.48 $ 0.51 $ 2.03 Diluted earnings attributable to Net1 shareholders $ 0.51 $ 0.52 $ 0.48 $ 0.51 $ 2.02 Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2014 2014 2013 2013 2014 (In thousands except per share data) Revenue $ 182,753 $ 138,126 $ 137,283 $ 123,494 $ 581,656 Operating income 42,647 23,949 18,802 16,400 101,798 Net income attributable to Net1 $ 28,584 $ 17,182 $ 12,749 $ 11,596 $ 70,111 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.59 $ 0.38 $ 0.28 $ 0.25 $ 1.51 Diluted earnings attributable to Net1 shareholders $ 0.58 $ 0.37 $ 0.28 $ 0.25 $ 1.50 |
Significant Accounting Polici55
Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015USD ($)contractitem | Jun. 30, 2014USD ($)item | Jun. 30, 2013USD ($)item | |
Significant Accounting Policies [Line Items] | |||
Number of entities required to be consolidated | 0 | 0 | 0 |
Number of deliverables identified for multiple element arrangements | 2 | ||
Research and development expenditures | $ | $ 2.4 | $ 2.2 | $ 1.3 |
Income tax rate | 28.00% | 28.00% | 28.00% |
Undistributed earnings | $ | $ 442.1 | ||
Minimum probability of tax benefit realization percentage | 50.00% | ||
FTS Patent [Member] | |||
Significant Accounting Policies [Line Items] | |||
Amortized useful lives of intangible assets | 10 years | ||
Exclusive Licenses [Member] | |||
Significant Accounting Policies [Line Items] | |||
Amortized useful lives of intangible assets | 7 years | ||
Customer Databases [Member] | |||
Significant Accounting Policies [Line Items] | |||
Amortized useful lives of intangible assets | 3 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Significant Accounting Policies [Line Items] | |||
Amortized useful lives of intangible assets | 15 years | ||
Maximum [Member] | Software And Unpatented Technology [Member] | |||
Significant Accounting Policies [Line Items] | |||
Amortized useful lives of intangible assets | 5 years | ||
Maximum [Member] | Trademarks [Member] | |||
Significant Accounting Policies [Line Items] | |||
Amortized useful lives of intangible assets | 20 years | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of contracts in which reinsurers compensate losses arising on contracts it issues | contract | 1 | ||
Minimum [Member] | Customer Relationships [Member] | |||
Significant Accounting Policies [Line Items] | |||
Amortized useful lives of intangible assets | 1 year | ||
Minimum [Member] | Software And Unpatented Technology [Member] | |||
Significant Accounting Policies [Line Items] | |||
Amortized useful lives of intangible assets | 3 years | ||
Minimum [Member] | Trademarks [Member] | |||
Significant Accounting Policies [Line Items] | |||
Amortized useful lives of intangible assets | 3 years | ||
Computer Equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Expected economic lives of property, plant and equipment | 5 years | ||
Computer Equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Expected economic lives of property, plant and equipment | 3 years | ||
Office Equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Expected economic lives of property, plant and equipment | 10 years | ||
Office Equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Expected economic lives of property, plant and equipment | 2 years | ||
Vehicles [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Expected economic lives of property, plant and equipment | 8 years | ||
Vehicles [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Expected economic lives of property, plant and equipment | 4 years | ||
Furniture and Fittings [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Expected economic lives of property, plant and equipment | 10 years | ||
Furniture and Fittings [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Expected economic lives of property, plant and equipment | 5 years | ||
Plant And Equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Expected economic lives of property, plant and equipment | 10 years | ||
Plant And Equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Expected economic lives of property, plant and equipment | 5 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands, ZAR in Millions, BWP in Millions | Dec. 07, 2012BWP | Dec. 07, 2012USD ($) | Sep. 14, 2012ZARshares | Sep. 14, 2012ZAR | Jun. 30, 2015USD ($)itemshares | Jun. 30, 2013USD ($) |
KSNET [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, cost of acquired entity, cash paid | $ 2,000 | |||||
Net1 Mobile Solutions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition date | Sep. 14, 2012 | |||||
Business acquisition, cost of acquired entity, cash paid | ZAR | ZAR 23 | |||||
Value of shares issued in acquisition | ZAR | ZAR 10 | 10 | ||||
Shares issued in acquisition | shares | 142,236 | |||||
Business acquisition, measurement period | 3 years | |||||
Business acquisition, number of tranches | item | 3 | |||||
Business acquisition, number of shares in each tranches | shares | 47,412 | |||||
Business acquisition, contributed revenue | $ 1,100 | |||||
Business acquisition, contributed net loss | 500 | |||||
Consideration transferred | ZAR 33 | 3,829 | ||||
SmartSwitch Botswana [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition date | Dec. 7, 2012 | |||||
Percentage acquired in acquisition | 50.00% | 50.00% | ||||
Business acquisition, cost of acquired entity, cash paid | BWP 6.3 | $ 800 | ||||
Business acquisition, contributed revenue | 700 | |||||
Business acquisition, contributed net loss | 20 | |||||
Consideration transferred | 814 | |||||
SmartSwitch Botswana And N1MS [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | 4,643 | |||||
Business acquisition transaction-related expenditures | $ 100 |
Acquisitions (Schedule Of Cash
Acquisitions (Schedule Of Cash Paid Net Of Cash Received Related To Company Acquisitions) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2013USD ($) | |
Business Acquisition [Line Items] | |
Total cash paid, net of cash received | $ 2,143 |
Net1 Mobile Solutions [Member] | |
Business Acquisition [Line Items] | |
Total cash paid, net of cash received | 1,913 |
SmartSwitch Botswana [Member] | |
Business Acquisition [Line Items] | |
Total cash paid, net of cash received | $ 230 |
Acquisitions (Schedule Of Preli
Acquisitions (Schedule Of Preliminary Purchase Price Allocation Translated At Applicable Foreign Exchange Rate) (Details) $ in Thousands, ZAR in Millions | Sep. 14, 2012ZAR | Jun. 30, 2013USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2012USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill | $ 175,806 | $ 166,437 | $ 186,576 | $ 182,737 | |
SmartSwitch Botswana [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 584 | ||||
Inventory | 150 | ||||
Property, plant and equipment, net | 472 | ||||
Goodwill | 657 | ||||
Other payables | (218) | ||||
Deferred tax liabilities | (17) | ||||
Fair value of assets and liabilities on acquisition | 1,628 | ||||
Less: gain on re-measurement of previously held interest in SmartSwitch Botswana | (328) | ||||
Less: carrying value of SmartSwitch Botswana, an equity-accounted investment at the acquisition date | (486) | ||||
Total purchase price | 814 | ||||
Net1 Mobile Solutions [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 660 | ||||
Accounts receivable, net | 234 | ||||
Property, plant and equipment, net | 92 | ||||
Intangible assets | 1,785 | ||||
Goodwill | 1,710 | ||||
Other payables | (65) | ||||
Income taxes payable | (93) | ||||
Deferred tax liabilities | (494) | ||||
Fair value of assets and liabilities on acquisition | 3,829 | ||||
Total purchase price | ZAR 33 | 3,829 | |||
SmartSwitch Botswana And N1MS [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 1,244 | ||||
Accounts receivable, net | 234 | ||||
Inventory | 150 | ||||
Property, plant and equipment, net | 564 | ||||
Intangible assets | 1,785 | ||||
Goodwill | 2,367 | ||||
Other payables | (283) | ||||
Income taxes payable | (93) | ||||
Deferred tax liabilities | (511) | ||||
Fair value of assets and liabilities on acquisition | 5,457 | ||||
Less: gain on re-measurement of previously held interest in SmartSwitch Botswana | (328) | ||||
Less: carrying value of SmartSwitch Botswana, an equity-accounted investment at the acquisition date | (486) | ||||
Total purchase price | $ 4,643 |
Accounts Receivable, Net And 59
Accounts Receivable, Net And Finance Loans Receivable, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Accounts Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Bad debt expense | $ 0 | $ 0.6 | $ 0.4 |
Financing Loan Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Bad debt expense | $ 0 | $ 0 | $ 0.2 |
Accounts Receivable, Net And 60
Accounts Receivable, Net And Finance Loans Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Accounts Receivable, Net And Finance Loans Receivable, Net [Abstract] | ||
Accounts receivable, trade, net | $ 48,951 | $ 64,885 |
Accounts receivable, trade, gross | 50,907 | 66,198 |
Allowance for doubtful accounts receivable, end of year | 1,956 | 1,313 |
Allowance for doubtful accounts receivable, beginning of year | 1,313 | 4,701 |
Deconsolidated | (32) | |
Reversed to statement of operations | (61) | (1,455) |
Charged to statement of operations | 1,580 | 714 |
Utilized | (654) | (2,451) |
Foreign currency adjustment | (222) | (164) |
Cash payments to agents in South Korea that are amortized over the contract period | 53,431 | 46,591 |
Other receivables | 46,386 | 36,591 |
Total accounts receivable, net | $ 148,768 | $ 148,067 |
Accounts Receivable, Net And 61
Accounts Receivable, Net And Finance Loans Receivable, Net (Schedule Of Finance Loans Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Accounts Receivable, Net And Finance Loans Receivable, Net [Abstract] | ||
Finance loans receivable, gross | $ 44,600 | $ 56,207 |
Allowance for doubtful finance loans receivable, end of year | 4,227 | 3,083 |
Beginning of year | 3,083 | |
Charged to statement of operations | 3,392 | 3,652 |
Utilized | (1,705) | (513) |
Foreign currency adjustment | (543) | (56) |
Accounts, Notes, Loans and Financing Receivable, Net, Current, Total | $ 40,373 | $ 53,124 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Inventory [Abstract] | ||
Finished goods | $ 12,979 | $ 10,785 |
Inventory | $ 12,979 | $ 10,785 |
Fair Value Of Financial Instr63
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Derivatives, Fair Value [Line Items] | ||
Years of significant fluctuation of US Dollar to ZAR exchange rate | 3 years | |
Percentage of total assets represented by acquisition of share capital. | 1.00% | |
Transfers in or out of Level 3 | $ 0 | $ 0 |
Impairment charges | $ 0 | $ 0 |
Finbond [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Equity method investment, shares | 156,788,712 | |
Equity method investment, ownership percentage | 27.00% | |
One Credit Limited [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Percentage of ownership | 25.00% | |
Current borrowing capacity | $ 10,000,000 | |
Amount utilized | $ 0 |
Fair Value Of Financial Instr64
Fair Value Of Financial Instruments (Outstanding Foreign Exchange Contracts) (Details) | 12 Months Ended | |||
Jun. 30, 2015EUR (€)ZAR / item | Jun. 30, 2014EUR (€)ZAR / item | Jun. 30, 2015ZAR / shares | Jun. 30, 2014ZAR / shares | |
Foreign Exchange Contract 1 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 526,263 | € 182,272.50 | ||
Strike price (ZAR) | ZAR / item | 15.1145 | 15.2077 | ||
Fair market value price (ZAR) | ZAR 13.6275 | ZAR 14.5803 | ||
Maturity | Jul. 20, 2015 | Jul. 21, 2014 | ||
Foreign Exchange Contract 2 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 526,263 | € 182,272.50 | ||
Strike price (ZAR) | ZAR / item | 15.2025 | 15.3488 | ||
Fair market value price (ZAR) | 13.7062 | 14.5803 | ||
Maturity | Aug. 20, 2015 | Jul. 21, 2014 | ||
Foreign Exchange Contract 3 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 526,263 | € 180,022.50 | ||
Strike price (ZAR) | ZAR / item | 15.2944 | 15.4228 | ||
Fair market value price (ZAR) | 13.7898 | 14.6542 | ||
Maturity | Sep. 21, 2015 | Aug. 20, 2014 | ||
Foreign Exchange Contract 4 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 526,263 | € 180,022.50 | ||
Strike price (ZAR) | ZAR / item | 15.3809 | 15.2819 | ||
Fair market value price (ZAR) | 13.8683 | 14.6542 | ||
Maturity | Oct. 20, 2015 | Aug. 20, 2014 | ||
Foreign Exchange Contract 5 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 509,516 | € 180,022.50 | ||
Strike price (ZAR) | ZAR / item | 15.4728 | 15.3623 | ||
Fair market value price (ZAR) | 13.9540 | 14.7367 | ||
Maturity | Nov. 20, 2015 | Sep. 22, 2014 | ||
Foreign Exchange Contract 6 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 529,865 | € 180,022.50 | ||
Strike price (ZAR) | ZAR / item | 15.5654 | 15.5041 | ||
Fair market value price (ZAR) | 14.0397 | 14.7367 | ||
Maturity | Dec. 21, 2015 | Sep. 22, 2014 | ||
Foreign Exchange Contract 7 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 526,663 | € 181,570.50 | ||
Strike price (ZAR) | ZAR / item | 15.6625 | 15.5739 | ||
Fair market value price (ZAR) | ZAR 14.1239 | 14.8119 | ||
Maturity | Jan. 20, 2016 | Oct. 20, 2014 | ||
Foreign Exchange Contract 8 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 181,570.50 | |||
Strike price (ZAR) | ZAR / item | 15.4316 | |||
Fair market value price (ZAR) | 14.8119 | |||
Maturity | Oct. 20, 2014 | |||
Foreign Exchange Contract 9 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 180,022.50 | |||
Strike price (ZAR) | ZAR / item | 15.6552 | |||
Fair market value price (ZAR) | 14.8982 | |||
Maturity | Nov. 20, 2014 | |||
Foreign Exchange Contract 10 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 180,022.50 | |||
Strike price (ZAR) | ZAR / item | 15.5136 | |||
Fair market value price (ZAR) | 14.8982 | |||
Maturity | Nov. 20, 2014 | |||
Foreign Exchange Contract 11 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 180,022.50 | |||
Strike price (ZAR) | ZAR / item | 15.5970 | |||
Fair market value price (ZAR) | 14.9874 | |||
Maturity | Dec. 22, 2014 | |||
Foreign Exchange Contract 12 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 180,022.50 | |||
Strike price (ZAR) | ZAR / item | 15.7391 | |||
Fair market value price (ZAR) | 14.9874 | |||
Maturity | Dec. 22, 2014 | |||
Foreign Exchange Contract 13 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 174,424.50 | |||
Strike price (ZAR) | ZAR / item | 15.8119 | |||
Fair market value price (ZAR) | 15.0671 | |||
Maturity | Jan. 20, 2015 | |||
Foreign Exchange Contract 14 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 174,424.50 | |||
Strike price (ZAR) | ZAR / item | 15.6729 | |||
Fair market value price (ZAR) | ZAR 15.0671 | |||
Maturity | Jan. 20, 2015 |
Fair Value Of Financial Instr65
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 1,640 | $ 1,800 |
Investments in Finbond (available for sale assets included in other long-term assets) | 7,488 | 8,068 |
Other | 1,259 | 47 |
Total assets at fair value | 10,387 | 9,915 |
Foreign exchange contracts | 452 | 164 |
Total liabilities at fair value | 452 | 164 |
Quoted Price In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 1,640 | 1,800 |
Total assets at fair value | 1,640 | 1,800 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other | 1,259 | 47 |
Total assets at fair value | 1,259 | 47 |
Foreign exchange contracts | 452 | 164 |
Total liabilities at fair value | 452 | 164 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in Finbond (available for sale assets included in other long-term assets) | 7,488 | 8,068 |
Total assets at fair value | $ 7,488 | $ 8,068 |
Property, Plant And Equipment66
Property, Plant And Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 146,334 | $ 139,219 |
Accumulated depreciation | 94,014 | 91,422 |
Carrying amount | 52,320 | 47,797 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 869 | $ 967 |
Accumulated depreciation | ||
Carrying amount | $ 869 | $ 967 |
Building And Structures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 477 | 530 |
Accumulated depreciation | 134 | 128 |
Carrying amount | 343 | 402 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 121,033 | 110,393 |
Accumulated depreciation | 75,681 | 73,908 |
Carrying amount | 45,352 | 36,485 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 6,295 | 6,686 |
Accumulated depreciation | 4,901 | 4,799 |
Carrying amount | 1,394 | 1,887 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 17,660 | 20,575 |
Accumulated depreciation | 13,298 | 12,519 |
Carrying amount | $ 4,362 | 8,056 |
Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 68 | |
Accumulated depreciation | $ 68 |
Goodwill And Intangible Asset67
Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Goodwill And Intangible Assets, Net [Abstract] | |||
Amortization expense charged | $ 19.4 | $ 16.6 | $ 18.2 |
Impairment of intangible asset | $ 0 | $ 0 | $ 0 |
Goodwill And Intangible Asset68
Goodwill And Intangible Assets, Net (Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Goodwill [Line Items] | ||||
Gross value, Beginning Balance | $ 186,576 | $ 218,558 | $ 224,888 | |
Gross value, Foreign currency adjustment | [1] | (20,139) | 12,463 | (8,697) |
Gross value, Ending Balance | 166,437 | 186,576 | 218,558 | |
Accumulated impairment, Beginning Balance | (42,752) | (42,151) | ||
Accumulated impairment, Foreign currency adjustment | [1] | (1,693) | (601) | |
Accumulated impairment, Ending Balance | 0 | (42,752) | ||
Carrying value, Beginning Balance | 186,576 | $ 175,806 | 182,737 | |
Carrying value, Loss on liquidation | ||||
Carrying value, Foreign currency adjustment | [1] | (20,139) | $ 10,770 | (9,298) |
Carrying value, Ending Balance | $ 166,437 | 186,576 | 175,806 | |
Net1 Mobile Solutions [Member] | ||||
Goodwill [Line Items] | ||||
Gross value, Acquisitions | 1,710 | |||
Carrying value, Acquisitions | 1,710 | |||
SmartSwitch Botswana [Member] | ||||
Goodwill [Line Items] | ||||
Gross value, Acquisitions | 657 | |||
Carrying value, Acquisitions | $ 657 | |||
Net1 UTA [Member] | ||||
Goodwill [Line Items] | ||||
Gross value, Loss on liquidation | (44,445) | |||
Accumulated Impairment, Loss on liquidation | $ 44,445 | |||
[1] | the foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Korean won, and the U.S. dollar on the carrying value. |
Goodwill And Intangible Asset69
Goodwill And Intangible Assets, Net (Goodwill Allocated To Reportable Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Goodwill [Line Items] | ||||
Carrying value, Beginning Balance | $ 186,576 | $ 175,806 | $ 182,737 | |
Carrying value, Loss on liquidation | ||||
Carrying value, Foreign currency adjustment | [1] | (20,139) | $ 10,770 | (9,298) |
Carrying value, Ending Balance | 166,437 | 186,576 | 175,806 | |
South African Transaction Processing [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Beginning Balance | 28,517 | $ 30,525 | ||
Carrying value, Loss on liquidation | ||||
Carrying value, Foreign currency adjustment | [1] | (3,938) | $ (2,008) | |
Carrying value, Ending Balance | 24,579 | 28,517 | 30,525 | |
International Transaction Processing [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Beginning Balance | 128,427 | $ 113,972 | ||
Carrying value, Loss on liquidation | ||||
Carrying value, Foreign currency adjustment | [1] | (12,908) | $ 14,455 | |
Carrying value, Ending Balance | 115,519 | 128,427 | 113,972 | |
Financial Inclusion And Applied Technology [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Beginning Balance | 29,632 | $ 31,309 | ||
Carrying value, Loss on liquidation | ||||
Carrying value, Foreign currency adjustment | [1] | (3,293) | $ (1,677) | |
Carrying value, Ending Balance | $ 26,339 | $ 29,632 | $ 31,309 | |
[1] | the foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Korean won, and the U.S. dollar on the carrying value. |
Goodwill And Intangible Asset70
Goodwill And Intangible Assets, Net (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 131,792 | $ 147,295 |
Accumulated amortization | (84,668) | (78,781) |
Net carrying value | 47,124 | 68,514 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 88,109 | 98,676 |
Accumulated amortization | (45,312) | (41,273) |
Net carrying value | 42,797 | 57,403 |
Software And Unpatented Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 29,964 | 33,604 |
Accumulated amortization | (28,323) | (26,207) |
Net carrying value | 1,641 | 7,397 |
FTS Patent [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 3,119 | 3,619 |
Accumulated amortization | (3,119) | (3,619) |
Exclusive Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 4,506 | 4,506 |
Accumulated amortization | (4,506) | (4,506) |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 6,094 | 6,890 |
Accumulated amortization | (3,408) | (3,176) |
Net carrying value | $ 2,686 | $ 3,714 |
Goodwill And Intangible Asset71
Goodwill And Intangible Assets, Net (Future Estimated Annual Amortization Expense) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Goodwill And Intangible Assets, Net [Abstract] | |
2,016 | $ 10,808 |
2,017 | 8,448 |
2,018 | 8,446 |
2,019 | 8,134 |
2,020 | 7,951 |
Thereafter | $ 3,337 |
Reinsurance Assets And Policy72
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Narrative) (Details) - 12 months ended Jun. 30, 2015 | Total |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Rate of real return basis, years | 10 years |
Allowance for salary inflation and book shrinkage, per annum | 1.00% |
Reinsurance Assets And Policy73
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Summary Of The Movement In Reinsurance Assets And Policy Holder Liabilities Under Insurance Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |||
Reinsurance assets, Beginning Balance | [1] | $ 21,062 | $ 19,557 |
Reinsurance assets, Claims and policyholders' benefits under insurance contracts | [1] | 30 | 2,790 |
Reinsurance assets, Foreign currency adjustment | [1],[2] | (2,909) | (1,285) |
Reinsurance assets, Transfer to reinsurer | [1],[3] | (18,000) | |
Reinsurance assets, Ending Balance | [1] | 183 | 21,062 |
Insurance contracts, Beginning Balance | [4] | (21,478) | (19,711) |
Insurance contracts, Claims and policyholders' benefits under insurance contracts | [4] | (55) | (3,063) |
Insurance contracts, Transfer to reinsurer | [3],[4] | 18,000 | |
Insurance contracts, Foreign currency adjustment | [2],[4] | 2,966 | 1,296 |
Insurance contracts, Ending Balance | [4] | $ (567) | $ (21,478) |
[1] | Included in other long-term assets | ||
[2] | The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. | ||
[3] | Smart Life has agreed to transfer certain fully reinsured policies to the reinsurer pursuant to conditions imposed by the South African Financial Service Board to uplift the suspension of its life insurance license. | ||
[4] | Included in other long-term liabilities |
Reinsurance Assets And Policy74
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Summary Of Movement In Assets And Policy Holder Liabilities Under Investment Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |||
Assets, Beginning Balance | [1] | $ 688 | $ 953 |
Assets, Maturity claims under investment contracts | [1] | (202) | |
Assets, Foreign currency adjustment | [1],[2] | (95) | (63) |
Assets, Ending Balance | [1] | 593 | 688 |
Investment contracts, Beginning Balance | [3] | (688) | (953) |
Investment contracts, Maturity claims under investment contracts | [3] | 202 | |
Investment contracts, Foreign currency adjustment | [2],[3] | 95 | 63 |
Investment contracts, Ending Balance | [3] | $ (593) | $ (688) |
[1] | Included in other long-term assets | ||
[2] | The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. | ||
[3] | Included in other long-term liabilities |
Other Payables (Details)
Other Payables (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Other Payables [Abstract] | ||
Participating merchants settlement obligation | $ 400 | $ 2,118 |
Payroll-related payables | 1,008 | 991 |
Accruals | 14,484 | 10,704 |
Value-added tax payable | 3,327 | 3,477 |
Other | 9,361 | 7,027 |
Provisions | 17,015 | 17,940 |
Other payables, total | $ 45,595 | $ 42,257 |
Short-Term Facilities (Details)
Short-Term Facilities (Details) ZAR in Millions, $ in Millions, â‚© in Billions | 1 Months Ended | 12 Months Ended | |||||
Jul. 18, 2014 | Jun. 30, 2015KRW (â‚©) | Jul. 30, 2015ZAR | Jun. 30, 2015ZAR | Jun. 30, 2015USD ($) | Jun. 30, 2014ZAR | Jun. 30, 2014USD ($) | |
Subsequent Event [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Short term interest rate, increase | 0.25% | ||||||
South African Credit Facility [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Maximum borrowing capacity | ZAR 150 | ||||||
Amount utilized | 139.6 | $ 11.4 | ZAR 139 | $ 13.1 | |||
Bank Overdrafts Facility [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Maximum borrowing capacity | ZAR 250 | $ 20.3 | ZAR 250 | $ 20.3 | |||
Short term interest rate | 8.10% | 8.10% | 8.10% | ||||
Commitment fee percentage | 0.35% | ||||||
Bank Overdrafts Facility [Member] | Subsequent Event [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Current borrowing capacity | ZAR 50 | ||||||
Aggregate amount remaining | 400 | ||||||
Primary amount, available immediately | 200 | ||||||
Secondary amount, not available immediately | ZAR 200 | ||||||
Short term interest rate | 8.35% | ||||||
South Korea, Hana Bank Overdraft Facility [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Maximum borrowing capacity | â‚© 10 | $ 8.9 | |||||
Initiation date | Jan. 1, 2014 | ||||||
Renewal period | 1 year | ||||||
Expiration date | Jan. 1, 2015 | ||||||
New expiration date | Jan. 1, 2016 | ||||||
Overdraft rate | 3.60% | 3.60% | 3.60% |
Long-Term Borrowings (Details)
Long-Term Borrowings (Details) $ in Millions, â‚© in Billions | Oct. 29, 2013KRW (â‚©) | Oct. 29, 2013USD ($) | Jun. 30, 2014KRW (â‚©) | Jun. 30, 2014USD ($) | Jun. 30, 2015KRW (â‚©)item | Jun. 30, 2015USD ($)item | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Jun. 30, 2015USD ($) | Oct. 29, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||||
Number of facility agreements | item | 3 | 3 | ||||||||
Facilities fees paid | â‚© 0.9 | $ 0.9 | $ 0.4 | |||||||
Amortization of fees | $ 0.2 | 0.3 | ||||||||
Interest expense | $ 3.6 | $ 4.8 | $ 7.1 | |||||||
Period before maturity date, prepayment of facility may be withdrawn (in months) | 3 months | 3 months | ||||||||
Facility A [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | â‚© 60 | $ 53.2 | ||||||||
Margin added on rate | 3.10% | 3.10% | ||||||||
Facilities interest rate at period end | 4.90% | 4.90% | ||||||||
Annual installments | â‚© | â‚© 10 | |||||||||
Number of annual installments | item | 3 | 3 | ||||||||
Maturity date | Oct. 29, 2018 | Oct. 29, 2018 | ||||||||
Facility B [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | â‚© 15 | $ 13.3 | ||||||||
Margin added on rate | 2.90% | 2.90% | ||||||||
Facility C [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | â‚© 10 | $ 8.9 | ||||||||
Margin added on rate | 3.10% | 3.10% | ||||||||
Facilities interest rate at period end | 4.90% | 4.90% | ||||||||
Korean Senior Secured Loan Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 92.4 | $ 87 | ||||||||
Proceeds drawn from facilities | 75 | 70.6 | ||||||||
Repayment of facilities | 17.4 | 16.4 | ||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds drawn from facilities | â‚© 1.1 | $ 1 | â‚© 2.2 | $ 2.1 | ||||||
Commitment fee percentage | 0.30% | 0.30% | ||||||||
Korean CD Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
CD interest rate at period end | 1.80% | 1.80% | ||||||||
Facilities Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds drawn from facilities | â‚© 4 | $ 3.8 | ||||||||
Facility agreement, in years | 5 years | 5 years | ||||||||
Facilities Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Secured loan facility | $ 59.6 | |||||||||
Final Installment [Member] | Facility A [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Annual installments | â‚© | â‚© 30 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) ZAR / shares in Units, $ in Thousands, ZAR in Millions | Jun. 06, 2014shares | Jun. 05, 2014ZAR / shares | Apr. 16, 2014shares | Dec. 06, 2013ZAR / sharesshares | Oct. 10, 2013item | Jun. 30, 2015ZARitemZAR / sharesshares | Jun. 30, 2015USD ($)itemshares | Jun. 30, 2014USD ($)shares | Jun. 30, 2015USD ($) | Jun. 04, 2014ZAR / shares |
Class of Stock [Line Items] | ||||||||||
Number of votes per common share | item | 1 | 1 | ||||||||
Stock repurchase program, authorized amount | $ 100,000 | |||||||||
Treasury shares acquired, value | $ 9,151 | $ 24,858 | ||||||||
Treasury shares acquired, shares | shares | 2,428,122 | |||||||||
Common stock price per share | ZAR / shares | ZAR 120 | |||||||||
Share price benchmark, entire outstanding principal amount is required due | ZAR / shares | ZAR 120 | |||||||||
Share price benchmark, trigger event for repurchase of shares | ZAR / shares | ZAR 60 | |||||||||
Failed arbitration, trigger event, days | 7 days | 7 days | ||||||||
Period of trading days to the trigger events | 30 days | 30 days | ||||||||
Common stock repurchase per share | ZAR / shares | ZAR 109.98 | |||||||||
Restricted resale period from date of issuance | 5 years | 5 years | ||||||||
Gain (loss) from non-controlling interests | $ 1,407 | |||||||||
KSNET [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Business acquisition, cost of acquired entity, cash paid | $ 2,000 | |||||||||
Difference in amount, fair value of consideration paid and non-controlling interest adjustment | $ 1,500 | |||||||||
Gain (loss) from non-controlling interests | $ 0 | |||||||||
Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Treasury shares acquired, shares | shares | 0 | 0 | 0 | |||||||
Black Economic Empowerment [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Loan agreement term, in years | 5 years | 5 years | ||||||||
Basis points added to rate | 3.00% | 3.00% | ||||||||
Percent of outstanding principal amount due for first and second payments | 10.00% | 10.00% | ||||||||
Number of transactions | item | 2 | |||||||||
Percent of outstanding principal amount due for third and fourth payments | 15.00% | 15.00% | ||||||||
Black Economic Empowerment [Member] | Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Treasury shares acquired, shares | shares | 2,400,000 | |||||||||
Number of shares, issued | shares | 4,400,000 | 4,400,000 | ||||||||
Common stock price per share | ZAR / shares | ZAR 60 | |||||||||
Calculated percentage of the closing price of common stock | 75.00% | |||||||||
Percentage of discount | 25.00% | |||||||||
Business Venture Investment [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Treasury shares acquired, value | ZAR 97.4 | $ 9,200 | ||||||||
Treasury shares acquired, shares | shares | 1,837,432 | 1,837,432 | ||||||||
Cash Paymaster Services [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Percent of subscription shares | 12.50% | 12.50% | ||||||||
Subscription of shares, value | ZAR 15 | $ 1,400 |
Common Stock (Number Of Shares,
Common Stock (Number Of Shares, Net Of Treasury) (Details) - shares | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Common Stock [Abstract] | |||
Number of shares, net of treasury | 46,679,565 | 47,819,299 | 45,592,550 |
Less: Non-vested equity shares that have not vested as of end of year (Note 18) | 341,529 | 385,778 | 405,226 |
Number of shares, net of treasury excluding non-vested equity shares that have not vested | 46,338,036 | 47,433,521 | 45,187,324 |
Accumulated Other Comprehensi80
Accumulated Other Comprehensive (Loss) Income (Changes In Accumulated Other Comprehensive (Loss) Income ) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (82,741) | $ (100,858) | $ (75,722) |
Other comprehensive income, net of tax | (56,652) | 18,295 | (25,136) |
Ending Balance | (139,181) | (82,741) | (100,858) |
Reclassification from accumulated other comprehensive (loss) income | 0 | 0 | 0 |
Release Of Foreign Currency Translation Reserve Related To Sale/Liquidation Of Businesses [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income, net of tax | 4,277 | ||
Foreign Currency Translation Reserve [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (83,359) | (101,188) | (75,137) |
Other comprehensive income, net of tax | (56,862) | 13,552 | (26,051) |
Ending Balance | (140,221) | (83,359) | (101,188) |
Foreign Currency Translation Reserve [Member] | Release Of Foreign Currency Translation Reserve Related To Sale/Liquidation Of Businesses [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income, net of tax | 4,277 | ||
Net Unrealized Income (Loss) On Asset Available For Sale, Net Of Tax [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 618 | 330 | (585) |
Other comprehensive income, net of tax | 422 | 288 | 915 |
Ending Balance | 1,040 | 618 | 330 |
Other comprehensive income (loss), tax | $ 97 | $ 112 | $ 356 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenue [Abstract] | |||||||||||
Services rendered - comprising mainly fees and commissions | $ 536,046 | $ 518,297 | $ 430,268 | ||||||||
Loan-based fees received | 62,235 | 33,560 | 6,613 | ||||||||
Sale of goods - comprising mainly hardware and software sales | 27,698 | 29,799 | 15,266 | ||||||||
REVENUE (Note 16) | $ 164,286 | $ 151,121 | $ 154,131 | $ 156,441 | $ 182,753 | $ 138,126 | $ 137,283 | $ 123,494 | 625,979 | 581,656 | 452,147 |
Service rendered, once off receipt related to the recovery of additional implementation costs | 26,600 | ||||||||||
Percentage of completion method, revenue recognized | $ 0 | $ 0 | $ 0 |
Equity Instruments Issued Pur82
Equity Instruments Issued Pursuant To BEE Transactions (Details) - 2014 Transaction [Member] - USD ($) $ in Millions | Apr. 16, 2014 | Jun. 30, 2015 |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Expected volatility rate | 21.04% | |
Risk free rate | 7.90% | |
Expected term, in years | 5 years | |
Estimated expected volatility calculation period, in days | 30 days | |
Common Stock [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Number of shares, issued | 4,400,000 | |
Fair value of option | $ 11.3 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | Sep. 09, 2014shares | Aug. 27, 2014$ / shares | Nov. 10, 2013 | Nov. 10, 2012 | Nov. 10, 2011 | Nov. 30, 2014shares | Aug. 31, 2014shares | Aug. 31, 2012shares | Nov. 30, 2010employeeshares | Jun. 30, 2015USD ($)employeeshares | Jun. 30, 2014USD ($)$ / sharesshares | Jun. 30, 2013USD ($)$ / sharesshares | Jun. 30, 2012$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share based compensation options expiration period, in years | 10 years | ||||||||||||
Number of executive officers that were approved for shares | employee | 2 | ||||||||||||
Award shares vested percentage | 33.00% | ||||||||||||
Exercisable stock options | 572,238 | 330,967 | 462,333 | 442,666 | |||||||||
Proceeds from exercise of stock options | $ | $ 2,000 | $ 200 | $ 200 | ||||||||||
Less: Non-vested equity shares that have not vested as of end of year (Note 18) | 341,529 | 385,778 | 405,226 | ||||||||||
Stock-based compensation charge | $ | $ 3,195 | $ 3,718 | $ 3,907 | ||||||||||
Fair value of restricted stock vested | $ | $ 3,200 | $ 1,900 | $ 1,200 | ||||||||||
Share-based compensation, number of shares exercised | 773,633 | 26,667 | 30,000 | ||||||||||
Forfeitures, Number of shares | 136,420 | 55,333 | |||||||||||
Portion of stock options exercised during period | 201,395 | ||||||||||||
Vested number of shares of restricted stock | 23,436 | ||||||||||||
Exercise of stock option (Note 18) | $ | $ 2,045 | $ 198 | $ 240 | ||||||||||
Common stock, shares issued | 336,584 | 46,679,565 | 47,819,299 | ||||||||||
Risk-free rate | 1.21% | 1.27% | 1.00% | 0.90% | 0.30% | ||||||||
Expected volatility | 63.73% | 76.01% | 60.00% | 50.00% | 49.00% | ||||||||
Period of trading days to the trigger events | 30 days | ||||||||||||
Expected volatility calculation term | 250 days | ||||||||||||
Percentage increase of common stock price on market | 20.00% | ||||||||||||
Non-employee Directors [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Forfeitures, Number of shares | 7,171 | ||||||||||||
Remuneration Committee Of The Board Agreed For Accelerated Vesting [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Exercisable stock options | 30,000 | ||||||||||||
Vested number of shares of restricted stock | 8,547 | ||||||||||||
Net1 UTA [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Deferred tax asset | $ | $ 1,400 | $ 1,600 | |||||||||||
Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
General vesting period | 3 years | ||||||||||||
Awards provided for vesting upon recipients continuous service through vesting date and company achieving financial performance target | 0.33 | ||||||||||||
Number of options issued | 71,530 | 127,626 | 83,000 | ||||||||||
Number of executive officers that were approved for shares | employee | 2 | ||||||||||||
Fundamental EPS | $ / shares | $ 1.90 | $ 1.60 | $ 1.44 | ||||||||||
Unrecognized compensation cost | $ | $ 1,200 | ||||||||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | ||||||||||||
Stock Options [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Unrecognized compensation cost | $ | $ 1,600 | ||||||||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | ||||||||||||
Stock Incentive Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Total number of shares of common stock issuable under plan | 8,552,580 | ||||||||||||
Maximum number of shares for which awards may granted during calendar year to any participant | 569,120 | ||||||||||||
Maximum number of shares subject to stock option awards that can be granted during calendar year | 569,120 | ||||||||||||
Maximum amount that can be granted in calendar year awards other than stock options | $ | $ 20,000 | ||||||||||||
November 10, 2012 [Member] | Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Future awards provided for vesting upon recipients continuous service through vesting date and company achieving financial performance target, for November 10, 2012 and 2013 | 0.33 | ||||||||||||
November 10, 2013 [Member] | Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Future awards provided for vesting upon recipients continuous service through vesting date and company achieving financial performance target, for November 10, 2012 and 2013 | 0.33 | ||||||||||||
Maximum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Cosing price, per share | $ / shares | $ 19.41 | ||||||||||||
Minimum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Cosing price, per share | $ / shares | $ 11.23 |
Stock-Based Compensation (Range
Stock-Based Compensation (Range Of Assumptions Used To Value Options Granted) (Details) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2014 | Aug. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock-Based Compensation [Abstract] | |||||
Expected volatility | 63.73% | 76.01% | 60.00% | 50.00% | 49.00% |
Expected dividends | 0.00% | 0.00% | 0.00% | ||
Expected life (in years) | 3 years | 3 years | 3 years | ||
Risk-free rate | 1.21% | 1.27% | 1.00% | 0.90% | 0.30% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summarized Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Stock-Based Compensation [Abstract] | |||||||
Outstanding, Number of shares, Beginning Balance | 2,710,392 | 2,648,583 | 2,247,583 | ||||
Exercised, Number of shares | (773,633) | (26,667) | (30,000) | ||||
Granted under Plan, Number of shares | 464,410 | 224,896 | 431,000 | ||||
Forfeitures, Number of shares | (136,420) | (55,333) | |||||
Outstanding, Number of shares, Ending Balance | 2,401,169 | 2,710,392 | 2,648,583 | 2,247,583 | |||
Exercisable, Number of Shares | 1,643,163 | ||||||
Vested and expecting to vest, Number of shares | 2,401,169 | ||||||
Outstanding, Weighted average exercise price, Beginning Balance | $ 14.16 | $ 15.15 | $ 16.28 | ||||
Exercised, Weighted average exercise price | 8.35 | 7 | 7.98 | ||||
Forfeitures, Weighted average exercise price | 23.51 | ||||||
Granted under Plan, Weighted average exercise price | $ 11.23 | $ 7.35 | $ 8.75 | ||||
Outstanding, Weighted average exercise price, Ending Balance | 15.34 | $ 14.16 | $ 15.15 | $ 16.28 | |||
Exercisable, Weighted average exercise price | 17.82 | ||||||
Vested and expecting to vest, Weighted average exercise price | $ 15.34 | ||||||
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 4 years 8 months 27 days | 5 years 4 months 17 days | 5 years 11 months 23 days | 6 years 5 months 5 days | |||
Granted under Plan, Weighted Average Remaining Contractual Term (in years) | 10 years | 10 years | 10 years | ||||
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 4 years 8 months 27 days | 5 years 4 months 17 days | 5 years 11 months 23 days | 6 years 5 months 5 days | |||
Exercisable, Weighted Average Remaining Contractual Term (in years) | 2 years 11 months 16 days | ||||||
Vested and expecting to vest, Weighted Average Remaining Contractual Term (in years) | 4 years 8 months 27 days | ||||||
Outstanding, Aggregate Intrinsic Value, Beginning Balance | $ 3,909 | $ 313 | $ 602 | ||||
Exercised, Aggregate Intrinsic Value | 3,845 | 91 | 24 | ||||
Granted under Plan, Aggregate Intrinsic Value | $ 2,113 | $ 568 | $ 1,249 | ||||
Outstanding, Aggregate Intrinsic Value, Ending Balance | 11,516 | $ 3,909 | $ 313 | $ 602 | |||
Exercisable, Aggregate Intrinsic Value | 5,234 | ||||||
Forfeited, Aggregate Intrinsic Value | |||||||
Vested and expecting to vest, Aggregate Intrinsic Value | $ 11,516 | ||||||
Granted under Plan, Weighted Average Grant Date Fair Value | $ 4.55 | $ 2.53 | $ 2.90 | ||||
Options exercise price range, lower limit | $ 7.35 | ||||||
Options exercise price range, upper limit | $ 24.46 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | Feb. 28, 2014 | Aug. 31, 2013 | May. 31, 2013 | Feb. 28, 2013 | Aug. 31, 2012 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 385,778 | 405,226 | |||||||||
Vested, Number of Shares of Restricted Stock | (23,436) | ||||||||||
Forfeitures, Number of shares | (136,420) | (55,333) | |||||||||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 341,529 | 385,778 | 405,226 | ||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 385,778 | 405,226 | 646,617 | ||||||||
Granted, Number of Shares of Restricted Stock | 71,530 | 141,707 | 187,963 | 21,569 | 213,237 | ||||||
Vested, Number of Shares of Restricted Stock | (183,334) | (74,152) | (183,333) | (16,907) | (858) | (183,333) | (23,436) | (257,486) | (200,240) | (207,627) | |
Forfeitures, Number of shares | (7,171) | (55,333) | |||||||||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 341,529 | 385,778 | 405,226 | ||||||||
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 3,534 | $ 4,393 | $ 7,061 | ||||||||
Granted, Weighted Average Grant Date Fair Value | $ 229 | $ 581 | $ 1,382 | $ 189 | |||||||
Vested, Weighted Average Grant Date Fair Value | $ 2,400 | $ 828 | $ 1,742 | $ 161 | $ 7 | $ 1,016 | $ 216 | ||||
Forfeitures, Weighted Average Grant Date Fair Value | 84 | 407 | |||||||||
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 1,759 | $ 3,534 | $ 4,393 |
Stock-Based Compensation (Recor
Stock-Based Compensation (Recorded Net Stock Compensation Charge) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation charge | $ 3,195 | $ 3,724 | $ 4,387 |
Reversal of stock compensation charge related to restricted stock forfeited | (6) | (480) | |
Total | 3,195 | 3,718 | 3,907 |
Allocated To Selling, General And Administration [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation charge | 3,195 | 3,724 | 4,387 |
Reversal of stock compensation charge related to restricted stock forfeited | (6) | (480) | |
Total | $ 3,195 | $ 3,718 | $ 3,907 |
Deconsolidation Of Businesses88
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business (Narrative) (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||
Jul. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Jul. 31, 2014USD ($) | Jun. 30, 2015USD ($)item | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Profit on sale of business | $ (55) | |||||
Cash received from sale of business | $ 1,895 | 186 | ||||
MediKredit [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Profit on sale of business | 4,125 | |||||
Number of tranches, sale price received | item | 3 | |||||
Percent of sales price received, reporting period | 57.00% | |||||
Percent of sales price received, year 2 | 14.00% | |||||
Threshold dollar amount of services provided before cost will be incurred | 300 | |||||
Gain from foreign currency transaction reserve | 2,000 | |||||
Transaction-related expenditure | 10 | |||||
Net 1 Universal Electronic Technological Solutions [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Profit on sale of business | 2,081 | |||||
Transaction-related expenditure | 60 | |||||
Cash received from sale of business | $ 200 | $ 2,200 | ||||
Net 1 Universal Electronic Technological Solutions [Member] | Subsequent Event [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash received from sale of business | $ 1,900 | |||||
Net1 UTA [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Profit on sale of business | $ (6,261) |
Deconsolidation Of Businesses89
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business (Profit (Loss) On Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Profit on sale of business | $ (55) | ||
MediKredit [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Profit on sale of business | 4,125 | ||
Net 1 Universal Electronic Technological Solutions [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Profit on sale of business | 2,081 | ||
Net1 UTA [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Profit on sale of business | $ (6,261) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Abstract] | |||||||||||
Operating loss | $ (32,613) | $ (31,966) | $ (30,815) | $ (33,125) | $ (42,647) | $ (23,949) | $ (18,802) | $ (16,400) | $ (128,519) | $ (101,798) | $ (23,162) |
Deferred tax assets | 13,168 | 14,353 | 13,168 | 14,353 | |||||||
Unused foreign tax credits | 0 | 0 | $ 0 | 0 | |||||||
Foreign tax credits expiration period | 10 years | ||||||||||
Valuation allowances | 22,550 | 25,153 | $ 22,550 | 25,153 | |||||||
Unrecognized tax benefit | 2,300 | 1,200 | 2,300 | 1,200 | |||||||
Changes in enacted tax rate | 0 | 0 | $ 0 | ||||||||
Accrued interest related to uncertain tax positions | $ 300 | $ 200 | $ 300 | $ 200 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax [Line Items] | |||
Income before income taxes | $ 140,418 | $ 109,142 | $ 27,279 |
South Africa [Member] | |||
Income Tax [Line Items] | |||
Income before income taxes | 137,138 | 121,338 | 38,654 |
United States [Member] | |||
Income Tax [Line Items] | |||
Income before income taxes | (7,286) | (9,923) | (10,075) |
Other [Member] | |||
Income Tax [Line Items] | |||
Income before income taxes | $ 10,566 | $ (2,273) | $ (1,300) |
Income Taxes (Provisions For In
Income Taxes (Provisions For Income Taxes By Location Of Taxing Jurisdiction) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax [Line Items] | |||
Current income tax | $ 48,795 | $ 61,902 | $ 33,968 |
Deferred taxation (benefit) charge | (2,292) | (7,887) | (4,915) |
Capital gains tax | 202 | 7 | |
Foreign tax credits generated-United States | (2,367) | (14,838) | (14,404) |
Income tax provision | 44,136 | 39,379 | 14,656 |
South Africa [Member] | |||
Income Tax [Line Items] | |||
Current income tax | 39,901 | 41,326 | 15,418 |
Deferred taxation (benefit) charge | 398 | (3,345) | (2,037) |
United States [Member] | |||
Income Tax [Line Items] | |||
Current income tax | 3,109 | 14,838 | 16,061 |
Deferred taxation (benefit) charge | 485 | (107) | (331) |
Other [Member] | |||
Income Tax [Line Items] | |||
Current income tax | 5,785 | 5,738 | 2,489 |
Deferred taxation (benefit) charge | $ (3,175) | $ (4,435) | $ (2,547) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Taxes) (Details) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Abstract] | |||
Income taxes at fully-distributed South African tax rate | 28.00% | 28.00% | 28.00% |
Non-deductible items | 2.36% | 4.71% | 6.78% |
Foreign tax rate differential | 0.06% | 1.89% | 10.39% |
Foreign tax credits | 1.68% | 13.59% | 52.80% |
Taxation on deemed dividends in United States | 3.46% | 13.46% | 57.32% |
Capital gains tax paid | 0.00% | 0.19% | 0.03% |
Movement in valuation allowance | (0.08%) | 1.23% | 9.40% |
Prior year adjustments | (0.69%) | 0.19% | (5.39%) |
Income tax provision | 31.43% | 36.08% | 53.73% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Income Taxes [Abstract] | ||
Net operating loss carryforwards | $ 1,216 | $ 1,901 |
Provisions and accruals | 5,653 | 5,470 |
FTS patent | 691 | 909 |
Intangible assets | 616 | 123 |
Foreign tax credits | 20,212 | 23,338 |
Other | 7,330 | 7,765 |
Total deferred tax assets before valuation allowance | 35,718 | 39,506 |
Valuation allowances | (22,550) | (25,153) |
Total deferred tax assets, net of valuation allowance | 13,168 | 14,353 |
Intangible assets | 11,510 | 16,600 |
Other | 4,924 | 5,824 |
Total deferred tax liabilities | 16,434 | 22,424 |
Current deferred tax assets | 7,298 | 7,451 |
Long term deferred tax liabilities | 10,564 | 15,522 |
Net deferred income tax liabilities | $ 3,266 | $ 8,071 |
Income Taxes (Movement In Valua
Income Taxes (Movement In Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | $ 25,153 | $ 54,117 |
Reversed to statement of operations | (3,126) | (1,412) |
Charged to statement of operations | 794 | 1,442 |
Utilized | (128) | (26,698) |
Deconsolidation | (3,075) | |
Foreign currency adjustment | (143) | 779 |
Valuation Allowances, Balance, Ending Balance | 22,550 | 25,153 |
Foreign Tax Credits [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 23,337 | 24,636 |
Reversed to statement of operations | (3,126) | (1,412) |
Charged to statement of operations | 113 | |
Valuation Allowances, Balance, Ending Balance | 20,211 | 23,337 |
Tax Deductible Goodwill [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 16,957 | |
Utilized | (17,682) | |
Foreign currency adjustment | 725 | |
Net Operating Loss Carry-forwards [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 1,244 | 11,814 |
Charged to statement of operations | 1,329 | |
Utilized | (128) | (9,016) |
Deconsolidation | (3,075) | |
Foreign currency adjustment | (28) | 192 |
Valuation Allowances, Balance, Ending Balance | 1,088 | 1,244 |
FTS Patent [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 369 | 474 |
Foreign currency adjustment | (115) | (105) |
Valuation Allowances, Balance, Ending Balance | 254 | 369 |
Other [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 203 | 236 |
Charged to statement of operations | 794 | |
Foreign currency adjustment | (33) | |
Valuation Allowances, Balance, Ending Balance | $ 997 | $ 203 |
Income Taxes (Schedule Of Opera
Income Taxes (Schedule Of Operating Loss Carryforwards) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Income Taxes [Abstract] | |
US net operating loss carry forwards, expiring in 2025 | $ 2,974 |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Total Amounts Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Abstract] | |||
Unrecognized tax benefits - opening balance | $ 1,160 | $ 1,150 | $ 1,314 |
Gross decreases - tax positions in prior periods | (170) | ||
Gross increase - tax positions in current period | 1,311 | 38 | 216 |
Foreign currency adjustment | (149) | (28) | (210) |
Unrecognized tax benefits - closing balance | $ 2,322 | $ 1,160 | $ 1,150 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - 12 months ended Jun. 30, 2015 - $ / shares | Total |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Options exercise price range, lower limit | $ 7.35 |
Options exercise price range, upper limit | $ 24.46 |
Stock Options [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Options outstanding not included in computation of diluted earings per share | 1,597,751 |
Options exercise price range, lower limit | $ 11.23 |
Options exercise price range, upper limit | $ 24.46 |
Earnings Per Share (Income From
Earnings Per Share (Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Net1 | $ 23,914 | $ 24,358 | $ 22,374 | $ 24,089 | $ 28,584 | $ 17,182 | $ 12,749 | $ 11,596 | $ 94,735 | $ 70,111 | $ 12,977 |
Undistributed earnings | $ 94,735 | $ 70,111 | $ 12,977 | ||||||||
Percent allocated to common shareholders (Calculation 1) | 99.00% | 99.00% | 99.00% | ||||||||
Numerator for earnings per share: basic and diluted | $ 93,750 | $ 69,376 | $ 12,836 | ||||||||
Denominator for basic earnings per share: weighted-average common shares outstanding | 46,247 | 45,997 | 45,057 | ||||||||
Effect of dilutive securities: Performance shares related to acquisitions | 95 | ||||||||||
Effect of dilutive securities: Stock options | 152 | 119 | 30 | ||||||||
Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion | 46,399 | 46,116 | 45,182 | ||||||||
Earnings per share: Basic | $ 0.51 | $ 0.52 | $ 0.48 | $ 0.51 | $ 0.59 | $ 0.38 | $ 0.28 | $ 0.25 | $ 2.03 | $ 1.51 | $ 0.28 |
Earnings per share: Diluted | $ 0.51 | $ 0.52 | $ 0.48 | $ 0.51 | $ 0.58 | $ 0.37 | $ 0.28 | $ 0.25 | $ 2.02 | $ 1.50 | $ 0.28 |
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) | 46,733 | 46,484 | 45,553 |
Supplemental Cash Flow Infor100
Supplemental Cash Flow Information (Narrative) (Details) - $ / shares | Jun. 30, 2015 | Sep. 09, 2014 | Jun. 30, 2014 |
Supplemental Cash Flow Information [Abstract] | |||
Common stock, shares issued | 46,679,565 | 336,584 | 47,819,299 |
Closing price, per share | $ 13.93 |
Supplemental Cash Flow Infor101
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash received from interest | $ 16,399 | $ 14,703 | $ 12,043 |
Cash paid for interest | 4,360 | 6,969 | 7,927 |
Cash paid for income taxes | $ 45,459 | $ 42,417 | $ 21,900 |
Supplemental Cash Flow Infor102
Supplemental Cash Flow Information (Cash Flow Movements If Cash Had Been Transferred) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Other Significant Noncash Transactions [Line Items] | |||
Issue of shares of the Company's common stock to BEE partners | $ 2,045 | $ 198 | $ 240 |
Purchase of shares from BEE partners | (9,151) | ||
Black Economic Empowerment [Member] | If Cash Had Actually Flowed Between The Parties [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Loans provided to BEE partners | (25,054) | ||
Loans repaid by BEE partners | 24,574 | ||
Issue of shares of the Company's common stock to BEE partners | 25,054 | ||
Purchase of shares from BEE partners | $ (24,858) |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) | 12 Months Ended | ||
Jun. 30, 2015customersegment | Jun. 30, 2014customer | Jun. 30, 2013customer | |
Operating Segments [Abstract] | |||
Number of business segments | 3 | ||
Individually significant customer minimum revenue threshold percentage | 10.00% | ||
Number of customers accounting for more than ten percent of total revenue | customer | 1 | 1 | 1 |
Percentage of customer revenue of total revenue | 24.00% | 27.00% | 42.00% |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of Reportable Segments Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 164,286 | $ 151,121 | $ 154,131 | $ 156,441 | $ 182,753 | $ 138,126 | $ 137,283 | $ 123,494 | $ 625,979 | $ 581,656 | $ 452,147 |
South African Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 215,931 | 250,034 | 242,244 | ||||||||
International Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 164,554 | 152,725 | 135,954 | ||||||||
Financial Inclusion And Applied Technology [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 245,494 | 178,897 | 73,949 | ||||||||
Reportable Segment [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 673,606 | 621,897 | 486,694 | ||||||||
Reportable Segment [Member] | South African Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 236,452 | 261,577 | 242,739 | ||||||||
Reportable Segment [Member] | International Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 164,554 | 152,725 | 135,954 | ||||||||
Reportable Segment [Member] | Financial Inclusion And Applied Technology [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 272,600 | 207,595 | 108,001 | ||||||||
Inter-Segment [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 47,627 | 40,241 | 34,547 | ||||||||
Inter-Segment [Member] | South African Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 20,521 | 11,543 | 495 | ||||||||
Inter-Segment [Member] | Financial Inclusion And Applied Technology [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 27,106 | $ 28,698 | $ 34,052 |
Operating Segments (Reconcil105
Operating Segments (Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Operating Income (Loss) | $ 32,613 | $ 31,966 | $ 30,815 | $ 33,125 | $ 42,647 | $ 23,949 | $ 18,802 | $ 16,400 | $ 128,519 | $ 101,798 | $ 23,162 |
Interest income | 16,355 | 14,817 | 12,083 | ||||||||
Interest expense | (4,456) | (7,473) | (7,966) | ||||||||
Income before income taxes | 140,418 | 109,142 | 27,279 | ||||||||
Reportable Segment [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Operating Income (Loss) | 150,538 | 144,038 | 50,383 | ||||||||
Inter-Segment [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Operating Income (Loss) | $ (22,019) | $ (42,240) | $ (27,221) |
Operating Segments (Summary Of
Operating Segments (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 164,286 | $ 151,121 | $ 154,131 | $ 156,441 | $ 182,753 | $ 138,126 | $ 137,283 | $ 123,494 | $ 625,979 | $ 581,656 | $ 452,147 |
Operating income (loss) | $ 32,613 | $ 31,966 | $ 30,815 | $ 33,125 | $ 42,647 | $ 23,949 | $ 18,802 | $ 16,400 | 128,519 | 101,798 | 23,162 |
Depreciation and amortization | 40,685 | 40,286 | 40,599 | ||||||||
Expenditures for long-lived assets | 36,436 | 23,906 | 22,747 | ||||||||
Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 673,606 | 621,897 | 486,694 | ||||||||
Operating income (loss) | 150,538 | 144,038 | 50,383 | ||||||||
Depreciation and amortization | 25,747 | 23,733 | 22,377 | ||||||||
Expenditures for long-lived assets | 36,436 | 23,906 | 22,747 | ||||||||
Inter-Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 47,627 | 40,241 | 34,547 | ||||||||
Operating income (loss) | (22,019) | (42,240) | (27,221) | ||||||||
Depreciation and amortization | 14,938 | 16,553 | 18,222 | ||||||||
South African Transaction Processing [Member] | Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 236,452 | 261,577 | 242,739 | ||||||||
Operating income (loss) | 51,008 | 61,401 | (21,316) | ||||||||
Depreciation and amortization | 7,093 | 7,036 | 7,516 | ||||||||
Expenditures for long-lived assets | 7,008 | 3,425 | 9,400 | ||||||||
International Transaction Processing [Member] | Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 164,554 | 152,725 | 135,954 | ||||||||
Operating income (loss) | 26,805 | 21,952 | 14,208 | ||||||||
Depreciation and amortization | 17,846 | 15,823 | 14,183 | ||||||||
Expenditures for long-lived assets | 28,205 | 19,393 | 12,490 | ||||||||
Financial Inclusion And Applied Technology [Member] | Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 272,600 | 207,595 | 108,001 | ||||||||
Operating income (loss) | 72,725 | 60,685 | 57,491 | ||||||||
Depreciation and amortization | 808 | 874 | 678 | ||||||||
Expenditures for long-lived assets | $ 1,223 | $ 1,088 | $ 857 |
Operating Segments (Revenue Bas
Operating Segments (Revenue Based On Geographic Location) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 164,286 | $ 151,121 | $ 154,131 | $ 156,441 | $ 182,753 | $ 138,126 | $ 137,283 | $ 123,494 | $ 625,979 | $ 581,656 | $ 452,147 |
South Africa [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 461,425 | 428,931 | 317,916 | ||||||||
South Korea [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 160,853 | 146,667 | 129,338 | ||||||||
Rest Of World [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 3,701 | $ 6,058 | $ 4,893 |
Operating Segments (Long-Lived
Operating Segments (Long-Lived Assets Based On Geographical Location) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 295,207 | $ 342,050 | $ 339,123 |
South Africa [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 72,467 | 105,627 | 117,858 |
South Korea [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 202,682 | 229,830 | 213,589 |
Rest Of World [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 20,058 | $ 6,593 | $ 7,676 |
Commitments And Contingencie109
Commitments And Contingencies (Narrative) (Details) ZAR in Millions, $ in Millions | 12 Months Ended | ||||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Jun. 30, 2015ZAR | Jun. 30, 2015USD ($) | |
Guarantor Obligations [Line Items] | |||||
Operating lease payments | $ 6.8 | $ 7.5 | $ 15.9 | ||
Capital commitments | 0.2 | $ 3.4 | |||
Purchase obligations | $ 5.5 | 5 | |||
Guarantee [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee amount | ZAR 125 | 10.2 | |||
Maximum payment amount under guarantee | 134.5 | 11 | |||
Charge rate, minimum | 0.20% | ||||
Charge rate, maximum | 2.00% | ||||
Nedbank [Member] | Guarantee [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee amount | ZAR 134.5 | $ 11 |
Commitments And Contingencie110
Commitments And Contingencies (Future Minimum Payments Under Operating Leases) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Commitments And Contingencies [Abstract] | |
Due within 1 year | $ 3,828 |
Due within 2 years | 2,133 |
Due within 3 years | 794 |
Due within 4 years | 314 |
Due within 5 years | $ 107 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2013USD ($) | |
Related Party Transactions [Abstract] | |
Payment to N1MS (formerly PBEL) | $ 0.1 |
Unaudited Quartely Results (Det
Unaudited Quartely Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Unaudited Quarterly Results [Abstract] | |||||||||||
Revenue | $ 164,286 | $ 151,121 | $ 154,131 | $ 156,441 | $ 182,753 | $ 138,126 | $ 137,283 | $ 123,494 | $ 625,979 | $ 581,656 | $ 452,147 |
Operating (loss) income | 32,613 | 31,966 | 30,815 | 33,125 | 42,647 | 23,949 | 18,802 | 16,400 | 128,519 | 101,798 | 23,162 |
Net income attributable to Net1 | $ 23,914 | $ 24,358 | $ 22,374 | $ 24,089 | $ 28,584 | $ 17,182 | $ 12,749 | $ 11,596 | $ 94,735 | $ 70,111 | $ 12,977 |
Basic earnings attributable to Net1 shareholders | $ 0.51 | $ 0.52 | $ 0.48 | $ 0.51 | $ 0.59 | $ 0.38 | $ 0.28 | $ 0.25 | $ 2.03 | $ 1.51 | $ 0.28 |
Diluted earnings attributable to Net1 shareholders | $ 0.51 | $ 0.52 | $ 0.48 | $ 0.51 | $ 0.58 | $ 0.37 | $ 0.28 | $ 0.25 | $ 2.02 | $ 1.50 | $ 0.28 |