Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2015 | Nov. 03, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 Common Stock, Shares Outstanding | 47,322,702 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | [1] |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 125,610 | $ 117,583 | |
Pre-funded social welfare grants receivable (Note 2) | 1,411 | 2,306 | |
Accounts receivable, net of allowances of - September: $2,767; June: $1,956 | 153,453 | 148,768 | |
Finance loans receivable, net of allowances of - September; $3,640; June: $4,227 | 33,921 | 40,373 | |
Inventory (Note 3) | 12,335 | 12,979 | |
Deferred income taxes | 6,829 | 7,298 | |
Total current assets before settlement assets | 333,559 | 329,307 | |
Settlement assets (Note 4) | 600,195 | 661,916 | |
Total current assets | 933,754 | 991,223 | |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - September: $92,145; June: $94,014 | 52,048 | 52,320 | |
EQUITY-ACCOUNTED INVESTMENTS | 14,342 | 14,329 | |
GOODWILL (Note 6) | 154,294 | 166,437 | |
INTANGIBLE ASSETS, net (Note 6) | 40,862 | 47,124 | |
OTHER LONG-TERM ASSETS, including reinsurance assets (Note 5 and Note 7) | 13,982 | 14,997 | |
TOTAL ASSETS | 1,209,282 | 1,286,430 | |
CURRENT LIABILITIES | |||
Accounts payable | 15,527 | 21,453 | |
Other payables | 49,011 | 45,595 | |
Current portion of long-term borrowings (Note 9) | 8,359 | 8,863 | |
Income taxes payable | 12,848 | 6,287 | |
Total current liabilities before settlement obligations | 85,745 | 82,198 | |
Settlement obligations (Note 4) | 600,195 | 661,916 | |
Total current liabilities | 685,940 | 744,114 | |
DEFERRED INCOME TAXES | 9,169 | 10,564 | |
LONG-TERM BORROWINGS (Note 9) | 48,561 | 50,762 | |
OTHER LONG-TERM LIABILITIES, including insurance policy liabilities (Note 7) | 2,178 | 2,205 | |
TOTAL LIABILITIES | $ 745,848 | $ 807,645 | |
COMMITMENTS AND CONTINGENCIES (Note 17) | |||
EQUITY | |||
COMMON STOCK (Note 10) Authorized: 200,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury - September: 47,322,702; June: 46,679,565 | $ 64 | $ 64 | |
PREFERRED STOCK Authorized shares: 50,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury: September: -; June: - | |||
ADDITIONAL PAID-IN CAPITAL | $ 218,384 | $ 213,896 | |
TREASURY SHARES, AT COST: September: 18,057,228; June: 18,057,228 | (214,520) | (214,520) | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | (182,545) | (139,181) | |
RETAINED EARNINGS | 640,888 | 617,868 | |
TOTAL NET1 EQUITY | 462,271 | 478,127 | |
NON-CONTROLLING INTEREST | 1,163 | 658 | |
TOTAL EQUITY | 463,434 | 478,785 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,209,282 | $ 1,286,430 | |
[1] | Derived from audited financial statements |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances for doubtful accounts | $ 2,767 | $ 1,956 |
Finance loans receivable, allowances | 3,640 | 4,227 |
Property, plant and equipment, accumulated depreciation | $ 92,145 | $ 94,014 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 47,322,702 | 46,679,565 |
Common stock, shares outstanding | 47,322,702 | 46,679,565 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Treasury shares, shares outstanding | 18,057,228 | 18,057,228 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statements Of Operations [Abstract] | ||
REVENUE | $ 154,473 | $ 156,441 |
EXPENSE | ||
Cost of goods sold, IT processing, servicing and support | 77,382 | 74,406 |
Selling, general and administration | 35,761 | 38,736 |
Depreciation and amortization | 10,115 | 10,174 |
OPERATING INCOME | 31,215 | 33,125 |
INTEREST INCOME | 4,275 | 4,090 |
INTEREST EXPENSE | 974 | 1,312 |
INCOME BEFORE INCOME TAXES EXPENSE | 34,516 | 35,903 |
INCOME TAX EXPENSE (Note 16) | 10,897 | 11,648 |
NET INCOME BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 23,619 | 24,255 |
EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 188 | 92 |
NET INCOME | 23,807 | 24,347 |
LESS NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 787 | 258 |
NET INCOME ATTRIBUTABLE TO NET1 | $ 23,020 | $ 24,089 |
Net income per share, in United States dollars: (Note 13) | ||
Basic earnings attributable to Net1 shareholders | $ 0.49 | $ 0.51 |
Diluted earnings attributable to Net1 shareholders | $ 0.49 | $ 0.51 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
NET INCOME | $ 23,807 | $ 24,347 |
Other comprehensive income (loss) | ||
Net unrealized income (loss) on asset available for sale, net of tax | 50 | (226) |
Movement in foreign currency translation reserve | (43,696) | (21,185) |
Total other comprehensive loss, net of taxes | (43,646) | (21,411) |
Comprehensive (loss) income | (19,839) | 2,936 |
(Less) comprehensive income attributable to non-controlling interest | (505) | (232) |
Comprehensive (loss)/income attributable to Net1 | $ (20,344) | $ 2,704 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - 3 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Common And Treasury Stock [Member] | Common Stock [Member] | Treasury Stock [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, 2015 | 64,736,793 | 46,679,565 | 18,057,228 | |||||||
Balance at Jun. 30, 2015 | $ 64 | $ (214,520) | $ 213,896 | $ 617,868 | $ (139,181) | $ 478,127 | $ 658 | $ 478,785 | [1] | |
Restricted stock granted (Note 12), shares | 319,492 | 319,492 | ||||||||
Exercise of stock option (Note 12) | 3,762 | 3,762 | $ 3,762 | |||||||
Exercise of stock option (Note 12), shares | 323,645 | 323,645 | 323,645 | |||||||
Stock-based compensation charge (Note 12) | 726 | 726 | $ 726 | |||||||
Net income | 23,020 | 23,020 | 787 | 23,807 | ||||||
Other comprehensive loss (Note 11) | (43,364) | (43,364) | (282) | (43,646) | ||||||
Balance at Sep. 30, 2015 | $ 64 | $ (214,520) | $ 218,384 | $ 640,888 | $ (182,545) | $ 462,271 | $ 1,163 | $ 463,434 | ||
Balance, shares at Sep. 30, 2015 | 65,379,930 | 47,322,702 | 18,057,228 | 47,322,702 | ||||||
[1] | Derived from audited financial statements |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net income | $ 23,807 | $ 24,347 |
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | ||
Depreciation and amortization | 10,115 | 10,174 |
Earnings from equity-accounted investments | (188) | (92) |
Fair value adjustments | 1,433 | 413 |
Interest payable | 709 | 1,159 |
Profit on disposal of plant and equipment | (95) | (122) |
Stock-based compensation charge | 726 | 916 |
Facility fee amortized | 34 | 82 |
(Increase) Decrease in accounts receivable, pre-funded social welfare grants receivable and finance loans receivable | (17,278) | 9,470 |
Increase in inventory | (931) | (2,123) |
Increase (Decrease) in accounts payables and other payables | 2,972 | (10,933) |
Increase in taxes payable | 7,824 | 6,611 |
Decrease in deferred taxes | (1,026) | (390) |
Net cash provided by operating activities | 28,102 | 39,512 |
Cash flows from investing activities | ||
Capital expenditures | (10,698) | (9,378) |
Proceeds from disposal of property, plant and equipment | 348 | 241 |
Proceeds from sale of business (Note 14) | 1,895 | |
Net change in settlement assets | (21,575) | (43,054) |
Net cash used in investing activities | (31,925) | (50,296) |
Cash flows from financing activities | ||
Proceeds from issue of common stock | 3,762 | 989 |
Long-term borrowings utilized | 720 | 1,097 |
Acquisition of treasury stock (Note 10) | (9,151) | |
Sale of equity to non-controlling interest (Note 10) | 1,407 | |
Net change in settlement obligations | 21,575 | 43,054 |
Net cash provided by financing activities | 26,057 | 37,396 |
Effect of exchange rate changes on cash | (14,207) | (4,099) |
Net increase in cash and cash equivalents | 8,027 | 22,513 |
Cash and cash equivalents - beginning of period | 117,583 | 58,672 |
Cash and cash equivalents - end of period | $ 125,610 | $ 81,185 |
Basis Of Presentation And Summa
Basis Of Presentation And Summary Of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2015 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Summary Of Significant Accounting Policies | 1. Basis of Presentation and Summary of Significant Accounting Policies Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements include all majority-owned subsidiaries over which the Company exercises control and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the rules and regulations of the United States Securities and Exchange Commission for quarterly reports on Form 10-Q and include all of the information and disclosures required for interim financial reporting. The results of operations for the three months ended September 30, 2015 and 2014, are not necessarily indicative of the results for the full year. The Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the financial statements, accounting policies and financial notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2015. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair representation of financial results for the interim periods presented. References to the "Company" refer to Net1 and its consolidated subsidiaries, unless the context otherwise requires. References to Net1 are references solely to Net 1 UEPS Technologies, Inc. Recent accounting pronouncements adopted There were no accounting pronouncements adopted during the three months ended September 30, 2015. Recent accounting pronouncements not yet adopted as of September 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 was effective for the Company beginning July 1, 2017, however this date has been extended as per subsequent guidance issued by the FASB. Early adoption is not permitted. 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 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. |
Pre-Funded Social Welfare Grant
Pre-Funded Social Welfare Grants Receivable | 3 Months Ended |
Sep. 30, 2015 | |
Pre-Funded Social Welfare Grants Receivable [Abstract] | |
Pre-Funded Social Welfare Grants Receivable | 2. 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 October 2015 payment service commenced on October 1, 2015, but the Company pre-funded certain merchants participating in the merchant acquiring system on the last two days of September 2015. |
Inventory
Inventory | 3 Months Ended |
Sep. 30, 2015 | |
Inventory [Abstract] | |
Inventory | 3. Inventory The Company's inventory comprised the following categories as of September 30, 2015 and June 30, 2015. September 30, June 30, 2015 2015 Finished goods $ 12,335 $ 12,979 $ 12,335 $ 12,979 |
Settlement Assets And Settlemen
Settlement Assets And Settlement Obligations | 3 Months Ended |
Sep. 30, 2015 | |
Settlement Assets And Settlement Obligations [Abstract] | |
Settlement Assets And Settlement Obligations | 4. Settlement assets and settlement obligations Settlement assets comprise (1) cash received from the South African government that the Company holds pending disbursement to recipient beneficiaries 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 beneficiaries 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. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Sep. 30, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 5. 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 ("ZAR") 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 ZAR, 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 The following section describes the valuation methodologies the Company uses to measure its significant financial assets and liabilities at fair value. 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 applies 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 are 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 September 30, 2015, represented approximately 1 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 September 30, 2015 Fair market Notional amount Strike price value price Maturity EUR 526,263.00 ZAR 15.3809 ZAR15.5532 October 20, 2015 EUR 509,516.00 ZAR 15.4728 ZAR15.6435 November 20, 2015 EUR 529,865.00 ZAR 15.5654 ZAR15.7402 December 21, 2015 EUR 526,663.00 ZAR 15.6625 ZAR15.8358 January 20, 2016 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 The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of September 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 $ 1,884 $ - $ - $ 1,884 Investment in Finbond (available for sale assets included in other long-term assets) - - 6,618 6,618 Other - 1,069 - 1,069 Total assets at fair value $ 1,884 $ 1,069 $ 6,618 $ 9,571 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 Changes in the Company's investment in Finbond (Level 3 that are measured at fair value on a recurring basis) were insignificant during the three months ended September 30, 2015 and 2014, respectively. There have been no 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. |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 3 Months Ended |
Sep. 30, 2015 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Goodwill And Intangible Assets, Net | 6. Goodwill and intangible assets, net Goodwill Summarized below is the movement in the carrying value of goodwill for the three months ended September 30, 2015: Accumulated Carrying Gross value impairment value Balance as of June 30, 2015 $ 166,437 $ - $ 166,437 Foreign currency adjustment (1) (12,143 ) - (12,143 ) Balance as of September 30, 2015 $ 154,294 $ - $ 154,294 (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 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, 2015 $ 24,579 $ 115,519 $ 26,339 $ 166,437 Foreign currency adjustment (1) (3,053 ) (6,537 ) (2,553 ) (12,143 ) Balance as of September 30, 2015 $ 21,526 $ 108,982 $ 23,786 $ 154,294 (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 Carrying value and amortization of intangible assets Summarized below is the carrying value and accumulated amortization of the intangible assets as of September 30, and June 30, 2015: As of September 30, 2015 As of June 30, 2015 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships $ 82,160 $ (44,008 ) $ 38,152 $ 88,109 $ (45,312 ) $ 42,797 Software and unpatented technology 27,872 (27,491 ) 381 29,964 (28,323 ) 1,641 FTS patent 2,731 (2,731 ) - 3,119 (3,119 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks 5,589 (3,260 ) 2,329 6,094 (3,408 ) 2,686 Total finite-lived intangible assets $ 122,858 $ (81,996 ) $ 40,862 $ 131,792 $ (84,668 ) $ 47,124 Aggregate amortization expense on the finite-lived intangible assets for the three months ended September 30, 2015 and 2014, was approximately $ 3.3 3.9 Future estimated annual amortization expense for the next five fiscal years and thereafter, assuming an exchange rate prevailing on September 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 $ 10,105 2017 7,929 2018 7,928 2019 7,634 2020 7,463 Thereafter $ 3,088 |
Reinsurance Assets And Policy H
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 3 Months Ended |
Sep. 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 | 7. 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 three months ended September 30, 2015: Reinsurance Insurance assets (1) contracts (2) Balance as of June 30, 2015 $ 183 $ (567 ) Foreign currency adjustment (3) (23 ) 71 Balance as of September 30, 2015 $ 160 $ (496 ) (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 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. Policyholders' liabilities under insurance contracts are derived from actual claims submitted which had not been settled as of September 30, 2015 and June 30, 2015, respectively, and represents management's estimate of the net present value of future claims and benefits under existing insurance contracts, offset by probable future premiums to be received (net of expected service cost). Assets and policy holder liabilities under investment contracts Summarized below is the movement in assets and policy holder liabilities under investment contracts during the three months ended September 30, 2015: Investment Assets (1) contracts (2) Balance as of June 30, 2015 $ 593 $ (593 ) Foreign currency adjustment (3) (73 ) 73 Balance as of September 30, 2015 $ 520 $ (520 ) (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. |
Short-Term Facilities
Short-Term Facilities | 3 Months Ended |
Sep. 30, 2015 | |
Short-Term Facilities [Abstract] | |
Short-Term Facilities | 8. Short-term credit facility The Company's short-term credit facilities are described in Note 12 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2015. South Africa The Company's short-term South African credit facility with Nedbank Limited comprises an overdraft facility of up to ZAR 50 150 8.35 June 30, 2015 128.2 9.1 150 139.6 11.4 Korea The Company had not utilized any of its KRW 10 8.4 3.20 |
Long-Term Borrowings
Long-Term Borrowings | 3 Months Ended |
Sep. 30, 2015 | |
Long-Term Borrowings [Abstract] | |
Long-Term Borrowings | 9. Long-term borrowings The Company's Korean senior secured loan facility is described in Note 13 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2015. The current carrying value as of September 30, 2015, is $ 60.0 4.74 Interest expense incurred during the three months ended September 30, 2015 and 2014, was $ 0.7 1.1 0.03 0.1 The next scheduled principal payment of $ 8.4 |
Capital Structure
Capital Structure | 3 Months Ended |
Sep. 30, 2015 | |
Capital Structure [Abstract] | |
Common Stock | 10. Capital structure The following table presents reconciliation between the number of shares, net of treasury, presented in the unaudited condensed consolidated statement of changes in equity during the three months ended September 30, 2015 and 2014, respectively, and the number of shares, net of treasury, excluding non-vested equity shares that have not vested during the three months ended September 30, 2015 and 2014, respectively: Sept 30, Sept 30, 2015 2014 Number of shares, net of treasury: Statement of changes in equity 47,322,702 46,475,623 Less: Non-vested equity shares that have not vested (Note 12) (589,447 ) (453,333 ) Number of shares, net of treasury excluding non-vested equity shares that have not vested 46,733,255 46,022,290 Common stock repurchases and transaction with non-controlling interests The Company did not repurchase any of its shares during the three months ended September 30, 2015 and 2014, under its share repurchase authorization. However, on August 27, 2014, the Company entered into a Subscription and Sale of Shares Agreement with Business Venture Investments No 1567 Proprietary Limited (RF) ("BVI"), one of the Company's BEE partners, in preparation for any new potential SASSA tender. Pursuant to the agreement: (i) the Company repurchased BVI's remaining 1,837,432 97.4 9.2 12.5 15.0 1.4 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 11. Accumulated other comprehensive loss The table below presents the change in accumulated other comprehensive (loss) income per component during the three months ended September 30, 2015: Three months ended September 30, 2015 Accumulated Net unrealized Accumulated income on Foreign asset currency available for translation sale, net of reserve tax Total Balance as of June 30, 2015 $ (140,221 ) $ 1,040 $ (139,181 ) Movement in foreign currency translation reserve (43,414 ) - (43,414 ) Unrealized gain on asset available for sale, net of tax of $ 11 - 50 50 Balance as of September 30, 2015 $ (183,635 ) $ 1,090 $ (182,545 ) There were no |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 12. Stock-based compensation Stock option and restricted stock activity Options The following table summarizes stock option activity for the three months ended September 30, 2015 and 2014: Weighted Weighted Weighted Average Average average Remaining Aggregate Grant exercise Contractual Intrinsic Date Fair Number of price Term Value Value shares ($) (in years) ($' 000 ) ($) Outstanding – June 30, 2015 2,401,169 15.34 4.74 11,516 Exercised (323,645 ) 11.62 2,669 Outstanding – September 30, 2015 2,077,524 15.92 4.33 7,509 Outstanding – June 30, 2014 2,710,392 14.16 5.38 3,909 Granted under Plan: August 2014 464,410 11.23 10.00 2,113 4.55 Exercised (688,633 ) 8.24 3,697 Outstanding – September 30, 2014 2,486,169 15.24 5.45 1,820 No 250 no The table below presents the range of assumptions used to value options granted during the three months ended September 30, 2015 and 2014: Three months ended September 30, 2015 2014 Expected volatility n/a 60 % Expected dividends n/a 0 % Expected life (in years) n/a 3 Risk-free rate n/a 1.0 % There were no The following table presents stock options vested and expecting to vest as of September 30, 2015: Weighted Weighted Average average Remaining Aggregate exercise Contractual Intrinsic Number of price Term Value shares ($) (in years) ($' 000 ) Vested and expecting to vest – September 30, 2015 2,077,524 15.92 4.33 7,509 These options have an exercise price range of $ 7.35 24.46 The following table presents stock options that are exercisable as of September 30, 2015: Weighted Weighted Average average Remaining Aggregate exercise Contractual Intrinsic Number of price Term Value shares ($) (in years) ($' 000 ) Exercisable – September 30, 2015 1,764,931 16.93 3.55 5,496 During the three months ended September 30, 2015 and 2014, respectively, 330,967 273,633 3.8 323,645 1.0 116,395 572,238 336,584 Restricted stock The following table summarizes restricted stock activity for the three months ended September 30, 2015 and 2014: Weighted Number of Average Shares of Grant Date Restricted Fair Value Stock ($' 000 ) Non-vested – June 30, 2015 341,529 1,759 Granted – August 2015 319,492 581 Vested – August 2015 (71,574 ) 6,406 Non-vested – September 30, 2015 589,447 7,622 Non-vested – June 30, 2014 385,778 3,534 Granted – August 2014 141,707 581 Vested – August 2014 (74,152 ) 828 Non-vested – September 30, 2014 453,333 3,568 The August 2015 grants comprise 301,537 17,955 One-third of the shares will vest if the Company achieves 2018 Fundamental EPS of $ 2.88 Two-thirds of the shares will vest if the Company achieves 2018 Fundamental EPS of $ 3.30 All of the shares will vest if the Company achieves 2018 Fundamental EPS of $ 3.76 At levels of 2018 Fundamental EPS greater $ 2.88 3.76 3.30 The August 2014 grants comprise 127,626 14,081 19.41 30 The shares of restricted stock, other than the shares awarded to employees in August 2014, have been valued utilizing the closing price of the Company's stock quoted on The Nasdaq Global Select Market on the date of grant. The shares of restricted stock awarded to employees in August 2014 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 three 1.27 30 The fair value of restricted stock vesting during the three months ended September 30, 2015 and 2014, respectively, was $ 1.4 0.8 Stock-based compensation charge and unrecognized compensation cost The Company has recorded a stock-based compensation charge of $0.7 million and $0.9 million, respectively, during the three months ended September 30, 2015 and 2014, which comprised: Allocated to cost of goods sold, IT Allocated to processing, selling, general Total servicing and and charge support administration Three months ended September 30, 2015 Stock-based compensation charge $ 726 $ - $ 726 Total – three months ended September 30, 2015. $ 726 $ - $ 726 Three months ended September 30, 2014 Stock-based compensation charge $ 916 $ - $ 916 Total – three months ended September 30, 2014. $ 916 $ - $ 916 The stock-based compensation charges have been allocated to selling, general and administration based on the allocation of the cash compensation paid to the employees. As of September 30, 2015, the total unrecognized compensation cost related to stock options was approximately $ 1.5 three 1.2 two As of September 30, 2015 and June 30, 2015, respectively, the Company has recorded a deferred tax asset of approximately $ 1.5 1.6 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 13. 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 three months ended September 30, 2015 and 2014, 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 have 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 February 2012, August 2013, August 2014, November 2014 and August 2015 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 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2015. 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: Three months ended September 30, 2015 2014 (in thousands except percent and per share data) Numerator: Net income attributable to Net1 $ 23,020 $ 24,089 Undistributed earnings 23,020 24,089 Percent allocated to common shareholders (Calculation 1) 99 % 99 % Numerator for earnings per share: basic and diluted $ 22,817 $ 23,847 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 46,209 46,751 Effect of dilutive securities: Stock options 460 109 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 46,669 46,860 Earnings per share: Basic $ 0.49 $ 0.51 Diluted $ 0.49 $ 0.51 (Calculation 1) Basic weighted-average common shares outstanding (A) 46,209 46,751 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 46,620 47,226 Percent allocated to common shareholders (A) / (B) 99 % 99 % Options to purchase 874,443 22.51 24.46 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 14. Supplemental cash flow information The following table presents supplemental cash flow disclosures for the three months ended September 30, 2015 and 2014: Three months ended September 30, 2015 2014 Cash received from interest $ 4,265 $ 4,163 Cash paid for interest $ 939 $ 1,218 Cash paid for income taxes $ 4,066 $ 5,160 The sale of the Company's NUETS business is described in Note 19 to its audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2015. The Company received cash sale proceeds of $ 1.9 As discussed in Note 12, during the three months ended September 30, 2014, employees exercised stock options through the delivery 336,584 13.93 |
Operating Segments
Operating Segments | 3 Months Ended |
Sep. 30, 2015 | |
Operating Segments [Abstract] | |
Operating Segments | 15. 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. A description of the Company's operating segments is contained in Note 23 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2015. The reconciliation of the reportable segments revenue to revenue from external customers for the three months ended September 30, 2015 and 2014, respectively, is as follows: Revenue From Reportable Inter - external Segment segment customers South African transaction processing $ 55,639 $ 3,627 $ 52,012 International transaction processing 41,229 - 41,229 Financial inclusion and applied technologies 67,360 6,128 61,232 Total for the three months ended September 30, 2015 164,228 9,755 154,473 South African transaction processing 60,252 5,121 55,131 International transaction processing 43,204 - 43,204 Financial inclusion and applied technologies 65,197 7,091 58,106 Total for the three months ended September 30, 2014 $ 168,653 $ 12,212 $ 156,441 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 three months ended September 30, 2015 and 2014, respectively, is as follows: Three months ended September 30, 2015 2014 Reportable segments measure of profit or loss $ 36,608 $ 38,595 Operating income: Corporate/Eliminations (5,393 ) (5,470 ) Interest income 4,275 4,090 Interest expense (974 ) (1,312 ) Income before income taxes $ 34,516 $ 35,903 The following tables summarize segment information which is prepared in accordance with GAAP for the three months ended September 30, 2015 and 2014: Three months ended September 30, 2015 2014 Revenues South African transaction processing $ 55,639 $ 60,252 International transaction processing 41,229 43,204 Financial inclusion and applied technologies 67,360 65,197 Total 164,228 168,653 Operating income (loss) South African transaction processing 13,511 13,639 International transaction processing 6,543 7,349 Financial inclusion and applied technologies 16,554 17,607 Subtotal: Operating segments 36,608 38,595 Corporate/Eliminations (5,393 ) (5,470 ) Total 31,215 33,125 Depreciation and amortization South African transaction processing 1,795 1,722 International transaction processing 4,696 4,372 Financial inclusion and applied technologies 240 179 Subtotal: Operating segments 6,731 6,273 Corporate/Eliminations 3,384 3,901 Total 10,115 10,174 Expenditures for long-lived assets South African transaction processing 1,447 682 International transaction processing 8,038 8,327 Financial inclusion and applied technologies 1,213 369 Subtotal: Operating segments 10,698 9,378 Corporate/Eliminations - - Total $ 10,698 $ 9,378 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. |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 16. Income tax Income tax in interim periods For the purposes of interim financial reporting, the Company determines the appropriate income tax provision by first applying the effective tax rate expected to be applicable for the full fiscal year to ordinary income. This amount is then adjusted for the tax effect of significant unusual or extraordinary items, for instance, changes in tax law, valuation allowances and non-deductible transaction-related expenses that are reported separately, and have an impact on the tax charge. The cumulative effect of any change in the enacted tax rate, if and when applicable, on the opening balance of deferred tax assets and liabilities is also included in the tax charge as a discrete event in the interim period in which the enactment date occurs. For the three months ended September 30, 2015, the tax charge was calculated using the expected effective tax rate for the year. The Company's effective tax rate for the three months ended September 30, 2015, was 31.6 The Company's effective tax rate for the three months ended September 30, 2014, was 32.4 Uncertain tax positions The Company increased its unrecognized tax benefits by approximately $ 0.1 2.3 The Company does not expect changes related to its unrecognized tax benefits will have a significant impact on its results of operations or financial position in the next 12 months. As of September 30, 2015 and June 30, 2015, the Company has unrecognized tax benefits of $ 2.4 2.3 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 17. Commitments and contingencies 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 124.9 8.9 124.9 8.9 0.2 2.0 The Company has not recognized any obligation related to these counter-guarantees in its consolidated balance sheet as of September 30, 2015 and June 30, 2015. The maximum potential amount that the Company could pay under these guarantees is ZAR 124.9 8.9 Contingencies Dismissal of U.S. Securities Litigation On September 16, 2015, the United States District Court for the Southern District of New York dismissed the purported securities class action litigation originally filed on December 24, 2013, against the Company, its Chief Executive Officer and its Chief Financial Officer. In its opinion, the District Court provided plaintiff with 30 days to file a second amended complaint. This deadline passed without plaintiff taking any action. Accordingly, the case has been closed. Plaintiff may file a notice of appeal until November 23, 2015. The Company intends to vigorously defend any appeal of the District Court's ruling. 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 or cash flows. |
Basis Of Presentation And Sum25
Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Sep. 30, 2015 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Recent Accounting Pronouncements, Adopted | Recent accounting pronouncements adopted There were no accounting pronouncements adopted during the three months ended September 30, 2015. |
Recent Accounting Pronouncements, Not Yet Adopted | Recent accounting pronouncements not yet adopted as of September 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 was effective for the Company beginning July 1, 2017, however this date has been extended as per subsequent guidance issued by the FASB. Early adoption is not permitted. 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 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. |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Inventory [Abstract] | |
Schedule Of Inventory By Categories | September 30, June 30, 2015 2015 Finished goods $ 12,335 $ 12,979 $ 12,335 $ 12,979 |
Fair Value Of Financial Instr27
Fair Value Of Financial Instruments (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Outstanding Foreign Exchange Contracts | The Company's outstanding foreign exchange contracts are as follows: As of September 30, 2015 Fair market Notional amount Strike price value price Maturity EUR 526,263.00 ZAR 15.3809 ZAR15.5532 October 20, 2015 EUR 509,516.00 ZAR 15.4728 ZAR15.6435 November 20, 2015 EUR 529,865.00 ZAR 15.5654 ZAR15.7402 December 21, 2015 EUR 526,663.00 ZAR 15.6625 ZAR15.8358 January 20, 2016 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 |
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 September 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 $ 1,884 $ - $ - $ 1,884 Investment in Finbond (available for sale assets included in other long-term assets) - - 6,618 6,618 Other - 1,069 - 1,069 Total assets at fair value $ 1,884 $ 1,069 $ 6,618 $ 9,571 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 |
Goodwill And Intangible Asset28
Goodwill And Intangible Assets, Net (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Carrying Value Of Goodwill | Accumulated Carrying Gross value impairment value Balance as of June 30, 2015 $ 166,437 $ - $ 166,437 Foreign currency adjustment (1) (12,143 ) - (12,143 ) Balance as of September 30, 2015 $ 154,294 $ - $ 154,294 (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 Allocated To Reportable Segments | South Financial African International inclusion and transaction transaction applied Carrying processing processing technologies value Balance as of June 30, 2015 $ 24,579 $ 115,519 $ 26,339 $ 166,437 Foreign currency adjustment (1) (3,053 ) (6,537 ) (2,553 ) (12,143 ) Balance as of September 30, 2015 $ 21,526 $ 108,982 $ 23,786 $ 154,294 (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. |
Carrying Value And Accumulated Amortization Of Intangible Assets | As of September 30, 2015 As of June 30, 2015 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships $ 82,160 $ (44,008 ) $ 38,152 $ 88,109 $ (45,312 ) $ 42,797 Software and unpatented technology 27,872 (27,491 ) 381 29,964 (28,323 ) 1,641 FTS patent 2,731 (2,731 ) - 3,119 (3,119 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks 5,589 (3,260 ) 2,329 6,094 (3,408 ) 2,686 Total finite-lived intangible assets $ 122,858 $ (81,996 ) $ 40,862 $ 131,792 $ (84,668 ) $ 47,124 |
Future Estimated Annual Amortization Expense | 2016 $ 10,105 2017 7,929 2018 7,928 2019 7,634 2020 7,463 Thereafter $ 3,088 |
Reinsurance Assets And Policy29
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Tables) | 3 Months Ended |
Sep. 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) Balance as of June 30, 2015 $ 183 $ (567 ) Foreign currency adjustment (3) (23 ) 71 Balance as of September 30, 2015 $ 160 $ (496 ) (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. |
Summary Of Movement In Assets And Policy Holder Liabilities Under Investment Contracts | Investment Assets (1) contracts (2) Balance as of June 30, 2015 $ 593 $ (593 ) Foreign currency adjustment (3) (73 ) 73 Balance as of September 30, 2015 $ 520 $ (520 ) (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. |
Capital Structure (Tables)
Capital Structure (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Capital Structure [Abstract] | |
Number Of Shares, Net Of Treasury | Sept 30, Sept 30, 2015 2014 Number of shares, net of treasury: Statement of changes in equity 47,322,702 46,475,623 Less: Non-vested equity shares that have not vested (Note 12) (589,447 ) (453,333 ) Number of shares, net of treasury excluding non-vested equity shares that have not vested 46,733,255 46,022,290 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Changes In Accumulated Other Comprehensive (Loss) Income | Three months ended September 30, 2015 Accumulated Net unrealized Accumulated income on Foreign asset currency available for translation sale, net of reserve tax Total Balance as of June 30, 2015 $ (140,221 ) $ 1,040 $ (139,181 ) Movement in foreign currency translation reserve (43,414 ) - (43,414 ) Unrealized gain on asset available for sale, net of tax of $ 11 - 50 50 Balance as of September 30, 2015 $ (183,635 ) $ 1,090 $ (182,545 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Summarized Stock Option Activity | Weighted Weighted Weighted Average Average average Remaining Aggregate Grant exercise Contractual Intrinsic Date Fair Number of price Term Value Value shares ($) (in years) ($' 000 ) ($) Outstanding – June 30, 2015 2,401,169 15.34 4.74 11,516 Exercised (323,645 ) 11.62 2,669 Outstanding – September 30, 2015 2,077,524 15.92 4.33 7,509 Outstanding – June 30, 2014 2,710,392 14.16 5.38 3,909 Granted under Plan: August 2014 464,410 11.23 10.00 2,113 4.55 Exercised (688,633 ) 8.24 3,697 Outstanding – September 30, 2014 2,486,169 15.24 5.45 1,820 Weighted Weighted Average average Remaining Aggregate exercise Contractual Intrinsic Number of price Term Value shares ($) (in years) ($' 000 ) Vested and expecting to vest – September 30, 2015 2,077,524 15.92 4.33 7,509 Weighted Weighted Average average Remaining Aggregate exercise Contractual Intrinsic Number of price Term Value shares ($) (in years) ($' 000 ) Exercisable – September 30, 2015 1,764,931 16.93 3.55 5,496 |
Range Of Assumptions Used To Value Options Granted | Three months ended September 30, 2015 2014 Expected volatility n/a 60 % Expected dividends n/a 0 % Expected life (in years) n/a 3 Risk-free rate n/a 1.0 % |
Restricted Stock Activity | Weighted Number of Average Shares of Grant Date Restricted Fair Value Stock ($' 000 ) Non-vested – June 30, 2015 341,529 1,759 Granted – August 2015 319,492 581 Vested – August 2015 (71,574 ) 6,406 Non-vested – September 30, 2015 589,447 7,622 Non-vested – June 30, 2014 385,778 3,534 Granted – August 2014 141,707 581 Vested – August 2014 (74,152 ) 828 Non-vested – September 30, 2014 453,333 3,568 |
Recorded Net Stock Compensation Charge | Allocated to cost of goods sold, IT Allocated to processing, selling, general Total servicing and and charge support administration Three months ended September 30, 2015 Stock-based compensation charge $ 726 $ - $ 726 Total – three months ended September 30, 2015. $ 726 $ - $ 726 Three months ended September 30, 2014 Stock-based compensation charge $ 916 $ - $ 916 Total – three months ended September 30, 2014. $ 916 $ - $ 916 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, 2015 2014 (in thousands except percent and per share data) Numerator: Net income attributable to Net1 $ 23,020 $ 24,089 Undistributed earnings 23,020 24,089 Percent allocated to common shareholders (Calculation 1) 99 % 99 % Numerator for earnings per share: basic and diluted $ 22,817 $ 23,847 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 46,209 46,751 Effect of dilutive securities: Stock options 460 109 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 46,669 46,860 Earnings per share: Basic $ 0.49 $ 0.51 Diluted $ 0.49 $ 0.51 (Calculation 1) Basic weighted-average common shares outstanding (A) 46,209 46,751 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 46,620 47,226 Percent allocated to common shareholders (A) / (B) 99 % 99 % |
Supplemental Cash Flow Inform34
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Disclosures | Three months ended September 30, 2015 2014 Cash received from interest $ 4,265 $ 4,163 Cash paid for interest $ 939 $ 1,218 Cash paid for income taxes $ 4,066 $ 5,160 |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Operating Segments [Abstract] | |
Reconciliation Of Reportable Segments Revenue | Revenue From Reportable Inter - external Segment segment customers South African transaction processing $ 55,639 $ 3,627 $ 52,012 International transaction processing 41,229 - 41,229 Financial inclusion and applied technologies 67,360 6,128 61,232 Total for the three months ended September 30, 2015 164,228 9,755 154,473 South African transaction processing 60,252 5,121 55,131 International transaction processing 43,204 - 43,204 Financial inclusion and applied technologies 65,197 7,091 58,106 Total for the three months ended September 30, 2014 $ 168,653 $ 12,212 $ 156,441 |
Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income | Three months ended September 30, 2015 2014 Reportable segments measure of profit or loss $ 36,608 $ 38,595 Operating income: Corporate/Eliminations (5,393 ) (5,470 ) Interest income 4,275 4,090 Interest expense (974 ) (1,312 ) Income before income taxes $ 34,516 $ 35,903 |
Summary Of Segment Information | Three months ended September 30, 2015 2014 Revenues South African transaction processing $ 55,639 $ 60,252 International transaction processing 41,229 43,204 Financial inclusion and applied technologies 67,360 65,197 Total 164,228 168,653 Operating income (loss) South African transaction processing 13,511 13,639 International transaction processing 6,543 7,349 Financial inclusion and applied technologies 16,554 17,607 Subtotal: Operating segments 36,608 38,595 Corporate/Eliminations (5,393 ) (5,470 ) Total 31,215 33,125 Depreciation and amortization South African transaction processing 1,795 1,722 International transaction processing 4,696 4,372 Financial inclusion and applied technologies 240 179 Subtotal: Operating segments 6,731 6,273 Corporate/Eliminations 3,384 3,901 Total 10,115 10,174 Expenditures for long-lived assets South African transaction processing 1,447 682 International transaction processing 8,038 8,327 Financial inclusion and applied technologies 1,213 369 Subtotal: Operating segments 10,698 9,378 Corporate/Eliminations - - Total $ 10,698 $ 9,378 |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventory By Categories) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | |
Inventory [Abstract] | |||
Finished goods | $ 12,335 | $ 12,979 | |
Inventory | $ 12,335 | $ 12,979 | [1] |
[1] | Derived from audited financial statements |
Fair Value Of Financial Instr37
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value Of Financial Instruments [Abstract] | ||
Years of significant fluctuation of US Dollar to ZAR exchange rate | 3 years | |
Equity method investment, shares | 156,788,712 | |
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 |
Fair Value Of Financial Instr38
Fair Value Of Financial Instruments (Outstanding Foreign Exchange Contracts) (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015EUR (€)ZAR / item | Jun. 30, 2015EUR (€)ZAR / item | Sep. 30, 2015ZAR / shares | Jun. 30, 2015ZAR / shares | |
Foreign Exchange Contract 1 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 526,263 | € 526,263 | ||
Strike price (ZAR) | ZAR / item | 15.3809 | 15.1145 | ||
Fair market value price (ZAR) | ZAR 15.5532 | ZAR 13.6275 | ||
Maturity | Oct. 20, 2015 | Jul. 20, 2015 | ||
Foreign Exchange Contract 2 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 509,516 | € 526,263 | ||
Strike price (ZAR) | ZAR / item | 15.4728 | 15.2025 | ||
Fair market value price (ZAR) | 15.6435 | 13.7062 | ||
Maturity | Nov. 20, 2015 | Aug. 20, 2015 | ||
Foreign Exchange Contract 3 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 529,865 | € 526,263 | ||
Strike price (ZAR) | ZAR / item | 15.5654 | 15.2944 | ||
Fair market value price (ZAR) | 15.7402 | 13.7898 | ||
Maturity | Dec. 21, 2015 | Sep. 21, 2015 | ||
Foreign Exchange Contract 4 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 526,663 | € 526,263 | ||
Strike price (ZAR) | ZAR / item | 15.6625 | 15.3809 | ||
Fair market value price (ZAR) | ZAR 15.8358 | 13.8683 | ||
Maturity | Jan. 20, 2016 | Oct. 20, 2015 | ||
Foreign Exchange Contract 5 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 509,516 | |||
Strike price (ZAR) | ZAR / item | 15.4728 | |||
Fair market value price (ZAR) | 13.9540 | |||
Maturity | Nov. 20, 2015 | |||
Foreign Exchange Contract 6 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 529,865 | |||
Strike price (ZAR) | ZAR / item | 15.5654 | |||
Fair market value price (ZAR) | 14.0397 | |||
Maturity | Dec. 21, 2015 | |||
Foreign Exchange Contract 7 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 526,663 | |||
Strike price (ZAR) | ZAR / item | 15.6625 | |||
Fair market value price (ZAR) | ZAR 14.1239 | |||
Maturity | Jan. 20, 2016 |
Fair Value Of Financial Instr39
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 1,884 | $ 1,640 |
Investments in Finbond (available for sale assets included in other long-term assets) | 6,618 | 7,488 |
Other | 1,069 | 1,259 |
Total assets at fair value | 9,571 | 10,387 |
Foreign exchange contracts | 452 | |
Total liabilities at fair value | 452 | |
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 | 1,884 | 1,640 |
Total assets at fair value | 1,884 | 1,640 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other | 1,069 | 1,259 |
Total assets at fair value | 1,069 | 1,259 |
Foreign exchange contracts | 452 | |
Total liabilities at fair value | 452 | |
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) | 6,618 | 7,488 |
Total assets at fair value | $ 6,618 | $ 7,488 |
Goodwill And Intangible Asset40
Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill And Intangible Assets, Net [Abstract] | ||
Amortization expense charged | $ 3.3 | $ 3.9 |
Goodwill And Intangible Asset41
Goodwill And Intangible Assets, Net (Carrying Value Of Goodwill) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015USD ($) | ||
Goodwill And Intangible Assets, Net [Abstract] | ||
Gross value, Beginning Balance | $ 166,437 | |
Gross value, Foreign currency adjustment | (12,143) | [1] |
Gross value, Ending Balance | 154,294 | |
Carrying value, Beginning Balance | 166,437 | [2] |
Carrying value, Foreign currency adjustment | (12,143) | [1] |
Carrying value, Ending Balance | $ 154,294 | |
[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. | |
[2] | Derived from audited financial statements |
Goodwill And Intangible Asset42
Goodwill And Intangible Assets, Net (Goodwill Allocated To Reportable Segments) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015USD ($) | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | $ 166,437 | [1] |
Carrying value, Foreign currency adjustment | (12,143) | [2] |
Carrying value, Ending Balance | 154,294 | |
South African Transaction Processing [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 24,579 | |
Carrying value, Foreign currency adjustment | (3,053) | |
Carrying value, Ending Balance | 21,526 | |
International Transaction Processing [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 115,519 | |
Carrying value, Foreign currency adjustment | (6,537) | |
Carrying value, Ending Balance | 108,982 | |
Financial Inclusion And Applied Technology [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 26,339 | |
Carrying value, Foreign currency adjustment | (2,553) | |
Carrying value, Ending Balance | $ 23,786 | |
[1] | Derived from audited financial statements | |
[2] | 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 Asset43
Goodwill And Intangible Assets, Net (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | $ 122,858 | $ 131,792 | |
Accumulated amortization | (81,996) | (84,668) | |
Net carrying value | 40,862 | 47,124 | [1] |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 82,160 | 88,109 | |
Accumulated amortization | (44,008) | (45,312) | |
Net carrying value | 38,152 | 42,797 | |
Software And Unpatented Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 27,872 | 29,964 | |
Accumulated amortization | (27,491) | (28,323) | |
Net carrying value | 381 | 1,641 | |
FTS Patent [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 2,731 | 3,119 | |
Accumulated amortization | (2,731) | (3,119) | |
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 | 5,589 | 6,094 | |
Accumulated amortization | (3,260) | (3,408) | |
Net carrying value | $ 2,329 | $ 2,686 | |
[1] | Derived from audited financial statements |
Goodwill And Intangible Asset44
Goodwill And Intangible Assets, Net (Future Estimated Annual Amortization Expense) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Goodwill And Intangible Assets, Net [Abstract] | |
2,016 | $ 10,105 |
2,017 | 7,929 |
2,018 | 7,928 |
2,019 | 7,634 |
2,020 | 7,463 |
Thereafter | $ 3,088 |
Reinsurance Assets And Policy45
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) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015USD ($) | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Reinsurance assets, Beginning Balance | $ 183 | [1] |
Reinsurance assets, Foreign currency adjustment | (23) | [1],[2] |
Reinsurance assets, Ending Balance | 160 | [1] |
Insurance contracts, Beginning Balance | (567) | [3] |
Insurance contracts, Foreign currency adjustment | 71 | [2],[3] |
Insurance contracts, Ending Balance | $ (496) | [3] |
[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. |
Reinsurance Assets And Policy46
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Summary Of Movement In Assets And Policy Holder Liabilities Under Investment Contracts) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015USD ($) | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Assets, Beginning Balance | $ 593 | [1] |
Assets, Foreign currency adjustment | (73) | [1],[2] |
Assets, Ending Balance | 520 | [1] |
Investment contracts, Beginning Balance | (593) | [3] |
Investment contracts, Foreign currency adjustment | 73 | [2],[3] |
Investment contracts, Ending Balance | $ (520) | [3] |
[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. |
Short-Term Facilities (Details)
Short-Term Facilities (Details) ZAR in Millions, $ in Millions, â‚© in Billions | Sep. 30, 2015KRW (â‚©) | Sep. 30, 2015ZAR | Sep. 30, 2015USD ($) | Jun. 30, 2015ZAR | Jun. 30, 2015USD ($) |
South African Credit Facility [Member] | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | ZAR 150 | ||||
Amount utilized | 128.2 | $ 9.1 | ZAR 139.6 | $ 11.4 | |
Bank Overdrafts Facility [Member] | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | 50 | ||||
Amount utilized | ZAR 0 | ZAR 0 | |||
Short term interest rate | 8.35% | 8.35% | 8.35% | ||
South Korea, Hana Bank Overdraft Facility [Member] | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | â‚© 10 | $ 8.4 | |||
Short term interest rate | 3.20% | 3.20% | 3.20% |
Long-Term Borrowings (Details)
Long-Term Borrowings (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Long-Term Borrowings [Abstract] | ||
Interest rate on credit facility | 4.74% | |
Amortization of fees | $ 30 | $ 100 |
Interest expense | 700 | $ 1,100 |
Principal repayment | 8,400 | |
Long-term borrowings | $ 60,000 |
Capital Structure (Details)
Capital Structure (Details) ZAR in Millions, $ in Millions | 3 Months Ended | ||
Sep. 30, 2015ZARshares | Sep. 30, 2015USD ($)shares | Sep. 30, 2015USD ($) | |
Capital Structure [Abstract] | |||
Number of shares repurchased | 1,837,432 | 1,837,432 | |
Cost of stock repurchased | ZAR 97.4 | $ 9.2 | |
Percentage of ordinary shares oustanding after subscription | 12.50% | 12.50% | |
Subscription of shares, value | ZAR 15 | $ 1.4 |
Capital Structure (Schedule Of
Capital Structure (Schedule Of Number Of Shares, Net Of Treasury) (Details) - shares | Sep. 30, 2015 | Sep. 30, 2014 |
Capital Structure [Abstract] | ||
Number of shares, net of treasury | 47,322,702 | 46,475,623 |
Less: Non-vested equity shares that have not vested (Note 12) | (589,447) | (453,333) |
Number of shares, net of treasury excluding non-vested equity shares that have not vested | 46,733,255 | 46,022,290 |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Loss (Changes In Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | [1] | $ (139,181) | |
Movement in foreign currency translation reserve | (43,414) | ||
Unrealized gain on asset available for sale, net of tax of $11 | 50 | $ (226) | |
Ending Balance | (182,545) | ||
Reclassification from accumulated other comprehensive (loss) income | 0 | $ 0 | |
Other comprehensive income (loss), available-for-sale securities, tax | 11 | ||
Foreign Currency Translation Reserve [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (140,221) | ||
Movement in foreign currency translation reserve | (43,414) | ||
Ending Balance | (183,635) | ||
Net Unrealized Income (Loss) On Asset Available For Sale, Net Of Tax [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 1,040 | ||
Unrealized gain on asset available for sale, net of tax of $11 | 50 | ||
Ending Balance | $ 1,090 | ||
[1] | Derived from audited financial statements |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | Sep. 09, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, number of shares | 464,410 | |||||
Exercisable stock options | 330,967 | 273,633 | ||||
Stock-based compensation charge | $ 726,000 | $ 916,000 | ||||
Share-based compensation, number of shares exercised | 323,645 | 688,633 | ||||
Forfeitures, Number of shares | 0 | 0 | ||||
Deferred tax asset | $ 1,500,000 | $ 1,600,000 | ||||
Exercised of stock option, shares | $ 572,238 | $ 3,762,000 | ||||
Common stock, shares issued | 336,584 | 47,322,702 | 46,679,565 | |||
Risk-free rate | 1.00% | |||||
Expected volatility | 60.00% | |||||
Period of trading days to the trigger events | 30 days | |||||
Expected volatility calculation term | 250 days | |||||
Closing price, per share | $ 19.41 | |||||
Restricted Stock [Member] | Non-employee Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, number of shares | 17,955 | |||||
Restricted Stock [Member] | Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, number of shares | 301,537 | |||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, number of shares | 0 | |||||
Proceeds from exercise of stock options | $ 1,000,000 | |||||
Share-based compensation, number of shares exercised | 116,395 | |||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Proceeds from exercise of stock options | $ 3,800,000 | |||||
Share-based compensation, number of shares exercised | 323,645 | |||||
Unrecognized compensation cost | $ 1,500,000 | |||||
Unrecognized compensation cost, expected recognition period, years | 3 years | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, number of shares | 319,492 | 141,707 | ||||
Unrecognized compensation cost | $ 1,200,000 | |||||
Unrecognized compensation cost, expected recognition period, years | 2 years | |||||
Risk-free rate | 1.27% | |||||
Expected volatility | 76.01% | |||||
Expected volatility calculation term | 30 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,400,000 | $ 800,000 | ||||
Restricted Stock [Member] | Non-employee Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, number of shares | 14,081 | |||||
Restricted Stock [Member] | Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, number of shares | 127,626 | |||||
2018 Fundamental EPS [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fundamental EPS, linear interpolation | $ 3.30 | |||||
2018 Fundamental EPS [Member] | Restricted Stock [Member] | One-Third Shares Vest [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fundamental EPS, to be achieved | 2.88 | |||||
2018 Fundamental EPS [Member] | Restricted Stock [Member] | Two-Thirds Shares Vest [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fundamental EPS, to be achieved | 3.30 | |||||
2018 Fundamental EPS [Member] | Restricted Stock [Member] | All Shares Vest [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fundamental EPS, to be achieved | 3.76 | |||||
Maximum [Member] | 2018 Fundamental EPS [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fundamental EPS | 3.76 | |||||
Minimum [Member] | 2018 Fundamental EPS [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fundamental EPS | $ 2.88 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summarized Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding, Number of shares, Beginning Balance | 2,401,169 | 2,710,392 | 2,710,392 | ||
Exercised, Number of shares | (323,645) | (688,633) | |||
Granted, Number of Shares of Restricted Stock | 464,410 | ||||
Forfeitures, Number of shares | 0 | 0 | |||
Outstanding, Number of shares, Ending Balance | 2,077,524 | 2,486,169 | 2,401,169 | 2,710,392 | |
Exercisable, Number of Shares | 1,764,931 | ||||
Vested and expecting to vest, Number of shares | 2,077,524 | ||||
Outstanding, Weighted average exercise price, Beginning Balance | $ 15.34 | $ 14.16 | $ 14.16 | ||
Exercised, Weighted average exercise price | 11.62 | 8.24 | |||
Granted under Plan, Weighted average exercise price | $ 11.23 | ||||
Outstanding, Weighted average exercise price, Ending Balance | 15.92 | $ 15.24 | $ 15.34 | $ 14.16 | |
Exercisable, Weighted average exercise price | 16.93 | ||||
Vested and expecting to vest, Weighted average exercise price | $ 15.92 | ||||
Granted under Plan, Weighted Average Remaining Contractual Term (in years) | 10 years | ||||
Options granted under plan, Weighted average remaining contractual term | 4 years 3 months 29 days | 5 years 5 months 12 days | 4 years 8 months 27 days | 5 years 4 months 17 days | |
Exercisable, Weighted Average Remaining Contractual Term (in years) | 3 years 6 months 18 days | ||||
Vested and expecting to vest, Weighted Average Remaining Contractual Term (in years) | 4 years 3 months 29 days | ||||
Outstanding, Aggregate Intrinsic Value, Beginning Balance | $ 11,516 | $ 3,909 | $ 3,909 | ||
Exercised, Aggregate Intrinsic Value | 2,669 | 3,697 | |||
Granted under Plan, Aggregate Intrinsic Value | $ 2,113 | ||||
Outstanding, Aggregate Intrinsic Value, Ending Balance | 7,509 | $ 1,820 | $ 11,516 | $ 3,909 | |
Exercisable, Aggregate Intrinsic Value | 5,496 | ||||
Vested and expecting to vest, Aggregate Intrinsic Value | $ 7,509 | ||||
Granted under Plan: August 2014, Weighted Average Grant Date Fair Value | $ 4.55 | ||||
Options exercise price range, lower limit | $ 7.35 | ||||
Options exercise price range, upper limit | 24.46 | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options exercise price range, lower limit | 22.51 | ||||
Options exercise price range, upper limit | $ 24.46 |
Stock-Based Compensation (Range
Stock-Based Compensation (Range Of Assumptions Used To Value Options Granted) (Details) | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 60.00% | ||
Expected dividends | 0.00% | ||
Expected life (in years) | 3 years | ||
Risk-free rate | 1.00% | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 76.01% | ||
Expected life (in years) | 3 years | ||
Risk-free rate | 1.27% |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 464,410 | ||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | (589,447) | (453,333) | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 341,529 | 385,778 | |
Granted, Number of Shares of Restricted Stock | 319,492 | 141,707 | |
Vested, Number of Shares of Restricted Stock | (71,574) | (74,152) | |
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 589,447 | 453,333 | |
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 1,759 | $ 3,534 | |
Granted, Weighted Average Grant Date Fair Value | 581 | 581 | |
Vested, Weighted Average Grant Date Fair Value | 6,406 | 828 | |
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 7,622 | $ 3,568 |
Stock-Based Compensation (Recor
Stock-Based Compensation (Recorded Net Stock Compensation Charge) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation charge | $ 726 | $ 916 |
Total | $ 726 | $ 916 |
Allocated To Cost Of Goods Sold, IT Processing, Servicing And Support [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation charge | ||
Total | ||
Allocated To Selling, General And Administration [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation charge | $ 726 | $ 916 |
Total | $ 726 | $ 916 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) | 3 Months Ended |
Sep. 30, 2015$ / sharesshares | |
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 | shares | 874,443 |
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, $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Net1 | $ 23,020 | $ 24,089 |
Undistributed earnings | $ 23,020 | $ 24,089 |
Percent allocated to common shareholders (Calculation 1) | 99.00% | 99.00% |
Numerator for earnings per share: basic and diluted | $ 22,817 | $ 23,847 |
Denominator for basic earnings per share: weighted-average common shares outstanding | 46,209 | 46,751 |
Effect of dilutive securities: Stock options | 460 | 109 |
Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion | 46,669 | 46,860 |
Earnings per share: Basic | $ 0.49 | $ 0.51 |
Earnings per share: Diluted | $ 0.49 | $ 0.51 |
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) | 46,620 | 47,226 |
Supplemental Cash Flow Inform59
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 09, 2014 | |
Supplemental Cash Flow Information [Abstract] | |||||
Common stock, shares issued | 47,322,702 | 46,679,565 | 336,584 | ||
Closing price, per share | $ 13.93 | ||||
Proceeds from sale of business | $ 1,900 | $ 1,895 |
Supplemental Cash Flow Inform60
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash received from interest | $ 4,265 | $ 4,163 |
Cash paid for interest | 939 | 1,218 |
Cash paid for income taxes | $ 4,066 | $ 5,160 |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of Reportable Segments Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ 154,473 | $ 156,441 |
South African Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 52,012 | 55,131 |
International Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 41,229 | 43,204 |
Financial Inclusion And Applied Technology [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 61,232 | 58,106 |
Reportable Segment [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 164,228 | 168,653 |
Reportable Segment [Member] | South African Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 55,639 | 60,252 |
Reportable Segment [Member] | International Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 41,229 | 43,204 |
Reportable Segment [Member] | Financial Inclusion And Applied Technology [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 67,360 | 65,197 |
Inter-Segment [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | (9,755) | (12,212) |
Inter-Segment [Member] | South African Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | (3,627) | (5,121) |
Inter-Segment [Member] | Financial Inclusion And Applied Technology [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ (6,128) | $ (7,091) |
Operating Segments (Reconcili62
Operating Segments (Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating Income (Loss) | $ 31,215 | $ 33,125 |
Interest income | 4,275 | 4,090 |
Interest expense | (974) | (1,312) |
Income before income taxes | 34,516 | 35,903 |
Reportable Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating Income (Loss) | 36,608 | 38,595 |
Inter-Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating Income (Loss) | $ (5,393) | $ (5,470) |
Operating Segments (Summary Of
Operating Segments (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 154,473 | $ 156,441 |
Operating income (loss) | 31,215 | 33,125 |
Depreciation and amortization | 10,115 | 10,174 |
Expenditures for long-lived assets | 10,698 | 9,378 |
Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 164,228 | 168,653 |
Operating income (loss) | 36,608 | 38,595 |
Depreciation and amortization | 6,731 | 6,273 |
Expenditures for long-lived assets | 10,698 | 9,378 |
Inter-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (9,755) | (12,212) |
Operating income (loss) | (5,393) | (5,470) |
Depreciation and amortization | 3,384 | 3,901 |
South African Transaction Processing [Member] | Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 55,639 | 60,252 |
Operating income (loss) | 13,511 | 13,639 |
Depreciation and amortization | 1,795 | 1,722 |
Expenditures for long-lived assets | 1,447 | 682 |
International Transaction Processing [Member] | Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 41,229 | 43,204 |
Operating income (loss) | 6,543 | 7,349 |
Depreciation and amortization | 4,696 | 4,372 |
Expenditures for long-lived assets | 8,038 | 8,327 |
Financial Inclusion And Applied Technology [Member] | Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 67,360 | 65,197 |
Operating income (loss) | 16,554 | 17,607 |
Depreciation and amortization | 240 | 179 |
Expenditures for long-lived assets | $ 1,213 | $ 369 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Income Taxes [Abstract] | |||
Effective tax rate | 31.60% | 32.40% | |
Unrecognized tax benefit | $ 2.4 | $ 2.3 | |
Decrease in unrecognized tax benefits | 0.1 | ||
Accrued interest related to uncertain tax positions | $ 2.3 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - 3 months ended Sep. 30, 2015 ZAR in Millions, $ in Millions | ZAR | USD ($) |
Guarantor Obligations [Line Items] | ||
Guarantee amount | ZAR 124.9 | $ 8.9 |
Maximum payment amount under guarantee | ZAR 124.9 | 8.9 |
Payment Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Charge rate, minimum | 2.00% | |
Charge rate, maximum | 0.20% | |
Nedbank [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee amount | ZAR 124.9 | $ 8.9 |