Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2017 | Feb. 06, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
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 | |
Trading Symbol | ueps | |
Entity Common Stock, Shares Outstanding | 56,832,370 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 | [1] |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 64,896 | $ 258,457 | |
Pre-funded social welfare grants receivable (Note 2) | 3,300 | 2,322 | |
Accounts receivable, net of allowances of - December: $1,251; June : $1,255 | 128,543 | 111,429 | |
Finance loans receivable, net of allowances of - December: $17,213; June: $7,469 | 105,697 | 80,177 | |
Inventory (Note 3) | 12,482 | 8,020 | |
Deferred income taxes (Note 1) | 5,330 | ||
Total current assets before settlement assets | 314,918 | 465,735 | |
Settlement assets (Note 4) | 412,177 | 640,455 | |
Total current assets | 727,095 | 1,106,190 | |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - December: $136,996; June: $120,212 | 32,852 | 39,411 | |
EQUITY-ACCOUNTED INVESTMENTS (Note 6) | 147,392 | 27,862 | |
GOODWILL (Note 7) | 199,495 | 188,833 | |
INTANGIBLE ASSETS, net (Note 7) | 34,604 | 38,764 | |
DEFERRED INCOME TAXES (Note 1) | 3,342 | ||
OTHER LONG-TERM ASSETS, including reinsurance assets (Note 6 and Note 8) | 225,463 | 49,696 | |
TOTAL ASSETS | 1,370,243 | 1,450,756 | |
CURRENT LIABILITIES | |||
Short-term credit facilities (Note 9) | 35,553 | 16,579 | |
Accounts payable | 16,971 | 15,136 | |
Other payables | 39,168 | 34,799 | |
Current portion of long-term borrowings (Note 10) | 50,530 | 8,738 | |
Income taxes payable | 5,311 | 5,607 | |
Total current liabilities before settlement obligations | 147,533 | 80,859 | |
Settlement obligations (Note 4) | 412,177 | 640,455 | |
Total current liabilities | 559,710 | 721,314 | |
DEFERRED INCOME TAXES (Note 1) | 9,866 | 11,139 | |
LONG-TERM BORROWINGS (Note 10) | 19,867 | 7,501 | |
OTHER LONG-TERM LIABILITIES, including insurance policy liabilities (Note 8) | 2,449 | 2,795 | |
TOTAL LIABILITIES | 591,892 | 742,749 | |
COMMITMENTS AND CONTINGENCIES (Note 18) | |||
REDEEMABLE COMMON STOCK (Note 1) | 107,672 | 107,672 | |
EQUITY | |||
COMMON STOCK (Note 11) Authorized: 200,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury - December: 56,832,370; June: 56,369,737 | 80 | 80 | |
PREFERRED STOCK Authorized shares: 50,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury: December: -; June: - | |||
ADDITIONAL PAID-IN CAPITAL | 274,961 | 273,733 | |
TREASURY SHARES, AT COST: December: 24,891,292; June: 24,891,292 | (286,951) | (286,951) | |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Note 12) | (123,359) | (162,569) | |
RETAINED EARNINGS | 802,381 | 773,276 | |
TOTAL NET1 EQUITY | 667,112 | 597,569 | |
NON-CONTROLLING INTEREST | 3,567 | 2,766 | |
TOTAL EQUITY (Note 1) | 670,679 | 600,335 | |
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS' EQUITY | $ 1,370,243 | $ 1,450,756 | |
[1] | Derived from audited financial statements |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $ 1,251 | $ 1,255 |
Finance loans receivable, allowances | 17,213 | 7,469 |
Property, plant and equipment, accumulated depreciation | $ 136,996 | $ 120,212 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 56,832,370 | 56,369,737 |
Common stock, shares outstanding | 56,832,370 | 56,369,737 |
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 | 24,891,292 | 24,891,292 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Consolidated Statements Of Operations [Abstract] | ||||
REVENUE | $ 148,416 | $ 151,433 | $ 300,974 | $ 307,066 |
EXPENSE | ||||
Cost of goods sold, IT processing, servicing and support | 73,994 | 73,518 | 148,646 | 148,298 |
Selling, general and administration | 49,392 | 41,703 | 93,326 | 80,171 |
Depreciation and amortization | 8,723 | 10,623 | 17,689 | 20,827 |
OPERATING INCOME | 16,307 | 25,589 | 41,313 | 57,770 |
INTEREST INCOME | 4,705 | 5,061 | 9,749 | 9,365 |
INTEREST EXPENSE | 2,325 | 510 | 4,446 | 1,306 |
INCOME BEFORE INCOME TAX EXPENSE | 18,687 | 30,140 | 46,616 | 65,829 |
INCOME TAX EXPENSE (Note 17) | 10,062 | 10,984 | 20,339 | 22,087 |
NET INCOME BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 8,625 | 19,156 | 26,277 | 43,742 |
EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 1,354 | 74 | 3,429 | 733 |
NET INCOME | 9,979 | 19,230 | 29,706 | 44,475 |
LESS NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 357 | 589 | 601 | 1,202 |
NET INCOME ATTRIBUTABLE TO NET1 | $ 9,622 | $ 18,641 | $ 29,105 | $ 43,273 |
Net income per share, in U.S. dollars (Note 14) | ||||
Basic earnings attributable to Net1 shareholders | $ 0.17 | $ 0.35 | $ 0.51 | $ 0.81 |
Diluted earnings attributable to Net1 shareholders | $ 0.17 | $ 0.35 | $ 0.51 | $ 0.81 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income | $ 9,979 | $ 19,230 | $ 29,706 | $ 44,475 |
Other comprehensive (loss) income | ||||
Movement in foreign currency translation reserve | 53,517 | (20,766) | 39,637 | 1,536 |
Movement in foreign currency translation reserve related to equity-accounted investments | (227) | |||
Total other comprehensive income (loss), net of taxes | 53,517 | (20,766) | 39,410 | 1,536 |
Comprehensive income (loss) | 63,496 | (1,536) | 69,116 | 46,011 |
Less comprehensive income attributable to non-controlling interest | (668) | (624) | (801) | (1,681) |
Comprehensive income (loss) attributable to Net1 | $ 62,828 | $ (2,160) | $ 68,315 | $ 44,330 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement Of Changes In Equity - 6 months ended Dec. 31, 2017 - 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] | Non-Controlling Interest [Member] | Total | ||
Balance, Number of Shares at Jun. 30, 2017 | 81,261,029 | (24,891,292) | 56,369,737 | ||||||||
Balance at Jun. 30, 2017 | $ 80 | $ (286,951) | $ 273,733 | $ 773,276 | $ (162,569) | $ 597,569 | $ 2,766 | $ 600,335 | [1] | ||
Redeemable Common Stock (Note 1), Balance at Jun. 30, 2017 | [1] | 107,672 | |||||||||
Restricted stock granted (Note 13), shares | 588,594 | 588,594 | |||||||||
Stock-based compensation charge (Note 13) | 1,477 | 1,477 | 1,477 | ||||||||
Reversal of stock compensation charge (Note 13) | (42) | (42) | (42) | ||||||||
Reversal of stock compensation charge (Note 13), shares | (125,961) | (125,961) | |||||||||
Reversal of stock based-compensation charge related to equity-accounted investment | (207) | (207) | (207) | ||||||||
Net income | 29,105 | 29,105 | 601 | 29,706 | |||||||
Other comprehensive income (Note 12) | 39,210 | 39,210 | 200 | $ 39,410 | |||||||
Balance, Number of Shares at Dec. 31, 2017 | 81,723,662 | (24,891,292) | 56,832,370 | 56,832,370 | |||||||
Balance at Dec. 31, 2017 | $ 80 | $ (286,951) | $ 274,961 | $ 802,381 | $ (123,359) | $ 667,112 | $ 3,567 | $ 670,679 | |||
Redeemable Common Stock (Note 1), Balance at Dec. 31, 2017 | $ 107,672 | ||||||||||
[1] | Derived from audited financial statements |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash flows from operating activities | |||||
Net income | $ 9,979 | $ 19,230 | $ 29,706 | $ 44,475 | |
Depreciation and amortization | 8,723 | 10,623 | 17,689 | 20,827 | |
Earnings from equity-accounted investments | (1,354) | (74) | (3,429) | (733) | |
Fair value adjustments | (372) | 72 | (281) | (11) | |
Interest payable | (159) | (23) | (247) | 9 | |
Facility fee amortized | 214 | 31 | 347 | 67 | |
Loss (Profit) on disposal of property, plant and equipment | 16 | (539) | 121 | (473) | |
Profit on disposal of business | (463) | (463) | |||
Stock-based compensation charge (reversal), net (Note 13) | 608 | 635 | 1,435 | (689) | |
Dividends received from equity accounted investments | 1,253 | 2,165 | 370 | ||
(Increase) Decrease in accounts receivable, pre-funded social welfare grants receivable and finance loans receivable | 6,005 | 6,585 | (33,136) | 14,351 | |
Increase in inventory | (2,322) | (3,481) | (3,848) | (3,585) | |
(Decrease) Increase in accounts payable and other payables | (481) | (5,940) | 2,948 | (2,900) | |
Decrease in taxes payable | (9,754) | (11,815) | (916) | (859) | |
Increase (Decrease) in deferred taxes | 1,419 | 386 | 428 | (1,246) | |
Net cash provided by operating activities | 13,312 | 15,690 | 12,519 | 69,603 | |
Cash flows from investing activities | |||||
Capital expenditures | (2,103) | (3,126) | (3,576) | (6,549) | |
Proceeds from disposal of property, plant and equipment | 99 | 945 | 415 | 1,014 | |
Investment in Cell C (Note 6) | (151,003) | ||||
Investment in equity of equity-accounted investments (Note 6) | (40,892) | (113,738) | |||
Acquisition of held to maturity investment (Note 6) | (9,000) | (9,000) | |||
Investment in MobiKwik | (15,347) | ||||
Loans to equity accounted investments (Note 6) | (10,044) | (10,044) | |||
Acquisitions, net of cash acquired | (4,651) | (4,651) | |||
Other investing activities | (154) | (154) | |||
Net change in settlement assets (Note 4) | 24,519 | 258,166 | 237,168 | 220,772 | |
Net cash (used in) provided by investing activities | (27,531) | 241,290 | (39,888) | 185,195 | |
Cash flows from financing activities | |||||
Long-term borrowings utilized (Note 10) | 95,431 | 247 | |||
Repayment of long-term borrowings (Note 10) | (30,881) | (1,824) | (45,141) | (28,493) | |
Proceeds from bank overdraft (Note 9) | 690 | 32,570 | |||
Repayment of bank overdraft (Note 9) | (11,391) | (14,343) | |||
Guarantee fee paid (Note 10) | (1,145) | (552) | (1,145) | ||
Acquisition of treasury stock (Note 11) | (32,081) | ||||
Dividends paid to non-controlling interest | (58) | (613) | |||
Net change in settlement obligations (Note 4) | (24,519) | (258,166) | (237,168) | (220,772) | |
Net cash used in financing activities | (66,101) | (261,193) | (169,203) | (282,857) | |
Effect of exchange rate changes on cash | 6,857 | (2,225) | 3,011 | 3,306 | |
Net decrease in cash, cash equivalents and restricted cash | (73,463) | (6,438) | (193,561) | (24,753) | |
Cash, cash equivalents and restricted cash - beginning of period | 138,359 | 205,329 | 258,457 | 223,644 | |
Cash, cash equivalents and restricted cash - end of period | [1] | $ 64,896 | 198,891 | $ 64,896 | 198,891 |
Restricted cash | $ 43,700 | $ 43,700 | |||
[1] | Cash, cash equivalents and restricted cash as of December 31, 2016, includes restricted cash of approximately $43.7 million related to the guarantee issued by FirstRand Bank Limited (acting through its Rand Merchant Bank division). This cash was placed into an escrow account and was considered restricted as to use and therefore was classified as restricted cash. The restriction lapsed upon expiry of the guarantee. |
Basis Of Presentation And Summa
Basis Of Presentation And Summary Of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2017 | |
Description Of Business And Basis Of Presentation [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 and six months ended December 31, 2017 and 2016, 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, 2017. 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. During the three months ended December 31, 2017, the Company reclassified redeemable common stock out of total equity because redeemable common stock is required to be presented outside of permanent equity. The Company has restated these amounts in its unaudited condensed consolidated balance sheet as at June 30, 2017 and unaudited condensed consolidated statement of changes in equity for the six months ended December 31, 2017. The reclassification resulted in a decrease in total equity by approximately $107.7 million and an increase in redeemable common stock, presented outside of permanent equity, of approximately $107.7 million. This reclassification had no impact on the Company's previously reported consolidated income, comprehensive income or cash flows. References to the "Company" refer to Net1 and its consolidated subsidiaries, collectively, unless the context otherwise requires. References to "Net1" are references solely to Net 1 UEPS Technologies, Inc. Recent accounting pronouncements adopted 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. The adoption of this guidance did not have a material impact on the Company's financial statements disclosures. 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. The adoption of this guidance did not have a material impact on the Company's financial statements. 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, and has been applied on a prospective basis. The adoption of this guidance has resulted in the reclassification of current deferred tax assets and liabilities as non-current deferred tax assets and liabilities in the unaudited condensed consolidated balance sheet as of December 31, 2017. Prior period current deferred tax assets have not been reclassified as non-current in the unaudited condensed consolidated balance sheet as of June 30, 2017. 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. The adoption of this guidance did not have a material impact on the Company's financial statements. The Company has elected to continue to estimate the number of forfeitures when an award is made. Recent accounting pronouncements not yet adopted as of December 31, 2017 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 originally set 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 guidance is effective for the Company beginning July 1, 2018. 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 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. The guidance requires changes in the fair value of the Company's equity investments, with certain exceptions, to be recognized through net income rather than other comprehensive income. 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 include 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 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. In January 2017, the FASB issued guidance regarding Clarifying the Definition of a Business. This guidance provides a more robust framework to use in determining when a set of assets and activities is a business. Because the current definition of a business is interpreted broadly and can be difficult to apply, stakeholders indicated that analyzing transactions is inefficient and costly and that the definition does not permit the use of reasonable judgment. The amendments provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The guidance is effective for the Company beginning July 1, 2018. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In January 2017, the FASB issued guidance regarding Simplifying the Test for Goodwill Impairment. This guidance removes the requirement for an entity to calculate the implied fair value of goodwill (as part of step 2 of the current goodwill impairment test) in measuring a goodwill impairment loss. The guidance is effective for the Company beginning July 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently assessing the impact of this guidance. In May 2017, the FASB issued guidance regarding Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting. The guidance amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Accounting Standards Codification 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The guidance is effective for the Company beginning July 1, 2018. 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 | 6 Months Ended |
Dec. 31, 2017 | |
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 primarily amounts pre-funded by the Company to certain merchants participating in the merchant acquiring system. The January 2018 payment service commenced on January 2, 2018, but the Company pre-funded certain merchants participating in the merchant acquiring systems on December 30, 2017. The July 2017 payment service commenced on July 1, 2017, but the Company pre-funded certain merchants participating in the merchant acquiring systems on the last day of June 2017. |
Inventory
Inventory | 6 Months Ended |
Dec. 31, 2017 | |
Inventory [Abstract] | |
Inventory | 3. Inventory The Company's inventory comprised the following category as of December 31, 2017 and June 30, 2017. December 31, June 30, 2017 2017 Finished goods $ 12,482 $ 8,020 $ 12,482 $ 8,020 |
Settlement Assets And Settlemen
Settlement Assets And Settlement Obligations | 6 Months Ended |
Dec. 31, 2017 | |
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. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Dec. 31, 2017 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 5. Fair value of financial instruments Fair value of financial instruments Initial recognition and measurement Financial instruments are recognized when the Company becomes a party to the transaction. Initial measurements are at cost, which includes transaction costs. Risk 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 utilized 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 translation, interest rate, customer concentration, credit, and equity price and liquidity 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 lending 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 investments in cash equivalents and held to maturity investments and has occasionally invested in marketable securities. Working capital finance customer concentration risk Working capital finance customer concentration risk relates to the risk of loss that the Company would incur as a result of its concentration of working capital financing receivables. During the year ended June 30, 2017, the Company commenced marketing activities to develop and expand its working capital financing receivables base. The Company manages the risk through on-going marketing efforts to further expand its customer base as well as through regular contact with its customer to assess their need for the Company's product. 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 "BB+" (or its equivalent) or better, as determined by credit rating agencies such as Standard & Poor's, Moody's and Fitch Ratings. Microlending credit risk The Company is exposed to credit risk in its 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 and, consequently, the amount that 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 would apply to Level 1 investments. If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, then the Company uses quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable either directly or indirectly. These investments would be included in Level 2 investments. In circumstances in which inputs are generally unobservable, values typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. Investments valued using such techniques are included in Level 3 investments. Asset measured at fair value using significant unobservable inputs – investment in Cell C The Company's Level 3 asset represents an investment of 75,000,000 The fair value of the Cell C shares as of December 31, 2017, represented approximately 12% of the Company's total assets, including these shares. The Company expects to hold these shares for an extended period of time and it is not concerned with short-term equity price volatility with respect to these shares provided that the underlying business, economic and management characteristics of the company remain sound. 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 "BB+" (or equivalent) 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 had no The following table presents the Company's assets measured at fair value on a recurring basis as of December 31, 2017, 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 Investment in Cell C $ - $ - $ 161,695 $ 161,695 Related to insurance business: Cash and cash equivalents (included in other long-term assets) 664 - - $ 664 Fixed maturity investments (included in cash and cash equivalents) 7,458 - - 7,458 Other - 40 - 40 Total assets at fair value $ 8,122 $ 40 $ 161,695 $ 169,857 The following table presents the Company's assets measured at fair value on a recurring basis as of June 30, 2017, 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: Cash and cash equivalents (included in other long-term assets) $ 627 $ - $ - $ 627 Fixed maturity investments (included in cash and cash equivalents) 5,160 - - 5,160 Other - 37 - 37 Total assets at fair value $ 5,787 $ 37 $ - $ 5,824 There have been no 3 , 2017 and 2016, 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. |
Equity-Accounted Investments An
Equity-Accounted Investments And Other Long-Term Assets | 6 Months Ended |
Dec. 31, 2017 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Equity-Accounted Investments And Other Long-Term Assets | 6. Equity-accounted investments and other long-term assets Equity-accounted investments The Company's ownership percentage in its equity-accounted investments as of December 31, 2017 and June 30, 2017, was as follows: December 31, June 30, 2017 2017 DNI-4PL (Pty) Ltd ("DNI") 45 % - Bank Frick & Co AG ("Bank Frick") 30 % - Finbond Group Limited ("Finbond") 27 % 26 % KZ One Limited (formerly One Credit Limited) ("KZ One") 25 % 25 % SmartSwitch Namibia (Pty) Ltd ("SmartSwitch Namibia") 50 % 50 % Walletdoc Proprietary Limited ("Walletdoc") 20 % 20 % On July 27, 2017, the Company subscribed for 44,999,999 45 945.0 72.0 360 29.1 no On October 2, 2017, the Company acquired a 30 39.8 40.9 5 10.4 10.7 3.8 3.9 October 2, 2019 35 Bank Frick provides a complete suite of banking services, with one of its key strategic pillars being the provision of payment services and funding of financial technology opportunities. Bank Frick holds acquiring licenses from both Visa and MasterCard and operates a branch in London. The Company and Bank Frick have jointly identified several funding opportunities, including for the Company's card issuing and acquiring and transaction processing activities as well new opportunities in cryptocurrency and blockchain. The investment in Bank Frick has the potential to provide the Company with a stable, long-term and strategic relationship with a fully-licensed bank. As of December 31, 2017, the Company owned 205,483,967 3.39 696.6 56.3 3.6 11.2 0.8 4,361,532 On October 7, 2016, the Company provided a loan of ZAR 139.2 10.0 12.00 1.4874 The Company has provided a credit facility of up to $ 10 2 Summarized below is the movement in equity-accounted investments during the six months ended December 31, 2017: DNI Bank Frick Finbond Other (1) Total Investment in equity: Balance as of June 30, 2017 $ - $ - $ 18,961 $ 6,742 $ 25,703 Acquisition of shares 72,001 40,892 1,941 - 114,834 Stock-based compensation - - (207 ) - (207 ) Comprehensive income (loss): 1,911 322 874 95 3,202 Other comprehensive loss - - (227 ) - (227 ) Equity accounted earnings (loss) 1,911 322 1,101 95 3,429 Share of net income (loss) 3,240 487 1,931 95 5,753 Amortization of acquired intangible assets (1,845 ) (219 ) - - (2,064 ) Deferred taxes on acquired intangible assets 516 54 - - 570 Dilution resulting from corporate transactions - - (830 ) - (830 ) Dividends received (1,765 ) - (1,096 ) (400 ) (3,261 ) Foreign currency adjustment (2) 4,369 (169 ) 1,134 (381 ) 4,953 Balance as of December 31, 2017 76,516 $ 41,045 $ 21,607 $ 6,056 $ 145,224 Investment in loans: Balance as of June 30, 2017 $ - $ - $ - $ 2,159 $ 2,159 Foreign currency adjustment (2) - - - 9 9 Balance as of December 31, 2017 $ - $ - $ - $ 2,168 $ 2,168 Equity Loans Total Carrying amount as of: June 30, 2017 $ 25,703 $ 2,159 $ 27,862 December 31, 2017 $ 145,224 $ 2,168 $ 147,392 (1) Includes KZ One, SmartSwitch Namibia and Walletdoc; (2) The foreign currency adjustment represents the effects of the fluctuations South African rand, Nigerian naira and the Namibian dollar, and the U.S. dollar on the carrying value. Other long-term assets Summarized below is the breakdown of other long-term assets as of December 31, 2017, and June 30, 2017: December 31, June 30, 2017 2017 Investment in 15 (1) $ 161,695 $ - Investment in 12 27,598 26,317 Total equity investments 189,293 26,317 Investment in 7.625 8.625 2022 9,182 - Total held to maturity investments 9,182 - Long-term portion of payments to agents in South Korea amortized over the contract period 20,512 17,290 Policy holder assets under investment contracts (Note 8) 664 627 Reinsurance assets under insurance contracts Note 8) 212 191 Other long-term assets 5,600 5,271 Total other long-term assets $ 225,463 $ 49,696 (1) The notes to the unaudited condensed consolidated financial statements included in the Company's Form 10-Q for the three months ended September 30, 2017, stated that the Cell C investment was carried at cost rather than at fair value. As of September 30, 2017, the fair value of the investment in Cell C approximated its cost. On August 2, 2017, the Company, through its subsidiary, Net1 Applied Technologies South Africa Proprietary Limited ("Net1 SA"), purchased 75,000,000 2.0 151.0 The Company has signed a subscription agreement with MobiKwik, which is India's largest independent mobile payments network, with over 65 2.0 40.0 24 15.0 10.6 13.5 90 12.0 In December 2017, the Company purchased, for cash, $ 9.0 20.5 August 2, 2022 59,000,000 Summarized below are the components of the Company's available for sale and held to maturity investments as of December 31, 2017: Unrealized Unrealized holding holding Carrying Cost basis gains losses value Available for sale: Investment in Cell C $ 161,695 $ - $ - $ 161,695 Held to maturity: Investment in Cedar Cellular notes 9,000 182 - 9,182 Total 170,695 $ - $ - $ 170,695 The Company had no Contractual maturities of held to maturity investments Summarized below are the contractual maturities of the Company's held to maturity investment as of December 31, 2017: Cost Estimated basis fair value Due in one year or less $ - $ - Due in one year through five years 9,000 9,182 Due in five years through ten years - - Due after ten years - - Total $ 9,000 $ 9,182 |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 6 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Goodwill And Intangible Assets, Net | 7. Goodwill and intangible assets, net Goodwill Summarized below is the movement in the carrying value of goodwill for the six months ended December 31, 2017: Accumulated Carrying Gross value impairment value Balance as of June 30, 2017 $ 188,833 $ - $ 188,833 Foreign currency adjustment (1) 10,662 - 10,662 Balance as of December 31, 2017 $ 199,495 $ - $ 199,495 (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, 2017 $ 23,131 $ 140,570 $ 25,132 $ 188,833 Foreign currency adjustment (1) 1,282 8,310 1,070 10,662 Balance as of December 31, 2017 $ 24,413 $ 148,880 $ 26,202 $ 199,495 (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 amortization of intangible assets Summarized below is the carrying value and accumulated amortization of the intangible assets as of December 31, 2017 and June 30, 2017 : As of December 31, 2017 As of June 30, 2017 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships $ 105,365 $ (75,089 ) $ 30,276 $ 99,209 $ (65,595 ) $ 33,614 Software and unpatented technology 35,227 (33,587 ) 1,640 33,273 (31,112 ) 2,161 FTS patent 3,098 (3,098 ) - 2,935 (2,935 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks 7,361 (5,486 ) 1,875 6,972 (4,759 ) 2,213 Total finite-lived intangible assets 155,557 (121,766 ) 33,791 146,895 (108,907 ) 37,988 Indefinite-lived intangible assets: Financial institution license 813 - 813 776 - 776 Total indefinite-lived intangible assets 813 - 813 776 - 776 Total intangible assets $ 156,370 $ (121,766 ) $ 34,604 $ 147,671 $ (108,907 ) $ 38,764 Aggregate amortization expense on the finite-lived intangible assets for the three months ended December 31, 2017 and 2016, was approximately $ 2.9 3.6 5.8 6.5 Future estimated annual amortization expense for the next five fiscal years and thereafter, assuming exchange rates that prevailed on December 31, 2017, 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. Fiscal 2018 $ 12,838 Fiscal 2019 11,369 Fiscal 2020 10,653 Fiscal 2021 4,582 Fiscal 2022 81 Thereafter 330 Total future estimated annual amortization expense $ 39,853 |
Reinsurance Assets And Policyho
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts | 6 Months Ended |
Dec. 31, 2017 | |
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts | 8. Reinsurance assets and policyholder liabilities under insurance and investment contracts Reinsurance assets and policyholder liabilities under insurance contracts Summarized below is the movement in reinsurance assets and policyholder liabilities under insurance contracts during the six months ended December 31, 2017: Reinsurance Insurance assets (1) contracts (2) Balance as of June 30, 2017 $ 191 $ (1,611 ) Increase in policyholder benefits under insurance contracts (355 ) (4,932 ) Claims and policyholders' benefits under insurance contracts. 366 4,884 Foreign currency adjustment (3) 10 (89 ) Balance as of December 31, 2017 $ 212 $ (1,748 ) (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 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 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. The values of matured guaranteed endowments were increased by late payment interest (net of the asset management fee and allowance for tax on investment income). Assets and policyholder liabilities under investment contracts Summarized below is the movement in assets and policyholder liabilities under investment contracts during the six months ended December 31, 2017: Investment Assets (1) contracts (2) Balance as of June 30, 2017 $ 627 $ (627 ) Increase in policyholder benefits under investment contracts 2 (2 ) Foreign currency adjustment (3) 35 (35 ) Balance as of December 31, 2017 $ 664 $ (664 ) (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 | 6 Months Ended |
Dec. 31, 2017 | |
Short-Term Credit Facilities [Abstract] | |
Short-Term Credit Facilities | 9. Short-term credit facilities Summarized below are the Company's available short-term facilities and the amounts utilized as of December 31, 2017 and June 30, 2017, all amounts below were translated at the exchange rates applicable as of the date presented: December 31, 2017 June 30, 2017 Available Utilized Available Utilized Europe: Bank Frick (1) $ 68,405 $ 35,553 $ 66,579 $ 16,579 South Africa: Nedbank Limited 32,400 10,190 30,600 10,000 Overdraft facility (1) 20,200 - 19,109 - Indirect and derivative facilities (Note 18) $ 12,200 $ 10,190 $ 11,491 $ 10,000 (1) Utilized amount included in short-term facilities on the unaudited condensed consolidated balance sheets. Europe The Company has obtained EUR 40.0 47.9 20 20.5 4.7 4.8 25.7 30.7 15.9 16.6 no As of December 31, 2017, the interest rate on these facilities was 5.00 The initial term of the EUR 40 million facility ends on December 31, 2019 12 United States On January 29, 2018, the Company obtained a $ 10 4.50 March 31, 2018 six South Africa The aggregate amount of the Company's short-term South African credit facility with Nedbank Limited ("Nedbank") was ZAR 400 32.4 200 16.2 200 16.2 50 4.0 150 12.2 As of December 31, 2017, the interest rate on the overdraft facility was 9.10 0.35 As of each of December 31, 2017 and June 30, 2017, respectively, the Company had not utilized any of its overdraft facility. As of Dec ember 31, 2017, the Company had utilized approximately ZAR 126.0 .2 130.5 10.0 |
Long-Term Borrowings
Long-Term Borrowings | 6 Months Ended |
Dec. 31, 2017 | |
Long-Term Borrowings [Abstract] | |
Long-Term Borrowings | 10. Long-term borrowings South Africa The Company's South African long-term facility agreement is described in Note 14 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2017. As of December 31, 2017, $ 70.4 7.158 On July 26, 2017, the Company utilized ZAR 1.25 92.2 15 eight 375.0 28.5 187.5 15.2 The Company paid a non-refundable deal origination fee of approximately ZAR 6.3 0.6 1.9 3.6 0.1 0.2 South Korea The South Korean senior secured loan facility is described in Note 14 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2017. On October 20, 2017, the Company made an unscheduled repayment of $ 16.6 On July 29, 2017, the Company utilized approximately KRW 0.3 0.3 Interest expense incurred during the three months ended December 31, 2017 and 2016, was $ 0.1 0.2 0.4 0.7 0.1 0.03 0.1 0.07 |
Capital Structure
Capital Structure | 6 Months Ended |
Dec. 31, 2017 | |
Capital Structure [Abstract] | |
Capital Structure | 11. 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 six months ended December 31, 2017 and 2016, respectively, and the number of shares, net of treasury, excluding non-vested equity shares that have not vested during the six months ended December 31, 2017 and 2016, respectively: December 31, December 31, 2017 2016 Number of shares, net of treasury: Statement of changes in equity 56,832,370 52,521,345 Less: Non-vested equity shares that have not vested (Note 13) (911,856 ) (904,356 ) Number of shares, net of treasury excluding non-vested equity shares that have not vested 55,920,514 51,616,989 Common stock repurchases Executed under share repurchase authorizations The Company did no 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 1,328,699 12.7 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 12. Accumulated other comprehensive loss The table below presents the change in accumulated other comprehensive (loss) income per component during the six months ended December 31, 2017: Six months ended December 31, 2017 Accumulated net unrealized Accumulated income on foreign asset currency available for translation sale, net of reserve tax Total Balance as of June 30, 2017 $ (162,569 ) $- $ (162,569 ) Movement in foreign currency translation reserve related to equity accounted investment (227 ) - (227 ) Movement in foreign currency translation reserve 39,437 - 39,437 Balance as of December 31, 2017 $ (123,359 ) $- $ (123,359 ) There were no , 2017 or 2016. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 13. Stock-based compensation Stock option and restricted stock activity Options The following table summarizes stock option activity for the six months ended December 31, 2017 and 2016: Weighted Weighted average Weighted average remaining Aggregate average exercise contractual intrinsic grant date Number of price term value fair value shares ($) (in years) ($' ) ($) Outstanding – June 30, 2017 846,607 13.87 3.80 486 Forfeitures (37,333 ) 11.23 Outstanding – December 31, 2017 809,274 13.99 3.15 1,022 Outstanding – June 30, 2016 2,077,524 15.92 3.65 926 Expired unexercised (474,443 ) 22.51 Outstanding – December 31, 2016 1,603,081 13.98 4.25 1,685 No 37,333 no 474,443 The following table presents stock options vested and expecting to vest as of December 31, 2017: Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' 000 ) Vested and expecting to vest – December 31, 2017 809,274 13.99 3.15 1,022 These options have an exercise price range of $ 7.35 24.46 The following table presents stock options that are exercisable as of December 31, 2017: Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' 000 ) Exercisable – December 31, 2017 809,274 13.99 3.15 1,022 No 105,982 154,803 Restricted stock The following table summarizes restricted stock activity for the six months ended December 31, 2017 and 2016: Number of Weighted shares of average grant restricted date fair value stock ($' ) Non-vested – June 30, 2017 505,473 11,173 Granted – August 2017 588,594 4,288 Vested – August 2017 (56,250 ) 527 Forfeitures (30,635 ) 358 Forfeitures – August and November 2014 awards with market conditions (95,326 ) 1,133 Non-vested – December 31, 2017 911,856 9,365 Non-vested – June 30, 2016 589,447 7,622 Granted – August 2016 387,000 4,145 Vested – August 2016 (72,091 ) 735 Non-vested – December 31, 2016 904,356 11,142 The August 2017 grants comprises (i) 326,000 210,000 52,594 350,000 37,000 The 326,000 shares of restricted stock will only vest if the recipient is employed by the Company on a full-time basis on August 23, 2020 August 23, 2018 Market Conditions - Restricted Stock Granted in August 2017 The 210,000 shares of restricted stock awarded to executive officers in August 2017 are subject to time-based and performance-based ( a market condition) vesting conditions and vest in full only on the date, if any, the following conditions are satisfied: (1 the price of the Company's common stock must equal or exceed certain agreed VWAP levels (as described below) during a measurement period commencing on the date that it files its Annual Report on Form 10-K for the fiscal year ended 2020 and ending on December 31, 2020 and (2) the recipient is employed by the Company on a full-time basis when the condition in (1) is met. If either of these conditions is not satisfied, then none of the shares of restricted stock will vest and they will be forfeited. The $ 23.00 35 9.38 Below $ 15.00 0 At or above $ 15.00 19.00 33 At or above $ 19.00 23.00 66 At or above $ 23.00 100 These 210,000 shares of restricted stock are effectively forward starting knock-in barrier options with multi-strike prices of zero In scenarios where the shares do not vest, the final vested value at maturity is zero. In scenarios where vesting occurs, the final vested value on maturity is the share price on vesting date. The value of the grant is the average of the discounted vested values. The Company used an expected volatility of 44.0 three 1.275 1.657 no 30 Performance Conditions - Restricted Stock Granted in August 2016 In August 2016 the Company awarded 350,000 200,000 150,000 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 Performance Conditions - Restricted Stock Granted in August 2015 In August 2015 the Company awarded 301,537 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 Vesting of all non-employee director shares issued prior to June 30, 2017 Grants of restricted stock to non-employee directors made during fiscal 2017, as well as those grants made in prior years, originally vested over a three one 61,995 Forfeiture of restricted stock awarded in August and November 2014 that did not achieved targeted market conditions During the three and six months ended December 31, 2017, restricted stock with market conditions awarded in August and November 2014, were forfeited, because the target market conditions were not achieved. The stock-based compensation charge related to these awards was not reversed upon forfeiture because these awards contained market conditions. The fair value of restricted stock vesting during the six months ended December 31, 2017 and 2016, respectively, was $ 0.5 0.7 Stock-based compensation charge and unrecognized compensation cost The Company recorded a stock-based compensation charge during each of the three months ended December 31, 2017 and 2016 of $0.6 million, which comprised: Allocated to cost of goods sold, IT Allocated to processing, selling, general Total servicing and and charge support administration Three months ended December 31, 2017 Stock-based compensation charge $ 608 $ - $ 608 Total – three months ended December 31, 2017 . $ 608 $ - $ 608 Three months ended December 31, 2016 Stock-based compensation charge $ 635 $ - $ 635 Total – three months ended December 31, 2016 . $ 635 $ - $ 635 The Company recorded a stock-based compensation charge (reversal) during the six months ended December 31, 2017 and 2016 of $1.4 million and ($0.7 million), respectively, which comprised: Allocated to cost of goods sold, IT Allocated to processing, selling, general Total servicing and and charge support administration Six months ended December 31, 2017 Stock-based compensation charge $ 1,477 $ - $ 1,477 Reversal of stock compensation charge related to stock options forfeited (42 ) - (42 ) Total – six months ended December 31, 2017 $ 1,435 $ - $ 1,435 Six months ended December 31, 2016 Stock-based compensation charge $ 1,138 $ - $ 1,138 Reversal of stock compensation charge related to restricted stock (1,827 ) - (1,827 ) Total – six months ended December 31, 2016 $ (689 ) $ - $ (689 ) 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 December 31, 2017, there was no 4.5 two 3.9 3.2 1.8 As of December 31, 2017 and June 30, 2017, the Company recorded a deferred tax asset of approximately $ 0.7 0.9 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 14. 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 and six months ended December 31, 2017 and 2016, 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 2014, November 2014, August 2015, August 2016 and August 2017, 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 2017, August 2016 and August 2015 are discussed in Note 13 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, 2017. 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 Six months ended December 31, December 31, 2017 2016 2017 2016 (in thousands except (in thousands except percent and percent and per share data) per share data) Numerator: Net income attributable to Net1 $ 9,622 $ 18,641 $ 29,105 $ 43,273 Undistributed earnings 9,622 18,641 29,105 43,273 Percent allocated to common shareholders (Calculation 1) 99 % 98 % 98 % 98 % Numerator for earnings per share: basic and diluted $ 9,481 $ 18,296 $ 28,664 $ 42,561 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 55,923 51,549 55,902 52,301 Effect of dilutive securities: Stock options 52 122 50 106 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 55,975 51,671 55,952 52,407 Earnings per share: Basic $ 0.17 $ 0.35 $ 0.51 $ 0.81 Diluted $ 0.17 $ 0.35 $ 0.51 $ 0.81 (Calculation 1) Basic weighted-average common shares outstanding (A) 55,923 51,549 55,902 52,301 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 56,755 52,521 56,762 53,176 Percent allocated to common shareholders (A) / (B) 99 % 98 % 98 % 98 % Options to purchase 357,643 10.59 24.46 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 15. Supplemental cash flow information The following table presents supplemental cash flow disclosures for the three and six months ended December 31, 2017 and 2016: Three months ended Six months ended December 31, December 31, 2017 2016 2017 2016 Cash received from interest $ 4,562 $ 5,050 $ 9,848 $ 9,335 Cash paid for interest $ 2,330 $ 496 $ 4,418 $ 1,572 Cash paid for income taxes $ 18,613 $ 22,564 $ 20,649 $ 24,067 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 | 6 Months Ended |
Dec. 31, 2017 | |
Operating Segments [Abstract] | |
Operating Segments | 16. 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, 2017. The reconciliation of the reportable segments revenue to revenue from external customers for the three months ended December 31, 2017 and 2016, is as follows: Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 64,148 $ 6,181 $ 57,967 International transaction processing 44,185 - 44,185 Financial inclusion and applied technologies 54,131 7,867 46,264 Total for the three months ended December 31, 2017 $ 162,464 $ 14,048 $ 148,416 South African transaction processing $ 59,862 $ 5,395 $ 54,467 International transaction processing 44,000 - 44,000 Financial inclusion and applied technologies 59,258 6,292 52,966 Total for the three months ended December 31, 2016 $ 163,120 $ 11,687 $ 151,433 The reconciliation of the reportable segments revenue to revenue from external customers for the six months ended December 31, 2017 and 2016, is as follows: Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 130,585 $ 12,326 $ 118,259 International transaction processing 90,207 - 90,207 Financial inclusion and applied technologies 108,444 15,936 92,508 Total for the six months ended December 31, 2017 $ 329,236 $ 28,262 $ 300,974 South African transaction processing $ 117,430 $ 10,796 $ 106,634 International transaction processing 90,190 - 90,190 Financial inclusion and applied technologies 122,800 12,558 110,242 Total for the six months ended December 31, 2016 $ 330,420 $ 23,354 $ 307,066 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 and six months ended December 31, 2017 and 2016, is as follows: Three months ended Six months ended December 31, December 31, 2017 2016 2017 2016 Reportable segments measure of profit or loss $ 21,216 $ 33,383 $ 52,784 $ 67,931 Operating income: Corporate/Eliminations (4,909 ) (7,794 ) (11,471 ) (10,161 ) Interest income 4,705 5,061 9,749 9,365 Interest expense (2,325 ) (510 ) (4,446 ) (1,306 ) Income before income taxes $ 18,687 $ 30,140 $ 46,616 $ 65,829 The following tables summarize segment information that is prepared in accordance with GAAP for the three and six months ended December 31, 2017 and 2016: Three months ended Six months ended December 31, December 31, 2017 2016 2017 2016 Revenues South African transaction processing $ 64,148 $ 59,862 $ 130,585 $ 117,430 International transaction processing 44,185 44,000 90,207 90,190 Financial inclusion and applied technologies 54,131 59,258 108,444 122,800 Total 162,464 163,120 329,236 330,420 Operating income (loss) South African transaction processing 13,470 15,372 25,802 28,920 International transaction processing (4,991 ) 3,904 325 9,721 Financial inclusion and applied technologies 12,737 14,107 26,657 29,290 Subtotal: Operating segments 21,216 33,383 52,784 67,931 Corporate/Eliminations (4,909 ) (7,794 ) (11,471 ) (10,161 ) Total 16,307 25,589 41,313 57,770 Depreciation and amortization South African transaction processing 1,087 1,137 2,240 2,294 International transaction processing 4,381 5,521 9,013 11,357 Financial inclusion and applied technologies 309 354 664 691 Subtotal: Operating segments 5,777 7,012 11,917 14,342 Corporate/Eliminations 2,946 3,611 5,772 6,485 Total 8,723 10,623 17,689 20,827 Expenditures for long-lived assets South African transaction processing 900 635 1,377 1,042 International transaction processing 892 2,167 1,798 4,966 Financial inclusion and applied technologies 311 324 401 541 Subtotal: Operating segments 2,103 3,126 3,576 6,549 Corporate/Eliminations - - - - Total $ 2,103 $ 3,126 $ 3,576 $ 6,549 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 | 6 Months Ended |
Dec. 31, 2017 | |
Income Tax [Abstract] | |
Income Tax | 17. 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 and six months ended December 31, 2017, the tax charge was calculated using the expected effective tax rate for the year. The Company's effective tax rate for the three and six months ended December 31, 2017, was 53.8 43.6 For the three and six months ended December 31, 2016, the tax charge was calculated using the expected effective tax rate for the year. The Company's effective tax rate for the three and six months ended December 31, 2016, was 36.4 33.6 New U.S. Tax Legislation On December 22, 2017, the Tax Cuts and Jobs Act (the " TCJA"), was enacted into law, significantly modifying U.S. federal tax laws. The TCJA reduces the federal statutory tax rate for corporations from 35 21 28 22 The Company is currently analyzing the impact of these changes; therefore, an estimate of the full impact on deferred tax assets and liabilities, income tax expense, net income and other affected accounts is not yet available. The Company has a June year end and therefore it will use a blended rate of 28.10 0.3 0.6 The TCJA also requires a U.S. shareholder of a specified foreign corporation to include a deemed repatriation of foreign earnings as part of the transition to a territorial tax system; however, the Company does not currently believe that it has a deemed repatriation transition tax liability. Uncertain tax positions There were no 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 December 31, 2017 and June 30, 2017, the Company had unrecognized tax benefits of $ 0.5 0.5 |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 18. 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 126.0 10.2 126.0 10.2 0.4 2.0 The Company has not recognized any obligation related to these counter-guarantees in its consolidated balance sheet as of December 31, 2017. The maximum potential amount that the Company could pay under these guarantees is ZAR 126.0 10.2 As described in Note 9, Net1 has specifically provided guarantees to Bank Frick related to the EUR 40.0 million ($47.9 million) and CHF 20 million ($20.5 million) revolving overdraft facilities provided to Masterpayment. As of December 31, 2017, Masterpayment had utilized approximately $30.7 million of the EUR 40.0 million facility and $4.8 million of the CHF 20 million facility and these obligations are recorded as short-term facilities in the Company's consolidated balance sheet. The maximum potential amount that the Company could pay under the guarantees to Bank Frick was $ 35.5 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. |
Basis Of Presentation And Sum26
Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Dec. 31, 2017 | |
Description Of Business And Basis Of Presentation [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 and six months ended December 31, 2017 and 2016, 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, 2017. 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. During the three months ended December 31, 2017, the Company reclassified redeemable common stock out of total equity because redeemable common stock is required to be presented outside of permanent equity. The Company has restated these amounts in its unaudited condensed consolidated balance sheet as at June 30, 2017 and unaudited condensed consolidated statement of changes in equity for the six months ended December 31, 2017. The reclassification resulted in a decrease in total equity by approximately $107.7 million and an increase in redeemable common stock, presented outside of permanent equity, of approximately $107.7 million. This reclassification had no impact on the Company's previously reported consolidated income, comprehensive income or cash flows. References to the "Company" refer to Net1 and its consolidated subsidiaries, collectively, 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 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. The adoption of this guidance did not have a material impact on the Company's financial statements disclosures. 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. The adoption of this guidance did not have a material impact on the Company's financial statements. 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, and has been applied on a prospective basis. The adoption of this guidance has resulted in the reclassification of current deferred tax assets and liabilities as non-current deferred tax assets and liabilities in the unaudited condensed consolidated balance sheet as of December 31, 2017. Prior period current deferred tax assets have not been reclassified as non-current in the unaudited condensed consolidated balance sheet as of June 30, 2017. 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. The adoption of this guidance did not have a material impact on the Company's financial statements. The Company has elected to continue to estimate the number of forfeitures when an award is made. |
Recent Accounting Pronouncements Not Yet Adopted As Of December 31, 2017 | Recent accounting pronouncements not yet adopted as of December 31, 2017 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 originally set 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 guidance is effective for the Company beginning July 1, 2018. 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 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. The guidance requires changes in the fair value of the Company's equity investments, with certain exceptions, to be recognized through net income rather than other comprehensive income. 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 include 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 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. In January 2017, the FASB issued guidance regarding Clarifying the Definition of a Business. This guidance provides a more robust framework to use in determining when a set of assets and activities is a business. Because the current definition of a business is interpreted broadly and can be difficult to apply, stakeholders indicated that analyzing transactions is inefficient and costly and that the definition does not permit the use of reasonable judgment. The amendments provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The guidance is effective for the Company beginning July 1, 2018. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In January 2017, the FASB issued guidance regarding Simplifying the Test for Goodwill Impairment. This guidance removes the requirement for an entity to calculate the implied fair value of goodwill (as part of step 2 of the current goodwill impairment test) in measuring a goodwill impairment loss. The guidance is effective for the Company beginning July 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently assessing the impact of this guidance. In May 2017, the FASB issued guidance regarding Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting. The guidance amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Accounting Standards Codification 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The guidance is effective for the Company beginning July 1, 2018. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Inventory [Abstract] | |
Schedule Of Inventory | December 31, June 30, 2017 2017 Finished goods $ 12,482 $ 8,020 $ 12,482 $ 8,020 |
Fair Value Of Financial Instr28
Fair Value Of Financial Instruments (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | Quoted price in active Significant markets for other Significant identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total Assets Investment in Cell C $ - $ - $ 161,695 $ 161,695 Related to insurance business: Cash and cash equivalents (included in other long-term assets) 664 - - $ 664 Fixed maturity investments (included in cash and cash equivalents) 7,458 - - 7,458 Other - 40 - 40 Total assets at fair value $ 8,122 $ 40 $ 161,695 $ 169,857 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: Cash and cash equivalents (included in other long-term assets) $ 627 $ - $ - $ 627 Fixed maturity investments (included in cash and cash equivalents) 5,160 - - 5,160 Other - 37 - 37 Total assets at fair value $ 5,787 $ 37 $ - $ 5,824 |
Equity-Accounted Investments 29
Equity-Accounted Investments And Other Long-Term Assets (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Ownership Percentage Of Equity-Accounted Investments | December 31, June 30, 2017 2017 DNI-4PL (Pty) Ltd ("DNI") 45 % - Bank Frick & Co AG ("Bank Frick") 30 % - Finbond Group Limited ("Finbond") 27 % 26 % KZ One Limited (formerly One Credit Limited) ("KZ One") 25 % 25 % SmartSwitch Namibia (Pty) Ltd ("SmartSwitch Namibia") 50 % 50 % Walletdoc Proprietary Limited ("Walletdoc") 20 % 20 % |
Summary Of Movement In Equity-Accounted Investments | DNI Bank Frick Finbond Other (1) Total Investment in equity: Balance as of June 30, 2017 $ - $ - $ 18,961 $ 6,742 $ 25,703 Acquisition of shares 72,001 40,892 1,941 - 114,834 Stock-based compensation - - (207 ) - (207 ) Comprehensive income (loss): 1,911 322 874 95 3,202 Other comprehensive loss - - (227 ) - (227 ) Equity accounted earnings (loss) 1,911 322 1,101 95 3,429 Share of net income (loss) 3,240 487 1,931 95 5,753 Amortization of acquired intangible assets (1,845 ) (219 ) - - (2,064 ) Deferred taxes on acquired intangible assets 516 54 - - 570 Dilution resulting from corporate transactions - - (830 ) - (830 ) Dividends received (1,765 ) - (1,096 ) (400 ) (3,261 ) Foreign currency adjustment (2) 4,369 (169 ) 1,134 (381 ) 4,953 Balance as of December 31, 2017 76,516 $ 41,045 $ 21,607 $ 6,056 $ 145,224 Investment in loans: Balance as of June 30, 2017 $ - $ - $ - $ 2,159 $ 2,159 Foreign currency adjustment (2) - - - 9 9 Balance as of December 31, 2017 $ - $ - $ - $ 2,168 $ 2,168 (1) Includes SmartSwitch Namibia and Walletdoc; (2) The foreign currency adjustment represents the effects of the fluctuations South African rand, Nigerian naira and the Namibian dollar, and the U.S. dollar on the carrying value. |
Carrying Amount Of Equity-Accounted Investments | Equity Loans Total Carrying amount as of: June 30, 2017 $ 25,703 $ 2,159 $ 27,862 December 31, 2017 $ 145,224 $ 2,168 $ 147,392 |
Summary Of Other Long-Term Asset | December 31, June 30, 2017 2017 Investment in 15 (1) $ 161,695 $ - Investment in 12 27,598 26,317 Total equity investments 189,293 26,317 Investment in 7.625 8.625 2022 9,182 - Total held to maturity investments 9,182 - Long-term portion of payments to agents in South Korea amortized over the contract period 20,512 17,290 Policy holder assets under investment contracts (Note 8) 664 627 Reinsurance assets under insurance contracts Note 8) 212 191 Other long-term assets 5,600 5,271 Total other long-term assets $ 225,463 $ 49,696 (1) The notes to the unaudited condensed consolidated financial statements included in the Company's Form 10-Q for the three months ended September 30, 2017, stated that the Cell C investment was carried at cost rather than at fair value. As of September 30, 2017, the fair value of the investment in Cell C approximated its cost. |
Summary Of Unrealized Gain (Loss) On Investments | Unrealized Unrealized holding holding Carrying Cost basis gains losses value Available for sale: Investment in Cell C $ 161,695 $ - $ - $ 161,695 Held to maturity: Investment in Cedar Cellular notes 9,000 182 - 9,182 Total 170,695 $ - $ - $ 170,695 |
Summary Of Contractual Maturity Of Investment | Cost Estimated basis fair value Due in one year or less $ - $ - Due in one year through five years 9,000 9,182 Due in five years through ten years - - Due after ten years - - Total $ 9,000 $ 9,182 |
Goodwill And Intangible Asset30
Goodwill And Intangible Assets, Net (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Carrying Value Of Goodwill | Accumulated Carrying Gross value impairment value Balance as of June 30, 2017 $ 188,833 $ - $ 188,833 Foreign currency adjustment (1) 10,662 - 10,662 Balance as of December 31, 2017 $ 199,495 $ - $ 199,495 (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, 2017 $ 23,131 $ 140,570 $ 25,132 $ 188,833 Foreign currency adjustment (1) 1,282 8,310 1,070 10,662 Balance as of December 31, 2017 $ 24,413 $ 148,880 $ 26,202 $ 199,495 (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 December 31, 2017 As of June 30, 2017 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships $ 105,365 $ (75,089 ) $ 30,276 $ 99,209 $ (65,595 ) $ 33,614 Software and unpatented technology 35,227 (33,587 ) 1,640 33,273 (31,112 ) 2,161 FTS patent 3,098 (3,098 ) - 2,935 (2,935 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks 7,361 (5,486 ) 1,875 6,972 (4,759 ) 2,213 Total finite-lived intangible assets 155,557 (121,766 ) 33,791 146,895 (108,907 ) 37,988 Indefinite-lived intangible assets: Financial institution license 813 - 813 776 - 776 Total indefinite-lived intangible assets 813 - 813 776 - 776 Total intangible assets $ 156,370 $ (121,766 ) $ 34,604 $ 147,671 $ (108,907 ) $ 38,764 |
Future Estimated Annual Amortization Expense | Fiscal 2018 $ 12,838 Fiscal 2019 11,369 Fiscal 2020 10,653 Fiscal 2021 4,582 Fiscal 2022 81 Thereafter 330 Total future estimated annual amortization expense $ 39,853 |
Reinsurance Assets And Policy31
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Summary Of The Movement In Reinsurance Assets And Policyholder Liabilities Under Insurance Contracts | Reinsurance Insurance assets (1) contracts (2) Balance as of June 30, 2017 $ 191 $ (1,611 ) Increase in policyholder benefits under insurance contracts (355 ) (4,932 ) Claims and policyholders' benefits under insurance contracts. 366 4,884 Foreign currency adjustment (3) 10 (89 ) Balance as of December 31, 2017 $ 212 $ (1,748 ) (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 Policyholder Liabilities Under Investment Contracts | Investment Assets (1) contracts (2) Balance as of June 30, 2017 $ 627 $ (627 ) Increase in policyholder benefits under investment contracts 2 (2 ) Foreign currency adjustment (3) 35 (35 ) Balance as of December 31, 2017 $ 664 $ (664 ) (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. |
Short-Term Credit Facilities (T
Short-Term Credit Facilities (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Short-Term Credit Facilities [Abstract] | |
Summary Of Short-Term Credit Facilities | December 31, 2017 June 30, 2017 Available Utilized Available Utilized Europe: Bank Frick (1) $ 68,405 $ 35,553 $ 66,579 $ 16,579 South Africa: Nedbank Limited 32,400 10,190 30,600 10,000 Overdraft facility (1) 20,200 - 19,109 - Indirect and derivative facilities (Note 18) $ 12,200 $ 10,190 $ 11,491 $ 10,000 (1) Utilized amount included in short-term facilities on the unaudited condensed consolidated balance sheets. |
Capital Structure (Tables)
Capital Structure (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Capital Structure [Abstract] | |
Number Of Shares, Net Of Treasury | December 31, December 31, 2017 2016 Number of shares, net of treasury: Statement of changes in equity 56,832,370 52,521,345 Less: Non-vested equity shares that have not vested (Note 13) (911,856 ) (904,356 ) Number of shares, net of treasury excluding non-vested equity shares that have not vested 55,920,514 51,616,989 |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Change In Accumulated Other Comprehensive (Loss) Income Per Component | Six months ended December 31, 2017 Accumulated net unrealized Accumulated income on foreign asset currency available for translation sale, net of reserve tax Total Balance as of June 30, 2017 $ (162,569 ) $- $ (162,569 ) Movement in foreign currency translation reserve related to equity accounted investment (227 ) - (227 ) Movement in foreign currency translation reserve 39,437 - 39,437 Balance as of December 31, 2017 $ (123,359 ) $- $ (123,359 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
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 ($) (in years) ($' ) ($) Outstanding – June 30, 2017 846,607 13.87 3.80 486 Forfeitures (37,333 ) 11.23 Outstanding – December 31, 2017 809,274 13.99 3.15 1,022 Outstanding – June 30, 2016 2,077,524 15.92 3.65 926 Expired unexercised (474,443 ) 22.51 Outstanding – December 31, 2016 1,603,081 13.98 4.25 1,685 Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Vested and expecting to vest – December 31, 2017 809,274 13.99 3.15 1,022 Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Exercisable – December 31, 2017 809,274 13.99 3.15 1,022 |
Restricted Stock Activity | Number of Weighted shares of average grant restricted date fair value stock ($' ) Non-vested – June 30, 2017 505,473 11,173 Granted – August 2017 588,594 4,288 Vested – August 2017 (56,250 ) 527 Forfeitures (30,635 ) 358 Forfeitures – August and November 2014 awards with market conditions (95,326 ) 1,133 Non-vested – December 31, 2017 911,856 9,365 Non-vested – June 30, 2016 589,447 7,622 Granted – August 2016 387,000 4,145 Vested – August 2016 (72,091 ) 735 Non-vested – December 31, 2016 904,356 11,142 |
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 December 31, 2017 Stock-based compensation charge $ 608 $ - $ 608 Total – three months ended December 31, 2017 . $ 608 $ - $ 608 Three months ended December 31, 2016 Stock-based compensation charge $ 635 $ - $ 635 Total – three months ended December 31, 2016 . $ 635 $ - $ 635 Allocated to cost of goods sold, IT Allocated to processing, selling, general Total servicing and and charge support administration Six months ended December 31, 2017 Stock-based compensation charge $ 1,477 $ - $ 1,477 Reversal of stock compensation charge related to stock options forfeited (42 ) - (42 ) Total – six months ended December 31, 2017 $ 1,435 $ - $ 1,435 Six months ended December 31, 2016 Stock-based compensation charge $ 1,138 $ - $ 1,138 Reversal of stock compensation charge related to restricted stock (1,827 ) - (1,827 ) Total – six months ended December 31, 2016 $ (689 ) $ - $ (689 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations | Three months ended Six months ended December 31, December 31, 2017 2016 2017 2016 (in thousands except (in thousands except percent and percent and per share data) per share data) Numerator: Net income attributable to Net1 $ 9,622 $ 18,641 $ 29,105 $ 43,273 Undistributed earnings 9,622 18,641 29,105 43,273 Percent allocated to common shareholders (Calculation 1) 99 % 98 % 98 % 98 % Numerator for earnings per share: basic and diluted $ 9,481 $ 18,296 $ 28,664 $ 42,561 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 55,923 51,549 55,902 52,301 Effect of dilutive securities: Stock options 52 122 50 106 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 55,975 51,671 55,952 52,407 Earnings per share: Basic $ 0.17 $ 0.35 $ 0.51 $ 0.81 Diluted $ 0.17 $ 0.35 $ 0.51 $ 0.81 (Calculation 1) Basic weighted-average common shares outstanding (A) 55,923 51,549 55,902 52,301 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 56,755 52,521 56,762 53,176 Percent allocated to common shareholders (A) / (B) 99 % 98 % 98 % 98 % |
Supplemental Cash Flow Inform37
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Disclosures | Three months ended Six months ended December 31, December 31, 2017 2016 2017 2016 Cash received from interest $ 4,562 $ 5,050 $ 9,848 $ 9,335 Cash paid for interest $ 2,330 $ 496 $ 4,418 $ 1,572 Cash paid for income taxes $ 18,613 $ 22,564 $ 20,649 $ 24,067 |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Operating Segments [Abstract] | |
Reconciliation Of Reportable Segments Revenue | Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 64,148 $ 6,181 $ 57,967 International transaction processing 44,185 - 44,185 Financial inclusion and applied technologies 54,131 7,867 46,264 Total for the three months ended December 31, 2017 $ 162,464 $ 14,048 $ 148,416 South African transaction processing $ 59,862 $ 5,395 $ 54,467 International transaction processing 44,000 - 44,000 Financial inclusion and applied technologies 59,258 6,292 52,966 Total for the three months ended December 31, 2016 $ 163,120 $ 11,687 $ 151,433 Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 130,585 $ 12,326 $ 118,259 International transaction processing 90,207 - 90,207 Financial inclusion and applied technologies 108,444 15,936 92,508 Total for the six months ended December 31, 2017 $ 329,236 $ 28,262 $ 300,974 South African transaction processing $ 117,430 $ 10,796 $ 106,634 International transaction processing 90,190 - 90,190 Financial inclusion and applied technologies 122,800 12,558 110,242 Total for the six months ended December 31, 2016 $ 330,420 $ 23,354 $ 307,066 |
Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income | Three months ended Six months ended December 31, December 31, 2017 2016 2017 2016 Reportable segments measure of profit or loss $ 21,216 $ 33,383 $ 52,784 $ 67,931 Operating income: Corporate/Eliminations (4,909 ) (7,794 ) (11,471 ) (10,161 ) Interest income 4,705 5,061 9,749 9,365 Interest expense (2,325 ) (510 ) (4,446 ) (1,306 ) Income before income taxes $ 18,687 $ 30,140 $ 46,616 $ 65,829 |
Summary Of Segment Information | Three months ended Six months ended December 31, December 31, 2017 2016 2017 2016 Revenues South African transaction processing $ 64,148 $ 59,862 $ 130,585 $ 117,430 International transaction processing 44,185 44,000 90,207 90,190 Financial inclusion and applied technologies 54,131 59,258 108,444 122,800 Total 162,464 163,120 329,236 330,420 Operating income (loss) South African transaction processing 13,470 15,372 25,802 28,920 International transaction processing (4,991 ) 3,904 325 9,721 Financial inclusion and applied technologies 12,737 14,107 26,657 29,290 Subtotal: Operating segments 21,216 33,383 52,784 67,931 Corporate/Eliminations (4,909 ) (7,794 ) (11,471 ) (10,161 ) Total 16,307 25,589 41,313 57,770 Depreciation and amortization South African transaction processing 1,087 1,137 2,240 2,294 International transaction processing 4,381 5,521 9,013 11,357 Financial inclusion and applied technologies 309 354 664 691 Subtotal: Operating segments 5,777 7,012 11,917 14,342 Corporate/Eliminations 2,946 3,611 5,772 6,485 Total 8,723 10,623 17,689 20,827 Expenditures for long-lived assets South African transaction processing 900 635 1,377 1,042 International transaction processing 892 2,167 1,798 4,966 Financial inclusion and applied technologies 311 324 401 541 Subtotal: Operating segments 2,103 3,126 3,576 6,549 Corporate/Eliminations - - - - Total $ 2,103 $ 3,126 $ 3,576 $ 6,549 |
Basis Of Presentation And Sum39
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 | |
Description Of Business And Basis Of Presentation [Abstract] | |||
Redeemable common stock | $ 107,672 | $ 107,672 | [1] |
[1] | Derived from audited financial statements |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 | |
Inventory [Abstract] | |||
Finished goods | $ 12,482 | $ 8,020 | |
Inventory | $ 12,482 | $ 8,020 | [1] |
[1] | Derived from audited financial statements |
Fair Value Of Financial Instr41
Fair Value Of Financial Instruments (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2017USD ($)contractshares | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)contractshares | Dec. 31, 2016USD ($) | Jun. 30, 2017contract | |
Derivatives, Fair Value [Line Items] | |||||
Years of significant fluctuation of US Dollar to ZAR exchange rate | 3 years | ||||
Transfers in or out of Level 3 | $ 0 | $ 0 | $ 0 | $ 0 | |
Impairment charges | $ 0 | ||||
Foreign Exchange Contracts [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Outstanding foreign exchange contracts | contract | 0 | 0 | 0 | ||
Cell C [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Equity-accounted investments, ownership percentage | 15.00% | 15.00% | 15.00% | ||
Cell C [Member] | Net1 SA [Member] | Class A [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Investment shares owned | shares | 75,000,000 | 75,000,000 |
Fair Value Of Financial Instr42
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cell C | $ 161,695 | |
Cash and cash equivalents (included in other long-term assets) | 664 | $ 627 |
Fixed maturity investment (included in cash and cash equivalents) | 7,458 | 5,160 |
Other | 40 | 37 |
Total assets at fair value | 169,857 | 5,824 |
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 (included in other long-term assets) | 664 | 627 |
Fixed maturity investment (included in cash and cash equivalents) | 7,458 | 5,160 |
Total assets at fair value | 8,122 | 5,787 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other | 40 | 37 |
Total assets at fair value | 40 | $ 37 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cell C | 161,695 | |
Total assets at fair value | $ 161,695 |
Equity-Accounted Investments 43
Equity-Accounted Investments And Other Long-Term Assets (Narrative) (Details) ZAR / shares in Units, item in Millions, customer in Millions, ZAR in Millions, SFr in Millions | Jan. 26, 2018CHF (SFr) | Jan. 26, 2018USD ($) | Oct. 02, 2017CHF (SFr) | Oct. 02, 2017USD ($) | Jul. 27, 2017ZARshares | Jul. 17, 2017shares | Jul. 13, 2017ZARshares | Jul. 13, 2017USD ($)shares | Dec. 31, 2017ZARZAR / sharesshares | Aug. 31, 2017 | Jun. 30, 2017USD ($) | Aug. 31, 2016USD ($) | Dec. 31, 2017USD ($)customeritem | Dec. 31, 2017USD ($)shares | Aug. 02, 2017ZARshares | Aug. 02, 2017USD ($)shares | Jul. 27, 2017USD ($)shares | Oct. 07, 2016ZAR | Oct. 07, 2016USD ($) | |
Aggregate value of holding | $ 27,862,000 | [1] | $ 147,392,000 | |||||||||||||||||
Acquisition of shares | $ 114,834,000 | |||||||||||||||||||
Available for sale or held to maturity investments | $ 0 | $ 170,695,000 | ||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||
Exercisable option date | Oct. 2, 2019 | Oct. 2, 2019 | ||||||||||||||||||
KZ One [Member] | ||||||||||||||||||||
Equity-accounted investments, ownership percentage | 25.00% | 25.00% | 25.00% | |||||||||||||||||
KZ One [Member] | Convertible Debt [Member] | ||||||||||||||||||||
Maximum borrowing capacity | $ 10,000,000 | |||||||||||||||||||
Outstanding amount | $ 2,000,000 | $ 2,000,000 | ||||||||||||||||||
Finbond [Member] | ||||||||||||||||||||
Maximum borrowing capacity | ZAR 139.2 | $ 10,000,000 | ||||||||||||||||||
Investment shares owned | shares | 205,483,967 | 205,483,967 | ||||||||||||||||||
Share Price | ZAR / shares | ZAR 3.39 | |||||||||||||||||||
Aggregate value of holding | ZAR 696.6 | $ 56,300,000 | ||||||||||||||||||
Number of additional shares acquired | shares | 3,600,000 | 3,600,000 | ||||||||||||||||||
Acquisition of shares | $ 1,941,000 | |||||||||||||||||||
Shares received as a capitalization share issue in lieu of a dividend | shares | 4,361,532 | |||||||||||||||||||
Equity-accounted investments, ownership percentage | 27.00% | 26.00% | 27.00% | |||||||||||||||||
Finbond [Member] | LIBOR [Member] | ||||||||||||||||||||
Margin added on rate | 1.4874% | |||||||||||||||||||
Finbond [Member] | LIBOR Plus Margin [Member] | ||||||||||||||||||||
Margin added on rate | 12.00% | |||||||||||||||||||
Finbond [Member] | Additional [Member] | ||||||||||||||||||||
Acquisition of shares | ZAR 11.2 | $ 800,000 | ||||||||||||||||||
Cedar Cellular [Member] | ||||||||||||||||||||
Purchased notes amount | $ 9,000,000 | |||||||||||||||||||
Face value | $ 20,500,000 | |||||||||||||||||||
Equity-accounted investments, ownership percentage | 7.625% | 7.625% | 7.625% | |||||||||||||||||
Interest rate | 8.625% | 8.625% | 8.625% | |||||||||||||||||
Maturity date | Aug. 2, 2022 | |||||||||||||||||||
Available for sale or held to maturity investments | $ 9,182,000 | |||||||||||||||||||
Bank Frick [Member] | ||||||||||||||||||||
Percentage of ownership interest under purchase agreement | 30.00% | 30.00% | ||||||||||||||||||
Equity acquisition amount under purchase agreement | SFr 39.8 | $ 40,900,000 | ||||||||||||||||||
Bank Frick [Member] | Additional [Member] | ||||||||||||||||||||
Percentage of ownership interest under purchase agreement | 35.00% | 35.00% | ||||||||||||||||||
Bank Frick [Member] | Additional [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Equity-accounted investments, ownership percentage | 5.00% | 5.00% | ||||||||||||||||||
Cell C [Member] | Cedar Cellular [Member] | Class A [Member] | ||||||||||||||||||||
Investment shares owned | shares | 59,000,000 | 59,000,000 | ||||||||||||||||||
DNI [Member] | ||||||||||||||||||||
Ordinary A shares subscribed in strategic investments | shares | 44,999,999 | 44,999,999 | ||||||||||||||||||
Percentage of voting and economic interest under share subscription | 45.00% | |||||||||||||||||||
Subscription of shares, value | ZAR 945 | $ 0 | $ 72,000,000 | |||||||||||||||||
DNI [Member] | Additional Payment in Cash Subject to Achievement Of Certain Performance Targets [Member] | ||||||||||||||||||||
Subscription of shares, value | ZAR 360 | $ 29,100,000 | ||||||||||||||||||
MobiKwik [Member] | ||||||||||||||||||||
Percentage of ownership interest under purchase agreement | 13.50% | |||||||||||||||||||
Premium percentage from issuance of additional shares to new shareholder | 90.00% | |||||||||||||||||||
Percentage of ownership diluted | 12.00% | |||||||||||||||||||
MobiKwik [Member] | Minimum [Member] | ||||||||||||||||||||
Number of users | customer | 65 | |||||||||||||||||||
Number of merchants | item | 2 | |||||||||||||||||||
Equity investment acquisition period | 24 months | |||||||||||||||||||
MobiKwik [Member] | Maximum [Member] | ||||||||||||||||||||
Equity acquisition amount under purchase agreement | $ 40,000,000 | |||||||||||||||||||
Net1 SA [Member] | Cell C [Member] | Class A [Member] | ||||||||||||||||||||
Investment shares owned | shares | 75,000,000 | 75,000,000 | ||||||||||||||||||
Frick Foundation [Member] | Facilitate Development Of Bank Frick's Fintech And Blockchain [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Contribute amount | SFr 3.8 | $ 3,900,000 | ||||||||||||||||||
Frick Foundation [Member] | Bank Frick [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Equity acquisition amount under purchase agreement | SFr 10.4 | $ 10,700,000 | ||||||||||||||||||
Subscription Agreement [Member] | MobiKwik [Member] | ||||||||||||||||||||
Equity acquisition amount under purchase agreement | $ 10,600,000 | $ 15,000,000 | ||||||||||||||||||
Subscription Agreement [Member] | Net1 SA [Member] | Cell C [Member] | ||||||||||||||||||||
Subscription of shares, value | ZAR 2,000 | $ 151,000,000,000 | ||||||||||||||||||
Subscription Agreement [Member] | Net1 SA [Member] | Cell C [Member] | Class A [Member] | ||||||||||||||||||||
Investment shares owned | shares | 75,000,000 | 75,000,000 | ||||||||||||||||||
[1] | Derived from audited financial statements |
Equity-Accounted Investments 44
Equity-Accounted Investments And Other Long-Term Assets (Ownership Percentage Of Equity-Accounted Investments) (Details) | Dec. 31, 2017 | Jun. 30, 2017 |
DNI [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 45.00% | |
Bank Frick [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 30.00% | |
Finbond [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 27.00% | 26.00% |
KZ One [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 25.00% | 25.00% |
SmartSwitch Namibia [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 50.00% | 50.00% |
Walletdoc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 20.00% | 20.00% |
Equity-Accounted Investments 45
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Movement In Equity-Accounted Investments) (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017USD ($) | ||
Investment in equity: | ||
Balance as of, beginning | $ 25,703 | |
Acquisition of shares | 114,834 | |
Stock-based compensation | (207) | |
Comprehensive income (loss): | 3,202 | |
Other comprehensive loss | (227) | |
Equity accounted earnings (loss) | 3,429 | |
Share of net income (loss) | 5,753 | |
Amortization of acquired intangible assets | (2,064) | |
Deferred taxes on acquired intangible assets | 570 | |
Dilution resulting from corporate transactions | (830) | |
Dividends received | (3,261) | |
Foreign currency adjustment | 4,953 | [1] |
Balance as of, ending | 145,224 | |
Investment in loans: | ||
Balance as of, beginning | 2,159 | |
Foreign currency adjustment | 9 | [1] |
Balance as of, ending | 2,168 | |
DNI [Member] | ||
Investment in equity: | ||
Balance as of, beginning | ||
Acquisition of shares | 72,001 | |
Stock-based compensation | ||
Comprehensive income (loss): | 1,911 | |
Other comprehensive loss | ||
Equity accounted earnings (loss) | 1,911 | |
Share of net income (loss) | 3,240 | |
Amortization of acquired intangible assets | (1,845) | |
Deferred taxes on acquired intangible assets | 516 | |
Dilution resulting from corporate transactions | ||
Dividends received | (1,765) | |
Foreign currency adjustment | 4,369 | [1] |
Balance as of, ending | 76,516 | |
Investment in loans: | ||
Balance as of, beginning | ||
Foreign currency adjustment | [1] | |
Balance as of, ending | ||
Finbond [Member] | ||
Investment in equity: | ||
Balance as of, beginning | 18,961 | |
Acquisition of shares | 1,941 | |
Stock-based compensation | (207) | |
Comprehensive income (loss): | 874 | |
Other comprehensive loss | (227) | |
Equity accounted earnings (loss) | 1,101 | |
Share of net income (loss) | 1,931 | |
Amortization of acquired intangible assets | ||
Deferred taxes on acquired intangible assets | ||
Dilution resulting from corporate transactions | (830) | |
Dividends received | (1,096) | |
Foreign currency adjustment | 1,134 | [1] |
Balance as of, ending | 21,607 | |
Investment in loans: | ||
Balance as of, beginning | ||
Foreign currency adjustment | [1] | |
Balance as of, ending | ||
Other [Member] | ||
Investment in equity: | ||
Balance as of, beginning | 6,742 | [2] |
Acquisition of shares | [2] | |
Stock-based compensation | [2] | |
Comprehensive income (loss): | 95 | [2] |
Other comprehensive loss | [2] | |
Equity accounted earnings (loss) | 95 | [2] |
Share of net income (loss) | 95 | [2] |
Amortization of acquired intangible assets | [2] | |
Deferred taxes on acquired intangible assets | [2] | |
Dilution resulting from corporate transactions | [2] | |
Dividends received | (400) | [2] |
Foreign currency adjustment | (381) | [1],[2] |
Balance as of, ending | 6,056 | [2] |
Investment in loans: | ||
Balance as of, beginning | 2,159 | [2] |
Foreign currency adjustment | 9 | [1],[2] |
Balance as of, ending | $ 2,168 | [2] |
[1] | The foreign currency adjustment represents the effects of the fluctuations South African rand, Nigerian naira and the Namibian dollar, and the U.S. dollar on the carrying value. | |
[2] | Includes KZ One, SmartSwitch Namibia and Walletdoc; |
Equity-Accounted Investments 46
Equity-Accounted Investments And Other Long-Term Assets (Carrying Amount Of Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | ||
Equity | $ 145,224 | $ 25,703 |
Loans | 2,168 | 2,159 |
Total | $ 147,392 | $ 27,862 |
Equity-Accounted Investments 47
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Other Long-Term Asset) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Jun. 30, 2017 | |||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||||
Total equity investments | $ 189,293 | $ 26,317 | ||
Total held to maturity investments | 9,182 | |||
Long-term portion of payments to agents in South Korea amortized over the contract period | 20,512 | 17,290 | ||
Policy holder assets under investment contracts (Note 8) | 664 | 627 | ||
Reinsurance assets under insurance contracts (Note 8) | 212 | 191 | ||
Other long-term assets | 5,600 | 5,271 | ||
Total other long-term assets | 225,463 | $ 49,696 | [1] | |
Cell C [Member] | ||||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||||
Total equity investments | [2] | $ 161,695 | ||
Equity-accounted investments, ownership percentage | 15.00% | 15.00% | ||
MobiKwik [Member] | ||||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||||
Total equity investments | $ 27,598 | $ 26,317 | ||
Equity-accounted investments, ownership percentage | 12.00% | 12.00% | ||
Cedar Cellular [Member] | ||||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||||
Total held to maturity investments | $ 9,182 | |||
Equity-accounted investments, ownership percentage | 7.625% | 7.625% | ||
Interest rate | 8.625% | 8.625% | ||
Maturity year | 2,022 | 2,022 | ||
[1] | Derived from audited financial statements | |||
[2] | The notes to the unaudited condensed consolidated financial statements included in the Company's Form 10-Q for the three months ended September 30, 2017, stated that the Cell C investment was carried at cost rather than at fair value. As of September 30, 2017, the fair value of the investment in Cell C approximated its cost. |
Equity-Accounted Investments 48
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Unrealized Gain (Loss) On Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | $ 170,695 | |
Unrealized holding gains | ||
Unrealized holding losses | ||
Carrying value | 170,695 | $ 0 |
Cell C [Member] | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | 161,695 | |
Unrealized holding gains | ||
Unrealized holding losses | ||
Carrying value | 161,695 | |
Cedar Cellular [Member] | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | 9,000 | |
Unrealized holding gains | 182 | |
Unrealized holding losses | ||
Carrying value | $ 9,182 |
Equity-Accounted Investments 49
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Contractual Maturity Of Investment) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Due in one year through five years, Cost basis | $ 9,000 |
Total, Cost basis | 9,000 |
Due in one year through five years, Estimated fair value | 9,182 |
Total, Estimated fair value | $ 9,182 |
Goodwill And Intangible Asset50
Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Intangible Assets, Net [Abstract] | ||||
Amortization expense | $ 2.9 | $ 3.6 | $ 5.8 | $ 6.5 |
Goodwill And Intangible Asset51
Goodwill And Intangible Assets, Net (Carrying Value Of Goodwill) (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017USD ($) | ||
Goodwill And Intangible Assets, Net [Abstract] | ||
Gross value, Beginning Balance | $ 188,833 | |
Gross value, Foreign currency adjustment | 10,662 | [1] |
Gross value, Ending Balance | 199,495 | |
Accumulated impairment, Beginning Balance | ||
Accumulated impairment, Foreign currency adjustment | [1] | |
Accumulated impairment, Ending Balance | ||
Carrying value, Beginning Balance | 188,833 | [2] |
Carrying value, Foreign currency adjustment | 10,662 | [1] |
Carrying value, Ending Balance | $ 199,495 | |
[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 Asset52
Goodwill And Intangible Assets, Net (Goodwill Allocated To Reportable Segments) (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017USD ($) | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | $ 188,833 | [1] |
Carrying value, Foreign currency adjustment | 10,662 | [2] |
Carrying value, Ending Balance | 199,495 | |
South African Transaction Processing [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 23,131 | |
Carrying value, Foreign currency adjustment | 1,282 | [2] |
Carrying value, Ending Balance | 24,413 | |
International Transaction Processing [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 140,570 | |
Carrying value, Foreign currency adjustment | 8,310 | [2] |
Carrying value, Ending Balance | 148,880 | |
Financial Inclusion And Applied Technologies [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 25,132 | |
Carrying value, Foreign currency adjustment | 1,070 | [2] |
Carrying value, Ending Balance | $ 26,202 | |
[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 Asset53
Goodwill And Intangible Assets, Net (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | $ 155,557 | $ 146,895 | |
Accumulated amortization | (121,766) | (108,907) | |
Finite-lived intangible assets, Net carrying value | 33,791 | 37,988 | |
Infinite-lived intangible assets | 813 | 776 | |
Total intangible assets, Gross carrying value | 156,370 | 147,671 | |
Total intangible assets, Net carrying value | 34,604 | 38,764 | [1] |
Financial Institution License [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | |||
Finite-lived intangible assets, Net carrying value | 776 | ||
Infinite-lived intangible assets | 813 | 776 | |
Customer Relationships [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 105,365 | 99,209 | |
Accumulated amortization | (75,089) | (65,595) | |
Finite-lived intangible assets, Net carrying value | 30,276 | 33,614 | |
Software And Unpatented Technology [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 35,227 | 33,273 | |
Accumulated amortization | (33,587) | (31,112) | |
Finite-lived intangible assets, Net carrying value | 1,640 | 2,161 | |
FTS Patent [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 3,098 | 2,935 | |
Accumulated amortization | (3,098) | (2,935) | |
Exclusive Licenses [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 4,506 | 4,506 | |
Accumulated amortization | (4,506) | (4,506) | |
Trademarks [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 7,361 | 6,972 | |
Accumulated amortization | (5,486) | (4,759) | |
Finite-lived intangible assets, Net carrying value | $ 1,875 | $ 2,213 | |
[1] | Derived from audited financial statements |
Goodwill And Intangible Asset54
Goodwill And Intangible Assets, Net (Future Estimated Annual Amortization Expense) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill And Intangible Assets, Net [Abstract] | |
Fiscal 2,018 | $ 12,838 |
Fiscal 2,019 | 11,369 |
Fiscal 2,020 | 10,653 |
Fiscal 2,021 | 4,582 |
Fiscal 2,022 | 81 |
Thereafter | 330 |
Total future estimated annual amortization expense | $ 39,853 |
Reinsurance Assets And Policy55
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts (Summary Of The Movement In Reinsurance Assets And Policyholder Liabilities Under Insurance Contracts) (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017USD ($) | ||
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Reinsurance assets, Beginning Balance | $ 191 | [1] |
Reinsurance assets, Increase in policyholder benefits under insurance contracts | (355) | [1] |
Reinsurance assets, Claims and policyholders' benefits under insurance contracts | 366 | [1] |
Reinsurance assets, Foreign currency adjustment | 10 | [1],[2] |
Reinsurance assets, Ending Balance | 212 | [1] |
Insurance contracts, Beginning Balance | (1,611) | [3] |
Insurance contracts, Increase in policyholder benefits under insurance contracts | (4,932) | [3] |
Policyholder Benefits and Claims Incurred, Net | 4,884 | [3] |
Insurance contracts, Foreign currency adjustment | (89) | [2],[3] |
Insurance contracts, Ending Balance | $ (1,748) | [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 Policy56
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts (Summary Of Movement In Assets And Policyholder Liabilities Under Investment Contracts) (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017USD ($) | ||
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Assets, Beginning Balance | $ 627 | [1] |
Assets, Increase in policyholder benefits under investment contracts | 2 | [1] |
Assets, Foreign currency adjustment | 35 | [1],[2] |
Assets, Ending Balance | 664 | [1] |
Investment contracts, Beginning Balance | (627) | [3] |
Investment contracts, Increase in policy holder benefits under investment contracts | (2) | [3] |
Investment contracts, Foreign currency adjustment | (35) | [2],[3] |
Investment contracts, Ending Balance | $ (664) | [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) $ in Thousands, € in Millions, ZAR in Millions, SFr in Millions | Jan. 29, 2018USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017CHF (SFr) | Dec. 31, 2017ZAR | Dec. 31, 2017USD ($) | Jun. 30, 2017CHF (SFr) | Jun. 30, 2017ZAR | Jun. 30, 2017USD ($) | ||
Short-term Debt [Line Items] | ||||||||||
Amount utilized | $ 35,553 | $ 16,579 | [1] | |||||||
Bank Frick [Member] | Europe [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Maximum borrowing capacity | [2] | 68,405 | 66,579 | |||||||
Amount utilized | [2] | 35,553 | 16,579 | |||||||
Bank Frick [Member] | United States [Member] | Subsequent Event [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Termination written notice | 42 days | |||||||||
Nedbank Limited [Member] | South Africa [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Maximum borrowing capacity | 32,400 | 30,600 | ||||||||
Amount utilized | 10,190 | 10,000 | ||||||||
South African Credit Facility [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Maximum borrowing capacity | ZAR 150 | 12,200 | ||||||||
Amount utilized | 126 | 200 | ZAR 130.5 | 10,000 | ||||||
South African Credit Facility [Member] | Nedbank Limited [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Aggregate amount | 400 | 32,400 | ||||||||
Primary amount, available immediately | 200 | 16,200 | ||||||||
Secondary amount, not available immediately | 200 | 16,200 | ||||||||
Overdraft Facility [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Maximum borrowing capacity | ZAR 50 | $ 4,000 | ||||||||
Interest rate | 9.10% | 9.10% | 9.10% | 9.10% | ||||||
Commitment fee percentage | 0.35% | |||||||||
Overdraft Facility [Member] | South Africa [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Maximum borrowing capacity | [2] | $ 20,200 | 19,109 | |||||||
Overdraft Facility [Member] | Bank Frick [Member] | United States [Member] | Subsequent Event [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Maximum borrowing capacity | $ 10,000 | |||||||||
Commencing quarterly interest payable date | Mar. 31, 2018 | |||||||||
Interest rate | 4.50% | |||||||||
Revolving Overdraft Facility [Member] | Bank Frick [Member] | Europe [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | ||||||
Revolving Overdraft Facility One [Member] | Bank Frick [Member] | Europe [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Maximum borrowing capacity | € 40 | $ 47,900 | ||||||||
Amount utilized | € 25.7 | 30,700 | 0 | |||||||
Expiration date | Dec. 31, 2019 | |||||||||
Termination written notice | 12 months | |||||||||
Revolving Overdraft Facility Two [Member] | Bank Frick [Member] | Europe [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Maximum borrowing capacity | SFr 20 | 20,500 | ||||||||
Amount utilized | SFr 4.7 | 4,800 | SFr 15.9 | 16,600 | ||||||
Indirect And Derivative Facilities [Member] | South Africa [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Maximum borrowing capacity | 12,200 | 11,491 | ||||||||
Amount utilized | $ 10,190 | $ 10,000 | ||||||||
[1] | Derived from audited financial statements | |||||||||
[2] | Utilized amount included in short-term facilities on the unaudited condensed consolidated balance sheets. |
Short-Term Credit Facilities (S
Short-Term Credit Facilities (Summary Of Short-Term Credit Facilities) (Details) $ in Thousands, ZAR in Millions | Dec. 31, 2017ZAR | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | ||
Short-term facility utilized | $ 35,553 | $ 16,579 | [1] | ||
Overdraft Facility [Member] | |||||
Short-term facility available | ZAR 50 | 4,000 | |||
South Africa [Member] | Overdraft Facility [Member] | |||||
Short-term facility available | [2] | 20,200 | 19,109 | ||
South Africa [Member] | Indirect And Derivative Facilities [Member] | |||||
Short-term facility available | 12,200 | 11,491 | |||
Short-term facility utilized | 10,190 | 10,000 | |||
Bank Frick [Member] | Europe [Member] | |||||
Short-term facility available | [2] | 68,405 | 66,579 | ||
Short-term facility utilized | [2] | 35,553 | 16,579 | ||
Nedbank Limited [Member] | South Africa [Member] | |||||
Short-term facility available | 32,400 | 30,600 | |||
Short-term facility utilized | $ 10,190 | $ 10,000 | |||
[1] | Derived from audited financial statements | ||||
[2] | Utilized amount included in short-term facilities on the unaudited condensed consolidated balance sheets. |
Long-Term Borrowings (Narrative
Long-Term Borrowings (Narrative) (Details) $ in Thousands, ZAR in Millions, ₩ in Billions | Mar. 31, 2018ZAR | Mar. 29, 2018 | Oct. 20, 2017USD ($) | Sep. 29, 2017item | Jul. 29, 2017KRW (₩) | Jul. 29, 2017USD ($) | Jul. 26, 2017ZAR | Jul. 26, 2017USD ($) | Aug. 31, 2017ZAR | Aug. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017ZAR | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
South Africa [Member] | Facilities Agreement [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Outstanding amount | $ 70,400 | $ 70,400 | |||||||||||||
Facilities fees paid | ZAR 6.3 | $ 600 | |||||||||||||
Interest expense | 1,900 | 3,600 | |||||||||||||
Amortization of fees, prepaid facility | 100 | 200 | |||||||||||||
South Africa [Member] | Cell C [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Percentage acquired in acquisition | 15.00% | 15.00% | |||||||||||||
South Africa [Member] | Cell C [Member] | Facilities Agreement [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount utilized from revolving credit facility | ZAR 1,250 | $ 92,200 | |||||||||||||
Repayment of facilities | ZAR 375 | 28,500 | |||||||||||||
Number of quarter installments | item | 8 | ||||||||||||||
Scheduled principal payment | 15,200 | ||||||||||||||
South Africa [Member] | Cell C [Member] | Facilities Agreement [Member] | Forecast [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Scheduled principal payment | ZAR | ZAR 187.5 | ||||||||||||||
South Africa [Member] | JIBAR [Member] | Facilities Agreement [Member] | Forecast [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 7.158% | ||||||||||||||
South Korea [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest expense | 100 | $ 200 | 400 | $ 700 | |||||||||||
Amortization of fees, prepaid facility | $ 100 | $ 30 | $ 100 | $ 70 | |||||||||||
South Korea [Member] | Facility C [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount utilized from revolving credit facility | ₩ 0.3 | $ 300 | |||||||||||||
South Korea [Member] | Korean Senior Secured Loan Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayment of facilities | $ 16,600 |
Capital Structure (Narrative) (
Capital Structure (Narrative) (Details) - USD ($) $ in Millions | Jun. 29, 2016 | Feb. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock repurchased, shares | 0 | 0 | 0 | 1,328,699 | ||
Purchase price of common stock | $ 12.7 | |||||
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 | Dec. 31, 2017 | Dec. 31, 2016 |
Capital Structure [Abstract] | ||
Number of shares, net of treasury: Statement of changes in equity | 56,832,370 | 52,521,345 |
Less: Non-vested equity shares that have not vested (Note 13) | (911,856) | (904,356) |
Number of shares, net of treasury excluding non-vested equity shares that have not vested | 55,920,514 | 51,616,989 |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | ||||
Reclassification from accumulated other comprehensive (loss) income | $ 0 | $ 0 | $ 0 | $ 0 |
Accumulated Other Comprehensi63
Accumulated Other Comprehensive Loss (Change In Accumulated Other Comprehensive (Loss) Income Per Component) (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017USD ($) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (162,569) | [1] |
Movement in foreign currency translation reserve related to equity accounted investment | (227) | |
Movement in foreign currency translation reserve | 39,437 | |
Ending Balance | (123,359) | |
Accumulated Foreign Currency Translation Reserve [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (162,569) | |
Movement in foreign currency translation reserve related to equity accounted investment | (227) | |
Movement in foreign currency translation reserve | 39,437 | |
Ending Balance | (123,359) | |
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 related to equity accounted investment | ||
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 | Aug. 23, 2017 | Jun. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Aug. 31, 2016 | May 31, 2016 | Aug. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Expired unexercised, number of shares | 474,443 | |||||||||||
Exercisable stock options | 105,982 | 154,803 | ||||||||||
Stock-based compensation charge (reversal), net | $ 608 | $ 635 | $ 1,435 | $ (689) | ||||||||
Number of shares, forfeitures | 37,333 | |||||||||||
Number of shares, exercised | 0 | 0 | ||||||||||
Deferred tax asset | $ 900 | $ 700 | $ 700 | $ 900 | ||||||||
Common stock, shares issued | 56,369,737 | 56,832,370 | 56,832,370 | 56,369,737 | ||||||||
Options exercise price range, lower limit | $ 7.35 | |||||||||||
Options exercise price range, upper limit | 24.46 | |||||||||||
August 2017 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Performance target, per share | $ 23 | |||||||||||
Percentage of increase target price | 35.00% | |||||||||||
Closing price, per share | $ 9.38 | |||||||||||
Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Expired unexercised, number of shares | 474,443 | |||||||||||
Granted, Number of shares | 0 | |||||||||||
Unrecognized compensation cost | $ 0 | $ 0 | ||||||||||
Stock Options [Member] | Employees [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares, forfeitures | 37,333 | 0 | ||||||||||
Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, Number of shares | 588,594 | 387,000 | ||||||||||
Fair value of restricted stock vested | $ 500 | $ 700 | ||||||||||
Unrecognized compensation cost | 4,500 | 4,500 | ||||||||||
Cumulative unrecorded stock-based compensation charge | 3,200 | |||||||||||
Cumulative unrecorded stock-based compensation charge, reversal | $ 1,800 | |||||||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | |||||||||||
Vested number of shares of restricted stock | 56,250 | 72,091 | ||||||||||
Restricted Stock [Member] | August 2017 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Expected volatility | 44.00% | |||||||||||
Expected life (in years) | 3 years | |||||||||||
Future dividends | $ 0 | |||||||||||
Expected volatility calculation term | 30 days | |||||||||||
Strike price | $ 0 | |||||||||||
Restricted Stock [Member] | August 2017 [Member] | Below $15 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Performance target, per share | $ 15 | |||||||||||
Vesting percentage | 0.00% | |||||||||||
Restricted Stock [Member] | August 2017 [Member] | At or above $15 and below $19 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage | 33.00% | |||||||||||
Restricted Stock [Member] | August 2017 [Member] | At or above $19 and below $23 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage | 66.00% | |||||||||||
Restricted Stock [Member] | August 2017 [Member] | At or above $23 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Performance target, per share | $ 23 | |||||||||||
Vesting percentage | 100.00% | |||||||||||
Restricted Stock [Member] | August 2016 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, Number of shares | 150,000 | |||||||||||
Restricted Stock [Member] | Executive Officer [Member] | August 2017 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, Number of shares | 210,000 | |||||||||||
Restricted Stock [Member] | Executive Officer [Member] | August 2016 [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] | ||||||||||||
Vesting period | 3 years | |||||||||||
Vested number of shares of restricted stock | 61,995 | |||||||||||
Restricted Stock [Member] | Non-Employee Directors [Member] | August 2017 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, Number of shares | 52,594 | |||||||||||
Restricted Stock [Member] | Non-Employee Directors [Member] | August 2016 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, Number of shares | 37,000 | |||||||||||
Restricted Stock [Member] | Executive Officers And Employees [Member] | August 2017 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, Number of shares | 326,000 | |||||||||||
Restricted Stock [Member] | Employees [Member] | August 2015 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, Number of shares | 301,537 | |||||||||||
Restricted Stock [Member] | Former Chief Executive Officer [Member] | August 2016 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, Number of shares | 200,000 | |||||||||||
Restricted Stock [Member] | One-Third Shares Vest 2019 Fundamental EPS [Member] | August 2016 [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] | August 2016 [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] | August 2016 [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] | August 2015 [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] | August 2015 [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] | August 2015 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fundamental EPS, to be achieved | $ 3.76 | |||||||||||
Restricted Stock [Member] | Full Time Basis [Member] | Executive Officers And Employees [Member] | August 2017 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting date | Aug. 23, 2020 | |||||||||||
Restricted Stock [Member] | Recipient Is A Director [Member] | Non-Employee Directors [Member] | August 2017 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting date | Aug. 23, 2018 | |||||||||||
Restricted Stock [Member] | Amended [Member] | Non-Employee Directors [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 1 year | |||||||||||
2019 Fundamental EPS [Member] | August 2016 [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] | ||||||||||||
Number of common stock shares that will impact fundamental EPS calculation | 10,000,000 | |||||||||||
Unrecognized compensation cost | $ 3,900 | $ 3,900 | ||||||||||
2018 Fundamental EPS [Member] | August 2015 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fundamental EPS, linear interpolation | $ 3.30 | |||||||||||
Minimum [Member] | Restricted Stock [Member] | August 2017 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Risk-free rate | 1.275% | |||||||||||
Minimum [Member] | Restricted Stock [Member] | August 2017 [Member] | At or above $15 and below $19 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Performance target, per share | $ 15 | |||||||||||
Minimum [Member] | Restricted Stock [Member] | August 2017 [Member] | At or above $19 and below $23 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Performance target, per share | 19 | |||||||||||
Minimum [Member] | 2019 Fundamental EPS [Member] | August 2016 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fundamental EPS | 2.60 | |||||||||||
Minimum [Member] | 2018 Fundamental EPS [Member] | August 2015 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fundamental EPS | $ 2.88 | |||||||||||
Maximum [Member] | Restricted Stock [Member] | August 2017 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Risk-free rate | 1.657% | |||||||||||
Maximum [Member] | Restricted Stock [Member] | August 2017 [Member] | At or above $15 and below $19 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Performance target, per share | $ 19 | |||||||||||
Maximum [Member] | Restricted Stock [Member] | August 2017 [Member] | At or above $19 and below $23 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Performance target, per share | 23 | |||||||||||
Maximum [Member] | 2019 Fundamental EPS [Member] | August 2016 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fundamental EPS | 3 | |||||||||||
Maximum [Member] | 2018 Fundamental EPS [Member] | August 2015 [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 | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | ||||
Outstanding, Number of shares, Beginning Balance | 846,607 | 2,077,524 | 2,077,524 | |
Expired unexercised, Number of shares | (474,443) | |||
Forfeitures, Number of shares | (37,333) | |||
Outstanding, Number of shares, Ending Balance | 809,274 | 1,603,081 | 846,607 | 2,077,524 |
Exercisable, Number of Shares | 809,274 | |||
Vested and expecting to vest, Number of shares | 809,274 | |||
Outstanding, Weighted average exercise price, Beginning Balance | $ 13.87 | $ 15.92 | $ 15.92 | |
Expired unexercised, Weighted average exercise price | 22.51 | |||
Forfeitures, Weighted average exercise price | 11.23 | |||
Outstanding, Weighted average exercise price, Ending Balance | 13.99 | $ 13.98 | $ 13.87 | $ 15.92 |
Exercisable, Weighted average exercise price | 13.99 | |||
Vested and expecting to vest, Weighted average exercise price | $ 13.99 | |||
Outstanding, Weighted average remaining contractual term (in years) | 3 years 1 month 24 days | 4 years 3 months | 3 years 9 months 18 days | 3 years 7 months 24 days |
Exercisable, Weighted average remaining contractual term (in years) | 3 years 1 month 24 days | |||
Vested and expecting to vest, Weighted average remaining contractual term (in years) | 3 years 1 month 24 days | |||
Outstanding, Aggregate intrinsic value, Beginning Balance | $ 486 | $ 926 | $ 926 | |
Outstanding, Aggregate intrinsic value, Ending Balance | 1,022 | $ 1,685 | $ 486 | $ 926 |
Vested and expecting to vest, Aggregate intrinsic value | 1,022 | |||
Exercisable, Aggregate intrinsic value | $ 1,022 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Aug. 31, 2017 | Aug. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 911,856 | 904,356 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 505,473 | 589,447 | ||
Granted, Number of Shares of Restricted Stock | 588,594 | 387,000 | ||
Vested, Number of Shares of Restricted Stock | (56,250) | (72,091) | ||
Forfeitures, Number of Shares of Restricted Stock | (30,635) | |||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 911,856 | 904,356 | ||
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 11,173 | $ 7,622 | ||
Granted, Weighted Average Grant Date Fair Value | $ 4,288 | $ 4,145 | ||
Vested, Weighted Average Grant Date Fair Value | $ 527 | $ 735 | ||
Forfeitures, Weighted Average Grant Date Fair Value | 358 | |||
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 9,365 | $ 11,142 | ||
Restricted Stock [Member] | August And November 2014 Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Forfeitures, Number of Shares of Restricted Stock | (95,326) | |||
Forfeitures, Weighted Average Grant Date Fair Value | $ 1,133 |
Stock-Based Compensation (Recor
Stock-Based Compensation (Recorded Net Stock Compensation (Reversal) Charge) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation charge | $ 608 | $ 635 | $ 1,477 | $ 1,138 |
Reversal of stock compensation charge related to options forfeited | (42) | |||
Reversal of stock compensation charge related to restricted stock forfeited | (1,827) | |||
Total | 608 | 635 | 1,435 | (689) |
Allocated To Cost Of Goods Sold, IT Processing, Servicing And Support [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation charge | ||||
Total | ||||
Allocated To Selling, General And Administration [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation charge | 608 | 635 | 1,477 | 1,138 |
Reversal of stock compensation charge related to options forfeited | (42) | |||
Reversal of stock compensation charge related to restricted stock forfeited | (1,827) | |||
Total | $ 608 | $ 635 | $ 1,435 | $ (689) |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Redemptions or adjustments to the carrying value of redeemable common stock | $ 0 | $ 0 | $ 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 | 357,643 | 357,643 | ||
Options exercise price range, lower limit | $ 10.59 | $ 10.59 | ||
Options exercise price range, upper limit | $ 24.46 | $ 24.46 |
Earnings Per Share (Income From
Earnings Per Share (Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Net1 | $ 9,622 | $ 18,641 | $ 29,105 | $ 43,273 |
Undistributed earnings | $ 9,622 | $ 18,641 | $ 29,105 | $ 43,273 |
Percent allocated to common shareholders | 99.00% | 98.00% | 98.00% | 98.00% |
Numerator for earnings per share: basic and diluted | $ 9,481 | $ 18,296 | $ 28,664 | $ 42,561 |
Denominator for basic earnings per share: weighted-average common shares outstanding | 55,923 | 51,549 | 55,902 | 52,301 |
Effect of dilutive securities: Stock options | 52 | 122 | 50 | 106 |
Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion | 55,975 | 51,671 | 55,952 | 52,407 |
Earnings per share: Basic | $ 0.17 | $ 0.35 | $ 0.51 | $ 0.81 |
Earnings per share: Diluted | $ 0.17 | $ 0.35 | $ 0.51 | $ 0.81 |
Basic weighted-average common shares outstanding (A) | 55,923 | 51,549 | 55,902 | 52,301 |
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) | 56,755 | 52,521 | 56,762 | 53,176 |
Supplemental Cash Flow Inform70
Supplemental Cash Flow Information (Narrative) (Details) $ in Millions | Jun. 30, 2016USD ($)shares |
Supplemental Cash Flow Information [Abstract] | |
Treasury shares, acquired | shares | 47,056 |
Treasury shares, cost | $ | $ 0.5 |
Supplemental Cash Flow Inform71
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | ||||
Cash received from interest | $ 4,562 | $ 5,050 | $ 9,848 | $ 9,335 |
Cash paid for interest | 2,330 | 496 | 4,418 | 1,572 |
Cash paid for income taxes | $ 18,613 | $ 22,564 | $ 20,649 | $ 24,067 |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of Reportable Segments Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 148,416 | $ 151,433 | $ 300,974 | $ 307,066 |
South African Transaction Processing [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 57,967 | 54,467 | 118,259 | 106,634 |
International Transaction Processing [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 44,185 | 44,000 | 90,207 | 90,190 |
Financial Inclusion And Applied Technologies [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 46,264 | 52,966 | 92,508 | 110,242 |
Reportable Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 162,464 | 163,120 | 329,236 | 330,420 |
Reportable Segment [Member] | South African Transaction Processing [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 64,148 | 59,862 | 130,585 | 117,430 |
Reportable Segment [Member] | International Transaction Processing [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 44,185 | 44,000 | 90,207 | 90,190 |
Reportable Segment [Member] | Financial Inclusion And Applied Technologies [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 54,131 | 59,258 | 108,444 | 122,800 |
Inter-Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | (14,048) | (11,687) | (28,262) | (23,354) |
Inter-Segment [Member] | South African Transaction Processing [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | (6,181) | (5,395) | (12,326) | (10,796) |
Inter-Segment [Member] | Financial Inclusion And Applied Technologies [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ (7,867) | $ (6,292) | $ (15,936) | $ (12,558) |
Operating Segments (Reconcili73
Operating Segments (Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | $ 16,307 | $ 25,589 | $ 41,313 | $ 57,770 |
Interest income | 4,705 | 5,061 | 9,749 | 9,365 |
Interest expense | (2,325) | (510) | (4,446) | (1,306) |
Income before income taxes | 18,687 | 30,140 | 46,616 | 65,829 |
Reportable Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | 21,216 | 33,383 | 52,784 | 67,931 |
Corporate/Eliminations [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | $ (4,909) | $ (7,794) | $ (11,471) | $ (10,161) |
Operating Segments (Summary Of
Operating Segments (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 148,416 | $ 151,433 | $ 300,974 | $ 307,066 |
Operating income (loss) | 16,307 | 25,589 | 41,313 | 57,770 |
Depreciation and amortization | 8,723 | 10,623 | 17,689 | 20,827 |
Expenditures for long-lived assets | 2,103 | 3,126 | 3,576 | 6,549 |
Reportable Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 162,464 | 163,120 | 329,236 | 330,420 |
Operating income (loss) | 21,216 | 33,383 | 52,784 | 67,931 |
Depreciation and amortization | 5,777 | 7,012 | 11,917 | 14,342 |
Expenditures for long-lived assets | 2,103 | 3,126 | 3,576 | 6,549 |
Corporate/Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | (4,909) | (7,794) | (11,471) | (10,161) |
Depreciation and amortization | 2,946 | 3,611 | 5,772 | 6,485 |
Expenditures for long-lived assets | ||||
South African Transaction Processing [Member] | Reportable Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 64,148 | 59,862 | 130,585 | 117,430 |
Operating income (loss) | 13,470 | 15,372 | 25,802 | 28,920 |
Depreciation and amortization | 1,087 | 1,137 | 2,240 | 2,294 |
Expenditures for long-lived assets | 900 | 635 | 1,377 | 1,042 |
International Transaction Processing [Member] | Reportable Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 44,185 | 44,000 | 90,207 | 90,190 |
Operating income (loss) | (4,991) | 3,904 | 325 | 9,721 |
Depreciation and amortization | 4,381 | 5,521 | 9,013 | 11,357 |
Expenditures for long-lived assets | 892 | 2,167 | 1,798 | 4,966 |
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 54,131 | 59,258 | 108,444 | 122,800 |
Operating income (loss) | 12,737 | 14,107 | 26,657 | 29,290 |
Depreciation and amortization | 309 | 354 | 664 | 691 |
Expenditures for long-lived assets | $ 311 | $ 324 | $ 401 | $ 541 |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2018 | Jun. 30, 2017 |
Valuation Allowance [Line Items] | |||||||
Effective tax rate | 53.80% | 36.40% | 43.60% | 33.60% | |||
Income tax rate | 35.00% | ||||||
Deferred taxes included in income tax expense | $ 0.3 | $ 0.3 | |||||
Additional valuation allowance | 0.6 | 0.6 | |||||
Unrecognized tax benefit | 0.5 | 0.5 | $ 0.5 | ||||
Changes in unrecognized tax benefits | 0 | ||||||
Accrued interest related to uncertain tax positions | $ 0.1 | $ 0.1 | |||||
Forecast [Member] | |||||||
Valuation Allowance [Line Items] | |||||||
Blended rate | 28.10% | ||||||
Tax Year 2018 [Member] | Subsequent Event [Member] | |||||||
Valuation Allowance [Line Items] | |||||||
Income tax rate | 21.00% | ||||||
South Africa [Member] | Subsequent Event [Member] | |||||||
Valuation Allowance [Line Items] | |||||||
Income tax rate | 28.00% | ||||||
South Korea [Member] | Subsequent Event [Member] | |||||||
Valuation Allowance [Line Items] | |||||||
Income tax rate | 22.00% |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands, € in Millions, ZAR in Millions, SFr in Millions | Dec. 31, 2017EUR (€) | Dec. 31, 2017CHF (SFr) | Dec. 31, 2017ZAR | Dec. 31, 2017USD ($) | Jun. 30, 2017CHF (SFr) | Jun. 30, 2017USD ($) | ||
Guarantor Obligations [Line Items] | ||||||||
Amount utilized | $ 35,553 | $ 16,579 | [1] | |||||
Maximum payment amount under guarantee | ZAR 126 | 10,200 | ||||||
Counter Guarantee [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Guarantee amount | ZAR 126 | $ 10,200 | ||||||
Payment Guarantee [Member] | Minimum [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Charge rate | 0.40% | 0.40% | 0.40% | 0.40% | ||||
Payment Guarantee [Member] | Maximum [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Charge rate | 2.00% | 2.00% | 2.00% | 2.00% | ||||
Nedbank [Member] | Guarantee [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Guarantee amount | ZAR 126 | $ 10,200 | ||||||
Bank Frick [Member] | Europe [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Maximum borrowing capacity | [2] | 68,405 | 66,579 | |||||
Amount utilized | [2] | 35,553 | 16,579 | |||||
Bank Frick [Member] | Revolving Overdraft Facility [Member] | Guarantee [Member] | Europe [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Maximum payment amount under guarantee | 35,500 | |||||||
Bank Frick [Member] | Revolving Overdraft Facility One [Member] | Europe [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Maximum borrowing capacity | € 40 | 47,900 | ||||||
Amount utilized | € 25.7 | 30,700 | 0 | |||||
Bank Frick [Member] | Revolving Overdraft Facility Two [Member] | Europe [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Maximum borrowing capacity | SFr 20 | 20,500 | ||||||
Amount utilized | SFr 4.7 | $ 4,800 | SFr 15.9 | $ 16,600 | ||||
[1] | Derived from audited financial statements | |||||||
[2] | Utilized amount included in short-term facilities on the unaudited condensed consolidated balance sheets. |