Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
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 | 52,521,345 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | [1] |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 205,329 | $ 223,644 | |
Pre-funded social welfare grants receivable (Note 2) | 1,738 | 1,580 | |
Accounts receivable, net of allowances of - September: $1,453; June : $1,669 | 108,088 | 107,805 | |
Finance loans receivable, net of allowances of - September: $3,919; June: $4,494 | 38,941 | 37,009 | |
Inventory (Note 3) | 10,694 | 10,004 | |
Deferred income taxes | 7,484 | 6,956 | |
Total current assets before settlement assets | 372,274 | 386,998 | |
Settlement assets (Note 4) | 593,503 | 536,725 | |
Total current assets | 965,777 | 923,723 | |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - September: $112,336; June: $99,969 | 53,338 | 54,977 | |
EQUITY-ACCOUNTED INVESTMENTS | 25,560 | 25,645 | |
GOODWILL (Note 6) | 187,875 | 179,478 | |
INTANGIBLE ASSETS, net (Note 6) | 47,611 | 48,556 | |
OTHER LONG-TERM ASSETS, including reinsurance assets (Note 5 and Note 7) | 45,089 | 31,121 | |
TOTAL ASSETS | 1,325,250 | 1,263,500 | |
CURRENT LIABILITIES | |||
Short-term credit facilities (Note 8) | |||
Accounts payable | 13,956 | 14,097 | |
Other payables | 42,535 | 37,479 | |
Current portion of long-term borrowings (Note 9) | 9,078 | 8,675 | |
Income taxes payable | 16,572 | 5,235 | |
Total current liabilities before settlement obligations | 82,141 | 65,486 | |
Settlement obligations (Note 4) | 593,503 | 536,725 | |
Total current liabilities | 675,644 | 602,211 | |
DEFERRED INCOME TAXES | 11,397 | 12,559 | |
LONG-TERM BORROWINGS (Note 9) | 18,156 | 43,134 | |
OTHER LONG-TERM LIABILITIES, including insurance policy liabilities (Note 7) | 2,793 | 2,376 | |
TOTAL LIABILITIES | 707,990 | 660,280 | |
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: 52,521,345; June: 55,271,954 | 74 | 74 | |
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 | 222,637 | 223,978 | |
TREASURY SHARES, AT COST: September: 23,621,541; June: 20,483,932 | (273,238) | (241,627) | |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Note 11) | (167,842) | (189,700) | |
RETAINED EARNINGS | 724,954 | 700,322 | |
TOTAL NET1 EQUITY | 506,585 | 493,047 | |
REDEEMABLE COMMON STOCK | 107,672 | 107,672 | |
NON-CONTROLLING INTEREST | 3,003 | 2,501 | |
TOTAL EQUITY | 617,260 | 603,220 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,325,250 | $ 1,263,500 | |
[1] | Derived from audited financial statements |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $ 1,453 | $ 1,669 |
Finance loans receivable, allowances | 3,919 | 4,494 |
Property, plant and equipment, accumulated depreciation | $ 112,336 | $ 99,969 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 52,521,345 | 55,271,954 |
Common stock, shares outstanding | 52,521,345 | 55,271,954 |
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 | 23,621,541 | 20,483,932 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Consolidated Statements Of Operations [Abstract] | ||
REVENUE | $ 155,633 | $ 154,473 |
EXPENSE | ||
Cost of goods sold, IT processing, servicing and support | 74,780 | 77,382 |
Selling, general and administration | 38,468 | 35,761 |
Depreciation and amortization | 10,204 | 10,115 |
OPERATING INCOME | 32,181 | 31,215 |
INTEREST INCOME | 4,304 | 4,275 |
INTEREST EXPENSE | 796 | 974 |
INCOME BEFORE INCOME TAX EXPENSE | 35,689 | 34,516 |
INCOME TAX EXPENSE (Note 16) | 11,103 | 10,897 |
NET INCOME BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 24,586 | 23,619 |
EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 659 | 188 |
NET INCOME | 25,245 | 23,807 |
LESS NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 613 | 787 |
NET INCOME ATTRIBUTABLE TO NET1 | $ 24,632 | $ 23,020 |
Net income per share, in U.S. dollars: (Note 13) | ||
Basic earnings attributable to Net1 shareholders | $ 0.46 | $ 0.49 |
Diluted earnings attributable to Net1 shareholders | $ 0.46 | $ 0.49 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income | $ 25,245 | $ 23,807 |
Other comprehensive income (loss) | ||
Net unrealized income on asset available for sale, net of tax | 50 | |
Movement in foreign currency translation reserve | 22,302 | (43,696) |
Total other comprehensive income (loss), net of taxes | 22,302 | (43,646) |
Comprehensive income (loss) | 47,547 | (19,839) |
Less comprehensive income attributable to non-controlling interest | (1,057) | (505) |
Comprehensive income (loss) attributable to Net1 | $ 46,490 | $ (20,344) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement Of Changes In Equity - 3 months ended Sep. 30, 2016 - USD ($) $ in Thousands | Common And Treasury Stock [Member] | Treasury Stock [Member] | Number Of Shares, Net Of Treasury [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total Net1 Equity [Member] | Redeemable Common Stock [Member] | Non-Controlling Interest [Member] | Total | |
Balance, Number of Shares at Jun. 30, 2016 | 75,755,886 | (20,483,932) | 55,271,954 | ||||||||
Balance at Jun. 30, 2016 | $ 74 | $ (241,627) | $ 223,978 | $ 700,322 | $ (189,700) | $ 493,047 | $ 107,672 | $ 2,501 | $ 603,220 | [1] | |
Repurchase of common stock (Note 10) | $ (31,611) | (31,611) | (31,611) | ||||||||
Repurchase of common stock (Note 10), shares | (3,137,609) | (3,137,609) | |||||||||
Restricted stock granted (Note 12), shares | 387,000 | 387,000 | |||||||||
Stock-based compensation charge (Note 12) | 503 | 503 | 503 | ||||||||
Reversal of stock comp charge (Note 12) | (1,827) | (1,827) | (1,827) | ||||||||
Income tax benefit from vested stock awards | (17) | (17) | (17) | ||||||||
Net income | 24,632 | 24,632 | 613 | 25,245 | |||||||
Dividends paid to non-controlling interest | (555) | (555) | |||||||||
Other comprehensive income (Note 11) | 21,858 | 21,858 | 444 | $ 22,302 | |||||||
Balance, Number of Shares at Sep. 30, 2016 | 76,142,886 | (23,621,541) | 52,521,345 | 52,521,345 | |||||||
Balance at Sep. 30, 2016 | $ 74 | $ (273,238) | $ 222,637 | $ 724,954 | $ (167,842) | $ 506,585 | $ 107,672 | $ 3,003 | $ 617,260 | ||
[1] | Derived from audited financial statements |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities | ||
Net income | $ 25,245 | $ 23,807 |
Depreciation and amortization | 10,204 | 10,115 |
Earnings from equity-accounted investments | (659) | (188) |
Fair value adjustments | (83) | 1,433 |
Interest payable | 32 | 709 |
Loss (Profit) on disposal of property, plant and equipment | 66 | (95) |
Stock-based compensation (reversal) charge, net (Note 12) | (1,324) | 726 |
Facility fee amortized | 36 | 34 |
Decrease (Increase) in accounts receivable, pre-funded social welfare grants receivable and finance loans receivable | 7,766 | (17,278) |
Increase in inventory | (104) | (931) |
Increase in accounts payable and other payables | 3,040 | 2,972 |
Increase in taxes payable | 10,956 | 7,824 |
Decrease in deferred taxes | (1,632) | (1,026) |
Net cash provided by operating activities | 53,543 | 28,102 |
Cash flows from investing activities | ||
Capital expenditures | (3,423) | (10,698) |
Proceeds from disposal of property, plant and equipment | 69 | 348 |
Investment in MobiKwik | (15,347) | |
Dividends received from equity accounted investments | 370 | |
Net change in settlement assets (Note 4) | (37,394) | (23,496) |
Net cash used in by investing activities | (55,725) | (33,846) |
Cash flows from financing activities | ||
Acquisition of treasury stock (Note 10) | (32,081) | |
Repayment of long-term borrowings (Note 9) | (26,669) | |
Dividends paid to non-controlling interest | (555) | |
Long-term borrowings utilized (Note 9) | 247 | 720 |
Proceeds from issue of common stock | 3,762 | |
Net change in settlement obligations (Note 4) | 37,394 | 23,496 |
Net cash (used in) provided by financing activities | (21,664) | 27,978 |
Effect of exchange rate changes on cash | 5,531 | (14,207) |
Net (decrease) increase in cash and cash equivalents | (18,315) | 8,027 |
Cash and cash equivalents - beginning of period | 223,644 | 117,583 |
Cash and cash equivalents - end of period | $ 205,329 | $ 125,610 |
Basis Of Presentation And Summa
Basis Of Presentation And Summary Of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016 and 2015, 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 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. The adoption of this guidance did not have a material impact on the Company's financial statements. Recent accounting pronouncements not yet adopted as of September 30, 2016 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 to be effective for the Company beginning July 1, 2017, however 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 may 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 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. In November 2015, the FASB issued guidance regarding Balance Sheet Classification of Deferred Taxes . This guidance requires that deferred tax liabilities and assets are to be classified as non-current in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. This guidance is effective for the Company beginning July 1, 2017, with early adoption permitted on a prospective or retrospective basis. The Company is currently assessing the impact of this guidance on its financial statements disclosures. In January 2016, the FASB issued guidance regarding Recognition and Measurement of Financial Assets and Financial Liabilities . The guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. In addition, the guidance clarifies the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. This guidance is effective for the Company beginning July 1, 2018, and early adoption is not permitted, with certain exceptions. The amendments are required to be applied by means of a cumulative-effect adjustment on the balance sheet as of the beginning of the fiscal year of adoption. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In February 2016, the FASB issued guidance regarding Leases . The guidance increases transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet. The amendments to current lease guidance includes the recognition of assets and liabilities by lessees for those leases currently classified as operating leases. The guidance also requires disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for the Company beginning July 1, 2019. Early adoption is permitted. The Company expects that this guidance may have a material impact on its financial statements and is currently evaluating the impact of this guidance on its financial statements on adoption. In March 2016, the FASB issued guidance regarding Improvements to Employee Share-Based Payment Accounting . The guidance simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This 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 June 2016, the FASB issued guidance regarding Measurement of Credit Losses on Financial Instruments . The guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans, and other financial instruments, an entity is required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for the Company beginning July 1, 2020. Early adoption is permitted beginning July 1, 2019. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In June 2016, the FASB issued guidance regarding Classification of Certain Cash Receipts and Cash Payments . The guidance is intended to reduce diversity in practice and explains how certain cash receipts and payments are presented and classified in the statement of cash flows, including beneficial interests in securitization, which would impact the presentation of the deferred purchase price from sales of receivables. This guidance is effective for the Company beginning July 1, 2018, and must be applied retrospectively. 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, 2016 | |
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 2016 payment service commenced on October 1, 2016, but the Company pre-funded certain merchants participating in the merchant acquiring system on the last two |
Inventory
Inventory | 3 Months Ended |
Sep. 30, 2016 | |
Inventory [Abstract] | |
Inventory | 3. Inventory The Company's inventory comprised the following category as of September 30, 2016 and June 30, 2016. September 30, June 30, 2016 2016 Finished goods $ 10,694 $ 10,004 $ 10,694 $ 10,004 |
Settlement Assets And Settlemen
Settlement Assets And Settlement Obligations | 3 Months Ended |
Sep. 30, 2016 | |
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 cardholders of social welfare grants and (2) cash received from customers on whose behalf the Company processes payroll payments that the Company will disburse to customer employees, payroll-related payees and other payees designated by the customer. Settlement obligations comprise (1) amounts that the Company is obligated to disburse to recipient 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. Net change in settlement assets and net change in settlement assets included in the unaudited condensed consolidated statement of cash flows for the three months ended September 30, 2015, have been increased by $ 1.9 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Sep. 30, 2016 | |
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 management The Company seeks to reduce its exposure to currencies other than the South African rand through a policy of matching, to the extent possible, assets and liabilities denominated in those currencies. In addition, the Company uses financial instruments in order to economically hedge its exposure to exchange rate and interest rate fluctuations arising from its operations. The Company is also exposed to equity price and liquidity risks as well as credit risks. Currency exchange risk The Company is subject to currency exchange risk because it purchases inventories that it is required to settle in other currencies, primarily the euro and U.S. dollar. The Company has used forward contracts in order to limit its exposure in these transactions to fluctuations in exchange rates between the South African rand, on the one hand, and the U.S. dollar and the euro, on the other hand. Translation risk Translation risk relates to the risk that the Company's results of operations will vary significantly as the U.S. dollar is its reporting currency, but it earns most of its revenues and incurs most of its expenses in ZAR. The U.S. dollar to ZAR exchange rate has fluctuated significantly over the past three years. As exchange rates are outside the Company's control, there can be no assurance that future fluctuations will not adversely affect the Company's results of operations and financial condition. Interest rate risk As a result of its normal borrowing and leasing activities, the Company's operating results are exposed to fluctuations in interest rates, which it manages primarily through regular financing activities. The Company generally maintains limited investment in cash equivalents and has occasionally invested in marketable securities. Credit risk Credit risk relates to the risk of loss that the Company would incur as a result of non-performance by counterparties. The Company maintains credit risk policies with regard to its counterparties to minimize overall credit risk. These policies include an evaluation of a potential counterparty's financial condition, credit rating, and other credit criteria and risk mitigation tools as the Company's management deems appropriate. With respect to credit risk on financial instruments, the Company maintains a policy of entering into such transactions only with South African and European financial institutions that have a credit rating of BBB or better, as determined by credit rating agencies such as Standard & Poor's, Moody's and Fitch Ratings. UEPS-based microlending credit risk The Company is exposed to credit risk in its UEPS-based microlending activities, which provides unsecured short-term loans to qualifying customers. The Company manages this risk by performing an affordability test for each prospective customer and assigns a "creditworthiness score", which takes into account a variety of factors such as other debts and total expenditures on normal household and lifestyle expenses. Equity price and liquidity risk Equity price risk relates to the risk of loss that the Company would incur as a result of the volatility in the exchange-traded price of equity securities that it holds and the risk that it may not be able to liquidate these securities. The market price of these securities may fluctuate for a variety of reasons, consequently, the amount the Company may obtain in a subsequent sale of these securities may significantly differ from the reported market value. Liquidity risk relates to the risk of loss that the Company would incur as a result of the lack of liquidity on the exchange on which these securities are listed. The Company may not be able to sell some or all of these securities at one time, or over an extended period of time without influencing the exchange traded price, or at all. Financial instruments 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. 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, 2016 Fair market Notional amount Strike price value price Maturity EUR 393,675.00 ZAR 16.2911 ZAR 15.5206 October 20, 2016 EUR 302,368.50 ZAR 16.4085 ZAR 15.6389 November 21, 2016 As of June 30, 2016 Fair market Notional amount Strike price value price Maturity EUR 573,765.00 ZAR 15.9587 ZAR 16.3393 July 20, 2016 EUR 554,494.50 ZAR 16.0643 ZAR 16.4564 August 19, 2016 EUR 465,711.00 ZAR 16.1798 ZAR 16.582 September 20, 2016 EUR 393,675.00 ZAR 16.2911 ZAR 16.7017 October 20, 2016 EUR 302,368.50 ZAR 16.4085 ZAR 16.8301 November 21, 2016 The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2016, 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 $ 562 $ - $ - $ 562 Other - 38 - 38 Total assets at fair value $ 562 $ 38 $ - $ 600 Liabilities Foreign exchange contracts $ - $ 39 $ - $ 39 Total liabilities at fair value $ - $ 39 $ - $ 39 The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2016, 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 $ 533 $ - $ - $ 533 Foreign exchange contracts - 62 - 62 Other - 37 - 37 Total assets at fair value $ 533 $ 99 $ - $ 632 Changes in the Company's investment in Finbond Group Limited, or Finbond (Level 3 that are measured at fair value on a recurring basis) were insignificant during the three months ended September 30, 2015, respectively. There have been no 3 , 2016 and 2015, respectively. 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, 2016 | |
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, 2016: Accumulated Carrying Gross value impairment value Balance as of June 30, 2016 $ 179,478 $ - $ 179,478 Foreign currency adjustment (1) 8,397 - 8,397 Balance as of September 30, 2016 $ 187,875 $ - $ 187,875 (1) Represents the effects of the fluctuations between the South African rand, Euro 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, 2016 $ 20,425 $ 136,185 $ 22,868 $ 179,478 Foreign currency adjustment (1) 1,357 5,907 1,133 8,397 Balance as of September 30, 2016 $ 21,782 $ 142,092 $ 24,001 $ 187,875 (1) Represents the effects of the fluctuations between the South African rand, Euro 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, 2016 and June 30, 2016: As of September 30, 2016 As of June 30, 2016 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships $ 97,992 $ ( ) $ 42,036 $ 94,529 $ (51,557 ) $ 42,972 Software and unpatented technology 32,502 (30,009 ) 2,493 31,452 (28,791 ) 2,661 FTS patent 2,764 (2,764 ) - 2,592 (2,592 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks 6,986 (3,904 ) 3,082 6,685 (3,762 ) 2,923 Total finite-lived intangible assets $ 144,750 $ (97,139 ) $ 47,611 $ 139,764 $ (91,208 ) $ 48,556 Aggregate amortization expense on the finite-lived intangible assets for the three months ended September 30, 2016 and 2015, was approximately $ 2.9 3.3 Future estimated annual amortization expense for the next five fiscal years and thereafter, assuming exchange rates that prevailed on September 30, 2016, 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. 2017 $ 12,607 2018 11,692 2019 11,061 2020 10,352 2021 4,453 Thereafter $ 368 |
Reinsurance Assets And Policy H
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016: Reinsurance Insurance assets (1) contracts (2) Balance as of June 30, 2016 $ 171 $ (1,078 ) Increase in policy holder benefits under insurance contracts 231 (754 ) Claims and policyholders' benefits under insurance contracts (229 ) 682 Foreign currency adjustment (3) 12 (71 ) Balance as of September 30, 2016 $ 185 $ (1,221 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) 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. The Company determines its reserves for future policy benefits under its life insurance products using a model which estimates claims incurred that have not been reported at the balance sheet date. This model includes best estimate assumptions of experience plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The best estimate assumptions include those assumptions related to mortality, morbidity and claim reporting delays, and the main assumptions used to calculate the reserve for future policy benefits include (i) mortality and morbidity assumptions reflecting the Company's most recent experience and (ii) claim reporting delays reflecting Company specific and industry experience. 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, 2016: Investment Assets (1) contracts (2) Balance as of June 30, 2016 $ 528 $ (528 ) Foreign currency adjustment (3) 35 (35 ) Balance as of September 30, 2016 $ 563 $ (563 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) 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 Credit Facilities
Short-Term Credit Facilities | 3 Months Ended |
Sep. 30, 2016 | |
Short-Term Credit Facilities [Abstract] | |
Short-Term Credit Facilities | 8. Short-term credit facilities 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, 2016. South Africa The aggregate amount of the Company's short-term South African credit facility with Nedbank Limited is up to ZAR 400 28.8 200 14.4 200 14.4 50 3.6 150 10.8 9.35 A commitment fee of 0.35 As of September 30, 2016 and June 30, 2016, respectively, the Company had not utilized any of its overdraft facility. As of September 30, 2016, the Company had utilized approximately ZAR 131.1 9.5 131.1 8.9 Korea The Company had not utilized any of its KRW 10 9.1 3.31 January 2017 |
Long-Term Borrowings
Long-Term Borrowings | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016. The current carrying value as of September 30, 2016, is $ 27.2 4.46 On July 29, 2016, the Company utilized approximately KRW 0.3 0.2 20 17.8 10 8.9 9.1 April 29, 2017 Interest expense incurred during the three months ended September 30, 2016 and 2015, was $ 0.5 0.7 0.04 0.03 |
Capital Structure
Capital Structure | 3 Months Ended |
Sep. 30, 2016 | |
Capital Stucture [Abstract] | |
Capital Structure | 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, 2016 and 2015, 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, 2016 and 2015, respectively: September 30, September 301 2016 2015 Number of shares, net of treasury: Statement of changes in equity 52,521,345 47,322,702 Less: Non-vested equity shares that have not vested (Note 12) (904,356 ) (589,447 ) Number of shares, net of treasury excluding non-vested equity shares that have not vested 51,616,989 46,733,255 Common stock repurchases Executed under share repurchase authorizations In February 2016, the Company's Board of Directors approved the replenishment of its share repurchase authorization to repurchase up to an aggregate of $ 100 50 3,137,609 31.6 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016: Three months ended September 30, 2016 Accumulated net unrealized Accumulated income on foreign asset currency available for translation sale, net of reserve tax Total Balance as of June 30, 2016 $ (189,700 ) $ - $ (189,700 ) Movement in foreign currency translation reserve 21,858 - 21,858 Balance as of September 30, 2016 $ (167,842 ) $ - $ (167,842 ) There were no |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016 and 2015: Weighted Weighted average Weighted average remaining Aggregate average exercise contractual intrinsic grant date Number of price term value fair value shares ($) (in years) ($' ) ($) Outstanding – June 30, 2016 2,077,524 15.92 3.65 926 Expired unexercised (474,443 ) 22.51 Outstanding – September 30, 2016 1,603,081 13.98 4.50 452 Outstanding – June 30, 2015 2,401,169 15.34 4.74 11,516 Exercised (323,645 ) 11.62 2,669 Outstanding – September 30, 2015 2,077,524 15.92 4.33 7,509 No no The following table presents stock options vested and expecting to vest as of September 30, 2016: Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Vested and expecting to vest – September 30, 2016 1,603,081 13.98 4.50 452 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, 2016: Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Exercisable – September 30, 2016 1,448,278 14.28 4.11 452 During the three months ended September 30, 2016 and 2015, respectively, 154,803 330,967 No 3.8 323,645 Restricted stock The following table summarizes restricted stock activity for the three months ended September 31, 2016 and 2015: Number of Weighted shares of average grant restricted date fair value stock ($' ) Non-vested – June 30, 2016 589,447 7,622 Granted – August 2016 387,000 4,145 Vested – August 2016 (72,091 ) 735 Non-vested – September 30, 2016 904,356 11,142 Non-vested – June 30, 2015 341,529 1,759 Granted – August 2015 319,492 581 Vested – August 2015 (71,574 ) 1,435 Non-vested – September 30, 2015 589,447 7,622 The August 2016 grants comprise 350,000 37,000 One-third of the shares will vest if the Company achieves 2019 Fundamental EPS of $ 2.60 Two-thirds of the shares will vest if the Company achieves 2019 Fundamental EPS of $ 2.80 All of the shares will vest if the Company achieves 2019 Fundamental EPS of $ 3.00 At levels of 2019 Fundamental EPS greater than $ 2.60 3.00 2.80 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 than $ 2.88 3.76 3.30 10 The fair value of restricted stock vesting during the three months ended September 30, 2016 and 2015, respectively, was $ 0.7 1.4 Stock-based compensation charge and unrecognized compensation cost The Company has recorded a stock-based compensation (reversal) charge, net of ($1.3 million) and $0.7 million, respectively, during the three months ended September 30, 2016 and 2015, 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, 2016 Stock-based compensation charge $ 503 $ - $ 503 Reversal of stock compensation charge related to restricted stock (1,827 ) - (1,827 ) Total – three months ended September 30, 2016. $ (1,324 ) $ - $ (1,324 ) Three months ended September 30, 2015 Stock-based compensation charge $ 726 $ - $ 726 Total – three months ended September 30, 2015. $ 726 $ - $ 726 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, 2016, the total unrecognized compensation cost related to stock options was approximately $ 0.6 one 4.5 two 6.0 2.5 1.8 As of September 30, 2016 and June 30, 2016, respectively, the Company has recorded a deferred tax asset of approximately $ 1.5 1.8 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 13. Earnings per share The Company has issued redeemable common stock which is redeemable at an amount other than fair value. Redemption of a class of common stock at other than fair value increases or decreases the carrying amount of the redeemable common stock and is reflected in basic earnings per share using the two-class method. There were no 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, 2016 and 2015, 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 August 2013, August 2014, November 2014, August 2015 and August 2016, 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 for awards made in August 2016 and August 2015 are discussed in Note 12 and the vesting conditions for all other awards 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, 2016. 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, 2016 2015 (in thousands except percent and per share data) Numerator: Net income attributable to Net1 $ 24,632 $ 23,020 Undistributed earnings 24,632 23,020 Percent allocated to common shareholders (Calculation 1) 99 % 99 % Numerator for earnings per share: basic and diluted $ 24,276 $ 22,817 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 53,053 46,209 Effect of dilutive securities: Stock options 91 460 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 53,144 46,669 Earnings per share: Basic $ 0.46 $ 0.49 Diluted $ 0.46 $ 0.49 (Calculation 1) Basic weighted-average common shares outstanding (A) 53,053 46,209 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 53,832 46,620 Percent allocated to common shareholders (A) / (B) 99 % 99 % Options to purchase 812,919 10.59 24.46 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016 and 2015: Three months ended September 30, 2016 2015 Cash received from interest $ 4,285 $ 4,265 Cash paid for interest $ 1,076 $ 939 Cash paid for income taxes $ 1,503 $ 4,066 Treasury shares, at cost included in the Company's condensed consolidated balance sheet as of June 30, 2016, includes 47,056 0.5 |
Operating Segments
Operating Segments | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016. The reconciliation of the reportable segments revenue to revenue from external customers for the three months ended September 30, 2016 and 2015, respectively, is as follows: Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 57,568 $ 5,401 $ 52,167 International transaction processing 46,190 - 46,190 Financial inclusion and applied technologies 63,542 6,266 57,276 Total for the three months ended September 30, 2016 $ 167,300 $ 11,667 $ 155,633 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 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, 2016 and 2015, respectively, is as follows: Three months ended September 30, 2016 2015 Reportable segments measure of profit or loss $ 34,548 $ 36,608 Operating income: Corporate/Eliminations (2,367 ) (5,393 ) Interest income 4,304 4,275 Interest expense (796 ) (974 ) Income before income taxes $ 35,689 $ 34,516 The following tables summarize segment information which is prepared in accordance with GAAP for the three months ended September 30, 2016 and 2015: Three months ended September, 2016 2015 Revenues South African transaction processing $ 57,568 $ 55,639 International transaction processing 46,190 41,229 Financial inclusion and applied technologies 63,542 67,360 Total 167,300 164,228 Operating income (loss) South African transaction processing 13,548 13,511 International transaction processing 5,817 6,543 Financial inclusion and applied technologies 15,183 16,554 Subtotal: Operating segments 34,548 36,608 Corporate/Eliminations (2,367 ) (5,393 ) Total 32,181 31,215 Depreciation and amortization South African transaction processing 1,157 1,795 International transaction processing 5,836 4,696 Financial inclusion and applied technologies 337 240 Subtotal: Operating segments 7,330 6,731 Corporate/Eliminations 2,874 3,384 Total 10,204 10,115 Expenditures for long-lived assets South African transaction processing 407 1,447 International transaction processing 2,799 8,038 Financial inclusion and applied technologies 217 1,213 Subtotal: Operating segments 3,423 10,698 Corporate/Eliminations - - Total $ 3,423 $ 10,698 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 Tax
Income Tax | 3 Months Ended |
Sep. 30, 2016 | |
Income Tax [Abstract] | |
Income Tax | 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, 2016, 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, 2016, was 31.1 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 Uncertain tax positions The Company utilized approximately $ 0.3 0.1 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, 2016 and June 30, 2016, the Company has unrecognized tax benefits of $ 1.7 1 .9 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Sep. 30, 2016 | |
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 127.4 9.2 127.4 9.2 0.4 2.0 The Company has not recognized any obligation related to these counter-guarantees in its consolidated balance sheet as of September 30, 2016 and June 30, 2016. The maximum potential amount that the Company could pay under these guarantees is ZAR 127.4 9.2 Contingencies 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent events Sale of common stock On October 6, 2016, the Company entered into stock purchase agreements with two 2.5 9.00 45.0 Strategic investments Blue Label Telecoms On October 4, 2016, the Company entered into a Share Subscription Agreement (the "Blue Label Subscription Agreement") with Blue Label Telecoms Limited ("Blue Label"), a JSE-listed company which is a leading provider of prepaid electricity and airtime in South Africa. Pursuant to the Blue Label Subscription Agreement, the Company will purchase approximately 117.9 16.96 2.0 144.3 45 The Company expects to fund the transaction through a combination of cash on hand, a portion of a ZAR 1.4 billion loan facility to be provided to Net1 Applied Technologies South Africa (Pty) Ltd ("Net1 SA") from FirstRand Bank Limited (acting through its Rand Merchant Bank division) ("RMB") as described below and the sale of common stock referred to above. Finbond On October 7, 2016, the Company provided a loan of ZAR 139.2 RMB Loan Facilities On October 20, 2016, Net1 SA entered into a Common Terms Agreement, a Senior Facility A Agreement, Senior Facility B Agreement, Senior Facility C Agreement, Subordination Agreement, Security Cession & Pledge and certain ancillary loan documents (collectively, the "Loan Documents") with RMB, pursuant to which, among other things, Net1 SA may borrow up to an aggregate of ZAR 1.4 101.0 600 43.3 500 36.1 900 64.9 Interest on the loans is payable monthly based on the Johannesburg Interbank Agreed Rate ("JIBAR") in effect from time to time plus a margin of 1.35 2.75 7.1 Principal repayments on the Facility A and Facility B loans are due in eight October 20 2018 The loans are secured by a pledge by Net1 SA of its entire equity interest in Blue Label. The Loan Documents contain customary covenants that require Net1 SA to maintain a specified total net leverage ratio and restrict the ability of Net1 SA, and certain of its subsidiaries to make certain distributions with respect to their capital stock, prepay other debt, encumber their assets, incur additional indebtedness, make investment above specified levels, engage in certain business combinations and engage in other corporate activities. Acquisitions C4U Malta In November 2016, the Company acquired a 100 3.9 The purchase price allocation has not been finalized, as management has not yet analyzed in detail the assets acquired and liabilities assumed. The Company expects to finalize the purchase price allocation on or before June 30, 2017. Pros Software (Pty) Ltd In October 2016, the Company acquired a 100 25.0 1.8 The purchase price allocation has not been finalized, as management has not yet analyzed in detail the assets acquired and liabilities assumed. The Company expects to finalize the purchase price allocation on or before June 30, 2017. Pro forma results of operations have not been presented because the effect of the C4U and Pros Software acquisitions, individually and in the aggregate, were not material to the Company. During the three months ended September 30, 2016, the Company incurred acquisition-related expenditure of $ 0.1 |
Basis Of Presentation And Sum26
Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Sep. 30, 2016 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Unaudited Interim Financial Information | 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, 2016 and 2015, 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 | Recent accounting pronouncements adopted 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. The adoption of this guidance did not have a material impact on the Company's financial statements. |
Recent Accounting Pronouncements Not Yet Adopted | Recent accounting pronouncements not yet adopted as of September 30, 2016 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 to be effective for the Company beginning July 1, 2017, however 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 may 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 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. In November 2015, the FASB issued guidance regarding Balance Sheet Classification of Deferred Taxes . This guidance requires that deferred tax liabilities and assets are to be classified as non-current in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. This guidance is effective for the Company beginning July 1, 2017, with early adoption permitted on a prospective or retrospective basis. The Company is currently assessing the impact of this guidance on its financial statements disclosures. In January 2016, the FASB issued guidance regarding Recognition and Measurement of Financial Assets and Financial Liabilities . The guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. In addition, the guidance clarifies the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. This guidance is effective for the Company beginning July 1, 2018, and early adoption is not permitted, with certain exceptions. The amendments are required to be applied by means of a cumulative-effect adjustment on the balance sheet as of the beginning of the fiscal year of adoption. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In February 2016, the FASB issued guidance regarding Leases . The guidance increases transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet. The amendments to current lease guidance includes the recognition of assets and liabilities by lessees for those leases currently classified as operating leases. The guidance also requires disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for the Company beginning July 1, 2019. Early adoption is permitted. The Company expects that this guidance may have a material impact on its financial statements and is currently evaluating the impact of this guidance on its financial statements on adoption. In March 2016, the FASB issued guidance regarding Improvements to Employee Share-Based Payment Accounting . The guidance simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This 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 June 2016, the FASB issued guidance regarding Measurement of Credit Losses on Financial Instruments . The guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans, and other financial instruments, an entity is required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for the Company beginning July 1, 2020. Early adoption is permitted beginning July 1, 2019. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In June 2016, the FASB issued guidance regarding Classification of Certain Cash Receipts and Cash Payments . The guidance is intended to reduce diversity in practice and explains how certain cash receipts and payments are presented and classified in the statement of cash flows, including beneficial interests in securitization, which would impact the presentation of the deferred purchase price from sales of receivables. This guidance is effective for the Company beginning July 1, 2018, and must be applied retrospectively. 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, 2016 | |
Inventory [Abstract] | |
Schedule Of Inventory | September 30, June 30, 2016 2016 Finished goods $ 10,694 $ 10,004 $ 10,694 $ 10,004 |
Fair Value Of Financial Instr28
Fair Value Of Financial Instruments (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Outstanding Foreign Exchange Contracts | As of September 30, 2016 Fair market Notional amount Strike price value price Maturity EUR 393,675.00 ZAR 16.2911 ZAR 15.5206 October 20, 2016 EUR 302,368.50 ZAR 16.4085 ZAR 15.6389 November 21, 2016 As of June 30, 2016 Fair market Notional amount Strike price value price Maturity EUR 573,765.00 ZAR 15.9587 ZAR 16.3393 July 20, 2016 EUR 554,494.50 ZAR 16.0643 ZAR 16.4564 August 19, 2016 EUR 465,711.00 ZAR 16.1798 ZAR 16.582 September 20, 2016 EUR 393,675.00 ZAR 16.2911 ZAR 16.7017 October 20, 2016 EUR 302,368.50 ZAR 16.4085 ZAR 16.8301 November 21, 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, 2016, 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 $ 562 $ - $ - $ 562 Other - 38 - 38 Total assets at fair value $ 562 $ 38 $ - $ 600 Liabilities Foreign exchange contracts $ - $ 39 $ - $ 39 Total liabilities at fair value $ - $ 39 $ - $ 39 The following table presents the Company's assets measured at fair value on a recurring basis as of June 30, 2016, 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 $ 533 $ - $ - $ 533 Foreign exchange contracts - 62 - 62 Other - 37 - 37 Total assets at fair value $ 533 $ 99 $ - $ 632 |
Goodwill And Intangible Asset29
Goodwill And Intangible Assets, Net (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Carrying Value Of Goodwill | Accumulated Carrying Gross value impairment value Balance as of June 30, 2016 $ 179,478 $ - $ 179,478 Foreign currency adjustment (1) 8,397 - 8,397 Balance as of September 30, 2016 $ 187,875 $ - $ 187,875 (1) – Represents the effects of the fluctuations between the South African rand, Euro 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, 2016 $ 20,425 $ 136,185 $ 22,868 $ 179,478 Foreign currency adjustment (1) 1,357 5,907 1,133 8,397 Balance as of September 30, 2016 $ 21,782 $ 142,092 $ 24,001 $ 187,875 (1) Represents the effects of the fluctuations between the South African rand, Euro 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, 2016 As of June 30, 2016 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships $ 97,992 $ ( ) $ 42,036 $ 94,529 $ (51,557 ) $ 42,972 Software and unpatented technology 32,502 (30,009 ) 2,493 31,452 (28,791 ) 2,661 FTS patent 2,764 (2,764 ) - 2,592 (2,592 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks 6,986 (3,904 ) 3,082 6,685 (3,762 ) 2,923 Total finite-lived intangible assets $ 144,750 $ (97,139 ) $ 47,611 $ 139,764 $ (91,208 ) $ 48,556 |
Future Estimated Annual Amortization Expense | 2017 $ 12,607 2018 11,692 2019 11,061 2020 10,352 2021 4,453 Thereafter $ 368 |
Reinsurance Assets And Policy30
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016 $ 171 $ (1,078 ) Increase in policy holder benefits under insurance contracts 231 (754 ) Claims and policyholders' benefits under insurance contracts (229 ) 682 Foreign currency adjustment (3) 12 (71 ) Balance as of September 30, 2016 $ 185 $ (1,221 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) 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, 2016 $ 528 $ (528 ) Foreign currency adjustment (3) 35 (35 ) Balance as of September 30, 2016 $ 563 $ (563 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) 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, 2016 | |
Capital Stucture [Abstract] | |
Number Of Shares, Net Of Treasury | September 30, September 301 2016 2015 Number of shares, net of treasury: Statement of changes in equity 52,521,345 47,322,702 Less: Non-vested equity shares that have not vested (Note 12) (904,356 ) (589,447 ) Number of shares, net of treasury excluding non-vested equity shares that have not vested 51,616,989 46,733,255 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Change In Accumulated Other Comprehensive (Loss) Income Per Component | Three months ended September 30, 2016 Accumulated net unrealized Accumulated income on foreign asset currency available for translation sale, net of reserve tax Total Balance as of June 30, 2016 $ (189,700 ) $ - $ (189,700 ) Movement in foreign currency translation reserve 21,858 - 21,858 Balance as of September 30, 2016 $ (167,842 ) $ - $ (167,842 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Summarized Stock Option Activity | Weighted Weighted average Weighted average remaining Aggregate average exercise contractual intrinsic grant date Number of price term value fair value shares ($) (in years) ($' ) ($) Outstanding – June 30, 2016 2,077,524 15.92 3.65 926 Expired unexercised (474,443 ) 22.51 Outstanding – September 30, 2016 1,603,081 13.98 4.50 452 Outstanding – June 30, 2015 2,401,169 15.34 4.74 11,516 Exercised (323,645 ) 11.62 2,669 Outstanding – September 30, 2015 2,077,524 15.92 4.33 7,509 Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Vested and expecting to vest – September 30, 2016 1,603,081 13.98 4.50 452 Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Exercisable – September 30, 2016 1,448,278 14.28 4.11 452 |
Restricted Stock Activity | Number of Weighted shares of average grant restricted date fair value stock ($' ) Non-vested – June 30, 2016 589,447 7,622 Granted – August 2016 387,000 4,145 Vested – August 2016 (72,091 ) 735 Non-vested – September 30, 2016 904,356 11,142 Non-vested – June 30, 2015 341,529 1,759 Granted – August 2015 319,492 581 Vested – August 2015 (71,574 ) 1,435 Non-vested – September 30, 2015 589,447 7,622 |
Recorded Net Stock Compensation (Reversal) 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, 2016 Stock-based compensation charge $ 503 $ - $ 503 Reversal of stock compensation charge related to restricted stock (1,827 ) - (1,827 ) Total – three months ended September 30, 2016. $ (1,324 ) $ - $ (1,324 ) Three months ended September 30, 2015 Stock-based compensation charge $ 726 $ - $ 726 Total – three months ended September 30, 2015. $ 726 $ - $ 726 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations | Three months ended September, 2016 2015 (in thousands except percent and per share data) Numerator: Net income attributable to Net1 $ 24,632 $ 23,020 Undistributed earnings 24,632 23,020 Percent allocated to common shareholders (Calculation 1) 99 % 99 % Numerator for earnings per share: basic and diluted $ 24,276 $ 22,817 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 53,053 46,209 Effect of dilutive securities: Stock options 91 460 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 53,144 46,669 Earnings per share: Basic $ 0.46 $ 0.49 Diluted $ 0.46 $ 0.49 (Calculation 1) Basic weighted-average common shares outstanding (A) 53,053 46,209 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 53,832 46,620 Percent allocated to common shareholders (A) / (B) 99 % 99 % |
Supplemental Cash Flow Inform35
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Disclosures | Three months ended September 30, 2016 2015 Cash received from interest $ 4,285 $ 4,265 Cash paid for interest $ 1,076 $ 939 Cash paid for income taxes $ 1,503 $ 4,066 |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Operating Segments [Abstract] | |
Reconciliation Of Reportable Segments Revenue | Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 57,568 $ 5,401 $ 52,167 International transaction processing 46,190 - 46,190 Financial inclusion and applied technologies 63,542 6,266 57,276 Total for the three months ended September 30, 2016 $ 167,300 $ 11,667 $ 155,633 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 |
Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income | Three months ended September 30, 2016 2015 Reportable segments measure of profit or loss $ 34,548 $ 36,608 Operating income: Corporate/Eliminations (2,367 ) (5,393 ) Interest income 4,304 4,275 Interest expense (796 ) (974 ) Income before income taxes $ 35,689 $ 34,516 |
Summary Of Segment Information | Three months ended September, 2016 2015 Revenues South African transaction processing $ 57,568 $ 55,639 International transaction processing 46,190 41,229 Financial inclusion and applied technologies 63,542 67,360 Total 167,300 164,228 Operating income (loss) South African transaction processing 13,548 13,511 International transaction processing 5,817 6,543 Financial inclusion and applied technologies 15,183 16,554 Subtotal: Operating segments 34,548 36,608 Corporate/Eliminations (2,367 ) (5,393 ) Total 32,181 31,215 Depreciation and amortization South African transaction processing 1,157 1,795 International transaction processing 5,836 4,696 Financial inclusion and applied technologies 337 240 Subtotal: Operating segments 7,330 6,731 Corporate/Eliminations 2,874 3,384 Total 10,204 10,115 Expenditures for long-lived assets South African transaction processing 407 1,447 International transaction processing 2,799 8,038 Financial inclusion and applied technologies 217 1,213 Subtotal: Operating segments 3,423 10,698 Corporate/Eliminations - - Total $ 3,423 $ 10,698 |
Pre-Funded Social Welfare Gra37
Pre-Funded Social Welfare Grants Receivable (Narrative) (Details) | 3 Months Ended |
Sep. 30, 2016 | |
Pre-Funded Social Welfare Grants Receivable [Abstract] | |
Pre-funded merchant acquiring system period | 2 days |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | |
Inventory [Abstract] | |||
Finished goods | $ 10,694 | $ 10,004 | |
Inventory | $ 10,694 | $ 10,004 | [1] |
[1] | Derived from audited financial statements |
Settlement Assets And Settlem39
Settlement Assets And Settlement Obligations (Narrative) (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Settlement Assets And Settlement Obligations [Abstract] | |
Increase of net change in settlement assets and settlement obligations | $ 1.9 |
Fair Value Of Financial Instr40
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value Of Financial Instruments [Abstract] | ||
Years of significant fluctuation of US Dollar to ZAR exchange rate | 3 years | |
Transfers in or out of Level 3 | $ 0 | $ 0 |
Impairment charges | $ 0 |
Fair Value Of Financial Instr41
Fair Value Of Financial Instruments (Outstanding Foreign Exchange Contracts) (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016EUR (€)ZAR / item | Jun. 30, 2016EUR (€)ZAR / item | Sep. 30, 2016ZAR / shares | Jun. 30, 2016ZAR / shares | |
Foreign Exchange Contract 1 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 393,675 | € 573,765 | ||
Strike price | ZAR / item | 16.2911 | 15.9587 | ||
Fair market value price | ZAR / shares | ZAR 15.5206 | ZAR 16.3393 | ||
Maturity | Oct. 20, 2016 | Jul. 20, 2016 | ||
Foreign Exchange Contract 2 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 302,368.50 | € 554,494.50 | ||
Strike price | ZAR / item | 16.4085 | 16.0643 | ||
Fair market value price | ZAR / shares | ZAR 15.6389 | 16.4564 | ||
Maturity | Nov. 21, 2016 | Aug. 19, 2016 | ||
Foreign Exchange Contract 3 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 465,711 | |||
Strike price | ZAR / item | 16.1798 | |||
Fair market value price | ZAR / shares | 16.5820 | |||
Maturity | Sep. 20, 2016 | |||
Foreign Exchange Contract 4 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 393,675 | |||
Strike price | ZAR / item | 16.2911 | |||
Fair market value price | ZAR / shares | 16.7017 | |||
Maturity | Oct. 20, 2016 | |||
Foreign Exchange Contract 5 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 302,368.50 | |||
Strike price | ZAR / item | 16.4085 | |||
Fair market value price | ZAR / shares | ZAR 16.8301 | |||
Maturity | Nov. 21, 2016 |
Fair Value Of Financial Instr42
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 562 | $ 533 |
Foreign exchange contracts | 62 | |
Other | 38 | 37 |
Total assets at fair value | 600 | 632 |
Foreign exchange contracts | 39 | |
Total liabilities at fair value | 39 | |
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 | 562 | 533 |
Total assets at fair value | 562 | 533 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange contracts | 62 | |
Other | 38 | 37 |
Total assets at fair value | 38 | $ 99 |
Foreign exchange contracts | 39 | |
Total liabilities at fair value | $ 39 |
Goodwill And Intangible Asset43
Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Goodwill And Intangible Assets, Net [Abstract] | ||
Amortization expense | $ 2.9 | $ 3.3 |
Goodwill And Intangible Asset44
Goodwill And Intangible Assets, Net (Carrying Value Of Goodwill) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016USD ($) | ||
Goodwill And Intangible Assets, Net [Abstract] | ||
Gross value, Beginning Balance | $ 179,478 | |
Gross value, Foreign currency adjustment | 8,397 | [1] |
Gross value, Ending Balance | 187,875 | |
Accumulated impairment, Beginning Balance | ||
Accumulated impairment, Foreign currency adjustment | [1] | |
Accumulated impairment, Ending Balance | ||
Carrying value, Beginning Balance | 179,478 | [2] |
Carrying value, Foreign currency adjustment | 8,397 | [1] |
Carrying value, Ending Balance | $ 187,875 | |
[1] | Represents the effects of the fluctuations between the South African rand, Euro and the Korean won, and the U.S. dollar on the carrying value. | |
[2] | Derived from audited financial statements |
Goodwill And Intangible Asset45
Goodwill And Intangible Assets, Net (Goodwill Allocated To Reportable Segments) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016USD ($) | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | $ 179,478 | [1] |
Carrying value, Foreign currency adjustment | 8,397 | [2] |
Carrying value, Ending Balance | 187,875 | |
South African Transaction Processing [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 20,425 | |
Carrying value, Foreign currency adjustment | 1,357 | [2] |
Carrying value, Ending Balance | 21,782 | |
International Transaction Processing [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 136,185 | |
Carrying value, Foreign currency adjustment | 5,907 | [2] |
Carrying value, Ending Balance | 142,092 | |
Financial Inclusion And Applied Technologies [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 22,868 | |
Carrying value, Foreign currency adjustment | 1,133 | [2] |
Carrying value, Ending Balance | $ 24,001 | |
[1] | Derived from audited financial statements | |
[2] | Represents the effects of the fluctuations between the South African rand, Euro and the Korean won, and the U.S. dollar on the carrying value. |
Goodwill And Intangible Asset46
Goodwill And Intangible Assets, Net (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | $ 144,750 | $ 139,764 | |
Accumulated amortization | (97,139) | (91,208) | |
Net carrying value | 47,611 | 48,556 | [1] |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 97,992 | 94,529 | |
Accumulated amortization | (55,956) | (51,557) | |
Net carrying value | 42,036 | 42,972 | |
Software And Unpatented Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 32,502 | 31,452 | |
Accumulated amortization | (30,009) | (28,791) | |
Net carrying value | 2,493 | 2,661 | |
FTS Patent [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 2,764 | 2,592 | |
Accumulated amortization | (2,764) | (2,592) | |
Exclusive Licenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 4,506 | 4,506 | |
Accumulated amortization | (4,506) | (4,506) | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 6,986 | 6,685 | |
Accumulated amortization | (3,904) | (3,762) | |
Net carrying value | $ 3,082 | $ 2,923 | |
[1] | Derived from audited financial statements |
Goodwill And Intangible Asset47
Goodwill And Intangible Assets, Net (Future Estimated Annual Amortization Expense) (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Goodwill And Intangible Assets, Net [Abstract] | |
2,017 | $ 12,607 |
2,018 | 11,692 |
2,019 | 11,061 |
2,020 | 10,352 |
2,021 | 4,453 |
Thereafter | $ 368 |
Reinsurance Assets And Policy48
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, 2016USD ($) | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Reinsurance assets, Beginning Balance | $ 171 | [1] |
Reinsurance assets, Increase in policy holder benefits under insurance contracts | 231 | [1] |
Reinsurance assets, Claims and policyholders' benefits under insurance contracts | (229) | [1] |
Reinsurance assets, Foreign currency adjustment | 12 | [1],[2] |
Reinsurance assets, Ending Balance | 185 | [1] |
Insurance contracts, Beginning Balance | (1,078) | [3] |
Insurance contracts, Increase in policy holder benefits under insurance contracts | (754) | [3] |
Policyholder Benefits and Claims Incurred, Net | 682 | [3] |
Insurance contracts, Foreign currency adjustment | (71) | [2],[3] |
Insurance contracts, Ending Balance | $ (1,221) | [3] |
[1] | Included in other long-term assets. | |
[2] | Represents the effects of the fluctuations between the ZAR against the U.S. dollar. | |
[3] | Included in other long-term liabilities. |
Reinsurance Assets And Policy49
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, 2016USD ($) | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Assets, Beginning Balance | $ 528 | [1] |
Assets, Foreign currency adjustment | 35 | [1],[2] |
Assets, Ending Balance | 563 | [1] |
Investment contracts, Beginning Balance | (528) | [3] |
Investment contracts, Foreign currency adjustment | (35) | [2],[3] |
Investment contracts, Ending Balance | $ (563) | [3] |
[1] | Included in other long-term assets. | |
[2] | Represents the effects of the fluctuations between the ZAR against the U.S. dollar. | |
[3] | Included in other long-term liabilities. |
Short-Term Credit Facilities (N
Short-Term Credit Facilities (Narrative) (Details) ZAR in Millions, $ in Millions, â‚© in Billions | 3 Months Ended | |||||
Sep. 30, 2016ZAR | Sep. 30, 2016USD ($) | Jun. 30, 2016KRW (â‚©) | Jun. 30, 2016ZAR | Jun. 30, 2016USD ($) | ||
Short-term Debt [Line Items] | ||||||
Amount utilized | [1] | |||||
South African Credit Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Maximum borrowing capacity | ZAR 150 | 10.8 | ||||
Amount utilized | 131.1 | 9.5 | ZAR 131.1 | $ 8.9 | ||
South African Credit Facility [Member] | Nedbank Limited [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Aggregate amount | 400 | 28.8 | ||||
Primary amount, available immediately | 200 | 14.4 | ||||
Secondary amount, not available immediately | 200 | 14.4 | ||||
Bank Overdrafts Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Maximum borrowing capacity | ZAR 50 | $ 3.6 | ||||
Short term interest rate | 9.35% | 9.35% | ||||
Commitment fee percentage | 0.35% | |||||
South Korea, Hana Bank Overdraft Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Maximum borrowing capacity | $ 9.1 | â‚© 10 | ||||
Expiration date | Jan. 1, 2017 | |||||
Short term interest rate | 3.31% | 3.31% | ||||
[1] | Derived from audited financial statements |
Long-Term Borrowings (Narrative
Long-Term Borrowings (Narrative) (Details) $ in Thousands, â‚© in Billions | Jul. 29, 2016KRW (â‚©) | Jul. 29, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Debt Instrument [Line Items] | ||||
Long-term borrowings | $ 27,200 | |||
Interest rate on credit facility | 4.46% | |||
Interest expense | $ 500 | $ 700 | ||
Amortization of fees, prepaid facility | 40 | $ 30 | ||
Scheduled principal payment | $ 9,100 | |||
Scheduled principal repayment of debt, due date | Apr. 29, 2017 | |||
Facility A [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayment of facilities | â‚© 20 | $ 17,800 | ||
Facility C [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount utilized from revolving credit facility | 0.3 | 200 | ||
Repayment of facilities | â‚© 10 | $ 8,900 |
Capital Structure (Narrative) (
Capital Structure (Narrative) (Details) - USD ($) $ in Millions | Jun. 29, 2016 | Feb. 03, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Common stock repurchased, shares | 3,137,609 | 0 | ||
Purchase price of common stock | $ 31.6 | |||
Maximum [Member] | ||||
Stock repurchased, value | $ 100 | |||
10b5 Plan [Member] | ||||
Stock repurchased, value | $ 50 |
Capital Structure (Schedule Of
Capital Structure (Schedule Of Number Of Shares, Net Of Treasury) (Details) - shares | Sep. 30, 2016 | Sep. 30, 2015 |
Capital Stucture [Abstract] | ||
Number of shares, net of treasury: | 52,521,345 | 47,322,702 |
Less: Non-vested equity shares that have not vested (Note 12) | (904,356) | (589,447) |
Number of shares, net of treasury excluding non-vested equity shares that have not vested | 51,616,989 | 46,733,255 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | ||
Reclassification from accumulated other comprehensive (loss) income | $ 0 | $ 0 |
Accumulated Other Comprehensi55
Accumulated Other Comprehensive Loss (Change In Accumulated Other Comprehensive (Loss) Income Per Component) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016USD ($) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (189,700) | [1] |
Movement in foreign currency translation reserve | 21,858 | |
Ending Balance | (167,842) | |
Accumulated Foreign Currency Translation Reserve [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (189,700) | |
Movement in foreign currency translation reserve | 21,858 | |
Ending Balance | (167,842) | |
Accumulated Net Unrealized Income (Loss) On Asset Available For Sale, Net Of Tax [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | ||
Movement in foreign currency translation reserve | ||
Ending Balance | ||
[1] | Derived from audited financial statements |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Aug. 31, 2016 | May 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expired unexercised, number of shares | 474,443 | ||||||
Exercisable stock options | 154,803 | 330,967 | |||||
Stock-based compensation charge, net | $ (1,324) | $ 726 | |||||
Share-based compensation, number of shares exercised | 323,645 | ||||||
Stock-based compensation (reversal) charge, net | (1,324) | $ 726 | |||||
Cumulative unrecorded stock-based compensation charge, reversal | 1,827 | ||||||
Deferred tax asset | $ 1,500 | $ 1,800 | |||||
Common stock, shares issued | 52,521,345 | 55,271,954 | |||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted, Number of shares | 0 | 0 | |||||
Proceeds from exercise of stock options | $ 3,800 | ||||||
Share-based compensation, number of shares exercised | 323,645 | ||||||
Number of shares, forfeitures | 0 | 0 | |||||
Unrecognized compensation cost | $ 600 | ||||||
Number of shares, exercised | 0 | ||||||
Unrecognized compensation cost, expected recognition period, years | 1 year | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted, Number of shares | 387,000 | 319,492 | |||||
Fair value of restricted stock vested | $ 700 | $ 1,400 | |||||
Unrecognized compensation cost | 4,500 | ||||||
Cumulative unrecorded stock-based compensation charge | 2,500 | ||||||
Cumulative unrecorded stock-based compensation charge, reversal | $ 1,800 | ||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | ||||||
Restricted Stock [Member] | Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted, Number of shares | 350,000 | ||||||
Restricted Stock [Member] | Non-employee Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted, Number of shares | 37,000 | 17,955 | |||||
Restricted Stock [Member] | Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted, Number of shares | 301,537 | ||||||
Restricted Stock [Member] | One-Third Shares Vest 2019 Fundamental EPS [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fundamental EPS, to be achieved | $ 2.60 | ||||||
Restricted Stock [Member] | Two-Thirds Shares Vest 2019 Fundamental EPS [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fundamental EPS, to be achieved | 2.80 | ||||||
Restricted Stock [Member] | All Shares Vest 2019 Fundamental EPS [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fundamental EPS, to be achieved | 3 | ||||||
Restricted Stock [Member] | One-Third Shares Vest 2018 Fundamental EPS [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fundamental EPS, to be achieved | 2.88 | ||||||
Restricted Stock [Member] | Two-Thirds Shares Vest 2018 Fundamental EPS [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fundamental EPS, to be achieved | 3.30 | ||||||
Restricted Stock [Member] | All Shares Vest 2018 Fundamental EPS [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fundamental EPS, to be achieved | $ 3.76 | ||||||
Restricted Stock [Member] | Not Achieving 2018 Fundamental EPS [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ 6,000 | ||||||
2019 Fundamental EPS [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fundamental EPS, linear interpolation | $ 2.80 | ||||||
2018 Fundamental EPS [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fundamental EPS, linear interpolation | 3.30 | ||||||
Number of common stock shares that will impact fundamental EPS calculation | 10,000,000 | ||||||
Minimum [Member] | 2019 Fundamental EPS [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fundamental EPS | 2.60 | ||||||
Minimum [Member] | 2018 Fundamental EPS [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fundamental EPS | 2.88 | ||||||
Maximum [Member] | 2019 Fundamental EPS [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fundamental EPS | 3 | ||||||
Maximum [Member] | 2018 Fundamental EPS [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fundamental EPS | $ 3.76 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summarized Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stock-Based Compensation [Abstract] | ||||
Outstanding, Number of shares, Beginning Balance | 2,077,524 | 2,401,169 | 2,401,169 | |
Exercised, Number of shares | (323,645) | |||
Expired unexercised, Number of shares | (474,443) | |||
Outstanding, Number of shares, Ending Balance | 1,603,081 | 2,077,524 | 2,077,524 | 2,401,169 |
Exercisable, Number of Shares | 1,448,278 | |||
Vested and expecting to vest, Number of shares | 1,603,081 | |||
Outstanding, Weighted average exercise price, Beginning Balance | $ 15.92 | $ 15.34 | $ 15.34 | |
Exercised, Weighted average exercise price | 11.62 | |||
Expired unexercised, Weighted average exercise price | 22.51 | |||
Outstanding, Weighted average exercise price, Ending Balance | 13.98 | $ 15.92 | $ 15.92 | $ 15.34 |
Exercisable, Weighted average exercise price | 14.28 | |||
Vested and expecting to vest, Weighted average exercise price | $ 13.98 | |||
Outstanding, Weighted average remaining contractual term (in years) | 4 years 6 months | 4 years 3 months 29 days | 3 years 7 months 24 days | 4 years 8 months 27 days |
Exercisable, Weighted Average Remaining Contractual Term (in years) | 4 years 1 month 10 days | |||
Vested and expecting to vest, Weighted Average Remaining Contractual Term (in years) | 4 years 6 months | |||
Outstanding, Aggregate Intrinsic Value, Beginning Balance | $ 926 | $ 11,516 | $ 11,516 | |
Exercised, Aggregate Intrinsic Value | 2,669 | |||
Outstanding, Aggregate Intrinsic Value, Ending Balance | 452 | $ 7,509 | $ 926 | $ 11,516 |
Exercisable, Aggregate Intrinsic Value | 452 | |||
Vested and expecting to vest, Aggregate Intrinsic Value | $ 452 | |||
Options exercise price range, lower limit | $ 7.35 | |||
Options exercise price range, upper limit | $ 24.46 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 904,356 | 589,447 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 589,447 | 341,529 | ||
Granted, Number of Shares of Restricted Stock | 387,000 | 319,492 | ||
Vested, Number of Shares of Restricted Stock | (72,091) | (71,574) | ||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 904,356 | 589,447 | ||
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 7,622 | $ 1,759 | ||
Granted, Weighted Average Grant Date Fair Value | $ 4,145 | $ 581 | ||
Vested, Weighted Average Grant Date Fair Value | $ 735 | $ 1,435 | ||
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 11,142 | $ 7,622 |
Stock-Based Compensation (Recor
Stock-Based Compensation (Recorded Net Stock Compensation (Reversal) Charge) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation charge | $ 503 | $ 726 |
Reversal of stock compensation charge related to restricted stock | (1,827) | |
Total | (1,324) | 726 |
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 | ||
Reversal of stock compensation charge related to restricted stock | ||
Total | ||
Allocated To Selling, General And Administration [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation charge | 503 | 726 |
Reversal of stock compensation charge related to restricted stock | (1,827) | |
Total | $ (1,324) | $ 726 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Redemptions or adjustments to the carrying value of redeemable common stock | $ 0 | $ 0 |
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 earnings per share | 812,919 | |
Options exercise price range, lower limit | $ 10.59 | |
Options exercise price range, upper limit | $ 24.46 |
Earnings Per Share (Income From
Earnings Per Share (Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Net1 | $ 24,632 | $ 23,020 |
Undistributed earnings | $ 24,632 | $ 23,020 |
Percent allocated to common shareholders (Calculation 1) | 99.00% | 99.00% |
Numerator for earnings per share: basic and diluted | $ 24,276 | $ 22,817 |
Denominator for basic earnings per share: weighted-average common shares outstanding | 53,053 | 46,209 |
Effect of dilutive securities: Stock options | 91 | 460 |
Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion | 53,144 | 46,669 |
Earnings per share: Basic | $ 0.46 | $ 0.49 |
Earnings per share: Diluted | $ 0.46 | $ 0.49 |
Basic weighted-average common shares outstanding (A) | 53,053 | 46,209 |
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) | 53,832 | 46,620 |
Supplemental Cash Flow Inform62
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Sep. 30, 2016 |
Supplemental Cash Flow Information [Abstract] | ||
Treasury shares, acquired | 47,056 | |
Treasury shares, cost | $ 500 | $ 31,611 |
Supplemental Cash Flow Inform63
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash received from interest | $ 4,285 | $ 4,265 |
Cash paid for interest | 1,076 | 939 |
Cash paid for income taxes | $ 1,503 | $ 4,066 |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of Reportable Segments Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ 155,633 | $ 154,473 |
South African Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 52,167 | 52,012 |
International Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 46,190 | 41,229 |
Financial Inclusion And Applied Technologies [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 57,276 | 61,232 |
Reportable Segment [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 167,300 | 164,228 |
Reportable Segment [Member] | South African Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 57,568 | 55,639 |
Reportable Segment [Member] | International Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 46,190 | 41,229 |
Reportable Segment [Member] | Financial Inclusion And Applied Technologies [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 63,542 | 67,360 |
Inter-Segment [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | (11,667) | (9,755) |
Inter-Segment [Member] | South African Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | (5,401) | (3,627) |
Inter-Segment [Member] | Financial Inclusion And Applied Technologies [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ (6,266) | $ (6,128) |
Operating Segments (Reconcili65
Operating Segments (Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating Income (Loss) | $ 32,181 | $ 31,215 |
Interest income | 4,304 | 4,275 |
Interest expense | (796) | (974) |
Income before income taxes | 35,689 | 34,516 |
Reportable Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating Income (Loss) | 34,548 | 36,608 |
Corporate/Eliminations [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating Income (Loss) | $ (2,367) | $ (5,393) |
Operating Segments (Summary Of
Operating Segments (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 155,633 | $ 154,473 |
Operating income (loss) | 32,181 | 31,215 |
Depreciation and amortization | 10,204 | 10,115 |
Expenditures for long-lived assets | 3,423 | 10,698 |
Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 167,300 | 164,228 |
Operating income (loss) | 34,548 | 36,608 |
Depreciation and amortization | 7,330 | 6,731 |
Expenditures for long-lived assets | 3,423 | 10,698 |
Corporate/Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | (2,367) | (5,393) |
Depreciation and amortization | 2,874 | 3,384 |
South African Transaction Processing [Member] | Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 57,568 | 55,639 |
Operating income (loss) | 13,548 | 13,511 |
Depreciation and amortization | 1,157 | 1,795 |
Expenditures for long-lived assets | 407 | 1,447 |
International Transaction Processing [Member] | Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 46,190 | 41,229 |
Operating income (loss) | 5,817 | 6,543 |
Depreciation and amortization | 5,836 | 4,696 |
Expenditures for long-lived assets | 2,799 | 8,038 |
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 63,542 | 67,360 |
Operating income (loss) | 15,183 | 16,554 |
Depreciation and amortization | 337 | 240 |
Expenditures for long-lived assets | $ 217 | $ 1,213 |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Income Tax [Abstract] | |||
Effective tax rate | 31.10% | 31.60% | |
Unrecognized tax benefit | $ 1.7 | $ 1.9 | |
Unrecognized tax benefit utilized | 0.3 | ||
Accrued interest related to uncertain tax positions | $ 0.1 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) ZAR in Millions, $ in Millions | Sep. 30, 2016ZAR | Sep. 30, 2016USD ($) |
Guarantor Obligations [Line Items] | ||
Maximum payment amount under guarantee | ZAR 127.4 | $ 9.2 |
Counter Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee amount | ZAR 127.4 | $ 9.2 |
Payment Guarantee [Member] | Minimum [Member] | ||
Guarantor Obligations [Line Items] | ||
Charge rate | 0.40% | 0.40% |
Payment Guarantee [Member] | Maximum [Member] | ||
Guarantor Obligations [Line Items] | ||
Charge rate | 2.00% | 2.00% |
Nedbank [Member] | Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee amount | ZAR 127.4 | $ 9.2 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) ZAR / shares in Units, $ / shares in Units, shares in Millions, ZAR in Millions, $ in Millions | Oct. 20, 2016ZAR | Oct. 06, 2016USD ($)item$ / sharesshares | Oct. 04, 2016ZARZAR / sharesshares | Sep. 30, 2016USD ($) | Nov. 30, 2016USD ($) | Oct. 31, 2016ZAR | Sep. 30, 2016USD ($) | Jan. 31, 2017item | Oct. 07, 2016ZAR |
RMB Loan Facilities [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Maturity date | Oct. 20, 2018 | ||||||||
Maximum [Member] | Facility A [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan amount | $ 36.1 | $ 36.1 | |||||||
Maximum [Member] | Facility B [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan amount | 64.9 | 64.9 | |||||||
Blue Label [Member] | Blue Label Subscription Agreement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate purchase price | 144.3 | ||||||||
Pros Software [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Business acquisition, cost of acquired entity | 1.8 | ||||||||
Business acquisition, incurred acquisition-related expenditure | 0.1 | ||||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of investors | item | 2 | ||||||||
Number of shares | shares | 2.5 | ||||||||
Price per share | $ / shares | $ 9 | ||||||||
Gross proceeds from transaction | $ 45 | ||||||||
Subsequent Event [Member] | Finbond [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan amount | ZAR | ZAR 139.2 | ||||||||
Subsequent Event [Member] | Facility A And C [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Margin percentage | 1.35% | ||||||||
Subsequent Event [Member] | Facility A And B [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of quarterly installments | item | 8 | ||||||||
Subsequent Event [Member] | Facility B [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Margin percentage | 2.75% | ||||||||
Subsequent Event [Member] | Maximum [Member] | Facility A [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan amount | ZAR | ZAR 500 | ||||||||
Subsequent Event [Member] | Maximum [Member] | Facility B [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan amount | ZAR | ZAR 900 | ||||||||
Subsequent Event [Member] | JIBAR [Member] | RMB Loan Facilities [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Interest rate | 7.10% | ||||||||
Subsequent Event [Member] | Blue Label [Member] | Blue Label Subscription Agreement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares | shares | 117.9 | ||||||||
Price per share | ZAR / shares | ZAR 16.96 | ||||||||
Aggregate purchase price | ZAR | ZAR 2,000 | ||||||||
Subsequent Event [Member] | Cell C (Proprietary) Limited [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Percentage acquired in acquisition | 45.00% | ||||||||
Subsequent Event [Member] | C4U [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Percentage acquired in acquisition | 100.00% | ||||||||
Business acquisition, cost of acquired entity | $ 3.9 | ||||||||
Subsequent Event [Member] | Pros Software [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Percentage acquired in acquisition | 100.00% | ||||||||
Business acquisition, cost of acquired entity | ZAR | ZAR 25 | ||||||||
Net1 SA [Member] | Common Terms Agreement [Member] | RMB Loan Facilities [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Maximum borrowing capacity | 101 | 101 | |||||||
Escrow deposit | $ 43.3 | $ 43.3 | |||||||
Net1 SA [Member] | Subsequent Event [Member] | Common Terms Agreement [Member] | RMB Loan Facilities [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Maximum borrowing capacity | ZAR | ZAR 1,400 | ||||||||
Escrow deposit | ZAR | ZAR 600 |