Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Sep. 06, 2018 | Dec. 31, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | NET 1 UEPS TECHNOLOGIES INC | ||
Entity Central Index Key | 1,041,514 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Trading Symbol | ueps | ||
Entity Public Float | $ 387,520,188 | ||
Entity Common Stock, Shares Outstanding | 56,369,737 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | [1] |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 90,054 | $ 258,457 | |
Pre-funded social welfare grants receivable (Note 4) | 2,965 | 2,322 | |
Accounts receivable, net (Note 5) | 109,683 | 111,429 | |
Finance loans receivable, net (Note 5) | 62,205 | 80,177 | |
Inventory (Note 6) | 12,887 | 8,020 | |
Deferred income taxes (Note 2 and 19) | 5,330 | ||
Total current assets before settlement assets | 277,794 | 465,735 | |
Settlement assets (Note 2) | 149,047 | 640,455 | |
Total current assets | 426,841 | 1,106,190 | |
PROPERTY, PLANT AND EQUIPMENT, net (Note 8) | 27,054 | 39,411 | |
EQUITY-ACCOUNTED INVESTMENTS (Note 9) | 88,331 | 27,862 | |
GOODWILL (Note 10) | 283,240 | 188,833 | |
INTANGIBLE ASSETS, net (Note 10) | 131,132 | 38,764 | |
DEFERRED INCOME TAXES (Note 2 and Note 19) | 6,312 | ||
OTHER LONG-TERM ASSETS (Note 9 and Note 11) | 256,380 | 49,696 | |
TOTAL ASSETS | 1,219,290 | 1,450,756 | |
CURRENT LIABILITIES | |||
Short-term facilities (Note 12) | 16,579 | ||
Accounts payable | 35,055 | 15,136 | |
Other payables (Note 13) | 47,994 | 34,799 | |
Current portion of long-term borrowings (Note 14) | 44,695 | 8,738 | |
Income taxes payable | 5,742 | 5,607 | |
Total current liabilities before settlement obligations | 133,486 | 80,859 | |
Settlement obligations (Note 2) | 149,047 | 640,455 | |
Total current liabilities | 282,533 | 721,314 | |
DEFERRED INCOME TAXES (Note 2 and Note 19) | 46,606 | 11,139 | |
LONG-TERM BORROWINGS (Note 14) | 5,469 | 7,501 | |
OTHER LONG-TERM LIABILITIES (Note 3 and Note 11) | 38,580 | 2,795 | |
TOTAL LIABILITIES | 373,188 | 742,749 | |
COMMITMENTS AND CONTINGENCIES (Note 24) | |||
REDEEMABLE COMMON STOCK (Note 1 and Note 15) | 107,672 | 107,672 | |
EQUITY | |||
COMMON STOCK (Note 15) Authorized: 200,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury - 2018: 56,685,925; 2017: 56,369,737 | 80 | 80 | |
PREFERRED STOCK Authorized shares: 50,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury: 2018: -; 2017: - | |||
ADDITIONAL PAID-IN CAPITAL | 276,201 | 273,733 | |
TREASURY SHARES, AT COST: 2018: 24,891,292; 2017: 24,891,292 (Note 15) | (286,951) | (286,951) | |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Note 16) | (159,237) | (162,569) | |
RETAINED EARNINGS | 812,426 | 773,276 | |
TOTAL NET1 EQUITY | 642,519 | 597,569 | |
NON-CONTROLLING INTEREST | 95,911 | 2,766 | |
TOTAL EQUITY (Note 1) | 738,430 | 600,335 | |
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS' EQUITY | $ 1,219,290 | $ 1,450,756 | |
[1] | Refer to Note 1. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Jun. 30, 2017 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 56,685,925 | 56,369,737 |
Common stock, shares outstanding | 56,685,925 | 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 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Consolidated Statements Of Operations [Abstract] | |||
REVENUE (Note 17) | $ 612,889 | $ 610,066 | $ 590,749 |
Services rendered | 538,429 | 533,279 | 514,847 |
Loan-based fees received | 54,949 | 53,894 | 47,117 |
Sale of goods | 19,511 | 22,893 | 28,785 |
EXPENSE | |||
Cost of goods sold, IT processing, servicing and support | 304,536 | 292,383 | 290,101 |
Selling, general and administration | 193,003 | 179,262 | 145,886 |
Depreciation and amortization | 35,484 | 41,378 | 40,394 |
Impairment Loss (Note 10) | 20,917 | ||
OPERATING INCOME | 58,949 | 97,043 | 114,368 |
INTEREST INCOME | 17,885 | 20,897 | 15,292 |
INTEREST EXPENSE | 8,941 | 3,484 | 3,423 |
INCOME BEFORE INCOME TAXES | 67,893 | 114,456 | 126,237 |
INCOME TAX EXPENSE (Note 19) | 41,353 | 42,472 | 42,080 |
NET INCOME BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 26,540 | 71,984 | 84,157 |
EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 11,730 | 2,664 | 639 |
NET INCOME | 38,270 | 74,648 | 84,796 |
LESS: NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST | (880) | 1,694 | 2,342 |
NET INCOME ATTRIBUTABLE TO NET1 | $ 39,150 | $ 72,954 | $ 82,454 |
Net income per share, in United States dollars: (Note 20) | |||
Basic earnings attributable to Net1 shareholders | $ 0.69 | $ 1.34 | $ 1.72 |
Diluted earnings attributable to Net1 shareholders | $ 0.69 | $ 1.33 | $ 1.71 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
NET INCOME | $ 38,270 | $ 74,648 | $ 84,796 |
OTHER COMPREHENSIVE INCOME (LOSS): | |||
Net unrealized income on asset available for sale, net of tax (Note 16) | 25,199 | 692 | |
Movement in foreign currency translation reserve | (19,539) | 30,466 | (49,941) |
Movement in foreign currency translation reserve related to equity-accounted investments | (2,426) | (2,697) | |
Release of gain on asset available for sale, net of taxes (Note 16) | (1,732) | ||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 3,234 | 27,769 | (50,981) |
COMPREHENSIVE INCOME | 41,504 | 102,417 | 33,815 |
Add (Less) comprehensive income attributable to non-controlling interest | 978 | (2,332) | (1,880) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NET1 | $ 42,482 | $ 100,085 | $ 31,935 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) | 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] | Redeemable Common Stock [Member] | Total | ||
Balance, Number of Shares at Jun. 30, 2015 | 64,736,793 | (18,057,228) | 46,679,565 | |||||||||
Balance at Jun. 30, 2015 | $ 64,000 | $ (214,520,000) | $ 213,896,000 | $ 617,868,000 | $ (139,181,000) | $ 478,127,000 | $ 658,000 | $ 478,785,000 | ||||
Issue of common stock that is redeemable for cash or other assets (Note 15) | $ 10,000 | $ 9,984,311 | 10,000 | 107,682,000 | ||||||||
Issue of common stock that is redeemable for cash or other assets (Note 15), shares | 9,984,311 | |||||||||||
Repurchase of common stock (Note 15) | $ (27,107,000) | (27,107,000) | (27,107,000) | |||||||||
Repurchase of common stock (Note 15), shares | (2,426,704) | (2,426,704) | ||||||||||
Restricted stock granted (Note 18), shares | 319,492 | 319,492 | ||||||||||
Exercise of stock option (Note 18) | 3,762,000 | 3,762,000 | $ 3,762,000 | |||||||||
Exercise of stock option (Note 18), shares | 323,645 | 323,645 | 323,645 | |||||||||
Stock-based compensation charge (Note 18) | 3,598,000 | 3,598,000 | $ 3,598,000 | |||||||||
Income tax benefit from vested stock awards | 67,000 | 67,000 | 67,000 | |||||||||
Acquisition of non-controlling interest (Note 3 And Note 15) | (1,308,000) | (1,308,000) | (37,000) | (1,345,000) | ||||||||
Acquisition (Note 3) | $ 391,645 | 3,963,000 | 3,963,000 | 3,963,000 | ||||||||
Acquisition (Note 3), shares | 391,645 | |||||||||||
Net income | 82,454,000 | 82,454,000 | 2,342,000 | 84,796,000 | ||||||||
Other comprehensive income (loss) (Note 16) | (50,519,000) | (50,519,000) | (462,000) | $ (50,981,000) | ||||||||
Balance, Number of Shares at Jun. 30, 2016 | 75,755,886 | (20,483,932) | 55,271,954 | 55,271,954 | ||||||||
Balance at Jun. 30, 2016 | $ 74,000 | $ (241,627,000) | 223,978,000 | 700,322,000 | (189,700,000) | 493,047,000 | 2,501,000 | 107,672,000 | $ 495,548,000 | |||
Sale of common stock (Note 15) | $ 5,000 | $ 5,000,000 | 44,995,000 | 45,000,000 | 45,000,000 | |||||||
Sale of common stock (Note 15), shares | 5,000,000 | |||||||||||
Repurchase of common stock (Note 15) | $ (45,324,000) | (45,324,000) | (45,324,000) | |||||||||
Repurchase of common stock (Note 15), shares | (4,407,360) | (4,407,360) | ||||||||||
Restricted stock granted (Note 18), shares | 389,587 | 389,587 | ||||||||||
Exercise of stock option (Note 18) | $ 1,000 | 2,878,000 | 2,879,000 | $ 2,879,000 | ||||||||
Exercise of stock option (Note 18), shares | 321,026 | 321,026 | 321,026 | |||||||||
Stock-based compensation charge (Note 18) | 3,905,000 | 3,905,000 | $ 3,905,000 | |||||||||
Reversal of stock compensation charge (Note 18) | $ (205,470) | (1,923,000) | (1,923,000) | (1,923,000) | ||||||||
Reversal of stock compensation charge (Note 18), shares | (205,470) | |||||||||||
Reversal of stock based-compensation charge related to equity-accounted investment (Note 9) | 89,000 | |||||||||||
Utilization of APIC pool related to vested restricted stock | (189,000) | (189,000) | (189,000) | |||||||||
Dividends paid to non-controlling interest | (2,067,000) | (2,067,000) | ||||||||||
Stock based-compensation charge related to equity-accounted investment (Note 9) | 89,000 | 89,000 | 89,000 | |||||||||
Net income | 72,954,000 | 72,954,000 | 1,694,000 | 74,648,000 | ||||||||
Other comprehensive income (loss) (Note 16) | 27,131,000 | 27,131,000 | 638,000 | $ 27,769,000 | ||||||||
Balance, Number of Shares at Jun. 30, 2017 | 81,261,029 | (24,891,292) | 56,369,737 | 56,369,737 | ||||||||
Balance at Jun. 30, 2017 | $ 80,000 | $ (286,951,000) | 273,733,000 | 773,276,000 | (162,569,000) | $ 597,569,000 | 2,766,000 | 107,672,000 | $ 600,335,000 | [1] | ||
Redeemable Common Stock (Note 1), Balance at Jun. 30, 2017 | [1] | $ 107,672,000 | ||||||||||
Restricted stock granted (Note 18), shares | 618,411 | 618,411 | ||||||||||
Stock-based compensation charge (Note 18) | 2,656,000 | $ 2,656,000 | $ 2,656,000 | |||||||||
Reversal of stock compensation charge (Note 18) | (49,000) | (49,000) | (49,000) | |||||||||
Reversal of stock compensation charge (Note 18), shares | (302,223) | (302,223) | ||||||||||
Reversal of stock based-compensation charge related to equity-accounted investment (Note 9) | (139,000) | (139,000) | (139,000) | |||||||||
Acquisition (Note 3) | 94,123,000 | 94,123,000 | ||||||||||
Net income | 39,150,000 | 39,150,000 | (880,000) | 38,270,000 | ||||||||
Other comprehensive income (loss) (Note 16) | 3,332,000 | 3,332,000 | (98,000) | $ 3,234,000 | ||||||||
Balance, Number of Shares at Jun. 30, 2018 | 81,577,217 | (24,891,292) | 56,685,925 | 56,685,925 | ||||||||
Balance at Jun. 30, 2018 | $ 80,000 | $ (286,951,000) | $ 276,201,000 | $ 812,426,000 | $ (159,237,000) | $ 642,519,000 | $ 95,911,000 | $ 107,672,000 | $ 738,430,000 | |||
Redeemable Common Stock (Note 1), Balance at Jun. 30, 2018 | $ 107,672,000 | |||||||||||
[1] | Refer to Note 1. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 38,270 | $ 74,648 | $ 84,796 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 35,484 | 41,378 | 40,394 |
Earnings from equity-accounted investments (Note 9) | (11,730) | (2,664) | (639) |
Interest on Cedar Cellular note (Note 9) | (769) | ||
Fair value adjustment | (212) | (300) | 519 |
Interest payable | (146) | 20 | 1,829 |
Facility fee amortized | 589 | 1,326 | 138 |
Gain on release from accumulated other comprehensive income (Note 7) | (2,176) | ||
Loss (Gain) on fair value of DNI and Transact24 (Note 3) | 4,614 | (1,909) | |
Loss (Profit) on disposal of property, plant and equipment | 40 | (639) | (286) |
Profit on disposal of business | (463) | ||
Stock compensation charge, net of forfeitures (Note 18) | 2,607 | 1,982 | 3,598 |
Dividends received from equity accounted investments | 4,111 | 1,187 | |
Impairment Loss (Note 10) | 20,917 | ||
Decrease (Increase) in accounts and finance loans receivable, and pre-funded grants receivable | 31,390 | (15,767) | (3,401) |
(Increase) Decrease in inventory | (2,521) | 3,025 | 1,001 |
Increase (Decrease) in accounts payable and other payables | 10,595 | (6,461) | (7,840) |
Increase (Decrease) in taxes payable | 1,137 | (354) | 763 |
Decrease in deferred taxes | (1,308) | (220) | (235) |
Net cash provided by operating activities | 132,605 | 97,161 | 116,552 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (9,649) | (11,195) | (35,797) |
Proceeds from disposal of property, plant and equipment | 658 | 1,592 | 1,349 |
Investment in Cell C (Note 9) | (151,003) | ||
Investment in equity of equity-accounted investments (Note 9) | (133,335) | ||
Loans to equity-accounted investments (Note 9) | (10,635) | (12,044) | |
Repayment of loans by equity-accounted investments (Note 9) | 9,180 | ||
Acquisition of held to maturity investment (Note 9) | (9,000) | ||
Acquisitions, net of cash acquired (Note 3) | (6,202) | (4,651) | (15,767) |
Investment in MobiKwik (Note 9) | (25,835) | ||
Acquisition of available for sale securities | (8,900) | ||
Other investing activities, net | (361) | (5) | |
Net change in settlement assets (Note 2) | 490,795 | (61,938) | 53,364 |
Net cash provided by (used in) investing activities | 180,448 | (114,071) | (5,756) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Long-term borrowings utilized (Note 14) | 113,157 | 800 | 2,107 |
Repayment of long-term borrowings (Note 14) | (77,062) | (37,318) | (8,716) |
Repayment of bank overdraft (Note 12) | (62,925) | ||
Proceeds from bank overdraft (Note 12) | 44,900 | 16,176 | |
Payment of guarantee fee (Note 14) | (754) | (1,145) | |
Proceeds from issue of common stock (Note 15 and Note 18) | 47,879 | 111,444 | |
Acquisition of treasury stock (Note 15) | (45,794) | (26,637) | |
Dividends paid to non-controlling interest | (2,067) | ||
Acquisition of interests in non-controlling interests (Note 15) | (11,189) | ||
Net change in settlement obligations (Note 2) | (490,795) | 61,938 | (53,364) |
Net cash (used in) provided by financing activities | (473,479) | 40,469 | 13,645 |
Effect of exchange rate changes on cash | (7,977) | 11,254 | (18,380) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (168,403) | 34,813 | 106,061 |
Cash, cash equivalents and restricted cash - beginning of year | 258,457 | 223,644 | 117,583 |
Cash, cash equivalents and restricted cash - end of year | $ 90,054 | $ 258,457 | $ 223,644 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 12 Months Ended |
Jun. 30, 2018 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Description Of Business And Basis Of Presentation | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Net 1 UEPS Technologies, Inc. ("Net1" and collectively with its consolidated subsidiaries, the "Company") was incorporated in the State of Florida on May 8, 1997. The Company provides payment solutions and transaction processing services across a wide range of industries and in various geographies. It has developed and markets a smart-card based alternative payment system for the unbanked and underbanked populations of developing economies. Its universal electronic payment system ("UEPS") uses biometrically secure smart cards that operate in real-time but offline, which allows users to enter into transactions at any time with other card holders in even the most remote areas. The Company also develops and provides secure transaction technology solutions and services, and offers transaction processing and financial solutions. The Company's technology is widely used in South Africa today, where it distributes welfare payments to recipient cardholders in South Africa, provides financial services, processes debit and credit card payment transactions on behalf of retailers through its EasyPay system, processes value-added services such as bill payments and prepaid electricity for the major bill issuers and local councils in South Africa, processes third-party and associated payroll payments for employees and provides mobile telephone top-up transactions for the major South African mobile carriers. The Company recently acquired DNI-4PL Proprietary Limited ("DNI"), the leading distributor of mobile subscriber starter packs for Cell C (Pty) Ltd ("Cell C") in South Africa. Through KSNET, the Company offers card processing, payment gateway ("PG") and banking value-added network services ("VAN") in South Korea. The Company has card issuing and acquiring capabilities through Transact24 in Hong Kong and provides value added payment services to online retailers across Europe through Masterpayment in Germany. The Company leverages its strategic equity investments in Finbond Group Limited ("Finbond") and Bank Frick & Co. AG ("Bank Frick") (both regulated banks), and Cell C to introduce products to new customers and geographies. Basis of presentation The accompanying consolidated financial statements include subsidiaries over which Net1 exercises control and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Reclassification of redeemable common stock outside of permanent equity 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 consolidated balance sheet as at June 30, 2017, and each of the consolidated statement of changes in equity for the years ended June 30, 2018, 2017 and 2016. 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. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The financial statements of entities which are controlled by Net1, referred to as subsidiaries, are consolidated. Inter-company accounts and transactions are eliminated upon consolidation. The Company, if it is the primary beneficiary, consolidates entities which are considered to be variable interest entities ("VIE"). The primary beneficiary is considered to be the entity that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. No Business combinations The Company accounts for its business acquisitions under the acquisition method of accounting. The total value of the consideration paid for acquisitions is allocated to the underlying net assets acquired, based on their respective estimated fair values. The Company uses a number of valuation methods to determine the fair value of assets and liabilities acquired, including discounted cash flows, external market values, valuations on recent transactions or a combination thereof, and believes that it uses the most appropriate measure or a combination of measures to value each asset or liability. The Company recognizes measurement-period adjustments in the reporting period in which the adjustment amounts are determined. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Translation of foreign currencies The primary functional currency of the Company is the South African Rand ("ZAR") and its reporting currency is the U.S. dollar. The Company also has consolidated entities which have other currencies, primarily South Korean won ("KRW"), as their functional currency. Assets and liabilities are translated at the exchange rates in effect at the balance sheet date. Revenues and expenses are translated at average rates for the period. Translation gains and losses are reported in accumulated other comprehensive income in total equity. Foreign exchange transactions are translated at the spot rate ruling at the date of the transaction. Monetary items are translated at the closing spot rate at the balance sheet date. Transactional gains and losses are recognized in selling, general and administration expense on the Company's consolidated statement of operations for the period . Allowance for doubtful accounts receivable Allowance for doubtful finance loans receivable The Company regularly reviews the ageing of outstanding amounts due from borrowers and adjusts the allowance based on management's estimate of the recoverability of the finance loans receivable. The Company writes off microlending finance loans receivable and related service fees if a borrower is in arrears with repayments for more than three months or dies. The Company writes off working capital finance receivables and related fees when it is evident that reasonable recovery procedures, including where deemed necessary, formal legal action, have failed. Allowance for doubtful accounts receivable A specific provision is established where it is considered likely that all or a portion of the amount due from customers renting point of sale ("POS") equipment, receiving support and maintenance or transaction services or purchasing licenses from the Company will not be recovered. Non-recoverability is assessed based on a review by management of the ageing of outstanding amounts, the location of the customer and the payment history in relation to those specific amounts. Inventory Inventory is valued at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis and includes transport and handling costs. Leasehold improvement costs Costs incurred in the adaptation of leased properties to serve the requirements of the Company are capitalized and amortized over the shorter of the estimated useful life of the asset and the remaining term of the lease. Property , plant and equipment Property, plant and equipment are shown at cost less accumulated depreciation. Property, plant and equipment are depreciated on the straight-line basis at rates which are estimated to amortize the assets to their anticipated residual values over their useful lives. Within the following asset classifications, the expected economic lives are approximately: Computer equipment 3 to 8 years Office equipment 2 to 10 years Vehicles 3 to 8 years Furniture and fittings 3 to 10 years Buildings and structures 8 to 30 years The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in income. Equity-accounted investments The Company uses the equity method to account for investments in companies when it has significant influence but not control over the operations of the company. Under the equity method, the Company initially records the investment at cost and thereafter adjusts the carrying value of the investment to recognize the proportional share of the equity-accounted company's net income or loss. In addition, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee is added to the current basis of the Company's previously held interest and the equity method would be applied subsequently from the date on which the Company obtains the ability to exercise significant influence over the investee. Any unrealized holding gains or losses in accumulated other comprehensive income related to an available for sale security that is subsequently required to be accounted for utilizing the equity method are recognized in earnings as of the date on which the investment qualifies for the equity method. The Company does not recognize cumulative losses in excess of its investment or loans in an equity-accounted investment except if it has an obligation to provide additional financial support. Dividends received from an equity-accounted investment reduce the carrying value of the Company's investment. The Company reviews its equity-accounted investments for impairment whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable. Goodwill Goodwill represents the excess of the purchase price of an acquired enterprise over the fair values of the identifiable assets acquired and liabilities assumed. The Company tests for impairment of goodwill on an annual basis and at any other time if events or circumstances change that would more likely than not reduce the fair value of the reporting unit goodwill below its carrying amount. Circumstances that could trigger an impairment test include but are not limited to: a significant adverse change in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; and results of testing for recoverability of a significant asset group within a reporting unit. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss recorded in the statement of operations. Measurement of the fair value of a reporting unit is based on one or more of the following fair value measures: the amount at which the unit as a whole could be bought or sold in a current transaction between willing parties; present value techniques of estimated future cash flows; or valuation techniques based on multiples of earnings or revenue, or a similar performance measure. Intangible assets Intangible assets are shown at cost less accumulated amortization. Intangible assets are amortized over the following useful Customer relationships 1 to 15 years Software and unpatented technology 3 to 5 years FTS patent 10 years Exclusive licenses 7 years Trademarks 3 to 20 years Intangible assets are periodically evaluated for recoverability, and those evaluations take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists. Debt and equity securities The Company is required to classify all applicable debt and equity securities as either trading securities, available-for-sale or held to maturity upon investment in the security. All other equity securities do not have readily determinable fair values and therefore are carried using the cost method of accounting. Trading Debt and equity securities acquired by the Company which it intends to sell in the short-term are classified as trading securities and are initially measured at fair value. These securities are subsequently measured at fair value and realized and unrealized gains and losses from these trading securities are included in the Company's consolidated statement of operations. Classification of a security as a trading security is not precluded simply because the Company does not intend to sell the security in the short term. The Company had no trading securities as of June 30, 2018 and 2017, respectively. Available for sale Debt and equity securities acquired by the Company that have readily determinable fair values are classified as available for sale if the Company has not classified them as trading securities or if it does not have the ability or positive intent to hold the security until maturity. The Company is required to make an election to account for these securities as available for sale. These available for sale securities are initially measured at fair value. These securities are subsequently measured at fair value with unrealized gains and losses from available for sale investments in debt and equity securities reported as a separate component of accumulated other comprehensive income, net of deferred income taxes, in shareholders' equity. The Company had an available for sale security as of June 30, 2018, refer to Note 9, and had no available for sale securities as of June 30, 2017. Held to maturity Debt securities acquired by the Company which it has the ability and the positive intent to hold to maturity are classified as held to maturity securities. The Company is required to make an election to classify these securities as held to maturity and these securities are carried at amortized cost. The amortized cost of held to maturity securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest received from the held to maturity security together with this amortization is included in interest income in the Company's consolidated statement of operations. The Company had a held to maturity security as of June 30, 2018, refer to Note 9, and had no held to maturity securities as of June 30, 2017. Impairment The Company's available for sale and held to maturity securities with unrealized losses are reviewed quarterly to identify other-than-temporary impairments in value. In evaluating whether a decline in value of an equity security is other-than-temporary, the Company considers several factors including, but not limited to the following: (i) the extent and the duration of the decline; (ii) the reasons for the decline in value (i.e. credit event, currency or interest-rate related); and (iii) the financial condition of and near term-prospects of the issuer of the security. When it is determined that a decline in value of an equity securities is other-than-temporary, the carrying value of the security is reduced to its fair value, with a corresponding charge to earnings. With regard to available for sale and held to maturity debt securities, the Company considers (i) the ability and intent to hold the debt security for a period of time to allow for recovery of value (ii) whether it is more likely than not that the Company will be required to sell the debt security; and (iii) whether it expects to recover the entire amortized cost basis of the debt security. The Company records an impairment loss in its consolidated statement of operations representing the difference between the debt securities carrying value and the current fair value as of the date of the impairment if the Company determines that it intends to sell the debt security or if that it is more likely than not that it will be required to sell the debt security before recovery of the amortized cost basis. However, an impairment loss is considered to have occurred if the Company determines that it does not intend to sell the debt security or that it is more likely than not that it will not be required to sell the debt security before the recovery of the amortized cost basis. In this instance, the impairment loss is split between a credit loss and a non-credit loss. The credit loss portion, which is measured as the difference between the debt security's cost basis and the present value of expected future cash flows, is recognized in the Company's consolidated statement of operations. The non-credit loss portion, which is measured as the difference between the debt security's cost basis and its current fair value, is recognized in other comprehensive income, net of applicable taxes. Policy reserves and liabilities Reserves for policy benefits and claims payable 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 and total present value of disability claims-in-payment at the balance sheet date. This model allows for best estimate assumptions based on experience (where sufficient) plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The best estimate assumptions include (i) mortality and morbidity assumptions reflecting the company's most recent experience and (ii) claim reporting delays reflecting Company specific and industry experience. Most of the disability claims-in-payment reserve is reinsured and the reported values were based on the reserve held by the relevant reinsurer. The values of matured guaranteed endowments are increased by late payment interest (net of the asset management fee and allowance for tax on investment income). Deposits on investment contracts For the Company's interest-sensitive life contracts, liabilities approximate the policyholder's account value. Reinsurance contracts held The Company enters into reinsurance contracts with reinsurers under which the Company is compensated for the entire amount or a portion of losses arising on one The expected benefits to which the Company is entitled under its reinsurance contracts held are recognized as reinsurance assets. These assets consist of short-term balances due from reinsurers (classified within accounts receivable, net) as well as long-term receivables (classified within other long-term assets) that are dependent on the expected claims and benefits arising under the related reinsurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance contract. Reinsurance assets are assessed for impairment at each balance sheet date. If there is reliable objective evidence that amounts due may not be recoverable, the Company reduces the carrying amount of the reinsurance asset to its recoverable amount and recognizes that impairment loss in its consolidated statement of operations. Reinsurance premiums are recognized when due for payment under each reinsurance contract. Redeemable common stock Common stock that is redeemable (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder, or (3) upon the occurrence of an event that is not solely within the control of Company is presented outside of total Net1 equity (i.e. permanent equity). Redeemable common stock is initially recognized at issuance date fair value and the Company does not adjust the issuance date fair value if redemption is not probable. The Company re-measures the redeemable common stock to the maximum redemption amount at the balance sheet date once redemption is probable. Reduction in the carrying amount of the redeemable common stock is only appropriate to the extent that the Company has previously recorded increases in the carrying amount of the redeemable equity instrument as the redeemable common stock may be not be carried at an amount that is less the initial amount reported outside of permanent equity. Redeemable common stock is reclassified as permanent equity when presentation outside permanent equity is no longer required (if, for example, a redemption feature lapses, or there is a modification of the terms of the instrument). The existing carrying amount of the redeemable common stock is reclassified to permanent equity at the date of the event that caused the reclassification and prior period consolidated financial statements are not adjusted. Sales taxes Revenue and expenses are presented net of sales, use and value added taxes, as the case may be. Revenue recognition The Company recognizes revenue when: there is persuasive evidence of an agreement or arrangement; delivery of products has occurred or services have been rendered; the seller's price to the buyer is fixed or determinable; and collectability is reasonably assured. The Company's principal revenue streams and their respective accounting treatments are discussed below: Fees Welfare benefit distribution and South African participating merchants The Company provides a welfare benefit distribution service in South Africa. Fee income received for these services is recognized in the statement of operations when distributions have been made to the recipient cardholders. With respect to services provided from April 1, 2018, the Company has recorded fee income from these services utilizing the price specified in the original contractual arrangement between the Company and SASSA. The Company has the right to request an increase, from the South African National Treasury, in the price charged under an order of the Constitutional Court of South Africa. The Company has made the appropriate submission to National Treasury and it has provided its recommendation, but this has not yet been ratified by the Constitutional Court. Recipient cardholders are able to load their welfare grants at merchants enrolled in the Company's participating merchant system in certain provinces. There is no charge to the recipient cardholder to load the grant onto a smart card at the merchant location, however, a fee is charged to the merchant for purchases made at the merchant using the smart card. A fee is also charged to the merchant when the recipient cardholder makes a cash withdrawal. Fee income received for these services is recognized in the statement of operations when the transaction occurs. Fees related to management of card issuance programs and utilization of ATMs The Company manages card issuance programs and owns ATMs in South Africa from which it generates fee revenue. Fee revenue generated from the provision of a bank account to customers is recognized monthly as charged. Fee revenue generated from card issuance programs includes interchange and other miscellaneous fees, which are recorded when cardholders transact at either a POS or an ATM. Fee revenue generated from the utilization of ATMs includes cash withdrawal, balance enquiry, insufficient funds and other miscellaneous ATM fees which are recorded when an ATM user performs a transaction at an ATM. Card VAN, banking VAN and payment gateway Card VAN services consist of services relating to the authorization of credit card transactions including transmission of transaction details ("authorization service"), and collection of receipts associated with the credit card transactions ("collection service"). With its authorization service, the Company connects credit card companies with merchants online when a customer uses his/her credit card via terminals installed at merchants' sites and the Company's central processing server for approval of credit card transactions. Immediately after approval of credit card transactions, the Company transmits details of the transactions to credit card companies online for processing payments. The collection service captures the transaction data and gathers receipts as documented evidence and provides them to credit card companies upon request. The Company earns service fees based on the value and number of transactions processed for credit card companies when services are rendered in accordance with the contracts entered into between credit card companies and the Company. The Company bills for its service charges to credit card companies each month. Each service could be provided either individually or collectively, based on the terms of the contracts. The Company charges commission fees to credit card companies for the authorization service provided based on the number of approvals transferred or on the value of transactions processed, as appropriate. The right to receive a service fee is due once a credit card transaction has been approved and details of the transaction are transmitted by the Company. Therefore, revenues from the authorization service are recognized when the credit card transactions are authorized and details of the transactions are transmitted. Revenue from the collection service is recognized when the Company collects the receipts and provides them to the card companies. For multiple-element arrangements, the Company has identified two VSOE generally exists only when the Company sells the deliverable separately and is the price actually charged by the Company for that deliverable. ESPs reflect the Company's best estimates of what the selling prices of elements would be if they were sold regularly on a stand-alone basis. Because the Company has neither VSOE nor TPE for the two deliverables, the allocation of revenue has been based on the Company's ESPs. Amounts allocated to the authorization and the collection service are recognized at the time of service, provided the other conditions for revenue recognition have been met. The Company's process for determining its ESP for deliverables without VSOE or TPE considers multiple factors that may vary depending upon the unique facts and circumstances related to each deliverable. Key factors considered by the Company in developing the ESPs include prices charged by the Company, historical pricing practices and controls, range of prices for various customers and the nature of the services. Consideration is also given to market conditions such as competitor pricing strategies and market perception. Banking VAN is a division supporting a company's fund management process (large payment transfers, collections, etc.) by relaying financial transactions between client companies and financial institutions. Financial transactions between two or more business enterprises, or between business enterprises and their customers, are conducted through the transaction-processing network established between the Company and the banks. Revenue from the banking VAN service is recognized when the service is rendered by the Company. With its PG service, the Company provides the Internet-based settlement service between an on-line shopping mall and a credit card company when a customer uses his/her credit card, debit card or on-line payment to pay for goods or services. The Company receives fees for carrying out settlements for electronic transactions. Revenue from the PG service is recognized when the service is rendered by the Company. Microlending service fee The Company provides short-term loans to customers in South Africa and charges and recognizes monthly service fee revenue under the contractual terms of the loan. The monthly service fee amount is fixed upon initiation and does not change over the term of the loan. Other fees and commissions The Company provides an automated payment collection service to third parties, for which it charges monthly fees. The Company provides medical-related claims adjudication, reconciliation and settlement services ("medical-related claim service") to customers, for which it charges fees. The Company provides a payment processing service to merchants for which it charges a transaction fee. All of these fees are recognized in the statement of operations as the underlying services are performed. The Company sells prepaid electricity and recognizes a commission in its statement of operations once the prepaid electricity token has been delivered to the customer. Hardware and prepaid airtime voucher sales Revenue from hardware and airtime voucher sales is recognized when risk of loss has transferred to the customer and there are no unfulfilled Company obligations that affect the customer's final acceptance of the arrangement. Any cost of warranties and remaining obligations that are inconsequential or perfunctory are accrued when the corresponding revenue is recognized. The Company buys terminals from manufacturers, and subsequently sells them through its agencies. Revenue is recognized when significant risks and rewards of ownership of terminals have passed to the buyer, usually on delivery of the terminals to the buyer. To the extent that sales of hardware are made in an arrangement that includes software that is more than incidental, the Company considers post-contract maintenance and technical support or other future obligations which could impact the timing and amount of revenue recognized. Software Revenue from licensed software is recognized on a subscription basis over the period that the client is entitled to use the license. Revenue from the sale of software is recognized if all revenue recognition criteria have been met. Post-contract maintenance and technical support in respect of software is generally negotiated and sold as a separate service and is recognized over the period such items are delivered. Terminal rental income The Company leases terminals to merchants participating in its merchant acquiring system. Operating rental income is recognized monthly on a straight-line basis in accordance with the lease agreement. Other income Revenue from service and maintenance activities is charged to customers on a time-and-materials basis and is recognized in the statement of operations as services are delivered to customers. Research and development expenditure Research and development expenditure is charged to net income in the period in which it is incurred. During the years ended June 30, 2018, 2017 and 2016, the Company incurred research and development expenditures of $ 1.8 2.0 2.3 Computer software development Product development costs in respect of software intended for sale to licensees are expensed as incurred until technological feasibility is attained. Technological feasibility is attained when the Company's software has completed system testing and has been determined to be viable for its intended use. The time between the attainment of technological feasibility and completion of software development is generally short with immaterial amounts of development costs incurred during this period. Costs in respect of the development of software for the Company's internal use are expensed as incurred, except to the extent that these costs are incurred during the application development stage. All other costs including those incurred in the project development and post-implementation stages are expensed as incurred. Income taxes The Company provides for income taxes using the asset and liability method. This approach recognizes the amount of taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequence of events recognized in the financial statements and tax returns. Deferred income taxes are adjusted to reflect the effects of changes in tax laws or enacted tax rates. The Company measured its South African income taxes and deferred income taxes for the years ended June 30, 2018, 2017 and 2016, using the enacted statutory tax rate in South Africa of 28 As of June 30, 2018, the Company intends to permanently reinvest its non-U.S. undistributed earnings of $ 521.4 In establishing the appropriate deferred tax asset valuation allowances, the Company assesses the realizability of its deferred tax assets, and based on all available evidence, both positive and negative, determines whether it is more likely than not that the deferred tax assets or a portion thereof will be realized. Reserves for uncertain tax positions are recognized in the financial statements for positions which are not considered more likely than not of being sustained based on the technical merits of the position on audit by the tax authorities. For positions that meet the more likely than not standard, the measurement of the tax benefit recognized in the financial statements is based upon the largest amount of tax benefit that, in management's judgement, is greater than 50 The Company's policy is to include interest related to unrecognized tax benefits in interest expense and penalties in selling, general and administration in the consolidated statements of operations. Impact of Tax Cuts and Jobs Act On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA"), was enacted into law, significantly modifying U.S. federal tax laws. The United States Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 18 ("SAB 118"), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under GAAP tax guidance. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the TCJA for which the accounting under the GAAP tax guidance is complete. To the extent that a company's accounting for certain income tax effects of the TCJA is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply the GAAP tax guidance on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. Refer to Note 19 for additional information regarding the impact of the TCJA on the Company. Stock-based compensation Stock-based compensation represents the cost related to stock-based awards granted. The Company measures equity-based stock-based compensation cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. In respect of awards with only service conditions that have a graded vesting schedule, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. The forfeiture rate is estimated using historical trends of the number of awards forfeited prior to vesting. The expense is recorded in the statement of operations and classified based on the recipients' respective functions. The Company records deferred tax assets for awards that result in deductions on the Company's income tax returns, based on the amount of compensation cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in taxation expense in the statement of operations Equity instruments issued to third parties Equity instruments issued to third parties represents the cost related to equity instruments granted. The Company measures this cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. The forfeiture rate is estimated based on the Company's expectation of the number of awards that will be forfeited prior to vesting. The Compan |
Acquisitions
Acquisitions | 12 Months Ended |
Jun. 30, 2018 | |
Acquisitions [Abstract] | |
Acquisitions | 3. ACQUISITIONS The cash paid, net of cash received related to the Company's various acquisitions during the years ended June 30, 2018, 2017 and 2016 is summarized in the table below: 2018 2017 2016 DNI (1) $ 6,202 $ - $ - Masterpayment Financial Services Limited (formerly C4U-Malta Limited) ("Malta FS") - 2,940 - Pros Software Proprietary Limited ("Pros Software") - 1,711 - Transact24 Limited ("Transact24") - - 1,666 Masterpayment AG ("Masterpayment") - - 14,101 Total cash paid, net of cash received $ 6,202 $ 4,651 $ 15,767 (1) – represents the cash paid, net of cash acquired, to acquire a further 6 55 85.7 2018 acquisition DNI The Company accounted for its interest in DNI using the equity method from August 1, 2017, until June 30, 2018, the date upon which it acquired further voting and economic interest in DNI, taking it to ownership of 55%. The transaction actually closed on June 28, 2018, however, for practical purposes the Company has used June 30, 2018, as the date from which it accounted for a controlling stake in DNI. Therefore, from June 30, 2018, the Company has consolidated DNI from June 30, 2018. Refer to Note 9, for additional information regarding DNI's contribution to the Company's reported results under the equity method. On July 27, 2017, the Company subscribed for 44,999,999 45 945.0 72.0 4,000,000 89.3 7.5 49 6,000,000 126.0 9.2 55 400.0 29.1 373.6 27.2 400 29.1 August 1, 2019 6.3 As described in Note 9, on March 9, 2018, the Company obtained financing to partially fund the acquisition of the additional ordinary A DNI shares and Net1 Applied Technologies South Africa Proprietary Limited ("Net1 SA") has pledged, among other things, its entire equity interest in DNI as security for the South African facilities described in Note 14. On March 9, 2018, the Company provided DNI with an interest-free loan of ZAR 126.0 10.6 126 9.2 The preliminary purchase price allocation of the DNI acquisition, translated at the foreign exchange rates applicable on the date of acquisition, is provided in the table below: DNI Cash and cash equivalents $ 2,979 Accounts receivable 16,977 Inventory 2,526 Property, plant and equipment 1,317 Equity-accounted investment - Speckpack(Note 9) 339 Goodwill (Note 10) 114,161 Intangible assets (Note 10) 104,003 Deferred tax assets 561 Other long-term assets(1) 21,348 Accounts payables and other payables (20,914 ) Income taxes payable - Other long-term liabilities(1) (8,291 ) Deferred tax liabilities (29,121 ) Fair value of assets and liabilities on acquisition 205,885 Less: fair value attributable to controlling interests on acquisition date (94,123 ) Less: fair value of equity-accounted investment, comprising: (100,947 ) Add: loss on re-measurement of previously held interest 4,614 Less: Contingent payment recognized related to 49% interest acquired (25,589 ) Less: carrying value at the acquisition date (Note 9) (79,972 ) Less: Contingent payment recognized related to 6% interest acquired (1,633 ) Total purchase price $ 9,182 (1) – DNI concluded an acquisition in November 2017 and other long-term liabilities includes a contingent purchase consideration of ZAR 113.8 8.3 50 50 129.0 9.4 August 1, 2019 10.0 Pro forma results of operations have not been presented because the effect of the DNI acquisition was not material to the Company. During the year ended June 30, 2018, the Company incurred acquisition-related expenditure of $ 0.5 2017 acquisitions Malta FS In November 2016 100 3.6 3.9 Pros Software In October 2016 100 25.0 1.8 The final purchase price allocation of the Malta FS and Pros Software acquisitions, translated at the foreign exchange rates applicable on the date of acquisition, is provided in the table below: Malta FS Pros Software Total Cash and cash equivalents $ 999 $ 110 $ 1,109 Accounts receivable 983 165 1,148 Property, plant and equipment 30 9 39 Intangible assets (Note 10) 1,078 2,311 3,389 Goodwill (Note 10) 2,475 - 2,475 Accounts payables and other payables (1,570 ) (58 ) (1,628 ) Income taxes payable - (69 ) (69 ) Deferred tax liabilities (56 ) (647 ) (703 ) Total purchase price $ 3,939 $ 1,821 $ 5,760 Pro forma results of operations have not been presented because the effect of the Malta FS and Pros Software acquisitions, individually and in the aggregate, were not material to the Company. During the year ended June 30, 2017, the Company incurred acquisition-related expenditure of $ 0.5 0.2 0.7 0.5 1.8 2016 acquisitions Transact24 Limited On January 20, 2016 56 3.0 391,645 4.0 44 May 2015 The Company elected to settle part of the purchase price in shares in order to appropriately align the T24 management team with the Company and its global strategy. The parties agreed that 50 50 Masterpayment AG In April 2016 60 9.4 5.4 14.8 The final purchase price allocation of the Transact24 and Masterpayment acquisitions, translated at the foreign exchange rates applicable on the date of acquisition, is provided in the table below: Transact24 Masterpayment Total Cash and cash equivalents $ 1,334 $ 665 $ 1,999 Accounts receivable 2,019 765 2,784 Property, plant and equipment 154 18 172 Deferred tax assets 1,070 - 1,070 Intangible assets (Note 10) 4,974 9,428 14,402 Goodwill (Note 10) 6,024 17,084 23,108 Accounts payables and other payables (1,898 ) (1,114 ) (3,012 ) Deferred tax liabilities (1,243 ) (2,236 ) (3,479 ) Fair value of assets and liabilities on acquisition 12,434 24,610 37,044 Less: fair value of equity-accounted investment, comprising: (5,471 ) - (5,471 ) Less: gain on re-measurement of previously held interest (1,908 ) - (1,908 ) Less: carrying value at the acquisition date (3,563 ) - (3,563 ) Less: fair value attributable to controlling interests on acquisition date . - (9,844 ) (9,844 ) Total purchase price $ 6,963 14,766 $ 21,729 Add: carrying value of non-controlling interests acquired 9,867 Add: adjustment to Net1 equity (Note 15) 1,322 Cash paid for non-controlling interest (Note 15) 11,189 Total consideration paid for Masterpayment $ 25,955 Pro forma results of operations have not been presented because the effect of the Transact24 and Masterpayment acquisitions, individually and in the aggregate, were not material to the Company. During the year ended June 30, 2016, the Company incurred acquisition-related expenditure of $ 0.2 3.8 0.03 2.4 0.04 |
Pre-Funded Social Welfare Grant
Pre-Funded Social Welfare Grants Receivable | 12 Months Ended |
Jun. 30, 2018 | |
Pre-Funded Social Welfare Grants Receivable [Abstract] | |
Pre-Funded Social Welfare Grants Receivable | 4. PRE-FUNDED SOCIAL WELFARE GRANTS RECEIVABLE Pre-funded social welfare grants receivable represents primarily amounts pre-funded by the Company to certain merchants participating in the merchant acquiring system. The July 2018 payment service commenced on July 1, 2018, but the Company pre funded certain merchants participating in the merchant acquiring systems on June 29, 2018. The July 2017 payment service commenced on July 1, 2017, but the Company pre-funded certain merchants participating in the merchant acquiring systems the last day of June 2017. |
Accounts Receivable, Net And Fi
Accounts Receivable, Net And Finance Loans Receivable, Net | 12 Months Ended |
Jun. 30, 2018 | |
Accounts Receivable, Net And Finance Loans Receivable, Net [Abstract] | |
Accounts Receivable, Net And Finance Loans Receivable, Net | 5. ACCOUNTS RECEIVABLE, net and FINANCE LOANS RECEIVABLE, net Accounts receivable, net 2018 2017 Accounts receivable, trade, net $ 49,365 $ 53,818 Accounts receivable, trade, gross 50,466 55,073 Allowance for doubtful accounts receivable, end of year 1,101 1,255 Beginning of year 1,255 1,669 Acquired in acquisition - 10 Reversed to statement of operations (47 ) (42 ) Charged to statement of operations 642 672 Utilized (776 ) (1,200 ) Foreign currency adjustment 27 146 Current portion of payments to agents in South Korea amortized over the contract period 21,971 22,562 Payments to agents in South Korea amortized over the contract period 39,554 39,852 Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 9) 17,582 17,290 Loans provided to Finbond (Note 9) 1,107 11,920 Other receivables 37,240 23,129 Total accounts receivable, net $ 109,683 $ 111,429 Receivables from customers renting POS equipment from the Company are included in accounts receivable, trade, and are stated net of an allowance for certain amounts that the Company's management has identified may be unrecoverable. Accounts receivable, trade, also includes amounts due from customers from the sale of hardware, software licenses and SIM cards and provision of transaction processing services. During the year ended June 30, 2018, 2017 and 2016, the Company recorded bad debt expense of $ 0.1 0.1 1.2 Finance loans receivable, net The Company's finance loans receivable, net, as of June 30, 2018 and 2017, is presented in the table below: 2018 2017 Microlending finance loans receivable, net $ 57,504 $ 50,994 Microlending finance loans receivable, gross 61,743 54,711 Allowance for doubtful microlending finance loans receivable, end of year 4,239 3,717 Beginning of year 3,717 4,494 Reversed to statement of operations - (55 ) Charged to statement of operations 4,348 - Utilized (3,588 ) (1,260 ) Foreign currency adjustment (238 ) 538 Working capital finance receivable, net 3,959 29,183 Working capital finance receivable, gross 16,123 32,935 Allowance for doubtful working capital finance receivable, end of year 12,164 3,752 Beginning of year 3,752 - Charged to statement of operations 8,415 3,752 Utilized - - Foreign currency adjustment (3 ) - Current portion of other finance loans receivable 742 - Total other finance loans receivable 13,025 - Less included in other long-term assets (Note 9) 12,283 - Total finance loans receivable, net $ 62,205 $ 80,177 Finance loans receivable, net, comprising microlending finance loans receivable related to the Company's microlending operations in South Africa, its working capital finance receivable related to its working capital financing offering in Korea, and as of June 30, 2017, its European and the United States working capital offering, and, as of June 30, 2018, other finance loans receivable related to funding provided to Cell C in South Africa to be used to fund the construction of mobile telephony network infrastructure. During the year ended June 30, 2018, the Company exited its working capital finance businesses in Europe and the United States. The did no receivable. The Company has created an allowance for doubtful working capital finance receivables related to receivables due from customers based in the United States. |
Inventory
Inventory | 12 Months Ended |
Jun. 30, 2018 | |
Inventory [Abstract] | |
Inventory | 6. INVENTORY The Company's inventory as of June 30, 2018 and 2017, is presented in the table below: 2018 2017 Finished goods $ 12,887 $ 8,020 $ 12,887 $ 8,020 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Jun. 30, 2018 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 7. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value of financial instruments Initial recognition and measurement Financial instruments are recognized when the Company becomes a party to the transaction. Initial measurements are at cost, which includes transaction costs. Risk managemen t The Company manages its exposure to currency exchange, translation, interest rate, customer concentration, credit and equity price and liquidity risks as discussed below. 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. 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 provide unsecured short-term loans to qualifying customers. The Company manages this risk by performing an affordability test for each prospective customer and assigning 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. 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 Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including the Company's own credit risk. Fair value measurements and inputs are categorized into a fair value hierarchy which prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The following section describes the valuation methodologies the Company uses to measure financial assets and liabilities at fair value. 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 class "A" shares in Cell C, a leading mobile telecoms provider in South Africa (refer to Note 9). The Company has designated the investment in such shares as an available for sale investment. Cell C shares are not listed on an exchange and there is no readily determinable market value for the shares. The Company has developed an adjusted EV/EBITDA multiple valuation model in order to determine the fair value of the Cell C shares. The primary inputs to the valuation model are Cell C's annualized adjusted EBITDA for the 11 months ended June 30, 2018, of ZAR 3.9 284.8 6.75 8.8 641.1 10 The following table presents the impact of a 0.50 Sensitivity for fair value of Cell C investment EBITDA multiple of 6.25 $ 153,724 EBITDA multiple of 6.75 172,948 EBITDA multiple of 7.25 $ 192,172 The fair value of the Cell C shares as of June 30, 2018, represented approximately 14 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. 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 and liabilities measured at fair value on a recurring basis as of June 30, 2018, according to the fair value hierarchy: Quoted price in Significant active markets other Significant for identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total Assets Investment in Cell C $ - $ - $ 172,948 $ 172,948 Related to insurance business: Cash and cash equivalents (included in other long-term assets) 610 - - 610 Fixed maturity investments (included in cash and cash equivalents) 8,304 - - 8,304 Other - 18 - 18 Total assets at fair value $ 8,914 $ 18 $ 172,948 $ 181,880 Liabilities DNI contingent consideration (Note 3) $ - $ - $ 27,222 $ 27,222 Total liabilities at fair value $ - $ - $ 27,222 $ 27,222 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 Changes in the Company's investment in Cell C for the year ended June 30, 2018, are presented in Note 9. Changes in the Company's investment in Finbond (Level 3 that are measured at fair value on a recurring basis) were insignificant during the years ended June 30, 2016. There have been no Trade, finance loans and other receivables Trade, finance loans and other receivables originated by the Company are stated at cost less allowance for doubtful accounts receivable. The fair value of trade, finance loans and other receivables approximates their carrying value due to their short-term nature. Trade and other payables The fair values of trade and other payables approximates their carrying amounts, due to their short-term nature. Assets and liabilities measured at fair value on a nonrecurring basis The Company measures its assets at fair value on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. The Company has no liabilities that are measured at fair value on a nonrecurring basis. The Company reviews the carrying values of its assets when events and circumstances warrant and considers all available evidence in evaluating when declines in fair value are other-than-temporary. The fair values of the Company's assets are determined using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. An impairment charge is recorded when the cost of the asset 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. |
Property, Plant And Equipment,
Property, Plant And Equipment, Net | 12 Months Ended |
Jun. 30, 2018 | |
Property, Plant And Equipment, Net [Abstract] | |
Property, Plant And Equipment, Net | 8. PROPERTY, PLANT AND EQUIPMENT, net Summarized below is the cost, accumulated depreciation and carrying amount of property, plant and equipment as of June 30, 2018 and 2017: 2018 2017 Cost: Land $ 880 $ 858 Building and structures 483 471 Computer equipment 125,241 131,589 Furniture and office equipment 9,438 8,769 Motor vehicles 20,197 17,936 156,239 159,623 Accumulated depreciation: Land - - Building and structures 193 171 Computer equipment 104,185 97,475 Furniture and office equipment 7,221 6,804 Motor vehicles 17,586 15,762 129,185 120,212 Carrying amount: Land 880 858 Building and structures 290 300 Computer equipment 21,056 34,114 Furniture and office equipment 2,217 1,965 Motor vehicles 2,611 2,174 $ 27,054 $ 39,411 |
Equity-Accounted Investments An
Equity-Accounted Investments And Other Long-Term Assets | 12 Months Ended |
Jun. 30, 2018 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Equity-Accounted Investments And Other Long-Term Assets | 9. EQUITY-ACCOUNTED INVESTMENTS AND OTHER LONG-TERM ASSETS Equity-accounted investments The Company's ownership percentage in its equity-accounted investments as of June 30, 2018 and 2017, was as follows: 2018 2017 Bank Frick 35 % - Finbond 29 % 26 % OneFi Limited (formerly KZ One) ("OneFi") 25 % 25 % SmartSwitch Namibia (Pty) Ltd ("SmartSwitch Namibia") 50 % 50 % Speckpack Field Services (Pty) Ltd ("Speckpack") 50 % - Walletdoc Proprietary Limited ("Walletdoc") 20 % 20 % Bank Frick On October 2, 2017, the Company acquired a 30 39.8 40.9 5 10.4 11.1 3.8 4.1 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 as new opportunities in blockchain and cryptocurrencies. 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. Finbond As of June 30, 2018, the Company owned 261,069,481 28.5 3.80 992.1 72.3 3.6 11.2 0.8 2017, the Company, pursuant to its election, received an additional 4,361,532 On October 7, 2016, the Company provided a loan of ZAR 139.2 10.0 12.00 The loan was initially set to mature at the earlier of Finbond concluding a rights offer or February 28, 2017, but the agreement was subsequently amended to extend the repayment date to on or before February 28, 2018, or such later date as may be mutually agreed by the parties in writing. The Company had the right to elect for the loan to be repaid in either Finbond ordinary shares, including through a rights offering, (in accordance with an agreed mechanism) or in cash. The Company was required to make a repayment election within 180 days after the repayment date otherwise the repayment election would automatically default to repayment in ordinary shares. Finbond undertook to perform all necessary steps reasonably required to effect the issuance of shares to settle the repayment of the loan if that option was elected by the Company. In March 2018, the parties amended the agreement to extend the repayment date from February 28, 2018 to August 31, 2018, and to finalize certain matters related to the rights offering mechanism and determining the maximum number of shares that Finbond would issue to parties participating in a rights offering. On March 23, 2018, Finbond publicly announced that it had commenced a rights offering process and that the proceeds of the offering would be used to settle certain loans, including the loan due to the Company. The Company agreed to underwrite the Finbond rights offer up to an amount of 55,585,514 DNI and Speckpack The Company's investment in DNI is described in Note 3. On July 27, 2017, the Company acquired a 45 49 50 The Company has recognized a non-cash re-measurement loss of approximately $ 4.6 49 OneFi The Company provided a credit facility of up to $ 10 2 1.0 Summarized below is the movement in equity-accounted investments during the years ended June 30, 2018 and 2017, which includes the investment in equity and the investment in loans provided to equity-accounted investees: Bank DNI (1 ) Frick Finbond Other (2 ) Total Investment in equity: Balance as of July 1, 2016 $ - $ - $ 16,304 $ 8,185 24,489 Stock-based compensation - - 89 - 89 Comprehensive income (loss): - - 816 (849 ) (33 ) Other comprehensive loss - - (1,687 ) (1,010 ) (2,697 ) Equity accounted earnings (loss) - - 2,503 161 2,664 Share of net income - - 2,709 161 2,870 Dilution resulting from corporate transactions - - (206 ) - (206 ) Dividends received - - (477 ) (710 ) (1187 ) Foreign currency adjustment (3) - - 2,229 116 2,345 Balance as of June 30, 2017 - - 18,961 6,742 25,703 Acquisition of shares 79,541 51,949 13,043 - 144,533 Stock-based compensation - - (139 ) - (139 ) Comprehensive income (loss): 7,005 (606 ) 2,901 4 9,304 Other comprehensive loss - - (2,426 ) - (2,426 ) Equity accounted earnings (loss) 7,005 (606 ) 5,327 4 11,730 Share of net income (loss) 9,510 201 5,583 4 15,298 Amortization - acquired intangible assets (3,480 ) (531 ) - - (4,011 ) Deferred taxes - acquired intangible assets 975 128 - - 1,103 Dilution resulting from corporate transactions - - (256 ) - (256 ) Other - (404 ) - - (404 ) Dividends received (1,765 ) (1,946 ) (1,096 ) (400 ) (5,207 ) Carrying value at the acquisition date (Note 3) (79,972 ) - - 339 (79,633 ) Foreign currency adjustment (3) (4,809 ) (1,268 ) (2,712 ) (593 ) (9,382 ) Balance as of June 30, 2018 $ - $ 48,129 $ 30,958 $ 6,092 $ 85,179 Investment in loans: Balance as of July 1, 2016 $ - $ - $ 1,015 $ 141 $ 1,156 Loans granted 10,044 2,000 12,044 Interest accrued 107 0 107 Foreign currency adjustment (3) - - 754 18 772 Included in accounts receivable, net (Note 5) - - (11,920 ) 0 (11,920 ) Balance as of June 30, 2017 - - - 2,159 2,159 Loans granted - - - 1,000 1,000 Transfer from accounts receivable, net - - 11,235 - 11,235 Transfer to investment in equity - - (11,102 ) - (11,102 ) Foreign currency adjustment (3) - - (133 ) (7 ) (140 ) Balance as of June 30, 2018 $ - $ - $ - $ 3,152 $ 3,152 Equity Loans Total Carrying amount as of: June 30, 2017 $ 25,703 $ 2,159 $ 27,862 June 30, 2018 $ 85,179 $ 3,152 $ 88,331 (1) DNI was included as an equity-accounted investment from August 1, 2017 until June 30, 2018, the date upon which the Company obtained control and commenced consolidation of DNI (2) Includes OneFi, SmartSwitch Namibia, Speckpack and Walletdoc ; (3) The foreign currency adjustment represents the effects of the fluctuations of the South African rand, Nigerian naira and Namibian dollar, against the U.S. dollar on the carrying value. Summary financial information of equity-accounted investments Summarized below is the financial information of equity-accounted investments (during the Company's reporting periods in which investments were carried using the equity-method, unless otherwise noted) as of the stated reporting period of the investee and translated at the applicable closing or average foreign exchange rates (as applicable): Bank Frick Finbond Other (1) Balance sheet, as of June 30 February 28 (2) Various (3) Current assets (4) 2018 n/a n/a $ 11,433 2017 n/a n/a 9,196 Long-term assets 2018 $ 1,418,160 $ 266,149 1,343 2017 n/a 229,875 813 Current liabilities (4) 2018 n/a n/a 3,295 2017 n/a n/a 443 Long-term liabilities 2018 1,323,470 178,587 3,930 2017 n/a 152,827 2,872 Redeemable stock 2018 - - - 2017 n/a - - Non-controlling interests 2018 - 13,896 - 2017 n/a 17,366 - Statement of operations, for the period ended June 30 (5) February 28 (2) Various (6) Revenue 2018 33,814 161,915 10,955 2017 n/a 97,431 7,168 2016 n/a n/a 4,966 Operating income (loss) 2018 776 35,225 826 2017 n/a 19,551 276 2016 n/a n/a (21 ) Income (loss) from continuing operations 2018 617 19,167 152 2017 n/a 9,700 3 2016 n/a n/a (268 ) Net income (loss) 2018 $ 617 19,167 152 2017 n/a $ 9,700 3 2016 n/a n/a $ (268 ) (1) Includes OneFi, SmartSwitch Namibia, Speckpack and Walletdoc (2) Finbond is listed on the Johannesburg Stock Exchange and the balances included were derived from its publically available information (3) Balance sheet information for OneFi, SmartSwitch Namibia and Speckpack is as of June 30, 2018, and Walletdoc as of February 28, 2018. (4) Bank Frick and Finbond are banks and do not present current and long-term assets and liabilities. All assets and liabilities of these two entities are included under the long-term caption. (5) Statement of operations information for Bank Frick is for the period from October 1, 2017 to June 30, 2018. (6) Statement of operations information for OneFi and SmartSwitch Namibia for the year ended June 30, 2018, and Walletdoc for the year ended February 28, 2018 Other long-term assets Summarized below is the breakdown of other long-term assets as of June 30, 2018 and 2017: 2018 2017 Total equity investments $ 199,865 $ 26,317 Investment in 15% of Cell C, at fair value (Note 7) 172,948 - Investment in 12% of MobiKwik, at cost (1) 26,917 26,317 Total held to maturity investments 10,395 - Investment in 7.625% of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625% notes 10,395 - Long-term portion of payments to South Korean agents amortized over the contract period 17,582 17,290 Long-term portion of other finance loans receivable(Note 5) 12,283 - Contingent purchase consideration (Note 3) 9,064 - Policy holder assets under investment contracts (Note 11) 610 627 Reinsurance assets under insurance contracts Note 11) 633 191 Other long-term assets (1) 5,948 5,271 Total other long-term assets $ 256,380 $ 49,696 (1) The investment in MobiKwik and other investments in common stock included within other long-term assets are carried at cost and are reviewed quarterly for indicators of other-than-temporary impairment. It is not practicable for the Company to reliably estimate the fair value of these investments. Cell C On August 2, 2017, the Company, through its subsidiary, Net1 SA, purchased 75,000,000 2.0 151.0 MobiKwik The Company signed a subscription agreement with MobiKwik, which is one of India's largest independent mobile payments networks, with over 60 2.5 40.0 24 15.0 10.6 13.5 50 12.0 Cedar Cellular In December 2017, the Company purchased, for cash, $ 9.0 20.5 7.625 8.625 August 2, 2022 59,000,000 9.9 0.5 Summarized below are the components of the Company's available for sale and held to maturity investments as of June 30, 2018: Unrealized Unrealized holding holding Carrying Cost basis gains losses value Available for sale: Investment in Cell C $ 145,714 $ 32,473 $- $ 172,948 Held to maturity: Investment in Cedar Cellular notes 9,000 1,395 - 10,395 Total $ 154,714 $ 33,868 $- $ 183,343 The Company had no available for sale or held to maturity investments as of June 30, 2017. The unrealized holding gain related to the investment in Cell C is valued using significant unobservable inputs (refer to Note 7) and $25.2 million ($32.5 million, net of taxation of $7.3 million) is included in other comprehensive income for the year ended June 30, 2018. The unrealized holding gains related to the investment in Cedar Cellular notes is included in interest income in the consolidated statement of operations for the year ended June 30, 2018. Contractual maturities of held to maturity investments Summarized below are the contractual maturities of the Company's held to maturity investment as of June 30, 2018: Estimated Cost basis fair value Due in one year or less $ - $ - Due in one year through five years 9,000 9,916 Due in five years through ten years - - Due after ten years - - Total $ 9,000 $ 9,916 |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Goodwill And Intangible Assets, Net | 10 . GOODWILL AND INTANGIBLE ASSETS, net Goodwill Summarized below is the movement in the carrying value of goodwill for the years ended June 30, 2018, 2017 and 2016: Gross Accumulated Carrying value impairment value Balance as of July 1, 2015 $ 166,437 $ - $ 166,437 Acquisition of Transact24 (Note 3) 6,024 - 6,024 Acquisition of Masterpayment (Note 3) 17,084 - 17,084 Foreign currency adjustment (1) (10,067 ) - (10,067 ) Balance as of June 30, 2016 179,478 - 179,478 Acquisition of Malta FS (Note 3) 2,475 - 2,475 Foreign currency adjustment (1) 6,880 - 6,880 Balance as of June 30, 2017 188,833 - 188,833 Acquisition of DNI (Note 3) 114,161 - 114,161 Impairment loss - (20,917 ) (20,917 ) Foreign currency adjustment (1) 1,019 144 1,163 Balance as of June 30, 2018 $ 304,013 $ (20,773 ) $ 283,240 (1) – the foreign currency adjustment 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 associated with the acquisition of DNI, Transact24, Masterpayment and Malta FS represents the excess of cost over the fair value of acquired net assets. The DNI, Transact24, Masterpayment and Malta FS goodwill is not deductible for tax purposes. See Note 3 for the allocation of the purchase price to the fair value of acquired net assets. DNI has been allocated to the Company's Financial inclusion and applied technologies operating segment. Transact24, Masterpayment and Malta FS have all been allocated to the Company's International transaction processing operating segment. Impairment loss The Company assesses the carrying value of goodwill for impairment annually, or more frequently, whenever events occur and circumstances change indicating potential impairment. The Company performs its annual impairment test as at June 30 of each year. During the third quarter of fiscal 2018, the Company recognized an impairment loss of approximately $19.9 million related to goodwill allocated to the Masterpayment business within its international transaction processing operating segment as a result of changes to the operating model of Masterpayment. The Company also impaired goodwill of approximately $1.1 million during its June 2018 annual goodwill impairment assessment related to a business allocated to its South African transaction processing operating segment, which ceased trading during the year. During the second quarter of fiscal 2018, the Company re-evaluated the operating performance and ongoing viability of Masterpayment's working capital financing and supply chain solutions offering and determined to exit this portion of its business. While the Company initially believed that it could scale this offering in the medium to long-term by focusing on customers and industries outside Masterpayment's initial target market, this standalone offering did not fit the Company's strategy of providing payment solutions and working capital to small and medium-sized merchants. In order to focus on the Company's stated international strategy, the Company decided to wind-down the working capital finance book issued to non-payment solutions customers. During the third quarter of fiscal 2018, the Company evaluated Masterpayment's business strategy and following the wind-down referred to above, it has determined that Masterpayment is unlikely to deliver the financial results or cash flows previously anticipated. The Company and two of Masterpayment's senior managers have agreed, by mutual consent, that with effect from the end of March 2018, the managers terminated their employment with Masterpayment in order to dedicate themselves to new professional tasks. In order to determine the amount of goodwill impairment, the estimated fair value of the Company's Masterpayment business was allocated to the individual fair value of the assets and liabilities of Masterpayment as if it had been acquired in a business combination, which resulted in the implied fair value of the goodwill. The Company used a discounted cash flow model in order to determine the fair value of Masterpayment. The allocation of the fair value of Masterpayment required the Company to make a number of assumptions and estimates about the fair value of assets and liabilities where the fair values were not readily available or observable. A further deterioration in the international transaction processing operating segment, or in any other of the Company's businesses, may lead to additional impairments in future periods. 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 July 1, 2015 $ 24,579 $ 115,519 $ 26,339 $ 166,437 Acquisition of Transact24 (Note 3) - 6,024 - 6,024 Acquisition of Masterpayment (Note 3) - 17,084 - 17,084 Foreign currency adjustment (1) (4,154 ) (2,442 ) (3,471 ) (10,067 ) Balance as of June 30, 2016 20,425 136,185 22,868 179,478 Acquisition of Malta FS (Note 3) - 2,475 - 2,475 Foreign currency adjustment (1) 2,706 1,910 2,264 6,880 Balance as of June 30, 2017 23,131 140,570 25,132 188,833 Acquisition of DNI (Note 3) - - 114,161 114,161 Impairment loss (1,052 ) (19,865 ) - (20,917 ) Foreign currency adjustment (1) (1,133 ) 3,243 (947 ) 1,163 Balance as of June 30, 2018 $ 20,946 $ 123,948 $ 138,346 $ 283,240 (1) – the foreign currency adjustment represents the effects of the fluctuations between the South African rand, Euro and the Korean won, and the U.S. dollar on the carrying value. Intangible assets, net Summarized below is the fair value of intangible assets acquired, translated at the exchange rate applicable as of the relevant acquisition dates, and the weighted-average amortization period: Weighted- Fair value as Average of acquisition Amortization date period (in years) Finite-lived intangible asset: Acquired during the year ended June 30, 2018 DNI – customer relationships acquired $ 97,255 5.00 15.00 DNI – software and unpatented technology 2,609 5.00 DNI – trademarks 4,139 5.00 Acquired during the year ended June 30, 2017 Pros Software – customer relationships 2,311 0.75 Malta FS – customer relationships 186 0.65 Malta FS – software and unpatented technology 147 1.25 Acquired during the year ended June 30, 2016 Transact24 – customer relationships 3,749 5.00 Masterpayment – customer relationships 6,595 5.00 Transact24 – software and unpatented technology 1,225 3.00 Masterpayment – software and unpatented technology 1,765 3.00 Masterpayment – trademarks 1,068 5.00 Indefinite-lived intangible asset: Acquired during the year ended June 30, 2017 Malta FS – Financial institution license $ 745 n/a On acquisition, the Company recognized deferred tax liabilities of approximately $ 29.1 0.7 The Company assesses the carrying value of intangible assets for impairment whenever events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. No Summarized below is the carrying value and accumulated amortization of intangible assets as of June 30, 2018 and 2017: As of June 30, 2018 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 (1) $ 197,676 $ (76,237 ) $ 121,439 $ 99,209 $ (65,595 ) $ 33,614 Software and unpatented technology (1) 35,730 (32,342 ) 3,388 33,273 (31,112 ) 2,161 FTS patent 2,792 (2,792 ) - 2,935 (2,935 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks(1) 11,101 (5,589 ) 5,512 6,972 (4,759 ) 2,213 Total finite-lived intangible assets 251,805 (121,466 ) 130,339 146,895 (108,907 ) 37,988 Indefinite-lived intangible assets: Financial institution license 793 - 793 776 - 776 Total indefinite-lived intangible assets 793 - 793 776 - 776 Total intangible assets $ 252,598 $ (121,466 ) $ 131,132 $ 147,671 $ (108,907 ) $ 38,764 (1) Includes the intangible assets acquired as part of the DNI acquisition in June 2018, Pros Software acquisition in October 2016 and Malta FS acquisition in November 2016. Amortization expense charged for the years to June 30, 2018, 2017 and 2016 was $ 11.8 14.0 11.2 Future estimated annual amortization expense for the next five fiscal years, assuming exchange rates prevailing on June 30, 2018, 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. 2019 $ 22,126 2020 21,123 2021 15,283 2022 10,928 2023 10,928 Thereafter 49,951 Total future estimated amortization expense $ 130,339 |
Reinsurance Assets And Policy H
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 12 Months Ended |
Jun. 30, 2018 | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 11. REINSURANCE ASSETS AND POLICY HOLDER LIABILITIES UNDER INSURANCE AND INVESTMENT CONTRACTS Reinsurance assets and policy holder liabilities under insurance contracts Summarized below is the movement in reinsurance assets and policy holder liabilities under insurance contracts during the years ended June 30, 2018 and 2017: Reinsurance Insurance assets (1) contracts (2) Balance as of July 1, 2016 $ 171 $ (1,078 ) Increase in policy holder benefits under insurance contracts 262 (4,481 ) Claims and policyholders' benefits under insurance contracts (265 ) 4,091 Foreign currency adjustment (3) 23 (143 ) Balance as of June 30, 2017 191 (1,611 ) Increase in policy holder benefits under insurance contracts 1,899 (9,714 ) Claims and policyholders' benefits under insurance contracts (1,449 ) 9,214 Foreign currency adjustment (3) (8 ) 79 Balance as of June 30, 2018 $ 633 $ (2,032 ) (1) Included in other long-term assets; (refer to Note 9) (2) Included in other long-term liabilities (3) Represents the effects of the fluctuations of 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 value of insurance contract liabilities is based on the best estimate assumptions of future experience plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The process of deriving the best estimates assumptions plus prescribed margins includes assumptions related to claim reporting delays (based on average industry experience). Summarized below is the movement in assets and policy holder liabilities under investment contracts during the years ended June 30, 2018 and 2017: Investment Assets (1) contracts (2) Balance as of July 1, 2016 $ 528 $ (528 ) Increase in policyholder benefits under insurance contracts 40 (40 ) Claims and policyholders' benefits under insurance contracts (11 ) 11 Foreign currency adjustment (3) 70 (70 ) Balance as of June 30, 2017 627 (627 ) Increase in policyholder benefits under insurance contracts 13 (13 ) Foreign currency adjustment (3) (30 ) 30 Balance as of June 30, 2018 $ 610 $ (610 ) (1) Included in other long-term assets; (refer to Note 9) (2) Included in other long-term liabilities (3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar. The Company does not offer any investment products with guarantees related to capital or returns. |
Short-Term Facilities
Short-Term Facilities | 12 Months Ended |
Jun. 30, 2018 | |
Short-Term Facilities [Abstract] | |
Short-Term Facilities | 12. SHORT-TERM FACILITIES Summarized below are the Company's available short-term facilities and the amounts utilized as of June 30, 2018 and 2017, all amounts below were translated at the exchange rates applicable as of the date presented: June 30, 2018 June 30, 2017 Available Utilized Available Utilized United States: Bank Frick (1) $ 10,000 $ - $ - $ - Europe: Bank Frick (1) - - 66,579 16,579 South Africa: Nedbank Limited 29,200 7,871 30,600 10,000 Overdraft facility (1) 18,200 - 19,109 - Indirect and derivative facilities (Note 23) $ 11,000 $ 7,871 $ 11,491 $ 10,000 (1) Utilized amount included in short-term facilities on the consolidated balance sheets. United States On January 29, 2018, the Company obtained a $ 10.0 4.50 2.31175 six Europe The Company had obtained EUR 40.0 20 15.9 16.6 South Africa The aggregate amount of the Company's short-term South African credit facility with Nedbank Limited was ZAR 400 29.2 200 14.6 200 14.6 50 3.6 150 11.0 As of June 30, 2018, the interest rate on the overdraft facility was 8.85 0.35 As of each of June 30, 2018 and June 30, 2017, respectively, the Company had no 108.0 7.9 150 130.5 10.0 |
Other Payables
Other Payables | 12 Months Ended |
Jun. 30, 2018 | |
Other Payables [Abstract] | |
Other Payables | 13. OTHER PAYABLES Summarized below is the breakdown of other payables as of June 30, 2018 and 2017: 2018 2017 Accruals $ 17,035 $ 10,874 Provisions 10,026 8,073 Other 12,395 8,592 Value-added tax payable 6,146 5,397 Payroll-related payables 1,807 1,320 Participating merchants settlement obligation 585 543 $ 47,994 $ 34,799 |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Jun. 30, 2018 | |
Long-Term Borrowings [Abstract] | |
Long-Term Borrowings | 14. LONG-TERM BORROWINGS South Africa July 2017 Facilities, as amended in March 2018 On July 21, 2017, Net1 SA entered into a Common Terms Agreement, Senior Facility A Agreement, Senior Facility B Agreement, Senior Facility C Agreement, Subordination Agreement, Security Cession & Pledge and certain ancillary loan documents (collectively, the "Original Loan Documents") with FirstRand Bank Limited (acting through its Rand Merchant Bank division) ("RMB"), a South African corporate and investment bank, and Nedbank Limited (acting through its Corporate and Investment Banking division), an African corporate and investment bank, and any other lenders that may participate in such loans (collectively, the "Lenders"), pursuant to which, among other things, Net1 SA may borrow up to an aggregate of ZAR 1.25 210.0 The Loan Documents provide for a Facility A term loan of up to ZAR 750 500 0.6 0.2 2.25 3.5 2.25 2.75 6.96 7.2 0.5 On July 26, 2017, the Company utilized ZAR 1.25 92.2 15 84.0 7.1 4.0 126.0 10.6 Principal repayments of the facilities are due in twelve 776.3 60.5 151.3 11.0 The loans are secured by a pledge by Net1 SA of, among other things, its entire equity interests in Cell C and DNI . The Loan Documents contain customary covenants that require Net1 SA to maintain a specified total net leverage ratio and restrict the ability of Net1 SA, and certain of its subsidiaries to make certain distributions with respect to their capital stock, prepay other debt, encumber their assets, incur additional indebtedness, make investment above specified levels, engage in certain business combinations and engage in other corporate activities, without the Lenders consent. June 2018 Facilities On June 28, 2018, DNI entered into a Revolving Credit Facility Agreement ("DNI Credit Facility Agreement") with RMB and K2018318388 (South Africa) (RF) Proprietary Limited ("Debt Guarantor"), a South African company incorporated for the sole purpose of holding collateral for the benefit of RMB and acting as debt guarantor. DNI, RMB and the Debt Guarantor concurrently entered into a Subordination Agreement; Shareholder Guarantee, Cession and Pledge Agreement; Guarantee Cession and Pledge Agreement (collectively with the DNI Credit Facility Agreement, the "Revolving Credit Agreement Documents"), with various other parties, including DNI's subsidiaries and DNI's shareholders (except Net1 SA), pursuant to which, among other things, DNI has obtained a ZAR 200.0 three June 2021 no Interest on the revolving credit facility is payable quarterly based on JIBAR in effect from time to time plus a margin of 2.75 2.3 0.2 October 2016 Facilities On October 4, 2016, Net1 SA, entered into a Subscription Agreement (the "Blue Label Subscription Agreement") with Blue Label Telecoms Limited ("Blue Label"), a JSE-listed company which is a leading provider of prepaid electricity and airtime in South Africa. Pursuant to the Blue Label Subscription Agreement, Net1 SA intended to subscribe for approximately 117.9 16.96 2.0 1.4 2 16.0 1.1 South Korea The Company's wholly owned subsidiary, Net1 Applied Technologies Korea ("Net1 Korea"), signed a five 16.6 10 8.8 22.1 19.6 10.0 8.9 10.0 8.7 0.3 0.3 0.9 0.8 2.5 2.1 Interest on the loans and revolving credit facility was payable quarterly and was based on the South Korean CD rate in effect from time to time plus a margin of 3.10 related to the facilities during the years ended June 30, 2018, 2017 and 2016, was $ 0.4 1.2 2.6 0.1 |
Common Stock
Common Stock | 12 Months Ended |
Jun. 30, 2018 | |
Common Stock [Abstract] | |
Common Stock | 15. COMMON STOCK Common stock Holders of shares of Net1's common stock are entitled to receive dividends and other distributions when declared by Net1's board of directors out of legally available funds. Payment of dividends and distributions is subject to certain restrictions under the Florida Business Corporation Act, including the requirement that after making any distribution Net1 must be able to meet its debts as they become due in the usual course of its business. Upon voluntary or involuntary liquidation, dissolution or winding up of Net1, holders of common stock share ratably in the assets remaining after payments to creditors and provision for the preference of any preferred stock according to its terms. There are no pre-emptive or other subscription rights, conversion rights or redemption or scheduled installment payment provisions relating to shares of common stock. All of the outstanding shares of common stock are fully paid and non-assessable. Each holder of common stock is entitled to one The Company's number of shares, net of treasury, presented in the consolidated balance sheets and consolidated statement of changes in equity includes participating non-vested equity shares (specifically contingently returnable shares) as described below in Note 18"—Amended and Restated Stock Incentive Plan—Restricted Stock—General Terms of Awards". The following table presents a reconciliation between the number of shares, net of treasury, presented in the consolidated statement of changes in equity and the number of shares, net of treasury, excluding non-vested equity shares that have not vested during the years ended June 30, 2018, 2017 and 2016: 2018 2017 2016 Number of shares, net of treasury: Statement of changes in equity – common stock 56,685,925 56,369,737 55,271,954 Less: Non-vested equity shares that have not vested as of end of year (Note 18) 765,411 505,473 589,447 Number of shares, net of treasury excluding non-vested equity shares that have not vested 55,920,514 55,864,264 54,682,507 Redeemable common stock issued pursuant to transaction with the IFC Investors Holders of redeemable common stock have all the rights enjoyed by holders of common stock, however, holders of redeemable common stock have additional contractual rights. On April 11, 2016, the Company entered into a Subscription Agreement (the "Subscription Agreement") with International Finance Corporation, IFC African, Latin American and Caribbean Fund, LP, IFC Financial Institutions Growth Fund, LP, and Africa Capitalization Fund, Ltd. (collectively, the "IFC Investors"). Under the Subscription Agreement, the IFC Investors purchased, and the Company sold in the aggregate, approximately 9.98 0.001 10.79 107.7 The Company has entered into a Policy Agreement with the IFC Investors (the "Policy Agreement"). The material terms of the Policy Agreement are described below. Board Rights For so long as the IFC Investors in aggregate beneficially own shares representing at least 5 2.5 Put Option Each Investor will have the right, upon the occurrence of specified triggering events, to require the Company to repurchase all of the shares of its common stock purchased by the IFC Investors pursuant to the Subscription Agreement (or upon exercise of their preemptive rights discussed below). Events triggering this put right relate to (1) the Company being the subject of a governmental complaint alleging, a court judgment finding or an indictment alleging that the Company (a) engaged in specified corrupt, fraudulent, coercive, collusive or obstructive practices; (b) entered into transactions with targets of economic sanctions; or (c) failed to operate its business in compliance with anti-money laundering and anti-terrorism laws; or (2) the Company rejecting a bona fide offer to acquire all of its outstanding Common Stock at a time when it has in place or implements a shareholder rights plan, or adopting a shareholder rights plan triggered by a beneficial ownership threshold of less than twenty 60 Registration Rights The Company has agreed to grant certain registration rights to the IFC Investors for the resale of their shares of the Company's common stock, including filing a resale shelf registration statement and taking certain actions to facilitate resales thereunder. Preemptive Rights For so long as the IFC Investors hold in aggregate 5 Sale of common stock during fiscal 2017 In February 2017, the Company sold a total of five 9.00 two 45.0 Common stock repurchases Executed under share repurchase authorizations On February 3, 2016, the Company's Board of Directors approved the replenishment of its share repurchase authorization to repurchase up to an aggregate of $ 100 The share repurchase authorization will be used at management's discretion, subject to limitations imposed by SEC Rule 10b-18 and other legal requirements and subject to price and other internal limitations established by the Board. Repurchases will be funded from the Company's available cash. Share repurchases may be made through open market purchases, privately negotiated transactions, or both. There can be no assurance that the Company will purchase any shares or any particular number of shares. The authorization may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, liquidity and other factors that management deems appropriate. In June 2016, the Company adopted a 10b-5 in connection with its $ 100 August 2016. During the first quarter of the year ended June 30, 2017, the Company repurchased 3,137,609 31.6 749,213 11.2 1,677,491 15.9 2,426,704 27.1 Other repurchases The Company did no 1,269,751 10.80 13.7 Acquisition of non-controlling interests During the year ended June 30, 2016, the Company acquired all of the issued share capital of Masterpayment and Smart Life that it did not previously own for approximately $ 11.2 0.001 no 1.3 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive (Loss ) Income[Abstract] | |
Accumulated Other Comprehensive (Loss) Income | 16. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The table below presents the change in accumulated other comprehensive (loss) income per component during years ended June 30, 2018, 2017 and 2016: Accumulated Net unrealized Accumulated income (loss) Foreign on asset currency available for translation sale, net of reserve tax Total Balance as of July 1, 2015 $ (140,221 ) $ 1,040 $ (139,181 ) Movement in foreign currency translation reserve (49,479 ) - (49,479 ) Unrealized gain on asset available for sale, net of tax of $ 159 - 692 692 Release of gain on asset available for sale, net of taxes of $ 444 - (1,732 ) (1,732 ) Balance as of June 30, 2016 (189,700 ) - (189,700 ) Movement in foreign currency translation reserve related to equity accounted investment (2,697 ) - (2,697 ) Movement in foreign currency translation reserve 29,828 - 29,828 Balance as of June 30, 2017 (162,569 ) - (162,569 ) Movement in foreign currency translation reserve related to equity accounted investment (2,426 ) - (2,426 ) Unrealized gain on asset available for sale, net of tax of $ 7,274 - 25,199 25,199 Movement in foreign currency translation reserve (19,441 ) - (19,441 ) Balance as of June 30, 2018 $ (184,436 ) $ 25,199 $ (159,237 ) There were no 2.2 0.4 |
Revenue
Revenue | 12 Months Ended |
Jun. 30, 2018 | |
Revenue [Abstract] | |
Revenue | 17. REVENUE 2018 2017 2016 Services rendered – comprising mainly fees and commissions $ 538,429 $ 533,279 $ 514,847 Loan-based fees received 54,949 53,894 47,117 Sale of goods – comprising mainly hardware and software sales 19,511 22,893 28,785 $ 612,889 $ 610,066 $ 590,749 During the years ended June 30, 2018, 2017, and 2016, the Company did no |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 18. STOCK-BASED COMPENSATION Amended and Restated Stock Incentive Plan The Company's Amended and Restated 2015 Stock Incentive Plan (the "Plan") was most recently amended and restated on November 11, 2015, after approval by shareholders. No evergreen provisions are included in the Plan. This means that the maximum number of shares issuable under the Plan is fixed and cannot be increased without shareholder approval, the plan expires by its terms upon a specified date, and no new stock options are awarded automatically upon exercise of an outstanding stock option. Shareholder approval is required for the repricing of awards or the implementation of any award exchange program. The Plan permits Net1 to grant to its employees, directors and consultants incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, performance-based awards and other awards based on its common stock. The Remuneration Committee of the Company's Board of Directors ("Remuneration Committee") administers the Plan. The total number of shares of common stock issuable under the Plan is 11,052,580 569,120 569,120 20 subject to awards which terminate or lapse without the payment of consideration may be granted again under the Plan. Shares delivered to the Company as part or full payment for the exercise of an option or to satisfy withholding obligations upon the exercise of an option may be granted again under the Plan in the Remuneration Committee's discretion. No awards may be granted under the Plan after August 19, 2025, but awards granted on or before such date may extend to later dates. Options General Terms of Awards Option awards are generally granted with an exercise price equal to the market price of the Company's stock at the date of grant, with vesting conditioned upon the recipient's continuous service through the applicable vesting date and expire 10 years after the date of grant. The options generally become exercisable in accordance with a vesting schedule ratably over a period of three years from the date of grant. The Company issues new shares to satisfy stock option award exercises but may also use treasury shares. Valuation Assumptions No Restricted Stock General Terms of Awards Shares of restricted stock are considered to be participating non-vested equity shares (specifically contingently returnable shares) for the purposes of calculating earnings per share (refer to Note 20) because, as discussed in more detail below, the recipient is obligated to transfer any unvested restricted stock back to the Company for no consideration and these shares of restricted stock are eligible to receive non-forfeitable dividend equivalents at the same rate as common stock. Restricted stock generally vests ratably over a three year period, with vesting conditioned upon the recipient's continuous service through the applicable vesting date and under certain circumstances, the achievement of certain performance targets, as described below. Recipients are entitled to all rights of a shareholder of the Company except as otherwise provided in the restricted stock agreements. These rights include the right to vote and receive dividends and/or other distributions. However, the restricted stock agreements generally prohibit transfer of any nonvested and forfeitable restricted stock. If a recipient ceases to be a member of the Board of Directors or an employee for any reason, all shares of restricted stock that are not then vested and nonforfeitable will be immediately forfeited and transferred to the Company for no consideration. Forfeited shares of restricted stock are available for future issuances by the Remuneration Committee. The Company issues new shares to satisfy restricted stock awards. Valuation Assumptions The fair value of restricted stock is based on the closing price of the Company's stock quoted on The Nasdaq Global Select Market on the date of grant. 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 56,250 Forfeiture of restricted stock awarded in August and November 2014 that did not achieve targeted market conditions In August and November 2014, respectively, the Remuneration Committee approved an award of 127,626 71,530 30 19.41 20 11.23 The 127,626 and 71,530 shares of restricted stock were effectively forward starting knock-in barrier options with a strike price of zero In scenarios where the shares do not vest, the final vested value at maturity is zero 76.01 three 1.27 no 63.73 three 1.21 no Forfeiture of restricted stock with Performance Conditions awarded in August 2015 In August 2015, the Remuneration Committee approved an award of 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 Any shares that did not vest in accordance with the above-described conditions would be forfeited. During the year ended June 30, 2017, the Company reversed the stock-based compensation charge recognized to date related to the 301,537 10 Performance Conditions - Restricted Stock Granted in August 2016 In August 2016, the Remuneration Committee approved an award of 350,000 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 Market Conditions - Restricted Stock Granted in August 2017 In August 2017, the Remuneration Committee approved an award of 210,000 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 Stock Appreciation Rights The Remuneration Committee may also grant stock appreciation rights, either singly or in tandem with underlying stock options. Stock appreciation rights entitle the holder upon exercise to receive an amount in any combination of cash or shares of common stock (as determined by the Remuneration Committee) equal in value to the excess of the fair market value of the shares covered by the right over the grant price. No stock appreciation rights have been granted. Stock option and restricted stock activity Options The following table summarizes stock option activity for the years ended June 30, 2018, 2017 and 2016: Weighted Average Weighted Weighted Remaining Aggregate Average average Contractual Intrinsic Grant Number of exercise Term Value Date Fair shares price ($) (in years) ($'000) Value ($) Outstanding – July 1, 2015 2,401,169 15.34 4.74 11,516 Exercised (323,645 ) 11.62 2,669 Outstanding – June 30, 2016 2,077,524 15.92 3.65 926 Exercised (321,026 ) 8.97 3,607 Expired unexercised (474,443 ) 22.51 - Forfeitures (435,448 ) 17.88 - Outstanding – June 30, 2017 846,607 13.87 3.80 486 Forfeitures (37,333 ) 11.23 - Outstanding – June 30, 2018 809,274 13.99 2.67 370 These options have an exercise price range of $ 7.35 24.46 The following table presents stock options that are exercisable as of June 30, 2018: Weighted Average Weighted Remaining Aggregate average Contractual Intrinsic Number of exercise Term Value shares price ($) (in years) ($' ) Exercisable – June 30, 2018 809,274 13.99 2.67 370 During the years ended June 30, 2018, 2017 and 2016, approximately 105,982 154,803 373,435 No 2.9 321,026 3.8 323,645 no 200,000 24.46 Restricted stock The following table summarizes restricted stock activity for the years ended June 30, 2018, 2017 and 2016: Number of Weighted Shares of Average Grant Restricted Date Fair Value Stock ($'000) Non-vested – July 1, 2015 341,529 1,759 Granted – August 2015 319,492 6,406 Vested – August 2015 (71,574 ) 1,435 Non-vested – June 30, 2016 589,447 7,622 Total granted 389,587 4,172 Granted – August 2016 387,000 4,145 Granted – May 2017 2,587 27 Total vested (268,091 ) 2,590 Vested – August 2016 (68,091 ) 694 Vested – June 2017 (200,000 ) 1,896 Forfeitures (205,470 ) 2,219 Non-vested – June 30, 2017 505,473 11,173 Total granted 618,411 4,581 Granted – August 2017 588,594 4,288 Granted – March 2018 22,817 234 Granted – May 2018 7,000 59 Vested – August 2017 (56,250 ) 527 Total forfeitures (302,223 ) 3,222 Forfeitures – employee terminations (33,635 ) 516 Forfeitures – August and November 2014 awards with market conditions (95,326 ) 1,133 Forfeitures – August 2015 awards with performance conditions (173,262 ) 1,573 Non-vested – June 30, 2018 765,411 6,162 The August 2017 grants comprise (i) 326,000 52,594 7,000 August 23, 2020 August 23, 2018 22,817 11,409 11,408 The August 2016 grants comprise (i) 350,000 37,000 301,537 17,955 The fair value of restricted stock vested during the years ended June 30, 2018, 2017 and 2016, was $ 0.5 2.6 1.4 200,000 3,000 30,635 205,470 Stock-based compensation charge and unrecognized compensation cost The Company has recorded a net stock compensation charge of $2.6 million, $2.0 million and $3.6 million for the years ended June 30, 2018, 2017 and 2016, respectively, which comprised: Allocated to cost of goods sold, IT Allocated to Total processing, selling, charge servicing general and (reversal) and support administration Year ended June 30, 2018 Stock-based compensation charge $ 2,656 $ - $ 2,656 Reversal of stock compensation charge related to restricted stock forfeited (49 ) - (49 ) Total – year ended June 30, 2018 $ 2,607 $ - $ 2,607 Year ended June 30, 2017 Stock-based compensation charge $ 3,905 $ - $ 3,905 Reversal of stock compensation charge related to stock options and restricted stock forfeited (1,923 ) - (1,923 ) Total – year ended June 30, 2017 $ 1,982 $ - $ 1,982 Year ended June 30, 2016 Stock-based compensation charge $ 3,598 $ - $ 3,598 Total – year ended June 30, 2016 $ 3,598 $ - $ 3,598 The stock compensation charge and reversals have been allocated to cost of goods sold, IT processing, servicing and support and selling, general and administration based on the allocation of the cash compensation paid to the relevant employees. As of June 30, 2018, there was no 3.6 Tax consequences The Company has recorded a deferred tax asset of approximately $ 0.8 0.9 0.8 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | 19. INCOME TAXES Impact of Tax Cuts and Jobs Act 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 The transition to a territorial tax system is not expected to have a significant impact on the Company's future consolidated effective tax rate as it generates the majority of its taxable income in tax jurisdictions with tax rates that are higher than the new federal statutory tax rate of 21 28 22 The Company has a June year end and has used a blended rate of 28.10 0.3 0.6 Deemed repatriation of foreign earnings liability The TCJA also requires a U.S. shareholder of a specified foreign corporation to include a deemed repatriation of foreign earnings ("Transition Tax") as part of the transition to a territorial tax system. However, the Company does not currently believe that it has a net Transition Tax liability because it will generate sufficient foreign tax credits to offset any potential repatriation transition tax liability. The Transition Tax is a tax on previously untaxed accumulated and current earnings and profits ("E&P") of certain of the Company's foreign subsidiaries. In order to determine the amount of any Transition Tax liability, the Company is required to determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. The Company has made a reasonable estimate of its Transition Tax liability as of June 30, 2018, and recorded a provisional Transition Tax, before the application of any foreign tax credits, of $55.8 million, and has no liability after the application of generated foreign tax credits. In fact, the Company believes that it may generate excess foreign tax credits and has provided a valuation allowance of $9.5 million for these excess foreign tax credits generated of $65.3 million based on its preliminary calculations. The Company continues to gather additional information to more precisely compute the final amount of the Transition Tax to be included in its income tax return filings with the U.S. tax authorities. Global intangible low taxed income The TCJA creates a new requirement that certain income earned by controlled foreign corporations ("CFCs") must be included currently in the gross income of the CFCs' U.S. shareholder. Global intangible low taxed income ("GILTI") is the excess of the shareholder's "net CFC tested income" over the net deemed tangible income return, which is currently defined as the excess of (1) 10 percent of the aggregate of the U.S. shareholder's pro rata share of the qualified business asset investment of each CFC with respect to which it is a U.S. shareholder over (2) the amount of certain interest expense taken into account in the determination of net CFC-tested income. As a result of the complexity of the new GILTI tax rules, the Company continues to evaluate this provision of the Tax Act and the application of the relevant GAAP guidance. It is the Company's current interpretation of the U.S. tax legislation that GILTI is only applicable for the tax year commencing July 1, 2018 (i.e. its June 2019 tax year). Under GAAP, the Company has the option to make an accounting policy election of either (i) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the "period cost method") or (ii) factoring such amounts into a company's measurement of its deferred taxes (the "deferred method"). The Company is not yet able to reasonably estimate the effect of this provision of the TCJA on it because whether it expects to have future U.S. inclusions in taxable income related to GILTI depends on a number of different aspects of the Company's estimated future results of global operations. Therefore, the Company has not made any adjustments related to potential GILTI tax in its financial statements. Income tax provision The table below presents the components of income before income taxes for the years ended June 30, 2018, 2017 and 2016: 2018 2017 2016 South Africa $ 98,893 $ 129,786 $ 119,097 United States (15,329 ) (20,902 ) (5,915 ) Other (15,671 ) 5,572 13,055 Income before income taxes $ 67,893 $ 114,456 $ 126,237 Presented below is the provision for income taxes by location of the taxing jurisdiction for the years ended June 30, 2018, 2017 and 2016: 2018 2017 2016 Current income tax $ 95,529 $ 45,857 $ 88,807 South Africa 35,745 35,986 31,815 United States 55,788 4,686 50,750 Other 3,996 5,185 6,242 Deferred taxation (benefit) charge 1,293 (40 ) (161 ) South Africa 2,528 (473 ) 3,044 United States 477 1,123 (274 ) Other (1,712 ) (690 ) (2,931 ) Foreign tax credits generated – United States (55,778 ) (3,345 ) (46,566 ) Change in tax rate – United States 309 - - Income tax provision $ 41,353 $ 42,472 $ 42,080 There were no The provisional Transition Tax of $55.8 million is included within current income tax, United States. Foreign tax credits of $65.3 million were generated and included in the computation of Transition Tax of which $55.8 million were utilized against the Transition Tax. The foreign tax credits utilized are included in Foreign tax credits generated – United States for the year ended June 30, 2018. In addition, indirect foreign tax credits of $32.6 million carried forward from prior years have been written off as a result of the TCJA rules that repeal indirect foreign tax credits carry-forward. A valuation allowance of $32.6 million had been created in prior years related to these indirect foreign tax credits. Foreign tax credits generated – United States for the year ended June 30, 2018, includes the write off of the indirect foreign tax credits of $32.6 million and the reversal of the valuation allowance related to these foreign tax credits. The movement in the valuation allowance for the year ended June 30, 2018, is primarily attributable to the creation of the valuation allowance related to excess tax credits recognized from the preliminary Transition Tax calculation and the creation of a valuation allowance related to net operating losses generated during the year ended June 30, 2018, that the Company does not believe it will be able to utilize in the foreseeable future. The movement in the valuation allowance for the year ended June 30, 2017, is primarily attributable to a decrease resulting from the utilization of foreign tax credits and an increase related to a valuation allowance created for net operating loss carryforwards for the Company's German subsidiaries. The movement in the valuation allowance for the year ended June 30, 2016, relates primarily to an increase in the valuation allowance resulting from the generation of unused foreign tax credits during the year. As discussed above, the Company has generated excess foreign tax credits related to the Transition Tax and any distribution received from Net1's subsidiaries will first be applied against the deemed distributions recognized as a result of the Transition Tax as so called "previously taxed income, or PTI,". Therefore distributions actually made during the year ended June 30, 2018, were treated as PTI and did not generate any additional foreign tax credits because the quantum of the actual distributions were lower than the deemed distributions calculated as a result of the Transition Tax. Net1 included actual and deemed dividends received from one of its South African subsidiaries in its years ended June 30, 2017 and 2016, taxation computation. Net1 applied net operating losses against this income during the year ended June 30, 2017 and did not generate any indirect foreign tax credits. However, Net1 generated foreign tax credits as a result of the inclusion of the dividends in its taxable income in 2016. Net1 has applied certain of these foreign tax credits against its current income tax provision for the years ended June 30, 2017 and 2016. A reconciliation of income taxes, calculated at the fully-distributed South African income tax rate to the Company's effective tax rate, for the years ended June 30, 2018, 2017 and 2016 is as follows: 2018 2017 2016 Income tax rate reconciliation: Income taxes at fully-distributed South African tax rates 28.00 % 28.00 % 28.00 % Non-deductible items 22.35 % 1.01 % 0.38 % Foreign tax rate differential (0.96 %) 0.00 % 7.42 % Transition Tax 81.88 % - % - % Foreign tax credits (82.17 %) (0.05 %) (36.88 %) Indirect foreign tax credits repealed 48.07 % - % - % Taxation on deemed dividends in the United States 2.84 % 8.00 % 34.60 % Movement in valuation allowance (39.22 %) 0.07 % (0.09 %) Change in tax laws – United States 0.16 % - % - % Prior year adjustments (0.03 %) 0.07 % (0.09 %) Income tax provision 60.92 % 37.10 % 33.34 % Non-deductible items for the year ended June 30, 2018, includes the impairment loss recognized related to goodwill impaired. The impact on foreign tax credits, indirect foreign tax credits repealed and the movement in the valuation allowance during the year ended June 30, 2018, was primarily due to the impact of the Transition Tax. Net1 received dividends from one of its South African subsidiaries during the year ended June 30, 2017, which resulted in an increase in taxation on dividends received. No Net1 received substantial dividends from one of its South African subsidiaries during the year ended June 30, 2016, which resulted in an increase in the amount of foreign tax credits generated and an increase in taxation on dividends received. A portion of these foreign tax credits generated were not used during the year and a valuation allowance has been created for unused foreign tax credits. The foreign tax rate differential represents the difference between statutory tax rates in South Africa and foreign jurisdictions, primarily the United States. Deferred tax assets and liabilities Deferred income taxes reflect the temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The primary components of the temporary differences that gave rise to the Company's deferred tax assets and liabilities as of June 30, and their classification, were as follows: 2018 2017 Total deferred tax assets Net operating loss carryforwards $ 11,339 $ 4,946 Provisions and accruals 6,384 4,413 FTS patent 367 475 Intangible assets 687 829 Foreign tax credits 10 32,574 Other 7,779 5,717 Total deferred tax assets before valuation allowance 26,566 48,954 Valuation allowances (16,057 ) (38,967 ) Total deferred tax assets, net of valuation allowance 10,509 9,987 Total deferred tax liabilities: Intangible assets 35,541 9,141 Investments 6,772 - Other 8,490 6,655 Total deferred tax liabilities 50,803 15,796 Reported as Current deferred tax assets - 5,330 Long-term deferred tax assets 6,312 - Long-term deferred tax liabilities 46,606 11,139 Net deferred income tax liabilities $ 40,294 $ 5,809 Increase in total net deferred income tax liabilities Net operating loss carryforwards Net operating loss carryforwards have increased primarily as a result of the losses incurred by CPS, Net1 and the Company's German subsidiaries. Foreign tax credits The decrease in foreign tax credits as of June 30, 2018, resulted from the write off of indirect foreign tax credits that will not be used in future periods due to changes in the United States code under the TCJA. Intangible assets Deferred tax liabilities – intangible assets have increased during the year ended June 30, 2018, as a result of the acquisition of DNI, and partially offset by amortization of KSNET, Masterpayment and Transact24 intangible assets. Investments Deferred tax liabilities – investments have increased during the year ended June 30, 2018, as a result of the fair value adjustments made to the investment in Cell C. Increase in valuation allowance At June 30, 2018, the Company had deferred tax assets of $10.5 million (2017: $10.0 million), net of the valuation allowance. Management believes, based on the weight of available positive and negative evidence it is more likely than not that the Company will realize the benefits of these deductible differences, net of the valuation allowance. However, the amount of the deferred tax asset considered realizable could be adjusted in the future if estimates of taxable income are revised. At June 30, 2018, the Company had a valuation allowance of $16.1 million (2017: $39.0 million) to reduce its deferred tax assets to estimated realizable value. The movement in the valuation allowance for the years ended June 30, 2018 and 2017, is presented below: Net Foreign operating tax loss carry- FTS Total credits forwards patent Other July 1, 2016 $ 38,834 $ 36,748 $ 931 $ 158 $ 997 Reversed to statement of operations (4,302 ) (4,174 ) (128 ) - - Charged to statement of operations 4,684 - 3,107 - 1,577 Foreign currency adjustment (249 ) - (211 ) (38 ) - June 30, 2017 38,967 32,574 3,699 120 2,574 Reversed to statement of operations (32,634 ) (32,634 ) - - - Charged to statement of operations 9,582 10 971 - 8,601 Utilized 60 60 - - - Change in tax laws (894 ) - (263 ) - (631 ) Foreign currency adjustment 976 - 1,038 (63 ) 1 June 30, 2018 $ 16,057 $ 10 $ 5,445 $ 57 $ 10,545 Net operating loss carryforwards and foreign tax credits United States The TCJA amends the rules regarding net operating loss carryforwards for Federal income tax purposes effective from July 1, 2018. The new rules prohibit net operating loss carrybacks, allow indefinite net operating loss carryforwards and limit the amount of the net operating loss carryforwards generated after July 1, 2018, that may be used against future taxable income, to 80% of taxable income before the net operating loss deduction. These new rules did not impact the Company's net operating loss carryforwards generated during the year ended June 30, 2018 and in prior periods. As of June 30, 2018, Net1 had net operating loss carryforwards that will expire, if unused, as follows: Year of expiration U.S. net operating loss carry forwards 2024 $ 1,874 2028 $ 4,423 During the year ended June 30, 2018, Net1 generated additional direct foreign tax credits related to dividends received from a foreign investment. Net1 did not generate any additional foreign tax credits during the year ended June 30, 2017. Net1 had no Uncertain tax positions As of June 30, 2018 and 2017, the Company has unrecognized tax benefits of $ 0.8 0.5 The following is a reconciliation of the total amounts of unrecognized tax benefits for the year ended June 30, 2018, 2017 and 2016: 2018 2017 2016 Unrecognized tax benefits - opening balance $ 475 $ 1,930 $ 2,322 Gross increases - tax positions in prior periods 196 - - Gross decreases - tax positions in prior periods - (2,109 ) (609 ) Gross increases - tax positions in current period 311 440 641 Gross decreases - tax positions in current period (150 ) - - Lapse of statute limitations - - - Foreign currency adjustment 6 214 (424 ) Unrecognized tax benefits - closing balance $ 838 $ 475 $ 1,930 As of June 30, 2018 and 2017, the Company had accrued interest related to uncertain tax positions of approximately $ 0.1 0.1 0.2 0.1 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 20. EARNINGS PER SHARE The Company has issued redeemable common stock (refer to Note 15) 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 years ended June 30, 2018, 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 has been calculated to give effect to the number of shares of additional common stock that would have been outstanding if the potential dilutive instruments had been issued in each period. Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method and are not considered to be participating securities as the stock options do not contain non-forfeitable dividend rights. The calculation of diluted earnings per share includes the dilutive effect of a portion of the restricted stock granted to employees in August and November 2014, August 2015, August 2016, August 2017 and March 2018 as these shares of restricted stock are considered contingently returnable shares for the purposes of the diluted earnings per share calculation and the vesting conditions in respect of a portion of the restricted stock had been satisfied. The vesting conditions are discussed in Note 18. The following table presents net income attributable to Net1 (income from continuing operations) and the share data used in the basic and diluted earnings per share computations using the two-class method for the years ended June 30, 2018, 2017 and 2016: 2018 2017 2016 (in thousands except percent and per share data) Numerator: Net income attributable to Net1 $ 39,150 $ 72,954 $ 82,454 Undistributed earnings 39,150 72,954 82,454 Percent allocated to common shareholders (Calculation 1) 98 % 99 % 99 % Numerator for earnings per share: basic and diluted $ 38,497 $ 72,188 $ 81,370 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 55,860 53,966 47,234 Effect of dilutive securities: Stock options 51 109 242 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 55,911 54,075 47,476 Earnings per share: Basic $ 0.69 $ 1.34 $ 1.72 Diluted $ 0.69 $ 1.33 $ 1.71 (Calculation 1) Basic weighted-average common shares outstanding (A) 55,860 53,966 47,234 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 56,807 54,539 47,863 Percent allocated to common shareholders (A) / (B) 98 % 99 % 99 % Options to purchase 660,698 10.59 24.46 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jun. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 21. SUPPLEMENTAL CASH FLOW INFORMATION The following table presents the supplemental cash flow disclosures for the years ended June 30, 2018, 2017 and 2016: 2018 2017 2016 Cash received from interest $ 16,835 $ 21,130 $ 15,262 Cash paid for interest $ 8,645 $ 3,713 $ 3,439 Cash paid for income taxes $ 41,065 $ 45,165 $ 42,123 Investing activities As disclosed in Note 9, the Company agreed to underwrite the Finbond rights offer up to an amount of 55,585,514 10.0 Financing activities Treasury shares, at cost included in the Company's consolidated balance sheet as of June 30, 2016, includes 47,056 0.5 As discussed in Note 3, on January 20, 2016, the Company issued 391,645 4.0 56 |
Operating Segments
Operating Segments | 12 Months Ended |
Jun. 30, 2018 | |
Operating Segments [Abstract] | |
Operating Segments | 22. OPERATING SEGMENTS Operating segments The Company discloses segment information as reflected in the management information systems reports that its chief operating decision maker uses in making decisions and to report certain entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets or reports material revenues. The Company currently has three The South African transaction processing segment currently consists mainly of a welfare benefit distribution service provided to the South African government, an ATM infrastructure deployed in South Africa, and transaction processing for retailers, utilities, and banks. Fee income is earned based on the number of recipient cardholders paid. Fee income is also earned from customers utilizing our ATM infrastructure. Utility providers and banks are charged a fee for transaction processing services performed on their behalf at retailers. This segment has an individually significant customer that accounts for more than 10 one 19 one 22 one 21 The International transaction processing segment consists mainly of activities in South Korea from which the Company generates revenue from the provision of payment processing services to merchants and card issuers. This segment generates fee revenue from the provision of payment processing services and to a lesser extent from the sale of goods, primarily point of sale terminals, to customers in South Korea. Fees generated from payment services processing and other processing activities by Transact24 and Masterpayment are included in this segment. During the year ended June 30, 2018, the operating segment incurred a goodwill impairment loss of $19.9 million (refer to Note 10). The Financial inclusion and applied technologies segment derives revenue from the provision of short-term loans as a principal and the provision of bank accounts, as a fixed monthly fee per account is charged for the maintenance of these accounts. This segment also includes fee income and associated expenses from merchants and card holders using the Company's merchant acquiring system, the sale of prepaid products (electricity and airtime) as well as the sale of hardware and software. Finally, the Company earns premium income from the sale of life insurance products through its insurance business. DNI was acquired on June 30, 2018, and has been allocated to the Financial inclusion and applied technologies segment. DNI did not contribute to segment performance during the year ended June 30, 2018. DNI derives revenue from fees generated through the distribution of starter packs and from interest income earned through the provision of financing to Cell C in order for it to expand components of Cell C's telecommunications infrastructure in South Africa. Corporate/eliminations includes the Company's head office cost center and the amortization of acquisition-related intangible assets. The $ 8.0 1.9 2.2 The reconciliation of the reportable segments revenue to revenue from external customers for the years ended June 30, 2018, 2017, and 2016, respectively, is as follows: Revenue From Reportable Inter- external Segment segment customers South African transaction processing $ 268,047 $ 29,949 $ 238,098 International transaction processing 180,027 - 180,027 Financial inclusion and applied technologies 221,906 27,142 194,764 Total for the year ended June 30, 2018 $ 669,980 $ 57,091 $ 612,889 South African transaction processing $ 249,144 $ 24,518 $ 224,626 International transaction processing 176,729 - 176,729 Financial inclusion and applied technologies 235,901 27,190 208,711 Total for the year ended June 30, 2017 $ 661,774 $ 51,708 $ 610,066 South African transaction processing $ 212,574 $ 17,615 $ 194,959 International transaction processing 169,807 - 169,807 Financial inclusion and applied technologies 249,403 23,420 225,983 Total for the year ended June 30, 2016 $ 631,784 $ 41,035 $ 590,749 The Company does not allocate interest income, interest expense or income tax expense to its reportable segments. The Company evaluates segment performance based on segment operating income before acquisition-related intangible asset amortization which represents operating income before acquisition-related intangible asset amortization and allocation of expenses allocated to Corporate/Eliminations, all under GAAP. The reconciliation of the reportable segments measure of profit or loss to income before income taxes for the years ended June 30, 2018, 2017, and 2016, respectively, is as follows: For the years ended June 30, 2018 2017 2016 Reportable segments measure of profit or loss $ 85,690 $ 130,799 $ 129,774 Operating income: Corporate/Eliminations (26,741 ) (33,756 ) (15,406 ) Interest income 17,885 20,897 15,292 Interest expense (8,941 ) (3,484 ) (3,423 ) Income before income taxes $ 67,893 $ 114,456 $ 126,237 The following tables summarize segment information which is prepared in accordance with GAAP for the years ended June 30, 2018, 2017, and 2016: For the years ended June 30, 2018 2017 2016 Revenues South African transaction processing $ 268,047 $ 249,144 $ 212,574 International transaction processing 180,027 176,729 169,807 Financial inclusion and applied technologies 221,906 235,901 249,403 Total 669,980 661,774 631,784 Operating income (loss) South African transaction processing 42,796 59,309 51,386 International transaction processing (12,478 ) 13,705 23,389 Financial inclusion and applied technologies 55,372 57,785 54,999 Subtotal: Operating segments 85,690 130,799 129,774 Corporate/Eliminations (26,741 ) (33,756 ) (15,406 ) Total 58,949 97,043 114,368 Depreciation and amortization South African transaction processing 4,625 4,614 6,157 International transaction processing 17,627 21,366 21,852 Financial inclusion and applied technologies 1,441 1,422 1,158 Subtotal: Operating segments 23,693 27,402 29,167 Corporate/Eliminations 11,791 13,976 11,227 Total 35,484 41,378 40,394 Expenditures for long-lived assets South African transaction processing 3,988 2,473 5,101 International transaction processing 4,397 7,745 28,029 Financial inclusion and applied technologies 1,264 977 2,667 Subtotal: Operating segments 9,649 11,195 35,797 Corporate/Eliminations - - - Total $ 9,649 $ 11,195 $ 35,797 The segment information as reviewed by the chief operating decision maker does not include a measure of assets per segment as all of the significant assets are used in the operations of all, rather than any one, of the segments. The Company does not have dedicated assets assigned to a particular operating segment. Accordingly, it is not meaningful to attempt an arbitrary allocation and segment asset allocation is therefore not presented. It is impractical to disclose revenues from external customers for each product and service or each group of similar products and services. Geographic Information Revenues based on the geographic location from which the sale originated for the years ended June 30, 2018, 2017 and 2016, are presented in the table below: 2018 2017 2016 South Africa $ 433,421 $ 434,124 $ 422,022 South Korea 153,314 153,403 158,609 Rest of world 26,154 22,539 10,118 Total $ 612,889 $ 610,066 $ 590,749 Long-lived assets based on the geographic location for the years ended June 30, 2018, 2017 and 2016, are presented in the table below: Long-lived assets 2018 2017 2016 South Africa $ 498,418 $ 74,370 $ 69,213 South Korea 177,388 192,473 221,459 Rest of world 116,643 77,723 49,105 Total $ 792,449 $ 344,566 $ 339,777 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 23. COMMITMENTS AND CONTINGENCIES Operating lease commitments The Company leases certain premises. At June 30, 2018, the future minimum payments under operating leases consist of: Due within 1 year $ 5,531 Due within 2 years $ 2,706 Due within 3 years $ 1,956 Due within 4 years $ 1,459 Due within 5 years $ 505 Operating lease payments related to premises and equipment were $ 10.7 9.8 8.0 Capital commitments As of each of June 30, 2018 and 2017, the Company had outstanding capital commitments of approximately $ 1.1 Purchase obligations As of June 30, 2018 and 2017, the Company had purchase obligations totaling $ 5.6 2.3 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 108.0 7.9 108.0 7.9 0.4 1.9 The Company has not recognized any obligation related to these counter-guarantees in its consolidated balance sheet as of June 30, 2018. The maximum potential amount that the Company could pay under these guarantees is ZAR 108.0 million ($7.9 million, translated at exchange rates applicable as of June 30, 2018). The guarantees have reduced the amount available for borrowings under the Company's short-term credit facility described in Note 12. Contingencies Challenge to Payment by SASSA of Additional Implementation Costs As the Company previously disclosed, in June 2014, the Company received approximately ZAR 277.0 11.0 277.0 In March 2015, Corruption Watch, a South African non-profit civil society organization, commenced a legal proceeding in the High Court of South Africa seeking an order by the Court to review and set aside the decision of SASSA's Chief Executive Officer to approve a payment to CPS of ZAR 317.0 277 On February 22, 2018, the matter was heard by the Gauteng Division, Pretoria of the High Court of South Africa ("High Court"). On March 23, 2018, the High Court ordered that the June 15, 2012 variation agreement between SASSA and CPS be reviewed and set aside. CPS was ordered to refund ZAR 317.0 The Company is subject to a variety of other insignificant claims and suits that arise from time to time in the ordinary course of business. Management currently believes that the resolution of these other 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 24. RELATED PARTY TRANSACTIONS As described in Note 3, the Company has acquired all of the outstanding and issued ordinary shares in Transact24 that it did not own in January 2016 and commenced consolidating Transact24 from that date. Transact24 had an existing relationship in place between itself and a company controlled by the spouse of Transact24's Managing Director at the time of the Transact24 acquisition. This arrangement therefore was also in place before the Managing Director became an executive officer of the Company. This relationship was disclosed to the Company during the due diligence process and has been considered by the Company's management to be critical to the ongoing operations of Transact24. The company controlled by the spouse of the managing director performs transaction processing and Transact24 provides technical and administration services to the company. The Company has recorded revenue of approximately $ 4.4 4.2 1.9 0.3 1.6 0.1 million during the six months ended June 30, 2016. The Company was due $ 0.2 0.4 |
Unaudited Quarterly Results
Unaudited Quarterly Results | 12 Months Ended |
Jun. 30, 2018 | |
Unaudited Quarterly Results [Abstract] | |
Unaudited Quarterly Results | 25. UNAUDITED QUARTERLY RESULTS The following tables contain selected unaudited consolidated statements of operations information for each quarter of fiscal 2018 and 2017: Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2018 2018 2017 2017 2018 (In thousands except per share data) Revenue $ 149,194 $ 162,721 $ 148,416 $ 152,558 $ 612,889 Operating income 10,072 7,564 16,307 25,006 58,949 Net income attributable to Net1 $ 7,036 $ 3,009 $ 9,622 $ 19,483 $ 39,150 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.12 $ 0.05 $ 0.17 $ 0.34 $ 0.69 Diluted earnings attributable to Net1 shareholders $ 0.12 $ 0.05 $ 0.17 $ 0.34 $ 0.69 Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2017 2017 2016 2016 2017 (In thousands except per share data) Revenue $ 155,056 $ 147,944 $ 151,433 $ 155,633 $ 610,066 Operating income 14,726 24,547 25,589 32,181 97,043 Net income attributable to Net1 $ 11,289 $ 18,392 $ 18,641 $ 24,632 $ 72,954 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.20 $ 0.34 $ 0.35 $ 0.46 $ 1.34 Diluted earnings attributable to Net1 shareholders $ 0.20 $ 0.33 $ 0.35 $ 0.46 $ 1.33 |
Significant Accounting Polici33
Significant Accounting Policies (Policy) | 12 Months Ended |
Jun. 30, 2018 | |
Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of consolidation The financial statements of entities which are controlled by Net1, referred to as subsidiaries, are consolidated. Inter-company accounts and transactions are eliminated upon consolidation. The Company, if it is the primary beneficiary, consolidates entities which are considered to be variable interest entities ("VIE"). The primary beneficiary is considered to be the entity that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. No |
Business Combinations | Business combinations The Company accounts for its business acquisitions under the acquisition method of accounting. The total value of the consideration paid for acquisitions is allocated to the underlying net assets acquired, based on their respective estimated fair values. The Company uses a number of valuation methods to determine the fair value of assets and liabilities acquired, including discounted cash flows, external market values, valuations on recent transactions or a combination thereof, and believes that it uses the most appropriate measure or a combination of measures to value each asset or liability. The Company recognizes measurement-period adjustments in the reporting period in which the adjustment amounts are determined. |
Use Of Estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Translation Of Foreign Currencies | Translation of foreign currencies The primary functional currency of the Company is the South African Rand ("ZAR") and its reporting currency is the U.S. dollar. The Company also has consolidated entities which have other currencies, primarily South Korean won ("KRW"), as their functional currency. Assets and liabilities are translated at the exchange rates in effect at the balance sheet date. Revenues and expenses are translated at average rates for the period. Translation gains and losses are reported in accumulated other comprehensive income in total equity. Foreign exchange transactions are translated at the spot rate ruling at the date of the transaction. Monetary items are translated at the closing spot rate at the balance sheet date. Transactional gains and losses are recognized in selling, general and administration expense on the Company's consolidated statement of operations for the period . |
Allowance For Doubtful Accounts Receivable | Allowance for doubtful accounts receivable Allowance for doubtful finance loans receivable The Company regularly reviews the ageing of outstanding amounts due from borrowers and adjusts the allowance based on management's estimate of the recoverability of the finance loans receivable. The Company writes off microlending finance loans receivable and related service fees if a borrower is in arrears with repayments for more than three months or dies. The Company writes off working capital finance receivables and related fees when it is evident that reasonable recovery procedures, including where deemed necessary, formal legal action, have failed. Allowance for doubtful accounts receivable A specific provision is established where it is considered likely that all or a portion of the amount due from customers renting point of sale ("POS") equipment, receiving support and maintenance or transaction services or purchasing licenses from the Company will not be recovered. Non-recoverability is assessed based on a review by management of the ageing of outstanding amounts, the location of the customer and the payment history in relation to those specific amounts. |
Inventory | Inventory Inventory is valued at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis and includes transport and handling costs. |
Leasehold Improvement Costs | Leasehold improvement costs Costs incurred in the adaptation of leased properties to serve the requirements of the Company are capitalized and amortized over the shorter of the estimated useful life of the asset and the remaining term of the lease. |
Property, Plant And Equipment | Property , plant and equipment Property, plant and equipment are shown at cost less accumulated depreciation. Property, plant and equipment are depreciated on the straight-line basis at rates which are estimated to amortize the assets to their anticipated residual values over their useful lives. Within the following asset classifications, the expected economic lives are approximately: Computer equipment 3 to 8 years Office equipment 2 to 10 years Vehicles 3 to 8 years Furniture and fittings 3 to 10 years Buildings and structures 8 to 30 years The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in income. |
Equity-Accounted Investments | Equity-accounted investments The Company uses the equity method to account for investments in companies when it has significant influence but not control over the operations of the company. Under the equity method, the Company initially records the investment at cost and thereafter adjusts the carrying value of the investment to recognize the proportional share of the equity-accounted company's net income or loss. In addition, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee is added to the current basis of the Company's previously held interest and the equity method would be applied subsequently from the date on which the Company obtains the ability to exercise significant influence over the investee. Any unrealized holding gains or losses in accumulated other comprehensive income related to an available for sale security that is subsequently required to be accounted for utilizing the equity method are recognized in earnings as of the date on which the investment qualifies for the equity method. The Company does not recognize cumulative losses in excess of its investment or loans in an equity-accounted investment except if it has an obligation to provide additional financial support. Dividends received from an equity-accounted investment reduce the carrying value of the Company's investment. The Company reviews its equity-accounted investments for impairment whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price of an acquired enterprise over the fair values of the identifiable assets acquired and liabilities assumed. The Company tests for impairment of goodwill on an annual basis and at any other time if events or circumstances change that would more likely than not reduce the fair value of the reporting unit goodwill below its carrying amount. Circumstances that could trigger an impairment test include but are not limited to: a significant adverse change in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; and results of testing for recoverability of a significant asset group within a reporting unit. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss recorded in the statement of operations. Measurement of the fair value of a reporting unit is based on one or more of the following fair value measures: the amount at which the unit as a whole could be bought or sold in a current transaction between willing parties; present value techniques of estimated future cash flows; or valuation techniques based on multiples of earnings or revenue, or a similar performance measure. |
Intangible Assets | Intangible assets Intangible assets are shown at cost less accumulated amortization. Intangible assets are amortized over the following useful Customer relationships 1 to 15 years Software and unpatented technology 3 to 5 years FTS patent 10 years Exclusive licenses 7 years Trademarks 3 to 20 years Intangible assets are periodically evaluated for recoverability, and those evaluations take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists. |
Debt And Equity Securities | Debt and equity securities The Company is required to classify all applicable debt and equity securities as either trading securities, available-for-sale or held to maturity upon investment in the security. All other equity securities do not have readily determinable fair values and therefore are carried using the cost method of accounting. Trading Debt and equity securities acquired by the Company which it intends to sell in the short-term are classified as trading securities and are initially measured at fair value. These securities are subsequently measured at fair value and realized and unrealized gains and losses from these trading securities are included in the Company's consolidated statement of operations. Classification of a security as a trading security is not precluded simply because the Company does not intend to sell the security in the short term. The Company had no trading securities as of June 30, 2018 and 2017, respectively. Available for sale Debt and equity securities acquired by the Company that have readily determinable fair values are classified as available for sale if the Company has not classified them as trading securities or if it does not have the ability or positive intent to hold the security until maturity. The Company is required to make an election to account for these securities as available for sale. These available for sale securities are initially measured at fair value. These securities are subsequently measured at fair value with unrealized gains and losses from available for sale investments in debt and equity securities reported as a separate component of accumulated other comprehensive income, net of deferred income taxes, in shareholders' equity. The Company had an available for sale security as of June 30, 2018, refer to Note 9, and had no available for sale securities as of June 30, 2017. Held to maturity Debt securities acquired by the Company which it has the ability and the positive intent to hold to maturity are classified as held to maturity securities. The Company is required to make an election to classify these securities as held to maturity and these securities are carried at amortized cost. The amortized cost of held to maturity securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest received from the held to maturity security together with this amortization is included in interest income in the Company's consolidated statement of operations. The Company had a held to maturity security as of June 30, 2018, refer to Note 9, and had no held to maturity securities as of June 30, 2017. Impairment The Company's available for sale and held to maturity securities with unrealized losses are reviewed quarterly to identify other-than-temporary impairments in value. In evaluating whether a decline in value of an equity security is other-than-temporary, the Company considers several factors including, but not limited to the following: (i) the extent and the duration of the decline; (ii) the reasons for the decline in value (i.e. credit event, currency or interest-rate related); and (iii) the financial condition of and near term-prospects of the issuer of the security. When it is determined that a decline in value of an equity securities is other-than-temporary, the carrying value of the security is reduced to its fair value, with a corresponding charge to earnings. With regard to available for sale and held to maturity debt securities, the Company considers (i) the ability and intent to hold the debt security for a period of time to allow for recovery of value (ii) whether it is more likely than not that the Company will be required to sell the debt security; and (iii) whether it expects to recover the entire amortized cost basis of the debt security. The Company records an impairment loss in its consolidated statement of operations representing the difference between the debt securities carrying value and the current fair value as of the date of the impairment if the Company determines that it intends to sell the debt security or if that it is more likely than not that it will be required to sell the debt security before recovery of the amortized cost basis. However, an impairment loss is considered to have occurred if the Company determines that it does not intend to sell the debt security or that it is more likely than not that it will not be required to sell the debt security before the recovery of the amortized cost basis. In this instance, the impairment loss is split between a credit loss and a non-credit loss. The credit loss portion, which is measured as the difference between the debt security's cost basis and the present value of expected future cash flows, is recognized in the Company's consolidated statement of operations. The non-credit loss portion, which is measured as the difference between the debt security's cost basis and its current fair value, is recognized in other comprehensive income, net of applicable taxes. |
Policy Reserves And Liabilities | Policy reserves and liabilities Reserves for policy benefits and claims payable 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 and total present value of disability claims-in-payment at the balance sheet date. This model allows for best estimate assumptions based on experience (where sufficient) plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The best estimate assumptions include (i) mortality and morbidity assumptions reflecting the company's most recent experience and (ii) claim reporting delays reflecting Company specific and industry experience. Most of the disability claims-in-payment reserve is reinsured and the reported values were based on the reserve held by the relevant reinsurer. The values of matured guaranteed endowments are increased by late payment interest (net of the asset management fee and allowance for tax on investment income). Deposits on investment contracts For the Company's interest-sensitive life contracts, liabilities approximate the policyholder's account value. |
Reinsurance Contracts Held | Reinsurance contracts held The Company enters into reinsurance contracts with reinsurers under which the Company is compensated for the entire amount or a portion of losses arising on one The expected benefits to which the Company is entitled under its reinsurance contracts held are recognized as reinsurance assets. These assets consist of short-term balances due from reinsurers (classified within accounts receivable, net) as well as long-term receivables (classified within other long-term assets) that are dependent on the expected claims and benefits arising under the related reinsurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance contract. Reinsurance assets are assessed for impairment at each balance sheet date. If there is reliable objective evidence that amounts due may not be recoverable, the Company reduces the carrying amount of the reinsurance asset to its recoverable amount and recognizes that impairment loss in its consolidated statement of operations. Reinsurance premiums are recognized when due for payment under each reinsurance contract. |
Redeemable Common Stock | Redeemable common stock Common stock that is redeemable (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder, or (3) upon the occurrence of an event that is not solely within the control of Company is presented outside of total Net1 equity (i.e. permanent equity). Redeemable common stock is initially recognized at issuance date fair value and the Company does not adjust the issuance date fair value if redemption is not probable. The Company re-measures the redeemable common stock to the maximum redemption amount at the balance sheet date once redemption is probable. Reduction in the carrying amount of the redeemable common stock is only appropriate to the extent that the Company has previously recorded increases in the carrying amount of the redeemable equity instrument as the redeemable common stock may be not be carried at an amount that is less the initial amount reported outside of permanent equity. Redeemable common stock is reclassified as permanent equity when presentation outside permanent equity is no longer required (if, for example, a redemption feature lapses, or there is a modification of the terms of the instrument). The existing carrying amount of the redeemable common stock is reclassified to permanent equity at the date of the event that caused the reclassification and prior period consolidated financial statements are not adjusted. |
Sales Tax | Sales taxes Revenue and expenses are presented net of sales, use and value added taxes, as the case may be. |
Revenue Recognition | Revenue recognition The Company recognizes revenue when: there is persuasive evidence of an agreement or arrangement; delivery of products has occurred or services have been rendered; the seller's price to the buyer is fixed or determinable; and collectability is reasonably assured. The Company's principal revenue streams and their respective accounting treatments are discussed below: Fees Welfare benefit distribution and South African participating merchants The Company provides a welfare benefit distribution service in South Africa. Fee income received for these services is recognized in the statement of operations when distributions have been made to the recipient cardholders. With respect to services provided from April 1, 2018, the Company has recorded fee income from these services utilizing the price specified in the original contractual arrangement between the Company and SASSA. The Company has the right to request an increase, from the South African National Treasury, in the price charged under an order of the Constitutional Court of South Africa. The Company has made the appropriate submission to National Treasury and it has provided its recommendation, but this has not yet been ratified by the Constitutional Court. Recipient cardholders are able to load their welfare grants at merchants enrolled in the Company's participating merchant system in certain provinces. There is no charge to the recipient cardholder to load the grant onto a smart card at the merchant location, however, a fee is charged to the merchant for purchases made at the merchant using the smart card. A fee is also charged to the merchant when the recipient cardholder makes a cash withdrawal. Fee income received for these services is recognized in the statement of operations when the transaction occurs. Fees related to management of card issuance programs and utilization of ATMs The Company manages card issuance programs and owns ATMs in South Africa from which it generates fee revenue. Fee revenue generated from the provision of a bank account to customers is recognized monthly as charged. Fee revenue generated from card issuance programs includes interchange and other miscellaneous fees, which are recorded when cardholders transact at either a POS or an ATM. Fee revenue generated from the utilization of ATMs includes cash withdrawal, balance enquiry, insufficient funds and other miscellaneous ATM fees which are recorded when an ATM user performs a transaction at an ATM. Card VAN, banking VAN and payment gateway Card VAN services consist of services relating to the authorization of credit card transactions including transmission of transaction details ("authorization service"), and collection of receipts associated with the credit card transactions ("collection service"). With its authorization service, the Company connects credit card companies with merchants online when a customer uses his/her credit card via terminals installed at merchants' sites and the Company's central processing server for approval of credit card transactions. Immediately after approval of credit card transactions, the Company transmits details of the transactions to credit card companies online for processing payments. The collection service captures the transaction data and gathers receipts as documented evidence and provides them to credit card companies upon request. The Company earns service fees based on the value and number of transactions processed for credit card companies when services are rendered in accordance with the contracts entered into between credit card companies and the Company. The Company bills for its service charges to credit card companies each month. Each service could be provided either individually or collectively, based on the terms of the contracts. The Company charges commission fees to credit card companies for the authorization service provided based on the number of approvals transferred or on the value of transactions processed, as appropriate. The right to receive a service fee is due once a credit card transaction has been approved and details of the transaction are transmitted by the Company. Therefore, revenues from the authorization service are recognized when the credit card transactions are authorized and details of the transactions are transmitted. Revenue from the collection service is recognized when the Company collects the receipts and provides them to the card companies. For multiple-element arrangements, the Company has identified two VSOE generally exists only when the Company sells the deliverable separately and is the price actually charged by the Company for that deliverable. ESPs reflect the Company's best estimates of what the selling prices of elements would be if they were sold regularly on a stand-alone basis. Because the Company has neither VSOE nor TPE for the two deliverables, the allocation of revenue has been based on the Company's ESPs. Amounts allocated to the authorization and the collection service are recognized at the time of service, provided the other conditions for revenue recognition have been met. The Company's process for determining its ESP for deliverables without VSOE or TPE considers multiple factors that may vary depending upon the unique facts and circumstances related to each deliverable. Key factors considered by the Company in developing the ESPs include prices charged by the Company, historical pricing practices and controls, range of prices for various customers and the nature of the services. Consideration is also given to market conditions such as competitor pricing strategies and market perception. Banking VAN is a division supporting a company's fund management process (large payment transfers, collections, etc.) by relaying financial transactions between client companies and financial institutions. Financial transactions between two or more business enterprises, or between business enterprises and their customers, are conducted through the transaction-processing network established between the Company and the banks. Revenue from the banking VAN service is recognized when the service is rendered by the Company. With its PG service, the Company provides the Internet-based settlement service between an on-line shopping mall and a credit card company when a customer uses his/her credit card, debit card or on-line payment to pay for goods or services. The Company receives fees for carrying out settlements for electronic transactions. Revenue from the PG service is recognized when the service is rendered by the Company. Microlending service fee The Company provides short-term loans to customers in South Africa and charges and recognizes monthly service fee revenue under the contractual terms of the loan. The monthly service fee amount is fixed upon initiation and does not change over the term of the loan. Other fees and commissions The Company provides an automated payment collection service to third parties, for which it charges monthly fees. The Company provides medical-related claims adjudication, reconciliation and settlement services ("medical-related claim service") to customers, for which it charges fees. The Company provides a payment processing service to merchants for which it charges a transaction fee. All of these fees are recognized in the statement of operations as the underlying services are performed. The Company sells prepaid electricity and recognizes a commission in its statement of operations once the prepaid electricity token has been delivered to the customer. Hardware and prepaid airtime voucher sales Revenue from hardware and airtime voucher sales is recognized when risk of loss has transferred to the customer and there are no unfulfilled Company obligations that affect the customer's final acceptance of the arrangement. Any cost of warranties and remaining obligations that are inconsequential or perfunctory are accrued when the corresponding revenue is recognized. The Company buys terminals from manufacturers, and subsequently sells them through its agencies. Revenue is recognized when significant risks and rewards of ownership of terminals have passed to the buyer, usually on delivery of the terminals to the buyer. To the extent that sales of hardware are made in an arrangement that includes software that is more than incidental, the Company considers post-contract maintenance and technical support or other future obligations which could impact the timing and amount of revenue recognized. Software Revenue from licensed software is recognized on a subscription basis over the period that the client is entitled to use the license. Revenue from the sale of software is recognized if all revenue recognition criteria have been met. Post-contract maintenance and technical support in respect of software is generally negotiated and sold as a separate service and is recognized over the period such items are delivered. Terminal rental income The Company leases terminals to merchants participating in its merchant acquiring system. Operating rental income is recognized monthly on a straight-line basis in accordance with the lease agreement. Other income Revenue from service and maintenance activities is charged to customers on a time-and-materials basis and is recognized in the statement of operations as services are delivered to customers. |
Research And Development Expenditure | Research and development expenditure Research and development expenditure is charged to net income in the period in which it is incurred. During the years ended June 30, 2018, 2017 and 2016, the Company incurred research and development expenditures of $ 1.8 2.0 2.3 |
Computer Software Development | Computer software development Product development costs in respect of software intended for sale to licensees are expensed as incurred until technological feasibility is attained. Technological feasibility is attained when the Company's software has completed system testing and has been determined to be viable for its intended use. The time between the attainment of technological feasibility and completion of software development is generally short with immaterial amounts of development costs incurred during this period. Costs in respect of the development of software for the Company's internal use are expensed as incurred, except to the extent that these costs are incurred during the application development stage. All other costs including those incurred in the project development and post-implementation stages are expensed as incurred. |
Income Taxes | Income taxes The Company provides for income taxes using the asset and liability method. This approach recognizes the amount of taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequence of events recognized in the financial statements and tax returns. Deferred income taxes are adjusted to reflect the effects of changes in tax laws or enacted tax rates. The Company measured its South African income taxes and deferred income taxes for the years ended June 30, 2018, 2017 and 2016, using the enacted statutory tax rate in South Africa of 28 As of June 30, 2018, the Company intends to permanently reinvest its non-U.S. undistributed earnings of $ 521.4 In establishing the appropriate deferred tax asset valuation allowances, the Company assesses the realizability of its deferred tax assets, and based on all available evidence, both positive and negative, determines whether it is more likely than not that the deferred tax assets or a portion thereof will be realized. Reserves for uncertain tax positions are recognized in the financial statements for positions which are not considered more likely than not of being sustained based on the technical merits of the position on audit by the tax authorities. For positions that meet the more likely than not standard, the measurement of the tax benefit recognized in the financial statements is based upon the largest amount of tax benefit that, in management's judgement, is greater than 50 The Company's policy is to include interest related to unrecognized tax benefits in interest expense and penalties in selling, general and administration in the consolidated statements of operations. Impact of Tax Cuts and Jobs Act On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA"), was enacted into law, significantly modifying U.S. federal tax laws. The United States Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 18 ("SAB 118"), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under GAAP tax guidance. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the TCJA for which the accounting under the GAAP tax guidance is complete. To the extent that a company's accounting for certain income tax effects of the TCJA is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply the GAAP tax guidance on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. Refer to Note 19 for additional information regarding the impact of the TCJA on the Company. |
Stock-Based Compensation | Stock-based compensation Stock-based compensation represents the cost related to stock-based awards granted. The Company measures equity-based stock-based compensation cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. In respect of awards with only service conditions that have a graded vesting schedule, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. The forfeiture rate is estimated using historical trends of the number of awards forfeited prior to vesting. The expense is recorded in the statement of operations and classified based on the recipients' respective functions. The Company records deferred tax assets for awards that result in deductions on the Company's income tax returns, based on the amount of compensation cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in taxation expense in the statement of operations |
Equity Instruments Issued To Third Parties | Equity instruments issued to third parties Equity instruments issued to third parties represents the cost related to equity instruments granted. The Company measures this cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. The forfeiture rate is estimated based on the Company's expectation of the number of awards that will be forfeited prior to vesting. The Company records deferred tax assets for equity instrument awards that result in deductions on the Company's income tax returns, based on the amount of equity instrument cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in the statement of operations. |
Settlement Assets And Settlement Obligations | Settlement assets and settlement obligations Settlement assets comprise (1) cash received from the South African government that the Company holds pending disbursement to recipient cardholders of social welfare grants and (2) cash received from customers on whose behalf the Company processes payroll payments that the Company will disburse to customer employees, payroll-related payees and other payees designated by the customer. Settlement obligations comprise (1) amounts that the Company is obligated to disburse to recipient cardholders of social welfare grants, and (2) amounts that the Company is obligated to pay to customer employees, payroll-related payees and other payees designated by the customer. The balances at each reporting date may vary widely depending on the timing of the receipts and payments of these assets and obligations. |
Recent Accounting Pronouncements Adopted | Recent accounting pronouncements adopted In August 2014, the Financial Accounting Standards Board ("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 the 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 consolidated balance sheet as of June 30, 2018. Prior period current deferred tax assets have not been reclassified as non-current in the 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 June 30, 2018 | Recent accounting pronouncements not yet adopted as of June 30, 2018 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 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 has determined that the adoption of this guidance on July 1, 2018, will not materially impact its financial statements, except for the additional footnote disclosures required. The Company has excluded DNI from this determination because it acquired DNI on June 30, 2018. The Company is currently assessing the impact of this guidance on its financial statements as they pertain to DNI. 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 will recognize a $ 25.2 7.3 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 and related disclosures. 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 and related disclosures. 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 and related disclosures. In June 2018, the FASB issued guidance regarding Improvements to Nonemployee Share-Based Payment Accounting. The guidance simplifies the accounting for share-based payments granted to non-employees for goods and services and aligns the guidance for these share-based payments with guidance applicable to accounting for share-based payments granted to employees. The guidance is effective for the Company beginning July 1, 2019. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements and related disclosures |
Significant Accounting Polici34
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Significant Accounting Policies [Abstract] | |
Schedule Of Property Plant And Equipment Expected Economic Lives | Computer equipment 3 to 8 years Office equipment 2 to 10 years Vehicles 3 to 8 years Furniture and fittings 3 to 10 years Buildings and structures 8 to 30 years |
Schedule Of Intangible Assets Useful Lives | Customer relationships 1 to 15 years Software and unpatented technology 3 to 5 years FTS patent 10 years Exclusive licenses 7 years Trademarks 3 to 20 years |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Business Acquisition [Line Items] | |
Schedule Of Cash Paid Net Of Cash Received Related To Company Acquisitions | 2018 2017 2016 DNI (1) $ 6,202 $ - $ - Masterpayment Financial Services Limited (formerly C4U-Malta Limited) ("Malta FS") - 2,940 - Pros Software Proprietary Limited ("Pros Software") - 1,711 - Transact24 Limited ("Transact24") - - 1,666 Masterpayment AG ("Masterpayment") - - 14,101 Total cash paid, net of cash received $ 6,202 $ 4,651 $ 15,767 (1) – represents the cash paid, net of cash acquired, to acquire a further 6 55 85.7 |
DNI [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation Translated At Applicable Foreign Exchange Rate | DNI Cash and cash equivalents $ 2,979 Accounts receivable 16,977 Inventory 2,526 Property, plant and equipment 1,317 Equity-accounted investment - Speckpack(Note 9) 339 Goodwill (Note 10) 114,161 Intangible assets (Note 10) 104,003 Deferred tax assets 561 Other long-term assets(1) 21,348 Accounts payables and other payables (20,914 ) Income taxes payable - Other long-term liabilities(1) (8,291 ) Deferred tax liabilities (29,121 ) Fair value of assets and liabilities on acquisition 205,885 Less: fair value attributable to controlling interests on acquisition date (94,123 ) Less: fair value of equity-accounted investment, comprising: (100,947 ) Add: loss on re-measurement of previously held interest 4,614 Less: Contingent payment recognized related to 49% interest acquired (25,589 ) Less: carrying value at the acquisition date (Note 9) (79,972 ) Less: Contingent payment recognized related to 6% interest acquired (1,633 ) Total purchase price $ 9,182 (1) – DNI concluded an acquisition in November 2017 and other long-term liabilities includes a contingent purchase consideration of ZAR 113.8 8.3 50 50 129.0 9.4 August 1, 2019 10.0 |
Malta FS And Pros Software [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation Translated At Applicable Foreign Exchange Rate | Malta FS Pros Software Total Cash and cash equivalents $ 999 $ 110 $ 1,109 Accounts receivable 983 165 1,148 Property, plant and equipment 30 9 39 Intangible assets (Note 10) 1,078 2,311 3,389 Goodwill (Note 10) 2,475 - 2,475 Accounts payables and other payables (1,570 ) (58 ) (1,628 ) Income taxes payable - (69 ) (69 ) Deferred tax liabilities (56 ) (647 ) (703 ) Total purchase price $ 3,939 $ 1,821 $ 5,760 |
Transact24 And Masterpayment [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation Translated At Applicable Foreign Exchange Rate | Transact24 Masterpayment Total Cash and cash equivalents $ 1,334 $ 665 $ 1,999 Accounts receivable 2,019 765 2,784 Property, plant and equipment 154 18 172 Deferred tax assets 1,070 - 1,070 Intangible assets (Note 10) 4,974 9,428 14,402 Goodwill (Note 10) 6,024 17,084 23,108 Accounts payables and other payables (1,898 ) (1,114 ) (3,012 ) Deferred tax liabilities (1,243 ) (2,236 ) (3,479 ) Fair value of assets and liabilities on acquisition 12,434 24,610 37,044 Less: fair value of equity-accounted investment, comprising: (5,471 ) - (5,471 ) Less: gain on re-measurement of previously held interest (1,908 ) - (1,908 ) Less: carrying value at the acquisition date (3,563 ) - (3,563 ) Less: fair value attributable to controlling interests on acquisition date . - (9,844 ) (9,844 ) Total purchase price $ 6,963 14,766 $ 21,729 Add: carrying value of non-controlling interests acquired 9,867 Add: adjustment to Net1 equity (Note 15) 1,322 Cash paid for non-controlling interest (Note 15) 11,189 Total consideration paid for Masterpayment $ 25,955 |
Accounts Receivable, Net And 36
Accounts Receivable, Net And Finance Loans Receivable, Net (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Accounts Receivable, Net And Finance Loans Receivable, Net [Abstract] | |
Schedule Of Accounts Receivable | 2018 2017 Accounts receivable, trade, net $ 49,365 $ 53,818 Accounts receivable, trade, gross 50,466 55,073 Allowance for doubtful accounts receivable, end of year 1,101 1,255 Beginning of year 1,255 1,669 Acquired in acquisition - 10 Reversed to statement of operations (47 ) (42 ) Charged to statement of operations 642 672 Utilized (776 ) (1,200 ) Foreign currency adjustment 27 146 Current portion of payments to agents in South Korea amortized over the contract period 21,971 22,562 Payments to agents in South Korea amortized over the contract period 39,554 39,852 Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 9) 17,582 17,290 Loans provided to Finbond (Note 9) 1,107 11,920 Other receivables 37,240 23,129 Total accounts receivable, net $ 109,683 $ 111,429 |
Schedule Of Finance Loans Receivable | 2018 2017 Microlending finance loans receivable, net $ 57,504 $ 50,994 Microlending finance loans receivable, gross 61,743 54,711 Allowance for doubtful microlending finance loans receivable, end of year 4,239 3,717 Beginning of year 3,717 4,494 Reversed to statement of operations - (55 ) Charged to statement of operations 4,348 - Utilized (3,588 ) (1,260 ) Foreign currency adjustment (238 ) 538 Working capital finance receivable, net 3,959 29,183 Working capital finance receivable, gross 16,123 32,935 Allowance for doubtful working capital finance receivable, end of year 12,164 3,752 Beginning of year 3,752 - Charged to statement of operations 8,415 3,752 Utilized - - Foreign currency adjustment (3 ) - Current portion of other finance loans receivable 742 - Total other finance loans receivable 13,025 - Less included in other long-term assets (Note 9) 12,283 - Total finance loans receivable, net $ 62,205 $ 80,177 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Inventory [Abstract] | |
Schedule Of Inventory | 2018 2017 Finished goods $ 12,887 $ 8,020 $ 12,887 $ 8,020 |
Fair Value Of Financial Instr38
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Fair Value Of Financial Instruments [Abstract] | |
Impact of EBITDA Multiple | Sensitivity for fair value of Cell C investment EBITDA multiple of 6.25 $ 153,724 EBITDA multiple of 6.75 172,948 EBITDA multiple of 7.25 $ 192,172 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 2018, according to the fair value hierarchy: Quoted price in Significant active markets other Significant for identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total Assets Investment in Cell C $ - $ - $ 172,948 $ 172,948 Related to insurance business: Cash and cash equivalents (included in other long-term assets) 610 - - 610 Fixed maturity investments (included in cash and cash equivalents) 8,304 - - 8,304 Other - 18 - 18 Total assets at fair value $ 8,914 $ 18 $ 172,948 $ 181,880 Liabilities DNI contingent consideration (Note 3) $ - $ - $ 27,222 $ 27,222 Total liabilities at fair value $ - $ - $ 27,222 $ 27,222 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 |
Property, Plant And Equipment39
Property, Plant And Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Property, Plant And Equipment, Net [Abstract] | |
Schedule Of Property Plant And Equipment Net | 2018 2017 Cost: Land $ 880 $ 858 Building and structures 483 471 Computer equipment 125,241 131,589 Furniture and office equipment 9,438 8,769 Motor vehicles 20,197 17,936 156,239 159,623 Accumulated depreciation: Land - - Building and structures 193 171 Computer equipment 104,185 97,475 Furniture and office equipment 7,221 6,804 Motor vehicles 17,586 15,762 129,185 120,212 Carrying amount: Land 880 858 Building and structures 290 300 Computer equipment 21,056 34,114 Furniture and office equipment 2,217 1,965 Motor vehicles 2,611 2,174 $ 27,054 $ 39,411 |
Equity-Accounted Investments 40
Equity-Accounted Investments And Other Long-Term Assets (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Ownership Percentage Of Equity-Accounted Investments | 2018 2017 Bank Frick 35 % - Finbond 29 % 26 % OneFi Limited (formerly KZ One) ("OneFi") 25 % 25 % SmartSwitch Namibia (Pty) Ltd ("SmartSwitch Namibia") 50 % 50 % Speckpack Field Services (Pty) Ltd ("Speckpack") 50 % - Walletdoc Proprietary Limited ("Walletdoc") 20 % 20 % |
Summary Of Movement In Equity-Accounted Investments | Bank DNI (1 ) Frick Finbond Other (2 ) Total Investment in equity: Balance as of July 1, 2016 $ - $ - $ 16,304 $ 8,185 24,489 Stock-based compensation - - 89 - 89 Comprehensive income (loss): - - 816 (849 ) (33 ) Other comprehensive loss - - (1,687 ) (1,010 ) (2,697 ) Equity accounted earnings (loss) - - 2,503 161 2,664 Share of net income - - 2,709 161 2,870 Dilution resulting from corporate transactions - - (206 ) - (206 ) Dividends received - - (477 ) (710 ) (1187 ) Foreign currency adjustment (3) - - 2,229 116 2,345 Balance as of June 30, 2017 - - 18,961 6,742 25,703 Acquisition of shares 79,541 51,949 13,043 - 144,533 Stock-based compensation - - (139 ) - (139 ) Comprehensive income (loss): 7,005 (606 ) 2,901 4 9,304 Other comprehensive loss - - (2,426 ) - (2,426 ) Equity accounted earnings (loss) 7,005 (606 ) 5,327 4 11,730 Share of net income (loss) 9,510 201 5,583 4 15,298 Amortization - acquired intangible assets (3,480 ) (531 ) - - (4,011 ) Deferred taxes - acquired intangible assets 975 128 - - 1,103 Dilution resulting from corporate transactions - - (256 ) - (256 ) Other - (404 ) - - (404 ) Dividends received (1,765 ) (1,946 ) (1,096 ) (400 ) (5,207 ) Carrying value at the acquisition date (Note 3) (79,972 ) - - 339 (79,633 ) Foreign currency adjustment (3) (4,809 ) (1,268 ) (2,712 ) (593 ) (9,382 ) Balance as of June 30, 2018 $ - $ 48,129 $ 30,958 $ 6,092 $ 85,179 Investment in loans: Balance as of July 1, 2016 $ - $ - 1,015 141 $ 1,156 Loans granted 10,044 2,000 12,044 Interest accrued 107 0 107 Foreign currency adjustment (3) - - 754 18 772 Included in accounts receivable, net (Note 5) - - (11,920 ) 0 (11,920 ) Balance as of June 30, 2017 - - - 2,159 2,159 Loans granted - - - 1,000 1,000 Transfer from accounts receivable, net - - 11,235 - 11,235 Transfer to investment in equity - - (11,102 ) - (11,102 ) Foreign currency adjustment (3) - - (133 ) (7 ) (140 ) Balance as of June 30, 2018 $ - $ - $ - $ 3,152 $ 3,152 (1) DNI was included as an equity-accounted investment from August 1, 2017 until June 30, 2018, the date upon which the Company obtained control and commenced consolidation of DNI (2) Includes OneFi, SmartSwitch Namibia, Speckpack and Walletdoc (3) The foreign currency adjustment represents the effects of the fluctuations of the South African rand, Nigerian naira and Namibian dollar, against 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 June 30, 2018 $ 85,179 $ 3,152 $ 88,331 |
Summary Financial Information Of Equity-Accounted Investments | Bank Frick Finbond Other (1) Balance sheet, as of June 30 February 28 (2) Various (3) Current assets (4) 2018 n/a n/a $ 11,433 2017 n/a n/a 9,196 Long-term assets 2018 $ 1,418,160 $ 266,149 1,343 2017 n/a 229,875 813 Current liabilities (4) 2018 n/a n/a 3,295 2017 n/a n/a 443 Long-term liabilities 2018 1,323,470 178,587 3,930 2017 n/a 152,827 2,872 Redeemable stock 2018 - - - 2017 n/a - - Non-controlling interests 2018 - 13,896 - 2017 n/a 17,366 - Statement of operations, for the period ended June 30 (5) February 28 (2) Various (6) Revenue 2018 33,814 161,915 10,955 2017 n/a 97,431 7,168 2016 n/a n/a 4,966 Operating income (loss) 2018 776 35,225 826 2017 n/a 19,551 276 2016 n/a n/a (21 ) Income (loss) from continuing operations 2018 617 19,167 152 2017 n/a 9,700 3 2016 n/a n/a (268 ) Net income (loss) 2018 $ 617 19,167 152 2017 n/a $ 9,700 3 2016 n/a n/a $ (268 ) (1) Includes OneFi, SmartSwitch Namibia, Speckpack and Walletdoc; (2) Finbond is listed on the Johannesburg Stock Exchange and the balances included were derived from its publically available information; (3) Balance sheet information for OneFi, SmartSwitch Namibia and Speckpack is as of June 30, 2018, and Walletdoc as of February 28, 2018. (4) Bank Frick and Finbond are banks and do not present current and long-term assets and liabilities. All assets and liabilities of these two entities are included under the long-term caption. (5) Statement of operations information for Bank Frick is for the period from October 1, 2017 to June 30, 2018. (6) Statement of operations information for OneFi and SmartSwitch Namibia for the year ended June 30, 2018, and Walletdoc for the year ended February 28, 2018 |
Summary Of Other Long-Term Asset | 2018 2017 Total equity investments $ 199,865 $ 26,317 Investment in 15% of Cell C, at fair value (Note 7) 172,948 - Investment in 12% of MobiKwik, at cost (1) 26,917 26,317 Total held to maturity investments 10,395 - Investment in 7.625% of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625% notes 10,395 - Long-term portion of payments to South Korean agents amortized over the contract period 17,582 17,290 Long-term portion of other finance loans receivable(Note 5) 12,283 - Contingent purchase consideration (Note 3) 9,064 - Policy holder assets under investment contracts (Note 11) 610 627 Reinsurance assets under insurance contracts Note 11) 633 191 Other long-term assets (1) 5,948 5,271 Total other long-term assets $ 256,380 $ 49,696 (1) The investment in MobiKwik and other investments in common stock included within other long-term assets are carried at cost and are reviewed quarterly for indicators of other-than-temporary impairment. It is not practicable for the Company to reliably estimate the fair value of these investments. |
Summary Of Unrealized Gain (Loss) On Investments | Unrealized Unrealized holding holding Carrying Cost basis gains losses value Available for sale: Investment in Cell C $ 145,714 $ 32,473 $- $ 172,948 Held to maturity: Investment in Cedar Cellular notes 9,000 1,395 - 10,395 Total $ 154,714 $ 33,868 $- $ 183,343 |
Summary Of Contractual Maturity Of Investment | Estimated Cost basis fair value Due in one year or less $ - $ - Due in one year through five years 9,000 9,916 Due in five years through ten years - - Due after ten years - - Total $ 9,000 $ 9,916 |
Goodwill And Intangible Asset41
Goodwill And Intangible Assets, Net (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Carrying Value Of Goodwill | Gross Accumulated Carrying value impairment value Balance as of July 1, 2015 $ 166,437 $ - $ 166,437 Acquisition of Transact24 (Note 3) 6,024 - 6,024 Acquisition of Masterpayment (Note 3) 17,084 - 17,084 Foreign currency adjustment (1) (10,067 ) - (10,067 ) Balance as of June 30, 2016 179,478 - 179,478 Acquisition of Malta FS (Note 3) 2,475 - 2,475 Foreign currency adjustment (1) 6,880 - 6,880 Balance as of June 30, 2017 188,833 - 188,833 Acquisition of DNI (Note 3) 114,161 - 114,161 Impairment loss - (20,917 ) (20,917 ) Foreign currency adjustment (1) 1,019 144 1,163 Balance as of June 30, 2018 $ 304,013 $ (20,773 ) $ 283,240 (1) – the foreign currency adjustment 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 July 1, 2015 $ 24,579 $ 115,519 $ 26,339 $ 166,437 Acquisition of Transact24 (Note 3) - 6,024 - 6,024 Acquisition of Masterpayment (Note 3) - 17,084 - 17,084 Foreign currency adjustment (1) (4,154 ) (2,442 ) (3,471 ) (10,067 ) Balance as of June 30, 2016 20,425 136,185 22,868 179,478 Acquisition of Malta FS (Note 3) - 2,475 - 2,475 Foreign currency adjustment (1) 2,706 1,910 2,264 6,880 Balance as of June 30, 2017 23,131 140,570 25,132 188,833 Acquisition of DNI (Note 3) - - 114,161 114,161 Impairment loss (1,052 ) (19,865 ) - (20,917 ) Foreign currency adjustment (1) (1,133 ) 3,243 (947 ) 1,163 Balance as of June 30, 2018 $ 20,946 $ 123,948 $ 138,346 $ 283,240 (1) – the foreign currency adjustment 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. |
Fair Value Of Intangible Assets Acquired | Weighted- Fair value as Average of acquisition Amortization date period (in years) Finite-lived intangible asset: Acquired during the year ended June 30, 2018 DNI – customer relationships acquired $ 97,255 5.00 15.00 DNI – software and unpatented technology 2,609 5.00 DNI – trademarks 4,139 5.00 Acquired during the year ended June 30, 2017 Pros Software – customer relationships 2,311 0.75 Malta FS – customer relationships 186 0.65 Malta FS – software and unpatented technology 147 1.25 Acquired during the year ended June 30, 2016 Transact24 – customer relationships 3,749 5.00 Masterpayment – customer relationships 6,595 5.00 Transact24 – software and unpatented technology 1,225 3.00 Masterpayment – software and unpatented technology 1,765 3.00 Masterpayment – trademarks 1,068 5.00 Indefinite-lived intangible asset: Acquired during the year ended June 30, 2017 Malta FS – Financial institution license $ 745 n/a |
Carrying Value And Accumulated Amortization Of Intangible Assets | As of June 30, 2018 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 (1) $ 197,676 $ (76,237 ) $ 121,439 $ 99,209 $ (65,595 ) $ 33,614 Software and unpatented technology (1) 35,730 (32,342 ) 3,388 33,273 (31,112 ) 2,161 FTS patent 2,792 (2,792 ) - 2,935 (2,935 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks(1) 11,101 (5,589 ) 5,512 6,972 (4,759 ) 2,213 Total finite-lived intangible assets 251,805 (121,466 ) 130,339 146,895 (108,907 ) 37,988 Indefinite-lived intangible assets: Financial institution license 793 - 793 776 - 776 Total indefinite-lived intangible assets 793 - 793 776 - 776 Total intangible assets $ 252,598 $ (121,466 ) $ 131,132 $ 147,671 $ (108,907 ) $ 38,764 (1) Includes the intangible assets acquired as part of the DNI acquisition in June 2018, Pros Software acquisition in October 2016 and Malta FS acquisition in November 2016. |
Future Estimated Annual Amortization Expense | 2019 $ 22,126 2020 21,123 2021 15,283 2022 10,928 2023 10,928 Thereafter 49,951 Total future estimated amortization expense $ 130,339 |
Reinsurance Assets And Policy42
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Summary Of The Movement In Reinsurance Assets And Policy Holder Liabilities Under Insurance Contracts | Reinsurance Insurance assets (1) contracts (2) Balance as of July 1, 2016 $ 171 $ (1,078 ) Increase in policy holder benefits under insurance contracts 262 (4,481 ) Claims and policyholders' benefits under insurance contracts (265 ) 4,091 Foreign currency adjustment (3) 23 (143 ) Balance as of June 30, 2017 191 (1,611 ) Increase in policy holder benefits under insurance contracts 1,899 (9,714 ) Claims and policyholders' benefits under insurance contracts (1,449 ) 9,214 Foreign currency adjustment (3) (8 ) 79 Balance as of June 30, 2018 $ 633 $ (2,032 ) (1) Included in other long-term assets; (refer to Note 9) (2) Included in other long-term liabilities (3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar. |
Summary Of Movement In Assets And Policy Holder Liabilities Under Investment Contracts | Investment Assets (1) contracts (2) Balance as of July 1, 2016 $ 528 $ (528 ) Increase in policyholder benefits under insurance contracts 40 (40 ) Claims and policyholders' benefits under insurance contracts (11 ) 11 Foreign currency adjustment (3) 70 (70 ) Balance as of June 30, 2017 627 (627 ) Increase in policyholder benefits under insurance contracts 13 (13 ) Foreign currency adjustment (3) (30 ) 30 Balance as of June 30, 2018 $ 610 $ (610 ) (1) Included in other long-term assets; (refer to Note 9) (2) Included in other long-term liabilities (3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar. |
Short-Term Facilities (Tables)
Short-Term Facilities (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Short-Term Facilities [Abstract] | |
Summary Of Short-Term Credit Facilities | June 30, 2018 June 30, 2017 Available Utilized Available Utilized United States: Bank Frick (1) $ 10,000 $ - $ - $ - Europe: Bank Frick (1) - - 66,579 16,579 South Africa: Nedbank Limited 29,200 7,871 30,600 10,000 Overdraft facility (1) 18,200 - 19,109 - Indirect and derivative facilities (Note 23) $ 11,000 $ 7,871 $ 11,491 $ 10,000 (1) Utilized amount included in short-term facilities on the consolidated balance sheets. |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Other Payables [Abstract] | |
Schedule Of Other Payables | 2018 2017 Accruals $ 17,035 $ 10,874 Provisions 10,026 8,073 Other 12,395 8,592 Value-added tax payable 6,146 5,397 Payroll-related payables 1,807 1,320 Participating merchants settlement obligation 585 543 $ 47,994 $ 34,799 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Common Stock [Abstract] | |
Schedule Of Number Of Shares, Net Of Treasury | 2018 2017 2016 Number of shares, net of treasury: Statement of changes in equity – common stock 56,685,925 56,369,737 55,271,954 Less: Non-vested equity shares that have not vested as of end of year (Note 18) 765,411 505,473 589,447 Number of shares, net of treasury excluding non-vested equity shares that have not vested 55,920,514 55,864,264 54,682,507 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive (Loss ) Income[Abstract] | |
Change In Accumulated Other Comprehensive (Loss) Income Per Component | Accumulated Net unrealized Accumulated income (loss) Foreign on asset currency available for translation sale, net of reserve tax Total Balance as of July 1, 2015 $ (140,221 ) $ 1,040 $ (139,181 ) Movement in foreign currency translation reserve (49,479 ) - (49,479 ) Unrealized gain on asset available for sale, net of tax of $ 159 - 692 692 Release of gain on asset available for sale, net of taxes of $ 444 - (1,732 ) (1,732 ) Balance as of June 30, 2016 (189,700 ) - (189,700 ) Movement in foreign currency translation reserve related to equity accounted investment (2,697 ) - (2,697 ) Movement in foreign currency translation reserve 29,828 - 29,828 Balance as of June 30, 2017 (162,569 ) - (162,569 ) Movement in foreign currency translation reserve related to equity accounted investment (2,426 ) - (2,426 ) Unrealized gain on asset available for sale, net of tax of $ 7,274 - 25,199 25,199 Movement in foreign currency translation reserve (19,441 ) - (19,441 ) Balance as of June 30, 2018 $ (184,436 ) $ 25,199 $ (159,237 ) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Revenue [Abstract] | |
Schedule Of Revenue | 2018 2017 2016 Services rendered – comprising mainly fees and commissions $ 538,429 $ 533,279 $ 514,847 Loan-based fees received 54,949 53,894 47,117 Sale of goods – comprising mainly hardware and software sales 19,511 22,893 28,785 $ 612,889 $ 610,066 $ 590,749 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Stock-Based Compensation [Abstract] | |
Summarized Stock Option Activity | The following table summarizes stock option activity for the years ended June 30, 2018, 2017 and 2016: Weighted Average Weighted Weighted Remaining Aggregate Average average Contractual Intrinsic Grant Number of exercise Term Value Date Fair shares price ($) (in years) ($'000) Value ($) Outstanding – July 1, 2015 2,401,169 15.34 4.74 11,516 Exercised (323,645 ) 11.62 2,669 Outstanding – June 30, 2016 2,077,524 15.92 3.65 926 Exercised (321,026 ) 8.97 3,607 Expired unexercised (474,443 ) 22.51 - Forfeitures (435,448 ) 17.88 - Outstanding – June 30, 2017 846,607 13.87 3.80 486 Forfeitures (37,333 ) 11.23 - Outstanding – June 30, 2018 809,274 13.99 2.67 370 The following table presents stock options that are exercisable as of June 30, 2018: Weighted Average Weighted Remaining Aggregate average Contractual Intrinsic Number of exercise Term Value shares price ($) (in years) ($'000) Exercisable – June 30, 2018 809,274 13.99 2.67 370 |
Restricted Stock Activity | Number of Weighted Shares of Average Grant Restricted Date Fair Value Stock ($'000) Non-vested – July 1, 2015 341,529 1,759 Granted – August 2015 319,492 6,406 Vested – August 2015 (71,574 ) 1,435 Non-vested – June 30, 2016 589,447 7,622 Total granted 389,587 4,172 Granted – August 2016 387,000 4,145 Granted – May 2017 2,587 27 Total vested (268,091 ) 2,590 Vested – August 2016 (68,091 ) 694 Vested – June 2017 (200,000 ) 1,896 Forfeitures (205,470 ) 2,219 Non-vested – June 30, 2017 505,473 11,173 Total granted 618,411 4,581 Granted – August 2017 588,594 4,288 Granted – March 2018 22,817 234 Granted – May 2018 7,000 59 Vested – August 2017 (56,250 ) 527 Total forfeitures (302,223 ) 3,222 Forfeitures – employee terminations (33,635 ) 516 Forfeitures – August and November 2014 awards with market conditions (95,326 ) 1,133 Forfeitures – August 2015 awards with performance conditions (173,262 ) 1,573 Non-vested – June 30, 2018 765,411 6,162 |
Recorded Net Stock Compensation (Reversal) Charge | Allocated to cost of goods sold, IT Allocated to Total processing, selling, charge servicing general and (reversal) and support administration Year ended June 30, 2018 Stock-based compensation charge $ 2,656 $ - $ 2,656 Reversal of stock compensation charge related to restricted stock forfeited (49 ) - (49 ) Total – year ended June 30, 2018 $ 2,607 $ - $ 2,607 Year ended June 30, 2017 Stock-based compensation charge $ 3,905 $ - $ 3,905 Reversal of stock compensation charge related to stock options and restricted stock forfeited (1,923 ) - (1,923 ) Total – year ended June 30, 2017 $ 1,982 $ - $ 1,982 Year ended June 30, 2016 Stock-based compensation charge $ 3,598 $ - $ 3,598 Total – year ended June 30, 2016 $ 3,598 $ - $ 3,598 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Income Taxes [Abstract] | |
Components Of Income Before Income Taxes | 2018 2017 2016 South Africa $ 98,893 $ 129,786 $ 119,097 United States (15,329 ) (20,902 ) (5,915 ) Other (15,671 ) 5,572 13,055 Income before income taxes $ 67,893 $ 114,456 $ 126,237 |
Provision For Income Taxes By Location Of Taxing Jurisdiction | 2018 2017 2016 Current income tax $ 95,529 $ 45,857 $ 88,807 South Africa 35,745 35,986 31,815 United States 55,788 4,686 50,750 Other 3,996 5,185 6,242 Deferred taxation (benefit) charge 1,293 (40 ) (161 ) South Africa 2,528 (473 ) 3,044 United States 477 1,123 (274 ) Other (1,712 ) (690 ) (2,931 ) Foreign tax credits generated – United States (55,778 ) (3,345 ) (46,566 ) Change in tax rate – United States 309 - - Income tax provision $ 41,353 $ 42,472 $ 42,080 |
Reconciliation Of Income Taxes | 2018 2017 2016 Income tax rate reconciliation: Income taxes at fully-distributed South African tax rates 28.00 % 28.00 % 28.00 % Non-deductible items 22.35 % 1.01 % 0.38 % Foreign tax rate differential (0.96 %) 0.00 % 7.42 % Transition Tax 81.88 % - % - % Foreign tax credits (82.17 %) (0.05 %) (36.88 %) Indirect foreign tax credits repealed 48.07 % - % - % Taxation on deemed dividends in the United States 2.84 % 8.00 % 34.60 % Movement in valuation allowance (39.22 %) 0.07 % (0.09 %) Change in tax laws – United States 0.16 % - % - % Prior year adjustments (0.03 %) 0.07 % (0.09 %) Income tax provision 60.92 % 37.10 % 33.34 % |
Schedule Of Deferred Tax Assets And Liabilities | 2018 2017 Total deferred tax assets Net operating loss carryforwards $ 11,339 $ 4,946 Provisions and accruals 6,384 4,413 FTS patent 367 475 Intangible assets 687 829 Foreign tax credits 10 32,574 Other 7,779 5,717 Total deferred tax assets before valuation allowance 26,566 48,954 Valuation allowances (16,057 ) (38,967 ) Total deferred tax assets, net of valuation allowance 10,509 9,987 Total deferred tax liabilities: Intangible assets 35,541 9,141 Investments 6,772 - Other 8,490 6,655 Total deferred tax liabilities 50,803 15,796 Reported as Current deferred tax assets - 5,330 Long-term deferred tax assets 6,312 - Long-term deferred tax liabilities 46,606 11,139 Net deferred income tax liabilities $ 40,294 $ 5,809 |
Movement In Valuation Allowance | Net Foreign operating tax loss carry- FTS Total credits forwards patent Other July 1, 2016 $ 38,834 $ 36,748 $ 931 $ 158 $ 997 Reversed to statement of operations (4,302 ) (4,174 ) (128 ) - - Charged to statement of operations 4,684 - 3,107 - 1,577 Foreign currency adjustment (249 ) - (211 ) (38 ) - June 30, 2017 38,967 32,574 3,699 120 2,574 Reversed to statement of operations (32,634 ) (32,634 ) - - - Charged to statement of operations 9,582 10 971 - 8,601 Utilized 60 60 - - - Change in tax laws (894 ) - (263 ) - (631 ) Foreign currency adjustment 976 - 1,038 (63 ) 1 June 30, 2018 $ 16,057 $ 10 $ 5,445 $ 57 $ 10,545 |
Schedule Of Operating Loss Carryforwards | Year of expiration U.S. net operating loss carry forwards 2024 $ 1,874 2028 $ 4,423 |
Schedule Of Reconciliation Of Total Amounts Of Unrecognized Tax Benefits | 2018 2017 2016 Unrecognized tax benefits - opening balance $ 475 $ 1,930 $ 2,322 Gross increases - tax positions in prior periods 196 - - Gross decreases - tax positions in prior periods - (2,109 ) (609 ) Gross increases - tax positions in current period 311 440 641 Gross decreases - tax positions in current period (150 ) - - Lapse of statute limitations - - - Foreign currency adjustment 6 214 (424 ) Unrecognized tax benefits - closing balance $ 838 $ 475 $ 1,930 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations | 2018 2017 2016 (in thousands except percent and per share data) Numerator: Net income attributable to Net1 $ 39,150 $ 72,954 $ 82,454 Undistributed earnings 39,150 72,954 82,454 Percent allocated to common shareholders (Calculation 1) 98 % 99 % 99 % Numerator for earnings per share: basic and diluted $ 38,497 $ 72,188 $ 81,370 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 55,860 53,966 47,234 Effect of dilutive securities: Stock options 51 109 242 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 55,911 54,075 47,476 Earnings per share: Basic $ 0.69 $ 1.34 $ 1.72 Diluted $ 0.69 $ 1.33 $ 1.71 (Calculation 1) Basic weighted-average common shares outstanding (A) 55,860 53,966 47,234 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 56,807 54,539 47,863 Percent allocated to common shareholders (A) / (B) 98 % 99 % 99 % |
Supplemental Cash Flow Inform51
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Disclosures | 2018 2017 2016 Cash received from interest $ 16,835 $ 21,130 $ 15,262 Cash paid for interest $ 8,645 $ 3,713 $ 3,439 Cash paid for income taxes $ 41,065 $ 45,165 $ 42,123 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Operating Segments [Abstract] | |
Reconciliation Of Reportable Segments Revenue | Revenue From Reportable Inter- external Segment segment customers South African transaction processing $ 268,047 $ 29,949 $ 238,098 International transaction processing 180,027 - 180,027 Financial inclusion and applied technologies 221,906 27,142 194,764 Total for the year ended June 30, 2018 $ 669,980 $ 57,091 $ 612,889 South African transaction processing $ 249,144 $ 24,518 $ 224,626 International transaction processing 176,729 - 176,729 Financial inclusion and applied technologies 235,901 27,190 208,711 Total for the year ended June 30, 2017 $ 661,774 $ 51,708 $ 610,066 South African transaction processing $ 212,574 $ 17,615 $ 194,959 International transaction processing 169,807 - 169,807 Financial inclusion and applied technologies 249,403 23,420 225,983 Total for the year ended June 30, 2016 $ 631,784 $ 41,035 $ 590,749 |
Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income | For the years ended June 30, 2018 2017 2016 Reportable segments measure of profit or loss $ 85,690 $ 130,799 $ 129,774 Operating income: Corporate/Eliminations (26,741 ) (33,756 ) (15,406 ) Interest income 17,885 20,897 15,292 Interest expense (8,941 ) (3,484 ) (3,423 ) Income before income taxes $ 67,893 $ 114,456 $ 126,237 |
Summary Of Segment Information | For the years ended June 30, 2018 2017 2016 Revenues South African transaction processing $ 268,047 $ 249,144 $ 212,574 International transaction processing 180,027 176,729 169,807 Financial inclusion and applied technologies 221,906 235,901 249,403 Total 669,980 661,774 631,784 Operating income (loss) South African transaction processing 42,796 59,309 51,386 International transaction processing (12,478 ) 13,705 23,389 Financial inclusion and applied technologies 55,372 57,785 54,999 Subtotal: Operating segments 85,690 130,799 129,774 Corporate/Eliminations (26,741 ) (33,756 ) (15,406 ) Total 58,949 97,043 114,368 Depreciation and amortization South African transaction processing 4,625 4,614 6,157 International transaction processing 17,627 21,366 21,852 Financial inclusion and applied technologies 1,441 1,422 1,158 Subtotal: Operating segments 23,693 27,402 29,167 Corporate/Eliminations 11,791 13,976 11,227 Total 35,484 41,378 40,394 Expenditures for long-lived assets South African transaction processing 3,988 2,473 5,101 International transaction processing 4,397 7,745 28,029 Financial inclusion and applied technologies 1,264 977 2,667 Subtotal: Operating segments 9,649 11,195 35,797 Corporate/Eliminations - - - Total $ 9,649 $ 11,195 $ 35,797 |
Revenue Based On Geographic Location | 2018 2017 2016 South Africa $ 433,421 $ 434,124 $ 422,022 South Korea 153,314 153,403 158,609 Rest of world 26,154 22,539 10,118 Total $ 612,889 $ 610,066 $ 590,749 |
Long-Lived Assets Based On Geographical Location | Long-lived assets 2018 2017 2016 South Africa $ 498,418 $ 74,370 $ 69,213 South Korea 177,388 192,473 221,459 Rest of world 116,643 77,723 49,105 Total $ 792,449 $ 344,566 $ 339,777 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies [Abstract] | |
Future Minimum Payments Under Operating Leases | Due within 1 year $ 5,531 Due within 2 years $ 2,706 Due within 3 years $ 1,956 Due within 4 years $ 1,459 Due within 5 years $ 505 |
Unaudited Quarterly Results (Ta
Unaudited Quarterly Results (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Unaudited Quarterly Results [Abstract] | |
Schedule Of Unaudited Consolidated Statements Of Operations | Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2018 2018 2017 2017 2018 (In thousands except per share data) Revenue $ 149,194 $ 162,721 $ 148,416 $ 152,558 $ 612,889 Operating income 10,072 7,564 16,307 25,006 58,949 Net income attributable to Net1 $ 7,036 $ 3,009 $ 9,622 $ 19,483 $ 39,150 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.12 $ 0.05 $ 0.17 $ 0.34 $ 0.69 Diluted earnings attributable to Net1 shareholders $ 0.12 $ 0.05 $ 0.17 $ 0.34 $ 0.68 Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2017 2017 2016 2016 2017 (In thousands except per share data) Revenue $ 155,056 $ 147,944 $ 151,433 $ 155,633 $ 610,066 Operating income 14,726 24,547 25,589 32,181 97,043 Net income attributable to Net1 $ 11,289 $ 18,392 $ 18,641 $ 24,632 $ 72,954 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.20 $ 0.34 $ 0.35 $ 0.46 $ 1.34 Diluted earnings attributable to Net1 shareholders $ 0.20 $ 0.33 $ 0.35 $ 0.46 $ 1.33 |
Description Of Business And B55
Description Of Business And Basis Of Presentation (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
Description Of Business And Basis Of Presentation [Abstract] | |||
Reclassification of redeemable common stock | $ 107,672 | $ 107,672 | [1] |
[1] | Refer to Note 1. |
Significant Accounting Polici56
Significant Accounting Policies (Narrative) (Details) $ in Millions | Jul. 01, 2018USD ($) | Jan. 01, 2018 | Dec. 22, 2017 | Jun. 30, 2018USD ($)itemcontract | Jun. 30, 2017USD ($)item | Jun. 30, 2016USD ($)item |
Significant Accounting Policies [Line Items] | ||||||
Number of entities required to be consolidated | item | 0 | 0 | 0 | |||
Number of deliverables identified for multiple element arrangements | item | 2 | |||||
Research and development expenditures | $ 1.8 | $ 2 | $ 2.3 | |||
Income tax rate | 35.00% | |||||
Undistributed earnings | $ 521.4 | |||||
Minimum probability of tax benefit realization percentage | 50.00% | |||||
Forecast [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Cumulative-effect adjustment on retained earnings | $ 25.2 | |||||
Cumulative-effect adjustment on retained earnings, net of tax | $ 7.3 | |||||
South Africa [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Income tax rate | 28.00% | 28.00% | 28.00% | 28.00% | ||
Minimum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of contracts in which reinsurers compensate losses arising on contracts it issues | contract | 1 |
Significant Accounting Polici57
Significant Accounting Policies (Schedule Of Property Plant And Equipment Expected Economic Lives) (Details) | 12 Months Ended |
Jun. 30, 2018 | |
Minimum [Member] | Computer Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Office Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Minimum [Member] | Vehicles [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Furniture and Fittings [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Building And Structures [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Maximum [Member] | Computer Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Maximum [Member] | Office Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Vehicles [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Maximum [Member] | Furniture and Fittings [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Building And Structures [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Significant Accounting Polici58
Significant Accounting Policies (Schedule Of Intangible Assets Useful Lives) (Details) | 12 Months Ended |
Jun. 30, 2018 | |
FTS Patent [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 10 years |
Exclusive Licenses [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 7 years |
Minimum [Member] | Customer Relationships [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 1 year |
Minimum [Member] | Software And Unpatented Technology [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 3 years |
Minimum [Member] | Trademarks [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 3 years |
Maximum [Member] | Customer Relationships [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 15 years |
Maximum [Member] | Software And Unpatented Technology [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 5 years |
Maximum [Member] | Trademarks [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 20 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands, € in Millions, R in Millions | Jun. 28, 2018ZAR (R)shares | Jun. 28, 2018USD ($) | Mar. 09, 2018ZAR (R)shares | Jul. 27, 2017ZAR (R)shares | Nov. 30, 2016EUR (€) | Nov. 30, 2016USD ($) | Nov. 01, 2016USD ($) | Oct. 31, 2016USD ($) | Oct. 01, 2016USD ($) | Jan. 20, 2016USD ($)shares | Nov. 30, 2017ZAR (R) | Oct. 31, 2016ZAR (R) | Jun. 30, 2016USD ($) | Apr. 30, 2016USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2019ZAR (R) | Sep. 30, 2019USD ($) | Jun. 30, 2018ZAR (R) | Jun. 30, 2018USD ($) | Jun. 28, 2018USD ($)shares | Mar. 09, 2018USD ($)shares | Nov. 30, 2017USD ($) | Jul. 27, 2017USD ($)shares | May 31, 2015 | |
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Other long-term liabilities | $ 2,795 | [1] | $ 38,580 | ||||||||||||||||||||||||
Loan amount | R 126 | $ 10,600 | |||||||||||||||||||||||||
Acquisition-related expenditures | $ 200 | $ 200 | |||||||||||||||||||||||||
DNI [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Percentage acquired in acquisition | 56.00% | 55.00% | 55.00% | ||||||||||||||||||||||||
Malta FS [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Percentage acquired in acquisition | 100.00% | 100.00% | |||||||||||||||||||||||||
Pros Software [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Percentage acquired in acquisition | 100.00% | 100.00% | |||||||||||||||||||||||||
Transact24 [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Percentage acquired in acquisition | 44.00% | ||||||||||||||||||||||||||
Masterpayment [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Percentage acquired in acquisition | 60.00% | ||||||||||||||||||||||||||
DNI [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Ordinary A shares subscribed in strategic investments | shares | 44,999,999 | 44,999,999 | |||||||||||||||||||||||||
Percentage of voting and economic interest under share subscription | 49.00% | 45.00% | |||||||||||||||||||||||||
Subscription of shares, value | R 945 | $ 72,000 | |||||||||||||||||||||||||
Other long-term liabilities | R 113.8 | R 373.6 | $ 27,200 | $ 8,300 | |||||||||||||||||||||||
Percentage of obligation | 50.00% | ||||||||||||||||||||||||||
Percentage of agreed to reimburse DNI | 50.00% | ||||||||||||||||||||||||||
Payment date | Aug. 1, 2019 | ||||||||||||||||||||||||||
Interest rate | 10.00% | 10.00% | |||||||||||||||||||||||||
Business acquisition, cost of acquired entity | $ 85,700 | ||||||||||||||||||||||||||
Repaid loan | R 126 | $ 9,200 | |||||||||||||||||||||||||
Business acquisition, acquisition-related expenditure | $ 500 | ||||||||||||||||||||||||||
Malta FS [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Nov. 1, 2016 | ||||||||||||||||||||||||||
Business acquisition, cost of acquired entity | € 3.6 | $ 3,900 | |||||||||||||||||||||||||
Business acquisition, contributed revenue | $ 200 | ||||||||||||||||||||||||||
Business acquisition, contributed net loss | $ 700 | ||||||||||||||||||||||||||
Pros Software [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Oct. 1, 2016 | ||||||||||||||||||||||||||
Business acquisition, cost of acquired entity | $ 1,800 | R 25 | |||||||||||||||||||||||||
Business acquisition, contributed revenue | $ 500 | ||||||||||||||||||||||||||
Business acquisition, contributed net loss | $ 1,800 | ||||||||||||||||||||||||||
Malta FS And Pros Software [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition, acquisition-related expenditure | $ 500 | ||||||||||||||||||||||||||
Transact24 [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Jan. 20, 2016 | ||||||||||||||||||||||||||
Business acquisition, cost of acquired entity | $ 3,000 | ||||||||||||||||||||||||||
Shares issued in acquisition | shares | 391,645 | ||||||||||||||||||||||||||
Fair value of shares issued in acquisition | $ 4,000 | ||||||||||||||||||||||||||
Business acquisition, contributed revenue | 3,800 | ||||||||||||||||||||||||||
Business acquisition, contributed net loss | 30 | ||||||||||||||||||||||||||
Masterpayment [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Apr. 1, 2016 | ||||||||||||||||||||||||||
Business acquisition, cost of acquired entity | $ 9,400 | $ 14,800 | |||||||||||||||||||||||||
EBITDA earn-out | $ 5,400 | ||||||||||||||||||||||||||
Consideration transferred | $ 25,955 | ||||||||||||||||||||||||||
Business acquisition, contributed revenue | 2,400 | ||||||||||||||||||||||||||
Business acquisition, contributed net loss | $ (40) | ||||||||||||||||||||||||||
After June 30, 2016 [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Percentage of shares issued restricted to resale | 50.00% | ||||||||||||||||||||||||||
After June 30, 2017 [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Percentage of shares issued restricted to resale | 50.00% | ||||||||||||||||||||||||||
Additional [Member] | DNI [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Percentage acquired in acquisition | 6.00% | 6.00% | |||||||||||||||||||||||||
Additional [Member] | DNI [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Ordinary A shares subscribed in strategic investments | shares | 6,000,000 | 4,000,000 | 6,000,000 | 4,000,000 | |||||||||||||||||||||||
Percentage of voting and economic interest under share subscription | 55.00% | 55.00% | 49.00% | ||||||||||||||||||||||||
Subscription of shares, value | R 126 | R 89.3 | R 400 | $ 29,100 | $ 9,200 | $ 7,500 | |||||||||||||||||||||
Other long-term liabilities | R 400 | $ 29,100 | |||||||||||||||||||||||||
Payment date | Aug. 1, 2019 | ||||||||||||||||||||||||||
Interest rate | 6.30% | 6.30% | |||||||||||||||||||||||||
Forecast [Member] | DNI [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Other long-term liabilities | R 129 | $ 9,400 | |||||||||||||||||||||||||
[1] | Refer to Note 1. |
Acquisitions (Schedule Of Cash
Acquisitions (Schedule Of Cash Paid Net Of Cash Received Related To Company Acquisitions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Business Acquisition [Line Items] | ||||
Total cash paid, net of cash received | $ 6,202 | $ 4,651 | $ 15,767 | |
DNI [Member] | ||||
Business Acquisition [Line Items] | ||||
Total cash paid, net of cash received | [1] | $ 6,202 | ||
Malta FS [Member] | ||||
Business Acquisition [Line Items] | ||||
Total cash paid, net of cash received | 2,940 | |||
Pros Software [Member] | ||||
Business Acquisition [Line Items] | ||||
Total cash paid, net of cash received | $ 1,711 | |||
Transact24 [Member] | ||||
Business Acquisition [Line Items] | ||||
Total cash paid, net of cash received | 1,666 | |||
Masterpayment [Member] | ||||
Business Acquisition [Line Items] | ||||
Total cash paid, net of cash received | $ 14,101 | |||
[1] | represents the cash paid, net of cash acquired, to acquire a further 6% voting and economic interest, which resulted in the Company obtaining a controlling stake in DNI. As described below, the acquisition of DNI occurred in stages and DNI was accounted for using the equity method until June 30, 2018, being the point at which the Company obtained control over DNI. The total cash paid, net of cash acquired, to obtain a 55% voting and economic interest in DNI was $85.7 million. |
Acquisitions (Schedule Of Purch
Acquisitions (Schedule Of Purchase Price Allocation Translated At Applicable Foreign Exchange Rate) (Details) - USD ($) $ in Thousands | Jul. 27, 2017 | Jan. 20, 2016 | Apr. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2016 | Jun. 30, 2017 | Nov. 30, 2016 | Oct. 31, 2016 | Jun. 30, 2015 | ||
Business Acquisition [Line Items] | |||||||||||
Goodwill (Note 10) | $ 283,240 | $ 179,478 | $ 188,833 | [1] | $ 166,437 | ||||||
Deferred tax liabilities | (29,100) | (700) | |||||||||
Less: carrying value at the acquisition date (Note 9) | $ (79,633) | ||||||||||
DNI [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash and cash equivalents | $ 2,979 | ||||||||||
Accounts receivable | 16,977 | ||||||||||
Inventory | 2,526 | ||||||||||
Property, plant and equipment | 1,317 | ||||||||||
Equity-accounted investments - Speckpack (Note 9) | 339 | ||||||||||
Goodwill (Note 10) | 114,161 | ||||||||||
Intangible assets (Note 10) | 104,003 | ||||||||||
Deferred tax assets | 561 | ||||||||||
Other long-term assets | [2] | 21,348 | |||||||||
Account payables and other payables | (20,914) | ||||||||||
Income taxes payable | |||||||||||
Other long-term liabilities | [2] | (8,291) | |||||||||
Deferred tax liabilities | (29,121) | ||||||||||
Fair value of assets and liabilities on acquisition | 205,885 | ||||||||||
Less: fair value attributable to controlling interests on aquisition date | (94,123) | ||||||||||
Less: fair value of equity-accounted investment, comprising: | (100,947) | ||||||||||
Add: loss on re-measurement of previously held interest | 4,614 | ||||||||||
Less: Contingent payment recognized related to 49% interest acquired | (25,589) | ||||||||||
Less: carrying value at the acquisition date (Note 9) | (79,972) | ||||||||||
Less: Contingent payment recognized related to 6% interest acquired | (1,633) | ||||||||||
Total purchase price | $ 9,182 | ||||||||||
Malta FS [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash and cash equivalents | $ 999 | ||||||||||
Accounts receivable | 983 | ||||||||||
Property, plant and equipment | 30 | ||||||||||
Goodwill (Note 10) | 2,475 | ||||||||||
Intangible assets (Note 10) | 1,078 | ||||||||||
Account payables and other payables | (1,570) | ||||||||||
Deferred tax liabilities | (56) | ||||||||||
Total purchase price | $ 3,939 | ||||||||||
Pros Software [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash and cash equivalents | $ 110 | ||||||||||
Accounts receivable | 165 | ||||||||||
Property, plant and equipment | 9 | ||||||||||
Intangible assets (Note 10) | 2,311 | ||||||||||
Account payables and other payables | (58) | ||||||||||
Income taxes payable | (69) | ||||||||||
Deferred tax liabilities | (647) | ||||||||||
Total purchase price | $ 1,821 | ||||||||||
Malta FS And Pros Software [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash and cash equivalents | 1,109 | ||||||||||
Accounts receivable | 1,148 | ||||||||||
Property, plant and equipment | 39 | ||||||||||
Goodwill (Note 10) | 2,475 | ||||||||||
Intangible assets (Note 10) | 3,389 | ||||||||||
Account payables and other payables | (1,628) | ||||||||||
Income taxes payable | (69) | ||||||||||
Deferred tax liabilities | (703) | ||||||||||
Total purchase price | $ 5,760 | ||||||||||
Transact24 [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash and cash equivalents | $ 1,334 | ||||||||||
Accounts receivable | 2,019 | ||||||||||
Property, plant and equipment | 154 | ||||||||||
Goodwill (Note 10) | 6,024 | ||||||||||
Intangible assets (Note 10) | 4,974 | ||||||||||
Deferred tax assets | 1,070 | ||||||||||
Account payables and other payables | (1,898) | ||||||||||
Deferred tax liabilities | (1,243) | ||||||||||
Fair value of assets and liabilities on acquisition | 12,434 | ||||||||||
Less: fair value of equity-accounted investment, comprising: | (5,471) | ||||||||||
Less: gain on re-measurement of previously held interest | (1,908) | ||||||||||
Less: carrying value at the acquisition date (Note 9) | (3,563) | ||||||||||
Total purchase price | $ 6,963 | ||||||||||
Masterpayment [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash and cash equivalents | $ 665 | ||||||||||
Accounts receivable | 765 | ||||||||||
Property, plant and equipment | 18 | ||||||||||
Goodwill (Note 10) | 17,084 | ||||||||||
Intangible assets (Note 10) | 9,428 | ||||||||||
Account payables and other payables | (1,114) | ||||||||||
Deferred tax liabilities | (2,236) | ||||||||||
Fair value of assets and liabilities on acquisition | 24,610 | ||||||||||
Less: fair value attributable to controlling interests on acquisition date | (9,844) | ||||||||||
Total purchase price | 14,766 | ||||||||||
Add: carrying value of non-controlling interests acquired | 9,867 | ||||||||||
Add: adjustment to Net1 equity (Note 15) | 1,322 | ||||||||||
Cash paid for non-controlling interest (Note 15) | 11,189 | ||||||||||
Total consideration paid for Masterpayment | $ 25,955 | ||||||||||
Transact24 And Masterpayment [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash and cash equivalents | 1,999 | ||||||||||
Accounts receivable | 2,784 | ||||||||||
Property, plant and equipment | 172 | ||||||||||
Goodwill (Note 10) | 23,108 | ||||||||||
Intangible assets (Note 10) | 14,402 | ||||||||||
Deferred tax assets | 1,070 | ||||||||||
Account payables and other payables | (3,012) | ||||||||||
Deferred tax liabilities | (3,479) | ||||||||||
Fair value of assets and liabilities on acquisition | 37,044 | ||||||||||
Less: fair value of equity-accounted investment, comprising: | (5,471) | ||||||||||
Less: gain on re-measurement of previously held interest | (1,908) | ||||||||||
Less: carrying value at the acquisition date (Note 9) | (3,563) | ||||||||||
Less: fair value attributable to controlling interests on acquisition date | (9,844) | ||||||||||
Total purchase price | $ 21,729 | ||||||||||
[1] | Refer to Note 1. | ||||||||||
[2] | DNI concluded an acquisition in November 2017 and other long-term liabilities includes a contingent purchase consideration of ZAR 113.8 million ($8.3 million) due to the sellers and other long-term assets includes an amount due from the DNI shareholders, excluding the Company. DNI is obligated under the terms of this obligation to pay 50% of the purchase consideration plus or (less) a contingent amount (refund) calculated on a multiple of excess (deficit) earnings over (less) an agreed earnings amount. The other DNI shareholders have agreed to reimburse DNI the 50% consideration plus (less) the contingent amount (refund) payable in full. Therefore, other long-term asset includes the amounts due from the DNI shareholder, excluding the Company, and other long-term liabilities includes the contingent consideration due under the November 2017 acquisition. The Company expects DNI to pay, and to be reimbursed, the additional amount during the first quarter of the year ended June 30, 2020, which amount represents the present value of the ZAR 129.0 million ($9.4 million) to be paid (amounts translated at exchange rates applicable as of June 30, 2018). The present value of ZAR 113.8 million ($8.3 million) has been calculated using the following assumptions (a) the maximum additional amount of ZAR 129.0 million will be paid on August 1, 2019 and (b) an interest rate of 10.0 % (the rate used to calculate interest earned by DNI on its surplus South African funds) has been used to discount the ZAR 129.0 million to its present value as of June 30, 2018. Utilization of different inputs, or changes to these inputs, may result in significantly higher or lower fair value measurement. |
Accounts Receivable, Net And 62
Accounts Receivable, Net And Finance Loans Receivable, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable | $ 109,683 | $ 111,429 | [1] | |
Accounts Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bad debt expense | 100 | 100 | $ 1,200 | |
Financing Loan Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bad debt expense | $ 0 | $ 0 | $ 0 | |
[1] | Refer to Note 1. |
Accounts Receivable, Net And 63
Accounts Receivable, Net And Finance Loans Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Accounts Receivable, Net And Finance Loans Receivable, Net [Abstract] | |||
Accounts receivable, trade, net | $ 49,365 | $ 53,818 | |
Accounts receivable, trade, gross | 50,466 | 55,073 | |
Allowance for doubtful accounts receivable, end of year | 1,101 | 1,255 | |
Beginning of year | 1,255 | 1,669 | |
Acquired in acquisition | 10 | ||
Reversed to statement of operations | (47) | (42) | |
Charged to statement of operations | 642 | 672 | |
Utilized | (776) | (1,200) | |
Foreign currency adjustment | 27 | 146 | |
Current portion of payments to agents in South Korea amortized over the contract period | 21,971 | 22,562 | |
Payments to agents in South Korea amortized over the contract period | 39,554 | 39,852 | |
Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 9) | 17,582 | 17,290 | |
Loans provided to Finbond (Note 9) | 1,107 | 11,920 | |
Other receivables | 37,240 | 23,129 | |
Total accounts receivable, net | $ 109,683 | $ 111,429 | [1] |
[1] | Refer to Note 1. |
Accounts Receivable, Net And 64
Accounts Receivable, Net And Finance Loans Receivable, Net (Schedule Of Finance Loans Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current portion of other finance loans receivable | $ 742 | ||
Total other finance loans receivable | 13,025 | ||
Less included in other long-term assets (Note 9) | 12,283 | ||
Total finance loans receivable, net | 62,205 | $ 80,177 | [1] |
Microlending Finance Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivable, net | 57,504 | 50,994 | |
Receivable, gross | 61,743 | 54,711 | |
Allowance for doubtful receivable, end of year | 4,239 | 3,717 | |
Beginning of year | 3,717 | 4,494 | |
Reversed to statement of operations | (55) | ||
Charged to statement of operations | 4,348 | ||
Utilized | (3,588) | (1,260) | |
Foreign currency adjustment | (238) | 538 | |
Working Capital Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivable, net | 3,959 | 29,183 | |
Receivable, gross | 16,123 | 32,935 | |
Allowance for doubtful receivable, end of year | 12,164 | 3,752 | |
Beginning of year | 3,752 | ||
Charged to statement of operations | 8,415 | 3,752 | |
Utilized | |||
Foreign currency adjustment | $ (3) | ||
[1] | Refer to Note 1. |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
Inventory [Abstract] | |||
Finished goods | $ 12,887 | $ 8,020 | |
Inventory | $ 12,887 | $ 8,020 | [1] |
[1] | Refer to Note 1. |
Fair Value Of Financial Instr66
Fair Value Of Financial Instruments (Narrative) (Details) R in Millions | 12 Months Ended | |||||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($)contract | Jun. 30, 2018ZAR (R)contract | Jun. 30, 2018USD ($)contract | Aug. 02, 2017shares | Jun. 30, 2016USD ($) | |
Derivatives, Fair Value [Line Items] | ||||||
Years of significant fluctuation of US Dollar to ZAR exchange rate | 3 years | |||||
Adjusted EBITDA | $ 5,824,000 | $ 181,880,000 | ||||
Acquisition-related expenditures | $ 200,000 | |||||
Transfers into or out of Level 3 | $ 0 | $ 0 | ||||
Impairment charges | $ 0 | |||||
Outstanding foreign exchange contracts | contract | 0 | 0 | 0 | |||
Cell C [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Equity method investment, percentage of ownership interest | 14.00% | 14.00% | ||||
Adjusted EBITDA | R 3,900 | $ 284,800,000 | ||||
EBITDA multiple | 6.75 | |||||
Net external debt | R 8.8 | $ 641,100,000 | ||||
Impact of increase and decrease to EBITDA multiple | 0.50% | 0.50% | ||||
Marketability discount | 10.00% | |||||
Cell C [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Equity-accounted investments, ownership percentage | 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 |
Fair Value Of Financial Instr67
Fair Value Of Financial Instruments (Impact of EBITDA Multiple) (Details) - Cell C [Member] $ in Thousands | 12 Months Ended |
Jun. 30, 2018USD ($) | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
EBITDA multiple | 6.75 |
EBITDA Multiple 6.25 Times [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Sensitivity for fair value of investment | $ 153,724 |
EBITDA multiple | 6.25 |
EBITDA Multiple 6.75 Times [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Sensitivity for fair value of investment | $ 172,948 |
EBITDA multiple | 6.75 |
EBITDA Multiple 7.25 Times [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Sensitivity for fair value of investment | $ 192,172 |
EBITDA multiple | 7.25 |
Fair Value Of Financial Instr68
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cell C | $ 172,948 | |
Cash and cash equivalents (included in other long-term assets) | 610 | $ 627 |
Fixed maturity investment (included in cash and cash equivalents) | 8,304 | 5,160 |
Other | 18 | 37 |
Total assets at fair value | 181,880 | 5,824 |
DNI contingent consideration (Note 3) | 27,222 | |
Total liabilities at fair value | 27,222 | |
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) | 610 | 627 |
Fixed maturity investment (included in cash and cash equivalents) | 8,304 | 5,160 |
Total assets at fair value | 8,914 | 5,787 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other | 18 | 37 |
Total assets at fair value | 18 | $ 37 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in Cell C | 172,948 | |
Total assets at fair value | 172,948 | |
DNI contingent consideration (Note 3) | 27,222 | |
Total liabilities at fair value | $ 27,222 |
Property, Plant And Equipment69
Property, Plant And Equipment, Net (Schedule Of Property Plant And Equipment Net) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Cost | $ 156,239 | $ 159,623 | |
Accumulated depreciation | 129,185 | 120,212 | |
Carrying amount | 27,054 | 39,411 | [1] |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 880 | 858 | |
Accumulated depreciation | |||
Carrying amount | 880 | 858 | |
Building And Structures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 483 | 471 | |
Accumulated depreciation | 193 | 171 | |
Carrying amount | 290 | 300 | |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 125,241 | 131,589 | |
Accumulated depreciation | 104,185 | 97,475 | |
Carrying amount | 21,056 | 34,114 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 9,438 | 8,769 | |
Accumulated depreciation | 7,221 | 6,804 | |
Carrying amount | 2,217 | 1,965 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 20,197 | 17,936 | |
Accumulated depreciation | 17,586 | 15,762 | |
Carrying amount | $ 2,611 | $ 2,174 | |
[1] | Refer to Note 1. |
Equity-Accounted Investments 70
Equity-Accounted Investments And Other Long-Term Assets (Narrative) (Details) R / shares in Units, item in Millions, customer in Millions, SFr in Millions, R in Millions | Jun. 28, 2018ZAR (R)shares | Apr. 20, 2018shares | Mar. 09, 2018ZAR (R)shares | Feb. 09, 2018CHF (SFr) | Feb. 09, 2018USD ($) | Oct. 02, 2017CHF (SFr) | Oct. 02, 2017USD ($) | Jul. 27, 2017USD ($) | Jul. 17, 2017shares | Jul. 13, 2017ZAR (R)shares | Jul. 13, 2017USD ($)shares | Dec. 31, 2017USD ($) | Aug. 31, 2017 | Jun. 30, 2017USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2018USD ($)itemcustomer | Jun. 30, 2016USD ($) | Jun. 30, 2018ZAR (R)shares | Jun. 30, 2018USD ($)shares | Jun. 29, 2018ZAR (R)R / shares | Jun. 28, 2018USD ($)shares | Apr. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 09, 2018USD ($)shares | Aug. 02, 2017ZAR (R)shares | Aug. 02, 2017USD ($)shares | Jul. 27, 2017ZAR (R)shares | Jul. 27, 2017USD ($)shares | Oct. 07, 2016ZAR (R) | Oct. 07, 2016USD ($) | ||
Market value of holding | $ 27,862,000 | [1] | $ 88,331,000 | |||||||||||||||||||||||||||||
Acquisition of shares | $ 144,533,000 | |||||||||||||||||||||||||||||||
Equity acquisition amount under purchase agreement | (4,614,000) | $ 1,909,000 | ||||||||||||||||||||||||||||||
Available for sale or held to maturity investments | $ 183,343,000 | |||||||||||||||||||||||||||||||
Finbond [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 139.2 | $ 10,000,000 | ||||||||||||||||||||||||||||||
Investment shares owned | shares | 261,069,481 | 261,069,481 | ||||||||||||||||||||||||||||||
Share price | R / shares | R 3.80 | |||||||||||||||||||||||||||||||
Market value of holding | $ 72,300,000 | R 992.1 | ||||||||||||||||||||||||||||||
Acquisition of shares | 13,043,000 | |||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 26.00% | 29.00% | 29.00% | |||||||||||||||||||||||||||||
Finbond [Member] | LIBOR Plus Margin [Member] | ||||||||||||||||||||||||||||||||
Interest rate | 12.00% | |||||||||||||||||||||||||||||||
Finbond [Member] | Additional [Member] | ||||||||||||||||||||||||||||||||
Number of additional shares acquired | shares | 3,600,000 | 3,600,000 | ||||||||||||||||||||||||||||||
Acquisition of shares | R 11.2 | $ 800,000 | ||||||||||||||||||||||||||||||
Shares received as a capitalization share issue in lieu of a dividend | shares | 4,361,532 | |||||||||||||||||||||||||||||||
Finbond [Member] | Rights Offering [Member] | ||||||||||||||||||||||||||||||||
Number of additional shares acquired | shares | 55,585,514 | |||||||||||||||||||||||||||||||
OneFi [Member] | ||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 25.00% | 25.00% | 25.00% | |||||||||||||||||||||||||||||
DNI [Member] | ||||||||||||||||||||||||||||||||
Acquisition of shares | [2] | $ 79,541,000 | ||||||||||||||||||||||||||||||
Percentage of voting and economic interest under share subscription | 49.00% | |||||||||||||||||||||||||||||||
Speckpack [Member] | ||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 50.00% | 50.00% | ||||||||||||||||||||||||||||||
Cedar Cellular [Member] | ||||||||||||||||||||||||||||||||
Purchased notes amount | $ 9,000,000 | |||||||||||||||||||||||||||||||
Face value | $ 20,500,000 | |||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 7.625% | 7.625% | ||||||||||||||||||||||||||||||
Interest rate | 8.625% | 8.625% | ||||||||||||||||||||||||||||||
Maturity date | Aug. 2, 2022 | |||||||||||||||||||||||||||||||
Available for sale or held to maturity investments | $ 10,395,000 | |||||||||||||||||||||||||||||||
Cell C [Member] | ||||||||||||||||||||||||||||||||
Available for sale or held to maturity investments | 172,948,000 | |||||||||||||||||||||||||||||||
DNI [Member] | ||||||||||||||||||||||||||||||||
Ordinary A shares subscribed in strategic investments | shares | 44,999,999 | 44,999,999 | ||||||||||||||||||||||||||||||
Non-cash re-measurement loss | $ 4,614,000 | |||||||||||||||||||||||||||||||
Percentage of voting and economic interest under share subscription | 49.00% | 45.00% | ||||||||||||||||||||||||||||||
Subscription of shares, value | R 945 | $ 72,000,000 | ||||||||||||||||||||||||||||||
DNI [Member] | Additional [Member] | ||||||||||||||||||||||||||||||||
Ordinary A shares subscribed in strategic investments | shares | 6,000,000 | 4,000,000 | 6,000,000 | 4,000,000 | ||||||||||||||||||||||||||||
Percentage of voting and economic interest under share subscription | 55.00% | 49.00% | ||||||||||||||||||||||||||||||
Subscription of shares, value | R 126 | R 89.3 | R 400 | $ 29,100,000 | $ 9,200,000 | $ 7,500,000 | ||||||||||||||||||||||||||
Bank Frick [Member] | ||||||||||||||||||||||||||||||||
Percentage of ownership interest under purchase agreement | 30.00% | 30.00% | 35.00% | 35.00% | ||||||||||||||||||||||||||||
Equity acquisition amount under purchase agreement | SFr 39.8 | $ 40,900,000 | ||||||||||||||||||||||||||||||
Exercisable option date | Oct. 2, 2019 | |||||||||||||||||||||||||||||||
Bank Frick [Member] | Additional [Member] | ||||||||||||||||||||||||||||||||
Percentage of ownership interest under purchase agreement | 5.00% | 5.00% | ||||||||||||||||||||||||||||||
Equity acquisition amount under purchase agreement | SFr 10.4 | $ 11,100,000 | ||||||||||||||||||||||||||||||
Cell C [Member] | ||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 15.00% | 15.00% | ||||||||||||||||||||||||||||||
DNI [Member] | Speckpack [Member] | ||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 50.00% | 50.00% | ||||||||||||||||||||||||||||||
MobiKwik [Member] | ||||||||||||||||||||||||||||||||
Percentage of ownership interest under purchase agreement | 13.50% | |||||||||||||||||||||||||||||||
Premium percentage from issuance of additional shares to new shareholder | 50.00% | |||||||||||||||||||||||||||||||
Percentage of ownership diluted | 12.00% | |||||||||||||||||||||||||||||||
MobiKwik [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Number of users | customer | 60 | |||||||||||||||||||||||||||||||
Number of merchants | item | 2.5 | |||||||||||||||||||||||||||||||
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] | ||||||||||||||||||||||||||||||||
Subscription of shares, value | R 2,000 | $ 151,000,000 | ||||||||||||||||||||||||||||||
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] | ||||||||||||||||||||||||||||||||
Contribute amount | SFr 3.8 | $ 4,100,000 | ||||||||||||||||||||||||||||||
OneFi [Member] | Convertible Debt [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 10,000,000 | |||||||||||||||||||||||||||||||
Outstanding amount | $ 2,000,000 | $ 2,000,000 | ||||||||||||||||||||||||||||||
OneFi [Member] | Additional [Member] | Convertible Debt [Member] | ||||||||||||||||||||||||||||||||
Outstanding amount | $ 1,000,000 | |||||||||||||||||||||||||||||||
Cedar Cellular [Member] | Cell C [Member] | ||||||||||||||||||||||||||||||||
Subscription of shares, value | 9,900,000 | |||||||||||||||||||||||||||||||
Amount of less than the carrying value of the notes | $ 500,000 | |||||||||||||||||||||||||||||||
Cedar Cellular [Member] | Cell C [Member] | Cell C [Member] | Class A [Member] | ||||||||||||||||||||||||||||||||
Investment shares owned | shares | 59,000,000 | 59,000,000 | ||||||||||||||||||||||||||||||
Subscription Agreement [Member] | MobiKwik [Member] | ||||||||||||||||||||||||||||||||
Equity acquisition amount under purchase agreement | $ 10,600,000 | $ 15,000,000 | ||||||||||||||||||||||||||||||
[1] | Refer to Note 1. | |||||||||||||||||||||||||||||||
[2] | DNI was included as an equity-accounted investment from August 1, 2017 until June 30, 2018, the date upon which the Company obtained control and commenced consolidation of DNI |
Equity-Accounted Investments 71
Equity-Accounted Investments And Other Long-Term Assets (Ownership Percentage Of Equity-Accounted Investments) (Details) | Jun. 30, 2018 | Jun. 30, 2017 |
Bank Frick [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 35.00% | |
Finbond [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 29.00% | 26.00% |
OneFi [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% |
Speckpack [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 50.00% | |
Walletdoc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 20.00% | 20.00% |
Equity-Accounted Investments 72
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Movement In Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | 16 Months Ended | |||||||||||||
Feb. 28, 2018 | [4] | Feb. 28, 2017 | [4] | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||||||||
Investment in equity: | |||||||||||||||||
Balance as of, beginning | $ 25,703 | $ 24,489 | |||||||||||||||
Acquisition of shares | 144,533 | ||||||||||||||||
Stock-based compensation | (139) | 89 | |||||||||||||||
Comprehensive income (loss): | 9,304 | (33) | |||||||||||||||
Other comprehensive loss | (2,426) | (2,697) | |||||||||||||||
Equity accounted earnings (loss) | 11,730 | 2,664 | |||||||||||||||
Share of net income (loss) | 15,298 | 2,870 | |||||||||||||||
Amortization - acquired intangible assets | (4,011) | ||||||||||||||||
Deferred taxes - acquired intangible assets | 1,103 | ||||||||||||||||
Dilution resulting from corporate transactions | (256) | (206) | |||||||||||||||
Other | (404) | ||||||||||||||||
Dividends received | (5,207) | (1,187) | |||||||||||||||
Carrying value at the acquisition date (Note 3) | (79,633) | ||||||||||||||||
Foreign currency adjustment | [1] | (9,382) | 2,345 | ||||||||||||||
Balance as of, ending | $ 85,179 | 85,179 | 25,703 | $ 85,179 | $ 25,703 | $ 24,489 | |||||||||||
Investment in loans: | |||||||||||||||||
Balance as of, beginning | 2,159 | [1] | 1,156 | ||||||||||||||
Loans granted | 1,000 | 12,044 | |||||||||||||||
Interest accrued | 107 | ||||||||||||||||
Transfer from other receivables, net | 11,235 | ||||||||||||||||
Transfer to investment in equity | (11,102) | ||||||||||||||||
Foreign currency adjustment | [1] | (140) | 772 | ||||||||||||||
Included in accounts receivable, net (Note 5) | (11,920) | ||||||||||||||||
Balance as of, ending | 3,152 | 3,152 | 2,159 | [1] | 3,152 | 2,159 | [1] | 1,156 | |||||||||
DNI [Member] | |||||||||||||||||
Investment in equity: | |||||||||||||||||
Balance as of, beginning | [2] | ||||||||||||||||
Acquisition of shares | [2] | 79,541 | |||||||||||||||
Stock-based compensation | [2] | ||||||||||||||||
Comprehensive income (loss): | [2] | 7,005 | |||||||||||||||
Other comprehensive loss | [2] | ||||||||||||||||
Equity accounted earnings (loss) | [2] | 7,005 | |||||||||||||||
Share of net income (loss) | [2] | 9,510 | |||||||||||||||
Amortization - acquired intangible assets | [2] | (3,480) | |||||||||||||||
Deferred taxes - acquired intangible assets | [2] | 975 | |||||||||||||||
Dilution resulting from corporate transactions | [2] | ||||||||||||||||
Other | [2] | ||||||||||||||||
Dividends received | [2] | (1,765) | |||||||||||||||
Carrying value at the acquisition date (Note 3) | [2] | (79,972) | |||||||||||||||
Foreign currency adjustment | [1],[2] | (4,809) | |||||||||||||||
Balance as of, ending | [2] | 0 | 0 | 0 | |||||||||||||
Investment in loans: | |||||||||||||||||
Balance as of, beginning | [2] | [1] | |||||||||||||||
Loans granted | [2] | ||||||||||||||||
Interest accrued | [2] | ||||||||||||||||
Transfer from other receivables, net | [2] | ||||||||||||||||
Transfer to investment in equity | [2] | ||||||||||||||||
Foreign currency adjustment | [1],[2] | ||||||||||||||||
Included in accounts receivable, net (Note 5) | [2] | ||||||||||||||||
Balance as of, ending | [2] | 0 | 0 | [1] | 0 | [1] | |||||||||||
Bank Frick [Member] | |||||||||||||||||
Investment in equity: | |||||||||||||||||
Balance as of, beginning | |||||||||||||||||
Acquisition of shares | 51,949 | ||||||||||||||||
Stock-based compensation | |||||||||||||||||
Comprehensive income (loss): | (606) | ||||||||||||||||
Other comprehensive loss | |||||||||||||||||
Equity accounted earnings (loss) | 617 | [3] | (606) | ||||||||||||||
Share of net income (loss) | 201 | ||||||||||||||||
Amortization - acquired intangible assets | (531) | ||||||||||||||||
Deferred taxes - acquired intangible assets | 128 | ||||||||||||||||
Dilution resulting from corporate transactions | |||||||||||||||||
Other | (404) | ||||||||||||||||
Dividends received | (1,946) | ||||||||||||||||
Carrying value at the acquisition date (Note 3) | |||||||||||||||||
Foreign currency adjustment | [1] | (1,268) | |||||||||||||||
Balance as of, ending | 48,129 | 48,129 | 48,129 | ||||||||||||||
Investment in loans: | |||||||||||||||||
Balance as of, beginning | [1] | ||||||||||||||||
Loans granted | |||||||||||||||||
Interest accrued | |||||||||||||||||
Transfer from other receivables, net | |||||||||||||||||
Transfer to investment in equity | |||||||||||||||||
Foreign currency adjustment | [1] | ||||||||||||||||
Included in accounts receivable, net (Note 5) | |||||||||||||||||
Balance as of, ending | 0 | 0 | [1] | 0 | [1] | ||||||||||||
Finbond [Member] | |||||||||||||||||
Investment in equity: | |||||||||||||||||
Balance as of, beginning | 18,961 | 16,304 | |||||||||||||||
Acquisition of shares | 13,043 | ||||||||||||||||
Stock-based compensation | (139) | 89 | |||||||||||||||
Comprehensive income (loss): | 2,901 | 816 | |||||||||||||||
Other comprehensive loss | (2,426) | (1,687) | |||||||||||||||
Equity accounted earnings (loss) | $ 19,167 | $ 9,700 | 5,327 | 2,503 | |||||||||||||
Share of net income (loss) | 5,583 | 2,709 | |||||||||||||||
Amortization - acquired intangible assets | |||||||||||||||||
Deferred taxes - acquired intangible assets | |||||||||||||||||
Dilution resulting from corporate transactions | (256) | (206) | |||||||||||||||
Other | |||||||||||||||||
Dividends received | (1,096) | (477) | |||||||||||||||
Carrying value at the acquisition date (Note 3) | |||||||||||||||||
Foreign currency adjustment | [1] | (2,712) | 2,229 | ||||||||||||||
Balance as of, ending | 30,958 | 30,958 | 18,961 | 30,958 | 18,961 | 16,304 | |||||||||||
Investment in loans: | |||||||||||||||||
Balance as of, beginning | [1] | 1,015 | |||||||||||||||
Loans granted | 10,044 | ||||||||||||||||
Interest accrued | 107 | ||||||||||||||||
Transfer from other receivables, net | 11,235 | ||||||||||||||||
Transfer to investment in equity | (11,102) | ||||||||||||||||
Foreign currency adjustment | [1] | (133) | 754 | ||||||||||||||
Included in accounts receivable, net (Note 5) | (11,920) | ||||||||||||||||
Balance as of, ending | 0 | 0 | [1] | 0 | [1] | 1,015 | |||||||||||
Other [Member] | |||||||||||||||||
Investment in equity: | |||||||||||||||||
Balance as of, beginning | [5] | 6,742 | 8,185 | ||||||||||||||
Acquisition of shares | [5] | ||||||||||||||||
Stock-based compensation | [5] | ||||||||||||||||
Comprehensive income (loss): | [5] | 4 | (849) | ||||||||||||||
Other comprehensive loss | [5] | (1,010) | |||||||||||||||
Equity accounted earnings (loss) | 4 | [5] | 161 | [5] | 152 | [6] | 3 | [6] | (268) | [6] | |||||||
Share of net income (loss) | [5] | 4 | 161 | ||||||||||||||
Amortization - acquired intangible assets | [5] | ||||||||||||||||
Deferred taxes - acquired intangible assets | [5] | ||||||||||||||||
Dilution resulting from corporate transactions | [5] | ||||||||||||||||
Other | [5] | ||||||||||||||||
Dividends received | [5] | (400) | (710) | ||||||||||||||
Carrying value at the acquisition date (Note 3) | [5] | 339 | |||||||||||||||
Foreign currency adjustment | [1],[5] | (593) | 116 | ||||||||||||||
Balance as of, ending | [5] | 6,092 | 6,092 | 6,742 | 6,092 | 6,742 | 8,185 | ||||||||||
Investment in loans: | |||||||||||||||||
Balance as of, beginning | [5] | 2,159 | [1] | 141 | |||||||||||||
Loans granted | [5] | 1,000 | 2,000 | ||||||||||||||
Interest accrued | [5] | ||||||||||||||||
Transfer from other receivables, net | [5] | ||||||||||||||||
Transfer to investment in equity | [5] | ||||||||||||||||
Foreign currency adjustment | [1],[5] | (7) | 18 | ||||||||||||||
Included in accounts receivable, net (Note 5) | [5] | ||||||||||||||||
Balance as of, ending | [5] | $ 3,152 | $ 3,152 | $ 2,159 | [1] | $ 3,152 | $ 2,159 | [1] | $ 141 | ||||||||
[1] | The foreign currency adjustment represents the effects of the fluctuations of the South African rand, Nigerian naira and Namibian dollar, against the U.S. dollar on the carrying value. | ||||||||||||||||
[2] | DNI was included as an equity-accounted investment from August 1, 2017 until June 30, 2018, the date upon which the Company obtained control and commenced consolidation of DNI | ||||||||||||||||
[3] | Statement of operations information for Bank Frick is for the period from October 1, 2017 to June 30, 2018. | ||||||||||||||||
[4] | Finbond is listed on the Johannesburg Stock Exchange and the balances included were derived from its publically available information | ||||||||||||||||
[5] | Includes OneFi, SmartSwitch Namibia, Speckpack and Walletdoc | ||||||||||||||||
[6] | Statement of operations information for OneFi and SmartSwitch Namibia for the year ended June 30, 2018, and Walletdoc for the year ended February 28, 2018 |
Equity-Accounted Investments 73
Equity-Accounted Investments And Other Long-Term Assets (Summary Financial Information Of Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | 16 Months Ended | |||||||||||||
Feb. 28, 2018 | Feb. 28, 2017 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||||||||||
Statement of operations, for the period ended | |||||||||||||||||
Net income (loss) | $ 11,730 | $ 2,664 | |||||||||||||||
Bank Frick [Member] | |||||||||||||||||
Balance sheet, as of | |||||||||||||||||
Long-term assets | $ 1,418,160 | 1,418,160 | $ 1,418,160 | ||||||||||||||
Long-term liabilities | 1,323,470 | 1,323,470 | 1,323,470 | ||||||||||||||
Redeemable stock | |||||||||||||||||
Statement of operations, for the period ended | |||||||||||||||||
Revenue | [1] | 33,814 | |||||||||||||||
Operating income (loss) | [1] | 776 | |||||||||||||||
Income (loss) from continuing operations | [1] | 617 | |||||||||||||||
Net income (loss) | 617 | [1] | (606) | ||||||||||||||
Finbond [Member] | |||||||||||||||||
Balance sheet, as of | |||||||||||||||||
Long-term assets | [2] | $ 266,149 | $ 229,875 | ||||||||||||||
Long-term liabilities | [2] | 178,587 | 152,827 | ||||||||||||||
Redeemable stock | [2] | ||||||||||||||||
Non-controlling interests | [2] | 13,896 | 17,366 | ||||||||||||||
Statement of operations, for the period ended | |||||||||||||||||
Revenue | [2] | 161,915 | 97,431 | ||||||||||||||
Operating income (loss) | [2] | 35,225 | 19,551 | ||||||||||||||
Income (loss) from continuing operations | [2] | 19,167 | 9,700 | ||||||||||||||
Net income (loss) | 19,167 | [2] | $ 9,700 | [2] | 5,327 | 2,503 | |||||||||||
Other [Member] | |||||||||||||||||
Balance sheet, as of | |||||||||||||||||
Current assets | [3],[4],[5] | $ 11,433 | 11,433 | 11,433 | 9,196 | 11,433 | 9,196 | ||||||||||
Long-term assets | [3],[5] | 1,343 | 1,343 | 813 | 1,343 | 813 | |||||||||||
Current liabilities | [3],[5] | 3,295 | 3,295 | 443 | 3,295 | 443 | |||||||||||
Long-term liabilities | [3],[5] | 3,930 | 3,930 | 2,872 | 3,930 | 2,872 | |||||||||||
Redeemable stock | [3],[5] | ||||||||||||||||
Statement of operations, for the period ended | |||||||||||||||||
Revenue | [6] | 10,955 | 7,168 | $ 4,966 | |||||||||||||
Operating income (loss) | [6] | 826 | 276 | (21) | |||||||||||||
Income (loss) from continuing operations | [6] | 152 | 3 | (268) | |||||||||||||
Net income (loss) | $ 4 | [7] | $ 161 | [7] | $ 152 | [6] | $ 3 | [6] | $ (268) | [6] | |||||||
[1] | Statement of operations information for Bank Frick is for the period from October 1, 2017 to June 30, 2018. | ||||||||||||||||
[2] | Finbond is listed on the Johannesburg Stock Exchange and the balances included were derived from its publically available information | ||||||||||||||||
[3] | Balance sheet information for OneFi, SmartSwitch Namibia and Speckpack is as of June 30, 2018, and Walletdoc as of February 28, 2018. | ||||||||||||||||
[4] | Bank Frick and Finbond are banks and do not present current and long-term assets and liabilities. All assets and liabilities of these two entities are included under the long-term caption. | ||||||||||||||||
[5] | Includes OneFi, SmartSwitch Namibia, Speckpack and Walletdoc | ||||||||||||||||
[6] | Statement of operations information for OneFi and SmartSwitch Namibia for the year ended June 30, 2018, and Walletdoc for the year ended February 28, 2018 | ||||||||||||||||
[7] | Includes OneFi, SmartSwitch Namibia, Speckpack and Walletdoc |
Equity-Accounted Investments 74
Equity-Accounted Investments And Other Long-Term Assets (Carrying Amount Of Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | ||||
Equity | $ 85,179 | $ 25,703 | $ 24,489 | |
Loans | 3,152 | 2,159 | [1] | $ 1,156 |
Total | $ 88,331 | $ 27,862 | ||
[1] | The foreign currency adjustment represents the effects of the fluctuations of the South African rand, Nigerian naira and Namibian dollar, against the U.S. dollar on the carrying value. |
Equity-Accounted Investments 75
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Other Long-Term Asset) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||||
Total equity investments | $ 199,865 | $ 26,317 | ||
Total held to maturity investments | 10,395 | |||
Long-term portion of payments to agents in South Korea amortized over the contract period | 17,582 | 17,290 | ||
Long-term portion of other finance loans receivable (Note5) | 12,283 | |||
Contingent purchase consideration (Note 3) | 9,064 | |||
Policy holder assets under investment contracts (Note 11) | 610 | 627 | ||
Reinsurance assets under insurance contracts (Note 11) | 633 | 191 | ||
Other long-term assets | [1] | 5,948 | 5,271 | |
Total other long-term assets | 256,380 | 49,696 | [2] | |
Cell C [Member] | ||||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||||
Total equity investments | [1] | 172,948 | ||
MobiKwik [Member] | ||||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||||
Total equity investments | [1] | 26,917 | $ 26,317 | |
Cedar Cellular [Member] | ||||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||||
Total equity investments | $ 10,395 | |||
Equity-accounted investments, ownership percentage | 7.625% | |||
Interest rate | 8.625% | |||
[1] | The investment in MobiKwik and other investments in common stock included within other long-term assets are carried at cost and are reviewed quarterly for indicators of other-than-temporary impairment. It is not practicable for the Company to reliably estimate the fair value of these investments. | |||
[2] | Refer to Note 1. |
Equity-Accounted Investments 76
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Unrealized Gain (Loss) On Investments) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Schedule Of Equity And Held To Maturity Investments [Line Items] | |
Cost basis | $ 154,714 |
Unrealized holding gains | 33,868 |
Carrying value | 183,343 |
Cell C [Member] | |
Schedule Of Equity And Held To Maturity Investments [Line Items] | |
Cost basis | 145,714 |
Unrealized holding gains | 32,473 |
Carrying value | 172,948 |
Cedar Cellular [Member] | |
Schedule Of Equity And Held To Maturity Investments [Line Items] | |
Cost basis | 9,000 |
Unrealized holding gains | 1,395 |
Carrying value | $ 10,395 |
Equity-Accounted Investments 77
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Contractual Maturity Of Investment) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Due in one year or less, Cost basis | |
Due in one year through five years, Cost basis | 9,000 |
Due in five years through ten years, Cost basis | |
Due after ten years, Cost basis | |
Total, Cost basis | 9,000 |
Due in one year or less, Estimated fair value | |
Due in one year through five years, Estimated fair value | 9,916 |
Due in five years through ten years, Estimated fair value | |
Due after ten years, Estimated fair value | |
Total, Estimated fair value | $ 9,916 |
Goodwill And Intangible Asset78
Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Deferred tax liabilities | $ 29,100 | $ 700 | |
Impairment of intangible asset | 0 | 0 | $ 0 |
Impairment of goodwill | (20,917) | ||
Amortization expense | 11,800 | $ 14,000 | $ 11,200 |
International Transaction Processing [Member] | |||
Impairment of goodwill | (19,865) | ||
South African Transaction Processing [Member] | |||
Impairment of goodwill | $ (1,052) |
Goodwill And Intangible Asset79
Goodwill And Intangible Assets, Net (Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Goodwill [Line Items] | ||||||
Gross value, Beginning Balance | $ 188,833 | $ 179,478 | $ 166,437 | |||
Gross value, Impairment of goodwill | ||||||
Gross value, Foreign currency adjustment | [1] | (1,019) | (6,880) | 10,067 | ||
Gross value, Ending Balance | 304,013 | 188,833 | 179,478 | |||
Accumulated impairment, Beginning Balance | ||||||
Accumulated impairment, Impairment of goodwill | (20,917) | |||||
Accumulated impairment, Foreign currency adjustment | [1] | 144 | ||||
Accumulated impairment, Ending Balance | (20,773) | |||||
Carrying value, Beginning Balance | 188,833 | [2] | 179,478 | 166,437 | ||
Carrying value, Impairment loss | (20,917) | |||||
Carrying value, Foreign currency adjustment | [1] | 1,163 | 6,880 | (10,067) | ||
Carrying value, Ending Balance | 283,240 | 188,833 | [2] | 179,478 | ||
Transact24 [Member] | ||||||
Goodwill [Line Items] | ||||||
Gross value, Acquisition (Note 3) | 6,024 | |||||
Accumulated impairment, Acquisition (Note 3) | ||||||
Carrying value, Acquisition (Note 3) | 6,024 | |||||
Masterpayment [Member] | ||||||
Goodwill [Line Items] | ||||||
Gross value, Acquisition (Note 3) | 17,084 | |||||
Accumulated impairment, Acquisition (Note 3) | ||||||
Carrying value, Acquisition (Note 3) | $ 17,084 | |||||
Malta FS [Member] | ||||||
Goodwill [Line Items] | ||||||
Gross value, Acquisition (Note 3) | 2,475 | |||||
Accumulated impairment, Acquisition (Note 3) | ||||||
Carrying value, Acquisition (Note 3) | $ 2,475 | |||||
DNI [Member] | ||||||
Goodwill [Line Items] | ||||||
Gross value, Acquisition (Note 3) | 114,161 | |||||
Accumulated impairment, Acquisition (Note 3) | ||||||
Carrying value, Acquisition (Note 3) | $ 114,161 | |||||
[1] | the foreign currency adjustment 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] | Refer to Note 1. |
Goodwill And Intangible Asset80
Goodwill And Intangible Assets, Net (Goodwill Allocated To Reportable Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Goodwill [Line Items] | ||||||
Carrying value, Beginning Balance | $ 188,833 | [1] | $ 179,478 | $ 166,437 | ||
Carrying value, Impairment loss | (20,917) | |||||
Carrying value, Foreign currency adjustment | [2] | 1,163 | 6,880 | (10,067) | ||
Carrying value, Ending Balance | 283,240 | 188,833 | [1] | 179,478 | ||
Transact24 [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | 6,024 | |||||
Masterpayment [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | 17,084 | |||||
Malta FS [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | 2,475 | |||||
DNI [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | 114,161 | |||||
South African Transaction Processing [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Beginning Balance | 23,131 | 20,425 | 24,579 | |||
Carrying value, Impairment loss | (1,052) | |||||
Carrying value, Foreign currency adjustment | [2] | (1,133) | 2,706 | (4,154) | ||
Carrying value, Ending Balance | 20,946 | 23,131 | 20,425 | |||
South African Transaction Processing [Member] | Transact24 [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | ||||||
South African Transaction Processing [Member] | Masterpayment [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | ||||||
South African Transaction Processing [Member] | Malta FS [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | ||||||
South African Transaction Processing [Member] | DNI [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | ||||||
International Transaction Processing [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Beginning Balance | 140,570 | 136,185 | 115,519 | |||
Carrying value, Impairment loss | (19,865) | |||||
Carrying value, Foreign currency adjustment | [2] | 3,243 | 1,910 | (2,442) | ||
Carrying value, Ending Balance | 123,948 | 140,570 | 136,185 | |||
International Transaction Processing [Member] | Transact24 [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | 6,024 | |||||
International Transaction Processing [Member] | Masterpayment [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | 17,084 | |||||
International Transaction Processing [Member] | Malta FS [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | 2,475 | |||||
International Transaction Processing [Member] | DNI [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | ||||||
Financial Inclusion And Applied Technologies [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Beginning Balance | 25,132 | 22,868 | 26,339 | |||
Carrying value, Impairment loss | ||||||
Carrying value, Foreign currency adjustment | [2] | (947) | 2,264 | (3,471) | ||
Carrying value, Ending Balance | 138,346 | 25,132 | 22,868 | |||
Financial Inclusion And Applied Technologies [Member] | Transact24 [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | ||||||
Financial Inclusion And Applied Technologies [Member] | Masterpayment [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | ||||||
Financial Inclusion And Applied Technologies [Member] | Malta FS [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | ||||||
Financial Inclusion And Applied Technologies [Member] | DNI [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value, Acquisition (Note 3) | $ 114,161 | |||||
[1] | Refer to Note 1. | |||||
[2] | the foreign currency adjustment 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 Asset81
Goodwill And Intangible Assets, Net (Fair Value Of Intangible Assets Acquired) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Customer Relationships [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-Average Amortization period (in years) | 1 year | ||
Customer Relationships [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-Average Amortization period (in years) | 15 years | ||
Software And Unpatented Technology [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-Average Amortization period (in years) | 3 years | ||
Software And Unpatented Technology [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-Average Amortization period (in years) | 5 years | ||
Trademarks [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-Average Amortization period (in years) | 3 years | ||
Trademarks [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-Average Amortization period (in years) | 20 years | ||
DNI [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fair value as of acquisition date | $ 97,255 | ||
DNI [Member] | Customer Relationships [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-Average Amortization period (in years) | 5 years | ||
DNI [Member] | Customer Relationships [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-Average Amortization period (in years) | 15 years | ||
DNI [Member] | Software And Unpatented Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fair value as of acquisition date | $ 2,609 | ||
Weighted-Average Amortization period (in years) | 5 years | ||
DNI [Member] | Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fair value as of acquisition date | $ 4,139 | ||
Weighted-Average Amortization period (in years) | 5 years | ||
Pros Software [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fair value as of acquisition date | $ 2,311 | ||
Weighted-Average Amortization period (in years) | 9 months | ||
Malta FS [Member] | Financial Institution License [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fair value as of acquisition date | $ 745 | ||
Malta FS [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fair value as of acquisition date | $ 186 | ||
Weighted-Average Amortization period (in years) | 7 months 24 days | ||
Malta FS [Member] | Software And Unpatented Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fair value as of acquisition date | $ 147 | ||
Weighted-Average Amortization period (in years) | 1 year 3 months | ||
Transact24 [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fair value as of acquisition date | $ 3,749 | ||
Weighted-Average Amortization period (in years) | 5 years | ||
Transact24 [Member] | Software And Unpatented Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fair value as of acquisition date | $ 1,225 | ||
Weighted-Average Amortization period (in years) | 3 years | ||
Masterpayment [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fair value as of acquisition date | $ 6,595 | ||
Weighted-Average Amortization period (in years) | 5 years | ||
Masterpayment [Member] | Software And Unpatented Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fair value as of acquisition date | $ 1,765 | ||
Weighted-Average Amortization period (in years) | 3 years | ||
Masterpayment [Member] | Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fair value as of acquisition date | $ 1,068 | ||
Weighted-Average Amortization period (in years) | 5 years |
Goodwill And Intangible Asset82
Goodwill And Intangible Assets, Net (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | ||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, Gross carrying value | $ 251,805 | $ 146,895 | ||
Accumulated amortization | (121,466) | (108,907) | ||
Finite-lived intangible assets, Net carrying value | 130,339 | 37,988 | ||
Indefinite-lived intangible assets | 793 | 776 | ||
Total intangible assets, Gross carrying value | 252,598 | 147,671 | ||
Total intangible assets, Net carrying value | 131,132 | 38,764 | [1] | |
Financial Institution License [Member] | ||||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets | 793 | 776 | ||
Customer Relationships [Member] | ||||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, Gross carrying value | [2] | 197,676 | 99,209 | |
Accumulated amortization | [2] | (76,237) | (65,595) | |
Finite-lived intangible assets, Net carrying value | [2] | 121,439 | 33,614 | |
Software And Unpatented Technology [Member] | ||||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, Gross carrying value | [2] | 35,730 | 33,273 | |
Accumulated amortization | [2] | (32,342) | (31,112) | |
Finite-lived intangible assets, Net carrying value | [2] | 3,388 | 2,161 | |
FTS Patent [Member] | ||||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, Gross carrying value | 2,792 | 2,935 | ||
Accumulated amortization | (2,792) | (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 | [2] | 11,101 | 6,972 | |
Accumulated amortization | [2] | (5,589) | (4,759) | |
Finite-lived intangible assets, Net carrying value | [2] | $ 5,512 | $ 2,213 | |
[1] | Refer to Note 1. | |||
[2] | Includes the intangible assets acquired as part of the DNI acquisition in June 2018, Pros Software acquisition in October 2016 and Malta FS acquisition in November 2016. |
Goodwill And Intangible Asset83
Goodwill And Intangible Assets, Net (Future Estimated Annual Amortization Expense) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Goodwill And Intangible Assets, Net [Abstract] | ||
2,019 | $ 22,126 | |
2,020 | 21,123 | |
2,021 | 15,283 | |
2,022 | 10,928 | |
2,023 | 10,928 | |
Thereafter | 49,951 | |
Finite-lived intangible assets, Net carrying value | $ 130,339 | $ 37,988 |
Reinsurance Assets And Policy84
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Summary Of The Movement In Reinsurance Assets And Policy Holder Liabilities Under Insurance Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |||
Reinsurance assets, Beginning Balance | [1] | $ 191 | $ 171 |
Reinsurance assets, Increase in policyholder benefits under insurance contracts | [1] | 1,899 | 262 |
Reinsurance assets, Claims and policyholders' benefits under insurance contracts | [1] | (1,449) | (265) |
Reinsurance assets, Foreign currency adjustment | [1],[2] | (8) | 23 |
Reinsurance assets, Ending Balance | [1] | 633 | 191 |
Insurance contracts, Beginning Balance | [3] | (1,611) | (1,078) |
Insurance contracts, Increase in policyholder benefits under insurance contracts | [3] | (9,714) | (4,481) |
Insurance contracts, Claims and policyholders' benefits under insurance contracts | [3] | 9,214 | 4,091 |
Insurance contracts, Foreign currency adjustment | [2],[3] | 79 | (143) |
Insurance contracts, Ending Balance | [3] | $ (2,032) | $ (1,611) |
[1] | Included in other long-term assets; (refer to Note 9) | ||
[2] | Represents the effects of the fluctuations of the ZAR against the U.S. dollar. | ||
[3] | Included in other long-term liabilities |
Reinsurance Assets And Policy85
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Summary Of Movement In Assets And Policy Holder Liabilities Under Investment Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |||
Assets, Beginning Balance | [1] | $ 627 | $ 528 |
Assets, Increase in policyholder benefits under investment contracts | [1] | 13 | 40 |
Assets, Claims and policyholders' benefits under insurance contracts | [1] | (11) | |
Assets, Foreign currency adjustment | [1],[2] | (30) | 70 |
Assets, Ending Balance | [1] | 610 | 627 |
Investment contracts, Beginning Balance | [3] | (627) | (528) |
Investment contracts, Increase in policy holder benefits under investment contracts | [3] | 13 | 40 |
Investment contracts, Claims and policyholders' benefits under insurance contracts | [3] | 11 | |
Investment contracts, Foreign currency adjustment | [2],[3] | 30 | (70) |
Investment contracts, Ending Balance | [3] | $ (610) | $ (627) |
[1] | Included in other long-term assets; (refer to Note 9) | ||
[2] | Represents the effects of the fluctuations of the ZAR against the U.S. dollar. | ||
[3] | Included in other long-term liabilities |
Short-Term Facilities (Narrativ
Short-Term Facilities (Narrative) (Details) $ in Thousands, € in Millions, SFr in Millions, R in Millions | 1 Months Ended | 12 Months Ended | ||||||||||
Feb. 28, 2017USD ($) | Jun. 30, 2018ZAR (R) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 29, 2018 | Jan. 29, 2018USD ($) | Jun. 30, 2017EUR (€) | Jun. 30, 2017CHF (SFr) | Jun. 30, 2017ZAR (R) | Jun. 30, 2017USD ($) | |||
Short-term Debt [Line Items] | ||||||||||||
Amount utilized | $ 16,579 | [1] | ||||||||||
Value of shares issue | $ 45,000 | $ 45,000 | ||||||||||
Bank Frick [Member] | United States [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Maximum borrowing capacity | [2] | 10,000 | ||||||||||
Bank Frick [Member] | Europe [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Maximum borrowing capacity | [2] | 66,579 | ||||||||||
Amount utilized | [2] | 16,579 | ||||||||||
Nedbank Limited [Member] | South Africa [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Maximum borrowing capacity | 29,200 | 30,600 | ||||||||||
Amount utilized | 7,871 | 10,000 | ||||||||||
South African Credit Facility [Member] | Nedbank Limited [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Primary amount, available immediately | R 200 | 14,600 | ||||||||||
South African Credit Facility [Member] | Nedbank Limited [Member] | South Africa [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Maximum borrowing capacity | R | 150 | |||||||||||
Aggregate amount | 400 | 29,200 | ||||||||||
Secondary amount, not available immediately | 200 | 14,600 | ||||||||||
Amount utilized | R 108 | 7,900 | R 130.5 | 10,000 | ||||||||
Overdraft Facility [Member] | South Africa [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Maximum borrowing capacity | [2] | $ 18,200 | 19,109 | |||||||||
Overdraft Facility [Member] | Bank Frick [Member] | United States [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 10,000 | |||||||||||
Termination written notice | 6 months | |||||||||||
Interest rate | 4.50% | 4.50% | ||||||||||
Overdraft Facility [Member] | Bank Frick [Member] | United States [Member] | LIBOR [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Interest rate | 2.31175% | |||||||||||
Overdraft Facility [Member] | Nedbank Limited [Member] | South Africa [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Maximum borrowing capacity | R 50 | $ 3,600 | ||||||||||
Amount utilized | $ 0 | 0 | ||||||||||
Interest rate | 8.85% | 8.85% | ||||||||||
Commitment fee percentage | 0.35% | |||||||||||
Revolving Overdraft Facility One [Member] | Bank Frick [Member] | Europe [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Maximum borrowing capacity | € | € 40 | |||||||||||
Revolving Overdraft Facility Two [Member] | Bank Frick [Member] | Europe [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Maximum borrowing capacity | SFr | SFr 20 | |||||||||||
Amount utilized | SFr 15.9 | 16,600 | ||||||||||
Indirect And Derivative Facilities [Member] | South Africa [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 11,000 | 11,491 | ||||||||||
Amount utilized | 7,871 | $ 10,000 | ||||||||||
Indirect And Derivative Facilities [Member] | Nedbank Limited [Member] | South Africa [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Maximum borrowing capacity | R 150 | $ 11,000 | ||||||||||
[1] | Refer to Note 1. | |||||||||||
[2] | Utilized amount included in short-term facilities on the consolidated balance sheets. |
Short-Term Facilities (Summary
Short-Term Facilities (Summary Of Short-Term Credit Facilities) (Details) $ in Thousands, R in Millions | Jun. 30, 2018ZAR (R) | Jun. 30, 2018USD ($) | Jan. 29, 2018USD ($) | Jun. 30, 2017USD ($) | ||
Short-term facility utilized | $ 16,579 | [1] | ||||
South Africa [Member] | Overdraft Facility [Member] | ||||||
Short-term facility available | [2] | 18,200 | 19,109 | |||
South Africa [Member] | Indirect And Derivative Facilities [Member] | ||||||
Short-term facility available | 11,000 | 11,491 | ||||
Short-term facility utilized | 7,871 | 10,000 | ||||
Bank Frick [Member] | United States [Member] | ||||||
Short-term facility available | [2] | 10,000 | ||||
Bank Frick [Member] | United States [Member] | Overdraft Facility [Member] | ||||||
Short-term facility available | $ 10,000 | |||||
Bank Frick [Member] | Europe [Member] | ||||||
Short-term facility available | [2] | 66,579 | ||||
Short-term facility utilized | [2] | 16,579 | ||||
Nedbank Limited [Member] | South Africa [Member] | ||||||
Short-term facility available | 29,200 | 30,600 | ||||
Short-term facility utilized | 7,871 | 10,000 | ||||
Nedbank Limited [Member] | South Africa [Member] | Overdraft Facility [Member] | ||||||
Short-term facility available | R 50 | 3,600 | ||||
Short-term facility utilized | 0 | $ 0 | ||||
Nedbank Limited [Member] | South Africa [Member] | Indirect And Derivative Facilities [Member] | ||||||
Short-term facility available | R 150 | $ 11,000 | ||||
[1] | Refer to Note 1. | |||||
[2] | Utilized amount included in short-term facilities on the consolidated balance sheets. |
Other Payables (Schedule Of Oth
Other Payables (Schedule Of Other Payables) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
Other Payables [Abstract] | |||
Accruals | $ 17,035 | $ 10,874 | |
Provisions | 10,026 | 8,073 | |
Other | 12,395 | 8,592 | |
Value-added tax payable | 6,146 | 5,397 | |
Payroll-related payables | 1,807 | 1,320 | |
Participating merchants settlement obligation | 585 | 543 | |
Other payables, total | $ 47,994 | $ 34,799 | [1] |
[1] | Refer to Note 1. |
Long-Term Borrowings (Narrative
Long-Term Borrowings (Narrative) (Details) $ / shares in Units, â‚© in Billions | Sep. 29, 2018ZAR (R) | Sep. 29, 2018USD ($) | Jun. 28, 2018ZAR (R) | Mar. 09, 2018ZAR (R) | Mar. 09, 2018USD ($) | Oct. 20, 2017USD ($) | Sep. 29, 2017item | Jul. 26, 2017ZAR (R) | Jul. 26, 2017USD ($) | Oct. 04, 2016ZAR (R)shares | Apr. 11, 2016$ / sharesshares | Mar. 31, 2018USD ($) | Aug. 31, 2017ZAR (R) | Feb. 28, 2017$ / sharesshares | Oct. 31, 2013item | Jun. 30, 2018KRW (â‚©) | Jun. 30, 2018ZAR (R) | Jun. 30, 2018USD ($) | Jun. 30, 2017KRW (â‚©) | Jun. 30, 2017ZAR (R) | Jun. 30, 2017USD ($) | Jun. 30, 2016KRW (â‚©) | Jun. 30, 2016USD ($) | Jun. 28, 2018USD ($) | Mar. 09, 2018USD ($) | Mar. 08, 2018ZAR (R) | Jul. 21, 2017ZAR (R) | Oct. 04, 2016$ / shares |
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Sale of common stock | shares | 5,000,000 | |||||||||||||||||||||||||||
Price per share | $ / shares | $ 9 | |||||||||||||||||||||||||||
Facility C [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Margin added on rate | 3.10% | 3.10% | 3.10% | |||||||||||||||||||||||||
Facilities interest rate at period end | 4.51% | 4.51% | 4.51% | |||||||||||||||||||||||||
Net1 Korea [Member] | Facilities Agreement [Member] | Facility C [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | â‚© 0.3 | $ 300,000 | â‚© 0.9 | $ 800,000 | â‚© 2.5 | $ 2,100,000 | ||||||||||||||||||||||
Net1 SA [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Guarantee fees | R 16,000,000,000 | 1,100,000 | ||||||||||||||||||||||||||
Net1 SA [Member] | Facilities Agreement [Member] | RMB Loan Facilities [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | 1,400,000,000 | |||||||||||||||||||||||||||
Subscription Agreement [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Sale of common stock | shares | 9,980,000 | |||||||||||||||||||||||||||
Price per share | $ / shares | $ 10.79 | |||||||||||||||||||||||||||
Original Loan Documents [Member] | Facility A [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Maximum borrowing capacity | R 750,000,000 | |||||||||||||||||||||||||||
Original Loan Documents [Member] | Facility B [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Maximum borrowing capacity | 500,000,000 | |||||||||||||||||||||||||||
Original Loan Documents [Member] | Net1 SA [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Facilities fees paid | $ 200,000 | R 600,000 | ||||||||||||||||||||||||||
Original Loan Documents [Member] | Net1 SA [Member] | RMB Loan Facilities [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Maximum borrowing capacity | R 1,250,000,000 | |||||||||||||||||||||||||||
Blue Label [Member] | Net1 SA [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Long-term borrowings | R 2,000,000,000 | |||||||||||||||||||||||||||
Blue Label [Member] | Blue Label Subscription Agreement [Member] | Net1 SA [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Sale of common stock | shares | 117,900,000 | |||||||||||||||||||||||||||
Price per share | $ / shares | $ 16.96 | |||||||||||||||||||||||||||
Aggregate purchase price | R 2,000,000,000 | |||||||||||||||||||||||||||
Cell C [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Percentage acquired in acquisition | 15.00% | 15.00% | 15.00% | |||||||||||||||||||||||||
JIBAR [Member] | Original Loan Documents [Member] | Facility A [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Margin percentage | 2.25% | 2.25% | 2.25% | |||||||||||||||||||||||||
JIBAR [Member] | Original Loan Documents [Member] | Facility B [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Margin percentage | 3.50% | 3.50% | 3.50% | |||||||||||||||||||||||||
JIBAR [Member] | Original Loan Documents [Member] | Facility C [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Margin percentage | 2.25% | 2.25% | 2.25% | |||||||||||||||||||||||||
JIBAR [Member] | Original Loan Documents [Member] | Facility D [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Margin percentage | 2.75% | 2.75% | 2.75% | |||||||||||||||||||||||||
JIBAR [Member] | Original Loan Documents [Member] | RMB Loan Facilities [Member] | Forecast [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Interest rate | 6.96% | 6.96% | ||||||||||||||||||||||||||
South Africa [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Repayment of facilities | R 776,300,000 | $ 60,500,000 | ||||||||||||||||||||||||||
South Africa [Member] | Revolving Credit Facility [Member] | Forecast [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Repayment of facilities | R 151,300,000 | $ 11,000,000 | ||||||||||||||||||||||||||
South Africa [Member] | Facilities Agreement [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Interest expense | $ | 7,200,000 | |||||||||||||||||||||||||||
Amortization of fees, prepaid facility | $ | 500,000 | |||||||||||||||||||||||||||
South Africa [Member] | Facilities Agreement [Member] | Facility D [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Maximum borrowing capacity | R 210,000,000 | |||||||||||||||||||||||||||
South Africa [Member] | DNI Credit Facility Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | $ | 0 | |||||||||||||||||||||||||||
South Africa [Member] | DNI [Member] | DNI Credit Facility Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Maximum borrowing capacity | R 200,000,000 | |||||||||||||||||||||||||||
Facility agreement, in years | 3 years | |||||||||||||||||||||||||||
Maturity date | Jun. 1, 2021 | |||||||||||||||||||||||||||
Origination fee | R 2,300,000 | $ 200,000 | ||||||||||||||||||||||||||
South Africa [Member] | Original Loan Documents [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Number of quarter installments | item | 12 | |||||||||||||||||||||||||||
South Africa [Member] | Cell C [Member] | Facilities Agreement [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | R 1,250,000,000 | $ 92,200,000 | ||||||||||||||||||||||||||
South Africa [Member] | DNI [Member] | Facilities Agreement [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | R 84,000,000 | $ 7,100,000 | ||||||||||||||||||||||||||
Percentage acquired in acquisition | 4.00% | 4.00% | ||||||||||||||||||||||||||
Loan amount | R 126,000,000 | $ 10,600,000 | ||||||||||||||||||||||||||
South Africa [Member] | JIBAR [Member] | DNI [Member] | DNI Credit Facility Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Margin added on rate | 2.75% | |||||||||||||||||||||||||||
South Korea [Member] | Korean Senior Secured Loan Facility [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Repayment of facilities | $ | $ 16,600,000 | |||||||||||||||||||||||||||
South Korea [Member] | Facilities Agreement [Member] | Facility A And C [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Facilities fees paid | $ | 100,000 | 100,000 | 100,000 | |||||||||||||||||||||||||
Interest expense | $ | $ 400,000 | 1,200,000 | 2,600,000 | |||||||||||||||||||||||||
South Korea [Member] | Net1 Korea [Member] | Facilities Agreement [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Number of facility agreements | item | 5 | |||||||||||||||||||||||||||
South Korea [Member] | Net1 Korea [Member] | Facilities Agreement [Member] | Facility A [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Repayment of facilities | 10 | 8,800,000 | â‚© 10 | $ 8,700,000 | ||||||||||||||||||||||||
Principal repayment | 22.1 | 19,600,000 | ||||||||||||||||||||||||||
South Korea [Member] | Net1 Korea [Member] | Facilities Agreement [Member] | Facility C [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Repayment of facilities | â‚© 10 | $ 8,900,000 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) $ / shares in Units, $ in Thousands | May 24, 2017USD ($)$ / sharesshares | Apr. 11, 2016USD ($)$ / sharesshares | Feb. 28, 2017USD ($)item$ / sharesshares | Jun. 30, 2016USD ($)shares | Apr. 30, 2016USD ($) | Jun. 30, 2018item$ / sharesshares | Jun. 30, 2017USD ($)$ / shares | Jun. 30, 2016USD ($)shares | Sep. 30, 2016USD ($)shares | Feb. 29, 2016USD ($)shares | Feb. 03, 2016USD ($) | Dec. 31, 2015USD ($)shares | Nov. 30, 2015USD ($)shares |
Class of Stock [Line Items] | |||||||||||||
Number of votes per common share | item | 1 | ||||||||||||
Stock repurchase program, shares | shares | 2,426,704 | 2,426,704 | 3,137,609 | 1,677,491 | 749,213 | 749,213 | |||||||
Stock repurchase program, authorized amount | $ 27,100 | $ 27,100 | $ 31,600 | $ 15,900 | $ 11,200 | $ 11,200 | |||||||
Number of common stock shares, issued | shares | 5,000,000 | ||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||||
Common stock, price per share | $ / shares | $ 9 | ||||||||||||
Number of investors | item | 2 | ||||||||||||
Gross proceeds from transaction | $ 45,000 | $ 45,000 | |||||||||||
Common stock repurchased, shares | shares | 0 | 0 | |||||||||||
10b5 Plan [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock repurchase program, authorized amount | $ 100,000 | $ 100,000 | |||||||||||
Expiration date | Aug. 31, 2016 | ||||||||||||
Masterpayment [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Business acquisition, cost of acquired entity | $ 9,400 | 14,800 | |||||||||||
KSNET [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Gain (loss) from non-controlling interests | 0 | ||||||||||||
Masterpayment And SmartLife [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Business acquisition, cost of acquired entity | 11,200 | ||||||||||||
Cash received from acquisition | 1 | ||||||||||||
Difference in amount, fair value of consideration paid and non-controlling interest adjustment | $ 1,300 | ||||||||||||
Subscription Agreement [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of common stock shares, issued | shares | 9,980,000 | ||||||||||||
Common stock, par value | $ / shares | $ 0.001 | ||||||||||||
Common stock, price per share | $ / shares | $ 10.79 | ||||||||||||
Gross proceeds from transaction | $ 107,700 | ||||||||||||
Separation Agreement [Member] | Common Stock [Member] | Stock Repurchase Agreement [Member] | Former CEO S.C.P. Belamant [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common stock repurchased, shares | shares | 1,269,751 | ||||||||||||
Common stock repurchase per share | $ / shares | $ 10.80 | ||||||||||||
Cost of common stock repurchased | $ 13,700 | ||||||||||||
Board Rights [Member] | Policy Agreement [Member] | Minimum [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Percentage of common stock ownership for the right to nominate one director | 5.00% | ||||||||||||
Percentage of common stock ownership for the right to appoint an observer | 2.50% | ||||||||||||
Preemptive Rights [Member] | Policy Agreement [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Percentage of ownership for the right to purchase pro-rata shares | 5.00% | ||||||||||||
Executed Under Share Repurchase Authorizations [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock repurchase program, authorized amount | $ 100,000 | ||||||||||||
Put Option [Member] | Policy Agreement [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Percentage of ownership to adopt a shareholder rights plan | 20.00% | ||||||||||||
Number of trading days preceding the triggering event | 60 days |
Common Stock (Number Of Shares,
Common Stock (Number Of Shares, Net Of Treasury) (Details) - shares | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Common Stock [Abstract] | |||
Statement of changes in equity - common stock | 56,685,925 | 56,369,737 | 55,271,954 |
Less: Non-vested equity shares that have not vested as of end of year (Note 18) | 765,411 | 505,473 | 589,447 |
Number of shares, net of treasury excluding non-vested equity shares that have not vested | 55,920,514 | 55,864,264 | 54,682,507 |
Accumulated Other Comprehensi92
Accumulated Other Comprehensive (Loss) Income (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification from accumulated other comprehensive (loss) income | $ 0 | $ 0 |
Selling, General and Administrative Expenses [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Release of gain on asset available for sale, tax | 2.2 | |
Income Tax Expense [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Release of gain on asset available for sale, tax | $ 0.4 |
Accumulated Other Comprehensi93
Accumulated Other Comprehensive (Loss) Income (Change In Accumulated Other Comprehensive (Loss) Income Per Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | $ (162,569) | [1] | $ (189,700) | $ (139,181) | |
Movement in foreign currency translation reserve | (19,441) | 29,828 | (49,479) | ||
Movement in foreign currency translation reserve related to equity accounted investment | (2,426) | (2,697) | |||
Unrealized income on asset available for sale, net of tax | 25,199 | 692 | |||
Release of gain on asset available for sale, net of taxes | (1,732) | ||||
Ending Balance | (159,237) | (162,569) | [1] | (189,700) | |
Accumulated Foreign Currency Translation Reserve [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (162,569) | (189,700) | (140,221) | ||
Movement in foreign currency translation reserve | (19,441) | 29,828 | (49,479) | ||
Movement in foreign currency translation reserve related to equity accounted investment | (2,426) | (2,697) | |||
Unrealized income on asset available for sale, net of tax | |||||
Release of gain on asset available for sale, net of taxes | |||||
Ending Balance | (184,436) | (162,569) | (189,700) | ||
Accumulated Net Unrealized Income (Loss) On Asset Available For Sale, Net Of Tax [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 1,040 | ||||
Movement in foreign currency translation reserve | |||||
Movement in foreign currency translation reserve related to equity accounted investment | |||||
Unrealized income on asset available for sale, net of tax | 25,199 | 692 | |||
Release of gain on asset available for sale, net of taxes | (1,732) | ||||
Ending Balance | $ 25,199 | ||||
Unrealized income on asset available for sale, tax | 7,274 | 159 | |||
Release of gain on asset available for sale, tax | $ 444 | $ 444 | |||
[1] | Refer to Note 1. |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue [Abstract] | |||
Percentage of completion method, revenue recognized | $ 0 | $ 0 | $ 0 |
Revenue (Schedule Of Revenue) (
Revenue (Schedule Of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue [Abstract] | |||||||||||
Services rendered - comprising mainly fees and commissions | $ 538,429 | $ 533,279 | $ 514,847 | ||||||||
Loan-based fees received | 54,949 | 53,894 | 47,117 | ||||||||
Sale of goods - comprising mainly hardware and software sales | 19,511 | 22,893 | 28,785 | ||||||||
Revenue | $ 149,194 | $ 162,721 | $ 148,416 | $ 152,558 | $ 155,056 | $ 147,944 | $ 151,433 | $ 155,633 | $ 612,889 | $ 610,066 | $ 590,749 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | Mar. 01, 2020 | Mar. 01, 2019 | Aug. 23, 2017 | Aug. 27, 2014 | May 31, 2018 | Mar. 31, 2018 | Aug. 31, 2017 | Jun. 30, 2017 | May 31, 2017 | Aug. 31, 2016 | May 31, 2016 | Aug. 31, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | Aug. 31, 2008 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
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 | 373,435 | |||||||||||||||
Stock-based compensation charge, net | $ 2,607,000 | $ 1,982,000 | $ 3,598,000 | |||||||||||||||
Share-based compensation, number of shares exercised | 321,026 | 323,645 | ||||||||||||||||
Number of shares, forfeitures | 37,333 | 435,448 | 0 | |||||||||||||||
Exercised of stock option, shares | $ 2,879,000 | $ 3,762,000 | ||||||||||||||||
Common stock, shares issued | 56,369,737 | 56,685,925 | 56,369,737 | |||||||||||||||
Net1 UTA [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Deferred tax asset | $ 900,000 | $ 800,000 | $ 900,000 | |||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vesting period | 3 years | |||||||||||||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | |||||||||||||||||
Period of trading days to the trigger events | 30 days | |||||||||||||||||
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 | 56,250 | |||||||||||||||||
Restricted Stock [Member] | Independent Directors [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vesting period | 1 year | |||||||||||||||||
Restricted Stock [Member] | One-Third Shares Vest 2019 Fundamental EPS [Member] | Executive Officer [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] | Executive Officer [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] | Executive Officer [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS, to be achieved | $ 3 | |||||||||||||||||
Stock Incentive Plan [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Total number of shares of common stock issuable under plan | 11,052,580 | |||||||||||||||||
Maximum number of shares for which awards may granted during calendar year to any participant | 569,120 | |||||||||||||||||
Maximum number of shares subject to stock option awards that can be granted during calendar year | 569,120 | |||||||||||||||||
Maximum amount that can be granted in calendar year awards other than stock options | $ 20,000,000 | |||||||||||||||||
Stock Options [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share based compensation options expiration period, in years | 10 years | |||||||||||||||||
Granted, Number of shares | 200,000 | 0 | 0 | 0 | ||||||||||||||
Unrecognized compensation cost | $ 0 | |||||||||||||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | |||||||||||||||||
Exercised of stock option, shares | $ 0 | |||||||||||||||||
Strike price | $ 24.46 | |||||||||||||||||
Options exercise price range, lower limit | $ 7.35 | |||||||||||||||||
Options exercise price range, upper limit | $ 24.46 | |||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Granted, Number of shares | 7,000 | 22,817 | 588,594 | 2,587 | 387,000 | 319,492 | 618,411 | 389,587 | ||||||||||
Fair value of restricted stock vested | $ 500,000 | $ 2,600,000 | $ 1,400,000 | |||||||||||||||
Unrecognized compensation cost | $ 3,600,000 | |||||||||||||||||
Expected volatility | 63.73% | 76.01% | ||||||||||||||||
Expected life (in years) | 3 years | 3 years | ||||||||||||||||
Risk-free rate | 1.21% | 1.27% | ||||||||||||||||
Future dividends | $ 0 | $ 0 | ||||||||||||||||
Percentage increase of common stock price on market | 20.00% | |||||||||||||||||
Strike price | $ 0 | $ 0 | ||||||||||||||||
Forfeitures, Number of Shares of Restricted Stock | (205,470) | (302,223) | (205,470) | |||||||||||||||
Vested number of shares of restricted stock | 56,250 | 200,000 | 68,091 | 71,574 | 268,091 | |||||||||||||
Restricted Stock [Member] | August 2015 Awards [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Forfeitures, Number of Shares of Restricted Stock | (173,262) | |||||||||||||||||
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] | Executive Officer [Member] | August 2017 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Granted, Number of shares | 210,000 | |||||||||||||||||
Performance target, per share | $ 23 | |||||||||||||||||
Percentage of increase target price | 35.00% | |||||||||||||||||
Closing price, per share | $ 9.38 | |||||||||||||||||
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] | ||||||||||||||||||
Number of shares, forfeitures | 205,470 | |||||||||||||||||
Restricted Stock [Member] | Non-Employee Directors [Member] | August 2017 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vesting date | Aug. 23, 2018 | |||||||||||||||||
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] | Non-Employee Directors [Member] | August 2015 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Granted, Number of shares | 17,955 | |||||||||||||||||
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] | Executive Officers And Employees [Member] | May 2018 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vesting date | Aug. 23, 2020 | |||||||||||||||||
Restricted Stock [Member] | Executive Officers And 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] | Employees [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Granted, Number of shares | 301,537 | 71,530 | 127,626 | |||||||||||||||
Restricted Stock [Member] | Employees [Member] | May 2018 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Granted, Number of shares | 7,000 | |||||||||||||||||
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] | Chief Financial Officer [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Granted, Number of shares | 22,817 | |||||||||||||||||
Restricted Stock [Member] | One-Third Shares Vest 2018 Fundamental EPS [Member] | Employees [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] | Employees [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] | Employees [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS, to be achieved | $ 3.76 | |||||||||||||||||
Restricted Stock [Member] | Forecast [Member] | Chief Financial Officer [Member] | Tranche One [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vested number of shares of restricted stock | 11,409 | |||||||||||||||||
Restricted Stock [Member] | Forecast [Member] | Chief Financial Officer [Member] | Tranche Two [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vested number of shares of restricted stock | 11,408 | |||||||||||||||||
Restricted Stock [Member] | Termination Which Did Not Have Performance Or Market Conditions [Member] | Employees [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of shares forfeited | 3,000 | |||||||||||||||||
Restricted Stock [Member] | Termination Which Either Performance Or Market Conditions [Member] | Employees [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of shares forfeited | 30,635 | |||||||||||||||||
2019 Fundamental EPS [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS, linear interpolation | $ 2.80 | |||||||||||||||||
2019 Fundamental EPS [Member] | Remuneration Committee Of The Board Agreed For Accelerated Vesting [Member] | Executive Officer [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Granted, Number of shares | 350,000 | |||||||||||||||||
2018 Fundamental EPS [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS, linear interpolation | $ 3.30 | |||||||||||||||||
2018 Fundamental EPS [Member] | Not Achieving 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 | |||||||||||||||||
2018 Fundamental EPS [Member] | Restricted Stock [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Reversed stock-based compensation charge, shares | 301,537 | |||||||||||||||||
Minimum [Member] | Restricted Stock [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Closing price, per share | $ 11.23 | |||||||||||||||||
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] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS | $ 2.60 | |||||||||||||||||
Minimum [Member] | 2018 Fundamental EPS [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS | 2.88 | |||||||||||||||||
Maximum [Member] | Restricted Stock [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Closing price, per share | $ 19.41 | |||||||||||||||||
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] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS | 3 | |||||||||||||||||
Maximum [Member] | 2018 Fundamental EPS [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS | $ 3.76 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summarized Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stock-Based Compensation [Abstract] | ||||
Outstanding, Number of shares, Beginning Balance | 846,607 | 2,077,524 | 2,401,169 | |
Exercised, Number of shares | (321,026) | (323,645) | ||
Expired unexercised, Number of shares | (474,443) | |||
Forfeitures, Number of shares | (37,333) | (435,448) | 0 | |
Outstanding, Number of shares, Ending Balance | 809,274 | 846,607 | 2,077,524 | 2,401,169 |
Exercisable, Number of Shares | 809,274 | |||
Outstanding, Weighted average exercise price, Beginning Balance | $ 13.87 | $ 15.92 | $ 15.34 | |
Exercised, Weighted average exercise price | 8.97 | 11.62 | ||
Expired unexercised, Weighted average exercise price | 22.51 | |||
Forfeitures, Weighted average exercise price | 11.23 | 17.88 | ||
Outstanding, Weighted average exercise price, Ending Balance | 13.99 | $ 13.87 | $ 15.92 | $ 15.34 |
Exercisable, Weighted average exercise price | $ 13.99 | |||
Outstanding, Weighted average remaining contractual term (in years) | 2 years 8 months 1 day | 3 years 9 months 18 days | 3 years 7 months 24 days | 4 years 8 months 27 days |
Exercisable, Weighted average remaining contractual term (in years) | 2 years 8 months 1 day | |||
Outstanding, Aggregate intrinsic value, Beginning Balance | $ 486 | $ 926 | $ 11,516 | |
Exercised, Aggregate Intrinsic Value | 3,607 | 2,669 | ||
Forfeited, Aggregate Intrinsic Value | ||||
Expired unexercised, Aggregate Intrinsic Value | ||||
Outstanding, Aggregate intrinsic value, Ending Balance | 370 | $ 486 | $ 926 | $ 11,516 |
Exercisable, Aggregate intrinsic value | $ 370 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
May 31, 2018 | Mar. 31, 2018 | Aug. 31, 2017 | Jun. 30, 2017 | May 31, 2017 | Aug. 31, 2016 | Aug. 31, 2015 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
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 | ||||||||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 505,473 | 765,411 | 505,473 | 589,447 | ||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 505,473 | 589,447 | 341,529 | |||||||
Granted, Number of Shares of Restricted Stock | 7,000 | 22,817 | 588,594 | 2,587 | 387,000 | 319,492 | 618,411 | 389,587 | ||
Vested, Number of Shares of Restricted Stock | (56,250) | (200,000) | (68,091) | (71,574) | (268,091) | |||||
Forfeitures, Number of Shares of Restricted Stock | (205,470) | (302,223) | (205,470) | |||||||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 505,473 | 765,411 | 505,473 | 589,447 | ||||||
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 11,173 | $ 7,622 | $ 1,759 | |||||||
Granted, Weighted Average Grant Date Fair Value | $ 59 | $ 234 | $ 4,288 | $ 27 | $ 4,145 | $ 6,406 | 4,581 | 4,172 | ||
Vested, Weighted Average Grant Date Fair Value | $ 527 | $ 1,896 | $ 694 | $ 1,435 | 2,590 | |||||
Forfeitures, Weighted Average Grant Date Fair Value | 3,222 | 2,219 | ||||||||
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 11,173 | $ 6,162 | $ 11,173 | $ 7,622 | ||||||
Restricted Stock [Member] | Employee Terminations [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Forfeitures, Number of Shares of Restricted Stock | (33,635) | |||||||||
Forfeitures, Weighted Average Grant Date Fair Value | $ 516 | |||||||||
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 | |||||||||
Restricted Stock [Member] | August 2015 Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Forfeitures, Number of Shares of Restricted Stock | (173,262) | |||||||||
Forfeitures, Weighted Average Grant Date Fair Value | $ 1,573 |
Stock-Based Compensation (Recor
Stock-Based Compensation (Recorded Net Stock Compensation (Reversal) Charge) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation charge | $ 2,656 | $ 3,905 | $ 3,598 |
Reversal of stock compensation charge related to stock options forfeited | (49) | ||
Reversal of stock compensation charge related to stock options and restricted stock forfeited | (1,923) | ||
Total | 2,607 | 1,982 | 3,598 |
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 | |||
Reversal of stock compensation charge related to stock options forfeited | |||
Reversal of stock compensation charge related to stock options and restricted stock forfeited | |||
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 | 2,656 | 3,905 | 3,598 |
Reversal of stock compensation charge related to stock options forfeited | (49) | ||
Reversal of stock compensation charge related to stock options and restricted stock forfeited | (1,923) | ||
Total | $ 2,607 | $ 1,982 | $ 3,598 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 22, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Valuation Allowance [Line Items] | |||||
Effective tax rate | 60.92% | 37.10% | 33.34% | ||
Income tax rate | 35.00% | ||||
Blended rate | 28.10% | ||||
Foreign Tax Credits Generated | $ (55,778) | $ (3,345) | $ (46,566) | ||
Foreign tax credits generated | 0 | ||||
Deferred tax assets | 10,509 | 9,987 | |||
Deferred taxes included in income tax expense | 1,293 | (40) | $ (161) | ||
Additional valuation allowance | 600 | ||||
Unused foreign tax credits | $ 0 | 0 | |||
Foreign tax credits expiration period | 10 years | ||||
Valuation allowances | $ 16,057 | 38,967 | |||
Valuation allowance, indirect foreign tax credits | 32,634 | 4,302 | |||
Unrecognized tax benefit | 800 | 500 | |||
Changes in enacted tax rate | 309 | ||||
Accrued interest related to uncertain tax positions | 100 | 100 | |||
Accrued penalties related to uncertain tax positions | $ 200 | $ 100 | |||
Tax Year 2018 [Member] | |||||
Valuation Allowance [Line Items] | |||||
Income tax rate | 21.00% | ||||
South Africa [Member] | |||||
Valuation Allowance [Line Items] | |||||
Income tax rate | 28.00% | 28.00% | 28.00% | 28.00% | |
Deferred taxes included in income tax expense | $ 2,528 | $ (473) | $ 3,044 | ||
South Korea [Member] | |||||
Valuation Allowance [Line Items] | |||||
Income tax rate | 22.00% | ||||
Foreign Tax Credits [Member] | |||||
Valuation Allowance [Line Items] | |||||
Valuation allowance, indirect foreign tax credits | $ 32,634 | $ 4,174 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax [Line Items] | |||
Income before income taxes | $ 67,893 | $ 114,456 | $ 126,237 |
South Africa [Member] | |||
Income Tax [Line Items] | |||
Income before income taxes | 98,893 | 129,786 | 119,097 |
United States [Member] | |||
Income Tax [Line Items] | |||
Income before income taxes | (15,329) | (20,902) | (5,915) |
Other [Member] | |||
Income Tax [Line Items] | |||
Income before income taxes | $ (15,671) | $ 5,572 | $ 13,055 |
Income Taxes (Provisions For In
Income Taxes (Provisions For Income Taxes By Location Of Taxing Jurisdiction) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax [Line Items] | |||
Current income tax | $ 95,529 | $ 45,857 | $ 88,807 |
Deferred taxation (benefit) charge | 1,293 | (40) | (161) |
Foreign tax credits generated-United States | (55,778) | (3,345) | (46,566) |
Change in tax rate - United States | 309 | ||
Income tax provision | 41,353 | 42,472 | 42,080 |
South Africa [Member] | |||
Income Tax [Line Items] | |||
Current income tax | 35,745 | 35,986 | 31,815 |
Deferred taxation (benefit) charge | 2,528 | (473) | 3,044 |
United States [Member] | |||
Income Tax [Line Items] | |||
Current income tax | 55,788 | 4,686 | 50,750 |
Deferred taxation (benefit) charge | 477 | 1,123 | (274) |
Other [Member] | |||
Income Tax [Line Items] | |||
Current income tax | 3,996 | 5,185 | 6,242 |
Deferred taxation (benefit) charge | $ (1,712) | $ (690) | $ (2,931) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Taxes) (Details) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income tax rate reconciliation: | |||
Income taxes at fully-distributed South African tax rates | 28.00% | 28.00% | 28.00% |
Non-deductible items | 22.35% | 1.01% | 0.38% |
Foreign tax rate differential | (0.96%) | 0.00% | 7.42% |
Transition Tax | 81.88% | ||
Foreign tax credits | (82.17%) | (0.05%) | (36.88%) |
Indirect foreign tax credits repealed | 48.07% | ||
Taxation on deemed dividends in the United States | 2.84% | 8.00% | 34.60% |
Movement in valuation allowance | (39.22%) | 0.07% | (0.09%) |
Change in tax laws - United States | 0.16% | ||
Prior year adjustments | (0.03%) | 0.07% | (0.09%) |
Income tax provision | 60.92% | 37.10% | 33.34% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Taxes [Abstract] | |||
Net operating loss carryforwards | $ 11,339 | $ 4,946 | |
Provisions and accruals | 6,384 | 4,413 | |
FTS patent | 367 | 475 | |
Intangible assets | 687 | 829 | |
Foreign tax credits | 10 | 32,574 | |
Other | 7,779 | 5,717 | |
Total deferred tax assets before valuation allowance | 26,566 | 48,954 | |
Valuation allowances | (16,057) | (38,967) | |
Total deferred tax assets, net of valuation allowance | 10,509 | 9,987 | |
Intangible assets | 35,541 | 9,141 | |
Investments | 6,772 | ||
Other | 8,490 | 6,655 | |
Total deferred tax liabilities | 50,803 | 15,796 | |
Current deferred tax assets | 5,330 | ||
Long term deferred tax assets | 6,312 | [1] | |
Long term deferred tax liabilities | 46,606 | 11,139 | [1] |
Net deferred income tax liabilities | $ 40,294 | $ 5,809 | |
[1] | Refer to Note 1. |
Income Taxes (Movement In Valua
Income Taxes (Movement In Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | $ 38,967 | $ 38,834 |
Reversed to statement of operations | (32,634) | (4,302) |
Charged to statement of operations | 9,582 | 4,684 |
Utilized | 60 | |
Change in tax laws | (894) | |
Foreign currency adjustment | 976 | (249) |
Valuation Allowances, Balance, Ending Balance | 16,057 | 38,967 |
Foreign Tax Credits [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 32,574 | 36,748 |
Reversed to statement of operations | (32,634) | (4,174) |
Charged to statement of operations | 10 | |
Utilized | 60 | |
Change in tax laws | ||
Foreign currency adjustment | ||
Valuation Allowances, Balance, Ending Balance | 10 | 32,574 |
Net Operating Loss Carry-forwards [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 3,699 | 931 |
Reversed to statement of operations | (128) | |
Charged to statement of operations | 971 | 3,107 |
Utilized | ||
Change in tax laws | (263) | |
Foreign currency adjustment | 1,038 | (211) |
Valuation Allowances, Balance, Ending Balance | 5,445 | 3,699 |
FTS Patent [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 120 | 158 |
Reversed to statement of operations | ||
Charged to statement of operations | ||
Utilized | ||
Change in tax laws | ||
Foreign currency adjustment | (63) | (38) |
Valuation Allowances, Balance, Ending Balance | 57 | 120 |
Other [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 2,574 | 997 |
Reversed to statement of operations | ||
Charged to statement of operations | 8,601 | 1,577 |
Utilized | ||
Change in tax laws | (631) | |
Foreign currency adjustment | 1 | |
Valuation Allowances, Balance, Ending Balance | $ 10,545 | $ 2,574 |
Income Taxes (Schedule Of Opera
Income Taxes (Schedule Of Operating Loss Carryforwards) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2018USD ($) | |
2024 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Year of expiration | 2,024 |
US net operating loss carry forwards | $ 1,874 |
2028 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Year of expiration | 2,028 |
US net operating loss carry forwards | $ 4,423 |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Total Amounts Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Taxes [Abstract] | |||
Unrecognized tax benefits - opening balance | $ 475 | $ 1,930 | $ 2,322 |
Gross increases - tax positions in prior periods | 196 | ||
Gross decreases - tax positions in prior periods | (2,109) | (609) | |
Gross increase - tax positions in current period | 311 | 440 | 641 |
Gross decreases - tax positions in current period | (150) | ||
Lapse of statute limitations | |||
Foreign currency adjustment | 6 | 214 | (424) |
Unrecognized tax benefits - closing balance | $ 838 | $ 475 | $ 1,930 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 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 |
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 | 660,698 | ||
Options exercise price range, lower limit | $ 10.59 | ||
Options exercise price range, upper limit | $ 24.46 |
Earnings Per Share (Income From
Earnings Per Share (Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Net1 | $ 7,036 | $ 3,009 | $ 9,622 | $ 19,483 | $ 11,289 | $ 18,392 | $ 18,641 | $ 24,632 | $ 39,150 | $ 72,954 | $ 82,454 |
Undistributed earnings | $ 39,150 | $ 72,954 | $ 82,454 | ||||||||
Percent allocated to common shareholders | 98.00% | 99.00% | 99.00% | ||||||||
Numerator for earnings per share: basic and diluted | $ 38,497 | $ 72,188 | $ 81,370 | ||||||||
Denominator for basic earnings per share: weighted-average common shares outstanding | 55,860 | 53,966 | 47,234 | ||||||||
Effect of dilutive securities: Stock options | 51 | 109 | 242 | ||||||||
Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion | 55,911 | 54,075 | 47,476 | ||||||||
Earnings per share: Basic | $ 0.12 | $ 0.05 | $ 0.17 | $ 0.34 | $ 0.20 | $ 0.34 | $ 0.35 | $ 0.46 | $ 0.69 | $ 1.34 | $ 1.72 |
Earnings per share: Diluted | $ 0.12 | $ 0.05 | $ 0.17 | $ 0.34 | $ 0.20 | $ 0.33 | $ 0.35 | $ 0.46 | $ 0.69 | $ 1.33 | $ 1.71 |
Basic weighted-average common shares outstanding (A) | 55,860 | 53,966 | 47,234 | ||||||||
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) | 56,807 | 54,539 | 47,863 |
Supplemental Cash Flow Infor110
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Thousands | Jan. 20, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Treasury shares, cost | $ 45,324 | $ 27,107 | ||
Paid For July 1, 2016 [Member] | ||||
Treasury shares, acquired | 47,056 | |||
Treasury shares, cost | $ 500 | |||
Transact24 [Member] | ||||
Shares issued in acquisition | 391,645 | |||
Fair value of shares issued in acquisition | $ 4,000 | |||
Percentage acquired in acquisition | 56.00% | |||
Finbond [Member] | ||||
Shares issued in acquisition | 55,585,514 | |||
Fair value of shares issued in acquisition | $ 10,000 |
Supplemental Cash Flow Infor111
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash received from interest | $ 16,835 | $ 21,130 | $ 15,262 |
Cash paid for interest | 8,645 | 3,713 | 3,439 |
Cash paid for income taxes | $ 41,065 | $ 45,165 | $ 42,123 |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018USD ($)segmentcustomer | Jun. 30, 2017USD ($)customer | Jun. 30, 2016USD ($)customer | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Individually significant customer minimum revenue threshold percentage | 10.00% | ||
Number of customers accounting for more than ten percent of total revenue | customer | 1 | 1 | 1 |
Percentage of customer revenue of total revenue | 19.00% | 22.00% | 21.00% |
Payment to related parties included in corporate and eliminations | $ 8,000 | ||
Impairment of goodwill | $ 20,917 | ||
Finbond [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain from change in accounting | $ 2,200 | ||
Transact24 [Member] | |||
Segment Reporting Information [Line Items] | |||
Fair value gain from acquisition | $ 1,900 | ||
International Transaction Processing [Member] | |||
Segment Reporting Information [Line Items] | |||
Impairment of goodwill | 19,865 | ||
South African Transaction Processing [Member] | |||
Segment Reporting Information [Line Items] | |||
Impairment of goodwill | $ 1,052 |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of Reportable Segments Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 149,194 | $ 162,721 | $ 148,416 | $ 152,558 | $ 155,056 | $ 147,944 | $ 151,433 | $ 155,633 | $ 612,889 | $ 610,066 | $ 590,749 |
South African Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 238,098 | 224,626 | 194,959 | ||||||||
International Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 180,027 | 176,729 | 169,807 | ||||||||
Financial Inclusion And Applied Technologies [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 194,764 | 208,711 | 225,983 | ||||||||
Reportable Segment [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 669,980 | 661,774 | 631,784 | ||||||||
Reportable Segment [Member] | South African Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 268,047 | 249,144 | 212,574 | ||||||||
Reportable Segment [Member] | International Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 180,027 | 176,729 | 169,807 | ||||||||
Reportable Segment [Member] | Financial Inclusion And Applied Technologies [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 221,906 | 235,901 | 249,403 | ||||||||
Inter-Segment [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | (57,091) | (51,708) | (41,035) | ||||||||
Inter-Segment [Member] | South African Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | (29,949) | (24,518) | (17,615) | ||||||||
Inter-Segment [Member] | International Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | |||||||||||
Inter-Segment [Member] | Financial Inclusion And Applied Technologies [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ (27,142) | $ (27,190) | $ (23,420) |
Operating Segments (Reconcil114
Operating Segments (Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Operating income | $ 10,072 | $ 7,564 | $ 16,307 | $ 25,006 | $ 14,726 | $ 24,547 | $ 25,589 | $ 32,181 | $ 58,949 | $ 97,043 | $ 114,368 |
Interest income | 17,885 | 20,897 | 15,292 | ||||||||
Interest expense | (8,941) | (3,484) | (3,423) | ||||||||
Income before income taxes | 67,893 | 114,456 | 126,237 | ||||||||
Reportable Segment [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Operating income | 85,690 | 130,799 | 129,774 | ||||||||
Corporate/Eliminations [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Operating income | $ (26,741) | $ (33,756) | $ (15,406) |
Operating Segments (Summary Of
Operating Segments (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 149,194 | $ 162,721 | $ 148,416 | $ 152,558 | $ 155,056 | $ 147,944 | $ 151,433 | $ 155,633 | $ 612,889 | $ 610,066 | $ 590,749 |
Operating income (loss) | $ 10,072 | $ 7,564 | $ 16,307 | $ 25,006 | $ 14,726 | $ 24,547 | $ 25,589 | $ 32,181 | 58,949 | 97,043 | 114,368 |
Depreciation and amortization | 35,484 | 41,378 | 40,394 | ||||||||
Expenditures for long-lived assets | 9,649 | 11,195 | 35,797 | ||||||||
Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 669,980 | 661,774 | 631,784 | ||||||||
Operating income (loss) | 85,690 | 130,799 | 129,774 | ||||||||
Depreciation and amortization | 23,693 | 27,402 | 29,167 | ||||||||
Expenditures for long-lived assets | 9,649 | 11,195 | 35,797 | ||||||||
Corporate/Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (26,741) | (33,756) | (15,406) | ||||||||
Depreciation and amortization | 11,791 | 13,976 | 11,227 | ||||||||
South African Transaction Processing [Member] | Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 268,047 | 249,144 | 212,574 | ||||||||
Operating income (loss) | 42,796 | 59,309 | 51,386 | ||||||||
Depreciation and amortization | 4,625 | 4,614 | 6,157 | ||||||||
Expenditures for long-lived assets | 3,988 | 2,473 | 5,101 | ||||||||
International Transaction Processing [Member] | Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 180,027 | 176,729 | 169,807 | ||||||||
Operating income (loss) | (12,478) | 13,705 | 23,389 | ||||||||
Depreciation and amortization | 17,627 | 21,366 | 21,852 | ||||||||
Expenditures for long-lived assets | 4,397 | 7,745 | 28,029 | ||||||||
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 221,906 | 235,901 | 249,403 | ||||||||
Operating income (loss) | 55,372 | 57,785 | 54,999 | ||||||||
Depreciation and amortization | 1,441 | 1,422 | 1,158 | ||||||||
Expenditures for long-lived assets | $ 1,264 | $ 977 | $ 2,667 |
Operating Segments (Revenue Bas
Operating Segments (Revenue Based On Geographic Location) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 149,194 | $ 162,721 | $ 148,416 | $ 152,558 | $ 155,056 | $ 147,944 | $ 151,433 | $ 155,633 | $ 612,889 | $ 610,066 | $ 590,749 |
South Africa [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 433,421 | 434,124 | 422,022 | ||||||||
South Korea [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 153,314 | 153,403 | 158,609 | ||||||||
Rest Of World [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 26,154 | $ 22,539 | $ 10,118 |
Operating Segments (Long-Lived
Operating Segments (Long-Lived Assets Based On Geographical Location) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 792,449 | $ 344,566 | $ 339,777 |
South Africa [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 498,418 | 74,370 | 69,213 |
South Korea [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 177,388 | 192,473 | 221,459 |
Rest Of World [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 116,643 | $ 77,723 | $ 49,105 |
Commitments And Contingencie118
Commitments And Contingencies (Narrative) (Details) item in Millions, R in Millions, $ in Millions | Mar. 23, 2018ZAR (R) | Mar. 31, 2015ZAR (R) | Jun. 30, 2014ZAR (R)item | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2018ZAR (R) | Jun. 30, 2018USD ($) |
Guarantor Obligations [Line Items] | ||||||||
Operating lease payments | $ | $ 10.7 | $ 9.8 | $ 8 | |||||
Capital commitments | $ | 1.1 | $ 1.1 | ||||||
Purchase obligations | $ | $ 2.3 | $ 5.6 | ||||||
Additional Implementation Costs [Member] | Excluding VAT [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Proceeds received from SASSA | R 277 | |||||||
Guarantee [Member] | Minimum [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Charge rate | 0.40% | 0.40% | ||||||
Guarantee [Member] | Maximum [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Charge rate | 1.90% | 1.90% | ||||||
Counter Guarantee [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Guarantee amount | R 108 | $ 7.9 | ||||||
Nedbank [Member] | Guarantee [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Guarantee amount | R 108 | $ 7.9 | ||||||
CPS [Member] | Additional Implementation Costs [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Number of additional registrations | item | 11 | |||||||
Amount ordered to refund to SASSA | R 317 | |||||||
SASSA [Member] | Additional Implementation Costs [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Amount approved to pay CPS | R 317 | |||||||
SASSA [Member] | Additional Implementation Costs [Member] | Excluding VAT [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Amount approved to pay CPS | R 277 | R 277 |
Commitments And Contingencie119
Commitments And Contingencies (Future Minimum Payments Under Operating Leases) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Commitments And Contingencies [Abstract] | |
Due within 1 year | $ 5,531 |
Due within 2 years | 2,706 |
Due within 3 years | 1,956 |
Due within 4 years | 1,459 |
Due within 5 years | $ 505 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | |
Related Party Transaction [Line Items] | |||
Accounts receivables from related parties | $ 21,971 | $ 22,562 | |
Transact24 [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties | $ 1,900 | 4,400 | 4,200 |
Accounts receivables from related parties | 200 | 400 | |
Managing Director Spouse [Member] | |||
Related Party Transaction [Line Items] | |||
Transaction amount from related parties | $ 100 | $ 300 | $ 1,600 |
Unaudited Quarterly Results (Sc
Unaudited Quarterly Results (Schedule Of Unaudited Consolidated Statements Of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Unaudited Quarterly Results [Abstract] | |||||||||||
Revenue | $ 149,194 | $ 162,721 | $ 148,416 | $ 152,558 | $ 155,056 | $ 147,944 | $ 151,433 | $ 155,633 | $ 612,889 | $ 610,066 | $ 590,749 |
Operating income | 10,072 | 7,564 | 16,307 | 25,006 | 14,726 | 24,547 | 25,589 | 32,181 | 58,949 | 97,043 | 114,368 |
Net income attributable to Net1 | $ 7,036 | $ 3,009 | $ 9,622 | $ 19,483 | $ 11,289 | $ 18,392 | $ 18,641 | $ 24,632 | $ 39,150 | $ 72,954 | $ 82,454 |
Basic earnings attributable to Net1 shareholders | $ 0.12 | $ 0.05 | $ 0.17 | $ 0.34 | $ 0.20 | $ 0.34 | $ 0.35 | $ 0.46 | $ 0.69 | $ 1.34 | $ 1.72 |
Diluted earnings attributable to Net1 shareholders | $ 0.12 | $ 0.05 | $ 0.17 | $ 0.34 | $ 0.20 | $ 0.33 | $ 0.35 | $ 0.46 | $ 0.69 | $ 1.33 | $ 1.71 |