Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2018 | Nov. 09, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | NET 1 UEPS TECHNOLOGIES INC | |
Entity Filer Category | Accelerated Filer | |
Entity Central Index Key | 1,041,514 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Amendment Flag | false | |
Document Type | 10-Q | |
Trading Symbol | ueps | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 56,833,925 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | ||
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 98,555 | $ 90,054 | [1] | |
Restricted cash (Note 10) | 84,778 | |||
Pre-funded social welfare grants receivable (Note 2) | [1] | 2,965 | ||
Accounts receivable, net (Note 3) | 113,924 | 109,683 | [1] | |
Finance loans receivable, net (Note 3) | 50,811 | 62,205 | [1] | |
Inventory (Note 4) | 10,369 | 12,887 | [1] | |
Total current assets before settlement assets | 358,437 | 277,794 | [1] | |
Settlement assets (Note 5) | 68,566 | 149,047 | [1] | |
Total current assets | 427,003 | 426,841 | [1] | |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - September: $130,655; June: $129,185 | 25,222 | 27,054 | [1] | |
EQUITY-ACCOUNTED INVESTMENTS (Note 7) | 94,241 | 88,331 | [1] | |
GOODWILL (Note 8) | 279,158 | 283,240 | [1] | |
INTANGIBLE ASSETS, net (Note 8) | 121,824 | 131,132 | [1] | |
DEFERRED INCOME TAXES | 8,007 | 6,312 | [1] | |
OTHER LONG-TERM ASSETS, including reinsurance assets (Note 7 and Note 9) | 245,150 | 256,380 | [1] | |
TOTAL ASSETS | 1,200,605 | 1,219,290 | [1] | |
CURRENT LIABILITIES | ||||
Short-term credit facilities for ATM funding (Note 10) | 84,778 | |||
Short-term credit facilities (Note 10) | 3,313 | [1] | ||
Accounts payable | 23,134 | 35,055 | [1] | |
Other payables | 82,292 | 47,994 | [1] | |
Current portion of long-term borrowings (Note 10) | 33,937 | 44,695 | [1] | |
Income taxes payable | 13,898 | 5,742 | [1] | |
Total current liabilities before settlement obligations | 241,352 | 133,486 | [1] | |
Settlement obligations (Note 5) | 68,566 | 149,047 | [1] | |
Total current liabilities | 309,918 | 282,533 | [1] | |
DEFERRED INCOME TAXES | 43,567 | 46,606 | [1] | |
LONG-TERM BORROWINGS (Note 10) | 11,660 | 5,469 | [1] | |
OTHER LONG-TERM LIABILITIES, including insurance policy liabilities (Note 9) | 3,419 | 38,580 | [1] | |
TOTAL LIABILITIES | 368,564 | 373,188 | [1] | |
COMMITMENTS AND CONTINGENCIES (Note 19) | [1] | |||
REDEEMABLE COMMON STOCK | 107,672 | 107,672 | [1] | |
EQUITY | ||||
COMMON STOCK (Note 11) Authorized: 200,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury - September: 56,833,925; June: 56,685,925 | 80 | 80 | [1] | |
PREFERRED STOCK Authorized shares: 50,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury: Septemer: -; June: - | [1] | |||
ADDITIONAL PAID-IN-CAPITAL | 276,865 | 276,201 | [1] | |
TREASURY SHARES, AT COST: September: 24,891,292; June: 24,891,292 | (286,951) | (286,951) | [1] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Note 1 and 12) | (189,528) | (184,436) | [1] | |
RETAINED EARNINGS (Note 1) | 832,426 | 837,625 | [1] | |
TOTAL NET1 EQUITY | 632,892 | 642,519 | [1] | |
NON-CONTROLLING INTEREST | 91,477 | 95,911 | [1] | |
TOTAL EQUITY | 724,369 | 738,430 | [1] | |
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS' EQUITY | $ 1,200,605 | $ 1,219,290 | [1] | |
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 130,655 | $ 129,185 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 56,833,925 | 56,685,925 |
Common stock, shares outstanding | 56,833,925 | 56,685,925 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Treasury shares, shares outstanding | 24,891,292 | 24,891,292 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Consolidated Statements Of Operations [Abstract] | ||
REVENUE | $ 125,884 | $ 152,558 |
EXPENSE | ||
Cost of goods sold, IT processing, servicing and support | 72,316 | 74,652 |
Selling, general and administration | 41,878 | 43,934 |
Depreciation and amortization | 10,794 | 8,966 |
OPERATING INCOME | 896 | 25,006 |
INTEREST INCOME | 1,876 | 5,044 |
INTEREST EXPENSE | 2,759 | 2,121 |
INCOME BEFORE INCOME TAX EXPENSE | 13 | 27,929 |
INCOME TAX EXPENSE (Note 18) | 6,490 | 10,277 |
NET (LOSS) INCOME BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | (6,477) | 17,652 |
EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 1,373 | 2,075 |
NET (LOSS) INCOME | (5,104) | 19,727 |
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 95 | 244 |
NET (LOSS) INCOME ATTRIBUTABLE TO NET1 | $ (5,199) | $ 19,483 |
Net (loss) income per share, in United States dollars (Note 14) | ||
Basic (loss) earnings attributable to Net1 shareholders | $ (0.09) | $ 0.34 |
Diluted (loss) earnings attributable to Net1 shareholders | $ (0.09) | $ 0.34 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (5,104) | $ 19,727 |
Other comprehensive (loss) income | ||
Movement in foreign currency translation reserve | (13,322) | (13,880) |
Movement in foreign currency translation reserve related to equity-accounted investments | 5,430 | (227) |
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME, net of taxes | (7,892) | (14,107) |
COMPREHENSIVE (LOSS) INCOME | (12,996) | 5,620 |
Add (Less) comprehensive loss (income) attributable to non-controlling interest | 2,705 | (133) |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO NET1 | $ (10,291) | $ 5,487 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | As Reported [Member]Common And Treasury Stock [Member] | As Reported [Member]Treasury Stock [Member] | As Reported [Member]Number Of Shares, Net Of Treasury [Member] | As Reported [Member]Additional Paid-In Capital [Member] | As Reported [Member]Retained Earnings [Member] | As Reported [Member]Accumulated Other Comprehensive (Loss) Income [Member] | As Reported [Member]Total Net1 Equity [Member] | As Reported [Member]Non-Controlling Interest [Member] | As Reported [Member] | Correction [Member]Retained Earnings [Member] | Correction [Member]Accumulated Other Comprehensive (Loss) Income [Member] | Correction [Member] | Common And Treasury Stock [Member] | Treasury Stock [Member] | Number Of Shares, Net Of Treasury [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total Net1 Equity [Member] | Non-Controlling Interest [Member] | Total | |
Balance, Number of Shares at Jun. 30, 2017 | 81,261,029 | (24,891,292) | 56,369,737 | |||||||||||||||||||
Balance at Jun. 30, 2017 | $ 80 | $ (286,951) | $ 273,733 | $ 773,276 | $ (162,569) | $ 597,569 | $ 2,766 | $ 600,335 | ||||||||||||||
Redeemable Common Stock, Balance at Jun. 30, 2017 | 107,672 | |||||||||||||||||||||
Restricted stock granted (Note 13), shares | 588,594 | 588,594 | ||||||||||||||||||||
Stock-based compensation charge (Note 13) | 869 | 869 | 869 | |||||||||||||||||||
Reversal of stock compensation charge (Note 13) | (42) | (42) | (42) | |||||||||||||||||||
Reversal of stock compensation charge (Note 13), shares | (30,635) | (30,635) | ||||||||||||||||||||
(Reversal) Stock-based compensation charge related to equity-accounted investment (Note 7) | (207) | (207) | (207) | |||||||||||||||||||
Net (loss) income | 19,483 | 19,483 | 244 | 19,727 | ||||||||||||||||||
Other comprehensive (loss) income (Note 12) | (13,996) | (13,996) | (111) | $ (14,107) | ||||||||||||||||||
Balance, Number of Shares at Sep. 30, 2017 | 81,818,988 | (24,891,292) | 56,927,696 | 56,927,696 | ||||||||||||||||||
Balance at Sep. 30, 2017 | $ 80 | $ (286,951) | 274,353 | 792,759 | (176,565) | 603,676 | 2,899 | $ 606,575 | ||||||||||||||
Redeemable Common Stock, Balance at Sep. 30, 2017 | 107,672 | |||||||||||||||||||||
Balance, Number of Shares at Jun. 30, 2017 | 81,261,029 | (24,891,292) | 56,369,737 | |||||||||||||||||||
Balance at Jun. 30, 2017 | $ 80 | $ (286,951) | 273,733 | 773,276 | (162,569) | 597,569 | 2,766 | 600,335 | ||||||||||||||
Correction of error (Note 1) | $ 25,199 | $ (25,199) | $ (25,199) | |||||||||||||||||||
Redeemable Common Stock, Balance at Jun. 30, 2017 | 107,672 | |||||||||||||||||||||
Net (loss) income | $ 38,270 | 25,199 | ||||||||||||||||||||
Other comprehensive (loss) income (Note 12) | 3,234 | $ (25,199) | ||||||||||||||||||||
Balance, Number of Shares at Jun. 30, 2018 | 81,577,217 | (24,891,292) | 56,685,925 | 81,577,217 | (24,891,292) | 56,685,925 | ||||||||||||||||
Balance at Jun. 30, 2018 | $ 80 | $ (286,951) | $ 276,201 | $ 812,426 | $ (159,237) | $ 642,519 | $ 95,911 | 738,430 | $ 80 | $ (286,951) | 276,201 | 837,625 | (184,436) | 642,519 | 95,911 | 738,430 | [1] | |||||
Redeemable Common Stock, Balance at Jun. 30, 2018 | $ 107,672 | 107,672 | [1] | |||||||||||||||||||
Restricted stock granted (Note 13), shares | 148,000 | 148,000 | ||||||||||||||||||||
Stock-based compensation charge (Note 13) | 587 | 587 | 587 | |||||||||||||||||||
(Reversal) Stock-based compensation charge related to equity-accounted investment (Note 7) | 77 | 77 | 77 | [2] | ||||||||||||||||||
Dividends paid to non-controlling interest | (1,729) | (1,729) | ||||||||||||||||||||
Net (loss) income | (5,199) | (5,199) | 95 | (5,104) | ||||||||||||||||||
Other comprehensive (loss) income (Note 12) | (5,092) | (5,092) | (2,800) | $ (7,892) | ||||||||||||||||||
Balance, Number of Shares at Sep. 30, 2018 | 81,725,217 | (24,891,292) | 56,833,925 | 56,833,925 | ||||||||||||||||||
Balance at Sep. 30, 2018 | $ 80 | $ (286,951) | $ 276,865 | $ 832,426 | $ (189,528) | $ 632,892 | $ 91,477 | $ 724,369 | ||||||||||||||
Redeemable Common Stock, Balance at Sep. 30, 2018 | $ 107,672 | |||||||||||||||||||||
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements | |||||||||||||||||||||
[2] | Includes OneFi, SmartSwitch Namibia, Speckpack, Fanaka and Walletdoc; |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |||
Cash flows from operating activities | |||||
Net (loss) income | $ (5,104) | $ 19,727 | |||
Depreciation and amortization | 10,794 | 8,966 | |||
Earnings from equity-accounted investments | (1,373) | (2,075) | |||
Interest on Cedar Cell note (Note 7) | (156) | ||||
Fair value adjustments and re-measurements | (82) | 91 | |||
Interest payable | 110 | (88) | |||
Facility fee amortized | 87 | 133 | |||
(Profit) Loss on disposal of property, plant and equipment | (127) | 105 | |||
Stock-based compensation charge, net (Note 13) | 587 | 827 | |||
Dividends received from equity accounted investments | 912 | ||||
Decrease (Increase) in accounts receivable, pre-funded social welfare grants receivable and finance loans receivable | 14,296 | (39,141) | |||
Decrease (Increase) in inventory | 2,185 | (1,526) | |||
(Decrease) Increase in accounts payable and other payables | (9,480) | 3,429 | |||
Increase in taxes payable | 8,354 | 8,838 | |||
Decrease in deferred taxes | (3,634) | (991) | |||
Net cash provided by (used in) operating activities | 16,457 | (793) | |||
Cash flows from investing activities | |||||
Capital expenditures | (3,118) | (1,473) | |||
Proceeds from disposal of property, plant and equipment | 274 | 316 | |||
Proceeds on return of investment (Note 7) | 284 | ||||
Investment in Cell C (Note 7) | (151,003) | ||||
Investment in equity of equity-accounted investments (Note 7) | (72,846) | ||||
Net change in settlement assets | 75,931 | 212,649 | |||
Net cash provided by (used in) investing activities | 73,371 | (12,357) | |||
Cash flows from financing activities | |||||
Proceeds from bank overdraft (Note 10) | 84,655 | 31,880 | |||
Repayment of long-term borrowings (Note 10) | (10,260) | (14,260) | |||
Long-term borrowings utilized (Note 10) | 7,801 | 95,431 | |||
Dividends paid to non-controlling interest | (1,729) | ||||
Payment of guarantee fee (Note 10) | (136) | (552) | |||
Repayment of bank overdraft (Note 10) | (2,952) | ||||
Net change in settlement obligations | (75,931) | (212,649) | |||
Net cash provided by (used in) financing activities | 4,400 | (103,102) | |||
Effect of exchange rate changes on cash | (949) | (3,846) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | 93,279 | (120,098) | |||
Cash, cash equivalents and restricted cash - beginning of period | 90,054 | 258,457 | $ 258,457 | ||
Cash, cash equivalents and restricted cash - end of period | $ 183,333 | [1] | $ 138,359 | [1] | $ 90,054 |
[1] | Cash, cash equivalents and restricted cash as of September 30, 2018, includes restricted cash of approximately $84.8 million related to cash withdrawn from the Company's various debt facilities to fund ATMs. This cash may only be used to fund ATMs and is considered restricted as to use and therefore is classified as restricted cash. Refer to Note 10 for additional information regarding the Company's facilities. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements Of Cash Flows (Parenthetical) $ in Thousands | Sep. 30, 2018USD ($) |
Condensed Consolidated Statements Of Cash Flows [Abstract] | |
Restricted cash | $ 84,778 |
Basis Of Presentation And Summa
Basis Of Presentation And Summary Of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2018 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Summary Of Significant Accounting Policies | 1. Basis of Presentation and Summary of Significant Accounting Policies Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements include all majority-owned subsidiaries over which the Company exercises control and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the rules and regulations of the United States Securities and Exchange Commission for Quarterly Reports on Form 10-Q and include all of the information and disclosures required for interim financial reporting. The results of operations for the three months ended September 30, 2018 and 2017, are not necessarily indicative of the results for the full year. The Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the financial statements, accounting policies and financial notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2018. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair representation of financial results for the interim periods presented. References to the "Company" refer to Net1 and its consolidated subsidiaries, collectively, unless the context otherwise requires. References to "Net1" are references solely to Net 1 UEPS Technologies, Inc. Restatement of Form10-K for the year ended June 30, 2018 Subsequent to the issuance of the Form 10-K, and as disclosed in the Form 8-K dated November 8, 2018, the Company announced that it would restate its consolidated financial statements for the year ended June 30, 2018, included in the Company's Annual Report on Form 10-K for the year ended June 30, 2018, due to the identification of an error in its accounting for its investment in an equity security. The Company incorrectly classified and recorded its investment in Cell C Proprietary Limited ("Cell C"), an unlisted company that the Company elected to carry at fair value using the fair value option, as available-for-sale and recorded the change in its fair value of $25.2 million, net of taxation of $ 7.3 Consolidated balance sheet As of June 30, 2018 As As Reported Correction Restated (in thousands) Accumulated other comprehensive loss $ (159,237 ) $ (25,199 ) $ (184,436 ) Retained earnings 812,426 25,199 837,625 Total equity $ 738,430 $ - $ 738,430 Consolidated statement of operations Year ended June 30, 2018 As As Reported Correction Restated (in thousands, except per share data) Change in fair value of equity securities $ - $ 32,473 $ 32,473 Income before income taxes 67,893 32,473 100,366 Income tax expense 41,353 7,274 48,627 Net income before earnings from equity-accounted investments 26,540 25,199 51,739 Net income 38,270 25,199 63,469 Net income attributable to Net1 $ 39,150 $ 25,199 $ 64,349 Net income per share, in United States dollars: . Basic earnings attributable to Net1 shareholders 0.69 0.44 1.13 Diluted earnings attributable to Net1 shareholders . 0.69 0.44 1.13 Consolidated statement of comprehensive income Year ended June 30, 2018 As As Reported Correction Restated (in thousands) Net income $ 38,270 $ 25,199 $ 63,469 Net unrealized income on asset available for sale, net of tax 25,199 (25,199 ) - Total other comprehensive income (loss) 3,234 (25,199 ) (21,965 ) Comprehensive income $ 41,504 $ - $ 41,504 Consolidated statement of changes in equity Retained Accumulated other earnings comprehensive loss (in thousands) As reported – June 30, 2018 $ 812,426 $ (159,237 ) Correction of misstatement 25,199 (25,199 ) As restated – June 30, 2018 $ 837,625 $ (184,436 ) Consolidated statement of cash flows Year ended June 30, 2018 As As Reported Correction Restated (in thousands) Net income $ 38,270 $ 25,199 $ 63,469 Fair value adjustment 212 (32,473 ) (32,685 ) Increase (Decrease) in deferred taxes (1,308 ) 7,274 5,966 Net cash provided by operating activities $ 132,605 $ - $ 132,605 The restatement does not affect the current financial results reported on this Quarterly Report on Form 10-Q. For more information concerning the restatement, please see the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission ("SEC") on November 8, 2018. Recent accounting pronouncements adopted In May 2014, the Financial Accounting Standards Board ("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 deferred 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 became effective for the Company beginning July 1, 2018. The Company elected the modified retrospective transition method upon adoption of this guidance. The adoption of this guidance did not have a material impact on the Company's financial statements, except for the additional footnote disclosures provided. 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 became 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 adoption of this guidance did not have a material impact on the Company's financial statements. Equity securities are measured at fair value. The Company may elect to measure equity securities without readily determinable fair values at cost with adjustments for observable changes in price or impairments for the identical or a similar investment of the same issuer. We perform a qualitative assessment on a quarterly basis and recognize an impairment loss if there are sufficient indicators that the fair value of the equity security is less than carrying value. There were no changes in the fair value of our equity securities recorded during the three months ended September 30, 2018. Changes in fair value will be recorded in our condensed consolidated statement of operations in future periods within a caption titled "changes in fair value of equity securities". 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 became effective for the Company beginning July 1, 2018, and must be applied retrospectively. The Company has elected to classify distributions received from equity method investees using the nature of the distribution approach. This election requires the Company to evaluate each distribution received on the basis of the source of the payment and classify the distribution as either operating cash inflows or investing cash inflows. The adoption of this guidance did not have a material impact on the Company's financial statements and the Company was not required to make any retrospective adjustments. 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 became effective for the Company beginning July 1, 2018. The adoption of this guidance did not have a material impact on the Company's financial statements. 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 has elected to early adopt this guidance beginning July 1, 2018. The adoption of this guidance did not have a material impact on the Company's financial statements. 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 became effective for the Company beginning July 1, 2018. The adoption of this guidance did not have a material impact on the Company's financial statements. 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 has elected to early adopt this guidance beginning July 1, 2018. The adoption of this guidance did not have a material impact on the Company's financial statements. Recent accounting pronouncements not yet adopted as of September 30, 2018 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 August 2018, the FASB issued guidance regarding Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement. The guidance modifies the disclosure requirements related to fair value measurement. This guidance is effective for the Company beginning July 1, 2020. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. . |
Pre-Funded Social Welfare Grant
Pre-Funded Social Welfare Grants Receivable | 3 Months Ended |
Sep. 30, 2018 | |
Pre-Funded Social Welfare Grants Receivable [Abstract] | |
Pre-Funded Social Welfare Grants Receivable | 2. Pre-funded social welfare grants receivable Pre-funded social welfare grants receivable represents primarily amounts pre-funded by the Company to certain merchants participating in the merchant acquiring system. The Company's contract with the South African Social Security Agency expired on September 30, 2018, and therefore the Company no longer pre-funds social welfare grants. The July 2018 payment service commenced on July 1, 2018, but the Company pre-funded certain merchants participating in the merchant acquiring systems on the last day of June 2018. |
Accounts Receivable, Net And Fi
Accounts Receivable, Net And Finance Loans Receivable, Net | 3 Months Ended |
Sep. 30, 2018 | |
Accounts Receivable, Net And Finance Loans Receivable, Net [Abstract] | |
Accounts Receivable, Net And Finance Loans Receivable, Net | 3. Accounts receivable, net and finance loans receivable, net Accounts receivable, net The Company's accounts receivable, net, as of September 30, 2018 and June 30, 2018, is presented in the table below: September 30, June 30, 2018 2018 Accounts receivable, trade, net $ 38,240 $ 49,365 Accounts receivable, trade, gross 39,632 50,466 Allowance for doubtful accounts receivable, end of period 1,392 1,101 Beginning of year 1,101 1,255 Reversed to statement of operations (2 ) (47 ) Charged to statement of operations 1,089 642 Utilized (832 ) (776 ) Foreign currency adjustment 36 27 Current portion of payments to agents in South Korea amortized over the contract period 20,695 21,971 Payments to agents in South Korea amortized over the contract period. 36,641 39,554 Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 7) 15,946 17,582 Loans provided to Finbond 1,074 1,107 Contingent purchase consideration 8,033 - Other receivables 45,882 37,240 Total accounts receivable, net $ 113,924 $ 109,683 Finance loans receivable, net The Company's finance loans receivable, net, as of September 30, 2018 and June 30, 2018, is presented in the table below: September 30, June 30, 2018 2018 Microlending finance loans receivable, net $ 46,078 $ 57,504 Microlending finance loans receivable, gross 52,453 61,743 Allowance for doubtful microlending finance loans receivable, end of period 6,375 4,239 Beginning of year 4,239 3,717 Charged to statement of operations 4,271 4,348 Utilized (2,117 ) (3,588 ) Foreign currency adjustment (18 ) (238 ) Working capital finance receivable, net 3,834 3,959 Working capital finance receivable, gross 16,180 16,123 Allowance for doubtful working capital finance receivable, end of period 12,346 12,164 Beginning of year 12,164 3,752 Charged to statement of operations 181 8,415 Foreign currency adjustment 1 (3 ) Current portion of other finance loans receivable 899 742 Total other finance loans receivable 17,060 13,025 Less included in other long-term assets 16,161 12,283 Total finance loans receivable, net $ 50,811 $ 62,205 |
Inventory
Inventory | 3 Months Ended |
Sep. 30, 2018 | |
Inventory [Abstract] | |
Inventory | 4. Inventory The Company's inventory comprised the following category as of September 30, 2018 and June 30, 2018. September 30, June 30, 2018 2018 Finished goods $ 10,369 $ 12,887 $ 10,369 $ 12,887 |
Settlement Assets And Settlemen
Settlement Assets And Settlement Obligations | 3 Months Ended |
Sep. 30, 2018 | |
Settlement Assets And Settlement Obligations [Abstract] | |
Settlement Assets And Settlement Obligations | 5. 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. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Sep. 30, 2018 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 6. Fair value of financial instruments Fair value of financial instruments Initial recognition and measurement Financial instruments are recognized when the Company becomes a party to the transaction. Initial measurements are at cost, which includes transaction costs. Risk management The Company 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 ("ZAR"), on the one hand, and the U.S. dollar and the euro, on the other hand. Translation risk Translation risk relates to the risk that the Company's results of operations will vary significantly as the U.S. dollar is its reporting currency, but it earns most of its revenues and incurs most of its expenses in ZAR. The U.S. dollar to ZAR exchange rate has fluctuated significantly over the past three years. As exchange rates are outside the Company's control, there can be no assurance that future fluctuations will not adversely affect the Company's results of operations and financial condition. Interest rate risk As a result of its normal borrowing and 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 "B" (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 and the risk that it may not be able to liquidate these securities. The market price of these securities may fluctuate for a variety of reasons and, consequently, the amount that the Company may obtain in a subsequent sale of these securities may significantly differ from the reported market value. Liquidity risk relates to the risk of loss that the Company would incur as a result of the lack of liquidity on the exchange on which these securities are listed. The Company may not be able to sell some or all of these securities at one time, or over an extended period of time without influencing the exchange traded price, or at all. Financial instruments The following section describes the valuation methodologies the Company uses to measure its significant financial assets and liabilities at fair value. In general, and where applicable, the Company uses quoted prices in active markets for identical assets or liabilities to determine fair value. This pricing methodology would apply to Level 1 investments. If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, then the Company uses quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable either directly or indirectly. These investments would be included in Level 2 investments. In circumstances in which inputs are generally unobservable, values typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. Investments valued using such techniques are included in Level 3 investments. Asset measured at fair value using significant unobservable inputs – investment in Cell C The Company's Level 3 asset represents an investment of 75,000,000 3.9 275.8 6.75 8.8 622.3 10 The following table presents the impact of a 0.50 Sensitivity for fair value of Cell C investment EBITDA multiple of 6.25 $ 149,179 EBITDA multiple of 6.75 $ 167,835 EBITDA multiple of 7.25 $ 186,490 The fair value of the Cell C shares as of September 30, 2018, represented approximately 14 Liability measured at fair value using significant unobservable inputs – DNI contingent consideration The salient terms of the Company's investment in DNI is described in Note 3 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2018. Under the terms of its subscription agreements with DNI, the Company has agreed to pay to DNI an additional amount of up to ZAR 400.0 28.3 379.6 26.8 373.6 27.2 6.3 Derivative transactions - Foreign exchange contracts As part of the Company's risk management strategy, the Company enters into derivative transactions to mitigate exposures to foreign currencies using foreign exchange contracts. These foreign exchange contracts are over-the-counter derivative transactions. Substantially all of the Company's derivative exposures are with counterparties that have long-term credit ratings of "B" (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's outstanding foreign exchange contracts are as follows as of September 30, 2018: Fair market Notional amount Strike price value price Maturity USD 269,800 ZAR 14.2023 ZAR 14.1489 October 2, 2018 USD 280,000 ZAR 15.2480 ZAR 14.2466 November 23, 2018 USD 420,000 ZAR 15.3071 ZAR 14.2993 December 21, 2018 USD 420,000 ZAR 15.3801 ZAR 14.3647 January 25, 2019 USD 140,000 ZAR 15.4386 ZAR 14.4168 February 22, 2019 USD 420,000 ZAR 15.4939 ZAR 14.4652 March 20, 2019 USD 420,000 ZAR 15.5704 ZAR 14.5334 April 26, 2019 The Company had no The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of September 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 $ - $ - $ 167,835 $ 167,835 Related to insurance business: Cash, cash equivalents and restricted cash (included in other long-term assets) 598 - - 598 Fixed maturity investments (included in cash and cash equivalents) 7,853 - - 7,853 Other - 18 - 18 Total assets at fair value $ 8,451 $ 18 $ 167,835 $ 176,304 Liabilities DNI contingent consideration $ - $ - $ 26,839 $ 26,839 Foreign exchange contracts - 152 - 152 Total liabilities at fair value $ - $ 152 $ 26,839 $ 26,991 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, cash equivalents and restricted cash) 8,304 - - 8,304 Other - 18 - 18 Total assets at fair value $ 8,914 $ 18 $ 172,948 $ 181,880 Liabilities DNI contingent consideration $ - $ - $ 27,222 $ 27,222 Total liabilities at fair value $ - $ - $ 27,222 $ 27,222 There have been no 3 , 2018 and 2017, respectively. Summarized below is the movement in the carrying value of assets and liabilities measured at fair value on a recurring basis, and categorized within Level 3, during the three months ended September 30, 2018: Carrying value Assets Balance as at June 30, 2018 $ 172,948 Foreign currency adjustment (5,113 ) Balance as of September 30, 2018 $ 167,835 Liabilities Balance as at June 30, 2018 $ 27,222 Accretion of interest 422 Foreign currency adjustment (1) (805 ) Balance as of September 30, 2018 $ 26,839 (1) The foreign currency adjustment represents the effects of the fluctuations of the South African rand and the U.S. dollar on the carrying value. Summarized below is the movement in the carrying value of assets and liabilities measured at fair value on a recurring basis, and categorized within Level 3, during the three months ended September 30, 2017: Carrying value Assets Acquisition of investment in Cell C $ 151,003 Foreign currency adjustment (3,530 ) Balance as of September 30, 2017 $ 147,473 (1) The foreign currency adjustment represents the effects of the fluctuations of the South African rand and the U.S. dollar on the carrying value. Assets measured at fair value on a nonrecurring basis We measure equity investments without readily determinable fair values on a nonrecurring basis. The fair values of these investments are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. |
Equity-Accounted Investments An
Equity-Accounted Investments And Other Long-Term Assets | 3 Months Ended |
Sep. 30, 2018 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Equity-Accounted Investments And Other Long-Term Assets | 7. Equity-accounted investments and other long-term assets Refer to Note 9 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2018, for additional information regarding its equity-accounted investments and other long-term assets. Equity-accounted investments The Company's ownership percentage in its equity-accounted investments as of September 30, 2018 and June 30, 2018, was as follows: September June 30, 30, 2018 2018 Bank Frick & Co AG ("Bank Frick") 35 % 35 % Fanaka Holdings (Pty) Ltd ("Fanaka") 40 % - Finbond Group Limited ("Finbond") 29 % 29 % OneFi Limited (formerly KZ One) ("OneFi") 25 % 25 % SmartSwitch Namibia (Pty) Ltd ("SmartSwitch Namibia") 50 % 50 % Speckpack Field Services (Pty) Ltd ("Speckpack") 50 % 50 % Walletdoc Proprietary Limited ("Walletdoc") 20 % 20 % Finbond As of September 30, 2018, the Company owned 267,672,032 3.60 1.0 72 6,602,551 V2 Limited On October 4, 2018, the Company acquired a 50 2.5 one 2.5 5.0 Summarized below is the movement in equity-accounted investments during the three months ended September 30, 2018: Bank Frick Finbond Other (1 ) Total Investment in equity: Balance as of June 30, 2018 $ 48,129 $ 30,958 $ 6,092 $ 85,179 Acquisition of shares - 1,920 - 1,920 Stock-based compensation - 77 - 77 Comprehensive income (loss): (588 ) 7,305 86 6,803 Other comprehensive loss - 5,430 - 5,430 Equity accounted earnings (loss) (588 ) 1,875 86 1,373 Share of net income 162 1,852 86 2,100 Amortization of acquired intangible assets (189 ) - - (189 ) Deferred taxes on acquired intangible assets 45 - - 45 Dilution resulting from corporate transactions - 23 - 23 Other (606 ) - - (606 ) Dividends received - (1,920 ) - (1,920 ) Return on investment - - (284 ) (284 ) Foreign currency adjustment (2) 435 (1,059 ) (57 ) (681 ) Balance as of September 30, 2018 $ 47,976 $ 37,281 $ 5,837 $ 91,094 Investment in loans: Balance as of June 30, 2018 $ - $ - $ 3,152 $ 3,152 Foreign currency adjustment (2) - - (5 ) (5 ) Balance as of September 30, 2018 $ - $ - $ 3,147 $ 3,147 Equity Loans Total Carrying amount as of: June 30, 2018 $ 85,179 $ 3,152 $ 88,331 September 30, 2018 $ 91,094 $ 3,147 $ 94,241 (1) Includes OneFi, SmartSwitch Namibia, Speckpack, Fanaka and Walletdoc; (2) The foreign currency adjustment represents the effects of the fluctuations of the South African rand, Swiss franc, Nigerian naira and Namibian dollar, and the U.S. dollar on the carrying value. Other long-term assets Summarized below is the breakdown of other long-term assets as of September 30, 2018, and June 30, 2018: September 30, June 30, 2018 2018 Total equity investments $ 194,570 $ 199,865 Investment in 15 167,835 172,948 Investment in 12 (1) 26,735 26,917 Total held to maturity investments 10,551 10,395 Investment in 7.625 8.625 10,551 10,395 Long-term portion of payments to agents in South Korea amortized over the contract period 15,946 17,582 Long-term portion of other finance loans receivable 16,161 12,283 Contingent purchase consideration - 9,064 Policy holder assets under investment contracts (Note 9) 598 610 Reinsurance assets under insurance contracts (Note 9) 619 633 Other long-term assets 6,705 5,948 Total other long-term assets $ 245,150 $ 256,380 (1) The Company has determined that MobiKwik does not have readily determinable fair value and has therefore elected to recorded this investment at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company accounted for its investment in MobiKwik at cost as of June 30, 2018. Summarized below are the components of the Company's held to maturity investments as of September 30, 2018: Unrealized Unrealized holding holding Carrying Cost basis gains losses value Held to maturity: Investment in Cedar Cellular notes $ 9,000 $ 1,551 $ - $ 10,551 Total $ 9,000 $ 1,551 $ - $ 10,551 Summarized below are the components of the Company's held to maturity investments as of June 30, 2018: Unrealized Unrealized holding holding Carrying Cost basis gains losses value Held to maturity: Investment in Cedar Cellular notes $ 9,000 $ 1,395 $ - $ 10,395 Total $ 9,000 $ 1,395 $ - $ 10,395 The unrealized holding gains related to the investment in Cedar Cellular notes were recorded in interest income in the consolidated statement of operations. Interest on this investment will only be paid, at Cedar Cellular's election, on maturity in August 2022 19.15 0.2 Contractual maturities of held to maturity investments Summarized below is the contractual maturity of the Company's held to maturity investment as of September 30, 2018: Estimated Cost fair basis value (1 ) Due in one year or less $ - $ - Due in one year through five years 9,000 9,625 Due in five years through ten years - - Due after ten years - - Total $ 9,000 $ 9,625 (1) The estimated fair value of the Cedar Cellular note has been calculated utilizing the Company's portion of the security provided to the Company by Cedar Cellular, namely, Cedar Cellular's investment in Cell C. |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 3 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Goodwill And Intangible Assets, Net | 8. Goodwill and intangible assets, net Goodwill Summarized below is the movement in the carrying value of goodwill for the three months ended September 30, 2018: Accumulated Carrying Gross value impairment value Balance as of June 30, 2018 $ 304,013 $ (20,773 ) $ 283,240 Foreign currency adjustment (1) (5,152 ) 1,070 (4,082 ) Balance as of September 30, 2018 $ 298,861 $ (19,703 ) $ 279,158 (1) - the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value. Goodwill has been allocated to the Company's reportable segments as follows: South Financial African International inclusion and transaction transaction applied Carrying processing processing technologies value Balance as of June 30, 2018 $ 20,946 $ 123,948 $ 138,346 $ 283,240 Foreign currency adjustment (1) (618 ) 456 (3,920 ) (4,082 ) Balance as of September 30, 2018 $ 20,328 $ 124,404 $ 134,426 $ 279,158 (1) - the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value. Intangible assets Carrying value and amortization of intangible assets Summarized below is the carrying value and accumulated amortization of the intangible assets as of September 30, 2018 and June 30, 2018 : As of September 30, 2018 As of June 30, 2018 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships $ 193,995 $ (80,786 ) $ 113,209 $ 197,676 $ (76,237 ) $ 121,439 Software and unpatented technology 34,175 (32,546 ) 1,629 35,730 (32,342 ) 3,388 FTS patent 2,709 (2,709 ) - 2,792 (2,792 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks and brands 12,345 (6,147 ) 6,198 11,101 (5,589 ) 5,512 Total finite-lived intangible assets 247,730 (126,694 ) 121,036 251,805 (121,466 ) 130,339 Indefinite-lived intangible assets: Financial institution license 788 - 788 793 - 793 Total indefinite-lived intangible assets 788 - 788 793 - 793 Total intangible assets $ 248,518 $ (126,694 ) $ 121,824 $ 252,598 $ (121,466 ) $ 131,132 Aggregate amortization expense on the finite-lived intangible assets for the three months ended September 30, 2018 and 2017, was approximately $ 6.0 2.8 Future estimated annual amortization expense for the next five fiscal years and thereafter, assuming exchange rates that prevailed on September 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. Fiscal 2019 $ 24,469 Fiscal 2020 19,285 Fiscal 2021 13,811 Fiscal 2022 10,604 Fiscal 2023 10,604 Thereafter 48,473 Total future estimated annual amortization expense $ 127,246 |
Reinsurance Assets And Policyho
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts | 3 Months Ended |
Sep. 30, 2018 | |
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts | 9. Reinsurance assets and policyholder liabilities under insurance and investment contracts Reinsurance assets and policyholder liabilities under insurance contracts Summarized below is the movement in reinsurance assets and policyholder liabilities under insurance contracts during the three months ended September 30, 2018: Reinsurance Insurance assets (1) contracts (2) Balance as of June 30, 2018 $ 633 $ (2,032 ) Increase in policyholder benefits under insurance contracts 169 (2,901 ) Claims and policyholders' benefits under insurance contracts. (164 ) 2,690 Foreign currency adjustment (3) (19 ) 61 Balance as of September 30, 2018 $ 619 $ (2,182 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. The Company has agreements with reinsurance companies in order to limit its losses from certain insurance contracts, however, if the reinsurer is unable to meet its obligations, the Company retains the liability. The Company determines its reserves for policy benefits under its life insurance products using a model which estimates claims incurred that have not been reported 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. Assets and policyholder liabilities under investment contracts Summarized below is the movement in assets and policyholder liabilities under investment contracts during the three months ended September 30, 2018: Investment Assets (1) contracts (2) Balance as of June 30, 2018 $ 610 $ (610 ) Increase in policyholder benefits under investment contracts 6 (6 ) Foreign currency adjustment (3) (18 ) 18 Balance as of September 30, 2018 $ 598 $ (598 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. The Company does not offer any investment products with guarantees related to capital or returns. |
Borrowings
Borrowings | 3 Months Ended |
Sep. 30, 2018 | |
Borrowings [Abstract] | |
Borrowings | 10. Borrowings South Africa The amounts below have been translated at exchange rates applicable as of the dates specified. July 2017 Facilities, as amended, comprising a short-term facility and long-term borrowings Long-term borrowings – Facilities A, B, C and D The Company's South African amended July 2017 Facilities agreement is described in Note 14 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2018. The carrying value of these long-term borrowings as of September 30, 2018, was ZAR 529.9 37.5 2.6 0.2 2.75 7.00 151.3 10.7 December 28, 2018 Short-term facility - Facility E On September 26, 2018, Net1 Applied Technologies South Africa Proprietary Limited ("Net1 SA") further amended its amended July 2017 Facilities agreement with Rand Merchant Bank, a divison of FirstRand Bank Limited ("RMB") to include an overdraft facility ("Facility E") of up to ZAR 1.5 106.1 1.00 September 26, 2019 90 25 3.6 0.2 1.1 76.6 1.5 10.0 Nedbank facility, comprising short-term facilities As of September 30, 2018, the aggregate amount of the Company's short-term South African credit facility with Nedbank Limited was ZAR 700.0 49.5 450 31.8 250.0 17.7 300 21.2 250.0 17.7 50 3.5 150 10.6 200.0 14.1 As of September 30, 2018, the interest rate on the overdraft facility was 8.85 0.35 As of September 30, 2018, the Company has utilized approximately ZAR 115.6 8.2 132.2 9.3 108.0 7.9 June 2018 Facility, a long-term borrowing The Company's South African long-term facility agreement is described in Note 14 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2018. The current carrying value as of September 30, 2018, was ZAR 115.0 8.1 2.75 2.0 0.1 United States, a short-term facility On September 14, 2018, the Company renewed its $ 10.0 4.50 2.39838 six 3.3 South Korea, comprising long-term borrowings The Company's South Korean senior secured loan facility is described in Note 14 to its audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2018. On July 29, 2017, the Company utilized approximately KRW 0.3 0.3 16.6 Movement in short-term credit facilities Summarized below are the Company's short-term facilities as of September 30, 2018, and the movement in the Company's short-term facilities from as of June 30, 2018 to as of September 30, 2018: South Africa United States Amended July 2017 Nedbank Bank Frick Total Short-term facilities as of September 30, 2018: $ 106,054 $ 49,492 $ 10,000 $ 165,546 Overdraft - 21,211 10,000 31,211 Overdraft restricted as to use for ATM funding only 106,054 17,676 - 123,730 Indirect and derivative facilities - 10,605 - 10,605 Movement in utilized overdraft facilities: Balance as of June 30, 2018 - - - - Utilized 73,500 7,842 3,313 84,655 Foreign currency adjustment (1) 3,105 331 - 3,436 Balance as of September 30, 2018 76,605 8,173 3,313 88,091 Restricted as to use for ATM funding only 76,605 8,173 - 84,778 No restrictions as to use - - 3,313 3,313 Movement in utilized indirect and derivative facilities: Balance as of June 30, 2018 - 7,871 - 7,871 Guarantees cancelled - (848 ) - (848 ) Utilized - 2,436 - 2,436 Foreign currency adjustment (1) - (110 ) - (110 ) Balance as of September 30, 2018 $ - $ 9,349 $ - $ 9,349 (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. Movement in long-term borrowings Summarized below is the movement in the Company's long term borrowing from as of June 30, 2018 to as of September 30, 2018: South Africa Amended June 2018 July 2017 Facility Total Included in current portion of long-term borrowings $ 44,695 $ - $ 44,695 Included in long-term borrowings 5,469 - 5,469 Balance as of June 30, 2018 50,164 - 50,164 Utilized - 7,801 7,801 Repaid (10,260 ) - (10,260 ) Foreign currency adjustment (1) (2,438 ) 330 (2,108 ) Balance as of September 30, 2018 37,466 8,131 45,597 Included in current portion of long-term borrowings 33,937 - 33,937 Included in long-term borrowings $ 3,529 $ 8,131 $ 11,660 (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. The Company paid a non-refundable deal origination fee of approximately ZAR 6.3 0.6 1.1 1.7 0.1 Interest expense incurred under the Company South Korean long-term borrowings during the three months ended September 30, 2017, was $ 0.2 0.03 |
Capital Structure
Capital Structure | 3 Months Ended |
Sep. 30, 2018 | |
Capital Structure [Abstract] | |
Capital Structure | 11. Capital structure The following table presents a reconciliation between the number of shares, net of treasury, presented in the unaudited condensed consolidated statement of changes in equity during the three months ended September 30, 2018 and 2017, respectively, and the number of shares, net of treasury, excluding non-vested equity shares that have not vested during the three months ended September 30, 2018 and 2017, respectively: September 30, September 30, 2018 2017 Number of shares, net of treasury: Statement of changes in equity 56,833,925 56,927,696 Less: Non-vested equity shares that have not vested (Note 13) 860,817 1,007,182 Number of shares, net of treasury excluding non-vested equity shares that have not vested 55,973,108 55,920,514 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Sep. 30, 2018 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 12. Accumulated other comprehensive loss The table below presents the change in accumulated other comprehensive (loss) income per component during the three months ended September 30, 2018: Three months ended September 30, 2018 Accumulated net unrealized Accumulated income on foreign asset currency available for translation sale, net of reserve tax Total Balance as of June 30, 2018 (as reported, refer to Note 1) $ (184,436 ) $ 25,199 $ (159,237 ) Correction of error (Note 1) - (25,199 ) (25,199 ) Balance as of June 30, 2018 (as restated, refer to Note 1) $ (184,436 ) $ - $ (184,436 ) Movement in foreign currency translation reserve related to equity- accounted investment 5,430 - 5,430 Movement in foreign currency translation reserve (10,522 ) - (10,522 ) Balance as of September 30, 2018 $ (189,528 ) $ - $ (189,528 ) There were no . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 30, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 13. Stock-based compensation Stock option and restricted stock activity Options The following table summarizes stock option activity for the three months ended September 30, 2018 and 2017: Weighted Weighted average Weighted average remaining Aggregate average exercise contractu intrinsic grant date Number of price al term value fair value shares ($) (in years) ($' ) ($) Outstanding – June 30, 2018 809,274 13.99 2.67 370 4.20 Granted – September 2018 600,000 6.20 10.00 1,212 2.02 Forfeitures (200,000 ) 24.46 7.17 Outstanding – September 30, 2018 1,209,274 8.41 6.59 1,322 2.62 Outstanding – June 30, 2017 846,607 13.87 3.80 486 4.21 Forfeitures (37,333 ) 11.23 4.55 Outstanding – September 30, 2017 809,274 13.99 3.40 468 4.20 During the three months ended September 30, 2018, 600,000 No 200,000 24.46 37,333 The fair value of each option is estimated on the date of grant using the Cox Ross Rubinstein binomial model that uses the assumptions noted in the following table. The estimated expected volatility is calculated based on the Company's 750 The table below presents the range of assumptions used to value options granted during the three months ended September 30, 2018: Three months ended September 30, 2018 Expected volatility 44 % Expected dividends 0 % Expected life (in years) 3 Risk-free rate 2.75 % The following table presents stock options vested and expected to vest as of September 30, 2018: Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' Vested and expected to vest – September 30, 2018 1,209,274 8.41 6.59 1,322 These options have an exercise price range of $ 6.20 13.16 The following table presents stock options that are exercisable as of September 30, 2018: Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Exercisable – September 30, 2018 609,274 10.56 3.22 242 During the three months ended September 30, 2018 no 105,982 Restricted stock The following table summarizes restricted stock activity for the three months ended September 30, 2018 and 2017: Number of Weighted shares of average grant restricted date fair value stock ($' ) Non-vested – June 30, 2018 765,411 6,162 Granted – September 2018 148,000 114 Vested – August 2018 (52,594 ) 459 Non-vested – September 30, 2018 860,817 5,785 Non-vested – June 30, 2017 505,473 11,173 Granted – August 2017 588,594 4,288 Vested – August 2017 (56,250 ) 527 Forfeitures (30,635 ) 358 Non-vested – September 30, 2017 1,007,182 9,689 The September 2018 grants comprise 148,000 shares of restricted stock awarded to executive officers that are subject to market and time-based vesting. The August 2017 grants comprise (i) 326,000 210,000 52,594 The 326,000 shares of restricted stock will only vest if the recipient is employed by the Company on a full-time basis on August 23, 2020 August 23, 2018. During the three months ended September 30, 2017, 56,250 shares of restricted stock granted to non-employee directors vested and employees forfeited 30,635 shares of restricted stock with either market or performance conditions upon their termination from the Company. Market Conditions - Restricted Stock Granted in September 2018 The 148,000 shares of restricted stock awarded to executive officers in September 2018 are subject to time-based and performance-based (a market condition) vesting conditions and vest in full only on the date, if any, that the following conditions are satisfied: (1) the price of the Company's common stock must equal or exceed certain agreed VWAP levels (as described below) during a measurement period commencing on the date that it files its Annual Report on Form 10-K for the fiscal year ended 2021 and ending on December 31, 2021 and (2) the recipient is employed by the Company on a full-time basis when the condition in (1) is met. If either of these conditions is not satisfied, then none of the shares of restricted stock will vest and they will be forfeited. The $ 23.00 55 6.20 September 7, 2018 The VWAP levels and vesting percentages related to such levels are as follows: 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 The fair value of these shares of restricted stock was calculated using a Monte Carlo simulation of a stochastic volatility process. The choice of a stochastic volatility process as an extension to the standard Black Scholes process was driven by both observation of larger than expected moves in the daily time series for the Company's VWAP price, but also the observation of the strike structure of volatility (i.e. skew and smile) for out-of-the money calls and out-of-the money puts versus at-the-money options for both the Company's stock and NASDAQ futures. 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. In its calculation of the fair value of the restricted stock, the Company used an average volatility of 37.4 no three 30 Market Conditions - Restricted Stock Granted in August 2017 The 210,000 shares of restricted stock awarded to executive officers in August 2017 are subject to time-based and performance-based ( a market condition) vesting conditions and vest in full only on the date, if any, that the following conditions are satisfied: (1) the price of the Company's common stock must equal or exceed certain agreed VWAP levels (as described below) during a measurement period commencing on the date that it files its Annual Report on Form 10-K for the fiscal year ended 2020 and ending on December 31, 2020 and (2) the recipient is employed by the Company on a full-time basis when the condition in (1) is met. If either of these conditions is not satisfied, then none of the shares of restricted stock will vest and they will be forfeited. The $ 23.00 35 9.38 Below $ 15.00 0 At or above $ 15.00 19.00 33 At or above $ 19.00 23.00 66 At or above $ 23.00 100 These 210,000 shares of restricted stock are effectively forward starting knock-in barrier options with multi-strike prices of zero In scenarios where the shares do not vest, the final vested value at maturity is zero. In scenarios where vesting occurs, the final vested value on maturity is the share price on vesting date. The value of the grant is the average of the discounted vested values. The Company used an expected volatility of 44.0 three 1.275 1.657 no 30 Performance Conditions - Restricted Stock Granted in August 2016 In August 2016 the Company awarded 350,000 200,000 150,000 One-third of the shares will vest if the Company achieves 2019 Fundamental EPS of $ 2.60 Two-thirds of the shares will vest if the Company achieves 2019 Fundamental EPS of $ 2.80 All of the shares will vest if the Company achieves 2019 Fundamental EPS of $ 3.00 At levels of 2019 Fundamental EPS greater than $ 2.60 3.00 2.80 The fair value of restricted stock vesting during the three months ended September 30, 2018 and 2017, was $ 0.5 Stock-based compensation charge and unrecognized compensation cost The Company recorded a stock-based compensation charge during each of the three months ended September 30, 2018 and 2017 of $0.6 million and $0.8 million respectively, which comprised: Allocated to cost of goods sold, IT Allocated to processing, selling, general Total servicing and and charge support administration Three months ended September 30, 2018 Stock-based compensation charge $ 587 - $ 587 Total – three months ended September 30, 2018 $ 587 $ - $ 587 Three months ended September 30, 2017 Stock-based compensation charge $ 869 $ - $ 869 Reversal of stock compensation charge related to restricted stock forfeited (42 ) - (42 ) Total – three months ended September 30, 2017 $ 827 $ - $ 827 The stock-based compensation charges have been allocated to selling, general and administration based on the allocation of the cash compensation paid to the relevant employees. As of September 30, 2018, the total unrecognized compensation cost related to stock options was approximately $ 1.2 three 3.1 two As of each of September 30, 2018 and June 30, 2018, respectively, the Company recorded a deferred tax asset of approximately $ 0.7 The Company has issued redeemable common stock which is redeemable at an amount other than fair value. Redemption of a class of common stock at other than fair value increases or decreases the carrying amount of the redeemable common stock and is reflected in basic earnings per share using the two-class method. There were no Basic earnings per share include shares of restricted stock that meet the definition of a participating security because these shares are eligible to receive non-forfeitable dividend equivalents at the same rate as common stock. Basic earnings per share have been calculated using the two-class method and basic earnings per share for the three months ended September 30, 2018 and 2017, 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. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 14. Earnings per share Diluted earnings per share have been calculated to give effect to the number of shares of additional common stock that would have been outstanding if the potential dilutive instruments had been issued in each period. Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method and are not considered to be participating securities, as the stock options do not contain non-forfeitable dividend rights. The calculation of diluted earnings per share includes the dilutive effect of a portion of the restricted stock granted to employees in August 2016, August 2017, March 2018, May 2018 and September 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 for awards made in September 2018, March 2018, August 2017 and August 2016 are discussed in Note 13 and the vesting conditions for all other awards are discussed in Note 18 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2018. The following table presents net income attributable to Net1 (income from continuing operations) and the share data used in the basic and diluted earnings per share computations using the two-class method: Three months ended September 30, 2018 2017 (in thousands except percent and per share data) Numerator: Net (loss) income attributable to Net1 ($ 5,199 ) $ 19,483 Undistributed (loss) earnings (5,199 ) 19,483 Percent allocated to common shareholders (Calculation 1) 99 % 99 % Numerator for earnings per share: basic and diluted ($ 5,128 ) $ 19,267 Denominator: Denominator for basic (loss) earnings per share: weighted-average common shares outstanding 55,951 56,562 Effect of dilutive securities: Stock options 50 47 Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion 56,001 56,609 (Loss) Earnings per share: Basic ($ 0.09 ) $ 0.34 Diluted ($ 0.09 ) $ 0.34 (Calculation 1) Basic weighted-average common shares outstanding (A) 55,951 56,562 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 56,723 57,196 Percent allocated to common shareholders (A) / (B) 99 % 99 % Options to purchase 503,698 8.75 13.16 August 27, 2024 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 15. Supplemental cash flow information The following table presents supplemental cash flow disclosures for the three months ended September 30, 2018 and 2017: Three months ended September 30, 2018 2017 Cash received from interest $ 2,077 $ 5,286 Cash paid for interest $ 3,066 $ 2,088 Cash paid for income taxes $ 1,343 $ 2,036 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 16. Revenue recognition The Company is a leading provider of transaction processing services, financial inclusion products and services and secure payment technology. The Company operates market-leading payment processors in South Africa and internationally. The Company offers debit, credit and prepaid processing and issuing services for all major payment networks. In South Africa, The Company provides innovative low-cost financial inclusion products, including banking, lending and insurance, and is a leading distributor of mobile subscriber starter packs for Cell C, a South African mobile network operator. Disaggregation of revenue The following table represents our revenue disaggregated by major revenue streams, including reconciliation to operating segments for the three months ended September 30, 2018: Rest of South the Africa Korea world Total South African transaction processing Processing fees $ 30,229 $ - $ - $ 30,229 Welfare benefit distributions fees 3,086 - - 3,086 Other 1,148 - - 1,148 Sub-total 34,463 - - 34,463 International transaction processing Processing fees - 34,589 2,655 37,244 Other - 1,962 181 2,143 Sub-total - 36,551 2,836 39,387 Financial inclusion and applied technologies Telecom products and services 19,147 - - 19,147 Account holder fees 10,605 - - 10,605 Lending revenue 9,977 - - 9,977 Technology products 4,268 - - 4,268 Insurance revenue 2,515 - - 2,515 Other 5,522 - - 5,522 Sub-total 52,034 - - 52,034 $ 86,497 $ 36,551 $ 2,836 $ 125,884 Nature of goods and services Processing fees The Company earns processing fees from transactions processed for its customers. The Company provides its customers with transaction processing services that involve the collection, transmittal and retrieval of all transaction data in exchange for consideration upon completion of transaction. In certain instances, the Company also provides a funds collection and settlement service for its customers. The Company considers these services as a single performance obligation. The Company's contracts specify a transaction price for services provided. Processing revenue fluctuates based on the type and the volume of transactions processed. Revenue is recognized on the completion of the processed transaction. Customers that have a bank account managed by the Company are issued cards that can be utilized to withdraw funds at an ATM or to transact at a merchant point of sale device ("POS"). The Company earns processing fees from transactions processed for these customers. The Company's contracts specify a transaction price for each service provided (for instance, ATM withdrawal, balance enquiry, etc.). Processing revenue fluctuates based on the type and the volume of transactions performed by the customer. Revenue is recognized on the completion of the processed transaction. Welfare benefit distribution fees The Company's provided a welfare benefits distribution service in South Africa to a customer under a contract which expired on September 30, 2018. The Company was required to distribute social welfare grants to identified recipients using an internally developed payment platform at designated distribution points (pay points) which enabled the recipients to access their grants. The contract specified a fixed fee per account for one or more grants received by a recipient. The Company recognized revenue for each grant recipient paid at the fixed fee. Telecom products and services The Company has entered into contracts with mobile networks in South Africa to distribute subscriber identity modules ("SIM") cards on their behalf. The Company is entitled to receive consideration based on the activation of each SIM as well as from a percentage of the value loaded onto each SIM. The Company recognizes revenue from these services once the criteria specified for activation have been met as well as when it is entitled to its consideration related to the value loaded onto the SIM. Revenue from contracts with mobile networks fluctuates based on the number of SIMs activated as well as on the value loaded onto the SIM. The Company purchases airtime for resale to customers. The Company recognizes revenue as the airtime is delivered to the customer. Revenue from the resale of airtime to customers fluctuates based on volume of airtime sold. Account holder fees The Company provides bank accounts to customers and this service is underwritten by a regulated banking institution because the Company is not a bank. The Company charges its customers a fixed monthly bank account administration fee for all active bank accounts regardless of whether the account holder has transacted or not. The Company recognizes account holder fees on a monthly basis on all active bank accounts. Revenue from account holder's fees fluctuates based on the number of active bank accounts. Lending revenue The Company provides short-term loans to customers in South Africa and charges up-front initiation fees and monthly service fees. Initiation fees are recognized using the effective interest rate method which requires the utilization of the rate of return implicit in the loan, that is, the contractual interest rate adjusted for any net deferred loan fees or costs, premium, or discount existing at the origination or acquisition of the loan. Monthly service fee revenue is recognized 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. Technology products The Company supplies hardware and licenses for its customers to use the Company's technology. Hardware includes the sale of POS devices, SIM cards and other consumables which can occur on an ad hoc basis. The Company recognizes revenue from hardware at the transaction price specified in the contract as the hardware is delivered to the customer. Licenses include right to use certain technology developed by the Company and is recognized ratably over the license period. Insurance revenue The Company writes life insurance contracts, and policy holders pay the Company a monthly insurance premium at the beginning of each month. Premium revenue is recognized on a monthly basis net of policy lapses. Policy lapses are provided for on the basis of expected non-payment of policy premiums. Significant judgments and estimates The Company is subject to a court process regarding determining the price to be charged for welfare benefit distribution services provided from April 1, 2018 to September 30, 2018. Management determined, under previous revenue guidance, that there was no evidence of an arrangement at a fixed and determinable price other than that noted in the court ordered extension and did not record any additional revenue related to the services provided from April 1, 2018 to June 30, 2018, and recorded revenue at the rate specified in the contract. Upon adoption of the new revenue guidance, the Company has determined it is unable to estimate the amount of revenue that it is entitled to receive because the court has not yet confirmed the amount. Accordingly, the Company has not recorded any additional revenue during the three months ended September 30, 2018, related to the price to be charged for welfare benefit distribution services provided that is subject to the courts confirmation. The Company continues to record revenue at the rate specified in the contact. The Company expects to record any additional revenue in the month that the court confirms the fee that the Company is entitled to charge. Accounts Receivable, Contract Assets and Contract Liabilities The Company recognizes accounts receivable when its right to consideration under its contracts with customers becomes unconditional. The Company has no contract assets or contract liabilities. |
Operating Segments
Operating Segments | 3 Months Ended |
Sep. 30, 2018 | |
Operating Segments [Abstract] | |
Operating Segments | 17. Operating segments The Company discloses segment information as reflected in the management information systems reports that its chief operating decision maker uses in making decisions and to report certain entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets or reports material revenues. A description of the Company's operating segments is contained in Note 22 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2018. The reconciliation of the reportable segment's revenue to revenue from external customers for the three months ended September 30, 2018 and 2017, is as follows: Revenue From Reportable Inter- external Segment segment customers South African transaction processing $ 37,749 $ 3,286 $ 34,463 International transaction processing 39,387 - 39,387 Financial inclusion and applied technologies 53,206 1,172 52,034 Total for the three months ended September 30, 2018 $ 130,342 $ 4,458 $ 125,884 South African transaction processing $ 66,437 $ 6,145 $ 60,292 International transaction processing 46,022 - 46,022 Financial inclusion and applied technologies 54,313 8,069 46,244 Total for the three months ended September 30, 2017 $ 166,772 $ 14,214 $ 152,558 The Company does not allocate interest income, interest expense or income tax expense to its reportable segments. The Company evaluates segment performance based on segment operating income before acquisition-related intangible asset amortization which represents operating income before acquisition-related intangible asset amortization and allocation of expenses allocated to Corporate/Eliminations, all under GAAP. The reconciliation of the reportable segments measure of profit or loss to income before income taxes for the three months ended September 30, 2018 and 2017, is as follows: Three months ended September 30, 2018 2017 Reportable segments measure of profit or loss $ 10,551 $ 31,568 Operating (loss): Corporate/Eliminations (9,655 ) (6,562 ) Interest income 1,876 5,044 Interest expense (2,759 ) (2,121 ) Income before income taxes $ 13 $ 27,929 The following tables summarize segment information that is prepared in accordance with GAAP for the three months ended September 30, 2018 and 2017: Three months ended September 30, 2018 2017 Revenues South African transaction processing $ 37,749 $ 66,437 International transaction processing 39,387 46,022 Financial inclusion and applied technologies 53,206 54,313 Total 130,342 166,772 Operating (loss) income South African transaction processing (3,513 ) 12,332 International transaction processing 2,762 5,316 Financial inclusion and applied technologies 11,302 13,920 Subtotal: Operating segments 10,551 31,568 Corporate/Eliminations (9,655 ) (6,562 ) Total 896 25,006 Depreciation and amortization South African transaction processing 941 1,153 International transaction processing 3,059 4,632 Financial inclusion and applied technologies 636 355 Subtotal: Operating segments 4,636 6,140 Corporate/Eliminations 6,158 2,826 Total 10,794 8,966 Expenditures for long-lived assets South African transaction processing 1,286 477 International transaction processing 800 906 Financial inclusion and applied technologies 1,032 90 Subtotal: Operating segments 3,118 1,473 Corporate/Eliminations - - Total $ 3,118 $ 1,473 The segment information as reviewed by the chief operating decision maker does not include a measure of segment assets per segment as all of the significant assets are used in the operations of all, rather than any one, of the segments. The Company does not have dedicated assets assigned to a particular operating segment. Accordingly, it is not meaningful to attempt an arbitrary allocation and segment asset allocation is therefore not presented. It is impractical to disclose revenues from external customers for each product and service or each group of similar products and services. |
Income Tax
Income Tax | 3 Months Ended |
Sep. 30, 2018 | |
Income Tax [Abstract] | |
Income Tax | 18. Income tax Income tax in interim periods For the purposes of interim financial reporting, the Company determines the appropriate income tax provision by first applying the effective tax rate expected to be applicable for the full fiscal year to ordinary income. This amount is then adjusted for the tax effect of significant unusual items, for instance, changes in tax law, valuation allowances and non-deductible transaction-related expenses that are reported separately, and have an impact on the tax charge. The cumulative effect of any change in the enacted tax rate, if and when applicable, on the opening balance of deferred tax assets and liabilities is also included in the tax charge as a discrete event in the interim period in which the enactment date occurs. For the three months ended September 30, 2018, the Company's effective tax rate was significantly higher than the South African statutory rate as a result of a valuation allowance created related to net operating losses of approximately ZAR 223.4 15.1 The Company's effective tax rate for the three months ended September 30, 2017, was 36.8 Recent Tax Legislation On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA"), was enacted into law, which significantly changes existing U.S. tax law and includes numerous provisions that affect the Company's business, such as imposing a one-time transition tax on deemed repatriation of deferred foreign income, reducing the U.S. federal statutory tax rate, and adopting a territorial tax system. During the year ended June 30, 2018, the TCJA required the Company to incur a transition tax on deferred foreign income not previously subject to U.S. income tax at a rate of 15.5 8 35 21 The TCJA was effective in the second quarter of fiscal year 2018. As of September 30, 2018, the Company has not completed its accounting for the estimated tax effects of the TCJA. Due to the timing of the enactment and the complexity in applying the provisions of the TCJA, the provisional net charge is subject to revisions as the Company continues to complete its analysis of the TCJA, collect and prepare necessary data, and interpret additional guidance issued by standard-setting and regulatory bodies. Adjustments may materially impact the Company's provision for income taxes and effective tax rate in the period in which the adjustments are made. The Company's accounting for the estimated tax effects of the TCJA will be completed during the measurement period, which should not extend beyond one year from the enactment date. The impacts of the Company's estimates are described further below. 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 no The Company re-measured its deferred taxes to reflect the reduced rate that will apply when these deferred taxes are settled or realized in future periods. The TCJA subjects a U.S. corporation to tax on its GILTI. Due to the complexity of the new GILTI tax rules, the Company continues to evaluate this provision of the TCJA and the application of GAAP. 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. Uncertain tax positions There were no significant changes in the Company's uncertain tax positions during the three months ended September 30, 2018. As of September 30, 2018, the Company had accrued interest related to uncertain tax positions of approximately $ 0.1 The Company does not expect changes related to its unrecognized tax benefits will have a significant impact on its results of operations or financial position in the next 12 months. As of September 30, 2018 and June 30, 2018, the Company had unrecognized tax benefits of $ 0.9 0.8 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 19 . Commitments and contingencies Guarantees The South African Revenue Service and certain of the Company's customers, suppliers and other business partners have asked the Company to provide them with guarantees, including standby letters of credit, issued by a South African bank. The Company is required to procure these guarantees for these third parties to operate its business. Nedbank has issued guarantees to these third parties amounting to ZAR 96.0 6.8 96.0 6.8 0.4 1.94 The Company has not recognized any obligation related to these counter-guarantees in its consolidated balance sheet as of September 30, 2018. The maximum potential amount that the Company could pay under these guarantees is ZAR 96.0 6.8 Contingencies Challenge to Payment by SASSA of Additional Implementation Costs 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 In May 2018, CPS delivered its petition seeking leave to appeal the whole order and judgment of the High Court with the Supreme Court of Appeal. In September 2018, CPS received notification from the Supreme Court that its petition seeking leave to appeal had been granted. The matter is expected to be heard during the first half of calendar 2019. The Company cannot predict how the Supreme Court will rule on the matter. 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 | 3 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 20. Related party transactions Other payables, as of September 30, 2018, include a loan of approximately $ 0.1 10.0 October 31, 2018 DNI leases a building that is owned by a company in which Mr. A.J. Dunn has a direct shareholding of 16 1.0 |
Basis Of Presentation And Sum_2
Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Sep. 30, 2018 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements include all majority-owned subsidiaries over which the Company exercises control and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the rules and regulations of the United States Securities and Exchange Commission for Quarterly Reports on Form 10-Q and include all of the information and disclosures required for interim financial reporting. The results of operations for the three months ended September 30, 2018 and 2017, are not necessarily indicative of the results for the full year. The Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the financial statements, accounting policies and financial notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2018. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair representation of financial results for the interim periods presented. References to the "Company" refer to Net1 and its consolidated subsidiaries, collectively, unless the context otherwise requires. References to "Net1" are references solely to Net 1 UEPS Technologies, Inc. |
Restatement Of Form 10K For The Year Ended June 30, 2018 | Restatement of Form10-K for the year ended June 30, 2018 Subsequent to the issuance of the Form 10-K, and as disclosed in the Form 8-K dated November 8, 2018, the Company announced that it would restate its consolidated financial statements for the year ended June 30, 2018, included in the Company's Annual Report on Form 10-K for the year ended June 30, 2018, due to the identification of an error in its accounting for its investment in an equity security. The Company incorrectly classified and recorded its investment in Cell C Proprietary Limited ("Cell C"), an unlisted company that the Company elected to carry at fair value using the fair value option, as available-for-sale and recorded the change in its fair value of $25.2 million, net of taxation of $ 7.3 Consolidated balance sheet As of June 30, 2018 As As Reported Correction Restated (in thousands) Accumulated other comprehensive loss $ (159,237 ) $ (25,199 ) $ (184,436 ) Retained earnings 812,426 25,199 837,625 Total equity $ 738,430 $ - $ 738,430 Consolidated statement of operations Year ended June 30, 2018 As As Reported Correction Restated (in thousands, except per share data) Change in fair value of equity securities $ - $ 32,473 $ 32,473 Income before income taxes 67,893 32,473 100,366 Income tax expense 41,353 7,274 48,627 Net income before earnings from equity-accounted investments 26,540 25,199 51,739 Net income 38,270 25,199 63,469 Net income attributable to Net1 $ 39,150 $ 25,199 $ 64,349 Net income per share, in United States dollars: . Basic earnings attributable to Net1 shareholders 0.69 0.44 1.13 Diluted earnings attributable to Net1 shareholders . 0.69 0.44 1.13 Consolidated statement of comprehensive income Year ended June 30, 2018 As As Reported Correction Restated (in thousands) Net income $ 38,270 $ 25,199 $ 63,469 Net unrealized income on asset available for sale, net of tax 25,199 (25,199 ) - Total other comprehensive income (loss) 3,234 (25,199 ) (21,965 ) Comprehensive income $ 41,504 $ - $ 41,504 Consolidated statement of changes in equity Retained Accumulated other earnings comprehensive loss (in thousands) As reported – June 30, 2018 $ 812,426 $ (159,237 ) Correction of misstatement 25,199 (25,199 ) As restated – June 30, 2018 $ 837,625 $ (184,436 ) Consolidated statement of cash flows Year ended June 30, 2018 As As Reported Correction Restated (in thousands) Net income $ 38,270 $ 25,199 $ 63,469 Fair value adjustment 212 (32,473 ) (32,685 ) Increase (Decrease) in deferred taxes (1,308 ) 7,274 5,966 Net cash provided by operating activities $ 132,605 $ - $ 132,605 The restatement does not affect the current financial results reported on this Quarterly Report on Form 10-Q. For more information concerning the restatement, please see the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission ("SEC") on November 8, 2018. |
Recent Accounting Pronouncements Adopted | Recent accounting pronouncements adopted In May 2014, the Financial Accounting Standards Board ("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 deferred 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 became effective for the Company beginning July 1, 2018. The Company elected the modified retrospective transition method upon adoption of this guidance. The adoption of this guidance did not have a material impact on the Company's financial statements, except for the additional footnote disclosures provided. 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 became 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 adoption of this guidance did not have a material impact on the Company's financial statements. Equity securities are measured at fair value. The Company may elect to measure equity securities without readily determinable fair values at cost with adjustments for observable changes in price or impairments for the identical or a similar investment of the same issuer. We perform a qualitative assessment on a quarterly basis and recognize an impairment loss if there are sufficient indicators that the fair value of the equity security is less than carrying value. There were no changes in the fair value of our equity securities recorded during the three months ended September 30, 2018. Changes in fair value will be recorded in our condensed consolidated statement of operations in future periods within a caption titled "changes in fair value of equity securities". 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 became effective for the Company beginning July 1, 2018, and must be applied retrospectively. The Company has elected to classify distributions received from equity method investees using the nature of the distribution approach. This election requires the Company to evaluate each distribution received on the basis of the source of the payment and classify the distribution as either operating cash inflows or investing cash inflows. The adoption of this guidance did not have a material impact on the Company's financial statements and the Company was not required to make any retrospective adjustments. 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 became effective for the Company beginning July 1, 2018. The adoption of this guidance did not have a material impact on the Company's financial statements. 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 has elected to early adopt this guidance beginning July 1, 2018. The adoption of this guidance did not have a material impact on the Company's financial statements. 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 became effective for the Company beginning July 1, 2018. The adoption of this guidance did not have a material impact on the Company's financial statements. 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 has elected to early adopt this guidance beginning July 1, 2018. The adoption of this guidance did not have a material impact on the Company's financial statements. |
Recent Accounting Pronouncements Not Yet Adopted As Of September 30, 2018 | Recent accounting pronouncements not yet adopted as of September 30, 2018 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 August 2018, the FASB issued guidance regarding Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement. The guidance modifies the disclosure requirements related to fair value measurement. This guidance is effective for the Company beginning July 1, 2020. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. |
Revenue Recognition (Policy)
Revenue Recognition (Policy) | 3 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Nature of goods and services Processing fees The Company earns processing fees from transactions processed for its customers. The Company provides its customers with transaction processing services that involve the collection, transmittal and retrieval of all transaction data in exchange for consideration upon completion of transaction. In certain instances, the Company also provides a funds collection and settlement service for its customers. The Company considers these services as a single performance obligation. The Company's contracts specify a transaction price for services provided. Processing revenue fluctuates based on the type and the volume of transactions processed. Revenue is recognized on the completion of the processed transaction. Customers that have a bank account managed by the Company are issued cards that can be utilized to withdraw funds at an ATM or to transact at a merchant point of sale device ("POS"). The Company earns processing fees from transactions processed for these customers. The Company's contracts specify a transaction price for each service provided (for instance, ATM withdrawal, balance enquiry, etc.). Processing revenue fluctuates based on the type and the volume of transactions performed by the customer. Revenue is recognized on the completion of the processed transaction. Welfare benefit distribution fees The Company's provided a welfare benefits distribution service in South Africa to a customer under a contract which expired on September 30, 2018. The Company was required to distribute social welfare grants to identified recipients using an internally developed payment platform at designated distribution points (pay points) which enabled the recipients to access their grants. The contract specified a fixed fee per account for one or more grants received by a recipient. The Company recognized revenue for each grant recipient paid at the fixed fee. Telecom products and services The Company has entered into contracts with mobile networks in South Africa to distribute subscriber identity modules ("SIM") cards on their behalf. The Company is entitled to receive consideration based on the activation of each SIM as well as from a percentage of the value loaded onto each SIM. The Company recognizes revenue from these services once the criteria specified for activation have been met as well as when it is entitled to its consideration related to the value loaded onto the SIM. Revenue from contracts with mobile networks fluctuates based on the number of SIMs activated as well as on the value loaded onto the SIM. The Company purchases airtime for resale to customers. The Company recognizes revenue as the airtime is delivered to the customer. Revenue from the resale of airtime to customers fluctuates based on volume of airtime sold. Account holder fees The Company provides bank accounts to customers and this service is underwritten by a regulated banking institution because the Company is not a bank. The Company charges its customers a fixed monthly bank account administration fee for all active bank accounts regardless of whether the account holder has transacted or not. The Company recognizes account holder fees on a monthly basis on all active bank accounts. Revenue from account holder's fees fluctuates based on the number of active bank accounts. Lending revenue The Company provides short-term loans to customers in South Africa and charges up-front initiation fees and monthly service fees. Initiation fees are recognized using the effective interest rate method which requires the utilization of the rate of return implicit in the loan, that is, the contractual interest rate adjusted for any net deferred loan fees or costs, premium, or discount existing at the origination or acquisition of the loan. Monthly service fee revenue is recognized 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. Technology products The Company supplies hardware and licenses for its customers to use the Company's technology. Hardware includes the sale of POS devices, SIM cards and other consumables which can occur on an ad hoc basis. The Company recognizes revenue from hardware at the transaction price specified in the contract as the hardware is delivered to the customer. Licenses include right to use certain technology developed by the Company and is recognized ratably over the license period. Insurance revenue The Company writes life insurance contracts, and policy holders pay the Company a monthly insurance premium at the beginning of each month. Premium revenue is recognized on a monthly basis net of policy lapses. Policy lapses are provided for on the basis of expected non-payment of policy premiums. Significant judgments and estimates The Company is subject to a court process regarding determining the price to be charged for welfare benefit distribution services provided from April 1, 2018 to September 30, 2018. Management determined, under previous revenue guidance, that there was no evidence of an arrangement at a fixed and determinable price other than that noted in the court ordered extension and did not record any additional revenue related to the services provided from April 1, 2018 to June 30, 2018, and recorded revenue at the rate specified in the contract. Upon adoption of the new revenue guidance, the Company has determined it is unable to estimate the amount of revenue that it is entitled to receive because the court has not yet confirmed the amount. Accordingly, the Company has not recorded any additional revenue during the three months ended September 30, 2018, related to the price to be charged for welfare benefit distribution services provided that is subject to the courts confirmation. The Company continues to record revenue at the rate specified in the contact. The Company expects to record any additional revenue in the month that the court confirms the fee that the Company is entitled to charge. Accounts Receivable, Contract Assets and Contract Liabilities The Company recognizes accounts receivable when its right to consideration under its contracts with customers becomes unconditional. The Company has no contract assets or contract liabilities. |
Basis Of Presentation And Sum_3
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Impact Of Restatement On Consolidated Financial Statements | Consolidated balance sheet As of June 30, 2018 As As Reported Correction Restated (in thousands) Accumulated other comprehensive loss $ (159,237 ) $ (25,199 ) $ (184,436 ) Retained earnings 812,426 25,199 837,625 Total equity $ 738,430 $ - $ 738,430 Consolidated statement of operations Year ended June 30, 2018 As As Reported Correction Restated (in thousands, except per share data) Change in fair value of equity securities $ - $ 32,473 $ 32,473 Income before income taxes 67,893 32,473 100,366 Income tax expense 41,353 7,274 48,627 Net income before earnings from equity-accounted investments 26,540 25,199 51,739 Net income 38,270 25,199 63,469 Net income attributable to Net1 $ 39,150 $ 25,199 $ 64,349 Net income per share, in United States dollars: . Basic earnings attributable to Net1 shareholders 0.69 0.44 1.13 Diluted earnings attributable to Net1 shareholders . 0.69 0.44 1.13 Consolidated statement of comprehensive income Year ended June 30, 2018 As As Reported Correction Restated (in thousands) Net income $ 38,270 $ 25,199 $ 63,469 Net unrealized income on asset available for sale, net of tax 25,199 (25,199 ) - Total other comprehensive income (loss) 3,234 (25,199 ) (21,965 ) Comprehensive income $ 41,504 $ - $ 41,504 Consolidated statement of changes in equity Retained Accumulated other earnings comprehensive loss (in thousands) As reported – June 30, 2018 $ 812,426 $ (159,237 ) Correction of misstatement 25,199 (25,199 ) As restated – June 30, 2018 $ 837,625 $ (184,436 ) Consolidated statement of cash flows Year ended June 30, 2018 As As Reported Correction Restated (in thousands) Net income $ 38,270 $ 25,199 $ 63,469 Fair value adjustment 212 (32,473 ) (32,685 ) Increase (Decrease) in deferred taxes (1,308 ) 7,274 5,966 Net cash provided by operating activities $ 132,605 $ - $ 132,605 |
Accounts Receivable, Net And _2
Accounts Receivable, Net And Finance Loans Receivable, Net (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Accounts Receivable, Net And Finance Loans Receivable, Net [Abstract] | |
Schedule Of Accounts Receivable | September 30, June 30, 2018 2018 Accounts receivable, trade, net $ 38,240 $ 49,365 Accounts receivable, trade, gross 39,632 50,466 Allowance for doubtful accounts receivable, end of period 1,392 1,101 Beginning of year 1,101 1,255 Reversed to statement of operations (2 ) (47 ) Charged to statement of operations 1,089 642 Utilized (832 ) (776 ) Foreign currency adjustment 36 27 Current portion of payments to agents in South Korea amortized over the contract period 20,695 21,971 Payments to agents in South Korea amortized over the contract period. 36,641 39,554 Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 7) 15,946 17,582 Loans provided to Finbond 1,074 1,107 Contingent purchase consideration 8,033 - Other receivables 45,882 37,240 Total accounts receivable, net $ 113,924 $ 109,683 |
Schedule Of Finance Loans Receivable | September 30, June 30, 2018 2018 Microlending finance loans receivable, net $ 46,078 $ 57,504 Microlending finance loans receivable, gross 52,453 61,743 Allowance for doubtful microlending finance loans receivable, end of period 6,375 4,239 Beginning of year 4,239 3,717 Charged to statement of operations 4,271 4,348 Utilized (2,117 ) (3,588 ) Foreign currency adjustment (18 ) (238 ) Working capital finance receivable, net 3,834 3,959 Working capital finance receivable, gross 16,180 16,123 Allowance for doubtful working capital finance receivable, end of period 12,346 12,164 Beginning of year 12,164 3,752 Charged to statement of operations 181 8,415 Foreign currency adjustment 1 (3 ) Current portion of other finance loans receivable 899 742 Total other finance loans receivable 17,060 13,025 Less included in other long-term assets 16,161 12,283 Total finance loans receivable, net $ 50,811 $ 62,205 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Inventory [Abstract] | |
Schedule Of Inventory | September 30, June 30, 2018 2018 Finished goods $ 10,369 $ 12,887 $ 10,369 $ 12,887 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 3 Months Ended |
Sep. 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 $ 149,179 EBITDA multiple of 6.75 $ 167,835 EBITDA multiple of 7.25 $ 186,490 |
Outstanding Foreign Exchange Contracts | Fair market Notional amount Strike price value price Maturity USD 269,800 ZAR 14.2023 ZAR 14.1489 October 2, 2018 USD 280,000 ZAR 15.2480 ZAR 14.2466 November 23, 2018 USD 420,000 ZAR 15.3071 ZAR 14.2993 December 21, 2018 USD 420,000 ZAR 15.3801 ZAR 14.3647 January 25, 2019 USD 140,000 ZAR 15.4386 ZAR 14.4168 February 22, 2019 USD 420,000 ZAR 15.4939 ZAR 14.4652 March 20, 2019 USD 420,000 ZAR 15.5704 ZAR 14.5334 April 26, 2019 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 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 $ - $ - $ 167,835 $ 167,835 Related to insurance business: Cash, cash equivalents and restricted cash (included in other long-term assets) 598 - - 598 Fixed maturity investments (included in cash and cash equivalents) 7,853 - - 7,853 Other - 18 - 18 Total assets at fair value $ 8,451 $ 18 $ 167,835 $ 176,304 Liabilities DNI contingent consideration $ - $ - $ 26,839 $ 26,839 Foreign exchange contracts - 152 - 152 Total liabilities at fair value $ - $ 152 $ 26,839 $ 26,991 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, cash equivalents and restricted cash) 8,304 - - 8,304 Other - 18 - 18 Total assets at fair value $ 8,914 $ 18 $ 172,948 $ 181,880 Liabilities DNI contingent consideration $ - $ - $ 27,222 $ 27,222 Total liabilities at fair value $ - $ - $ 27,222 $ 27,222 |
Carrying Value Of Assets And Liabilities Measured On Recurring Basis | Summarized below is the movement in the carrying value of assets and liabilities measured at fair value on a recurring basis, and categorized within Level 3, during the three months ended September 30, 2018: Carrying value Assets Balance as at June 30, 2018 $ 172,948 Foreign currency adjustment (5,113 ) Balance as of September 30, 2018 $ 167,835 Liabilities Balance as at June 30, 2018 $ 27,222 Accretion of interest 422 Foreign currency adjustment (1) (805 ) Balance as of September 30, 2018 $ 26,839 (1) The foreign currency adjustment represents the effects of the fluctuations of the South African rand and the U.S. dollar on the carrying value. Summarized below is the movement in the carrying value of assets and liabilities measured at fair value on a recurring basis, and categorized within Level 3, during the three months ended September 30, 2017: Carrying value Assets Acquisition of investment in Cell C $ 151,003 Foreign currency adjustment (3,530 ) Balance as of September 30, 2017 $ 147,473 (1) The foreign currency adjustment represents the effects of the fluctuations of the South African rand and the U.S. dollar on the carrying value. |
Equity-Accounted Investments _2
Equity-Accounted Investments And Other Long-Term Assets (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Ownership Percentage Of Equity-Accounted Investments | September June 30, 30, 2018 2018 Bank Frick & Co AG ("Bank Frick") 35 % 35 % Fanaka Holdings (Pty) Ltd ("Fanaka") 40 % - Finbond Group Limited ("Finbond") 29 % 29 % OneFi Limited (formerly KZ One) ("OneFi") 25 % 25 % SmartSwitch Namibia (Pty) Ltd ("SmartSwitch Namibia") 50 % 50 % Speckpack Field Services (Pty) Ltd ("Speckpack") 50 % 50 % Walletdoc Proprietary Limited ("Walletdoc") 20 % 20 % |
Summary Of Movement In Equity-Accounted Investments | Bank Frick Finbond Other (1 ) Total Investment in equity: Balance as of June 30, 2018 $ 48,129 $ 30,958 $ 6,092 $ 85,179 Acquisition of shares - 1,920 - 1,920 Stock-based compensation - 77 - 77 Comprehensive income (loss): (588 ) 7,305 86 6,803 Other comprehensive loss - 5,430 - 5,430 Equity accounted earnings (loss) (588 ) 1,875 86 1,373 Share of net income 162 1,852 86 2,100 Amortization of acquired intangible assets (189 ) - - (189 ) Deferred taxes on acquired intangible assets 45 - - 45 Dilution resulting from corporate transactions - 23 - 23 Other (606 ) - - (606 ) Dividends received - (1,920 ) - (1,920 ) Return on investment - - (284 ) (284 ) Foreign currency adjustment (2) 435 (1,059 ) (57 ) (681 ) Balance as of September 30, 2018 $ 47,976 $ 37,281 $ 5,837 $ 91,094 Investment in loans: Balance as of June 30, 2018 $ - $ - $ 3,152 $ 3,152 Foreign currency adjustment (2) - - (5 ) (5 ) Balance as of September 30, 2018 $ - $ - $ 3,147 $ 3,147 (1) Includes OneFi, SmartSwitch Namibia, Speckpack, Fanaka and Walletdoc; (2) The foreign currency adjustment represents the effects of the fluctuations of the South African rand, Swiss franc, Nigerian naira and Namibian dollar, and the U.S. dollar on the carrying value. |
Carrying Amount Of Equity-Accounted Investments | Equity Loans Total Carrying amount as of: June 30, 2018 $ 85,179 $ 3,152 $ 88,331 September 30, 2018 $ 91,094 $ 3,147 $ 94,241 |
Summary Of Other Long-Term Asset | September 30, June 30, 2018 2018 Total equity investments $ 194,570 $ 199,865 Investment in 15 167,835 172,948 Investment in 12 (1) 26,735 26,917 Total held to maturity investments 10,551 10,395 Investment in 7.625 8.625 10,551 10,395 Long-term portion of payments to agents in South Korea amortized over the contract period 15,946 17,582 Long-term portion of other finance loans receivable 16,161 12,283 Contingent purchase consideration - 9,064 Policy holder assets under investment contracts (Note 9) 598 610 Reinsurance assets under insurance contracts (Note 9) 619 633 Other long-term assets 6,705 5,948 Total other long-term assets $ 245,150 $ 256,380 (1) The Company has determined that MobiKwik does not have readily determinable fair value and has therefore elected to recorded this investment at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company accounted for its investment in MobiKwik at cost as of June 30, 2018. |
Summary Of Unrealized Gain (Loss) On Investments | Summarized below are the components of the Company's held to maturity investments as of September 30, 2018: Unrealized Unrealized holding holding Carrying Cost basis gains losses value Held to maturity: Investment in Cedar Cellular notes $ 9,000 $ 1,551 $ - $ 10,551 Total $ 9,000 $ 1,551 $ - $ 10,551 Summarized below are the components of the Company's held to maturity investments as of June 30, 2018: Unrealized Unrealized holding holding Carrying Cost basis gains losses value Held to maturity: Investment in Cedar Cellular notes $ 9,000 $ 1,395 $ - $ 10,395 Total $ 9,000 $ 1,395 $ - $ 10,395 |
Summary Of Contractual Maturity Of Investment | Estimated Cost fair basis value (1 ) Due in one year or less $ - $ - Due in one year through five years 9,000 9,625 Due in five years through ten years - - Due after ten years - - Total $ 9,000 $ 9,625 (1) The estimated fair value of the Cedar Cellular note has been calculated utilizing the Company's portion of the security provided to the Company by Cedar Cellular, namely, Cedar Cellular's investment in Cell C. |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets, Net (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Carrying Value Of Goodwill | Accumulated Carrying Gross value impairment value Balance as of June 30, 2018 $ 304,013 $ (20,773 ) $ 283,240 Foreign currency adjustment (1) (5,152 ) 1,070 (4,082 ) Balance as of September 30, 2018 $ 298,861 $ (19,703 ) $ 279,158 (1) - the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value. |
Goodwill Allocated To Reportable Segments | South Financial African International inclusion and transaction transaction applied Carrying processing processing technologies value Balance as of June 30, 2018 $ 20,946 $ 123,948 $ 138,346 $ 283,240 Foreign currency adjustment (1) (618 ) 456 (3,920 ) (4,082 ) Balance as of September 30, 2018 $ 20,328 $ 124,404 $ 134,426 $ 279,158 (1) - the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value. |
Carrying Value And Accumulated Amortization Of Intangible Assets | As of September 30, 2018 As of June 30, 2018 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships $ 193,995 $ (80,786 ) $ 113,209 $ 197,676 $ (76,237 ) $ 121,439 Software and unpatented technology 34,175 (32,546 ) 1,629 35,730 (32,342 ) 3,388 FTS patent 2,709 (2,709 ) - 2,792 (2,792 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks and brands 12,345 (6,147 ) 6,198 11,101 (5,589 ) 5,512 Total finite-lived intangible assets 247,730 (126,694 ) 121,036 251,805 (121,466 ) 130,339 Indefinite-lived intangible assets: Financial institution license 788 - 788 793 - 793 Total indefinite-lived intangible assets 788 - 788 793 - 793 Total intangible assets $ 248,518 $ (126,694 ) $ 121,824 $ 252,598 $ (121,466 ) $ 131,132 |
Future Estimated Annual Amortization Expense | Fiscal 2019 $ 24,469 Fiscal 2020 19,285 Fiscal 2021 13,811 Fiscal 2022 10,604 Fiscal 2023 10,604 Thereafter 48,473 Total future estimated annual amortization expense $ 127,246 |
Reinsurance Assets And Policy_2
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Summary Of The Movement In Reinsurance Assets And Policyholder Liabilities Under Insurance Contracts | Reinsurance Insurance assets (1) contracts (2) Balance as of June 30, 2018 $ 633 $ (2,032 ) Increase in policyholder benefits under insurance contracts 169 (2,901 ) Claims and policyholders' benefits under insurance contracts. (164 ) 2,690 Foreign currency adjustment (3) (19 ) 61 Balance as of September 30, 2018 $ 619 $ (2,182 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) Represents the effects of the fluctuations between the ZAR and the U.S. dollar |
Summary Of Movement In Assets And Policyholder Liabilities Under Investment Contracts | Investment Assets (1) contracts (2) Balance as of June 30, 2018 $ 610 $ (610 ) Increase in policyholder benefits under investment contracts 6 (6 ) Foreign currency adjustment (3) (18 ) 18 Balance as of September 30, 2018 $ 598 $ (598 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) Represents the effects of the fluctuations between the ZAR and the U.S. dollar |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Borrowings [Abstract] | |
Summary Of Short-Term Credit Facilities | South Africa United States Amended July 2017 Nedbank Bank Frick Total Short-term facilities as of September 30, 2018: $ 106,054 $ 49,492 $ 10,000 $ 165,546 Overdraft - 21,211 10,000 31,211 Overdraft restricted as to use for ATM funding only 106,054 17,676 - 123,730 Indirect and derivative facilities - 10,605 - 10,605 Movement in utilized overdraft facilities: Balance as of June 30, 2018 - - - - Utilized 73,500 7,842 3,313 84,655 Foreign currency adjustment (1) 3,105 331 - 3,436 Balance as of September 30, 2018 76,605 8,173 3,313 88,091 Restricted as to use for ATM funding only 76,605 8,173 - 84,778 No restrictions as to use - - 3,313 3,313 Movement in utilized indirect and derivative facilities: Balance as of June 30, 2018 - 7,871 - 7,871 Guarantees cancelled - (848 ) - (848 ) Utilized - 2,436 - 2,436 Foreign currency adjustment (1) - (110 ) - (110 ) Balance as of September 30, 2018 $ - $ 9,349 $ - $ 9,349 (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. |
Summary Of Long-Term Borrowings | South Africa Amended June 2018 July 2017 Facility Total Included in current portion of long-term borrowings $ 44,695 $ - $ 44,695 Included in long-term borrowings 5,469 - 5,469 Balance as of June 30, 2018 50,164 - 50,164 Utilized - 7,801 7,801 Repaid (10,260 ) - (10,260 ) Foreign currency adjustment (1) (2,438 ) 330 (2,108 ) Balance as of September 30, 2018 37,466 8,131 45,597 Included in current portion of long-term borrowings 33,937 - 33,937 Included in long-term borrowings $ 3,529 $ 8,131 $ 11,660 (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. |
Capital Structure (Tables)
Capital Structure (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Capital Structure [Abstract] | |
Schedule Of Number Of Shares, Net Of Treasury | September 30, September 30, 2018 2017 Number of shares, net of treasury: Statement of changes in equity 56,833,925 56,927,696 Less: Non-vested equity shares that have not vested (Note 13) 860,817 1,007,182 Number of shares, net of treasury excluding non-vested equity shares that have not vested 55,973,108 55,920,514 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Change In Accumulated Other Comprehensive (Loss) Income Per Component | Three months ended September 30, 2018 Accumulated net unrealized Accumulated income on foreign asset currency available for translation sale, net of reserve tax Total Balance as of June 30, 2018 (as reported, refer to Note 1) $ (184,436 ) $ 25,199 $ (159,237 ) Correction of error (Note 1) - (25,199 ) (25,199 ) Balance as of June 30, 2018 (as restated, refer to Note 1) $ (184,436 ) $ - $ (184,436 ) Movement in foreign currency translation reserve related to equity- accounted investment 5,430 - 5,430 Movement in foreign currency translation reserve (10,522 ) - (10,522 ) Balance as of September 30, 2018 $ (189,528 ) $ - $ (189,528 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Stock-Based Compensation [Abstract] | |
Summarized Stock Option Activity | Weighted Weighted average Weighted average remaining Aggregate average exercise contractu intrinsic grant date Number of price al term value fair value shares ($) (in years) ($' ) ($) Outstanding – June 30, 2018 809,274 13.99 2.67 370 4.20 Granted – September 2018 600,000 6.20 10.00 1,212 2.02 Forfeitures (200,000 ) 24.46 7.17 Outstanding – September 30, 2018 1,209,274 8.41 6.59 1,322 2.62 Outstanding – June 30, 2017 846,607 13.87 3.80 486 4.21 Forfeitures (37,333 ) 11.23 4.55 Outstanding – September 30, 2017 809,274 13.99 3.40 468 4.20 Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Vested and expected to vest – September 30, 2018 1,209,274 8.41 6.59 1,322 Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Exercisable – September 30, 2018 609,274 10.56 3.22 242 |
Range Of Assumptions Used To Value Options Granted | Three months ended September 30, 2018 Expected volatility 44 % Expected dividends 0 % Expected life (in years) 3 Risk-free rate 2.75 % |
Restricted Stock Activity | Number of Weighted shares of average grant restricted date fair value stock ($' ) Non-vested – June 30, 2018 765,411 6,162 Granted – September 2018 148,000 114 Vested – August 2018 (52,594 ) 459 Non-vested – September 30, 2018 860,817 5,785 Non-vested – June 30, 2017 505,473 11,173 Granted – August 2017 588,594 4,288 Vested – August 2017 (56,250 ) 527 Forfeitures (30,635 ) 358 Non-vested – September 30, 2017 1,007,182 9,689 |
Recorded Net Stock Compensation Charge | Allocated to cost of goods sold, IT Allocated to processing, selling, general Total servicing and and charge support administration Three months ended September 30, 2018 Stock-based compensation charge $ 587 $ - $ 587 Total – three months ended September 30, 2018. $ 587 - $ 587 Three months ended September 30, 2017 Stock-based compensation charge $ 869 $ - $ 869 Reversal of stock compensation charge related to restricted stock forfeited (42 ) - (42 ) Total – three months ended September 30, 2017. $ 827 ) - $ 827 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations | Three months ended September 30, 2018 2017 (in thousands except percent and per share data) Numerator: Net (loss) income attributable to Net1 ($ 5,199 ) $ 19,483 Undistributed (loss) earnings (5,199 ) 19,483 Percent allocated to common shareholders (Calculation 1) 99 % 99 % Numerator for earnings per share: basic and diluted ($ 5,128 ) $ 19,267 Denominator: Denominator for basic (loss) earnings per share: weighted-average common shares outstanding 55,951 56,562 Effect of dilutive securities: Stock options 50 47 Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion 56,001 56,609 (Loss) Earnings per share: Basic ($ 0.09 ) $ 0.34 Diluted ($ 0.09 ) $ 0.34 (Calculation 1) Basic weighted-average common shares outstanding (A) 55,951 56,562 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 56,723 57,196 Percent allocated to common shareholders (A) / (B) 99 % 99 % |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Disclosures | Three months ended September 30, 2018 2017 Cash received from interest $ 2,077 $ 5,286 Cash paid for interest $ 3,066 $ 2,088 Cash paid for income taxes $ 1,343 $ 2,036 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Disaggregated By Major Revenue Streams | Rest of South the Africa Korea world Total South African transaction processing Processing fees $ 30,229 $ - $ - $ 30,229 Welfare benefit distributions fees 3,086 - - 3,086 Other 1,148 - - 1,148 Sub-total 34,463 - - 34,463 International transaction processing Processing fees - 34,589 2,655 37,244 Other - 1,962 181 2,143 Sub-total - 36,551 2,836 39,387 Financial inclusion and applied technologies Telecom products and services 19,147 - - 19,147 Account holder fees 10,605 - - 10,605 Lending revenue 9,977 - - 9,977 Technology products 4,268 - - 4,268 Insurance revenue 2,515 - - 2,515 Other 5,522 - - 5,522 Sub-total 52,034 - - 52,034 $ 86,497 $ 36,551 $ 2,836 $ 125,884 |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Operating Segments [Abstract] | |
Reconciliation Of Reportable Segments Revenue | Revenue From Reportable Inter- external Segment segment customers South African transaction processing $ 37,749 $ 3,286 $ 34,463 International transaction processing 39,387 - 39,387 Financial inclusion and applied technologies 53,206 1,172 52,034 Total for the three months ended September 30, 2018 $ 130,342 $ 4,458 $ 125,884 South African transaction processing $ 66,437 $ 6,145 $ 60,292 International transaction processing 46,022 - 46,022 Financial inclusion and applied technologies 54,313 8,069 46,244 Total for the three months ended September 30, 2017 $ 166,772 $ 14,214 $ 152,558 |
Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income | Three months ended September 30, 2018 2017 Reportable segments measure of profit or loss $ 10,551 $ 31,568 Operating (loss): Corporate/Eliminations (9,655 ) (6,562 ) Interest income 1,876 5,044 Interest expense (2,759 ) (2,121 ) Income before income taxes $ 13 $ 27,929 |
Summary Of Segment Information | Three months ended September 30, 2018 2017 Revenues South African transaction processing $ 37,749 $ 66,437 International transaction processing 39,387 46,022 Financial inclusion and applied technologies 53,206 54,313 Total 130,342 166,772 Operating (loss) income South African transaction processing (3,513 ) 12,332 International transaction processing 2,762 5,316 Financial inclusion and applied technologies 11,302 13,920 Subtotal: Operating segments 10,551 31,568 Corporate/Eliminations (9,655 ) (6,562 ) Total 896 25,006 Depreciation and amortization South African transaction processing 941 1,153 International transaction processing 3,059 4,632 Financial inclusion and applied technologies 636 355 Subtotal: Operating segments 4,636 6,140 Corporate/Eliminations 6,158 2,826 Total 10,794 8,966 Expenditures for long-lived assets South African transaction processing 1,286 477 International transaction processing 800 906 Financial inclusion and applied technologies 1,032 90 Subtotal: Operating segments 3,118 1,473 Corporate/Eliminations - - Total $ 3,118 $ 1,473 |
Basis Of Presentation And Sum_4
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2018USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Change in fair value, net of tax | $ 7.3 |
Basis Of Presentation And Sum_5
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Impact Of Restatement On Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Accumulated other comprehensive loss | $ (189,528) | $ (184,436) | [1] | ||
Retained earnings | 832,426 | 837,625 | [1] | ||
Total equity | $ 724,369 | 738,430 | [1] | $ 606,575 | $ 600,335 |
As Reported [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Accumulated other comprehensive loss | (159,237) | ||||
Retained earnings | 812,426 | ||||
Total equity | 738,430 | ||||
Correction [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Accumulated other comprehensive loss | (25,199) | ||||
Retained earnings | 25,199 | ||||
As Restated [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Accumulated other comprehensive loss | (184,436) | ||||
Retained earnings | 837,625 | ||||
Total equity | $ 738,430 | ||||
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements |
Basis Of Presentation And Sum_6
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Impact Of Restatement On Consolidated Statement Of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Income before income taxes | $ 13 | $ 27,929 | |
Income tax expense | 6,490 | 10,277 | |
Net income before earnings from equity-accounted investments | (6,477) | 17,652 | |
Net income | (5,104) | 19,727 | |
Net (loss) income attributable to Net1 | $ (5,199) | $ 19,483 | |
Net income per share, in United States dollars: | |||
Basic earnings attributable to Net1 shareholders | $ (0.09) | $ 0.34 | |
Diluted earnings attributable to Net1 shareholders | $ (0.09) | $ 0.34 | |
As Reported [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Income before income taxes | $ 67,893 | ||
Income tax expense | 41,353 | ||
Net income before earnings from equity-accounted investments | 26,540 | ||
Net income | 38,270 | ||
Net (loss) income attributable to Net1 | $ 39,150 | ||
Net income per share, in United States dollars: | |||
Basic earnings attributable to Net1 shareholders | $ 0.69 | ||
Diluted earnings attributable to Net1 shareholders | $ 0.69 | ||
Correction [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Change in fair value of equity securities | $ 32,473 | ||
Income before income taxes | 32,473 | ||
Income tax expense | 7,274 | ||
Net income before earnings from equity-accounted investments | 25,199 | ||
Net income | 25,199 | ||
Net (loss) income attributable to Net1 | $ 25,199 | ||
Net income per share, in United States dollars: | |||
Basic earnings attributable to Net1 shareholders | $ 0.44 | ||
Diluted earnings attributable to Net1 shareholders | $ 0.44 | ||
As Restated [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Change in fair value of equity securities | $ 32,473 | ||
Income before income taxes | 100,366 | ||
Income tax expense | 48,627 | ||
Net income before earnings from equity-accounted investments | 51,739 | ||
Net income | 63,469 | ||
Net (loss) income attributable to Net1 | $ 64,349 | ||
Net income per share, in United States dollars: | |||
Basic earnings attributable to Net1 shareholders | $ 1.13 | ||
Diluted earnings attributable to Net1 shareholders | $ 1.13 |
Basis Of Presentation And Sum_7
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Impact Of Restatement On Consolidated Statement Of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income | $ (5,104) | $ 19,727 | |
Total other comprehensive income (loss) | (7,892) | (14,107) | |
Comprehensive income | $ (12,996) | $ 5,620 | |
As Reported [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income | $ 38,270 | ||
Net unrealized income on asset available for sale, net of tax | 25,199 | ||
Total other comprehensive income (loss) | 3,234 | ||
Comprehensive income | 41,504 | ||
Correction [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income | 25,199 | ||
Net unrealized income on asset available for sale, net of tax | (25,199) | ||
Total other comprehensive income (loss) | (25,199) | ||
As Restated [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income | 63,469 | ||
Total other comprehensive income (loss) | (21,965) | ||
Comprehensive income | $ 41,504 |
Basis Of Presentation And Sum_8
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Impact Of Restatement On Consolidated Statement Of Changes In Equity) (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018USD ($) | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | $ 600,335 | |
Balance | 738,430 | [1] |
Retained Earnings [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | 773,276 | |
Balance | 837,625 | |
Accumulated Other Comprehensive (Loss) Income [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | (162,569) | |
Balance | (184,436) | |
As Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | 738,430 | |
As Reported [Member] | Retained Earnings [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | 812,426 | |
As Reported [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | (159,237) | |
Correction [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Correction of misstatement | (25,199) | |
Correction [Member] | Retained Earnings [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Correction of misstatement | 25,199 | |
Correction [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Correction of misstatement | (25,199) | |
As Restated [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | 738,430 | |
As Restated [Member] | Retained Earnings [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | 837,625 | |
As Restated [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | $ (184,436) | |
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements |
Basis Of Presentation And Sum_9
Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Impact Of Restatement On Consolidated Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income | $ (5,104) | $ 19,727 | |
Fair value adjustment | (82) | 91 | |
Increase (Decrease) in deferred taxes | 3,634 | 991 | |
Net cash provided by operating activities | $ 16,457 | $ (793) | |
As Reported [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income | $ 38,270 | ||
Fair value adjustment | 212 | ||
Increase (Decrease) in deferred taxes | (1,308) | ||
Net cash provided by operating activities | 132,605 | ||
Correction [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income | 25,199 | ||
Fair value adjustment | (32,473) | ||
Increase (Decrease) in deferred taxes | 7,274 | ||
As Restated [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income | 63,469 | ||
Fair value adjustment | (32,685) | ||
Increase (Decrease) in deferred taxes | 5,966 | ||
Net cash provided by operating activities | $ 132,605 |
Accounts Receivable, Net And _3
Accounts Receivable, Net And Finance Loans Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Jun. 30, 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 7) | $ 15,946 | $ 17,582 | |
Total accounts receivable, net | 113,924 | 109,683 | [1] |
Accounts Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, trade, net | 38,240 | 49,365 | |
Accounts receivable, trade, gross | 39,632 | 50,466 | |
Allowance for doubtful accounts receivable, end of period | 1,392 | 1,101 | |
Beginning of year | 1,101 | 1,255 | |
Reversed to statement of operations | (2) | (47) | |
Charged to statement of operations | 1,089 | 642 | |
Utilized | (832) | (776) | |
Foreign currency adjustment | 36 | 27 | |
Current portion of payments to agents in South Korea amortized over the contract period | 20,695 | 21,971 | |
Payments to agents in South Korea amortized over the contract period | 36,641 | 39,554 | |
Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 7) | 15,946 | 17,582 | |
Loans provided to Finbond | 1,074 | 1,107 | |
Contingent purchase consideration | 8,033 | ||
Other receivables | 45,882 | 37,240 | |
Total accounts receivable, net | $ 113,924 | $ 109,683 | |
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements |
Accounts Receivable, Net And _4
Accounts Receivable, Net And Finance Loans Receivable, Net (Schedule Of Finance Loans Receivable) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Jun. 30, 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current portion of other finance loans receivable | $ 899 | $ 742 | |
Total other finance loans receivable | 17,060 | 13,025 | |
Less included in other long-term assets | 16,161 | 12,283 | |
Total finance loans receivable, net | 50,811 | 62,205 | [1] |
Microlending Finance Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivable, net | 46,078 | 57,504 | |
Receivable, gross | 52,453 | 61,743 | |
Allowance for doubtful receivable, end of period | 6,375 | 4,239 | |
Beginning of year | 4,239 | 3,717 | |
Charged to statement of operations | 4,271 | 4,348 | |
Utilized | (2,117) | (3,588) | |
Foreign currency adjustment | (18) | (238) | |
Working Capital Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivable, net | 3,834 | 3,959 | |
Receivable, gross | 16,180 | 16,123 | |
Allowance for doubtful receivable, end of period | 12,346 | 12,164 | |
Beginning of year | 12,164 | 3,752 | |
Charged to statement of operations | 181 | 8,415 | |
Foreign currency adjustment | $ 1 | $ (3) | |
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | |
Inventory [Abstract] | |||
Finished goods | $ 10,369 | $ 12,887 | |
Inventory | $ 10,369 | $ 12,887 | [1] |
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) R in Millions | 3 Months Ended | ||||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018ZAR (R)shares | Sep. 30, 2018USD ($)shares | Jun. 30, 2018ZAR (R)contract | Jun. 30, 2018USD ($)contract | ||
Derivatives, Fair Value [Line Items] | |||||||
Other payables | $ 82,292,000 | $ 47,994,000 | [1] | ||||
Transfers into or out of Level 3 | $ 0 | $ 0 | |||||
Minimum [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Years of significant fluctuation of US Dollar to ZAR exchange rate | 3 years | ||||||
Foreign Exchange Contracts [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Outstanding foreign exchange contracts | contract | 0 | 0 | |||||
Cell C [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Equity method investment, percentage of ownership interest | 14.00% | 14.00% | |||||
Adjusted EBITDA | $ 275,800,000 | R 3,900 | |||||
Net external debt | $ 622,300,000 | R 8,800 | |||||
Percentage of direct shareholding | 15.00% | 15.00% | 15.00% | 15.00% | |||
EBITDA multiple | 6.75% | 6.75% | |||||
Marketability discount | 10.00% | 10.00% | |||||
Cell C [Member] | EBITDA Multiple [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Impact of increase and decrease to EBITDA multiple | 0.50 | ||||||
Finbond [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Investment shares owned | shares | 267,672,032 | 267,672,032 | |||||
Cell C [Member] | Net1 SA [Member] | Class A [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Investment shares owned | shares | 75,000,000 | 75,000,000 | |||||
DNI [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
DNI contingent consideration | R 400 | $ 28,300,000 | |||||
Other payables | R 379.6 | $ 26,800,000 | |||||
Long-term liabilities | R 373.6 | $ 27,200,000 | |||||
Interest rate | 6.30% | 6.30% | |||||
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Impact of EBITDA Multiple) (Details) - Cell C [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
EBITDA Multiple | 6.75% | |
EBITDA Multiple Of 6.25 Times [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
EBITDA Multiple | 6.25% | |
Sensitivity for fair value of investment | $ 149,179 | |
EBITDA Multiple Of 6.75 Times [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
EBITDA Multiple | 6.75% | |
Sensitivity for fair value of investment | $ 167,835 | |
EBITDA Multiple Of 7.25 Times [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
EBITDA Multiple | 7.25% | |
Sensitivity for fair value of investment | $ 186,490 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Outstanding Foreign Exchange Contracts) (Details) - 3 months ended Sep. 30, 2018 $ in Thousands | R / shares | USD ($)R / item |
Foreign Exchange Contract 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ | $ 269,800 | |
Strike price | R / item | 14.2023 | |
Fair market value price | R / shares | R 14.1489 | |
Maturity | Oct. 2, 2018 | |
Foreign Exchange Contract 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ | $ 280,000 | |
Strike price | R / item | 15.2480 | |
Fair market value price | R / shares | R 14.2466 | |
Maturity | Nov. 23, 2018 | |
Foreign Exchange Contract 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ | $ 420,000 | |
Strike price | R / item | 15.3071 | |
Fair market value price | R / shares | R 14.2993 | |
Maturity | Dec. 21, 2018 | |
Foreign Exchange Contract 4 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ | $ 420,000 | |
Strike price | R / item | 15.3801 | |
Fair market value price | R / shares | R 14.3647 | |
Maturity | Jan. 25, 2019 | |
Foreign Exchange Contract 5 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ | $ 140,000 | |
Strike price | R / item | 15.4386 | |
Fair market value price | R / shares | R 14.4168 | |
Maturity | Feb. 22, 2019 | |
Foreign Exchange Contract 6 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ | $ 420,000 | |
Strike price | R / item | 15.4939 | |
Fair market value price | R / shares | R 14.4652 | |
Maturity | Mar. 20, 2019 | |
Foreign Exchange Contract 7 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ | $ 420,000 | |
Strike price | R / item | 15.5704 | |
Fair market value price | R / shares | R 14.5334 | |
Maturity | Apr. 26, 2019 |
Fair Value Of Financial Instr_6
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment in Cell C | $ 167,835 | $ 172,948 | ||
Cash, cash equivalents and restricted cash (included in other long-term assets) | 598 | |||
Cash and cash equivalents (included in other long-term assets) | 610 | |||
Fixed maturity investments (included in cash, cash equivalents and restricted cash) | 7,853 | 8,304 | ||
Other | 18 | 18 | ||
Total assets at fair value | 176,304 | 181,880 | ||
DNI contingent consideration | 26,839 | 27,222 | ||
Foreign exchange contracts | 152 | |||
Total liabilities at fair value | 26,991 | 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, cash equivalents and restricted cash (included in other long-term assets) | 598 | |||
Cash and cash equivalents (included in other long-term assets) | 610 | |||
Fixed maturity investments (included in cash, cash equivalents and restricted cash) | 7,853 | 8,304 | ||
Total assets at fair value | 8,451 | 8,914 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other | 18 | 18 | ||
Total assets at fair value | 18 | 18 | ||
Foreign exchange contracts | 152 | |||
Total liabilities at fair value | 152 | |||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment in Cell C | 167,835 | 172,948 | ||
Total assets at fair value | 167,835 | 172,948 | $ 147,473 | $ 151,003 |
DNI contingent consideration | 26,839 | 27,222 | ||
Total liabilities at fair value | $ 26,839 | $ 27,222 |
Fair Value Of Financial Instr_7
Fair Value Of Financial Instruments (Carrying Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Assets | |||
Beginning balance, Carrying value | $ 181,880 | ||
Ending balance, Carrying value | 176,304 | ||
Liabilities | |||
Beginning balance, Carrying value | 27,222 | ||
Ending balance, Carrying value | 26,991 | ||
Significant Unobservable Inputs (Level 3) [Member] | |||
Assets | |||
Beginning balance, Carrying value | 172,948 | $ 151,003 | |
Foreign currency adjustment | (5,113) | (3,530) | |
Ending balance, Carrying value | 167,835 | $ 147,473 | |
Liabilities | |||
Beginning balance, Carrying value | 27,222 | ||
Accretion of interest | 422 | ||
Foreign currency adjustment | [1] | (805) | |
Ending balance, Carrying value | $ 26,839 | ||
[1] | The foreign currency adjustment represents the effects of the fluctuations of the South African rand and the U.S. dollar on the carrying value. |
Equity-Accounted Investments _3
Equity-Accounted Investments And Other Long-Term Assets (Narrative) (Details) R / shares in Units, $ in Thousands, item in Billions, R in Billions | Oct. 04, 2018USD ($)item | Jul. 11, 2018shares | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2018ZAR (R)R / shares | Sep. 30, 2018USD ($) | |
Market value of holding | $ 88,331 | [1] | $ 94,241 | ||||
Unrealized holding gains | $ 1,551 | $ 1,395 | |||||
Finbond [Member] | |||||||
Share price | R / shares | R 3.60 | ||||||
Market value of holding | R 1 | $ 72,000 | |||||
Equity-accounted investments, ownership percentage | 29.00% | 29.00% | 29.00% | ||||
Finbond [Member] | Capitalization Share Issue In Lieu Of A Dividend [Member] | |||||||
Number of additional shares acquired | shares | 6,602,551 | ||||||
V2 [Member] | |||||||
Percentage of ownership interest | 50.00% | ||||||
Equity acquisition amount under purchase agreement | $ 2,500 | ||||||
Contribute amount | 2,500 | ||||||
Working capital facility | $ 5,000 | ||||||
V2 [Member] | Minimum [Member] | |||||||
Number of underbanked citizens | item | 1 | ||||||
Cedar Cellular [Member] | |||||||
Maturity date | Aug. 1, 2022 | ||||||
Unrealized holding gains | $ 1,551 | $ 1,395 | |||||
Cedar Cellular [Member] | 8.625% Notes [Member] | |||||||
Equity-accounted investments, ownership percentage | 7.625% | 7.625% | 7.625% | ||||
Interest rate | 8.625% | 8.625% | 8.625% | ||||
Cedar Cellular [Member] | 19.15% Notes [Member] | |||||||
Interest rate | 19.15% | 19.15% | |||||
Cell C [Member] | |||||||
Equity-accounted investments, ownership percentage | 15.00% | 15.00% | 15.00% | ||||
DNI [Member] | |||||||
Interest rate | 6.30% | 6.30% | |||||
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements |
Equity-Accounted Investments _4
Equity-Accounted Investments And Other Long-Term Assets (Ownership Percentage Of Equity-Accounted Investments) (Details) | Sep. 30, 2018 | Jun. 30, 2018 |
Bank Frick [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 35.00% | 35.00% |
Finbond [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 29.00% | 29.00% |
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% | 50.00% |
Fanaka [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 40.00% | |
Walletdoc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 20.00% | 20.00% |
Equity-Accounted Investments _5
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Movement In Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | |||
Investment in equity: | ||||
Balance as of, beginning | [1] | $ 85,179 | ||
Acquisition of shares | [1] | 1,920 | ||
Stock-based compensation | 77 | [1] | $ (207) | |
Comprehensive income (loss): | [1] | 6,803 | ||
Other comprehensive loss | [1] | 5,430 | ||
Equity accounted earnings (loss) | [1] | 1,373 | ||
Share of net income | [1] | 2,100 | ||
Amortization acquired intangible assets | [1] | (189) | ||
Deferred taxes acquired intangible assets | [1] | 45 | ||
Dilution resulting from corporate transactions | [1] | 23 | ||
Other | [1] | (606) | ||
Dividends received | [1],[2] | (1,920) | ||
Return on investment | [1] | (284) | ||
Foreign currency adjustment | [1],[2] | (681) | ||
Balance as of, ending | [1] | 91,094 | ||
Investment in loans: | ||||
Balance as of, beginning | [1] | 3,152 | ||
Foreign currency adjustment | [1],[2] | (5) | ||
Balance as of, ending | [1] | 3,147 | ||
Bank Frick [Member] | ||||
Investment in equity: | ||||
Balance as of, beginning | 48,129 | |||
Acquisition of shares | ||||
Stock-based compensation | ||||
Comprehensive income (loss): | (588) | |||
Other comprehensive loss | ||||
Equity accounted earnings (loss) | (588) | |||
Share of net income | 162 | |||
Amortization acquired intangible assets | (189) | |||
Deferred taxes acquired intangible assets | 45 | |||
Dilution resulting from corporate transactions | ||||
Other | (606) | |||
Dividends received | [2] | |||
Return on investment | ||||
Foreign currency adjustment | [2] | 435 | ||
Balance as of, ending | 47,976 | |||
Investment in loans: | ||||
Balance as of, beginning | ||||
Foreign currency adjustment | [2] | |||
Balance as of, ending | ||||
Finbond [Member] | ||||
Investment in equity: | ||||
Balance as of, beginning | 30,958 | |||
Acquisition of shares | 1,920 | |||
Stock-based compensation | 77 | |||
Comprehensive income (loss): | 7,305 | |||
Other comprehensive loss | 5,430 | |||
Equity accounted earnings (loss) | 1,875 | |||
Share of net income | 1,852 | |||
Amortization acquired intangible assets | ||||
Deferred taxes acquired intangible assets | ||||
Dilution resulting from corporate transactions | 23 | |||
Other | ||||
Dividends received | [2] | (1,920) | ||
Return on investment | ||||
Foreign currency adjustment | [2] | (1,059) | ||
Balance as of, ending | 37,281 | |||
Investment in loans: | ||||
Balance as of, beginning | ||||
Foreign currency adjustment | [2] | |||
Balance as of, ending | ||||
Other [Member] | ||||
Investment in equity: | ||||
Balance as of, beginning | [1] | 6,092 | ||
Acquisition of shares | [1] | |||
Stock-based compensation | [1] | |||
Comprehensive income (loss): | [1] | 86 | ||
Other comprehensive loss | [1] | |||
Equity accounted earnings (loss) | [1] | 86 | ||
Share of net income | [1] | 86 | ||
Amortization acquired intangible assets | [1] | |||
Deferred taxes acquired intangible assets | [1] | |||
Dilution resulting from corporate transactions | [1] | |||
Other | [1] | |||
Dividends received | [1],[2] | |||
Return on investment | [1] | (284) | ||
Foreign currency adjustment | [1],[2] | (57) | ||
Balance as of, ending | [1] | 5,837 | ||
Investment in loans: | ||||
Balance as of, beginning | [1] | 3,152 | ||
Foreign currency adjustment | [1],[2] | (5) | ||
Balance as of, ending | [1] | $ 3,147 | ||
[1] | Includes OneFi, SmartSwitch Namibia, Speckpack, Fanaka and Walletdoc; | |||
[2] | The foreign currency adjustment represents the effects of the fluctuations of the South African rand, Swiss franc, Nigerian naira and Namibian dollar, and the U.S. dollar on the carrying value. |
Equity-Accounted Investments _6
Equity-Accounted Investments And Other Long-Term Assets (Carrying Amount Of Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |||
Equity | [1] | $ 91,094 | $ 85,179 |
Loans | [1] | 3,147 | 3,152 |
Total | $ 94,241 | $ 88,331 | |
[1] | Includes OneFi, SmartSwitch Namibia, Speckpack, Fanaka and Walletdoc; |
Equity-Accounted Investments _7
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Other Long-Term Asset) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||||
Total equity investments | $ 194,570 | $ 199,865 | ||
Total held to maturity investments | 10,551 | 10,395 | ||
Long-term portion of payments to agents in South Korea amortized over the contract period | 15,946 | 17,582 | ||
Long-term portion of other finance loans receivable | 16,161 | 12,283 | ||
Contingent purchase consideration | 9,064 | |||
Policy holder assets under investment contracts (Note 9) | 598 | 610 | ||
Reinsurance assets under insurance contracts (Note 9) | 619 | 633 | ||
Other long-term assets | 6,705 | 5,948 | ||
Total other long-term assets | 245,150 | 256,380 | [1] | |
Cell C [Member] | ||||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||||
Total equity investments | $ 167,835 | $ 172,948 | ||
Equity-accounted investments, ownership percentage | 15.00% | 15.00% | ||
MobiKwik [Member] | ||||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||||
Total equity investments | [2] | $ 26,735 | $ 26,917 | |
Equity-accounted investments, ownership percentage | 12.00% | 12.00% | ||
Cedar Cellular [Member] | ||||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||||
Total held to maturity investments | $ 10,551 | $ 10,395 | ||
Cedar Cellular [Member] | 8.625% Notes [Member] | ||||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||||
Equity-accounted investments, ownership percentage | 7.625% | 7.625% | ||
Interest rate | 8.625% | 8.625% | ||
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements | |||
[2] | The Company has determined that MobiKwik does not have readily determinable fair value and has therefore elected to recorded this investment at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company accounted for its investment in MobiKwik at cost as of June 30, 2018. |
Equity-Accounted Investments _8
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Unrealized Gain (Loss) On Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Jun. 30, 2018 | |
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | $ 9,000 | $ 9,000 |
Unrealized holding gains | 1,551 | 1,395 |
Unrealized holding losses | ||
Carrying value | 10,551 | 10,395 |
Cedar Cellular [Member] | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | 9,000 | 9,000 |
Unrealized holding gains | 1,551 | 1,395 |
Unrealized holding losses | ||
Carrying value | $ 10,551 | $ 10,395 |
Equity-Accounted Investments _9
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Contractual Maturity Of Investment) (Details) $ in Thousands | Sep. 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 | [1] | |
Due in one year through five years, Estimated fair value | 9,625 | [1] |
Due in five years through ten years, Estimated fair value | [1] | |
Due after ten years, Estimated fair value | [1] | |
Total, Estimated fair value | $ 9,625 | [1] |
[1] | The estimated fair value of the Cedar Cellular note has been calculated utilizing the Company's portion of the security provided to the Company by Cedar Cellular, namely, Cedar Cellular's investment in Cell C. |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Goodwill And Intangible Assets, Net [Abstract] | ||
Amortization expense | $ 6 | $ 2.8 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets, Net (Carrying Value Of Goodwill) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018USD ($) | ||
Goodwill And Intangible Assets, Net [Abstract] | ||
Gross value, Beginning Balance | $ 304,013 | |
Gross value, Foreign currency adjustment | (5,152) | [1] |
Gross value, Ending Balance | 298,861 | |
Accumulated impairment, Beginning Balance | (20,773) | |
Accumulated impairment, Foreign currency adjustment | 1,070 | [1] |
Accumulated impairment, Ending Balance | (19,703) | |
Carrying value, Beginning Balance | 283,240 | [2] |
Carrying value, Foreign currency adjustment | (4,082) | [1] |
Carrying value, Ending Balance | $ 279,158 | |
[1] | the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value. | |
[2] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets, Net (Goodwill Allocated To Reportable Segments) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018USD ($) | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | $ 283,240 | [1] |
Carrying value, Foreign currency adjustment | (4,082) | [2] |
Carrying value, Ending Balance | 279,158 | |
South African Transaction Processing [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 20,946 | |
Carrying value, Foreign currency adjustment | (618) | [2] |
Carrying value, Ending Balance | 20,328 | |
International Transaction Processing [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 123,948 | |
Carrying value, Foreign currency adjustment | 456 | [2] |
Carrying value, Ending Balance | 124,404 | |
Financial Inclusion And Applied Technologies [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 138,346 | |
Carrying value, Foreign currency adjustment | (3,920) | [2] |
Carrying value, Ending Balance | $ 134,426 | |
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements | |
[2] | the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value. |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets, Net (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | $ 247,730 | $ 251,805 | |
Accumulated amortization | (126,694) | (121,466) | |
Finite-lived intangible assets, Net carrying value | 121,036 | 130,339 | |
Indefinite-lived intangible assets | 788 | 793 | |
Total intangible assets, Gross carrying value | 248,518 | 252,598 | |
Total intangible assets, Net carrying value | 121,824 | 131,132 | [1] |
Financial Institution License [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | |||
Finite-lived intangible assets, Net carrying value | 788 | 793 | |
Indefinite-lived intangible assets | 788 | 793 | |
Customer Relationships [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 193,995 | 197,676 | |
Accumulated amortization | (80,786) | (76,237) | |
Finite-lived intangible assets, Net carrying value | 113,209 | 121,439 | |
Software And Unpatented Technology [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 34,175 | 35,730 | |
Accumulated amortization | (32,546) | (32,342) | |
Finite-lived intangible assets, Net carrying value | 1,629 | 3,388 | |
FTS Patent [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 2,709 | 2,792 | |
Accumulated amortization | (2,709) | (2,792) | |
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 And Brands [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 12,345 | 11,101 | |
Accumulated amortization | (6,147) | (5,589) | |
Finite-lived intangible assets, Net carrying value | $ 6,198 | $ 5,512 | |
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets, Net (Future Estimated Annual Amortization Expense) (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Goodwill And Intangible Assets, Net [Abstract] | |
Fiscal 2,019 | $ 24,469 |
Fiscal 2,020 | 19,285 |
Fiscal 2,021 | 13,811 |
Fiscal 2,022 | 10,604 |
Fiscal 2,023 | 10,604 |
Thereafter | 48,473 |
Total future estimated annual amortization expense | $ 127,246 |
Reinsurance Assets And Policy_3
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts (Summary Of The Movement In Reinsurance Assets And Policyholder Liabilities Under Insurance Contracts) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018USD ($) | ||
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Reinsurance assets, Beginning Balance | $ 633 | [1] |
Reinsurance assets, Increase in policyholder benefits under insurance contracts | 169 | [1] |
Reinsurance assets, Claims and policyholders' benefits under insurance contracts | (164) | [1] |
Reinsurance assets, Foreign currency adjustment | (19) | [1],[2] |
Reinsurance assets, Ending Balance | 619 | [1] |
Insurance contracts, Beginning Balance | (2,032) | [3] |
Insurance contracts, Increase in policyholder benefits under insurance contracts | (2,901) | [3] |
Insurance contracts, Claims and policyholders' benefits under insurance contracts | 2,690 | [3] |
Insurance contracts, Foreign currency adjustment | 61 | [2],[3] |
Insurance contracts, Ending Balance | $ (2,182) | [3] |
[1] | Included in other long-term assets. | |
[2] | Represents the effects of the fluctuations between the ZAR and the U.S. dollar. | |
[3] | Included in other long-term liabilities. |
Reinsurance Assets And Policy_4
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts (Summary Of Movement In Assets And Policyholder Liabilities Under Investment Contracts) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018USD ($) | ||
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Assets, Beginning Balance | $ 610 | [1] |
Assets, Increase in policyholder benefits under investment contracts | 6 | [1] |
Assets, Foreign currency adjustment | (18) | [1],[2] |
Assets, Ending Balance | 598 | [1] |
Investment contracts, Beginning Balance | (610) | [3] |
Investment contracts, Increase in policy holder benefits under investment contracts | (6) | [3] |
Investment contracts, Foreign currency adjustment | 18 | [2],[3] |
Investment contracts, Ending Balance | $ (598) | [3] |
[1] | Included in other long-term assets. | |
[2] | Represents the effects of the fluctuations between the ZAR and the U.S. dollar. | |
[3] | Included in other long-term liabilities. |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) $ in Thousands, â‚© in Millions, R in Millions | Sep. 28, 2018 | Sep. 26, 2018ZAR (R) | Sep. 14, 2018USD ($) | Oct. 20, 2017USD ($) | Sep. 30, 2018ZAR (R) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Jan. 31, 2019ZAR (R) | Jan. 31, 2019USD ($) | Oct. 31, 2018ZAR (R) | Oct. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 26, 2018USD ($) | Jun. 30, 2018ZAR (R) | Jun. 30, 2018USD ($) | Aug. 31, 2017ZAR (R) | Aug. 31, 2017USD ($) | Jul. 29, 2017KRW (â‚©) | Jul. 29, 2017USD ($) | |
Long-term borrowings | $ 45,597 | $ 50,164 | ||||||||||||||||||
Maximum borrowing capacity | 165,546 | |||||||||||||||||||
Amount utilized | 3,313 | [1] | ||||||||||||||||||
South Africa [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||
Paid non-refundable origination fee | R 6.3 | $ 600 | ||||||||||||||||||
Incurred interest expense | $ 1,100 | $ 1,700 | ||||||||||||||||||
Prepaid facility fees | 100 | 100 | ||||||||||||||||||
South Korea [Member] | Facility C [Member] | ||||||||||||||||||||
Amount utilized | â‚© 300 | $ 300 | ||||||||||||||||||
Unscheduled repayment to credit facilitiy | $ 16,600 | |||||||||||||||||||
South Korea [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||
Incurred interest expense | 200 | |||||||||||||||||||
Prepaid facility fees | $ 30 | |||||||||||||||||||
Amended July 2017 [Member] | South Africa [Member] | ||||||||||||||||||||
Long-term borrowings | 37,466 | 50,164 | ||||||||||||||||||
Amended July 2017 [Member] | South Africa [Member] | Facilities A, B, C and D [Member] | ||||||||||||||||||||
Long-term borrowings | R 529.9 | 37,500 | ||||||||||||||||||
Deferred fees | 2.6 | 200 | ||||||||||||||||||
Principal repayment | R 151.3 | $ 10,700 | ||||||||||||||||||
Maturity date | Dec. 28, 2018 | Dec. 28, 2018 | ||||||||||||||||||
June 2018 Facility [Member] | South Africa [Member] | ||||||||||||||||||||
Long-term borrowings | 8,131 | |||||||||||||||||||
June 2018 Facility [Member] | South Africa [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||
Long-term borrowings | R 115 | 8,100 | ||||||||||||||||||
Paid non-refundable origination fee | R 2 | 100 | ||||||||||||||||||
JIBAR [Member] | Amended July 2017 [Member] | South Africa [Member] | Facilities A, B, C and D [Member] | ||||||||||||||||||||
Margin percentage | 2.75% | 2.75% | ||||||||||||||||||
Interest rate | 7.00% | 7.00% | ||||||||||||||||||
JIBAR [Member] | June 2018 Facility [Member] | South Africa [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||
Margin percentage | 2.75% | 2.75% | ||||||||||||||||||
South African Credit Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | ||||||||||||||||||||
Amount utilized | R 1,100 | 76,600 | ||||||||||||||||||
South African Credit Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | ||||||||||||||||||||
Maturity date | Sep. 26, 2019 | |||||||||||||||||||
Maximum borrowing capacity | R 1,500 | $ 106,100 | ||||||||||||||||||
South African Credit Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Paid non-refundable origination fee | R 3.6 | $ 200 | ||||||||||||||||||
South African Credit Facility [Member] | South African Prime Rate [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | ||||||||||||||||||||
Margin percentage | 1.00% | |||||||||||||||||||
South African Credit Facility [Member] | Prime Rate [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | ||||||||||||||||||||
Interest rate | 10.00% | 10.00% | ||||||||||||||||||
Overdraft Facility [Member] | ||||||||||||||||||||
Maximum borrowing capacity | 31,211 | |||||||||||||||||||
Amount utilized | 88,091 | |||||||||||||||||||
Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||||||||||||||
Maximum borrowing capacity | 123,730 | |||||||||||||||||||
Amount utilized | 84,778 | |||||||||||||||||||
Indirect And Derivative Facilities [Member] | ||||||||||||||||||||
Maximum borrowing capacity | 10,605 | |||||||||||||||||||
Amount utilized | 9,349 | 7,871 | ||||||||||||||||||
Nedbank Limited [Member] | South Africa [Member] | ||||||||||||||||||||
Maximum borrowing capacity | 49,492 | |||||||||||||||||||
Nedbank Limited [Member] | South African Credit Facility [Member] | South Africa [Member] | ||||||||||||||||||||
Aggregate amount | R 700 | 49,500 | ||||||||||||||||||
Primary amount, available immediately | 450 | 31,800 | ||||||||||||||||||
Secondary amount, not available immediately | R 250 | 17,700 | ||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | South Africa [Member] | ||||||||||||||||||||
Interest rate | 8.85% | 8.85% | ||||||||||||||||||
Maximum borrowing capacity | 21,211 | |||||||||||||||||||
Primary amount, available immediately | R 300 | 21,200 | ||||||||||||||||||
Commitment fee percentage | 0.35% | 0.35% | ||||||||||||||||||
Amount utilized | 8,173 | |||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | South Africa [Member] | Forecast [Member] | ||||||||||||||||||||
Secondary amount, available immediately | R 200 | $ 14,100 | ||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | South Africa [Member] | ||||||||||||||||||||
Maximum borrowing capacity | 17,676 | |||||||||||||||||||
Primary amount, available immediately | R 250 | 17,700 | ||||||||||||||||||
Amount utilized | 115.6 | 8,173 | ||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | General Banking Facility [Member] | South Africa [Member] | ||||||||||||||||||||
Primary amount, available immediately | 50 | 3,500 | ||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | Indirect And Derivative Facilities [Member] | South Africa [Member] | ||||||||||||||||||||
Primary amount, available immediately | 150 | 10,600 | ||||||||||||||||||
Amount utilized | R 132.2 | 9,300 | R 108 | 7,900 | ||||||||||||||||
Nedbank Limited [Member] | Indirect And Derivative Facilities [Member] | South Africa [Member] | ||||||||||||||||||||
Maximum borrowing capacity | 10,605 | |||||||||||||||||||
Amount utilized | 9,349 | 7,871 | ||||||||||||||||||
Bank Frick [Member] | United States [Member] | ||||||||||||||||||||
Maximum borrowing capacity | 10,000 | |||||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | United States [Member] | ||||||||||||||||||||
Maximum borrowing capacity | 10,000 | |||||||||||||||||||
Termination written notice | 42 days | |||||||||||||||||||
Amount utilized | 3,313 | |||||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | Renewed [Member] | United States [Member] | ||||||||||||||||||||
Interest rate | 4.50% | |||||||||||||||||||
Maximum borrowing capacity | $ 10,000 | |||||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | United States [Member] | ||||||||||||||||||||
Maximum borrowing capacity | ||||||||||||||||||||
Amount utilized | ||||||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | LIBOR [Member] | Renewed [Member] | United States [Member] | ||||||||||||||||||||
Interest rate | 2.39838% | |||||||||||||||||||
Bank Frick [Member] | Indirect And Derivative Facilities [Member] | United States [Member] | ||||||||||||||||||||
Maximum borrowing capacity | ||||||||||||||||||||
Amount utilized | ||||||||||||||||||||
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements |
Borrowings (Summary Of Short-Te
Borrowings (Summary Of Short-Term Credit Facilities) (Details) $ in Thousands, R in Millions | 3 Months Ended | ||||
Sep. 30, 2018ZAR (R) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 14, 2018USD ($) | ||
Short-term Debt [Line Items] | |||||
Short-term facility available | $ 165,546 | ||||
Balance as of June 30, 2018 | [1] | ||||
Utilized | 84,655 | $ 31,880 | |||
Balance as of Septmeber 30, 2018 | 3,313 | ||||
Overdraft Facility [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | 31,211 | ||||
Utilized | 84,655 | ||||
Foreign currency adjustment | [2] | 3,436 | |||
Balance as of Septmeber 30, 2018 | 88,091 | ||||
Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | 123,730 | ||||
Balance as of Septmeber 30, 2018 | 84,778 | ||||
Overdraft Facility [Member] | No Restrictions As To Use [Member] | |||||
Short-term Debt [Line Items] | |||||
Balance as of Septmeber 30, 2018 | 3,313 | ||||
Indirect And Derivative Facilities [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | 10,605 | ||||
Balance as of June 30, 2018 | 7,871 | ||||
Guarantees cancelled | (848) | ||||
Utilized | 2,436 | ||||
Foreign currency adjustment | [2] | (110) | |||
Balance as of Septmeber 30, 2018 | 9,349 | ||||
South Africa [Member] | Amended July 2017 [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | 106,054 | ||||
South Africa [Member] | Amended July 2017 [Member] | Overdraft Facility [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | |||||
Balance as of June 30, 2018 | |||||
Utilized | 73,500 | ||||
Foreign currency adjustment | [2] | 3,105 | |||
Balance as of Septmeber 30, 2018 | 76,605 | ||||
South Africa [Member] | Amended July 2017 [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | 106,054 | ||||
Balance as of Septmeber 30, 2018 | 76,605 | ||||
South Africa [Member] | Amended July 2017 [Member] | Overdraft Facility [Member] | No Restrictions As To Use [Member] | |||||
Short-term Debt [Line Items] | |||||
Balance as of Septmeber 30, 2018 | |||||
South Africa [Member] | Amended July 2017 [Member] | Indirect And Derivative Facilities [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | |||||
Balance as of June 30, 2018 | |||||
Guarantees cancelled | |||||
Utilized | |||||
Foreign currency adjustment | [2] | ||||
Balance as of Septmeber 30, 2018 | |||||
South Africa [Member] | Nedbank Limited [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | 49,492 | ||||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | 21,211 | ||||
Balance as of June 30, 2018 | |||||
Utilized | 7,842 | ||||
Foreign currency adjustment | [2] | 331 | |||
Balance as of Septmeber 30, 2018 | 8,173 | ||||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | 17,676 | ||||
Balance as of Septmeber 30, 2018 | R 115.6 | 8,173 | |||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | No Restrictions As To Use [Member] | |||||
Short-term Debt [Line Items] | |||||
Balance as of Septmeber 30, 2018 | |||||
South Africa [Member] | Nedbank Limited [Member] | Indirect And Derivative Facilities [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | 10,605 | ||||
Balance as of June 30, 2018 | 7,871 | ||||
Guarantees cancelled | (848) | ||||
Utilized | 2,436 | ||||
Foreign currency adjustment | [2] | (110) | |||
Balance as of Septmeber 30, 2018 | 9,349 | ||||
United States [Member] | Bank Frick [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | 10,000 | ||||
United States [Member] | Bank Frick [Member] | Overdraft Facility [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | 10,000 | ||||
Balance as of June 30, 2018 | |||||
Utilized | 3,313 | ||||
Foreign currency adjustment | [2] | ||||
Balance as of Septmeber 30, 2018 | 3,313 | ||||
United States [Member] | Bank Frick [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | |||||
Balance as of Septmeber 30, 2018 | |||||
United States [Member] | Bank Frick [Member] | Overdraft Facility [Member] | No Restrictions As To Use [Member] | |||||
Short-term Debt [Line Items] | |||||
Balance as of Septmeber 30, 2018 | 3,313 | ||||
United States [Member] | Bank Frick [Member] | Indirect And Derivative Facilities [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | |||||
Balance as of June 30, 2018 | |||||
Guarantees cancelled | |||||
Utilized | |||||
Foreign currency adjustment | [2] | ||||
Balance as of Septmeber 30, 2018 | |||||
United States [Member] | Bank Frick [Member] | Renewed [Member] | Overdraft Facility [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term facility available | $ 10,000 | ||||
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements | ||||
[2] | Represents the effects of the fluctuations between the ZAR and the U.S. dollar. |
Borrowings (Summary Of Long-Ter
Borrowings (Summary Of Long-Term Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |||
Debt Instrument [Line Items] | |||||
Included in current portion of long-term borrowings | $ 33,937 | $ 44,695 | [1] | ||
Included in long-term borrowings | 11,660 | 5,469 | [1] | ||
Balance as of June 30, 2018 | 50,164 | ||||
Utilzed | 7,801 | $ 95,431 | |||
Repaid | (10,260) | $ (14,260) | |||
Foreign currency adjustment | [2] | (2,108) | |||
Balance as of Septmeber 30, 2018 | 45,597 | ||||
Amended July 2017 [Member] | South Africa [Member] | |||||
Debt Instrument [Line Items] | |||||
Included in current portion of long-term borrowings | 33,937 | 44,695 | |||
Included in long-term borrowings | 3,529 | 5,469 | |||
Balance as of June 30, 2018 | 50,164 | ||||
Utilzed | |||||
Repaid | (10,260) | ||||
Foreign currency adjustment | [2] | (2,438) | |||
Balance as of Septmeber 30, 2018 | 37,466 | ||||
June 2018 Facility [Member] | South Africa [Member] | |||||
Debt Instrument [Line Items] | |||||
Included in current portion of long-term borrowings | |||||
Included in long-term borrowings | 8,131 | ||||
Balance as of June 30, 2018 | |||||
Utilzed | 7,801 | ||||
Repaid | |||||
Foreign currency adjustment | [2] | 330 | |||
Balance as of Septmeber 30, 2018 | $ 8,131 | ||||
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements | ||||
[2] | Represents the effects of the fluctuations between the ZAR and the U.S. dollar. |
Capital Structure (Schedule Of
Capital Structure (Schedule Of Number Of Shares, Net Of Treasury) (Details) - shares | Sep. 30, 2018 | Sep. 30, 2017 |
Capital Structure [Abstract] | ||
Number of shares, net of treasury: Statement of changes in equity | 56,833,925 | 56,927,696 |
Less: Non-vested equity shares that have not vested (Note 13) | 860,817 | 1,007,182 |
Number of shares, net of treasury excluding non-vested equity shares that have not vested | 55,973,108 | 55,920,514 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Loss [Abstract] | ||
Reclassification from accumulated other comprehensive (loss) income | $ 0 | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Change In Accumulated Other Comprehensive (Loss) Income Per Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | [1] | $ (184,436) | |||
Movement in foreign currency translation reserve related to equity accounted investment | 5,430 | $ (227) | |||
Movement in foreign currency translation reserve | (10,522) | ||||
Ending Balance | (189,528) | $ (184,436) | [1] | ||
Accumulated Foreign Currency Translation Reserve [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (184,436) | ||||
Movement in foreign currency translation reserve related to equity accounted investment | 5,430 | ||||
Movement in foreign currency translation reserve | (10,522) | ||||
Ending Balance | (189,528) | (184,436) | |||
Accumulated Net Unrealized Income On Asset Available For Sale, Net Of Tax [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | |||||
Movement in foreign currency translation reserve related to equity accounted investment | |||||
Movement in foreign currency translation reserve | |||||
Ending Balance | |||||
As Reported [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (159,237) | ||||
Unrealized income on asset available for sale, net of tax | 25,199 | ||||
Ending Balance | (159,237) | ||||
As Reported [Member] | Accumulated Foreign Currency Translation Reserve [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (184,436) | ||||
Ending Balance | (184,436) | ||||
As Reported [Member] | Accumulated Net Unrealized Income On Asset Available For Sale, Net Of Tax [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 25,199 | ||||
Ending Balance | 25,199 | ||||
Correction [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (25,199) | ||||
Correction of error (Note 1) | (25,199) | ||||
Unrealized income on asset available for sale, net of tax | (25,199) | ||||
Ending Balance | (25,199) | ||||
Correction [Member] | Accumulated Foreign Currency Translation Reserve [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Correction of error (Note 1) | |||||
Correction [Member] | Accumulated Net Unrealized Income On Asset Available For Sale, Net Of Tax [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Correction of error (Note 1) | (25,199) | ||||
As Restated [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | $ (184,436) | ||||
Ending Balance | $ (184,436) | ||||
[1] | Certain amounts shown here do not correspond to the Company's 2018 financial statements and reflects an adjustment made, refer to Note 1 See Notes to Unaudited Condensed Consolidated Financial Statements |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | Sep. 07, 2018 | Aug. 23, 2017 | Sep. 30, 2018 | Aug. 31, 2018 | Aug. 31, 2017 | May 31, 2017 | Aug. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options awarded | 600,000 | |||||||||
Stock-based compensation charge (reversal), net | $ 587,000 | $ 827,000 | ||||||||
Number of shares, forfeitures | 200,000 | 37,333 | ||||||||
Deferred tax asset | $ 700,000 | $ 700,000 | $ 700,000 | |||||||
Common stock, shares issued | 56,833,925 | 56,833,925 | 56,685,925 | |||||||
Redemptions of common stock or adjustments to redeemable common stock | $ 0 | $ 0 | ||||||||
August 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance target, per share | $ 23 | |||||||||
Percentage of increase target price | 35.00% | |||||||||
Closing price, per share | $ 9.38 | |||||||||
Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Exercisable stock options | 105,982 | |||||||||
Assumptions method used |
<p style="font-size: 16px; text-decoration: none; font-family: Times New Roman; font-variant: normal; white-space: normal; word-spacing: 0px; text-transform: none; font-weight: 400; color: rgb(0,0,0); font-style: normal; text-align: left; orphans: 2; letter-spacing: normal; background-color: transparent; text-indent: 0px; -webkit-text-stroke-width: 0px;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">The fair value of each option is estimated on the date of grant using the Cox Ross Rubinstein binomial model that uses the assumptions noted in the following table. The estimated expected volatility is calculated based on the Company's <font class="_mt">750</font> day volatility. The estimated expected life of the option was determined based on historical behavior of employees who were granted options with similar terms.</font></p></div>" id="sjs-I17"><div class="MetaData"> <p style="font-size: 16px; text-decoration: none; font-family: Times New Roman; font-variant: normal; white-space: normal; word-spacing: 0px; text-transform: none; font-weight: 400; color: rgb(0,0,0); font-style: normal; text-align: left; orphans: 2; letter-spacing: normal; background-color: transparent; text-indent: 0px; -webkit-text-stroke-width: 0px;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">The fair value of each option is estimated on the date of grant using the Cox Ross Rubinstein binomial model that uses the assumptions noted in the following table. The estimated expected volatility is calculated based on the Company's <font class="_mt">750</font> day volatility. The estimated expected life of the option was determined based on historical behavior of employees who were granted options with similar terms.</font></p></div> | |||||||||
Unrecognized compensation cost | $ 1,200,000 | $ 1,200,000 | ||||||||
Unrecognized compensation cost, expected recognition period, years | 3 years | |||||||||
Expected volatility | 44.00% | |||||||||
Expected life (in years) | 3 years | |||||||||
Risk-free rate | 2.75% | |||||||||
Expected volatility calculation term | 750 days | |||||||||
Options exercise price range, lower limit | $ 6.20 | |||||||||
Options exercise price range, upper limit | $ 13.16 | |||||||||
Stock Options [Member] | Executive Officers [Member] | August 2008 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares, forfeitures | 200,000 | |||||||||
Strike price | $ 24.46 | |||||||||
Stock Options [Member] | Executive Officers And Employees [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options awarded | 600,000 | 0 | ||||||||
Stock Options [Member] | Employees [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares, forfeitures | 37,333 | |||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options awarded | 148,000 | 588,594 | ||||||||
Fair value of restricted stock vested | $ 500,000 | $ 500,000 | ||||||||
Unrecognized compensation cost | $ 3,100,000 | $ 3,100,000 | ||||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | |||||||||
Forfeitures, Number of Shares of Restricted Stock | (30,635) | |||||||||
Vested number of shares of restricted stock | 52,594 | 56,250 | ||||||||
Restricted Stock [Member] | September 2018 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expected volatility | 37.40% | |||||||||
Expected life (in years) | 3 years | |||||||||
Future dividends | $ 0 | |||||||||
Expected volatility calculation term | 30 days | |||||||||
Restricted Stock [Member] | September 2018 [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] | September 2018 [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] | September 2018 [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] | September 2018 [Member] | At or above $23 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance target, per share | $ 23 | |||||||||
Vesting percentage | 100.00% | |||||||||
Restricted Stock [Member] | August 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expected volatility | 44.00% | |||||||||
Expected life (in years) | 3 years | |||||||||
Future dividends | $ 0 | |||||||||
Expected volatility calculation term | 30 days | |||||||||
Strike price | $ 0 | |||||||||
Restricted Stock [Member] | August 2017 [Member] | Below $15 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance target, per share | $ 15 | |||||||||
Vesting percentage | 0.00% | |||||||||
Restricted Stock [Member] | August 2017 [Member] | At or above $15 and below $19 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 33.00% | |||||||||
Restricted Stock [Member] | August 2017 [Member] | At or above $19 and below $23 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 66.00% | |||||||||
Restricted Stock [Member] | August 2017 [Member] | At or above $23 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance target, per share | $ 23 | |||||||||
Vesting percentage | 100.00% | |||||||||
Restricted Stock [Member] | August 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options awarded | 150,000 | |||||||||
Restricted Stock [Member] | Executive Officers [Member] | September 2018 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting date | Sep. 7, 2018 | |||||||||
Performance target, per share | $ 23 | |||||||||
Percentage of increase target price | 55.00% | |||||||||
Closing price, per share | $ 6.20 | |||||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options awarded | 210,000 | |||||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options awarded | 350,000 | |||||||||
Restricted Stock [Member] | Non-Employee Directors [Member] | August 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options awarded | 52,594 | |||||||||
Restricted Stock [Member] | Executive Officers And Employees [Member] | August 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options awarded | 326,000 | |||||||||
Restricted Stock [Member] | Former Chief Executive Officer [Member] | August 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options awarded | 200,000 | |||||||||
Restricted Stock [Member] | One-Third Shares Vest 2019 Fundamental EPS [Member] | August 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fundamental EPS, to be achieved | 2.60 | |||||||||
Restricted Stock [Member] | Two-Thirds Shares Vest 2019 Fundamental EPS [Member] | August 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fundamental EPS, to be achieved | 2.80 | |||||||||
Restricted Stock [Member] | All Shares Vest 2019 Fundamental EPS [Member] | August 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fundamental EPS, to be achieved | $ 3 | |||||||||
Restricted Stock [Member] | Full Time Basis [Member] | Executive Officers And Employees [Member] | August 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting date | Aug. 23, 2020 | |||||||||
Restricted Stock [Member] | Recipient Is A Director [Member] | Non-Employee Directors [Member] | August 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting date | Aug. 23, 2018 | |||||||||
2019 Fundamental EPS [Member] | August 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fundamental EPS, linear interpolation | $ 2.80 | |||||||||
Minimum [Member] | Restricted Stock [Member] | September 2018 [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] | September 2018 [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] | Restricted Stock [Member] | August 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Risk-free rate | 1.275% | |||||||||
Minimum [Member] | Restricted Stock [Member] | August 2017 [Member] | At or above $15 and below $19 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance target, per share | $ 15 | |||||||||
Minimum [Member] | Restricted Stock [Member] | August 2017 [Member] | At or above $19 and below $23 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance target, per share | 19 | |||||||||
Minimum [Member] | 2019 Fundamental EPS [Member] | August 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fundamental EPS | $ 2.60 | |||||||||
Maximum [Member] | Restricted Stock [Member] | September 2018 [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] | September 2018 [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] | Restricted Stock [Member] | August 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Risk-free rate | 1.657% | |||||||||
Maximum [Member] | Restricted Stock [Member] | August 2017 [Member] | At or above $15 and below $19 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance target, per share | $ 19 | |||||||||
Maximum [Member] | Restricted Stock [Member] | August 2017 [Member] | At or above $19 and below $23 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance target, per share | 23 | |||||||||
Maximum [Member] | 2019 Fundamental EPS [Member] | August 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fundamental EPS | $ 3 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summarized Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Stock-Based Compensation [Abstract] | ||||
Outstanding, Number of shares, Beginning Balance | 809,274 | 846,607 | 846,607 | |
Granted, Number of shares | 600,000 | |||
Forfeitures, Number of shares | (200,000) | (37,333) | ||
Outstanding, Number of shares, Ending Balance | 1,209,274 | 809,274 | 809,274 | 846,607 |
Exercisable, Number of Shares | 609,274 | |||
Vested and expected to vest, Number of shares | 1,209,274 | |||
Outstanding, Weighted average exercise price, Beginning Balance | $ 13.99 | $ 13.87 | $ 13.87 | |
Granted, Weighted average exercise price | 6.20 | |||
Forfeitures, Weighted average exercise price | 24.46 | 11.23 | ||
Outstanding, Weighted average exercise price, Ending Balance | 8.41 | $ 13.99 | $ 13.99 | $ 13.87 |
Exercisable, Weighted average exercise price | 10.56 | |||
Vested and expected to vest, Weighted average exercise price | $ 8.41 | |||
Outstanding, Weighted average remaining contractual term (in years) | 6 years 7 months 2 days | 3 years 4 months 24 days | 2 years 8 months 1 day | 3 years 9 months 18 days |
Granted, Weighted average remaining contractual term (in years) | 10 years | |||
Exercisable, Weighted average remaining contractual term (in years) | 3 years 2 months 19 days | |||
Vested and expected to vest, Weighted average remaining contractual term (in years) | 6 years 7 months 2 days | |||
Outstanding, Aggregate intrinsic value, Beginning Balance | $ 370 | $ 486 | $ 486 | |
Granted, Aggregate intrinsic value | 1,212 | |||
Outstanding, Aggregate intrinsic value, Ending Balance | $ 1,322 | $ 468 | $ 370 | $ 486 |
Outstanding, Weighted average grant date fair value, Beginning Balance | $ 4.20 | $ 4.21 | $ 4.21 | |
Granted, Weighted average grant date fair value | 2.02 | |||
Forfeitures, Weighted average grant date fair value | 7.17 | 4.55 | ||
Outstanding, Weighted average grant date fair value, Ending Balance | $ 2.62 | $ 4.20 | $ 4.20 | $ 4.21 |
Vested and expected to vest, Aggregate intrinsic value | $ 1,322 | |||
Exercisable, Aggregate intrinsic value | $ 242 |
Stock-Based Compensation (Range
Stock-Based Compensation (Range Of Assumptions Used To Value Options Granted) (Details) - Stock Options [Member] | 3 Months Ended |
Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 44.00% |
Expected dividends | 0.00% |
Expected life (in years) | 3 years |
Risk-free rate | 2.75% |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Sep. 30, 2018 | Aug. 31, 2018 | Aug. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, Number of Shares of Restricted Stock | 600,000 | ||||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 860,817 | 860,817 | 1,007,182 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 765,411 | 505,473 | |||
Granted, Number of Shares of Restricted Stock | 148,000 | 588,594 | |||
Vested, Number of Shares of Restricted Stock | (52,594) | (56,250) | |||
Forfeitures, Number of Shares of Restricted Stock | (30,635) | ||||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 860,817 | 860,817 | 1,007,182 | ||
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 6,162 | $ 11,173 | |||
Granted, Weighted Average Grant Date Fair Value | $ 114 | $ 4,288 | |||
Vested, Weighted Average Grant Date Fair Value | $ 459 | $ 527 | |||
Forfeitures, Weighted Average Grant Date Fair Value | 358 | ||||
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 5,785 | $ 5,785 | $ 9,689 |
Stock-Based Compensation (Recor
Stock-Based Compensation (Recorded Net Stock Compensation Charge) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation charge | $ 587 | $ 869 |
Reversal of stock compensation charge related to restricted stock forfeited | (42) | |
Total | 587 | 827 |
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 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 | 587 | 869 |
Reversal of stock compensation charge related to restricted stock forfeited | (42) | |
Total | $ 587 | $ 827 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - Stock Options [Member] | 3 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Options outstanding not included in computation of diluted earnings per share | shares | 503,698 |
Options exercise price range, lower limit | $ 8.75 |
Options exercise price range, upper limit | $ 13.16 |
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 | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||
Net (loss) income attributable to Net1 | $ (5,199) | $ 19,483 |
Undistributed (loss) earnings | $ (5,199) | $ 19,483 |
Percent allocated to common shareholders | 99.00% | 99.00% |
Numerator for earnings per share: basic and diluted | $ (5,128) | $ 19,267 |
Denominator for basic (loss) earnings per share: weighted-average common shares outstanding | 55,951 | 56,562 |
Effect of dilutive securities: Stock options | 50 | 47 |
Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion | 56,001 | 56,609 |
(Loss) Earnings per share: Basic | $ (0.09) | $ 0.34 |
(Loss) Earnings per share: Diluted | $ (0.09) | $ 0.34 |
Basic weighted-average common shares outstanding (A) | 55,951 | 56,562 |
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) | 56,723 | 57,196 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash received from interest | $ 2,077 | $ 5,286 |
Cash paid for interest | 3,066 | 2,088 |
Cash paid for income taxes | $ 1,343 | $ 2,036 |
Revenue Recognition (Revenue Di
Revenue Recognition (Revenue Disaggregated By Major Revenue Streams) (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |
Revenue | $ 125,884 |
South African Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 34,463 |
International Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 39,387 |
Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 52,034 |
Processing Fees [Member] | South African Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 30,229 |
Processing Fees [Member] | International Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 37,244 |
Welfare Benefit Distributions Fees [Member] | South African Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 3,086 |
Telecom Products And Services [Member] | Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 19,147 |
Account Holder Fees [Member] | Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 10,605 |
Lending Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 9,977 |
Technology Products [Member] | Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 4,268 |
Insurance Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 2,515 |
Other [Member] | South African Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 1,148 |
Other [Member] | International Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 2,143 |
Other [Member] | Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 5,522 |
South Africa [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 86,497 |
South Africa [Member] | South African Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 34,463 |
South Africa [Member] | Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 52,034 |
South Africa [Member] | Processing Fees [Member] | South African Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 30,229 |
South Africa [Member] | Welfare Benefit Distributions Fees [Member] | South African Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 3,086 |
South Africa [Member] | Telecom Products And Services [Member] | Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 19,147 |
South Africa [Member] | Account Holder Fees [Member] | Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 10,605 |
South Africa [Member] | Lending Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 9,977 |
South Africa [Member] | Technology Products [Member] | Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 4,268 |
South Africa [Member] | Insurance Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 2,515 |
South Africa [Member] | Other [Member] | South African Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 1,148 |
South Africa [Member] | Other [Member] | Financial Inclusion And Applied Technologies [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 5,522 |
South Korea [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 36,551 |
South Korea [Member] | International Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 36,551 |
South Korea [Member] | Processing Fees [Member] | International Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 34,589 |
South Korea [Member] | Other [Member] | International Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 1,962 |
Rest Of World [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 2,836 |
Rest Of World [Member] | International Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 2,836 |
Rest Of World [Member] | Processing Fees [Member] | International Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 2,655 |
Rest Of World [Member] | Other [Member] | International Transaction Processing [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | $ 181 |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of Reportable Segments Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ 125,884 | $ 152,558 |
South African Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 34,463 | 60,292 |
International Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 39,387 | 46,022 |
Financial Inclusion And Applied Technologies [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 52,034 | 46,244 |
Reportable Segment [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 130,342 | 166,772 |
Reportable Segment [Member] | South African Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 37,749 | 66,437 |
Reportable Segment [Member] | International Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 39,387 | 46,022 |
Reportable Segment [Member] | Financial Inclusion And Applied Technologies [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 53,206 | 54,313 |
Inter-Segment [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | (4,458) | (14,214) |
Inter-Segment [Member] | South African Transaction Processing [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | (3,286) | (6,145) |
Inter-Segment [Member] | Financial Inclusion And Applied Technologies [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ (1,172) | $ (8,069) |
Operating Segments (Reconcili_2
Operating Segments (Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating (loss) income | $ 896 | $ 25,006 |
Interest income | 1,876 | 5,044 |
Interest expense | (2,759) | (2,121) |
Income before income taxes | 13 | 27,929 |
Reportable Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating (loss) income | 10,551 | 31,568 |
Corporate/Eliminations [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating (loss) income | $ (9,655) | $ (6,562) |
Operating Segments (Summary Of
Operating Segments (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 125,884 | $ 152,558 |
Operating (loss) income | 896 | 25,006 |
Depreciation and amortization | 10,794 | 8,966 |
Expenditures for long-lived assets | 3,118 | 1,473 |
Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 130,342 | 166,772 |
Operating (loss) income | 10,551 | 31,568 |
Depreciation and amortization | 4,636 | 6,140 |
Expenditures for long-lived assets | 3,118 | 1,473 |
Corporate/Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating (loss) income | (9,655) | (6,562) |
Depreciation and amortization | 6,158 | 2,826 |
Expenditures for long-lived assets | ||
South African Transaction Processing [Member] | Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 37,749 | 66,437 |
Operating (loss) income | (3,513) | 12,332 |
Depreciation and amortization | 941 | 1,153 |
Expenditures for long-lived assets | 1,286 | 477 |
International Transaction Processing [Member] | Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 39,387 | 46,022 |
Operating (loss) income | 2,762 | 5,316 |
Depreciation and amortization | 3,059 | 4,632 |
Expenditures for long-lived assets | 800 | 906 |
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 53,206 | 54,313 |
Operating (loss) income | 11,302 | 13,920 |
Depreciation and amortization | 636 | 355 |
Expenditures for long-lived assets | $ 1,032 | $ 90 |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) R in Millions, $ in Millions | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2018USD ($) | Sep. 30, 2018ZAR (R) | Sep. 30, 2018USD ($) |
Valuation Allowance [Line Items] | ||||||
Effective tax rate | 36.80% | |||||
Income tax rate | 21.00% | 35.00% | ||||
Provisional transition tax before foreign tax credits | $ 55.8 | |||||
Transition tax liability after generated foreign tax credits | 0 | |||||
Valuation allowance related to net operating losses | R 223.4 | $ 15.1 | ||||
Unrecognized tax benefit | $ 0.8 | 0.9 | ||||
Accrued interest related to uncertain tax positions | $ 0.1 | |||||
Foreign Cash And Other Net Current Assets [Member] | ||||||
Valuation Allowance [Line Items] | ||||||
Effective tax rate | 15.50% | |||||
Foreign Income [Member] | ||||||
Valuation Allowance [Line Items] | ||||||
Effective tax rate | 8.00% |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) R in Millions, $ in Millions | Mar. 23, 2018ZAR (R) | Sep. 30, 2018ZAR (R) | Sep. 30, 2018USD ($) |
Guarantor Obligations [Line Items] | |||
Maximum payment amount under guarantee | R 96 | $ 6.8 | |
Counter Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee amount | R 96 | $ 6.8 | |
Payment Guarantee [Member] | Minimum [Member] | |||
Guarantor Obligations [Line Items] | |||
Charge rate | 0.40% | 0.40% | |
Payment Guarantee [Member] | Maximum [Member] | |||
Guarantor Obligations [Line Items] | |||
Charge rate | 1.94% | 1.94% | |
Nedbank [Member] | Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee amount | R 96 | $ 6.8 | |
CPS [Member] | Additional Implementation Costs [Member] | |||
Guarantor Obligations [Line Items] | |||
Amount ordered to refund to SASSA | R 317 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2018USD ($) | |
Executive Officers [Member] | |
Related Party Transaction [Line Items] | |
Percentage of direct shareholding | 16.00% |
JAA Holdings Proprietary Limited [Member] | |
Related Party Transaction [Line Items] | |
Maturity date | Oct. 31, 2018 |
JAA Holdings Proprietary Limited [Member] | South African Prime Rate [Member] | |
Related Party Transaction [Line Items] | |
Interest rate | 10.00% |
JAA Holdings Proprietary Limited [Member] | Executive Officers [Member] | |
Related Party Transaction [Line Items] | |
Loan payable | $ 0.1 |
DNI [Member] | |
Related Party Transaction [Line Items] | |
Amount paid for rental | $ 1 |