Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Oct. 08, 2019 | Dec. 31, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | NET 1 UEPS TECHNOLOGIES INC | ||
Entity Central Index Key | 0001041514 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 174,172,483 | ||
Entity Common Stock, Shares Outstanding | 56,568,425 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | ||
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 46,065 | $ 87,075 | [1] | |
Restricted cash related to ATM funding (Note 12) | 75,446 | |||
Pre-funded social welfare grants receivable (Note 4) | [1] | 2,965 | ||
Accounts receivable, net and other receivables (Note 5) | 72,494 | 93,448 | [1] | |
Finance loans receivable, net (Note 5) | 30,631 | 61,463 | [1] | |
Inventory (Note 6) | 7,535 | 10,361 | [1] | |
Current assets of discontinued operation (Note 3) | [1] | 22,482 | ||
Total current assets before settlement assets | 232,171 | 277,794 | [1] | |
Settlement assets (Note 2) | 63,479 | 149,047 | [1] | |
Total current assets | 295,650 | 426,841 | [1] | |
PROPERTY, PLANT AND EQUIPMENT, net (Note 8) | 18,554 | 25,737 | [1] | |
EQUITY-ACCOUNTED INVESTMENTS (Note 9) | 151,116 | 86,016 | [1] | |
GOODWILL (Note 10) | 149,387 | 169,079 | [1] | |
INTANGIBLE ASSETS, net (Note 10) | 11,889 | 27,129 | [1] | |
DEFERRED INCOME TAXES (Note 2 and Note 18) | 2,151 | 4,776 | [1] | |
OTHER LONG-TERM ASSETS (Note 9 and Note 11) | 44,189 | 235,032 | [1] | |
LONG-TERM ASSETS OF DISCONTINUED OPERATION (Note 3 and Note 9) | [1] | 242,704 | ||
TOTAL ASSETS | 672,936 | 1,217,314 | [1] | |
CURRENT LIABILITIES | ||||
Short-term credit facilities for ATM funding (Note 12) | 75,446 | |||
Short-term facilities (Note 12) | 9,544 | [1] | ||
Accounts payable | 17,005 | 21,106 | [1] | |
Other payables (Note 13) | 66,449 | 41,645 | [1] | |
Current portion of long-term borrowings (Note 12) | [1] | 44,079 | ||
Income taxes payable | 6,223 | 5,742 | [1] | |
Current liabilities of discontinued operation (Note 3) | [1] | 20,914 | ||
Total current liabilities before settlement obligations | 174,667 | 133,486 | [1] | |
Settlement obligations (Note 2) | 63,479 | 149,047 | [1] | |
Total current liabilities | 238,146 | 282,533 | [1] | |
DEFERRED INCOME TAXES (Note 2 and Note 18) | 4,682 | 16,067 | [1] | |
LONG-TERM BORROWINGS (Note 14) | [1] | 5,469 | ||
OTHER LONG-TERM LIABILITIES (Note 3 and Note 11) | 3,007 | 30,289 | [1] | |
LONG-TERM LIABILITIES OF DISCONTINUED OPERATION (Note 3) | [1] | 38,387 | ||
TOTAL LIABILITIES | 245,835 | 372,745 | [1] | |
COMMITMENTS AND CONTINGENCIES (Note 22) | [1] | |||
REDEEMABLE COMMON STOCK (Note 1 and Note 14) | 107,672 | 107,672 | [1] | |
EQUITY | ||||
COMMON STOCK (Note 14) Authorized: 200,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury - 2019: 56,568,425; 2018: 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: 2019: -; 2018: - | [1] | |||
ADDITIONAL PAID-IN CAPITAL | 276,997 | 276,201 | [1] | |
TREASURY SHARES, AT COST: 2019: 24,891,292; 2018: 24,891,292 (Note 15) | (286,951) | (286,951) | [1] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Note 15) | [2] | (199,273) | (184,538) | [1] |
RETAINED EARNINGS | 528,576 | 836,194 | [1] | |
TOTAL NET1 EQUITY | 319,429 | 640,986 | [1] | |
NON-CONTROLLING INTEREST | [1] | 95,911 | ||
TOTAL EQUITY | 319,429 | 736,897 | [1] | |
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS' EQUITY | $ 672,936 | $ 1,217,314 | [1] | |
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 56,568,425 | 56,685,925 |
Common stock, shares outstanding | 56,568,425 | 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 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | [1] | Jun. 30, 2017 | ||||
REVENUE (Note 16) | $ 360,990 | $ 612,889 | [2] | $ 610,066 | [1] | ||
EXPENSE | |||||||
Cost of goods sold, IT processing, servicing and support | 215,348 | 304,536 | 292,383 | [1] | |||
Selling, general and administration | 202,056 | 193,003 | 179,262 | [1] | |||
Depreciation and amortization | 37,349 | 35,484 | 41,378 | [1] | |||
Impairment Loss (Note 10) | 19,745 | 20,917 | |||||
OPERATING (LOSS) INCOME | [3] | (113,508) | 58,949 | [2] | 97,043 | [1] | |
CHANGE IN FAIR VALUE OF EQUITY SECURITIES (Note 7) | (167,459) | [4] | 32,473 | ||||
LOSS ON DISPOSAL OF DNI | 5,771 | ||||||
INTEREST INCOME | 7,229 | [4] | 17,885 | 20,897 | [1] | ||
INTEREST EXPENSE | 10,724 | [4] | 8,941 | 3,484 | [1] | ||
IMPAIRMENT OF CEDAR CELLULAR NOTE (Note 9) | [4] | 12,793 | |||||
(LOSS) INCOME BEFORE INCOME TAXES | (303,026) | [4] | 100,366 | 114,456 | [1] | ||
INCOME TAX EXPENSE (Note 18) | 3,725 | 48,597 | 42,506 | [1] | |||
NET (LOSS) INCOME BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | (306,751) | 51,769 | 71,950 | [1] | |||
EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 1,482 | 11,597 | 2,814 | [1] | |||
NET (LOSS) INCOME | (305,269) | 63,366 | 74,764 | [1] | |||
Continuing | (307,959) | 60,975 | 74,764 | [1] | |||
Discontinued | 2,690 | 2,391 | [2] | ||||
LESS (ADD): NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 2,349 | (880) | 1,694 | [1] | |||
Continuing | (1,352) | (880) | 1,694 | [1] | |||
Discontinued | 3,701 | ||||||
NET (LOSS) INCOME ATTRIBUTABLE TO NET1 | (307,618) | 64,246 | [2] | 73,070 | [1] | ||
Continuing | (306,607) | 61,855 | [2] | $ 73,070 | [1] | ||
Discontinued | $ (1,011) | $ 2,391 | |||||
Net (loss) income per share, in United States dollars: (Note 19) | |||||||
Basic (loss) earnings attributable to Net1 shareholders | $ (5.42) | $ 1.13 | [2] | $ 1.34 | [1] | ||
Continuing | (5.40) | 1.09 | [2] | 1.34 | [1] | ||
Discontinued | (0.02) | 0.04 | [2] | 0 | [5] | ||
Diluted (loss) earnings attributable to Net1 shareholders | (5.42) | 1.13 | [2] | 1.33 | [1] | ||
Continuing | (5.40) | 1.09 | [2] | 1.33 | [1] | ||
Discontinued | $ (0.02) | $ 0.04 | [2] | $ 0 | [5] | ||
Service Rendered [Member] | |||||||
REVENUE (Note 16) | $ 330,496 | $ 538,429 | $ 533,279 | [1] | |||
Loan-Based Fees Received [Member] | |||||||
REVENUE (Note 16) | 29,872 | 54,949 | 53,894 | [1] | |||
Sale of Goods [Member] | |||||||
REVENUE (Note 16) | 20,331 | $ 19,511 | $ 22,893 | [1] | |||
Variation of Price Related to SASSA Revenue (Note 13) [Member] | |||||||
REVENUE (Note 16) | $ (19,709) | ||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | ||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. The impact of the restatement for the year ended June 30, 2018, has been recorded during the three months ended June 30, 2018. | ||||||
[3] | South African transaction processing and Financial inclusion and applies technologies include retrenchment costs for the year ended June 30, 2019, of: $4,665 and $1,604, respectively, for total retrenchment costs for the year ended June 30, 2019, of $6,269. The retrenchment costs are included in selling, general and administration expense on the consolidated statement of operations for the year ended June 30, 2019. | ||||||
[4] | Operating loss: Corporate/Eliminations includes $34.0 million related to the accrual referred to in Note 13. | ||||||
[5] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||||
Consolidated Statements Of Comprehensive (Loss) Income [Abstract] | ||||||
Net (loss) income | $ (305,269) | $ 63,366 | [1] | $ 74,764 | [1] | |
OTHER COMPREHENSIVE (LOSS) INCOME: | ||||||
Movement in foreign currency translation reserve | (26,194) | (19,474) | [2] | 30,291 | [2] | |
Release of foreign currency translation reserve related to disposal of DNI (Note 3 and Note 15) | 2,452 | |||||
Movement in foreign currency translation reserve related to equity-accounted investments | [3] | 4,251 | (2,426) | [2] | (2,697) | [2] |
Total other comprehensive (loss) income, net of taxes | (19,491) | (21,900) | [2] | 27,594 | [2] | |
Comprehensive (loss) income | (324,760) | 41,466 | [2] | 102,358 | [2] | |
Add (Less) comprehensive income attributable to non-controlling interest | 2,407 | 978 | [2] | (2,332) | [2] | |
Comprehensive (loss) income attributable to Net1 | $ (322,353) | $ 42,444 | [2] | $ 100,026 | [2] | |
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||
[3] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Consolidated Statement Of Chang
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] | 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, 2016 | 75,755,886 | (20,483,932) | 55,271,954 | 75,755,886 | (20,483,932) | 55,271,954 | ||||||||||||||
Balance at Jun. 30, 2016 | $ 74 | $ (241,627) | $ 223,978 | $ 700,322 | $ (189,700) | $ 493,047 | $ 2,501 | $ 495,548 | $ 74 | $ (241,627) | $ 223,978 | $ 698,878 | $ (189,692) | $ 491,611 | $ 2,501 | $ 494,112 | ||||
Correction of Finbond error (Note 1) | (1,444) | 8 | (1,436) | (1,436) | ||||||||||||||||
Redeemable Common Stock, Balance at Jun. 30, 2016 | 107,672 | 107,672 | ||||||||||||||||||
Sale of common stock (Note 14) | $ 5 | 44,995 | 45,000 | 45,000 | ||||||||||||||||
Sale of common stock (Note 14), shares | 5,000,000 | 5,000,000 | ||||||||||||||||||
Repurchase of common stock (Note 14) | $ (45,324) | (45,324) | (45,324) | |||||||||||||||||
Repurchase of common stock (Note 14), shares | (4,407,360) | (4,407,360) | ||||||||||||||||||
Restricted stock granted (Note 17), shares | 389,587 | 389,587 | ||||||||||||||||||
Exercise of stock option (Note 17) | $ 1 | 2,878 | 2,879 | $ 2,879 | ||||||||||||||||
Exercise of stock option (Note 17), shares | 321,026 | 321,026 | 321,026 | |||||||||||||||||
Stock-based compensation charge (Note 17) | 3,905 | 3,905 | $ 3,905 | |||||||||||||||||
Reversal of stock compensation charge (Note 17) | (1,923) | (1,923) | (1,923) | |||||||||||||||||
Reversal of stock compensation charge (Note 17), shares | (205,470) | (205,470) | ||||||||||||||||||
Utilization of APIC pool related to vested restricted stock | (189) | (189) | (189) | |||||||||||||||||
Dividends paid to non-controlling interest | (2,067) | (2,067) | ||||||||||||||||||
Stock based-compensation charge related to equity-accounted investment (Note 9) | 89 | 89 | 89 | |||||||||||||||||
Net (loss) income | 74,648 | 73,070 | 73,070 | 1,694 | 74,764 | [1] | ||||||||||||||
Other comprehensive (loss) income (Note 15) | 27,769 | 26,956 | 26,956 | 638 | $ 27,594 | [2] | ||||||||||||||
Balance, Number of Shares at Jun. 30, 2017 | 81,261,029 | (24,891,292) | 56,369,737 | 56,369,737 | ||||||||||||||||
Balance at Jun. 30, 2017 | 773,276 | (162,569) | $ 80 | $ (286,951) | 273,733 | 771,948 | (162,736) | 596,074 | 2,766 | $ 598,840 | ||||||||||
Redeemable Common Stock, Balance at Jun. 30, 2017 | 107,672 | |||||||||||||||||||
Restricted stock granted (Note 17), shares | 618,411 | 618,411 | ||||||||||||||||||
Stock-based compensation charge (Note 17) | 2,656 | 2,656 | 2,656 | |||||||||||||||||
Reversal of stock compensation charge (Note 17) | (49) | (49) | (49) | |||||||||||||||||
Reversal of stock compensation charge (Note 17), shares | (302,223) | (302,223) | ||||||||||||||||||
Reversal of stock-based compensation charge related to equity-accounted investment (Note 9) | (139) | (139) | (139) | |||||||||||||||||
Acquisition of DNI (Note 3) | 94,123 | 94,123 | ||||||||||||||||||
Net (loss) income | 63,469 | 64,246 | 64,246 | (880) | 63,366 | [1] | ||||||||||||||
Other comprehensive (loss) income (Note 15) | (21,965) | (21,802) | (21,802) | (98) | $ (21,900) | [2] | ||||||||||||||
Balance, Number of Shares at Jun. 30, 2018 | 81,577,217 | (24,891,292) | 56,685,925 | 56,685,925 | ||||||||||||||||
Balance at Jun. 30, 2018 | $ 837,625 | $ (184,436) | $ 738,430 | $ 80 | $ (286,951) | 276,201 | 836,194 | (184,538) | $ 640,986 | 95,911 | $ 736,897 | [3] | ||||||||
Redeemable Common Stock, Balance at Jun. 30, 2018 | [3] | $ 107,672 | ||||||||||||||||||
Restricted stock granted (Note 17), shares | 148,000 | 148,000 | ||||||||||||||||||
Stock-based compensation charge (Note 17) | 2,319 | $ 2,319 | $ 2,319 | |||||||||||||||||
Reversal of stock compensation charge (Note 17) | (1,926) | (1,926) | (1,926) | |||||||||||||||||
Reversal of stock compensation charge (Note 17), shares | (265,500) | (265,500) | ||||||||||||||||||
Reversal of stock-based compensation charge related to equity-accounted investment (Note 9) | 117 | 117 | 117 | |||||||||||||||||
Acquisition of non-controlling interest | 286 | 286 | 466 | 752 | ||||||||||||||||
Dividends paid to non-controlling interest | (4,104) | (4,104) | ||||||||||||||||||
Net (loss) income | (307,618) | (307,618) | 2,349 | (305,269) | ||||||||||||||||
Other comprehensive (loss) income (Note 15) | (14,735) | (14,735) | (4,756) | (19,491) | ||||||||||||||||
Deconsolidation of DNI (Note 3) | (89,866) | $ (89,866) | ||||||||||||||||||
Balance, Number of Shares at Jun. 30, 2019 | 81,459,717 | (24,891,292) | 56,568,425 | 56,568,425 | ||||||||||||||||
Balance at Jun. 30, 2019 | $ 80 | $ (286,951) | $ 276,997 | $ 528,576 | $ (199,273) | $ 319,429 | $ 0 | $ 319,429 | ||||||||||||
Redeemable Common Stock, Balance at Jun. 30, 2019 | $ 107,672 | |||||||||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||||||||||||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||||||||||||||||
[3] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net (loss) income | $ (305,269) | $ 63,366 | [1] | $ 74,764 | [1] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 37,349 | 35,484 | [1] | 41,378 | [1] | ||
Impairment loss (Note 10) | 19,745 | 20,917 | [2] | ||||
Allowance for doubtful accounts receivable charged | 32,786 | 13,358 | [2] | 4,382 | [2] | ||
Earnings from equity-accounted investments (Note 9) | (1,482) | (11,597) | [1] | (2,814) | [1] | ||
Interest on Cedar Cellular note (Note 9) | (2,397) | (1,395) | [2] | ||||
Impairment of Cedar Cellular note (Note 9) | [3] | 12,793 | |||||
Change in fair value of equity securities (Notes 7 and 9) | 167,459 | (32,473) | [2] | ||||
Implementation costs to be refunded to SASSA (Note 13) | 34,039 | ||||||
Fair value adjustments and foreign currency re-measurements | 73 | 414 | [2] | (300) | [2] | ||
Interest payable | 237 | (146) | [2] | 20 | [2] | ||
Facility fee amortized | 321 | 589 | [2] | 1,326 | [2] | ||
Loss (Profit) on disposal of business (Note 3) | 5,771 | [3] | (463) | [2] | |||
Loss on fair value of DNI (Note 3) | [2] | 4,614 | |||||
(Profit) Loss on disposal of property, plant and equipment | (486) | 40 | [2] | (639) | [2] | ||
Stock compensation charge, net of forfeitures (Note 17) | 393 | 2,607 | [2] | 1,982 | [2] | ||
Dividends received from equity accounted investments | 1,318 | 4,111 | [2] | 1,187 | [2] | ||
Decrease (Increase) in accounts and finance loans receivable, and pre-funded grants receivable | 11,663 | 17,732 | [2] | (20,149) | [2] | ||
Decrease (Increase) in inventory | 4,042 | (2,521) | [2] | 3,025 | [2] | ||
(Decrease) Increase in accounts payable and other payables | (14,538) | 10,595 | [2] | (6,461) | [2] | ||
Increase (Decrease) in taxes payable | 3,428 | 1,137 | [2] | (354) | [2] | ||
(Decrease) Increase in deferred taxes | (11,705) | 5,936 | [2] | (186) | [2] | ||
Net cash (used in) provided by operating activities | (4,460) | 132,305 | [2] | 97,161 | [2] | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | (9,416) | (9,649) | [2] | (11,195) | [2] | ||
Proceeds from disposal of property, plant and equipment | 1,045 | 658 | [2] | 1,592 | [2] | ||
Acquisition of intangible assets | (1,384) | ||||||
Investment in equity of equity-accounted investments (Note 9) | (2,989) | (133,335) | [2] | ||||
Disposal of DNI (Note 3) | (2,114) | ||||||
Repayment of loans by equity-accounted investments (Note 9) | 1,029 | 9,180 | [2] | ||||
Proceeds on return of investment (Note 9) | 284 | ||||||
Loans to equity-accounted investments (Note 9) | [2] | (10,635) | (12,044) | ||||
Acquisition of held to maturity investment (Note 9) | [2] | (9,000) | |||||
Acquisitions, net of cash acquired (Note 3) | [2] | (6,202) | (4,651) | ||||
Other investing activities, net | [2] | (61) | |||||
Net change in settlement assets (Note 2) | 79,077 | 490,795 | [2] | (61,938) | [2] | ||
Net cash provided by (used in) investing activities | 64,476 | 180,748 | [2] | (114,071) | [2] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from bank overdraft (Note 12) | 822,754 | 44,900 | [2] | 16,176 | [2] | ||
Repayment of bank overdraft (Note 12) | (740,969) | (62,925) | [2] | ||||
Repayment of long-term borrowings (Note 12) | (37,357) | (77,062) | [2] | (37,318) | [2] | ||
Long-term borrowings utilized (Note 12) | 14,613 | 113,157 | [2] | 800 | [2] | ||
Dividends paid to non-controlling interest | (4,104) | (2,067) | [2] | ||||
Payment of guarantee fee (Note 12) | (394) | (754) | [2] | (1,145) | [2] | ||
Acquisition of non-controlling interests | (180) | ||||||
Proceeds from issue of common stock (Note 14 and Note 20) | [2] | 47,879 | |||||
Acquisition of treasury stock (Note 14) | [2] | (45,794) | |||||
Net change in settlement obligations (Note 2) | (79,077) | (490,795) | [2] | 61,938 | [2] | ||
Net cash (used in) provided by financing activities | (24,714) | (473,479) | [2] | 40,469 | [2] | ||
Effect of exchange rate changes on cash | (3,845) | (7,977) | [2] | 11,254 | [2] | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 31,457 | (168,403) | [2] | 34,813 | [2] | ||
Cash, cash equivalents and restricted cash - beginning of year | [2],[5] | 90,054 | [4] | 258,457 | 223,644 | ||
Cash, cash equivalents and restricted cash - end of year | 121,511 | 90,054 | [2],[4],[5] | 258,457 | [2],[5] | ||
MobiKwik [Member] | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Investment (Note 9) | $ (1,056) | $ (25,835) | [2] | ||||
Cell C [Member] | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Investment (Note 9) | [2] | $ (151,003) | |||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | ||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | ||||||
[3] | Operating loss: Corporate/Eliminations includes $34.0 million related to the accrual referred to in Note 13. | ||||||
[4] | Cash, cash equivalents and restricted cash - end of year for the year ended June 30, 2018, includes $2,979 related to DNI (refer to Note 3). | ||||||
[5] | Cash, cash equivalents and restricted cash as of June 30, 2019, includes restricted cash of approximately $75.4 million related to cash withdrawn from the Company's various debt facilities to fund ATMs. This cash may only be used to fund ATMs and is considered restricted as to use and therefore is classified as restricted cash. Refer to Note 12 for additional information regarding the Company's facilities. |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
DNI [Member] | ||
Restricted cash | $ 2,979 | |
Overdraft Restricted As To Use For ATM Funding Only [Member] | ||
Restricted cash | $ 75,400 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 12 Months Ended |
Jun. 30, 2019 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Description Of Business And Basis Of Presentation | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Net 1 UEPS Technologies, Inc. ("Net1" and collectively with its consolidated subsidiaries, the "Company") was incorporated in the State of Florida on May 8, 1997. The Company is a leading provider of financial technology, or fintech, products and services to the unbanked and underbanked in a number of emerging and developed economies. Its universal electronic payment system ("UEPS") uses biometrically secure smart cards that operate in real-time but offline, which allows users to enter into transactions at any time with other card holders in even the most remote areas. The Company also develops and provides secure transaction technology solutions and services, and offers transaction processing and financial solutions. The Company's technology is widely used in South Africa today, where it provides financial services, processes debit and credit card payment transactions on behalf of retailers through its EasyPay system, processes value-added services such as bill payments and prepaid electricity for the major bill issuers and local councils in South Africa, processes third-party and associated payroll payments for employees and provides mobile telephone top-up transactions for the major South African mobile carriers. Through KSNET, the Company offers card processing, payment gateway ("PG") and banking value-added network services ("VAN") in South Korea. The Company has card issuing and acquiring capabilities in Hong Kong and Malta and provides value added payment services to online retailers across Europe through its International Payments Group ("IPG"). The Company leverages its strategic equity investments in Finbond Group Limited ("Finbond") and Bank Frick & Co. AG ("Bank Frick") (both regulated banks), and Cell C Proprietary Limited ("Cell C") to introduce products to new customers and geographies. Basis of presentation The accompanying consolidated financial statements include subsidiaries over which Net1 exercises control and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Consideration of going concern Accounting guidance requires the Company's management to assess whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after its audited consolidated financial statements are issued. The Company's management has identified certain conditions or events, which, considered in the aggregate, could raise substantial doubt about the Company's ability to continue as a going concern including the risk that the Company will be unable to: deliver all or a substantial part of the financial results forecast in its fiscal 2020 budget; retain its existing borrowings and facilities, as described in Note 12, or obtain additional borrowings and facilities on commercially reasonable terms; arrive at a commercial settlement with SASSA, given the September 30, 2019, Supreme Court of Appeal ruling regarding the repayment of the additional implementation costs received back to SASSA (refer Note 13) and the ongoing dispute the Company has with SASSA over fees due for the six-month contract extension period in accordance with National Treasury's recommendation (refer Note 2—Revenue recognition—Significant judgments and estimates); dispose of all or a portion of its remaining 30% interest in DNI-4PL Contracts Proprietary Limited ("DNI"). DNI's operations are also significantly dependent on Cell C because it is the largest distributor of Cell C starter packs in South Africa. Therefore, the inability of Cell C to continue to operate through the next 12 months could also have an adverse impact on DNI's operations; or dispose of investments in order to realize sufficient cash flows. The Company's management has implemented a number of plans to alleviate the substantial doubt about the Company's ability to continue as a going concern. These plans include disposing of certain non-core assets (refer to Note 3 for additional information regarding a call option granted to DNI), engaging FT Partners to advise on the KSNET business, and extending its existing borrowings used to fund its ATMs through September 2020. In addition, the Company's management believes it has a number of mitigating actions it can pursue, including (i) limiting the expansion of its microlending finance loans receivable book in South Africa; (ii) implementing further cost cutting measures; (iii) commencing additional asset realizations; (iv) manage our capital expenditures; and (v) accessing alternative sources of capital (including through the issuance of additional shares of its common stock), in order to generate additional liquidity. The Company's management believes that these actions alleviate the substantial doubt referred to above and therefore have concluded that the Company remains a going concern. Restatement of financial statements resulting from Finbond error On May 31, 2019, Finbond released its year end February 2019 summarized annual results and announced that it had identified an error in its previously issued audited financial statements and had restated those audited financial statements. The Finbond restatement impacts the Company's reported results and the Company has restated its 2018 and 2017 financial statements to correct for the Finbond restatement. The error identified by Finbond relates to the misapplication of a valuation technique to determine the fair value of a written-off portfolio of loans receivable that were designated at fair value through profit or loss. The tables below present the impact of the restatement on each of the Company's financial statements for the years ended June 30, 2018: Consolidated balance sheet As of June 30, 2018 As As reported Correction restated (in thousands) Equity-accounted investments $ 87,992 $ (1,976 ) $ 86,016 Total assets 1,219,290 (1,976 ) 1,217,314 Deferred tax liabilities 16,510 (443 ) 16,067 Total liabilities 373,188 (443 ) 372,745 Accumulated other comprehensive loss (184,436 ) (102 ) (184,538 ) Retained earnings 837,625 (1,431 ) 836,194 Total equity $ 738,430 $ (1,533 ) $ 736,897 Consolidated statement of operations Year ended June 30, 2018 As As reported Correction restated (in thousands, except per share data) Income tax expense $ 48,627 $ (30 ) $ 48,597 Net income before earnings from equity-accounted investments 51,739 30 51,769 Earnings from equity-accounted investments 11,730 (133 ) 11,597 Net income 63,469 (103 ) 63,366 Net income attributable to Net1 $ 64,349 $ (103 ) $ 64,246 Net income per share, in United States dollars: Basic earnings attributable to Net1 shareholders $ 1.13 $ (0.00 ) $ 1.13 Diluted earnings attributable to Net1 shareholders $ 1.13 $ (0.00 ) $ 1.13 Year ended June 30, 2017 As As reported Correction restated (in thousands, except per share data) Income tax expense $ 42,472 $ 34 $ 42,506 Net income before earnings from equity-accounted investments 71,984 (34 ) 71,950 Earnings from equity-accounted investments 2,664 150 2,814 Net income 74,648 116 74,764 Net income attributable to Net1 $ 72,954 $ 116 $ 73,070 Net income per share, in United States dollars: Basic earnings attributable to Net1 shareholders $ 1.34 $ 0.00 $ 1.34 Diluted earnings attributable to Net1 shareholders $ 1.33 $ 0.00 $ 1.33 Consolidated statement of comprehensive (loss) income Year ended June 30, 2018 As As reported Correction restated (in thousands) Net income $ 63,469 $ (103 ) $ 63,366 Movement in foreign currency translation reserve (19,539 ) 65 (19,474 ) Total other comprehensive (loss) income (21,965 ) 65 (21,900 ) Comprehensive income 41,504 (38 ) 41,466 Comprehensive income attributed to Net1 $ 42,482 $ (38 ) $ 42,444 Year ended June 30, 2017 As As reported Correction restated (in thousands) Net income $ 74,648 $ 116 $ 74,764 Movement in foreign currency translation reserve 30,466 (175 ) 30,291 Total other comprehensive income (loss) 27,769 (175 ) 27,594 Comprehensive income 102,417 (59 ) 102,358 Comprehensive income attributed to Net1 $ 100,085 $ (59 ) $ 100,026 Consolidated statement of changes in equity Accumulated other Retained comprehensive earnings loss (in thousands) As reported – July 1, 2016 $ 700,322 $ (189,700 ) Correction of misstatement (1,444 ) 8 As restated – July 1, 2016 $ 698,878 $ (189,692 ) As reported – June 30, 2017 $ 773,276 $ (162,569 ) Correction of misstatement (1,328 ) (167 ) As restated – June 30, 2017 $ 771,948 $ (162,736 ) As reported – June 30, 2018 $ 837,625 $ (184,436 ) Correction of misstatement (1,431 ) (102 ) As restated – June 30, 2018 $ 836,194 $ (184,538 ) Consolidated statement of cash flows Year ended June 30, 2018 As As reported Correction restated (in thousands) Net income $ 63,469 $ (103 ) $ 63,366 Earnings from equity-accounted investment (11,730 ) 133 (11,597 ) Increase (Decrease) in deferred taxes 5,966 (30 ) 5,936 Net cash provided by operating activities $ 132,305 $ - $ 132,305 Year ended June 30, 2017 As As reported Correction restated (in thousands) Net income $ 74,648 $ 116 $ 74,764 Earnings from equity-accounted investment (2,664 ) (150 ) (2,814 ) Increase (Decrease) in deferred taxes (220 ) 34 (186 ) Net cash provided by operating activities $ 97,161 $ - $ 97,161 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The financial statements of entities which are controlled by Net1, referred to as subsidiaries, are consolidated. Inter-company accounts and transactions are eliminated upon consolidation. The Company, if it is the primary beneficiary, consolidates entities which are considered to be variable interest entities ("VIE"). The primary beneficiary is considered to be the entity that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. No Business combinations The Company accounts for its business acquisitions under the acquisition method of accounting. The total value of the consideration paid for acquisitions is allocated to the underlying net assets acquired, based on their respective estimated fair values. The Company uses a number of valuation methods to determine the fair value of assets and liabilities acquired, including discounted cash flows, external market values, valuations on recent transactions or a combination thereof, and believes that it uses the most appropriate measure or a combination of measures to value each asset or liability. The Company recognizes measurement-period adjustments in the reporting period in which the adjustment amounts are determined. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Translation of foreign currencies The primary functional currency of the consolidated entities is the South African Rand ("ZAR") and its reporting currency is the U.S. dollar. The Company also has consolidated entities which have other currencies, primarily South Korean won ("KRW"), as their functional currency. Assets and liabilities are translated at the exchange rates in effect at the balance sheet date. Revenues and expenses are translated at average rates for the period. Translation gains and losses are reported in accumulated other comprehensive income in total equity. Foreign exchange transactions are translated at the spot rate ruling at the date of the transaction. Monetary items are translated at the closing spot rate at the balance sheet date. Transactional gains and losses are recognized in selling, general and administration expense on the Company's consolidated statement of operations for the period. Cash, cash equivalents and restricted cash Cash and cash equivalents include cash on hand and funds deposited in bank accounts with financial institutions that are liquid, unrestricted and readily available. Cash that is restricted as to use is classified as restricted cash and includes cash drawn under the Company's borrowings and used to fund its ATMs. Allowance for doubtful accounts receivable Allowance for doubtful finance loans receivable The Company regularly reviews the ageing of outstanding amounts due from borrowers and adjusts the allowance based on management's estimate of the recoverability of the finance loans receivable. The Company writes off microlending finance loans receivable and related service fees if a borrower is in arrears with repayments for more than three months or dies. The Company writes off working capital finance receivables and related fees when it is evident that reasonable recovery procedures, including where deemed necessary, formal legal action, have failed. Allowance for doubtful accounts receivable A specific provision is established where it is considered likely that all or a portion of the amount due from customers renting point of sale ("POS") equipment, receiving support and maintenance or transaction services or purchasing licenses from the Company will not be recovered. Non-recoverability is assessed based on a review by management of the ageing of outstanding amounts, the location of the customer and the payment history in relation to those specific amounts. Inventory Inventory is valued at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis and includes transport and handling costs. Leasehold improvement costs Costs incurred in the adaptation of leased properties to serve the requirements of the Company are capitalized and amortized over the shorter of the estimated useful life of the asset and the remaining term of the lease. Property, plant and equipment Property, plant and equipment are shown at cost less accumulated depreciation. Property, plant and equipment are depreciated on the straight-line basis at rates which are estimated to amortize the assets to their anticipated residual values over their useful lives. Within the following asset classifications, the expected economic lives are approximately: Computer equipment 3 to 8 years Office equipment 2 to 10 years Vehicles 3 to 8 years Furniture and fittings 3 to 10 years Buildings and structures 8 to 30 years The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in income. Equity-accounted investments The Company uses the equity method to account for investments in companies when it has significant influence but not control over the operations of the company. Under the equity method, the Company initially records the investment at cost and thereafter adjusts the carrying value of the investment to recognize the proportional share of the equity-accounted company's net income or loss. In addition, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee is added to the current basis of the Company's previously held interest and the equity method would be applied subsequently from the date on which the Company obtains the ability to exercise significant influence over the investee. Any unrealized holding gains or losses in accumulated other comprehensive income related to an available for sale security that is subsequently required to be accounted for utilizing the equity method are recognized in earnings as of the date on which the investment qualifies for the equity method. The Company does not recognize cumulative losses in excess of its investment or loans in an equity-accounted investment except if it has an obligation to provide additional financial support. Dividends received from an equity-accounted investment reduce the carrying value of the Company's investment. The Company 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 Company reviews its equity-accounted investments for impairment whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable. Goodwill Goodwill represents the excess of the purchase price of an acquired enterprise over the fair values of the identifiable assets acquired and liabilities assumed. The Company tests for impairment of goodwill on an annual basis and at any other time if events or circumstances change that would more likely than not reduce the fair value of the reporting unit goodwill below its carrying amount. Circumstances that could trigger an impairment test include but are not limited to: a significant adverse change in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; and results of testing for recoverability of a significant asset group within a reporting unit. If goodwill is allocated to a reporting unit and the carrying amount of the reporting unit exceeds the fair value of that reporting unit, an impairment loss is recorded in the statement of operations. Measurement of the fair value of a reporting unit is based on one or more of the following fair value measures: the amount at which the unit as a whole could be bought or sold in a current transaction between willing parties; present value techniques of estimated future cash flows; or valuation techniques based on multiples of earnings or revenue, or a similar performance measure. Intangible assets Intangible assets are shown at cost less accumulated amortization. Intangible assets are amortized over the following useful lives: Customer relationships 1 to 15 years Software and unpatented technology 3 to 5 years FTS patent 10 years Exclusive licenses 7 years Trademarks 3 to 20 years Intangible assets are periodically evaluated for recoverability, and those evaluations take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists. Debt and equity securities Debt securities The Company is required to classify all applicable debt securities as either trading securities, available-for-sale or held to maturity upon investment in the security. Trading Debt securities acquired by the Company which it intends to sell in the short-term are classified as trading securities and are initially measured at fair value. These debt securities are subsequently measured at fair value and realized and unrealized gains and losses from these trading securities are included in the Company's consolidated statement of operations. Classification of a debt security as a trading security is not precluded simply because the Company does not intend to sell the security in the short term. The Company had no Available for sale Debt securities acquired by the Company that have readily determinable fair values are classified as available for sale if the Company has not classified them as trading securities or if it does not have the ability or positive intent to hold the debt security until maturity. The Company is required to make an election to account for these debt securities as available for sale. These available for sale debt securities are initially measured at fair value. These debt securities are subsequently measured at fair value with unrealized gains and losses from available for sale investments in debt securities reported as a separate component of accumulated other comprehensive income, net of deferred income taxes, in shareholders' equity. The Company had no debt securities that were classified as available for sale securities as of June 30, 2019 and 2018, respectively. Held to maturity Debt securities acquired by the Company which it has the ability and the positive intent to hold to maturity are classified as held to maturity debt securities. The Company is required to make an election to classify these debt securities as held to maturity and these securities are carried at amortized cost. The amortized cost of held to maturity debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest received from the held to maturity security together with this amortization is included in interest income in the Company's consolidated statement of operations. The Company had a held to maturity security as of June 30, 2019 and 2018, respectively, refer to Note 9. Impairment of debt securities The Company's available for sale and held to maturity debt securities with unrealized losses are reviewed quarterly to identify other-than-temporary impairments in value. With regard to available for sale and held to maturity debt securities, the Company considers (i) the ability and intent to hold the debt security for a period of time to allow for recovery of value (ii) whether it is more likely than not that the Company will be required to sell the debt security; and (iii) whether it expects to recover the entire amortized cost basis of the debt security. The Company records an impairment loss in its consolidated statement of operations representing the difference between the debt securities carrying value and the current fair value as of the date of the impairment if the Company determines that it intends to sell the debt security or if that it is more likely than not that it will be required to sell the debt security before recovery of the amortized cost basis. However, an impairment loss is considered to have occurred if the Company determines that it does not intend to sell the debt security or that it is more likely than not that it will not be required to sell the debt security before the recovery of the amortized cost basis. In this instance, the impairment loss is split between a credit loss and a non-credit loss. The credit loss portion, which is measured as the difference between the debt security's cost basis and the present value of expected future cash flows, is recognized in the Company's consolidated statement of operations. The non-credit loss portion, which is measured as the difference between the debt security's cost basis and its current fair value, is recognized in other comprehensive income, net of applicable taxes. Equity securities Equity securities are measured at fair value. Changes in the fair value of equity securities are recorded in the Company's consolidated statement of operations within the caption titled "change in fair value of equity securities". The Company may elect to measure equity securities without readily determinable fair values at its 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 ("cost minus changes in observable prices equity securities"). There were no changes in the fair value of our cost minus changes in observable prices equity securities during the year ended June 30, 2019. The Company performs a qualitative assessment on a quarterly basis and recognizes an impairment loss if there are sufficient indicators that the fair value of the equity security is less than its carrying value. Policy reserves and liabilities Reserves for policy benefits and claims payable The Company determines its reserves for policy benefits under its life insurance products using a model which estimates claims incurred that have not been reported and total present value of disability claims-in-payment at the balance sheet date. This model allows for best estimate assumptions based on experience (where sufficient) plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The best estimate assumptions include (i) mortality and morbidity assumptions reflecting the company's most recent experience and (ii) claim reporting delays reflecting Company specific and industry experience. Most of the disability claims-in-payment reserve is reinsured and the reported values were based on the reserve held by the relevant reinsurer. The values of matured guaranteed endowments are increased by late payment interest (net of the asset management fee and allowance for tax on investment income). Deposits on investment contracts For the Company's interest-sensitive life contracts, liabilities approximate the policyholder's account value . Reinsurance contracts held The Company enters into reinsurance contracts with reinsurers under which the Company is compensated for the entire amount or a portion of losses arising on one The expected benefits to which the Company is entitled under its reinsurance contracts held are recognized as reinsurance assets. These assets consist of short-term balances due from reinsurers (classified within Accounts receivable, net and other receivables) as well as long-term receivables (classified within other long-term assets) that are dependent on the expected claims and benefits arising under the related reinsurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance contract. Reinsurance assets are assessed for impairment at each balance sheet date. If there is reliable objective evidence that amounts due may not be recoverable, the Company reduces the carrying amount of the reinsurance asset to its recoverable amount and recognizes that impairment loss in its consolidated statement of operations. Reinsurance premiums are recognized when due for payment under each reinsurance contract. Redeemable common stock Common stock that is redeemable (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder, or (3) upon the occurrence of an event that is not solely within the control of Company is presented outside of total Net1 equity (i.e. permanent equity). Redeemable common stock is initially recognized at issuance date fair value and the Company does not adjust the issuance date fair value if redemption is not probable. The Company re-measures the redeemable common stock to the maximum redemption amount at the balance sheet date once redemption is probable. Reduction in the carrying amount of the redeemable common stock is only appropriate to the extent that the Company has previously recorded increases in the carrying amount of the redeemable equity instrument as the redeemable common stock may be not be carried at an amount that is less the initial amount reported outside of permanent equity. Redeemable common stock is reclassified as permanent equity when presentation outside permanent equity is no longer required (if, for example, a redemption feature lapses, or there is a modification of the terms of the instrument). The existing carrying amount of the redeemable common stock is reclassified to permanent equity at the date of the event that caused the reclassification and prior period consolidated financial statements are not adjusted. Revenue recognition The Company recognizes revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. Nature of products and services 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 volume of transactions performed by the customer. Revenue is recognized on the completion of the processed transaction. 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 the right to use certain technology developed by the Company and the associated revenue 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. Welfare benefit distribution fees The Company 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 Through DNI, the Company entered into contracts with mobile networks in South Africa to distribute subscriber identity modules ("SIM") cards on their behalf. The Company was 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 had been met as well as when it was 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. As described in Note 3, the Company disposed of its controlling interest in DNI on March 31, 2019. 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 the volume of airtime sold. Significant judgments and estimates The Company was subject to a court process regarding the determination of the price to be charged for welfare benefit distribution services provided from April 1, 2018 to September 30, 2018. In December 2018, the Constitutional Court of South Africa clarified that it was not required to ratify the price and stated that the parties should reach an agreement on the price, failing which they should approach the lower courts in South Africa. The Company has initiated discussions with SASSA, but the parties had not reached an agreement as of June 30, 2019, regarding the pricing for services provided through 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 provided in March 2018 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 on July 1, 2018, the Company determined that it was unable to estimate the amount of revenue that it is entitled to receive because no agreement with SASSA had been reached at that date. Accordingly, the Company has not recorded any additional revenue during the year ended June 30, 2019, related to the price to be charged for welfare benefit distribution services provided through September 30, 2018. The Company recorded revenue at the rate specified in the contract. The Company expects to record any additional revenue once there is agreement between the Company and SASSA on the fee. 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. Research and development expenditure Research and development expenditure is charged to net income in the period in which it is incurred. During the years ended June 30, 2019, 2018 and 2017, the Company incurred research and development expenditures of $ 2.6 1.8 2.0 Computer software development Product development costs in respect of software intended for sale to licensees are expensed as incurred until technological feasibility is attained. Technological feasibility is attained when the Company's software has completed system testing and has been determined to be viable for its intended use. The time between the attainment of technological feasibility and completion of software development is generally short with immaterial amounts of development costs incurred during this period. Costs in respect of the development of software for the Company's internal use are expensed as incurred, except to the extent that these costs are incurred during the application development stage. All other costs including those incurred in the project development and post-implementation stages are expensed as incurred. Income taxes The Company provides for income taxes using the asset and liability method. This approach recognizes the amount of taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequence of events recognized in the financial statements and tax returns. Deferred income taxes are adjusted to reflect the effects of changes in tax laws or enacted tax rates. The Company measured its South African income taxes and deferred income taxes for the years ended June 30, 2019, 2018 and 2017, using the enacted statutory tax rate in South Africa of 28 In establishing the appropriate deferred tax asset valuation allowances, the Company assesses the realizability of its deferred tax assets, and based on all available evidence, both positive and negative, determines whether it is more likely than not that the deferred tax assets or a portion thereof will be realized. Reserves for uncertain tax positions are recognized in the financial statements for positions which are not considered more likely than not of being sustained based on the technical merits of the position on audit by the tax authorities. For positions that meet the more likely than not standard, the measurement of the tax benefit recognized in the financial statements is based upon the largest amount of tax benefit that, in management's judgement, is greater than 50 The Company has elected the period cost method and records U.S. inclusions in taxable income related to global intangible low taxed income ("GILTI") as a current-period expense when incurred. Stock-based compensation Stock-based compensation represents the cost related to stock-based awards granted. The Company measures equity-based stock-based compensation cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. In respect of awards with only service conditions that have a graded vesting schedule, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. The forfeiture rate is estimated using historical trends of the number of awards forfeited prior to vesting. The expense is recorded in the statement of operations and classified based on the recipients' respective functions. The Company records deferred tax assets for awards that result in deductions on the Company's income tax returns, based on the amount of compensation cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in taxation expense in the statement of operations. Equity instruments issued to third parties Equity instruments issued to third parties represents the cost related to equity instruments granted. The Company measures this cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. The forfeiture rate is estimated based on the Company's expectation of the number of awards that will be forfeited prior to vesting. The Company records deferred tax assets for equity instrument awards that result in deductions on the Company's income tax returns, based on the amount of equity instrument cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in the statement of operations. Settlement assets and settlement obligations Settlement assets comprise (1) cash received from credit card companies (as well as other types of payment services) which have business relationships with merchants selling goods and services via the internet that are the Company's customers and on whose behalf it processes the transactions between various parties, (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, and (3) cash received from the South African government that the Company holds pending disbursement to recipient cardholders of social welfare grants. Settlement obligations comprise (1) amounts that the Company is obligated to disburse to merchants selling goods and services via the internet that are the Company's customers and on whose behalf it processes the transactions between various parties and settles the funds from the credit card companies to the Company's merchant customers, (2) amounts that the Company is obligated to pay to customer employees, payroll-related payees and other payees designated by the customer, and amounts that the Company is obligated to disburse to recipient cardholders of social welfare grants. The balances at each reporting date may vary widely depending on the timing of the receipts and payments of these assets and obligations. Recent accounting pronouncements adopted 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 were permitted 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 footno |
Acquisitions And Dispositions
Acquisitions And Dispositions | 12 Months Ended |
Jun. 30, 2019 | |
Acquisitions And Dispositions [Abstract] | |
Acquisitions And Dispositions | 3. ACQUISITIONS AND DISPOSITIONS The Company did not make any acquisitions during the year ended June 30, 2019. The cash paid, net of cash received related to the Company's various acquisitions during the years ended June 30, 2018 and 2017 is summarized in the table below: 2018 2017 DNI (1) $ 6,202 $ - Ceevo Financial Services (Malta) Limited ("Ceevo FS") - 2,940 Pros Software Proprietary Limited ("Pros Software") - 1,711 Total cash paid, net of cash received $ 6,202 $ 4,651 (1) – represents the cash paid, net of cash acquired, to acquire a further 6 55 85.7 2019 acquisition None. 2019 dispositions 2019 disposal of a controlling interest in DNI On February 28, 2019, the Company through its wholly owned subsidiary, Net1 Applied Technologies South Africa Proprietary Limited ("Net1 SA"), entered into a transaction with JAA Holdings Proprietary Limited, a limited liability private company duly incorporated in the Republic of South Africa, and PK Gain Investment Holdings Proprietary Limited, a limited liability private company duly incorporated in the Republic of South Africa, in terms of which Net1 SA reduced its shareholding in DNI from 55 38 400 27.6 The Company no longer controls DNI and deconsolidated its investment in DNI effective March 31, 2019. 2019 further DNI disposition to reduce holding to 30% In April 2019, the Company's management approved and commenced a process to sell its retained interest in DNI. On May 3, 2019, Net1 SA entered into a transaction with FirstRand Bank Limited, acting through its Rand Merchant Bank division ("RMB"), in terms of which Net1 SA further reduced its shareholding in DNI from 38 30 7,605,235 215.0 15.0 15.0 230.0 On May 3, 2019, Net1 SA entered into an agreement pursuant to which it granted a call option to DNI to acquire Net1 SA's remaining 30% interest in DNI. The option expires on December 31, 2019, but may be exercised at any time prior to expiration. The option strike price is calculated as ZAR 2.827 200.8 859.3 61.0 20 1.0 As of June 30, 2019, the Company owned 30 Loss recorded on disposal of DNI The table below presents the impact of the deconsolidation of DNI and the calculation of the net loss recognized on deconsolidation: Equity method as of June 30, 2019 Attributed 30% to non- 17% 8% retained controlling Total sold sold interest interest Fair value of consideration received $ 27,626 $ 27,626 $ - $ - $ - Fair value of retained interest of 30% in DNI (1) 74,195 - 14,849 59,346 - Carrying value of non-controlling interest 88,934 - - - 88,934 Subtotal 190,755 27,626 14,849 59,346 88,934 Cash and cash equivalents 2,114 354 158 633 969 Accounts receivable, net and other receivables 24,577 4,116 1,841 7,358 11,262 Finance loans receivable, net 1,030 173 77 308 472 Inventory 893 149 66 268 410 Property, plant and equipment, net 1,265 212 95 379 579 Equity-accounted investments (Note 9) 242 41 19 72 110 Goodwill (Note 10) 113,003 18,924 8,466 33,834 51,779 Intangible assets, net 80,769 13,526 6,051 24,183 37,009 Deferred income taxes 28 5 2 8 13 Other long-term assets 26,553 4,447 1,989 7,950 12,167 Accounts payable (5,186 ) (868 ) (389 ) (1,553 ) (2,376 ) Other payables (2) (16,484 ) (2,760 ) (1,235 ) (4,936 ) (7,553 ) Income taxes payable (2,482 ) (416 ) (186 ) (743 ) (1,137 ) Deferred income taxes (22,083 ) (3,698 ) (1,654 ) (6,612 ) (10,119 ) Long-term debt (Note 12) (10,150 ) (1,700 ) (760 ) (3,039 ) (4,651 ) Released from accumulated other comprehensive loss – foreign currency translation reserve (Note 15) 1,806 1,806 - - - Less: March 31, 2019, carrying value of DNI 195,895 34,311 14,540 58,110 88,934 March 2019 loss recognized on disposal, before tax, comprising (5,140 ) (6,685 ) 309 1,236 Related to fair value adjustment of retained interest in 38% of DNI 1,545 - 309 1,236 Related to sale of 17% of DNI (6,685 ) (6,685 ) - - Taxes related to disposal (3) - 505 (3,836 ) 3,331 Loss recognized on disposal, after tax, as of March 2019 = A $ (5,140 ) $ (7,190 ) $ 4,145 $ (2,095 ) May 3, 2019 fair value of consideration received $ 15,011 $ - $ 15,011 $ - Less: equity-method interest sold (Note 9) (14,996 ) - (14,996 ) - Less: released from accumulated other comprehensive loss – foreign currency translation reserve (Note 15) (646 ) - (646 ) - May 2019 loss recognized on disposal, before tax (631 ) - (631 ) - Taxes related to disposal (4) - - - - Loss recognized on disposal, after tax, as of May 3, 2019 = B (631 ) - (631 ) - Loss on disposal of DNI (A + B) $ (5,771 ) $ (7,190 ) $ 3,514 $ (2,095 ) (1) The fair value of the retained interest in 38 215.0 7.605235 (2) Other payables include a short-term loan of ZAR 60.5 4.3 (3) Amounts presented are net of a valuation allowance provided. The disposal of DNI resulted in a capital loss for tax purposes of approximately $ 1.5 1.5 17 0.5 2.0 5.3 3.3 (4) The disposal of the 8% interest in DNI resulted in a capital loss for tax purposes of approximately $ 23.9 23.9 Discontinued operation The Company has determined that the disposal of its controlling interest in DNI represents a discontinued operation because it represents a strategic shift that will have a major effect on the Company's operations and financial results as a result of the sale of a significant portion of its investment in DNI. The facts and circumstances leading to the disposal of a controlling interest are described above. The loss related to the disposal of a controlling interest in DNI is presented above. DNI was allocated to the Company's financial inclusion and applied technologies operating segment and the amortization of intangible assets identified and recognized related to the DNI acquisition were allocated to corporate/eliminations. The impact of the disposal of a controlling interest on the Company's operating segments is presented in Note 21. The Company retained a continuing involvement in DNI through its 38% interest in DNI (refer above and to Note 9) following the March 31, 2019 transaction disclosed above. The Company expects to retain an interest in DNI for less than 12 months. As disclosed above, the Company sold an 8 Year ended June 30, 2019 Revenue generated from transactions with DNI $ - Expenses incurred related to transactions with DNI $ 63 Refer to note 9 for the dividends received from DNI under the equity method following the sale of DNI in March 2019. The table below presents the impact of the deconsolidation of DNI on certain major captions to the Company's consolidated statement of operations and consolidated statement of cash flows for the year ended June 30, 2019, 2018 and 2017, that have not been separately presented on those statements: DNI Year ended June 30, 2019 2018 2017 Consolidated statement of operations Discontinued: Revenue $ 56,337 $ - $ - Cost of goods sold, IT processing, servicing and support 27,667 - - Selling, general and administration 4,295 - - Depreciation and amortization 8,026 - - Impairment loss 5,305 - - Operating income 11,044 - - Interest income 707 - - Interest expense 812 - - Net income before tax (includes loss on disposal of DNI of $ 5,771 5,168 - - Income tax expense 3,124 - - Net income before earnings from equity-accounted investments 2,675 - - DNI consolidated - Earnings from equity-accounted investments (1) 15 - - DNI equity method investment - Earnings from equity-accounted investments (2) . $ - $ 7,005 $ - Consolidated statement of cash flows Discontinued: Total net cash (used in) provided by operating activities (3)(4) $ 6,635 $ 1,765 $ - Total net cash (used in) provided by investing activities $ (516) $ - $ - (1) Earnings from equity-accounted investments for the year ended June 30, 2019, include earnings attributed to an equity-accounted investment owned by DNI of $0.2 million and are included in the Company's results as a result of the consolidation of DNI. (2) Earnings from equity-accounted investments for the years ended June 30, 2018, represents DNI earnings (net of amortization of acquired intangibles and related deferred tax) attributed to the Company as a result of the Company using the equity method to account for its investment in DNI during the period (refer to Note 9). (3) Total net cash (used in) provided by operating activities for the year ended June 30, 2019, includes dividends received of $ 0.9 (4) Total net cash (used in) provided by operating activities for the year ended June 30, 2018, represents dividends received from DNI during the period. 2018 acquisition DNI acquisition The Company accounted for its interest in DNI using the equity method from August 1, 2017, until June 30, 2018, the date upon which it acquired further voting and economic interest in DNI, taking its ownership to 55 On July 27, 2017, the Company subscribed for 44,999,999 45 945.0 72.0 4,000,000 89.3 7.5 49 6,000,000 126.0 9.2 55 400.0 29.1 373.6 27.2 400 29.1 400 6.3 400 As described in Note 9, on March 9, 2018, the Company obtained financing to partially fund the acquisition of the additional ordinary A DNI shares and Net1 SA pledged, among other things, its entire equity interest in DNI as security for the South African facilities described in Note 12. On March 9, 2018, the Company provided DNI with an interest-free loan of ZAR 126.0 10.6 126 9.2 DNI purchase price allocation During the third quarter of fiscal 2019, the Company determined that certain customer relationships of $ 7.0 2 The table below presents the DNI balances included on the Company's consolidated balance sheet as of June 30, 2018, as well as the amended purchase price allocation ("PPA") of the DNI acquisition, translated at the foreign exchange rates applicable on the date of acquisition: DNI PPA – discontinued operation as of June 30, 2018 Initial Amendment Amended Current assets of discontinued operation: $ 22,482 $ - $ 22,482 Cash and cash equivalents 2,979 - 2,979 Accounts receivable (Note 5) 16,235 - 16,235 Finance loans receivable (Note 5) 742 - 742 Inventory (Note 6) 2,526 - 2,526 Long-term assets of discontinued operation: 242,704 (1,951 ) 240,753 Property, plant and equipment 1,317 - 1,317 Equity-accounted investment (Note 9) 339 - 339 Goodwill (Note 10) 114,161 5,017 119,178 Intangible assets (Note 10) 104,003 (6,968 ) 97,035 Deferred tax assets 1,536 - 1,536 Other long-term assets (Note 9) 21,348 - 21,348 Current liabilities of discontinued operation: (20,914 ) - (20,914 ) Accounts payables (13,949 ) - (13,949 ) Other payables (6,349 ) - (6,349 ) Current portion of long-term borrowings (Note 12) (616 ) - (616 ) Long-term liabilities of discontinued operation: (38,387 ) 1,951 (36,436 ) Other long-term liabilities (1) (8,291 ) - (8,291 ) Deferred tax liabilities (30,096 ) 1,951 (28,145 ) Fair value of assets and liabilities on acquisition $ 205,885 $ - $ 205,885 Less: fair value attributable to controlling interests on acquisition date (94,123 ) Less: fair value of equity-accounted investment, comprising: (100,947 ) Add: loss on re-measurement of previously held interest 4,614 Less: Contingent payment recognized related to 49% interest acquired (25,589 ) Less: carrying value at the acquisition date (Note 9) (79,972 ) Less: Contingent payment recognized related to 6% interest acquired (1,633 ) Total purchase price $ 9,182 (1) – DNI concluded an acquisition in November 2017 and other long-term liabilities includes a contingent purchase consideration of ZAR 113.8 8.3 50 50 129.0 9.4 10.0 The Company recorded intangible asset amortization, deferred taxes and non-controlling interest entries related to these customer relationships that should have been included in goodwill during the six months ended December 31, 2018. The Company reversed these entries during the nine months ended March 31, 2019. The table below presents the impact of the reversal of these entries on the Company's audited consolidated statement of operations for the year ended June 30, 2019 and the caption in which the impact is included: Year ended June 30, 2019 Reversal of intangible asset amortization - decrease depreciation and amortization $ 506 Deferred tax impact related to reversal of intangible asset amortization - decrease income tax benefit 142 Increase in non-controlling interest $ 164 Pro forma results related to acquisition Pro forma results of operations have not been presented because the effect of the DNI acquisition was not material to the Company. During the year ended June 30, 2018, the Company incurred acquisition-related expenditure of $ 0.5 2018 Fair value of intangible assets acquired Summarized below is the fair value of the DNI intangible assets acquired Fair value as of Weighted-average acquisition date amortization period (in years) Finite-lived intangible asset: Acquired during the year ended June 30, 2018 DNI – customer relationships acquired $ 97,255 5.00 15.00 DNI – software and unpatented technology 2,609 5.00 DNI – trademarks $ 4,139 5.00 On acquisition, the Company recognized deferred tax liabilities of approximately $ 29.1 2019 intangible asset impairment loss The Company identified and recognized certain customer relationships as part of its acquisition of DNI, which included relationships related to an agreement with Cell C under which DNI shared in revenues earned by Cell C from other mobile telecommunications networks renting ("tenant rentals") certain Cell C infrastructure that was constructed utilizing funding provided by DNI. Cell C expected to utilize the funding provided by DNI to construct 1,000 22 2019 intangible asset impairment loss The Company expects DNI to earn fewer tenant rentals than initially planned due to the lower number of towers constructed. During the third quarter of fiscal 2019, the Company updated the discounted cash flow model used to calculate the fair value of the customer relationships acquired on acquisition of DNI to assess the impact of the lower number of towers on its projected cash flows from the tenant rentals customer relationship. The lower number of towers has significantly reduced the projected cash flows earned from tenant rentals which resulted in a lower fair value attributed to the customer relationship. The Company compared the updated fair value of the customer relationship to the carrying amount and determined that the customer relationship is impaired. The Company recorded an impairment loss of $ 5.3 2017 acquisitions Ceevo FS In November 2016, the Company acquired a 100 3.6 3.9 Pros Software In October 2016 100 25.0 1.8 The final purchase price allocation of the acquisitions is provided in the table below: Ceevo FS Pros Software Total Cash and cash equivalents $ 999 $ 110 $ 1,109 Accounts receivable 983 165 1,148 Property, plant and equipment 30 9 39 Intangible assets (Note 10) 1,078 2,311 3,389 Goodwill (Note 10) 2,475 - 2,475 Accounts payables and other payables (1,570 ) (58 ) (1,628 ) Income taxes payable - (69 ) (69 ) Deferred tax liabilities (56 ) (647 ) (703 ) Total purchase price $ 3,939 $ 1,821 $ 5,760 Pro forma results of operations have not been presented because the effect of the Ceevo FS and Pros Software acquisitions, individually and in the aggregate, were not material to the Company. During the year ended June 30, 2017, the Company incurred acquisition-related expenditure of $ 0.5 0.2 0.7 0.5 1.8 |
Pre-Funded Social Welfare Grant
Pre-Funded Social Welfare Grants Receivable | 12 Months Ended |
Jun. 30, 2019 | |
Pre-Funded Social Welfare Grants Receivable [Abstract] | |
Pre-Funded Social Welfare Grants Receivable | 4. PRE-FUNDED SOCIAL WELFARE GRANTS RECEIVABLE Pre-funded social welfare grants receivable represents primarily amounts pre-funded by the Company to certain merchants participating in the merchant acquiring system. The 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 Ot
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net | 12 Months Ended |
Jun. 30, 2019 | |
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net [Abstract] | |
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net | 5. ACCOUNTS RECEIVABLE, net AND OTHER RECEIVABLES and FINANCE LOANS RECEIVABLE, net Accounts receivable, net and other receivables 2019 2018 Accounts receivable, trade, net $ 25,136 $ 40,268 Accounts receivable, trade, gross 26,377 41,369 Allowance for doubtful accounts receivable, end of year 1,241 1,101 Beginning of year 1,101 1,255 Reversed to statement of operations (24 ) (47 ) Charged to statement of operations 3,296 642 Utilized (3,059 ) (776 ) Deconsolidation (38 ) - Foreign currency adjustment (35 ) 27 Current portion of payments to agents in South Korea amortized over the contract period 15,543 21,971 Payments to agents in South Korea amortized over the contract period 25,107 39,553 Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 9) 9,564 17,582 Loans provided to Finbond - 1,107 Loan provided to OneFi (Note 9) 3,000 - Loan provided to DNI (Note 3) 4,260 - Other receivables 24,555 30,102 Total accounts receivable, net and other receivables $ 72,494 $ 93,448 Accounts receivable, trade, gross includes amounts due from customers from the provision of transaction processing services, from the sale of hardware, software licenses and SIM cards and rentals from POS equipment. The Company did no 0.1 0.1 Finance loans receivable, net The Company's finance loans receivable, net, as of June 30, 2019 and 2018, is presented in the table below: 2019 2018 Microlending finance loans receivable, net $ 20,981 $ 57,504 Microlending finance loans receivable, gross 24,180 61,743 Allowance for doubtful microlending finance loans receivable, end of year 3,199 4,239 Beginning of year 4,239 3,717 Charged to statement of operations 28,802 4,348 Utilized (29,721 ) (3,588 ) Foreign currency adjustment (121 ) (238 ) Working capital finance receivable, net 9,650 3,959 Working capital finance receivable, gross 15,742 16,123 Allowance for doubtful working capital finance receivable, end of year 6,092 12,164 Beginning of year 12,164 3,752 Charged to statement of operations 712 8,415 Utilized (6,777 ) - Foreign currency adjustment (7 ) (3 ) Total finance loans receivable, net $ 30,631 $ 61,463 Total finance loans receivable, net, comprises microlending finance loans receivable related to the Company's microlending operations in South Africa, its working capital finance receivable related to its working capital financing offering in Korea, net of an allowance for doubtful finance receivables for certain amounts that the Company's management has identified may be unrecoverable. During the year ended June 30, 2019, the Company recorded an increase in its allowance for doubtful microlending finance loans receivable of approximately $ 28.8 29.7 During the year ended June 30, 2018, the Company exited its working capital finance businesses in Europe and the United States. The Company did not expense any unrecoverable microlending finance loans receivable during the year ended June 30, 2018, 2017 or 2016, respectively, because these loans were written off directly against the allowance for doubtful microlending finance loans receivable. The Company created an allowance for doubtful working capital finance receivables related to receivables due from customers based in the United States during the year ended June 30, 2018, and utilized approximately $6.8 million of this allowance during the year ended June 30, 2019. |
Inventory
Inventory | 12 Months Ended |
Jun. 30, 2019 | |
Inventory [Abstract] | |
Inventory | 6. INVENTORY The Company's inventory as of June 30, 2019 and 2018, is presented in the table below: 2019 2018 Finished goods $ 7,535 $ 10,361 $ 7,535 $ 10,361 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Jun. 30, 2019 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 7. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value of financial instruments Initial recognition and measurement Financial instruments are recognized when the Company becomes a party to the transaction. Initial measurements are at cost, which includes transaction costs. Risk 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, 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 risk Equity price risk relates to the risk of loss that the Company would incur as a result of the volatility in the exchange-traded price of equity securities that it holds. The market price of these securities may fluctuate for a variety of reasons and, consequently, the amount that the Company may obtain in a subsequent sale of these securities may significantly differ from the reported market value. Equity liquidity risk Liquidity risk relates to the risk of loss that the Company would incur as a result of the lack of liquidity on the exchange on which these securities are listed. The Company may not be able to sell some or all of these securities at one time, or over an extended period of time without influencing the exchange traded price, or at all Financial instruments Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including the Company's own credit risk. Fair value measurements and inputs are categorized into a fair value hierarchy which prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The following section describes the valuation methodologies the Company uses to measure financial assets and liabilities at fair value. Asset measured at fair value using significant unobservable inputs – investment in Cell C The Company's Level 3 asset represents an investment of 75,000,000 The Company utilized the latest business plan provided by Cell C management for the period ending December 31, 2024, and following key valuation inputs were used: Weighted Average Cost of Capital: Between 15 20 Long term growth rate: 4.5 % Marketability discount: 10.0 % Minority discount: 15.0 % Net adjusted external debt (1) : ZAR 13.9 648.9 6.4 Deferred tax (incl. assessed tax losses (1) ): ZAR 2.9 20.6 (1) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2019. The primary inputs to the valuation model as of June 30, 2018, were Cell C's annualized adjusted EBITDA for the 11 months ended June 30, 2018, of ZAR 3.9 284.8 6.75 8.8 641.1 10 The fair value of Cell C utilizing the adjusted EV/EBITDA valuation model developed by the Company is sensitive to the following inputs: (i) the Company's determination of adjusted EBITDA; (ii) the EBITDA multiple used; and (iii) the marketability discount used. Utilization of different inputs, or changes to these inputs, may result in significantly higher or lower fair value measurement. The fair value of Cell C as of June 30, 2019, utilizing the discounted cash flow valuation model developed by the Company is sensitive to the following inputs: (i) the ability of Cell C to achieve the forecasts in their business case; (ii) the weighted average cost of capital ("WACC") rate used; and (iii) the minority and marketability discount used. Utilization of different inputs, or changes to these inputs, may result in a significantly higher or lower fair value measurement. The following table presents the impact on the carrying value of the Company's Cell C investment of a 1% increase and 1% decrease in the WACC rate and the EBITDA margins used in the Cell C valuation on the June 30, 2019, all amounts translated exchange rates applicable as of June 30, 2019: Sensitivity for fair value of Cell C investment 1% increase 1% decrease WACC rate $ - $ 9,632 EBITDA margin $ 9,875 $ - The fair value of the Cell C shares as of June 30, 2019, represented approximately 0 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. Under the terms of its subscription agreements with DNI, the Company agreed to pay to DNI an additional amount of up to ZAR 400.0 27.6 373.6 27.2 400.0 As described in Note 3 and Note 20, the Company settled the ZAR 400 27.6 1.8 26.4 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 had no outstanding foreign exchange contracts as of June 30, 2019 and 2018. The following table presents the Company's assets measured at fair value on a recurring basis as of June 30, 2019, 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 $ - $ - $- $ - Related to insurance business: Cash and cash equivalents (included in other long-term assets) 619 - - 619 Fixed maturity investments (included in cash and cash equivalents) 5,201 - - 5,201 Other - 413 - 413 Total assets at fair value $ 5,820 $ 413 $- $ 6,233 The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2018, according to the fair value hierarchy: Quoted price in Significant active markets other Significant for identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total Assets Investment in Cell C $ - $ - $ 172,948 $ 172,948 Related to insurance business: Cash and cash equivalents (included in other long-term assets) 610 - - 610 Fixed maturity investments (included in cash and cash equivalents) 8,304 - - 8,304 Other - 18 - 18 Total assets at fair value $ 8,914 $ 18 $ 172,948 $ 181,880 Liabilities DNI contingent consideration (Note 3) $ - $ - $ 27,222 $ 27,222 Total liabilities at fair value $ - $ - $ 27,222 $ 27,222 There have been no 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 year ended June 30, 2019: Carrying value Assets Balance as at June 30, 2018 $ 172,948 Loss on fair value re-measurements (167,459 ) Foreign currency adjustment (1) (5,489 ) Balance as of June 30, 2019 $ - Liabilities Balance as at June 30, 2018 $ 27,222 Accretion of interest 1,848 Settlement of contingent consideration (Note 3 and Note 20) (27,626 ) Foreign currency adjustment (1) (1,444 ) Balance as of June 30, 2019 $ - (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 measured at fair value on a recurring basis, and categorized within Level 3, during the year ended June 30, 2018: Carrying value Assets Acquisition of investment in Cell C $ 151,003 Change in fair value of Cell C 32,473 Foreign currency adjustment (10,528 ) Balance as of June 30, 2018 $ 172,948 Trade, finance loans and other receivables Trade, finance loans and other receivables originated by the Company are stated at cost less allowance for doubtful accounts receivable. The fair value of trade, finance loans and other receivables approximates their carrying value due to their short-term nature. Trade and other payables The fair values of trade and other payables approximates their carrying amounts, due to their short-term nature. Assets and liabilities measured at fair value on a nonrecurring basis The Company measures equity investments without readily determinable fair values at fair value 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. An impairment charge is recorded when the cost of the asset exceeds its fair value and the excess is determined to be other-than-temporary. The Company has not recorded any impairment charges during the reporting periods presented herein. The Company has no liabilities that are measured at fair value on a nonrecurring basis. |
Property, Plant And Equipment,
Property, Plant And Equipment, Net | 12 Months Ended |
Jun. 30, 2019 | |
Property, Plant And Equipment, Net [Abstract] | |
Property, Plant And Equipment, Net | 8. PROPERTY, PLANT AND EQUIPMENT, net Summarized below is the cost, accumulated depreciation and carrying amount of property, plant and equipment as of June 30, 2019 and 2018: 2019 2018 Cost: Land $ 849 $ 880 Building and structures 419 483 Computer equipment 109,217 124,160 Furniture and office equipment 9,788 8,886 Motor vehicles 16,147 17,354 136,420 151,763 Accumulated depreciation: Land - - Building and structures 158 193 Computer equipment 94,988 103,297 Furniture and office equipment 7,738 6,933 Motor vehicles 14,982 15,603 117,866 126,026 Carrying amount: Land 849 880 Building and structures 261 290 Computer equipment 14,229 20,863 Furniture and office equipment 2,050 1,953 Motor vehicles 1,165 1,751 $ 18,554 $ 25,737 |
Equity-Accounted Investments An
Equity-Accounted Investments And Other Long-Term Assets | 12 Months Ended |
Jun. 30, 2019 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Equity-Accounted Investments And Other Long-Term Assets | 9. EQUITY-ACCOUNTED INVESTMENTS AND OTHER LONG-TERM ASSETS Equity-accounted investments The Company's ownership percentage in its equity-accounted investments as of June 30, 2019 and 2018, was as follows: 2019 2018 Bank Frick 35 % 35 % DNI 30 % n/a Finbond 29 % 29 % OneFi Limited ("OneFi") 25 % 25 % SmartSwitch Namibia (Pty) Ltd ("SmartSwitch Namibia") 50 % 50 % V2 Limited ("V2") 50 % n/a Walletdoc Proprietary Limited ("Walletdoc") 20 % 20 % Bank Frick Bank Frick provides a complete suite of banking services, with one of its key strategic pillars being the provision of payment services and funding of financial technology opportunities. Bank Frick holds acquiring licenses from both Visa and MasterCard and operates a branch in London. On October 2, 2017, the Company acquired a 30 39.8 40.9 5 10.4 11.1 3.8 4.1 October 2, 2019 35 On October 2, 2019, the Company exercised the option to acquire an additional 35 46.4 46.5 DNI The Company's investment in DNI is described in Note 3. On July 27, 2017, the Company acquired a 45 49 50 The Company recognized a non-cash re-measurement loss of approximately $ 4.6 The Company consolidated DNI up until March 31, 2019, as disclosed in Note 3. The Company retained a 38 8 30 Finbond As of June 30, 2019, the Company owned 267,672,032 29.0 4.00 1.1 76.0 3.6 11.2 0.8 6,602,551 4,361,532 On August 2, 2019, the Company, pursuant to its election, received an additional 1,148,901 On October 7, 2016, the Company provided a loan of ZAR 139.2 10.0 12.00 The loan was initially set to mature at the earlier of Finbond concluding a rights offer or February 28, 2017, but the agreement was subsequently amended to extend the repayment date to on or before February 28, 2018, or such later date as may be mutually agreed by the parties in writing. The Company had the right to elect for the loan to be repaid in either Finbond ordinary shares, including through a rights offering, (in accordance with an agreed mechanism) or in cash. The Company was required to make a repayment election within 180 days after the repayment date otherwise the repayment election would automatically default to repayment in ordinary shares. Finbond undertook to perform all necessary steps reasonably required to effect the issuance of shares to settle the repayment of the loan if that option was elected by the Company. In March 2018, the parties amended the agreement to extend the repayment date from February 28, 2018 to August 31, 2018, and to finalize certain matters related to the rights offering mechanism and determining the maximum number of shares that Finbond would issue to parties participating in a rights offering. On March 23, 2018, Finbond publicly announced that it had commenced a rights offering process and that the proceeds of the offering would be used to settle certain loans, including the loan due to the Company. The Company agreed to underwrite the Finbond rights offer up to an amount of 55,585,514 As a result of Finbond's listing on the Johannesburg Stock Exchange it reports its six-month results during the Company's first quarter and its annual results during the Company's fourth quarter and the Company includes the impact of Finbond's results in its consolidated financial statements during those quarters. OneFi The Company provided a credit facility of up to $ 10 8 3.0 V2 Limited On October 4, 2018, the Company acquired a 50 2.5 2.5 5.0 Summarized below is the movement in equity-accounted investments during the years ended June 30, 2019 and 2018, which includes the investment in equity and the investment in loans provided to equity-accounted investees: Bank DNI (1) Frick Finbond Other (2) Total Investment in equity: Balance as of July 1, 2017 – as reported $ - $ - $ 18,961 $ 6,742 $ 25,703 Correction of Finbond error (Note 1) (1,927 ) (1,927 ) Balance as of July 1, 2017 – as restated - - 17,034 6,742 23,776 Acquisition of shares 79,541 51,949 13,043 - 144,533 Stock-based compensation - - (139 ) - (139 ) Comprehensive income (loss): 7,005 (606 ) 2,768 4 9,171 Other comprehensive loss - - (2,426 ) - (2,426 ) Equity accounted earnings (loss) 7,005 (606 ) 5,194 4 11,597 Share of net income (loss) 9,510 201 5,450 4 15,165 Amortization - acquired intangible assets (3,480 ) (531 ) - - (4,011 ) Deferred taxes - acquired intangible assets 975 128 - - 1,103 Dilution resulting from corporate transactions - - (256 ) - (256 ) Other - (404 ) - - (404 ) Dividends received (1,765 ) (1,946 ) (1,096 ) (400 ) (5,207 ) Carrying value at the acquisition date (Note 3) (79,972 ) - 339 (79,633 ) Foreign currency adjustment (3) (4,809 ) (1,268 ) (2,628 ) (593 ) (9,298 ) Balance as of June 30, 2018 $- $48,129 $28,982 $6,092 $83,203 Bank DNI (1 ) Frick Finbond Other (2 ) Total Balance as of June 30, 2018 $- $48,129 $28,982 $6,092 $83,203 Re-measurement of 8% of DNI (Note 3) 14,849 - - - 14,849 Re-measurement of 30% of DNI (Note 3) 59,346 - - - 59,346 Acquisition of shares - - 1,920 2,989 4,909 Stock-based compensation - - 117 - 117 Comprehensive income (loss): 865 (1,542 ) 7,079 (669 ) 5,733 Other comprehensive income - - 4,251 - 4,251 Equity accounted earnings (loss) 865 (1,542 ) 2,828 (669 ) 1,482 Share of net income (loss) 1,380 1,109 2,524 (669 ) 4,344 Amortization - acquired intangible assets (715 ) (747 ) - - (1,462 ) Deferred taxes - acquired intangible assets 200 180 - - 380 Accretion resulting from corporate transactions - - 304 - 304 Other - (2,084 ) - - (2,084 ) Dividends received (864 ) - (1,920 ) (454 ) (3,238 ) Return on investment - - - (284 ) (284 ) Deconsolidation of DNI (Note 3) - - - (242 ) (242 ) Sale of 8% interest in DNI (Note 3) (14,996 ) - - - (14,996 ) Foreign currency adjustment (3) 1,830 653 (878 ) (34 ) 1,571 Balance as of June 30, 2019 $ 61,030 $ 47,240 $ 35,300 $ 7,398 $ 150,968 Investment in loans: Balance as of July 1, 2017 $ - $ - $ - $ 2,159 $ 2,159 Loans granted - - - 1,000 1,000 Transfer from accounts receivable, net and other receivables - - 11,235 - 11,235 Transfer to investment in equity - - (11,102 ) - (11,102 ) Foreign currency adjustment (3) - - (133 ) (7 ) (140 ) Balance as of June 30, 2018 - - - 3,152 3,152 Transfer to accounts receivable, net and other receivables - - - (3,000 ) (3,000 ) Foreign currency adjustment (3) - - - (4 ) (4 ) Balance as of June 30, 2019 $ - $ - $ - $ 148 $ 148 Equity Loans Total Carrying amount as of: June 30, 2018 $ 83,203 $ 3,152 Continuing $ 82,864 $ 3,152 $ 86,016 Discontinued (Note 3) $ 339 $ - $ 339 June 30, 2019 $ 150,968 $ 148 $ 151,116 (1) DNI was included as an equity-accounted investment from August 1, 2017 until June 30, 2018, the date upon which the Company obtained control and commenced consolidation of DNI, and then again from March 31, 2019; Summary financial information of equity-accounted investments Summarized below is the financial information of equity-accounted investments (during the Company's reporting periods in which investments were carried using the equity-method, unless otherwise noted) as of the stated reporting period of the investee and translated at the applicable closing or average foreign exchange rates (as applicable): DNI Bank Frick Finbond Other (1 ) Balance sheet, as of June 30 June 30 February 28 (2) Various (3) Current assets (4) 2019 $35,608 n/a n/a $17,781 2018 n/a n/a n/a 11,433 Long-term assets 2019 39,851 $1,013,677 $240,792 2,304 2018 n/a 1,418,160 252,265 1,343 Current liabilities (4) 2019 25,757 n/a n/a 8,492 2018 n/a n/a n/a 3,295 Long-term liabilities 2019 7,324 915,050 125,704 4,654 2018 n/a 1,323,470 175,539 3,930 Redeemable stock 2019 - - - - 2018 n/a - - - Non-controlling interests 2019 1,100 - 11,696 25 2018 n/a - 10,948 - Statement of operations, for the period ended June 30 (5) June 30 (6) February 28 (2) Various (7) Revenue 2019 15,898 41,126 174,177 33,807 2018 n/a 33,814 161,915 10,955 2017 n/a n/a 97,431 7,168 Operating income (loss) 2019 5,814 3,633 21,592 (753 ) 2018 n/a 776 33,989 826 2017 n/a n/a 19,551 276 Income (loss) from continuing operations 2019 4,306 3,169 10,152 (915 ) 2018 n/a 617 18,651 152 2017 n/a n/a 9,700 3 Net income (loss) 2019 $4,481 3,169 10,152 (1,029 ) 2018 n/a $617 18,651 152 2017 n/a n/a $9,700 $3 (1) Includes OneFi, SmartSwitch Namibia, Walletdoc and V2, as appropriate; (2) Finbond balances included were derived from its publically available information. The amounts as of February 28, 2018 and for the years ended February 28, 2018 and 2017, respectively, have been restated for the error described in Note 1; (3) Balance sheet information for OneFi, SmartSwitch Namibia and V2 is as of June 30, 2019 and 2018, and Walletdoc as of February 28, 2019 and 2018, respectively. (4) Bank Frick and Finbond are banks and do not present current and long-term assets and liabilities. All assets and liabilities of these two entities are included under the long-term caption. (5) Statement of operations information for DNI is for the period from April 1, 2019 to June 30, 2019. (6) Statement of operations information for 2018 for Bank Frick is for the period from October 1, 2017 to June 30, 2018. (7) Statement of operations information for OneFi, SmartSwitch Namibia and V2 for the year ended June 30, and Walletdoc for the year ended February 28. Other long-term assets Summarized below is the breakdown of other long-term assets as of June 30, 2019, and June 30, 2018: June 30, June 30, 2019 2018 Total equity investments $ 26,993 $ 199,865 Investment in 15 - 172,948 Investment in MobiKwik (1) 26,993 26,917 Total held to maturity investments - 10,395 Investment in 7.625 - 10,395 Long-term portion of payments to agents in South Korea amortized over the contract period 9,564 17,582 Policy holder assets under investment contracts (Note 11) 619 610 Reinsurance assets under insurance contracts (Note 11) 1,163 633 Other long-term assets 5,850 5,947 Total other long-term assets $ 44,189 $ 235,032 (1) The Company has determined that MobiKwik does not have readily determinable fair value and has therefore elected to record 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. Cell C On August 2, 2017, the Company, through its subsidiary, Net1SA, purchased 75,000,000 2.0 151.0 MobiKwik The Company signed a subscription agreement with MobiKwik, which is one of India's largest independent mobile payments networks, with over 80 2.5 40.0 24 15.0 10.6 1.1 13 12 Cedar Cellular In December 2017, the Company purchased, for cash, $ 9.0 20.5 7.625 8.625 August 2, 2022 59,000,000 The Company recognized interest income of $ 2.4 1.4 August 2022 The Company does not expect to recover the amortized cost basis of the Cedar Cellular notes due to a reduction in the amount of future cash flows expected to be collected from the debt security compared to previous expectations. The Company does not expect to generate any cash flows from the debt security at maturity in August 2022 or prior to the maturity date due to the current challenges facing the business and the uncertainties over the future value of the current equity in Cell C. Accordingly, the Company believes it is unlikely that Cedar Cellular will generate sufficient cash inflows to settle any outstanding accumulated interest and principal due to the note holders on maturity in August 2022. The Company's cannot calculate an effective interest rate on the Cedar Cellular note because the carrying value is currently zero ($ 0.0 24.82 0.0 12.8 12.8 Summarized below are the components of the Company's equity securities without readily determinable fair value and held to maturity investments as of June 30, 2019: Unrealized Unrealized Carrying Cost basis holding gains holding losses value Equity securities: Investment in MobiKwik $ 26,993 $ - $ - $ 26,993 Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26,993 $ - $ - $ 26,993 Summarized below are the components of the Company's held to maturity investments as of June 30, 2018: Unrealized Unrealized Cost holding holding Carrying basis (1 ) gains (1) losses value Held to maturity: Investment in Cedar Cellular notes $ 10,395 - $- $ 10,395 Total $ 10,395 $- $- $ 10,395 (1) An amount of $ 1.4 Contractual maturities of held to maturity investments Summarized below is the contractual maturity of the Company's held to maturity investment as of June 30, 2019: Cost basis Estimated fair value (1) Due in one year or less $ - $ - Due in one year through five years (2) - - Due in five years through ten years - - Due after ten years - - Total $ - $ - (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. (2) The cost basis is zero ($0.0 million). |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Goodwill And Intangible Assets, Net | 10. GOODWILL AND INTANGIBLE ASSETS, net Goodwill Summarized below is the movement in the carrying value of goodwill for the years ended June 30, 2019, 2018 and 2017: Gross Accumulated Carrying value impairment value Balance as of July 1, 2016 $ 179,478 $ - $ 179,478 Acquisition of Ceevo FS (Note 3) 2,475 - 2,475 Foreign currency adjustment (1) 6,880 - 6,880 Balance as of June 30, 2017 188,833 - 188,833 Impairment loss - (20,917 ) (20,917 ) Foreign currency adjustment (1) 1,019 144 1,163 Balance as of June 30, 2018 189,852 (20,773 ) 169,079 Impairment loss - (14,440 ) (14,440 ) Foreign currency adjustment (1) (5,308 ) 56 (5,252 ) Balance as of June 30, 2019 $ 184,544 $ (35,157 ) $ 149,387 (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 associated with the acquisition of Ceevo FS represents the excess of cost over the fair value of acquired net assets. The Ceevo FS goodwill is not deductible for tax purposes. See Note 3 for the allocation of the purchase price to the fair value of acquired net assets. Ceevo FS was allocated to the Company's International transaction processing operating segment. Impairment loss The Company assesses the carrying value of goodwill for impairment annually, or more frequently, whenever events occur and circumstances change indicating potential impairment. The Company performs its annual impairment test as at June 30 of each year. Year ended June 30, 2019 During the second quarter of fiscal 2019, the Company performed an impairment analysis and recognized an impairment loss of approximately $ 8.2 7.0 1.2 Given the consolidation and restructuring of IPG over the period to December 31, 2018, several business lines were terminated or meaningfully reduced, resulting in lower than expected revenues, profits and cash flows. IPG's new business initiatives are still in their infancy, and it is expected to generate lower cash flows than initially forecast. In order to determine the amount of the IPG goodwill impairment, the estimated fair value of the Company's IPG business assets and liabilities were compared to the carrying value of the IPG's assets and liabilities. The Company used a discounted cash flow model in order to determine the fair value of IPG. The allocation of the fair value of IPG required the Company to make a number of assumptions and estimates about the fair value of assets and liabilities where the fair values were not readily available or observable. Based on this analysis, the Company determined that the carrying value of IPG's assets and liabilities exceeded their fair value at the reporting date. The Company also identified and recognized an impairment loss of $6.2 million related to goodwill allocated to its financial inclusion and applied technologies operating segment as a result of its June 30, 2019, annual impairment test. The June 2019 impairment loss resulted from on-going losses incurred in the latter half of the fiscal year that were greater than, and were incurred for a longer duration, than initially expected. The estimated fair value of the business assets and liabilities were compared to the carrying value of the assets and liabilities of the reporting unit within the financial inclusion and applied technologies operating segment in order to determine the $ 6.2 The allocation of the fair value of the reporting unit required the Company to make a number of assumptions and estimates about the fair value of assets and liabilities where the fair values were not readily available or observable. Based on this analysis, except for the impairments recognized, the Company determined that the carrying value of the reporting unit's assets and liabilities exceeded their fair value at the reporting date. In the event that there is deterioration in the Company's operating segments, or in any other of the Company's businesses, this may lead to additional impairments in future periods. Year ended June 30, 2018 During the third quarter of fiscal 2018, the Company recognized an impairment loss of approximately $ 19.9 1.1 In order to determine the amount of goodwill impairment, the estimated fair value of the Company's Masterpayment business was allocated to the individual fair value of the assets and liabilities of Masterpayment as if it had been acquired in a business combination, which resulted in the implied fair value of the goodwill. The Company used a discounted cash flow model in order to determine the fair value of Masterpayment. The allocation of the fair value of Masterpayment required the Company to make a number of assumptions and estimates about the fair value of assets and liabilities where the fair values were not readily available or observable. Goodwill has been allocated to the Company's reportable segments as follows: South Financial African International inclusion and transaction transaction applied Carrying processing processing technologies value Balance as of July 1, 2016 $ 20,425 $ 136,185 $ 22,868 $ 179,478 Acquisition of Ceevo FS (Note 3) - 2,475 - 2,475 Foreign currency adjustment (1) 2,706 1,910 2,264 6,880 Balance as of June 30, 2017 23,131 140,570 25,132 188,833 Impairment loss (1,052 ) (19,865 ) - (20,917 ) Foreign currency adjustment (1) (1,133 ) 3,243 (947 ) 1,163 Balance as of June 30, 2018 20,946 123,948 24,185 169,079 Impairment of goodwill (1,180 ) (7,011 ) (6,249 ) (14,440 ) Foreign currency adjustment (1) (558 ) (4,209 ) (485 ) (5,252 ) Balance as of June 30, 2019 $ 19,208 $ 112,728 $ 17,451 $ 149,387 (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, net Summarized below is the fair value of intangible assets acquired, translated at the exchange rate applicable as of the relevant acquisition dates, and the weighted-average amortization period: Weighted- Fair value as Average of acquisition Amortization date period (in years) Finite-lived intangible asset: Acquired during the year ended June 30, 2017 Pros Software – customer relationships $ 2,311 0.75 Ceevo FS – customer relationships 186 0.65 Ceevo FS – software and unpatented technology 147 1.25 Indefinite-lived intangible asset: Acquired during the year ended June 30, 2017 Ceevo FS – Financial institution license $ 745 n/a On acquisition, the Company recognized deferred tax liabilities of approximately $ 0.7 The Company assesses the carrying value of intangible assets for impairment whenever events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. Except as discussed in Note 3, n o Summarized below is the carrying value and accumulated amortization of intangible assets as of June 30, 2019 and 2018: As of June 30, 2019 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 $ 96,653 $(86,285 ) $ 10,368 $ 100,421 $ (76,237 ) $ 24,184 Software and unpatented technology 32,071 (31,829 ) 242 33,121 (32,342 ) 779 FTS patent 2,721 (2,721 ) - 2,792 (2,792 ) - Exclusive licenses - - - 4,506 (4,506 ) - Trademarks 6,772 (6,265 ) 507 6,962 (5,589 ) 1,373 Total finite-lived intangible assets 138,217 (127,100 ) 11,117 147,802 (121,466 ) 26,336 Indefinite-lived intangible assets: Financial institution license 772 - 772 793 - 793 Total indefinite-lived intangible assets 772 - 772 793 - 793 Total intangible assets $ 138,989 $ (127,100 ) $ 11,889 $ 148,595 $ (121,466 ) $ 27,129 Amortization expense charged for the years to June 30, 2019, 2018 and 2017 was $ 22.1 11.8 14.0 Future estimated annual amortization expense for the next five fiscal years, assuming exchange rates prevailing on June 30, 2019, 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. 2020 $ 7,955 2021 2,803 2022 72 2023 71 2024 71 Thereafter 145 Total future estimated amortization expense $ 11,117 |
Reinsurance Assets And Policy H
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 12 Months Ended |
Jun. 30, 2019 | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 11. REINSURANCE ASSETS AND POLICY HOLDER LIABILITIES UNDER INSURANCE AND INVESTMENT CONTRACTS Reinsurance assets and policy holder liabilities under insurance contracts Summarized below is the movement in reinsurance assets and policy holder liabilities under insurance contracts during the years ended June 30, 2019 and 2018: Reinsurance Insurance assets (1) contracts (2) Balance as of July 1, 2017 $ 191 $ (1,611 ) Increase in policy holder benefits under insurance contracts 1,899 (9,714 ) Claims and policyholders' benefits under insurance contracts (1,449 ) 9,214 Foreign currency adjustment (3) (8 ) 79 Balance as of June 30, 2018 633 (2,032 ) Increase in policy holder benefits under insurance contracts 775 (8,137 ) Claims and policyholders' benefits under insurance contracts (228 ) 8,237 Foreign currency adjustment (3) (17 ) 52 Balance as of June 30, 2019 $ 1,163 $ (1,880 ) (1) Included in other long-term assets (refer to Note 9) (2) Included in other long-term liabilities (3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar. The Company has agreements with reinsurance companies in order to limit its losses from large insurance contracts, however, if the reinsurer is unable to meet its obligations, the Company retains the liability. The value of insurance contract liabilities is based on the best estimate assumptions of future experience plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The process of deriving the best estimates assumptions plus prescribed margins includes assumptions related to claim reporting delays (based on average industry experience). Reinsurance assets and policy holder liabilities under investment contracts Summarized below is the movement in assets and policy holder liabilities under investment contracts during the years ended June 30, 2019 and 2018: Investment Assets (1) contracts (2) Balance as of July 1, 2017 $ 627 $ (627 ) Increase in policyholder benefits under insurance contracts 13 (13 ) Foreign currency adjustment (3) (30 ) 30 Balance as of June 30, 2018 610 (610 ) Increase in policyholder benefits under insurance contracts 24 (24 ) Foreign currency adjustment (3) (15 ) 15 Balance as of June 30, 2019 $ 619 $ (619 ) (1) Included in other long-term assets (refer to Note 9); (2) Included in other long-term liabilities; (3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar. The Company does not offer any investment products with guarantees related to capital or returns. |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2019 | |
Borrowings [Abstract] | |
Borrowings | 12. 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 On July 21, 2017, Net1 SA entered into a Common Terms Agreement, Senior Facility A Agreement, Senior Facility B Agreement, Senior Facility C Agreement, Subordination Agreement, Security Cession & Pledge and certain ancillary loan documents (collectively, the "Original Loan Documents") with RMB, a South African corporate and investment bank, and Nedbank Limited (acting through its Corporate and Investment Banking division), an African corporate and investment bank, and any other lenders that may participate in such loans (collectively, the "Lenders"), pursuant to which, among other things, Net1 SA may borrow up to an aggregate of ZAR 1.25 210.0 The Loan Documents provide for a Facility A term loan of up to ZAR 750 500 0.6 0.2 2.25 3.5 2.25 2.75 2.9 7.2 0.3 0.5 On July 26, 2017, the Company utilized ZAR 1.25 92.2 15 84.0 7.1 4.0 126.0 10.6 Principal repayments of the facilities were due in twelve 683.8 46.9 776.3 60.5 151.3 10.7 230.0 16.0 The loans were secured by a pledge by Net1 SA of, among other things, its entire equity interests in Cell C and DNI. The Loan Documents contain customary covenants that require Net1 SA to maintain a specified total net leverage ratio and restrict the ability of Net1 SA, and certain of its subsidiaries to make certain distributions with respect to their capital stock, prepay other debt, encumber their assets, incur additional indebtedness, make investment above specified levels, engage in certain business combinations and engage in other corporate activities, without the Lenders consent. On September 4, 2019, Net1 SA further amended the July 2017 Facilities agreement, which included adding Main Street 1692 (RF) Proprietary Limited ("Debt Guarantor"), a South African company incorporated for the sole purpose of holding collateral for the benefit of the Lenders and acting as debt guarantor. The covenants were also amended and now include customary covenants that require Net1 SA to maintain a specified total asset cover ratio and restrict the ability of Net1 SA, and certain of its subsidiaries to make certain distributions with respect to their capital stock, prepay other debt, encumber their assets, incur additional indebtedness, make investment above specified levels, engage in certain business combinations and engage in other corporate activities. Net1 also agreed that in the event of any sale of KSNET, Inc., it would deposit a portion of the proceeds in an amount of the USD equivalent of the Facility F loan and the Nedbank general banking facility commitment into a bank account secured in favor of the Debt Guarantor. Net1 SA also entered into a pledge and cession agreement with the Debt Guarantor pursuant to which, among other things, Net1 SA agreed to cede its shareholdings in Cell C, DNI and Net1 FIHRST Holdings (Pty) Ltd to the Debt Guarantor. Short-term facility - Facility E On September 26, 2018, Net1 SA further amended its amended July 2017 Facilities agreement with RMB to include an overdraft facility ("Facility E") of up to ZAR 1.5 106.5 1.2 85.2 September 2020 90 3.8 0.3 1.0 69.6 The prime rate on June 30, 2019, was 10.25 10.00 Short-term facility - Facility F On September 4, 2019, Net1 SA further amended its amended July 2017 Facilities agreement with RMB to include an overdraft facility ("Facility F") of up to ZAR 300.0 21.3 220 80 5.50 2.2 June 2018 Facility, a long-term borrowing (a DNI facility) On June 28, 2018, DNI entered into a Revolving Credit Facility Agreement ("DNI Credit Facility Agreement") with RMB and K2018318388 (South Africa) (RF) Proprietary Limited ("Debt Guarantor"), a South African company incorporated for the sole purpose of holding collateral for the benefit of RMB and acting as debt guarantor. DNI, RMB and the Debt Guarantor concurrently entered into a Subordination Agreement; Shareholder Guarantee, Cession and Pledge Agreement; Guarantee Cession and Pledge Agreement (collectively with the DNI Credit Facility Agreement, the "Revolving Credit Agreement Documents"), with various other parties, including DNI's subsidiaries and DNI's shareholders (except Net1 SA), pursuant to which, among other things, DNI obtained a ZAR 200.0 three June 2021 Interest on the revolving credit facility is payable quarterly based on JIBAR in effect from time to time plus a margin of 2.75 0.6 2.3 0.2 Nedbank facility, comprising short-term facilities As of June 30, 2019, the aggregate amount of the Company's short-term South African credit facility with Nedbank Limited was ZAR 450.0 32.0 300 21.3 250.0 17.8 50 3.6 150 10.7 250.0 The Company has ceded its investment in Cash Paymaster Services Proprietary Limited ("CPS"), a South African subsidiary, as well as all of its rights, title and interest in an insurance policy issued by Fidelity Risk Proprietary Limited as security for its repayment obligations under the facility. A commitment fee of 0.35 2.7 8.6 5.9 9.10 8.85 As of June 30, 2019, the Company has utilized approximately ZAR 82.8 5.9 93.6 6.6 108.0 7.9 October 2016 long-term facilities On October 4, 2016, Net1 SA, entered into a Subscription Agreement (the "Blue Label Subscription Agreement") with Blue Label Telecoms Limited ("Blue Label"), a JSE-listed company which is a leading provider of prepaid electricity and airtime in South Africa. Pursuant to the Blue Label Subscription Agreement, Net1 SA intended to subscribe for approximately 117.9 16.96 2.0 1.4 2 16.0 1.1 16.0 United States, a short-term facility On September 14, 2018, the Company renewed its $ 10.0 20.0 4.50 2.31988 9.5 South Korea Short-term facility The Company obtained a one 10 8.6 1.984 1.780 no Long-term borrowings The Company's wholly owned subsidiary, Net1 Applied Technologies Korea ("Net1 Korea"), signed a five 16.6 10 8.8 22.1 19.6 10.0 8.9 0.3 0.3 0.9 0.8 Interest on the loans and revolving credit facility was payable quarterly and was based on the South Korean CD rate in effect from time to time plus a margin of 3.10% for the Facility A loan and Facility C revolving credit facility. Total interest expense related to the facilities during the years ended June 30, 2018 and 2017, was $ 0.4 1.2 0.1 Movement in short-term borrowings Summarized below are the Company's short-term facilities as of June 30, 2019, and the movement in the Company's short-term facilities from as of June 30, 2018 to as of June 30, 2019: United South South Africa States Korea Amended Bank Hana July 2017 Nedbank Frick Bank Total Short-term facilities as of June 30, 2019: $ 85,203 $ 31,951 $ 20,000 $ 8,648 $ 145,802 Overdraft - 3,550 20,000 8,648 32,198 Overdraft restricted as to use for ATM funding only 85,203 17,751 - - 102,954 Indirect and derivative facilities - 10,650 - - 10,650 Movement in utilized overdraft facilities: Balance as of June 30, 2018 - - - - - Utilized 722,375 85,843 14,536 - 822,754 Repaid (655,612 ) (80,365 ) (4,992 ) - (740,969 ) Foreign currency adjustment (1) 2,803 402 - - 3,205 Balance as of June 30, 2019 (2) 69,566 5,880 9,544 - 84,990 Restricted as to use for ATM funding only 69,566 5,880 - - 75,446 No restrictions as to use - - 9,544 - 9,544 Movement in utilized indirect and derivative facilities: Balance as of June 30, 2018 - 7,871 - - 7,871 Guarantees cancelled - (1,075 ) - - (1,075 ) Utilized - 46 - - 46 Foreign currency adjustment (1) - (199 ) - - (199 ) Balance as of June 30, 2019 $ - $ 6,643 $ - $ - $ 6,643 (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. (2) Nedbank as of June 30, 2019, of $5.9 million comprises the net of total overdraft facilities withdrawn of $ 8.6 Movement in long-term borrowings Summarized below is the movement in the Company's long term borrowing from as of June 30, 2017, to as of June 30, 2019: South Korea South Africa Continuing Discontinued June Amended 2018 Other Net1 Korea July 2017 Facility (Note 3 ) Total Balance as of July 1, 2017, allocated to $ 16,239 $ - $ - $ - $ 16,239 Current portion of long-term borrowings 8,738 - - - 8,738 Long-term borrowings 7,501 - - - 7,501 Utilized 197 112,960 - - 113,157 Repaid (16,592 ) (60,470 ) - - (77,062 ) DNI acquisition (Note 3) - - - 616 616 Foreign currency adjustment (1) 156 (2,942 ) - - (2,786 ) Balance as of June 30, 2018, allocated to - 49,548 - 616 50,164 Current portion of long-term borrowings - 44,079 - 616 44,695 Long-term borrowings - 5,469 - - 5,469 Utilized - - 14,613 - 14,613 Repaid - (31,844 ) (4,944 ) (569 ) (37,357 ) Repaid from sale of DNI shares (Note 3) - (15,011 ) - - (15,011 ) Deconsolidated (Note 3) - - (10,435 ) - (10,435 ) Foreign currency adjustment (1) - (2,693 ) 766 (47 ) (1,974 ) Balance as of June 30, 2019 $ - $ - $ - $ - $ - (1) Represents the effects of the fluctuations between the ZAR and the Korean won, against the U.S. dollar. |
Other Payables
Other Payables | 12 Months Ended |
Jun. 30, 2019 | |
Other Payables [Abstract] | |
Other Payables | 13. OTHER PAYABLES Summarized below is the breakdown of other payables as of June 30, 2019 and 2018: 2019 2018 Accrual of implementation costs to be refunded to SASSA $ 34,039 $ - Accruals 10,620 16,148 Provisions 6,074 8,211 Other 10,814 9,690 Value-added tax payable 3,234 5,478 Payroll-related payables 1,113 1,533 Participating merchants settlement obligation 555 585 $ 66,449 $ 41,645 Other includes transactions-switching funds payable, deferred income, client deposits and other payables. Accrual of implementation costs to be refunded to SASSA As the Company previously disclosed, in June 2014, the Company received approximately ZAR 317.0 After the award of the tender, SASSA requested that CPS biometrically register all social grant beneficiaries (including child grant beneficiaries) and collect additional information for each child grant recipient. CPS agreed to SASSA's request and, as a result, it performed approximately 11 In March 2015, Corruption Watch, a South African non-profit civil society organization, commenced legal proceedings in the Gauteng Division, Pretoria of the High Court of South Africa ("High Court") seeking an order by the High Court to review and set aside the decision of SASSA's Chief Executive Officer to approve a payment to CPS of ZAR 317.0 On February 22, 2018, the matter was heard by the High Court. On March 23, 2018, the High Court ordered that the June 15, 2012 variation agreement between SASSA and CPS be reviewed and set aside. CPS was ordered to refund ZAR 317.0 On September 30, 2019, the Supreme Court delivered its ruling in the matter, declining CPS' appeal and awarding costs against CPS. CPS is liable to repay SASSA ZAR 317.0 million, plus interest from June 2014 to date of payment. As a result, CPS recorded the liability at June 30, 2019, of $ 34.0 479.4 19.7 277.6 11.4 161.0 2.8 39.4 0.1 1.4 19.7 |
Common Stock
Common Stock | 12 Months Ended |
Jun. 30, 2019 | |
Common Stock [Abstract] | |
Common Stock | 14. COMMON STOCK Common stock Holders of shares of Net1's common stock are entitled to receive dividends and other distributions when declared by Net1's board of directors out of legally available funds. Payment of dividends and distributions is subject to certain restrictions under the Florida Business Corporation Act, including the requirement that after making any distribution Net1 must be able to meet its debts as they become due in the usual course of its business. Upon voluntary or involuntary liquidation, dissolution or winding up of Net1, holders of common stock share ratably in the assets remaining after payments to creditors and provision for the preference of any preferred stock according to its terms. There are no pre-emptive or other subscription rights, conversion rights or redemption or scheduled installment payment provisions relating to shares of common stock. All of the outstanding shares of common stock are fully paid and non-assessable. Each holder of common stock is entitled to one The Company's number of shares, net of treasury, presented in the consolidated balance sheets and consolidated statement of changes in equity includes participating non-vested equity shares (specifically contingently returnable shares) as described below in Note 17 "— Amended and Restated Stock Incentive Plan—Restricted Stock—General Terms of Awards". The following table presents a reconciliation between the number of shares, net of treasury, presented in the consolidated statement of changes in equity and the number of shares, net of treasury, excluding non-vested equity shares that have not vested during the years ended June 30, 2019, 2018 and 2017: 2019 2018 2017 Number of shares, net of treasury: Statement of changes in equity – common stock 56,568,425 56,685,925 56,369,737 Less: Non-vested equity shares that have not vested as of end of year (Note 17) 583,908 765,411 505,473 Number of shares, net of treasury excluding non-vested equity shares that have not vested 55,984,517 55,920,514 55,864,264 Redeemable common stock issued pursuant to transaction with the IFC Investors Holders of redeemable common stock have all the rights enjoyed by holders of common stock, however, holders of redeemable common stock have additional contractual rights. On April 11, 2016, the Company entered into a Subscription Agreement (the "Subscription Agreement") with International Finance Corporation, IFC African, Latin American and Caribbean Fund, LP, IFC Financial Institutions Growth Fund, LP, and Africa Capitalization Fund, Ltd. (collectively, the "IFC Investors"). Under the Subscription Agreement, the IFC Investors purchased, and the Company sold in the aggregate, approximately 9.98 0.001 10.79 107.7 The Company has entered into a Policy Agreement with the IFC Investors (the "Policy Agreement"). The material terms of the Policy Agreement are described below. Board Rights For so long as the IFC Investors in aggregate beneficially own shares representing at least 5 2.5 Put Option Each Investor will have the right, upon the occurrence of specified triggering events, to require the Company to repurchase all of the shares of its common stock purchased by the IFC Investors pursuant to the Subscription Agreement (or upon exercise of their preemptive rights discussed below). Events triggering this put right relate to (1) the Company being the subject of a governmental complaint alleging, a court judgment finding or an indictment alleging that the Company (a) engaged in specified corrupt, fraudulent, coercive, collusive or obstructive practices; (b) entered into transactions with targets of economic sanctions; or (c) failed to operate its business in compliance with anti-money laundering and anti-terrorism laws; or (2) the Company rejecting a bona fide offer to acquire all of its outstanding Common Stock at a time when it has in place or implements a shareholder rights plan, or adopting a shareholder rights plan triggered by a beneficial ownership threshold of less than twenty 60 Registration Rights The Company has agreed to grant certain registration rights to the IFC Investors for the resale of their shares of the Company's common stock, including filing a resale shelf registration statement and taking certain actions to facilitate resales thereunder. Preemptive Rights For so long as the IFC Investors hold in aggregate 5 Sale of common stock during fiscal 2017 In February 2017, the Company sold a total of five 9.00 two 45.0 Common stock repurchases Executed under share repurchase authorizations On February 3, 2016, the Company's Board of Directors approved the replenishment of its share repurchase authorization to repurchase up to an aggregate of $ 100 In June 2016, the Company adopted a 10b-5 in connection with its $ 100 August 2016. 3,137,609 31.6 Other repurchases The Company did no 1,269,751 10.80 13.7 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive (Loss) Income [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | 15. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The table below presents the change in accumulated other comprehensive (loss) income per component during the years ended June 30, 2019, 2018 and 2017: Accumulated Foreign currency translation reserve Total (as restated A ) (as restated A ) Balance as of July 1, 2016 $ (189,692 ) $ (189,692 ) Movement in foreign currency translation reserve related to equity accounted investment (2,697 ) (2,697 ) Movement in foreign currency translation reserve 29,653 29,653 Balance as of June 30, 2017 (162,736 ) (162,736 ) Movement in foreign currency translation reserve related to equity accounted investment (2,426 ) (2,426 ) Movement in foreign currency translation reserve (19,376 ) (19,376 ) Balance as of June 30, 2018 (184,538 ) (184,538 ) Release of foreign currency translation reserve related to DNI disposal (Note 3) 1,806 1,806 Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 3) 646 646 Movement in foreign currency translation reserve related to equity accounted investment 4,251 4,251 Movement in foreign currency translation reserve (21,438 ) (21,438 ) Balance as of June 30, 2019 $ (199,273 ) $ (199,273 ) (A) Certain amounts have been restated to correct the misstatement discussed in Note 1 During the year ended June 30, 2019, the Company reclassified $ 1.8 0.6 no |
Revenue
Revenue | 12 Months Ended |
Jun. 30, 2019 | |
Revenue [Abstract] | |
Revenue | 16. REVENUE 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, through DNI, was a leading distributor of mobile subscriber starter packs for Cell C, a South African mobile network operator. The following table represents our revenue disaggregated by major revenue streams, including reconciliation to operating segments for the year ended June 30, 2019: Rest of South the Africa Korea world Total South African transaction processing Processing fees $ 79,379 $ - $ - $ 79,379 Welfare benefit distribution fees 3,086 - - 3,086 Other 6,583 - - 6,583 Sub-total 89,048 - - 89,048 International transaction processing Processing fees - 132,731 9,303 142,034 Other - 5,695 539 6,234 Sub-total - 138,426 9,842 148,268 Financial inclusion and applied technologies Telecom products and services 58,209 - - 58,209 Account holder fees 17,428 - - 17,428 Lending revenue 27,512 - - 27,512 Technology products 20,706 - - 20,706 Insurance revenue 5,862 - - 5,862 Other 13,666 - - 13,666 Sub-total 143,383 - - 143,383 Corporate/Eliminations – revenue refund (Note 13) (19,709 ) (19,709 ) $ 212,722 $ 138,426 $ 9,842 $ 360,990 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2019 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 17. STOCK-BASED COMPENSATION Amended and Restated Stock Incentive Plan The Company's Amended and Restated 2015 Stock Incentive Plan (the "Plan") was most recently amended and restated on November 11, 2015, after approval by shareholders. No evergreen provisions are included in the Plan. This means that the maximum number of shares issuable under the Plan is fixed and cannot be increased without shareholder approval, the plan expires by its terms upon a specified date, and no new stock options are awarded automatically upon exercise of an outstanding stock option. Shareholder approval is required for the repricing of awards or the implementation of any award exchange program. The Plan permits Net1 to grant to its employees, directors and consultants incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, performance-based awards and other awards based on its common stock. The Remuneration Committee of the Company's Board of Directors ("Remuneration Committee") administers the Plan. The total number of shares of common stock issuable under the Plan is 11,052,580 569,120 569,120 20 Options General Terms of Awards Option awards are generally granted with an exercise price equal to the market price of the Company's stock at the date of grant, with vesting conditioned upon the recipient's continuous service through the applicable vesting date and expire 10 three Valuation Assumptions The table below presents the range of assumptions used to value options granted during the year ended June 30, 2019: 2019 Expected volatility 44 % Expected dividends 0 % Expected life (in years) 3 Risk-free rate 2.75 % No Restricted Stock General Terms of Awards Shares of restricted stock are considered to be participating non-vested equity shares (specifically contingently returnable shares) for the purposes of calculating earnings per share (refer to Note 19) because, as discussed in more detail below, the recipient is obligated to transfer any unvested restricted stock back to the Company for no consideration and these shares of restricted stock are eligible to receive non-forfeitable dividend equivalents at the same rate as common stock. Restricted stock generally vests ratably over a three Recipients are entitled to all rights of a shareholder of the Company except as otherwise provided in the restricted stock agreements. These rights include the right to vote and receive dividends and/or other distributions. However, the restricted stock agreements generally prohibit transfer of any nonvested and forfeitable restricted stock. If a recipient ceases to be a member of the Board of Directors or an employee for any reason, all shares of restricted stock that are not then vested and nonforfeitable will be immediately forfeited and transferred to the Company for no consideration. Forfeited shares of restricted stock are available for future issuances by the Remuneration Committee. The Company issues new shares to satisfy restricted stock awards. Valuation Assumptions The fair value of restricted stock is generally based on the closing price of the Company's stock quoted on The Nasdaq Global Select Market on the date of grant. Vesting of all non-employee director shares issued prior to June 30, 2017 Grants of restricted stock to non-employee directors made during fiscal 2017, as well as those grants made in prior years, originally vested over a three one 56,250 Forfeiture of restricted stock awarded in August and November 2014 that did not achieve targeted market conditions In August and November 2014, respectively, the Remuneration Committee approved an award of 127,626 71,530 $ 19.41 30 19.41 20 11.23 The 127,626 and 71,530 shares of restricted stock were effectively forward starting knock-in barrier options with a strike price of zero In scenarios where the shares do not vest, the final vested value at maturity is zero. In scenarios where vesting occurs, the final vested value on maturity is the share price on vesting date. The value of the grant is the average of the discounted vested values. The Company used an expected volatility of 76.01 three 1.27 no 63.73 three 1.21 no Forfeiture of restricted stock with Performance Conditions awarded in August 2015 In August 2015, the Remuneration Committee approved an award of 301,537 One-third of the shares will vest if the Company achieves 2018 Fundamental EPS of $ 2.88 Two-thirds of the shares will vest if the Company achieves 2018 Fundamental EPS of $ 3.30 All of the shares will vest if the Company achieves 2018 Fundamental EPS of $ 3.76 At levels of 2018 Fundamental EPS greater than $ 2.88 3.76 3.30 Any shares that did not vest in accordance with the above-described conditions would be forfeited. During the year ended June 30, 2017, the Company reversed the stock-based compensation charge recognized to date related to the 301,537 10 173,262 Forfeiture of 150,000 shares of restricted stock with Performance Conditions awarded in August 2016 In August 2016, the Remuneration Committee approved an award of 350,000 200,000 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 Any shares that did not vest in accordance with the above-described conditions would be forfeited. During the year ended June 30, 2019, the Company reversed the stock-based compensation charge recognized related to 150,000 150,000 Market Conditions - Restricted Stock Granted in August 2017 In August 2017, the Remuneration Committee approved an award of 210,000 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 Market Conditions - Restricted Stock Granted in September 2018 In September 2018, the Remuneration Committee approved an award of 148,000 23.00 55 6.20 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 observations 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 three 30 Stock Appreciation Rights The Remuneration Committee may also grant stock appreciation rights, either singly or in tandem with underlying stock options. Stock appreciation rights entitle the holder upon exercise to receive an amount in any combination of cash or shares of common stock (as determined by the Remuneration Committee) equal in value to the excess of the fair market value of the shares covered by the right over the grant price. No Stock option and restricted stock activity Options The following table summarizes stock option activity for the years ended June 30, 2019, 2018 and 2017: Weighted Average Weighted Weighted Remaining Aggregate Average average Contractual Intrinsic Grant Number of exercise Term Value Date Fair shares price ($) (in years) ($'000) Value ($) Outstanding – July 1, 2016 2,077,524 15.92 3.65 926 4.15 Exercised (321,026 ) 8.97 3,607 2.58 Expired unexercised (474,443 ) 22.51 - 3.98 Forfeitures (435,448 ) 17.88 - 5.34 Outstanding – June 30, 2017 846,607 13.87 3.80 486 4.21 Forfeitures (37,333 ) 11.23 - 4.55 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 Expired unexercised (370,000 ) 19.27 5.00 Forfeitures (174,695 ) 6.65 2.00 Outstanding – June 30, 2019 864,579 7.81 7.05 - 2.62 These options have an exercise price range of $ 6.20 11.23 The following table presents stock options vested and expected to vest as of June 30, 2019: Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($'000) Vested and expected to vest – June 30, 2019 864,579 7.81 7.05 - These options have an exercise price range of $6.20 to $11.23. The following table presents stock options that are exercisable as of June 30, 2019: Weighted Average Weighted Remaining Aggregate average Contractual Intrinsic Number of exercise Term Value shares price ($) (in years) ($'000) Exercisable – June 30, 2019 353,579 10.15 3.84 - No 105,982 154,803 No 2.9 321,026 174,695 37,333 435,448 200,000 170,000 474,443 Restricted stock The following table summarizes restricted stock activity for the years ended June 30, 2019, 2018 and 2017: Number of Weighted Shares of Average Grant Restricted Date Fair Value Stock ($'000) Non-vested – July 1, 2016 589,447 7,622 Total granted 389,587 4,172 Granted – August 2016 387,000 4,145 Granted – May 2017 2,587 27 Total vested (268,091 ) 2,590 Vested – August 2016 (68,091 ) 694 Vested – June 2017 (200,000 ) 1,896 Forfeitures (205,470 ) 2,219 Non-vested – June 30, 2017 505,473 11,173 Total granted 618,411 4,581 Granted – August 2017 588,594 4,288 Granted – March 2018 22,817 234 Granted – May 2018 7,000 59 Vested – August 2017 (56,250 ) 527 Total forfeitures (302,223 ) 3,222 Forfeitures – employee terminations (33,635 ) 516 Forfeitures – August and November 2014 awards with market conditions (95,326 ) 1,133 Forfeitures – August 2015 awards with performance conditions (173,262 ) 1,573 Non-vested – June 30, 2018 765,411 6,162 Granted – September 2018 148,000 114 Total vested (64,003 ) 503 Vested – August 2018 (52,594 ) 459 Vested – March 2019 (11,409 ) 44 Total forfeitures (265,500 ) 1,060 Forfeitures – employee terminations (115,500 ) 460 Forfeitures – August 2016 awards with performance conditions (150,000 ) 600 Non-vested – June 30, 2019 583,908 3,410 The September 2018 grants comprise 148,000 The August 2017 grants comprise (i) 326,000 210,000 52,594 7,000 August 23, 2020 August 23, 2018 22,817 11,409 11,408 The August 2016 grants comprise (i) 350,000 37,000 The fair value of restricted stock vested during the years ended June 30, 2019, 2018 and 2017, was $ 0.5 0.5 2.6 52,594 56,250 200,000 During the year ended June 30, 2019, employees forfeited 115,500 150,000 3,000 30,635 95,326 173,262 205,470 Stock-based compensation charge and unrecognized compensation cost The Company has recorded a net stock compensation charge of $0.4 million, $2.6 million and $2.0 million for the years ended June 30, 2019, 2018 and 2017, respectively, which comprised: Allocated to cost of goods sold, IT Allocated to Total processing, selling, charge servicing general and (reversal) and support administration Year ended June 30, 2019 Stock-based compensation charge $ 2,319 $ - $ 2,319 Reversal of stock compensation charge related to stock options and restricted stock forfeited (1,926 ) - (1,926 ) Total – year ended June 30, 2019 $ 393 $ - $ 393 Year ended June 30, 2018 Stock-based compensation charge $ 2,656 $ - $ 2,656 Reversal of stock compensation charge related to restricted stock forfeited (49 ) - (49 ) Total – year ended June 30, 2018 $ 2,607 $ - $ 2,607 Year ended June 30, 2017 Stock-based compensation charge $ 3,905 $ - $ 3,905 Reversal of stock compensation charge related to stock options and restricted stock forfeited (1,923 ) - (1,923 ) Total – year ended June 30, 2017 $ 1,982 $ - $ 1,982 The stock compensation charge and reversals have been allocated to cost of goods sold, IT processing, servicing and support and selling, general and administration based on the allocation of the cash compensation paid to the relevant employees. As of June 30, 2019, the total unrecognized compensation cost related to stock options was approximately $ 0.8 three 1.4 two Tax consequences The Company has recorded a deferred tax asset of approximately $ 0.2 0.8 0.2 0.8 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 18. INCOME TAXES Impact of Tax Cuts and Jobs Act On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA"), was enacted into law, significantly modifying U.S. federal tax laws. The TCJA reduced the federal statutory tax rate for corporations from 35 21 During the year ended June 30, 2019, the Company was not significantly impacted by the transition to a territorial tax system and it does not expect a significant impact on its future consolidated effective tax rate as it generates the majority of its taxable income in tax jurisdictions with tax rates that are higher than the new federal statutory tax rate of 21% (mainly South Africa, where its income is taxed at 28 22 Deemed repatriation of foreign earnings liability The TCJA also requires a U.S. shareholder of a specified foreign corporation to include a deemed repatriation of foreign earnings ("Transition Tax") as part of the transition to a territorial tax system. However, the Company did not incur a net Transition Tax liability because it generated sufficient foreign tax credits to offset any potential repatriation transition tax liability. The Transition Tax is a tax on previously untaxed accumulated and current earnings and profits ("E&P") of certain of the Company's foreign subsidiaries. In order to determine the amount of any Transition Tax liability, the Company was required to determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. During the year ended June 30, 2018, the Company 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 56.9 Global intangible low taxed income The TCJA creates a new requirement that certain income earned by controlled foreign corporations ("CFCs") must be included in the gross income of the CFCs' U.S. shareholder. Global intangible low taxed income ("GILTI") is the excess of the shareholder's "net CFC tested income" over the net deemed tangible income return, which is currently defined as the excess of (1) 10 percent of the aggregate of the U.S. shareholder's pro rata share of the qualified business asset investment of each CFC with respect to which it is a U.S. shareholder over (2) the amount of certain interest expense taken into account in the determination of net CFC-tested income. It is the Company's current interpretation of the U.S. tax legislation that GILTI is only applicable for the tax year commencing July 1, 2018 (i.e. its June 2019 tax year). The Company has not incurred a GILTI tax during the year ended June 30, 2019, because it primarily operates in tax jurisdictions (such as South Africa and South Korea) which have higher corporate income tax rates than the United States and certain of its South Africa subsidiaries have incurred operating losses. Income tax provision The table below presents the components of income before income taxes for the years ended June 30, 2019, 2018 and 2017: 2019 2018 2017 South Africa $ (267,637 ) $ 131,366 $ 129,786 United States (23,479 ) (15,329 ) (20,902 ) Other (11,910 ) (15,671 ) 5,572 (Loss) Income before income taxes $ (303,026 ) $ 100,366 $ 114,456 Presented below is the provision for income taxes by location of the taxing jurisdiction for the years ended June 30, 2019, 2018 and 2017: 2019 2018 2017 (As (As restated A ) restated A ) Current income tax $ 17,163 $ 95,529 $ 45,857 South Africa 10,076 35,745 35,986 Continuing 3,689 35,745 35,986 Discontinued 6,387 - - United States 1,100 55,788 4,686 Other 5,987 3,996 5,185 Deferred taxation (benefit) charge (12,494 ) 8,537 (6 ) South Africa (11,117 ) 9,772 (439 ) Continuing (7,854 ) 9,772 (439 ) Discontinued (3,263 ) - - United States 4 477 1,123 Other (1,381 ) (1,712 ) (690 ) Foreign tax credits generated – United States (944 ) (55,778 ) (3,345 ) Change in tax rate – United States - 309 - Income tax provision $ 3,725 $ 48,597 $ 42,506 (A) Deferred taxation (benefit) charge – South Africa for 2018 and 2017 have been restated to correct the misstatement discussed in Note 1. There were no changes to the enacted tax rate in the years ended June 30, 2019, 2018 and 2017. However, during the year ended June 30, 2018, there were changes to the U.S. tax code which, among other things, changed the Federal tax rate. The Company has a June year end and used a blended rate of 28.10% 0.3 0.6 The Company calculated its Transition Tax liability as of June 30, 2018, and incurred a Transition Tax, before the application of any foreign tax credits, of $55.8 million, and has no liability after the application of generated foreign tax credits. During the year ended June 30, 2019, the Company recorded the difference of $ 1.1 $1.1 65.3 During the year ended June 30, 2019, the Company incurred significant net operating losses through certain of it its South African wholly-owned subsidiaries and recorded a deferred taxation benefit related to these losses. However, the Company has created a valuation allowance for these net operating losses which reduced the deferred taxation benefit recorded. The movement in the valuation allowance for the year ended June 30, 2018, is primarily attributable to the creation of the valuation allowance related to excess tax credits recognized from the preliminary Transition Tax calculation and the creation of a valuation allowance related to net operating losses generated during the year ended June 30, 2018, that the Company does not believe it will be able to utilize in the foreseeable future. The movement in the valuation allowance for the year ended June 30, 2017, is primarily attributable to a decrease resulting from the utilization of foreign tax credits and an increase related to a valuation allowance created for net operating loss carryforwards for the Company's German subsidiaries. As discussed above, the Company has generated excess foreign tax credits related to the Transition Tax and any distribution received from Net1's subsidiaries will first be applied against the deemed distributions recognized as a result of the Transition Tax as so called "previously taxed income, or PTI,". Therefore distributions actually made during the year ended June 30, 2018, were treated as PTI and did not generate any additional foreign tax credits because the quantum of the actual distributions were lower than the deemed distributions calculated as a result of the Transition Tax. Net1 included actual and deemed dividends received from one of its South African subsidiaries in its year ended June 30, 2017, taxation computation. Net1 applied net operating losses against this income during the year ended June 30, 2017, and did not generate any indirect foreign tax credits. Net1 has applied certain of these foreign tax credits against its current income tax provision for the years ended June 30, 2017. A reconciliation of income taxes, calculated at the fully-distributed South African income tax rate to the Company's effective tax rate, for the years ended June 30, 2019, 2018 and 2017, is as follows: 2019 2018 2017 (As (As restated A ) restated A ) Income taxes at fully-distributed South African tax rates 28.00 % 28.00 % 28.00 % Movement in valuation allowance (24.23 %) 5.99 % 0.07 % Non-deductible items (4.75 %) 15.19 % 1.05 % Capital gains differential (1.54 %) (1.81 %) -% Taxation on deemed dividends in the United States 1.53 % 1.92 % 8.00 % Foreign tax rate differential 0.38 % (0.65 %) -% Prior year adjustments (0.63 %) (0.02 %) 0.07 % Transition Tax (0.36 %) 55.38 % -% Foreign tax credits 0.37 % (55.58 %) (0.05 %) Change in tax laws – United States -% -% -% Income tax provision (1.23 %) 48.42 % 37.14 % (A) Non-deductible items for 2018 and 2017 have been restated to correct the misstatement discussed in Note 1. Percentages included in the 2019 column in the reconciliation of income taxes presented above are impacted by the loss incurred by the Company during the year ended June 30, 2019. For instance, the income tax provision of $3.7 million represents (1.39%) multiplied by the net loss before tax of $(268,987). Non-deductible items for the year ended June 30, 2019, includes the impairment losses recognized related to goodwill impaired. Movement in the valuation allowance for the year ended June 30, 2019, includes allowances created related to net operating losses incurred during the year and a valuation allowance created for a deferred tax asset recorded related to the DNI disposal capital losses generated (refer to Note 3) and the Cell C capital loss following the fair value adjustment (refer to Note 7). Non-deductible items for the year ended June 30, 2018, includes the impairment loss recognized related to goodwill impaired, non-deductible interest on borrowings and the accretion of interest. The impact on foreign tax during the year ended June 30, 2018, was primarily due to the impact of the Transition Tax. Net1 received dividends from one of its South African subsidiaries during the year ended June 30, 2017, which resulted in an increase in taxation on dividends received. No Deferred tax assets and liabilities Deferred income taxes reflect the temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The primary components of the temporary differences that gave rise to the Company's deferred tax assets and liabilities as of June 30, and their classification, were as follows: 2019 2018 (As restated A ) Total deferred tax assets Capital losses related to investments (B) $ 43,569 $ 3,226 Net operating loss carryforwards 35,873 10,242 Foreign tax credits 32,799 32,644 Provisions and accruals 13,230 5,975 FTS patent 277 367 Intangible assets - 687 Other 2,394 4,523 Total deferred tax assets before valuation allowance 128,142 57,664 Valuation allowances (125,887 ) (48,691 ) Total deferred tax assets, net of valuation allowance 2,255 8,973 Total deferred tax liabilities: Intangible assets 2,676 6,420 Investments 1,621 5,886 Other 489 7,515 Total deferred tax liabilities 4,786 19,821 Reported as Long-term deferred tax assets 2,151 4,776 Long-term deferred tax liabilities 4,682 16,067 Net deferred income tax liabilities $ 2,531 $ 11,291 (A) Total deferred tax liabilities: Investments and long-term deferred tax liabilities have been restated to correct the misstatement discussed in Note 1. (B) Capital losses as of June 30, 2018, were previously included in Other and have been reclassified to Capital losses related to investments. Decrease in total net deferred income tax liabilities Capital losses related to investments Capital losses related to investments increased primarily due to the capital loss arising from the difference between the amount paid for Cell C in August 2017 and the its fair value as of June 30, 2019 of $ 0.0 Net operating loss carryforwards Net operating loss carryforwards have increased primarily as a result of the losses incurred by certain of the Company's wholly-owned South African subsidiaries. Intangible assets Deferred tax liabilities – intangible assets have decreased during the year ended June 30, 2019, as a result of the disposition of DNI (refer to Note 3), and amortization of KSNET, Masterpayment and Transact24 intangible assets. Investments Deferred tax liabilities – investments has decreased during the year ended June 30, 2019, as a result of the fair value adjustment to reduce the carrying value of the investment in Cell C to below its initial cost. Increase in valuation allowance At June 30, 2019, the Company had deferred tax assets of $ 2.3 9.0 At June 30, 2019, the Company had a valuation allowance of $125.9 million (2018: $ 48.7 Net Capital losses operating Foreign related to loss carry- tax FTS Total investments (A) forwards A credits patent Other( A)(B) July 1, 2017 $ 38,967 $ 997 $ 3,699 $ 32,574 $ 120 $ 1,577 Charged to statement of operations 9,582 2,229 4,573 10 - 2,770 Utilized 60 - - 60 - - Change in tax laws (894 ) - (263 ) - - (631 ) Foreign currency adjustment 976 - 1,038 - (63 ) 1 June 30, 2018 48,691 3,226 9,047 32,644 57 3,717 Reversed to statement of operations . (881 ) - (198 ) - (57 ) (626 ) Charged to statement of operations 79,029 40,159 26,570 155 - 12,145 Utilized (1,730 ) - (10 ) - - (1,720 ) Foreign currency adjustment 778 184 452 - - 142 June 30, 2019 $ 125,887 $ 43,569 $ 35,861 $ 32,799 $ - $ 13,658 (A) Capital losses related to investments for the prior year have been reclassified from Other. (B) Net operating loss carry-forwards of $3,602 as of June 30, 2018, that were previously included in the other caption have been reclassified to the net operating loss carry-forwards caption. Net operating loss carryforwards and foreign tax credits United States The TCJA amends the rules regarding net operating loss carryforwards for Federal income tax purposes effective from July 1, 2018. The new rules prohibit net operating loss carrybacks, allow indefinite net operating loss carryforwards and limit the amount of the net operating loss carryforwards generated after July 1, 2018, that may be used against future taxable income, to 80% of taxable income before the net operating loss deduction. These new rules did not impact the Company's net operating loss carryforwards generated during the year ended June 30, 2018 and in prior periods. As of June 30, 2019, Net1 had net operating loss carryforwards that will expire, if unused, as follows: Year of expiration U.S. net operating loss carry forwards 2024 $ 1,874 2028 $ 4,423 During the year ended June 30, 2019 and 2018, Net1 generated additional direct foreign tax credits related to dividends received from a foreign investment. Net1 had no Uncertain tax positions As of June 30, 2019 and 2018, the Company has unrecognized tax benefits of $ 1.2 0.8 The following is a reconciliation of the total amounts of unrecognized tax benefits for the year ended June 30, 2019, 2018 and 2017: 2019 2018 2017 Unrecognized tax benefits - opening balance $ 838 $ 475 $ 1,930 Gross increases - tax positions in prior periods 107 196 - Gross decreases - tax positions in prior periods - - (2,109 ) Gross increases - tax positions in current period 307 311 440 Gross decreases - tax positions in current period - (150 ) - Lapse of statute limitations - - - Foreign currency adjustment (38 ) 6 214 Unrecognized tax benefits - closing balance $ 1,214 $ 838 $ 475 As of each of June 30, 2019 and 2018, the Company had accrued interest related to uncertain tax positions of approximately $ 0.1 million, 0.2 |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Jun. 30, 2019 | |
(Loss) Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | 19. (LOSS) EARNINGS PER SHARE The Company has issued redeemable common stock (refer to Note 14) 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 redemptions of common stock, or adjustments to the carrying value of the redeemable common stock during the years ended June 30, 2019, 2018 or 2017. Accordingly, the two-class method presented below does not include the impact of any redemption. Basic (loss) 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 (loss) earnings per share have been calculated using the two-class method and basic earnings per share for the years ended June 30, 2019, 2018 and 2017, reflects only undistributed earnings. The computation below of basic (loss) earnings per share excludes the net (loss) income attributable to shares of unvested restricted stock (participating non-vested restricted stock) from the numerator and excludes the dilutive impact of these unvested shares of restricted stock from the denominator. Diluted (loss) earnings per share has been calculated to give effect to the number of shares of additional common stock that would have been outstanding if the potential dilutive instruments had been issued in each period. Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method and are not considered to be participating securities as the stock options do not contain non-forfeitable dividend rights. The calculation of diluted (loss) earnings per share includes the dilutive effect of a portion of the restricted stock granted to employees in August and November 2014, August 2015, August 2016, August 2017, March 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 are discussed in Note 17. The following table presents net (loss) income attributable to Net1 and the share data used in the basic and diluted (loss) earnings per share computations using the two-class method for the years ended June 30, 2019, 2018 and 2017: 2019 2018 2017 (As (As restated A ) restated A ) (in thousands except percent and per share data) Numerator: Net (loss) income attributable to Net1 $ (307,618 ) $ 64,246 $ 73,070 Undistributed earnings (307,618 ) 64,246 73,070 Continuing (306,607 ) 61,855 73,070 Discontinued $ (1,011 ) $ 2,391 $ - Percent allocated to common shareholders (Calculation 1) 99 % 98 % 99 % Numerator for (loss) earnings per share: basic and diluted $ (303,299 ) $ 63,175 $ 72,302 Continuing (302,302 ) 60,824 72,302 Discontinued $ (997 ) $ 2,351 $ - Denominator: Denominator for basic (loss) earnings per share: weighted-average common shares outstanding 55,963 55,860 53,966 Effect of dilutive securities: Stock options 18 51 109 Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion 55,981 55,911 54,075 (Loss) Earnings per share: Basic $ (5.42 ) $ 1.13 $ 1.34 Continuing ($ 5.40 ) $ 1.09 $ 1.34 Discontinued ($ 0.02 ) $ 0.04 $ 0.00 Diluted $ (5.42 ) $ 1.13 $ 1.33 Continuing ($ 5.40 ) $ 1.09 $ 1.33 Discontinued ($ 0.02 ) $ 0.04 $ 0.00 (Calculation 1) Basic weighted-average common shares outstanding (A) 55,963 55,860 53,966 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 56,760 56,807 54,539 Percent allocated to common shareholders (A) / (B) 99% 98 % 99 % (A) Certain amounts have been restated to correct the misstatement discussed in Note 1. Options to purchase 864,579 6.20 11.23 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 20. SUPPLEMENTAL CASH FLOW INFORMATION The following table presents the supplemental cash flow disclosures for the years ended June 30, 2019, 2018 and 2017: 2019 2018 2017 Cash received from interest $ 5,595 $ 16,835 $ 21,130 Cash paid for interest $ 10,636 $ 8,645 $ 3,713 Cash paid for income taxes $ 13,110 $ 41,065 $ 45,165 Investing activities The transaction referred to in Note 3 under which the Company reduced its shareholding in DNI from 55 38 27.6 27.6 The transaction referred to in Note 3 and Note 12 under which the Company reduced its shareholding in DNI from 38 30 15.0 As disclosed in Note 9, during the year ended June 30, 2018, the Company agreed to underwrite the Finbond rights offer up to an amount of 55,585,514 10.0 Financing activities The transaction referred to in Note 3 and Note 12 under which the Company reduced its shareholding in DNI from 38% to 30% and used the proceeds from the sale to settle a portion of its long-term borrowings, of $15.0 million was closed using a cashless settlement process. Therefore, the part settlement of the long-term borrowings was not included in net cash (used in) provided by financing activities in the Company's consolidated statement of cash flows for the year ended June 30, 2019. Treasury shares, at cost included in the Company's consolidated balance sheet as of June 30, 2016, includes 47,056 0.5 |
Operating Segments
Operating Segments | 12 Months Ended |
Jun. 30, 2019 | |
Operating Segments [Abstract] | |
Operating Segments | 21. OPERATING SEGMENTS Operating segments The Company discloses segment information as reflected in the management information systems reports that its chief operating decision maker uses in making decisions and to report certain entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets or reports material revenues. The Company currently has three The South African transaction processing segment currently consists mainly of an ATM infrastructure deployed in South Africa, transaction processing for retailers, utilities, and banks, and a welfare benefit distribution service provided to the South African government through to September 30, 2018. The welfare benefit distribution services ceased following the SASSA contract expiration on September 30, 2018. Fee income is earned from customers utilizing our ATM infrastructure. Utility providers and banks are charged a fee for transaction processing services performed on their behalf at retailers. Fee income was also earned based on the number of recipient cardholders paid through to September 30, 2018. There were no 19 22 1.2 1.1 The International transaction processing segment consists mainly of activities in South Korea from which the Company generates revenue from the provision of payment processing services to merchants and card issuers. This segment generates fee revenue from the provision of payment processing services and to a lesser extent from the sale of goods, primarily point of sale terminals, to customers in South Korea. Fees generated from payment services processing and other processing activities by Transact24 and Masterpayment are included in this segment. During the year ended June 30, 2019 and 2018, the operating segment incurred a goodwill impairment loss of $ 7.0 19.9 The Financial inclusion and applied technologies segment derives revenue from the provision of short-term loans as a principal and the provision of bank accounts, as a fixed monthly fee per account is charged for the maintenance of these accounts. This segment also includes fee income and associated expenses from merchants and card holders using the Company's merchant acquiring system, the sale of prepaid products (electricity and airtime) as well as the sale of hardware and software. Finally, the Company earns premium income from the sale of life insurance products through its insurance business. DNI was acquired on June 30, 2018, and has been allocated to the Financial inclusion and applied technologies segment. DNI contributed to segment performance for the first nine months of the year ended June 30, 2019. DNI did not contribute to segment performance during the last three months of the year ended June 30, 2019 and during the year ended June 30, 2018. DNI primarily derives revenue from fees generated through the distribution of starter packs and, to a less extent, from interest income earned through the provision of financing to Cell C in order for it to expand components of Cell C's telecommunications infrastructure in South Africa. During the year ended June 30, 2019, the operating segment incurred a goodwill impairment loss of $6.2 million (refer to Note 10). Corporate/eliminations includes the Company's head office cost center and the amortization of acquisition-related intangible assets. The $ 5.3 8.0 The reconciliation of the reportable segments revenue to revenue from external customers for the years ended June 30, 2019, 2018 and 2017, respectively, is as follows: Revenue Corporate/ From Reportable Eliminations Inter- external Segment (Note 13) segment customers South African transaction processing $ 96,038 $ - $ 6,990 $ 89,048 International transaction processing 148,268 - - 148,268 Financial inclusion and applied technologies 146,184 - 2,801 143,383 Reportable segments 390,490 - 9,791 380,699 Corporate/Eliminations – revenue refund - (19,709 ) - (19,709 ) Total for the year ended June 30, 2019 $ 390,490 ($ 19,709 ) $ 9,791 $ 360,990 South African transaction processing $ 268,047 $ - $ 29,949 $ 238,098 International transaction processing 180,027 - - 180,027 Financial inclusion and applied technologies 221,906 - 27,142 194,764 Total for the year ended June 30, 2018 $ 669,980 $ - $ 57,091 $ 612,889 South African transaction processing $ 249,144 $ - $ 24,518 $ 224,626 International transaction processing 176,729 - - 176,729 Financial inclusion and applied technologies 235,901 - 27,190 208,711 Total for the year ended June 30, 2017 $ 661,774 $ - $ 51,708 $ 610,066 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 expenses allocated to Corporate/Eliminations, all under GAAP. The reconciliation of the reportable segments measure of profit or loss to (loss) income before income taxes for the years ended June 30, 2019, 2018 and 2017, respectively, is as follows: For the years ended June 30, 2019 (1) 2018 2017 Reportable segments measure of profit or loss $ (42,692 ) $ 85,690 $ 130,799 Operating loss: Corporate/Eliminations (70,816 ) (26,741 ) (33,756 ) Change in fair value of equity securities (167,459 ) 32,473 - Loss on disposal of DNI (5,771 ) - - Interest income 7,229 17,885 20,897 Interest expense (10,724 ) (8,941 ) (3,484 ) Impairment of Cedar Cellular note (12,793 ) - - (Loss) Income before income taxes $ (303,026 ) $ 100,366 $ 114,456 (1) - Operating loss: Corporate/Eliminations includes $ 34.0 The following tables summarize segment information for the years ended June 30, 2019, 2018 and 2017: For the years ended June 30, 2019 2018 2017 Revenues South African transaction processing $ 96,038 $ 268,047 $ 249,144 International transaction processing 148,268 180,027 176,729 Financial inclusion and applied technologies 146,184 221,906 235,901 Continuing 89,847 221,906 235,901 Discontinued 56,337 - - Total 390,490 669,980 661,774 Continuing 334,153 669,980 661,774 Discontinued 56,337 - - Operating income (loss) South African transaction processing (1) (30,771 ) 42,796 59,309 International transaction processing 2,837 (12,478 ) 13,705 Financial inclusion and applied technologies (1) (14,758 ) 55,372 57,785 Continuing (1) (39,158 ) 55,372 57,785 Discontinued 24,400 - - Subtotal: Operating segments (42,692 ) 85,690 130,799 Corporate/Eliminations (70,816 ) (26,741 ) (33,756 ) Continuing (58,097 ) (22,127 ) (33,756 ) Discontinued (12,719 ) (4,614 ) - Total (1) (113,508 ) 58,949 97,043 Continuing (1) (125,189 ) 63,563 97,043 Discontinued 11,681 (4,614 ) - Depreciation and amortization South African transaction processing 3,612 4,625 4,614 International transaction processing 9,962 17,627 21,366 Financial inclusion and applied technologies 1,968 1,441 1,422 Continuing 1,355 1,441 1,422 Discontinued 613 - - Subtotal: Operating segments 15,542 23,693 27,402 Corporate/Eliminations 21,807 11,791 13,976 Continuing 14,394 11,791 13,976 Discontinued 7,413 - - Total 37,349 35,484 41,378 Continuing 29,323 35,484 41,378 Discontinued 8,026 - - Expenditures for long-lived assets South African transaction processing 3,590 3,988 2,473 International transaction processing 3,607 4,397 7,745 Financial inclusion and applied technologies 2,219 1,264 977 Continuing 1,488 1,264 977 Discontinued 731 - - Subtotal: Operating segments 9,416 9,649 11,195 Corporate/Eliminations - - - Total 9,416 9,649 11,195 Continuing 8,685 9,649 11,195 Discontinued $ 731 $ - $ - (1) South African transaction processing and Financial inclusion and applies technologies include retrenchment costs for the year ended June 30, 2019, of: $ 4,665 1,604 6,269 The segment information as reviewed by the chief operating decision maker does not include a measure of assets per segment as all of the significant assets are used in the operations of all, rather than any one, of the segments. The Company does not have dedicated assets assigned to a particular operating segment. Accordingly, it is not meaningful to attempt an arbitrary allocation and segment asset allocation is therefore not presented. Geographic Information Long-lived assets based on the geographic location for the years ended June 30, 2019, 2018 and 2017, are presented in the table below: Long-lived assets 2019 2018 2017 (as (as restated A ) restated B ) South Africa $ 143,924 $ 496,442 $ 72,443 South Korea 149,390 177,388 192,473 Rest of world 83,972 116,643 77,723 Total $ 377,286 $ 790,473 $ 342,639 (A) The South Africa and total amounts have been restated by $ 1,976 (B) The South Africa and total amounts have been restated by $ 1,927 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 22. COMMITMENTS AND CONTINGENCIES Operating lease commitments The Company leases certain premises. At June 30, 2019, the future minimum payments under operating leases consist of: Due within 1 year $ 6,010 Due within 2 years $ 2,654 Due within 3 years $ 1,122 Due within 4 years $ 518 Due within 5 years $ - Operating lease payments related to premises and equipment were $ 12.1 10.7 9.8 Capital commitments As of June 30, 2019 and 2018, the Company had outstanding capital commitments of approximately $ 2.0 1.1 Purchase obligations As of June 30, 2019 and 2018, the Company had purchase obligations totaling $ 3.5 5.6 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 93.6 6.6 93.6 6.6 0.4 1.94 The Company has not recognized any obligation related to these counter-guarantees in its consolidated balance sheet as of June 30, 2019. The maximum potential amount that the Company could pay under these guarantees is ZAR 93.6 6.6 Contingencies The Company is subject to a variety of insignificant claims and suits that arise from time to time in the ordinary course of business. Management currently believes that the resolution of these other matters, individually or in the aggregate, will not have a material adverse impact on the Company's financial position, results of operations or cash flows. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 23. RELATED PARTY TRANSACTIONS Transact24 had an existing relationship in place between itself and a company controlled by the spouse of Transact24's Managing Director at the time of the Transact24 acquisition during the year ended June 30, 2016. This arrangement therefore was also in place before the Managing Director became an executive officer of the Company. This relationship was disclosed to the Company during the due diligence process and has been considered by the Company's management to be critical to the ongoing operations of Transact24. The company controlled by the spouse of the managing director performs transaction processing and Transact24 provides technical and administration services to the company. The Company has recorded revenue of approximately $ 0.4 4.4 4.2 0.1 0.3 1.6 No 0.2 accounts receivable, net and other receivables as of June 30, 2018. DNI leased a building that was owned by a company in which Mr. A.J. Dunn, DNI's Chief Executive Officer, has a direct shareholding of 16 1.0 |
Unaudited Quarterly Results
Unaudited Quarterly Results | 12 Months Ended |
Jun. 30, 2019 | |
Unaudited Quarterly Results [Abstract] | |
Unaudited Quarterly Results | 24. UNAUDITED QUARTERLY RESULTS The following tables contain selected unaudited consolidated statements of operations information for each quarter of fiscal 2019 and 2018: Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2019 2019 2018 2018 2019 (In thousands except per share data) Revenue $ 51,472 $ 86,484 $ 97,150 $ 125,884 $ 360,990 Continuing (Q4 includes $ 19,709 51,472 68,642 77,442 107,097 304,653 Discontinued - 17,842 19,708 18,787 56,337 Operating income (49,646 ) (21,683 ) (43,075 ) 896 (113,508 ) Continuing (49,646 ) (22,356 ) (48,901 ) (4,286 ) (125,189 ) Discontinued - 673 5,826 5,182 11,681 Net income attributable to Net1 (183,694 ) (54,784 ) (63,941 ) (5,199 ) (307,618 ) Continuing (183,694 ) (50,299 ) (65,469 ) (7,145 ) (306,607 ) Discontinued $ - $ (4,485 ) $ 1,528 $ 1,946 $ (1,011 ) Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders ($ 3.23 ) ($ 0.96 ) ($ 1.13 ) ($ 0.09 ) ($ 5.42 ) Continuing ($ 3.23 ) ($ 0.88 ) ($ 1.16 ) ($ 0.12 ) ($ 5.40 ) Discontinued $ 0.00 ($ 0.08 ) $ 0.03 $ 0.03 ($ 0.02 ) Diluted earnings attributable to Net1 shareholders . ($ 3.23 ) ($ 0.96 ) ($ 1.12 ) ($ 0.09 ) ($ 5.42 ) Continuing ($ 3.23 ) ($ 0.88 ) ($ 1.15 ) ($ 0.13 ) ($ 5.40 ) Discontinued $ 0.00 ($ 0.08 ) $ 0.03 $ 0.03 ($ 0.02 ) Three months ended Jun 30, Mar 31, Dec 31, Sep 30, Year ended 2018 2018 2017 2017 June 30, (as 2018 restated A ) (as restated A ) (In thousands except per share data) Revenue $ 149,194 $ 162,721 $ 148,416 $ 152,558 $ 612,889 Continuing 149,194 162,721 148,416 152,558 612,889 Discontinued - - - - - Operating income 10,072 7,564 16,307 25,006 58,949 Continuing 14,686 7,564 16,307 25,006 63,563 Discontinued (4,614 ) - - - (4,614 ) Net income attributable to Net1 2,766 32,375 9,622 19,483 64,246 Continuing 5,577 29,084 8,576 18,618 61,855 Discontinued $ (2,811 ) $ 3,291 $ 1,046 $ 865 $ 2,391 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.05 $ 0.57 $ 0.17 $ 0.34 $ 1.13 Continuing $ 0.10 $ 0.51 $ 0.15 $ 0.32 $ 1.09 Discontinued $ (0.05 ) $ 0.06 $ 0.02 $ 0.02 $ 0.04 Diluted earnings attributable to Net1 shareholders . $ 0.05 $ 0.57 $ 0.17 $ 0.34 $ 1.13 Continuing $ 0.10 $ 0.51 $ 0.15 $ 0.32 $ 1.09 Discontinued $ (0.05 ) $ 0.06 $ 0.02 $ 0.02 $ 0.04 (A) Certain amounts have been restated to correct the misstatement discussed in Note 1. The impact of the restatement for the year ended June 30, 2018, has been recorded during the three months ended June 30, 2018. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Jun. 30, 2019 | |
Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of consolidation The financial statements of entities which are controlled by Net1, referred to as subsidiaries, are consolidated. Inter-company accounts and transactions are eliminated upon consolidation. The Company, if it is the primary beneficiary, consolidates entities which are considered to be variable interest entities ("VIE"). The primary beneficiary is considered to be the entity that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. No |
Business Combinations | Business combinations The Company accounts for its business acquisitions under the acquisition method of accounting. The total value of the consideration paid for acquisitions is allocated to the underlying net assets acquired, based on their respective estimated fair values. The Company uses a number of valuation methods to determine the fair value of assets and liabilities acquired, including discounted cash flows, external market values, valuations on recent transactions or a combination thereof, and believes that it uses the most appropriate measure or a combination of measures to value each asset or liability. The Company recognizes measurement-period adjustments in the reporting period in which the adjustment amounts are determined. |
Use Of Estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Translation Of Foreign Currencies | Translation of foreign currencies The primary functional currency of the consolidated entities is the South African Rand ("ZAR") and its reporting currency is the U.S. dollar. The Company also has consolidated entities which have other currencies, primarily South Korean won ("KRW"), as their functional currency. Assets and liabilities are translated at the exchange rates in effect at the balance sheet date. Revenues and expenses are translated at average rates for the period. Translation gains and losses are reported in accumulated other comprehensive income in total equity. Foreign exchange transactions are translated at the spot rate ruling at the date of the transaction. Monetary items are translated at the closing spot rate at the balance sheet date. Transactional gains and losses are recognized in selling, general and administration expense on the Company's consolidated statement of operations for the period. |
Cash, Cash Equivalents And Restricted Cash | Cash, cash equivalents and restricted cash Cash and cash equivalents include cash on hand and funds deposited in bank accounts with financial institutions that are liquid, unrestricted and readily available. Cash that is restricted as to use is classified as restricted cash and includes cash drawn under the Company's borrowings and used to fund its ATMs. |
Allowance For Doubtful Accounts Receivable | Allowance for doubtful accounts receivable Allowance for doubtful finance loans receivable The Company regularly reviews the ageing of outstanding amounts due from borrowers and adjusts the allowance based on management's estimate of the recoverability of the finance loans receivable. The Company writes off microlending finance loans receivable and related service fees if a borrower is in arrears with repayments for more than three months or dies. The Company writes off working capital finance receivables and related fees when it is evident that reasonable recovery procedures, including where deemed necessary, formal legal action, have failed. Allowance for doubtful accounts receivable A specific provision is established where it is considered likely that all or a portion of the amount due from customers renting point of sale ("POS") equipment, receiving support and maintenance or transaction services or purchasing licenses from the Company will not be recovered. Non-recoverability is assessed based on a review by management of the ageing of outstanding amounts, the location of the customer and the payment history in relation to those specific amounts. |
Inventory | Inventory Inventory is valued at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis and includes transport and handling costs. |
Leasehold Improvement Costs | Leasehold improvement costs Costs incurred in the adaptation of leased properties to serve the requirements of the Company are capitalized and amortized over the shorter of the estimated useful life of the asset and the remaining term of the lease. |
Property, Plant And Equipment | Property, plant and equipment Property, plant and equipment are shown at cost less accumulated depreciation. Property, plant and equipment are depreciated on the straight-line basis at rates which are estimated to amortize the assets to their anticipated residual values over their useful lives. Within the following asset classifications, the expected economic lives are approximately: Computer equipment 3 to 8 years Office equipment 2 to 10 years Vehicles 3 to 8 years Furniture and fittings 3 to 10 years Buildings and structures 8 to 30 years The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in income. |
Equity-Accounted Investments | Equity-accounted investments The Company uses the equity method to account for investments in companies when it has significant influence but not control over the operations of the company. Under the equity method, the Company initially records the investment at cost and thereafter adjusts the carrying value of the investment to recognize the proportional share of the equity-accounted company's net income or loss. In addition, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee is added to the current basis of the Company's previously held interest and the equity method would be applied subsequently from the date on which the Company obtains the ability to exercise significant influence over the investee. Any unrealized holding gains or losses in accumulated other comprehensive income related to an available for sale security that is subsequently required to be accounted for utilizing the equity method are recognized in earnings as of the date on which the investment qualifies for the equity method. The Company does not recognize cumulative losses in excess of its investment or loans in an equity-accounted investment except if it has an obligation to provide additional financial support. Dividends received from an equity-accounted investment reduce the carrying value of the Company's investment. The Company 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 Company reviews its equity-accounted investments for impairment whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price of an acquired enterprise over the fair values of the identifiable assets acquired and liabilities assumed. The Company tests for impairment of goodwill on an annual basis and at any other time if events or circumstances change that would more likely than not reduce the fair value of the reporting unit goodwill below its carrying amount. Circumstances that could trigger an impairment test include but are not limited to: a significant adverse change in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; and results of testing for recoverability of a significant asset group within a reporting unit. If goodwill is allocated to a reporting unit and the carrying amount of the reporting unit exceeds the fair value of that reporting unit, an impairment loss is recorded in the statement of operations. Measurement of the fair value of a reporting unit is based on one or more of the following fair value measures: the amount at which the unit as a whole could be bought or sold in a current transaction between willing parties; present value techniques of estimated future cash flows; or valuation techniques based on multiples of earnings or revenue, or a similar performance measure. |
Intangible Assets | Intangible assets Intangible assets are shown at cost less accumulated amortization. Intangible assets are amortized over the following useful lives: Customer relationships 1 to 15 years Software and unpatented technology 3 to 5 years FTS patent 10 years Exclusive licenses 7 years Trademarks 3 to 20 years Intangible assets are periodically evaluated for recoverability, and those evaluations take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists. |
Debt And Equity Securities | Debt and equity securities Debt securities The Company is required to classify all applicable debt securities as either trading securities, available-for-sale or held to maturity upon investment in the security. Trading Debt securities acquired by the Company which it intends to sell in the short-term are classified as trading securities and are initially measured at fair value. These debt securities are subsequently measured at fair value and realized and unrealized gains and losses from these trading securities are included in the Company's consolidated statement of operations. Classification of a debt security as a trading security is not precluded simply because the Company does not intend to sell the security in the short term. The Company had no Available for sale Debt securities acquired by the Company that have readily determinable fair values are classified as available for sale if the Company has not classified them as trading securities or if it does not have the ability or positive intent to hold the debt security until maturity. The Company is required to make an election to account for these debt securities as available for sale. These available for sale debt securities are initially measured at fair value. These debt securities are subsequently measured at fair value with unrealized gains and losses from available for sale investments in debt securities reported as a separate component of accumulated other comprehensive income, net of deferred income taxes, in shareholders' equity. The Company had no debt securities that were classified as available for sale securities as of June 30, 2019 and 2018, respectively. Held to maturity Debt securities acquired by the Company which it has the ability and the positive intent to hold to maturity are classified as held to maturity debt securities. The Company is required to make an election to classify these debt securities as held to maturity and these securities are carried at amortized cost. The amortized cost of held to maturity debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest received from the held to maturity security together with this amortization is included in interest income in the Company's consolidated statement of operations. The Company had a held to maturity security as of June 30, 2019 and 2018, respectively, refer to Note 9. Impairment of debt securities The Company's available for sale and held to maturity debt securities with unrealized losses are reviewed quarterly to identify other-than-temporary impairments in value. With regard to available for sale and held to maturity debt securities, the Company considers (i) the ability and intent to hold the debt security for a period of time to allow for recovery of value (ii) whether it is more likely than not that the Company will be required to sell the debt security; and (iii) whether it expects to recover the entire amortized cost basis of the debt security. The Company records an impairment loss in its consolidated statement of operations representing the difference between the debt securities carrying value and the current fair value as of the date of the impairment if the Company determines that it intends to sell the debt security or if that it is more likely than not that it will be required to sell the debt security before recovery of the amortized cost basis. However, an impairment loss is considered to have occurred if the Company determines that it does not intend to sell the debt security or that it is more likely than not that it will not be required to sell the debt security before the recovery of the amortized cost basis. In this instance, the impairment loss is split between a credit loss and a non-credit loss. The credit loss portion, which is measured as the difference between the debt security's cost basis and the present value of expected future cash flows, is recognized in the Company's consolidated statement of operations. The non-credit loss portion, which is measured as the difference between the debt security's cost basis and its current fair value, is recognized in other comprehensive income, net of applicable taxes. Equity securities Equity securities are measured at fair value. Changes in the fair value of equity securities are recorded in the Company's consolidated statement of operations within the caption titled "change in fair value of equity securities". The Company may elect to measure equity securities without readily determinable fair values at its 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 ("cost minus changes in observable prices equity securities"). There were no changes in the fair value of our cost minus changes in observable prices equity securities during the year ended June 30, 2019. The Company performs a qualitative assessment on a quarterly basis and recognizes an impairment loss if there are sufficient indicators that the fair value of the equity security is less than its carrying value. |
Policy Reserves And Liabilities | Policy reserves and liabilities Reserves for policy benefits and claims payable The Company determines its reserves for policy benefits under its life insurance products using a model which estimates claims incurred that have not been reported and total present value of disability claims-in-payment at the balance sheet date. This model allows for best estimate assumptions based on experience (where sufficient) plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The best estimate assumptions include (i) mortality and morbidity assumptions reflecting the company's most recent experience and (ii) claim reporting delays reflecting Company specific and industry experience. Most of the disability claims-in-payment reserve is reinsured and the reported values were based on the reserve held by the relevant reinsurer. The values of matured guaranteed endowments are increased by late payment interest (net of the asset management fee and allowance for tax on investment income). Deposits on investment contracts For the Company's interest-sensitive life contracts, liabilities approximate the policyholder's account value . |
Reinsurance Contracts Held | Reinsurance contracts held The Company enters into reinsurance contracts with reinsurers under which the Company is compensated for the entire amount or a portion of losses arising on one The expected benefits to which the Company is entitled under its reinsurance contracts held are recognized as reinsurance assets. These assets consist of short-term balances due from reinsurers (classified within Accounts receivable, net and other receivables) as well as long-term receivables (classified within other long-term assets) that are dependent on the expected claims and benefits arising under the related reinsurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance contract. Reinsurance assets are assessed for impairment at each balance sheet date. If there is reliable objective evidence that amounts due may not be recoverable, the Company reduces the carrying amount of the reinsurance asset to its recoverable amount and recognizes that impairment loss in its consolidated statement of operations. Reinsurance premiums are recognized when due for payment under each reinsurance contract. |
Redeemable Common Stock | Redeemable common stock Common stock that is redeemable (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder, or (3) upon the occurrence of an event that is not solely within the control of Company is presented outside of total Net1 equity (i.e. permanent equity). Redeemable common stock is initially recognized at issuance date fair value and the Company does not adjust the issuance date fair value if redemption is not probable. The Company re-measures the redeemable common stock to the maximum redemption amount at the balance sheet date once redemption is probable. Reduction in the carrying amount of the redeemable common stock is only appropriate to the extent that the Company has previously recorded increases in the carrying amount of the redeemable equity instrument as the redeemable common stock may be not be carried at an amount that is less the initial amount reported outside of permanent equity. Redeemable common stock is reclassified as permanent equity when presentation outside permanent equity is no longer required (if, for example, a redemption feature lapses, or there is a modification of the terms of the instrument). The existing carrying amount of the redeemable common stock is reclassified to permanent equity at the date of the event that caused the reclassification and prior period consolidated financial statements are not adjusted. |
Revenue Recognition | Revenue recognition The Company recognizes revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. Nature of products and services 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 volume of transactions performed by the customer. Revenue is recognized on the completion of the processed transaction. 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 the right to use certain technology developed by the Company and the associated revenue 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. Welfare benefit distribution fees The Company 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 Through DNI, the Company entered into contracts with mobile networks in South Africa to distribute subscriber identity modules ("SIM") cards on their behalf. The Company was 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 had been met as well as when it was 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. As described in Note 3, the Company disposed of its controlling interest in DNI on March 31, 2019. 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 the volume of airtime sold. Significant judgments and estimates The Company was subject to a court process regarding the determination of the price to be charged for welfare benefit distribution services provided from April 1, 2018 to September 30, 2018. In December 2018, the Constitutional Court of South Africa clarified that it was not required to ratify the price and stated that the parties should reach an agreement on the price, failing which they should approach the lower courts in South Africa. The Company has initiated discussions with SASSA, but the parties had not reached an agreement as of June 30, 2019, regarding the pricing for services provided through 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 provided in March 2018 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 on July 1, 2018, the Company determined that it was unable to estimate the amount of revenue that it is entitled to receive because no agreement with SASSA had been reached at that date. Accordingly, the Company has not recorded any additional revenue during the year ended June 30, 2019, related to the price to be charged for welfare benefit distribution services provided through September 30, 2018. The Company recorded revenue at the rate specified in the contract. The Company expects to record any additional revenue once there is agreement between the Company and SASSA on the fee. 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. |
Research And Development Expenditure | Research and development expenditure Research and development expenditure is charged to net income in the period in which it is incurred. During the years ended June 30, 2019, 2018 and 2017, the Company incurred research and development expenditures of $ 2.6 1.8 2.0 |
Computer Software Development | Computer software development Product development costs in respect of software intended for sale to licensees are expensed as incurred until technological feasibility is attained. Technological feasibility is attained when the Company's software has completed system testing and has been determined to be viable for its intended use. The time between the attainment of technological feasibility and completion of software development is generally short with immaterial amounts of development costs incurred during this period. Costs in respect of the development of software for the Company's internal use are expensed as incurred, except to the extent that these costs are incurred during the application development stage. All other costs including those incurred in the project development and post-implementation stages are expensed as incurred. |
Income Taxes | Income taxes The Company provides for income taxes using the asset and liability method. This approach recognizes the amount of taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequence of events recognized in the financial statements and tax returns. Deferred income taxes are adjusted to reflect the effects of changes in tax laws or enacted tax rates. The Company measured its South African income taxes and deferred income taxes for the years ended June 30, 2019, 2018 and 2017, using the enacted statutory tax rate in South Africa of 28 In establishing the appropriate deferred tax asset valuation allowances, the Company assesses the realizability of its deferred tax assets, and based on all available evidence, both positive and negative, determines whether it is more likely than not that the deferred tax assets or a portion thereof will be realized. Reserves for uncertain tax positions are recognized in the financial statements for positions which are not considered more likely than not of being sustained based on the technical merits of the position on audit by the tax authorities. For positions that meet the more likely than not standard, the measurement of the tax benefit recognized in the financial statements is based upon the largest amount of tax benefit that, in management's judgement, is greater than 50 The Company has elected the period cost method and records U.S. inclusions in taxable income related to global intangible low taxed income ("GILTI") as a current-period expense when incurred. |
Stock-Based Compensation | Stock-based compensation Stock-based compensation represents the cost related to stock-based awards granted. The Company measures equity-based stock-based compensation cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. In respect of awards with only service conditions that have a graded vesting schedule, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. The forfeiture rate is estimated using historical trends of the number of awards forfeited prior to vesting. The expense is recorded in the statement of operations and classified based on the recipients' respective functions. The Company records deferred tax assets for awards that result in deductions on the Company's income tax returns, based on the amount of compensation cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in taxation expense in the statement of operations. |
Equity Instruments Issued To Third Parties | Equity instruments issued to third parties Equity instruments issued to third parties represents the cost related to equity instruments granted. The Company measures this cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. The forfeiture rate is estimated based on the Company's expectation of the number of awards that will be forfeited prior to vesting. The Company records deferred tax assets for equity instrument awards that result in deductions on the Company's income tax returns, based on the amount of equity instrument cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in the statement of operations. |
Settlement Assets And Settlement Obligations | Settlement assets and settlement obligations Settlement assets comprise (1) cash received from credit card companies (as well as other types of payment services) which have business relationships with merchants selling goods and services via the internet that are the Company's customers and on whose behalf it processes the transactions between various parties, (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, and (3) cash received from the South African government that the Company holds pending disbursement to recipient cardholders of social welfare grants. Settlement obligations comprise (1) amounts that the Company is obligated to disburse to merchants selling goods and services via the internet that are the Company's customers and on whose behalf it processes the transactions between various parties and settles the funds from the credit card companies to the Company's merchant customers, (2) amounts that the Company is obligated to pay to customer employees, payroll-related payees and other payees designated by the customer, and amounts that the Company is obligated to disburse to recipient cardholders of social welfare grants. The balances at each reporting date may vary widely depending on the timing of the receipts and payments of these assets and obligations. |
Recent Accounting Pronouncements Adopted | Recent accounting pronouncements adopted In 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 were permitted 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. 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. 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 Non-employee 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 June 30, 2019 | Recent accounting pronouncements not yet adopted as of June 30, 2019 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. The Company expects to record a right-of-use asset and lease liability of $7.0 million in its consolidated balance sheet on adoption based on its lease portfolio as of June 30, 2019. The Company does not expect a material impact on its consolidated statement of operations and expects to make an election to adopt the modified retrospective approach lease guidance on adoption and therefore prior periods will not be adjusted and the Company will recognize, if required, a cumulative-effect adjustment to opening retained earnings as of July 1, 2019. The Company also expects to apply the package of three practical expedients available, which include the following (i) an entity need not reassess expired or existing contracts are or contain leases (ii) an entity need not reassess the lease classification for any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also expects to make elections to not recognize right-of-use assets and lease liabilities for leases with a term of less than twelve months and to account for all components in a lease arrangement as a single combined lease component. 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 and related disclosures. 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. |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Description Of Business And Basis Of Presentation [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) Equity-accounted investments $ 87,992 $ (1,976 ) $ 86,016 Total assets 1,219,290 (1,976 ) 1,217,314 Deferred tax liabilities 16,510 (443 ) 16,067 Total liabilities 373,188 (443 ) 372,745 Accumulated other comprehensive loss (184,436 ) (102 ) (184,538 ) Retained earnings 837,625 (1,431 ) 836,194 Total equity $ 738,430 $ (1,533 ) $ 736,897 Consolidated statement of operations Year ended June 30, 2018 As As reported Correction restated (in thousands, except per share data) Income tax expense $ 48,627 $ (30 ) $ 48,597 Net income before earnings from equity-accounted investments 51,739 30 51,769 Earnings from equity-accounted investments 11,730 (133 ) 11,597 Net income 63,469 (103 ) 63,366 Net income attributable to Net1 $ 64,349 $ (103 ) $ 64,246 Net income per share, in United States dollars: Basic earnings attributable to Net1 shareholders $ 1.13 $ (0.00 ) $ 1.13 Diluted earnings attributable to Net1 shareholders $ 1.13 $ (0.00 ) $ 1.13 Year ended June 30, 2017 As As reported Correction restated (in thousands, except per share data) Income tax expense $ 42,472 $ 34 $ 42,506 Net income before earnings from equity-accounted investments 71,984 (34 ) 71,950 Earnings from equity-accounted investments 2,664 150 2,814 Net income 74,648 116 74,764 Net income attributable to Net1 $ 72,954 $ 116 $ 73,070 Net income per share, in United States dollars: Basic earnings attributable to Net1 shareholders $ 1.34 $ 0.00 $ 1.34 Diluted earnings attributable to Net1 shareholders $ 1.33 $ 0.00 $ 1.33 Consolidated statement of comprehensive (loss) income Year ended June 30, 2018 As As reported Correction restated (in thousands) Net income $ 63,469 $ (103 ) $ 63,366 Movement in foreign currency translation reserve (19,539 ) 65 (19,474 ) Total other comprehensive (loss) income (21,965 ) 65 (21,900 ) Comprehensive income 41,504 (38 ) 41,466 Comprehensive income attributed to Net1 $ 42,482 $ (38 ) $ 42,444 Year ended June 30, 2017 As As reported Correction restated (in thousands) Net income $ 74,648 $ 116 $ 74,764 Movement in foreign currency translation reserve 30,466 (175 ) 30,291 Total other comprehensive income (loss) 27,769 (175 ) 27,594 Comprehensive income 102,417 (59 ) 102,358 Comprehensive income attributed to Net1 $ 100,085 $ (59 ) $ 100,026 Consolidated statement of changes in equity Accumulated other Retained comprehensive earnings loss (in thousands) As reported – July 1, 2016 $ 700,322 $ (189,700 ) Correction of misstatement (1,444 ) 8 As restated – July 1, 2016 $ 698,878 $ (189,692 ) As reported – June 30, 2017 $ 773,276 $ (162,569 ) Correction of misstatement (1,328 ) (167 ) As restated – June 30, 2017 $ 771,948 $ (162,736 ) As reported – June 30, 2018 $ 837,625 $ (184,436 ) Correction of misstatement (1,431 ) (102 ) As restated – June 30, 2018 $ 836,194 $ (184,538 ) Consolidated statement of cash flows Year ended June 30, 2018 As As reported Correction restated (in thousands) Net income $ 63,469 $ (103 ) $ 63,366 Earnings from equity-accounted investment (11,730 ) 133 (11,597 ) Increase (Decrease) in deferred taxes 5,966 (30 ) 5,936 Net cash provided by operating activities $ 132,305 $ - $ 132,305 Year ended June 30, 2017 As As reported Correction restated (in thousands) Net income $ 74,648 $ 116 $ 74,764 Earnings from equity-accounted investment (2,664 ) (150 ) (2,814 ) Increase (Decrease) in deferred taxes (220 ) 34 (186 ) Net cash provided by operating activities $ 97,161 $ - $ 97,161 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Significant Accounting Policies [Abstract] | |
Schedule Of Property Plant And Equipment Expected Economic Lives | Computer equipment 3 to 8 years Office equipment 2 to 10 years Vehicles 3 to 8 years Furniture and fittings 3 to 10 years Buildings and structures 8 to 30 years |
Schedule Of Intangible Assets Useful Lives | Customer relationships 1 to 15 years Software and unpatented technology 3 to 5 years FTS patent 10 years Exclusive licenses 7 years Trademarks 3 to 20 years |
Acquisitions And Dispositions (
Acquisitions And Dispositions (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Business Acquisition [Line Items] | |
Schedule Of Cash Paid Net Of Cash Received Related To Company Acquisitions | 2018 2017 DNI (1) $ 6,202 $ - Ceevo Financial Services (Malta) Limited ("Ceevo FS") - 2,940 Pros Software Proprietary Limited ("Pros Software") - 1,711 Total cash paid, net of cash received $ 6,202 $ 4,651 (1) – represents the cash paid, net of cash acquired, to acquire a further 6% voting and economic interest, which resulted in the Company obtaining a controlling stake in DNI. As described below, the acquisition of DNI occurred in stages and DNI was accounted for using the equity method until June 30, 2018, being the point at which the Company obtained control over DNI. The total cash paid, net of cash acquired, to obtain a 55% voting and economic interest in DNI was $85.7 million. |
Impact Of Deconsolidation Of DNI And Calculation Of Net Loss Recognized On Deconsolidation | Equity method as of June 30, 2019 Attributed 30% to non- 17% 8% retained controlling Total sold sold interest interest Fair value of consideration received $ 27,626 $ 27,626 $ - $ - $ - Fair value of retained interest of 30% in DNI (1) 74,195 - 14,849 59,346 - Carrying value of non-controlling interest 88,934 - - - 88,934 Subtotal 190,755 27,626 14,849 59,346 88,934 Cash and cash equivalents 2,114 354 158 633 969 Accounts receivable, net and other receivables 24,577 4,116 1,841 7,358 11,262 Finance loans receivable, net 1,030 173 77 308 472 Inventory 893 149 66 268 410 Property, plant and equipment, net 1,265 212 95 379 579 Equity-accounted investments (Note 9) 242 41 19 72 110 Goodwill (Note 10) 113,003 18,924 8,466 33,834 51,779 Intangible assets, net 80,769 13,526 6,051 24,183 37,009 Deferred income taxes 28 5 2 8 13 Other long-term assets 26,553 4,447 1,989 7,950 12,167 Accounts payable (5,186 ) (868 ) (389 ) (1,553 ) (2,376 ) Other payables (2) (16,484 ) (2,760 ) (1,235 ) (4,936 ) (7,553 ) Income taxes payable (2,482 ) (416 ) (186 ) (743 ) (1,137 ) Deferred income taxes (22,083 ) (3,698 ) (1,654 ) (6,612 ) (10,119 ) Long-term debt (Note 12) (10,150 ) (1,700 ) (760 ) (3,039 ) (4,651 ) Released from accumulated other comprehensive loss – foreign currency translation reserve (Note 15) 1,806 1,806 - - - Less: March 31, 2019, carrying value of DNI 195,895 34,311 14,540 58,110 88,934 March 2019 loss recognized on disposal, before tax, comprising (5,140 ) (6,685 ) 309 1,236 Related to fair value adjustment of retained interest in 38% of DNI 1,545 - 309 1,236 Related to sale of 17% of DNI (6,685 ) (6,685 ) - - Taxes related to disposal (3) - 505 (3,836 ) 3,331 Loss recognized on disposal, after tax, as of March 2019 = A $ (5,140 ) $ (7,190 ) $ 4,145 $ (2,095 ) May 3, 2019 fair value of consideration received $ 15,011 $ - $ 15,011 $ - Less: equity-method interest sold (Note 9) (14,996 ) - (14,996 ) - Less: released from accumulated other comprehensive loss – foreign currency translation reserve (Note 15) (646 ) - (646 ) - May 2019 loss recognized on disposal, before tax (631 ) - (631 ) - Taxes related to disposal (4) - - - - Loss recognized on disposal, after tax, as of May 3, 2019 = B (631 ) - (631 ) - Loss on disposal of DNI (A + B) $ (5,771 ) $ (7,190 ) $ 3,514 $ (2,095 ) (1) The fair value of the retained interest in 38% of DNI as of March 31, 2019, of $74.2 million ($14.9 million plus $59.3 million) has been calculated using the implied fair value of DNI pursuant to the RMB Disposal and has been calculated as ZAR 215.0 million divided by 7.605235% multiplied by 38%, translated to dollars at the March 31, 2019, rate of exchange. (2) Other payables include a short-term loan of ZAR 60.5 million ($4.3 million, translated at exchange rates applicable as of June 30, 2019) due to the Company. The short-term loan is included in accounts receivable, net and other receivables on the Company's consolidated balance sheet as of June 30, 2019. The loan was repaid in full on July 31, 2019. Interest on the loan was charged at the South African prime rate. (3) Amounts presented are net of a valuation allowance provided. The disposal of DNI resulted in a capital loss for tax purposes of approximately $1.5 million and the Company has provided a valuation allowance of $1.5 million against this capital loss because it does not have any capital gains to offset against this amount. On an individual basis, the transaction to dispose of 17% of DNI resulted in a capital gain of $0.5 million and the re-measurement of the retained 38% interest has resulted in a capital loss of $2.0 million ($5.3 million (8% transaction) less $3.3 million (30% transaction)). The valuation allowance of $1.5 million has been provided against the $5.3 million, for a net amount presented in the table above of $3.8 million ($5.3 million less $1.5 million). (4) The disposal of the 8% interest in DNI resulted in a capital loss for tax purposes of approximately $23.9 million and the Company has provided a valuation allowance of $23.9 million against this capital loss because it does not have any capital gains to offset against this amount. |
Schedule Of Revenues And Expenses After DNI Disposal Transaction | Year ended June 30, 2019 Revenue generated from transactions with DNI $ - Expenses incurred related to transactions with DNI $ 63 |
Impact Of Deconsolidation Of DNI On Statement Of Operations And Statement Of Cash Flows | DNI Year ended June 30, 2019 2018 2017 Consolidated statement of operations Discontinued: Revenue $ 56,337 $ - $ - Cost of goods sold, IT processing, servicing and support 27,667 - - Selling, general and administration 4,295 - - Depreciation and amortization 8,026 - - Impairment loss 5,305 - - Operating income 11,044 - - Interest income 707 - - Interest expense 812 - - Net income before tax (includes loss on disposal of DNI of $5,771) 5,168 - - Income tax expense 3,124 - - Net income before earnings from equity-accounted investments 2,675 - - DNI consolidated - Earnings from equity-accounted investments (1) 15 - - DNI equity method investment - Earnings from equity-accounted investments (2) . $ - $ 7,005 $ - Consolidated statement of cash flows Discontinued: Total net cash (used in) provided by operating activities (3)(4) $ 6,635 $ 1,765 $ - Total net cash (used in) provided by investing activities $ (516) $ - $ - (1) Earnings from equity-accounted investments for the year ended June 30, 2019, include earnings attributed to an equity-accounted investment owned by DNI of $0.2 million and are included in the Company's results as a result of the consolidation of DNI. (2) Earnings from equity-accounted investments for the years ended June 30, 2018, represents DNI earnings (net of amortization of acquired intangibles and related deferred tax) attributed to the Company as a result of the Company using the equity method to account for its investment in DNI during the period (refer to Note 9). (3) Total net cash (used in) provided by operating activities for the year ended June 30, 2019, includes dividends received of $0.9 million (refer to Note 9) from DNI while it was accounted for using the equity method during the three months ended June 30, 2019. (4) Total net cash (used in) provided by operating activities for the year ended June 30, 2018, represents dividends received from DNI during the period. |
Summary Of Fair Value Of DNI Intangible Assets Acquired And Weighted-Average Amortization Period | Fair value as of Weighted-average acquisition date amortization period (in years) Finite-lived intangible asset: Acquired during the year ended June 30, 2018 DNI – customer relationships acquired $ 97,255 5.00 – 15.00 DNI – software and unpatented technology 2,609 5.00 DNI – trademarks $ 4,139 5.00 |
DNI [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | DNI PPA – discontinued operation as of June 30, 2018 Initial Amendment Amended Current assets of discontinued operation: $ 22,482 $ - $ 22,482 Cash and cash equivalents 2,979 - 2,979 Accounts receivable (Note 5) 16,235 - 16,235 Finance loans receivable (Note 5) 742 - 742 Inventory (Note 6) 2,526 - 2,526 Long-term assets of discontinued operation: 242,704 (1,951 ) 240,753 Property, plant and equipment 1,317 - 1,317 Equity-accounted investment (Note 9) 339 - 339 Goodwill (Note 10) 114,161 5,017 119,178 Intangible assets (Note 10) 104,003 (6,968 ) 97,035 Deferred tax assets 1,536 - 1,536 Other long-term assets (Note 9) 21,348 - 21,348 Current liabilities of discontinued operation: (20,914 ) - (20,914 ) Accounts payables (13,949 ) - (13,949 ) Other payables (6,349 ) - (6,349 ) Current portion of long-term borrowings (Note 12) (616 ) - (616 ) Long-term liabilities of discontinued operation: (38,387 ) 1,951 (36,436 ) Other long-term liabilities (1) (8,291 ) - (8,291 ) Deferred tax liabilities (30,096 ) 1,951 (28,145 ) Fair value of assets and liabilities on acquisition $ 205,885 $ - $ 205,885 Less: fair value attributable to controlling interests on acquisition date (94,123 ) Less: fair value of equity-accounted investment, comprising: (100,947 ) Add: loss on re-measurement of previously held interest 4,614 Less: Contingent payment recognized related to 49% interest acquired (25,589 ) Less: carrying value at the acquisition date (Note 9) (79,972 ) Less: Contingent payment recognized related to 6% interest acquired (1,633 ) Total purchase price $ 9,182 (1) –DNI concluded an acquisition in November 2017 and other long-term liabilities includes a contingent purchase consideration of ZAR 113.8 million ($8.3 million) due to the sellers and other long-term assets includes an amount due from the DNI shareholders, excluding the Company. DNI is obligated under the terms of this obligation to pay 50% of the purchase consideration plus or (less) a contingent amount (refund) calculated on a multiple of excess (deficit) earnings over (less) an agreed earnings amount. The other DNI shareholders have agreed to reimburse DNI the 50% consideration plus (less) the contingent amount (refund) payable in full. Therefore, other long-term asset includes the amounts due from the DNI shareholder, excluding the Company, and other long-term liabilities includes the contingent consideration due under the November 2017 acquisition. The Company expects DNI to pay, and to be reimbursed, the additional amount during the first quarter of the year ended June 30, 2020, which amount represents the present value of the ZAR 129.0 million ($9.4 million) to be paid (amounts translated at exchange rates applicable as of June 30, 2018). The present value of ZAR 113.8 million ($8.3 million) was calculated using the following assumptions (a) the maximum additional amount of ZAR 129.0 million will be paid on August 1, 2019 and (b) an interest rate of 10.0 % (the rate used to calculate interest earned by DNI on its surplus South African funds) has been used to discount the ZAR 129.0 million to its present value as of June 30, 2018. Utilization of different inputs, or changes to these inputs, may result in significantly higher or lower fair value measurement. |
DNI [Member] | Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Impact Of Reversal On Condensed Consolidated Statement Of Operations | Year ended June 30, 2019 Reversal of intangible asset amortization - decrease depreciation and amortization $ 506 Deferred tax impact related to reversal of intangible asset amortization - decrease income tax benefit 142 Increase in non-controlling interest $ 164 |
Ceevo Fs And Pros Software [Member] | 2017 Acquisition [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | Ceevo FS Pros Software Total Cash and cash equivalents $ 999 $ 110 $ 1,109 Accounts receivable 983 165 1,148 Property, plant and equipment 30 9 39 Intangible assets (Note 10) 1,078 2,311 3,389 Goodwill (Note 10) 2,475 - 2,475 Accounts payables and other payables (1,570 ) (58 ) (1,628 ) Income taxes payable - (69 ) (69 ) Deferred tax liabilities (56 ) (647 ) (703 ) Total purchase price $ 3,939 $ 1,821 $ 5,760 |
Accounts Receivable, Net And _2
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net [Abstract] | |
Schedule of Accounts Receivable | 2019 2018 Accounts receivable, trade, net $ 25,136 $ 40,268 Accounts receivable, trade, gross 26,377 41,369 Allowance for doubtful accounts receivable, end of year 1,241 1,101 Beginning of year 1,101 1,255 Reversed to statement of operations (24 ) (47 ) Charged to statement of operations 3,296 642 Utilized (3,059 ) (776 ) Deconsolidation (38 ) - Foreign currency adjustment (35 ) 27 Current portion of payments to agents in South Korea amortized over the contract period 15,543 21,971 Payments to agents in South Korea amortized over the contract period 25,107 39,553 Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 9) 9,564 17,582 Loans provided to Finbond - 1,107 Loan provided to OneFi (Note 9) 3,000 - Loan provided to DNI (Note 3) 4,260 - Other receivables 24,555 30,102 Total accounts receivable, net and other receivables $ 72,494 $ 93,448 |
Schedule Of Finance Loans Receivable, Net | 2019 2018 Microlending finance loans receivable, net $ 20,981 $ 57,504 Microlending finance loans receivable, gross 24,180 61,743 Allowance for doubtful microlending finance loans receivable, end of year 3,199 4,239 Beginning of year 4,239 3,717 Charged to statement of operations 28,802 4,348 Utilized (29,721 ) (3,588 ) Foreign currency adjustment (121 ) (238 ) Working capital finance receivable, net 9,650 3,959 Working capital finance receivable, gross 15,742 16,123 Allowance for doubtful working capital finance receivable, end of year 6,092 12,164 Beginning of year 12,164 3,752 Charged to statement of operations 712 8,415 Utilized (6,777 ) - Foreign currency adjustment (7 ) (3 ) Total finance loans receivable, net $ 30,631 $ 61,463 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Inventory [Abstract] | |
Schedule Of Inventory | 2019 2018 Finished goods $ 7,535 $ 10,361 $ 7,535 $ 10,361 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Fair Value Of Financial Instruments [Abstract] | |
Schedule Of Key Valuation Inputs Used To Measure Fair Value Of Investment In Cell C | Weighted Average Cost of Capital: Between 15% and 20% over the period of the forecast Long term growth rate: 4.5 % Marketability discount: 10.0 % Minority discount: 15.0 % Net adjusted external debt (1) : ZAR 13.9 billion ($648.9 million), includes R6.4 billion of leases liabilities Deferred tax (incl. assessed tax losses (1) ): ZAR 2.9 billion ($20.6 million) (1) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2019. |
Impact Of EBITDA Multiple | Sensitivity for fair value of Cell C investment 1% increase 1% decrease WACC rate $ - $ 9,632 EBITDA margin $ 9,875 $ - |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | The following table presents the Company's assets measured at fair value on a recurring basis as of June 30, 2019, 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 $ - $ - $- $ - Related to insurance business: Cash and cash equivalents (included in other long-term assets) 619 - - 619 Fixed maturity investments (included in cash and cash equivalents) 5,201 - - 5,201 Other - 413 - 413 Total assets at fair value $ 5,820 $ 413 $- $ 6,233 The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2018, according to the fair value hierarchy: Quoted price in Significant active markets other Significant for identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total Assets Investment in Cell C $ - $ - $ 172,948 $ 172,948 Related to insurance business: Cash and cash equivalents (included in other long-term assets) 610 - - 610 Fixed maturity investments (included in cash and cash equivalents) 8,304 - - 8,304 Other - 18 - 18 Total assets at fair value $ 8,914 $ 18 $ 172,948 $ 181,880 Liabilities DNI contingent consideration (Note 3) $ - $ - $ 27,222 $ 27,222 Total liabilities at fair value $ - $ - $ 27,222 $ 27,222 |
Carrying Value Of Assets And Liabilities Measured On Recurring Basis | Carrying value Assets Balance as at June 30, 2018 $ 172,948 Loss on fair value re-measurements (167,459 ) Foreign currency adjustment (1) (5,489 ) Balance as of June 30, 2019 $ - Liabilities Balance as at June 30, 2018 $ 27,222 Accretion of interest 1,848 Settlement of contingent consideration (Note 3 and Note 20) (27,626 ) Foreign currency adjustment (1) (1,444 ) Balance as of June 30, 2019 $ - (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. Carrying value Assets Acquisition of investment in Cell C $ 151,003 Change in fair value of Cell C 32,473 Foreign currency adjustment (10,528 ) Balance as of June 30, 2018 $ 172,948 |
Property, Plant And Equipment_2
Property, Plant And Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Property, Plant And Equipment, Net [Abstract] | |
Schedule Of Property Plant And Equipment Net | 2019 2018 Cost: Land $ 849 $ 880 Building and structures 419 483 Computer equipment 109,217 124,160 Furniture and office equipment 9,788 8,886 Motor vehicles 16,147 17,354 136,420 151,763 Accumulated depreciation: Land - - Building and structures 158 193 Computer equipment 94,988 103,297 Furniture and office equipment 7,738 6,933 Motor vehicles 14,982 15,603 117,866 126,026 Carrying amount: Land 849 880 Building and structures 261 290 Computer equipment 14,229 20,863 Furniture and office equipment 2,050 1,953 Motor vehicles 1,165 1,751 $ 18,554 $ 25,737 |
Equity-Accounted Investments _2
Equity-Accounted Investments And Other Long-Term Assets (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Ownership Percentage Of Equity-Accounted Investments | 2019 2018 Bank Frick 35 % 35 % DNI 30 % n/a Finbond 29 % 29 % OneFi Limited ("OneFi") 25 % 25 % SmartSwitch Namibia (Pty) Ltd ("SmartSwitch Namibia") 50 % 50 % V2 Limited ("V2") 50 % n/a Walletdoc Proprietary Limited ("Walletdoc") 20 % 20 % |
Summary Of Movement In Equity-Accounted Investments | Bank DNI (1) Frick Finbond Other (2) Total Investment in equity: Balance as of July 1, 2017 – as reported $- $- $ 18,961 $ 6,742 $ 25,703 Correction of Finbond error (Note 1) (1,927 ) (1,927 ) Balance as of July 1, 2017 – as restated - - 17,034 6,742 23,776 Acquisition of shares 79,541 51,949 13,043 - 144,533 Stock-based compensation - - (139 ) - (139 ) Comprehensive income (loss): 7,005 (606 ) 2,768 4 9,171 Other comprehensive loss - - (2,426 ) - (2,426 ) Equity accounted earnings (loss) 7,005 (606 ) 5,194 4 11,597 Share of net income (loss) 9,510 201 5,450 4 15,165 Amortization - acquired intangible assets (3,480 ) (531 ) - - (4,011 ) Deferred taxes - acquired intangible assets 975 128 - - 1,103 Dilution resulting from corporate transactions - - (256 ) - (256 ) Other - (404 ) - - (404 ) Dividends received (1,765 ) (1,946 ) (1,096 ) (400 ) (5,207 ) Carrying value at the acquisition date (Note 3) (79,972 ) - 339 (79,633 ) Foreign currency adjustment (3) (4,809 ) (1,268 ) (2,628 ) (593 ) (9,298 ) Balance as of June 30, 2018 $- $48,129 $28,982 $6,092 $83,203 Bank DNI (1 ) Frick Finbond Other (2 ) Total Balance as of June 30, 2018 $- $48,129 $28,982 $6,092 $83,203 Re-measurement of 8% of DNI (Note 3) 14,849 - - - 14,849 Re-measurement of 30% of DNI (Note 3) 59,346 - - - 59,346 Acquisition of shares - - 1,920 2,989 4,909 Stock-based compensation - - 117 - 117 Comprehensive income (loss): 839 (1,542 ) 7,079 (669 ) 5,707 Other comprehensive loss - - 4,251 - 4,251 Equity accounted earnings (loss) 839 (1,542 ) 2,828 (669 ) 1,456 Share of net income (loss) 1,354 1,109 2,524 (669 ) 4,318 Amortization - acquired intangible assets (715 ) (747 ) - - (1,462 ) Deferred taxes - acquired intangible assets 200 180 - - 380 Dilution resulting from corporate transactions - - 304 - 304 Other - (2,084 ) - - (2,084 ) Dividends received (864 ) - (1,920 ) (454 ) (3,238 ) Return on investment - - - (284 ) (284 ) Deconsolidation of DNI (Note 3) - - - (242 ) (242 ) Sale of 8% interest in DNI (Note 3) (14,996 ) - - - (14,996 ) Foreign currency adjustment (3) 1,829 653 (878 ) (34 ) 1,570 Balance as of June 30, 2019 $ 61,003 $ 47,240 $ 35,300 $ 7,398 $ 150,941 Investment in loans: Balance as of July 1, 2017 $ - $ - $ - $ 2,159 $ 2,159 Loans granted - - - 1,000 1,000 Transfer from accounts receivable, net and other receivables - - 11,235 - 11,235 Transfer to investment in equity - - (11,102 ) - (11,102 ) Foreign currency adjustment (3) - - (133 ) (7 ) (140 ) Balance as of June 30, 2018 - - - 3,152 3,152 Transfer to accounts receivable, net and other receivables - - - (3,000 ) (3,000 ) Foreign currency adjustment (3) - - - (4 ) (4 ) Balance as of June 30, 2019 $ - $ - $ - $ 148 $ 148 (1) DNI was included as an equity-accounted investment from August 1, 2017 until June 30, 2018, the date upon which the Company obtained control and commenced consolidation of DNI, and then again from March 31, 2019; |
Carrying Amount Of Equity-Accounted Investments | Equity Loans Total Carrying amount as of: June 30, 2018 $ 83,203 $ 3,152 Continuing $ 82,864 $ 3,152 $ 86,016 Discontinued (Note 3) $ 339 $ - $ 339 June 30, 2019 $ 150,968 $ 148 $ 151,116 |
Summary Financial Information Of Equity-Accounted Investments | DNI Bank Frick Finbond Other (1 ) Balance sheet, as of June 30 June 30 February 28 (2) Various (3) Current assets (4) 2019 $35,608 n/a n/a $17,781 2018 n/a n/a n/a 11,433 Long-term assets 2019 39,851 $1,013,677 $240,792 2,304 2018 n/a 1,418,160 252,265 1,343 Current liabilities (4) 2019 25,757 n/a n/a 8,492 2018 n/a n/a n/a 3,295 Long-term liabilities 2019 7,324 915,050 125,704 4,654 2018 n/a 1,323,470 175,539 3,930 Redeemable stock 2019 - - - - 2018 n/a - - - Non-controlling interests 2019 1,100 - 11,696 25 2018 n/a - 10,948 - Statement of operations, for the period ended June 30 (5) June 30 (6) February 28 (2) Various (7) Revenue 2019 15,898 41,126 174,177 33,807 2018 n/a 33,814 161,915 10,955 2017 n/a n/a 97,431 7,168 Operating income (loss) 2019 5,814 3,633 21,592 (753 ) 2018 n/a 776 33,989 826 2017 n/a n/a 19,551 276 Income (loss) from continuing operations 2019 4,306 3,169 10,152 (915 ) 2018 n/a 617 18,651 152 2017 n/a n/a 9,700 3 Net income (loss) 2019 $4,481 3,169 10,152 (1,029 ) 2018 n/a $617 18,651 152 2017 n/a n/a $9,700 $3 (1) Includes OneFi, SmartSwitch Namibia, Walletdoc and V2, as appropriate; (2) Finbond balances included were derived from its publically available information. The amounts as of February 28, 2018 and for the years ended February 28, 2018 and 2017, respectively, have been restated for the error described in Note 1; (3) Balance sheet information for OneFi, SmartSwitch Namibia and V2 is as of June 30, 2019 and 2018, and Walletdoc as of February 28, 2019 and 2018, respectively. (4) Bank Frick and Finbond are banks and do not present current and long-term assets and liabilities. All assets and liabilities of these two entities are included under the long-term caption. (5) Statement of operations information for DNI is for the period from April 1, 2019 to June 30, 2019. (6) Statement of operations information for 2018 for Bank Frick is for the period from October 1, 2017 to June 30, 2018. (7) Statement of operations information for OneFi, SmartSwitch Namibia and V2 for the year ended June 30, and Walletdoc for the year ended February 28. |
Summary Of Other Long-Term Asset | June 30, June 30, 2019 2018 Total equity investments $ 26,993 $ 199,865 Investment in 15% of Cell C, at fair value (Note 7) - 172,948 Investment in MobiKwik (1) 26,993 26,917 Total held to maturity investments - 10,395 Investment in 7.625% of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625% notes - 10,395 Long-term portion of payments to agents in South Korea amortized over the contract period 9,564 17,582 Policy holder assets under investment contracts (Note 11) 619 610 Reinsurance assets under insurance contracts (Note 11) 1,163 633 Other long-term assets 5,850 5,947 Total other long-term assets $ 44,189 $ 235,032 (1) The Company has determined that MobiKwik does not have readily determinable fair value and has therefore elected to record 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 equity securities without readily determinable fair value and held to maturity investments as of June 30, 2019: Unrealized Unrealized Carrying Cost basis holding gains holding losses value Equity securities: Investment in MobiKwik $ 26,993 $ - $ - $ 26,993 Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26,993 $ - $ - $ 26,993 Summarized below are the components of the Company's held to maturity investments as of June 30, 2018: Cost Unrealized Unrealized Carrying basis (1) holding gains (1) holding losses value Held to maturity: Investment in Cedar Cellular notes $ 10,395 $ - $ - $ 10,395 Total $ 10,395 $ - $ - $ 10,395 (1) An amount of $1.4 million attributed to interest recognized under the Cedar Cellular note was incorrectly included in the unrealized holding gains column as of June 30, 2018, and has been reclassified to the cost basis column. |
Summary Of Contractual Maturity Of Investment | Cost basis Estimated fair value (1) Due in one year or less $ - $ - Due in one year through five years (2) - - Due in five years through ten years - - Due after ten years - - Total $ - $ - (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. (2) The cost basis is zero ($0.0 million). |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets, Net (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Summary Of Movement In Carrying Value Of Goodwill | Gross Accumulated Carrying value impairment value Balance as of July 1, 2016 $ 179,478 $ - $ 179,478 Acquisition of Ceevo FS (Note 3) 2,475 - 2,475 Foreign currency adjustment (1) 6,880 - 6,880 Balance as of June 30, 2017 188,833 - 188,833 Impairment loss - (20,917 ) (20,917 ) Foreign currency adjustment (1) 1,019 144 1,163 Balance as of June 30, 2018 189,852 (20,773 ) 169,079 Impairment loss - (14,440 ) (14,440 ) Foreign currency adjustment (1) (5,308 ) 56 (5,252 ) Balance as of June 30, 2019 $ 184,544 $ (35,157 ) $ 149,387 (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 July 1, 2016 $ 20,425 $ 136,185 $ 22,868 $ 179,478 Acquisition of Ceevo FS (Note 3) - 2,475 - 2,475 Foreign currency adjustment (1) 2,706 1,910 2,264 6,880 Balance as of June 30, 2017 23,131 140,570 25,132 188,833 Impairment loss (1,052 ) (19,865 ) - (20,917 ) Foreign currency adjustment (1) (1,133 ) 3,243 (947 ) 1,163 Balance as of June 30, 2018 20,946 123,948 24,185 169,079 Impairment of goodwill (1,180 ) (7,011 ) (6,249 ) (14,440 ) Foreign currency adjustment (1) (558 ) (4,209 ) (485 ) (5,252 ) Balance as of June 30, 2019 $ 19,208 $ 112,728 $ 17,451 $ 149,387 (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. |
Fair Value Of Intangible Assets Acquired | Weighted- Fair value as Average of acquisition Amortization date period (in years) Finite-lived intangible asset: Acquired during the year ended June 30, 2017 Pros Software – customer relationships $ 2,311 0.75 Ceevo FS – customer relationships 186 0.65 Ceevo FS – software and unpatented technology 147 1.25 Indefinite-lived intangible asset: Acquired during the year ended June 30, 2017 Ceevo FS – Financial institution license $ 745 n/a |
Carrying Value And Accumulated Amortization Of Intangible Assets | As of June 30, 2019 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 $ 96,653 $(86,285 ) $ 10,368 $ 100,421 $ (76,237 ) $ 24,184 Software and unpatented technology 32,071 (31,829 ) 242 33,121 (32,342 ) 779 FTS patent 2,721 (2,721 ) - 2,792 (2,792 ) - Exclusive licenses - - - 4,506 (4,506 ) - Trademarks 6,772 (6,265 ) 507 6,962 (5,589 ) 1,373 Total finite-lived intangible assets 138,217 (127,100 ) 11,117 147,802 (121,466 ) 26,336 Indefinite-lived intangible assets: Financial institution license 772 - 772 793 - 793 Total indefinite-lived intangible assets 772 - 772 793 - 793 Total intangible assets $ 138,989 $ (127,100 ) $ 11,889 $ 148,595 $ (121,466 ) $ 27,129 |
Future Estimated Annual Amortization Expense | 2020 $ 7,955 2021 2,803 2022 72 2023 71 2024 71 Thereafter 145 Total future estimated amortization expense $ 11,117 |
Reinsurance Assets And Policy_2
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Reinsurance Assets And Policy Holder 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 July 1, 2017 $ 191 $ (1,611 ) Increase in policy holder benefits under insurance contracts 1,899 (9,714 ) Claims and policyholders' benefits under insurance contracts (1,449 ) 9,214 Foreign currency adjustment (3) (8 ) 79 Balance as of June 30, 2018 633 (2,032 ) Increase in policy holder benefits under insurance contracts 775 (8,137 ) Claims and policyholders' benefits under insurance contracts (228 ) 8,237 Foreign currency adjustment (3) (17 ) 52 Balance as of June 30, 2019 $ 1,163 $ (1,880 ) (1) Included in other long-term assets (refer to Note 9); (2) Included in other long-term liabilities; (3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar. |
Summary Of Movement In Assets And Policyholder Liabilities Under Investment Contracts | Investment Assets (1) contracts (2) Balance as of July 1, 2017 $ 627 $ (627 ) Increase in policyholder benefits under insurance contracts 13 (13 ) Foreign currency adjustment (3) (30 ) 30 Balance as of June 30, 2018 610 (610 ) Increase in policyholder benefits under insurance contracts 24 (24 ) Foreign currency adjustment (3) (15 ) 15 Balance as of June 30, 2019 $ 619 $ (619 ) (1) Included in other long-term assets (refer to Note 9); (2) Included in other long-term liabilities; (3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Borrowings [Abstract] | |
Summary Of Short-Term Credit Facilities | United South South Africa States Korea Amended Bank Hana July 2017 Nedbank Frick Bank Total Short-term facilities as of June 30, 2019: $ 85,203 $ 31,951 $ 20,000 $ 8,648 $ 145,802 Overdraft - 3,550 20,000 8,648 32,198 Overdraft restricted as to use for ATM funding only 85,203 17,751 - - 102,954 Indirect and derivative facilities - 10,650 - - 10,650 Movement in utilized overdraft facilities: Balance as of June 30, 2018 - - - - - Utilized 722,375 85,843 14,536 - 822,754 Repaid (655,612 ) (80,365 ) (4,992 ) - (740,969 ) Foreign currency adjustment (1) 2,803 402 - - 3,205 Balance as of June 30, 2019 (2) 69,566 5,880 9,544 - 84,990 Restricted as to use for ATM funding only 69,566 5,880 - - 75,446 No restrictions as to use - - 9,544 - 9,544 Movement in utilized indirect and derivative facilities: Balance as of June 30, 2018 - 7,871 - - 7,871 Guarantees cancelled - (1,075 ) - - (1,075 ) Utilized - 46 - - 46 Foreign currency adjustment (1) - (199 ) - - (199 ) Balance as of June 30, 2019 $ - $ 6,643 $ - $ - $ 6,643 (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. (2) Nedbank as of June 30, 2019, of $00.0 million comprises the net of total overdraft facilities withdrawn of $00.0 million offset against funds in bank accounts with Nedbank of $0.0 million. |
Summary Of Long-Term Borrowings | South Korea South Africa Continuing Discontinued June Amended 2018 Other Net1 Korea July 2017 Facility (Note 3 ) Total Balance as of July 1, 2017, allocated to $ 16,239 $ - $ - $ - $ 16,239 Current portion of long-term borrowings 8,738 - - - 8,738 Long-term borrowings 7,501 - - - 7,501 Utilized 197 112,960 - - 113,157 Repaid (16,592 ) (60,470 ) - - (77,062 ) DNI acquisition (Note 3) - - - 616 616 Foreign currency adjustment (1) 156 (2,942 ) - - (2,786 ) Balance as of June 30, 2018, allocated to - 49,548 - 616 50,164 Current portion of long-term borrowings - 44,079 - 616 44,695 Long-term borrowings - 5,469 - - 5,469 Utilized - - 14,613 - 14,613 Repaid - (31,844 ) (4,944 ) (569 ) (37,357 ) Repaid from sale of DNI shares (Note 3) - (15,011 ) - - (15,011 ) Deconsolidated (Note 3) - - (10,435 ) - (10,435 ) Foreign currency adjustment (1) - (2,693 ) 766 (47 ) (1,974 ) Balance as of June 30, 2019 $ - $ - $ - $ - $ - (1) Represents the effects of the fluctuations between the ZAR and the Korean won, against the U.S. dollar. |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Other Payables [Abstract] | |
Schedule Of Other Payables | 2019 2018 Accrual of implementation costs to be refunded to SASSA $ 34,039 $ - Accruals 10,620 16,148 Provisions 6,074 8,211 Other 10,814 9,690 Value-added tax payable 3,234 5,478 Payroll-related payables 1,113 1,533 Participating merchants settlement obligation 555 585 $ 66,449 $ 41,645 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Common Stock [Abstract] | |
Schedule Of Number Of Shares, Net Of Treasury | 2019 2018 2017 Number of shares, net of treasury: Statement of changes in equity – common stock 56,568,425 56,685,925 56,369,737 Less: Non-vested equity shares that have not vested as of end of year (Note 17) 583,908 765,411 505,473 Number of shares, net of treasury excluding non-vested equity shares that have not vested 55,984,517 55,920,514 55,864,264 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive (Loss) Income [Abstract] | |
Change In Accumulated Other Comprehensive (Loss) Income Per Component | Accumulated Foreign currency translation reserve Total (as restated A ) (as restated A ) Balance as of July 1, 2016 $ (189,692 ) $ (189,692 ) Movement in foreign currency translation reserve related to equity accounted investment (2,697 ) (2,697 ) Movement in foreign currency translation reserve 29,653 29,653 Balance as of June 30, 2017 (162,736 ) (162,736 ) Movement in foreign currency translation reserve related to equity accounted investment (2,426 ) (2,426 ) Movement in foreign currency translation reserve (19,376 ) (19,376 ) Balance as of June 30, 2018 (184,538 ) (184,538 ) Release of foreign currency translation reserve related to DNI disposal (Note 3) 1,806 1,806 Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 3) 646 646 Movement in foreign currency translation reserve related to equity accounted investment 4,251 4,251 Movement in foreign currency translation reserve (21,438 ) (21,438 ) Balance as of June 30, 2019 $ (199,273 ) $ (199,273 ) (A) Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Revenue [Abstract] | |
Schedule Of Revenue | Rest of South the Africa Korea world Total South African transaction processing Processing fees $ 79,379 $ - $ - $ 79,379 Welfare benefit distribution fees 3,086 - - 3,086 Other 6,583 - - 6,583 Sub-total 89,048 - - 89,048 International transaction processing Processing fees - 132,731 9,303 142,034 Other - 5,695 539 6,234 Sub-total - 138,426 9,842 148,268 Financial inclusion and applied technologies Telecom products and services 58,209 - - 58,209 Account holder fees 17,428 - - 17,428 Lending revenue 27,512 - - 27,512 Technology products 20,706 - - 20,706 Insurance revenue 5,862 - - 5,862 Other 13,666 - - 13,666 Sub-total 143,383 - - 143,383 Corporate/Eliminations – revenue refund (Note 13) (19,709 ) (19,709 ) $ 212,722 $ 138,426 $ 9,842 $ 360,990 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Stock-Based Compensation [Abstract] | |
Range Of Assumptions Used To Value Options Granted | 2019 Expected volatility 44 % Expected dividends 0 % Expected life (in years) 3 Risk-free rate 2.75 % |
Summarized Stock Option Activity | Weighted Average Weighted Weighted Remaining Aggregate Average average Contractual Intrinsic Grant Number of exercise Term Value Date Fair shares price ($) (in years) ($'000) Value ($) Outstanding – July 1, 2016 2,077,524 15.92 3.65 926 4.15 Exercised (321,026 ) 8.97 3,607 2.58 Expired unexercised (474,443 ) 22.51 - 3.98 Forfeitures (435,448 ) 17.88 - 5.34 Outstanding – June 30, 2017 846,607 13.87 3.80 486 4.21 Forfeitures (37,333 ) 11.23 - 4.55 Outstanding – June 30, 2018 809,274 13.99 2.67 370 4.20 Granted – September 2018 600,000 6.20 10.00 1,212 2.02 Expired unexercised (370,000 ) 19.27 5.00 Forfeitures (174,695 ) 6.65 2.00 Outstanding – June 30, 2019 864,579 7.81 7.05 - 2.62 The following table presents stock options vested and expected to vest as of June 30, 2019: Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($'000) Vested and expected to vest – June 30, 2019 864,579 7.81 7.05 - Weighted Average Weighted Remaining Aggregate average Contractual Intrinsic Number of exercise Term Value shares price ($) (in years) ($'000) Exercisable – June 30, 2019 353,579 10.15 3.84 - |
Restricted Stock Activity | Number of Weighted Shares of Average Grant Restricted Date Fair Value Stock ($'000) Non-vested – July 1, 2016 589,447 7,622 Total granted 389,587 4,172 Granted – August 2016 387,000 4,145 Granted – May 2017 2,587 27 Total vested (268,091 ) 2,590 Vested – August 2016 (68,091 ) 694 Vested – June 2017 (200,000 ) 1,896 Forfeitures (205,470 ) 2,219 Non-vested – June 30, 2017 505,473 11,173 Total granted 618,411 4,581 Granted – August 2017 588,594 4,288 Granted – March 2018 22,817 234 Granted – May 2018 7,000 59 Vested – August 2017 (56,250 ) 527 Total forfeitures (302,223 ) 3,222 Forfeitures – employee terminations (33,635 ) 516 Forfeitures – August and November 2014 awards with market conditions (95,326 ) 1,133 Forfeitures – August 2015 awards with performance conditions (173,262 ) 1,573 Non-vested – June 30, 2018 765,411 6,162 Granted – September 2018 148,000 114 Total vested (64,003 ) 503 Vested – August 2018 (52,594 ) 459 Vested – March 2019 (11,409 ) 44 Total forfeitures (265,500 ) 1,060 Forfeitures – employee terminations (115,500 ) 460 Forfeitures – August 2016 awards with performance conditions (150,000 ) 600 Non-vested – June 30, 2019 583,908 3,410 |
Recorded Net Stock Compensation Charge | Allocated to cost of goods sold, IT Allocated to Total processing, selling, charge servicing general and (reversal) and support administration Year ended June 30, 2019 Stock-based compensation charge $ 2,319 $ - $ 2,319 Reversal of stock compensation charge related to stock options and restricted stock forfeited (1,926 ) - (1,926 ) Total – year ended June 30, 2019 $ 393 $ - $ 393 Year ended June 30, 2018 Stock-based compensation charge $ 2,656 $ - $ 2,656 Reversal of stock compensation charge related to restricted stock forfeited (49 ) - (49 ) Total – year ended June 30, 2018 $ 2,607 $ - $ 2,607 Year ended June 30, 2017 Stock-based compensation charge $ 3,905 $ - $ 3,905 Reversal of stock compensation charge related to stock options and restricted stock forfeited (1,923 ) - (1,923 ) Total – year ended June 30, 2017 $ 1,982 $ - $ 1,982 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Income Taxes [Abstract] | |
Components Of Income Before Income Taxes | 2019 2018 2017 South Africa $ (267,637 ) $ 131,366 $ 129,786 United States (23,479 ) (15,329 ) (20,902 ) Other (11,910 ) (15,671 ) 5,572 (Loss) Income before income taxes $ (303,026 ) $ 100,366 $ 114,456 |
Provision For Income Taxes By Location Of Taxing Jurisdiction | 2019 2018 2017 (As (As restated A ) restated A ) Current income tax $ 17,163 $ 95,529 $ 45,857 South Africa 10,076 35,745 35,986 Continuing 3,689 35,745 35,986 Discontinued 6,387 - - United States 1,100 55,788 4,686 Other 5,987 3,996 5,185 Deferred taxation (benefit) charge (12,494 ) 8,537 (6 ) South Africa (11,117 ) 9,772 (439 ) Continuing (7,854 ) 9,772 (439 ) Discontinued (3,263 ) - - United States 4 477 1,123 Other (1,381 ) (1,712 ) (690 ) Foreign tax credits generated – United States (944 ) (55,778 ) (3,345 ) Change in tax rate – United States - 309 - Income tax provision $ 3,725 $ 48,597 $ 42,506 (A) Deferred taxation (benefit) charge – South Africa for 2018 and 2017 have been restated to correct the misstatement discussed in Note 1. |
Reconciliation Of Income Taxes | 2019 2018 2017 (As (As restated A ) restated A ) Income taxes at fully-distributed South African tax rates 28.00 % 28.00 % 28.00 % Movement in valuation allowance (24.23 %) 5.99 % 0.07 % Non-deductible items (4.75 %) 15.19 % 1.05 % Capital gains differential (1.54 %) (1.81 %) -% Taxation on deemed dividends in the United States 1.53 % 1.92 % 8.00 % Foreign tax rate differential 0.38 % (0.65 %) -% Prior year adjustments (0.63 %) (0.02 %) 0.07 % Transition Tax (0.36 %) 55.38 % -% Foreign tax credits 0.37 % (55.58 %) (0.05 %) Change in tax laws – United States - -% -% Income tax provision (1.23 %) 48.42 % 37.14 % (A) Non-deductible items for 2018 and 2017 have been restated to correct the misstatement discussed in Note 1. |
Schedule Of Deferred Tax Assets And Liabilities | 2019 2018 (As restated A ) Total deferred tax assets Capital losses related to investments (B) $ 43,569 $ 3,226 Net operating loss carryforwards 35,873 10,242 Foreign tax credits 32,799 32,644 Provisions and accruals 13,230 5,975 FTS patent 277 367 Intangible assets - 687 Other 2,394 4,523 Total deferred tax assets before valuation allowance 128,142 57,664 Valuation allowances (125,887 ) (48,691 ) Total deferred tax assets, net of valuation allowance 2,255 8,973 Total deferred tax liabilities: Intangible assets 2,676 6,420 Investments 1,621 5,886 Other 489 7,515 Total deferred tax liabilities 4,786 19,821 Reported as Long-term deferred tax assets 2,151 4,776 Long-term deferred tax liabilities 4,682 16,067 Net deferred income tax liabilities $ 2,531 $ 11,291 |
Movement In Valuation Allowance | Net Capital losses operating Foreign related to loss carry- tax FTS Total investments (A) forwards A credits patent Other ( A)(B) July 1, 2017 $ 38,967 $ 997 $ 3,699 $ 32,574 $ 120 $ 1,577 Charged to statement of operations 9,582 2,229 4,573 10 - 2,770 Utilized 60 - - 60 - - Change in tax laws (894 ) - (263 ) - - (631 ) Foreign currency adjustment 976 - 1,038 - (63 ) 1 June 30, 2018 48,691 3,226 9,047 32,644 57 3,717 Reversed to statement of operations . (881 ) - (198 ) - (57 ) (626 ) Charged to statement of operations 79,029 40,159 26,570 155 - 12,145 Utilized (1,730 ) - (10 ) - - (1,720 ) Foreign currency adjustment 778 184 452 - - 142 June 30, 2019 $ 125,887 $ 43,569 $ 35,861 $ 32,799 $ - $ 13,658 (A) Capital losses related to investments for the prior year have been reclassified from Other. (B) Net operating loss carry-forwards of $3,602 as of June 30, 2018, that were previously included in the other caption have been reclassified to the net operating loss carry-forwards caption. |
Schedule Of Operating Loss Carryforwards | Year of expiration U.S. net operating loss carry forwards 2024 $ 1,874 2028 $ 4,423 |
Schedule Of Reconciliation Of Total Amounts Of Unrecognized Tax Benefits | 2019 2018 2017 Unrecognized tax benefits - opening balance $ 838 $ 475 $ 1,930 Gross increases - tax positions in prior periods 107 196 - Gross decreases - tax positions in prior periods - - (2,109 ) Gross increases - tax positions in current period 307 311 440 Gross decreases - tax positions in current period - (150 ) - Lapse of statute limitations - - - Foreign currency adjustment (38 ) 6 214 Unrecognized tax benefits - closing balance $ 1,214 $ 838 $ 475 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
(Loss) Earnings Per Share [Abstract] | |
Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations | 2019 2018 2017 (As (As restated A ) restated A ) (in thousands except percent and per share data) Numerator: Net (loss) income attributable to Net1 $ (307,618 ) $ 64,246 $ 73,070 Undistributed earnings (307,618 ) 64,246 73,070 Continuing (306,607 ) 61,855 73,070 Discontinued $ (1,011 ) $ 2,391 $ - Percent allocated to common shareholders (Calculation 1) 99 % 98 % 99 % Numerator for (loss) earnings per share: basic and diluted $ (303,299 ) $ 63,175 $ 72,302 Continuing (302,302 ) 60,824 72,302 Discontinued $ (997 ) $ 2,351 $ - Denominator: Denominator for basic (loss) earnings per share: weighted-average common shares outstanding 55,963 55,860 53,966 Effect of dilutive securities: Stock options 18 51 109 Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion 55,981 55,911 54,075 (Loss) Earnings per share: Basic $ (5.42 ) $ 1.13 $ 1.34 Continuing ($ 5.40 ) $ 1.09 $ 1.34 Discontinued ($ 0.02 ) $ 0.04 $ 0.00 Diluted $ (5.42 ) $ 1.13 $ 1.33 Continuing ($ 5.40 ) $ 1.09 $ 1.33 Discontinued ($ 0.02 ) $ 0.04 $ 0.00 (Calculation 1) Basic weighted-average common shares outstanding (A) 55,963 55,860 53,966 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 56,760 56,807 54,539 Percent allocated to common shareholders (A) / (B) 99% 98 % 99 % (A) Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Disclosures | 2019 2018 2017 Cash received from interest $ 5,595 $ 16,835 $ 21,130 Cash paid for interest $ 10,636 $ 8,645 $ 3,713 Cash paid for income taxes $ 13,110 $ 41,065 $ 45,165 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Operating Segments [Abstract] | |
Reconciliation Of Reportable Segments Revenue | Revenue Corporate/ From Reportable Eliminations Inter- external Segment (Note 13) segment customers South African transaction processing $ 96,038 $ - $ 6,990 $ 89,048 International transaction processing 148,268 - - 148,268 Financial inclusion and applied technologies 146,184 - 2,801 143,383 Reportable segments 390,490 - 9,791 380,699 Corporate/Eliminations revenue refund - (19,709 ) - (19,709 ) Total for the year ended June 30, 2019 $ 390,490 ($ 19,709 ) $ 9,791 $ 360,990 South African transaction processing $ 268,047 $ - $ 29,949 $ 238,098 International transaction processing 180,027 - - 180,027 Financial inclusion and applied technologies 221,906 - 27,142 194,764 Total for the year ended June 30, 2018 $ 669,980 $ - $ 57,091 $ 612,889 South African transaction processing $ 249,144 $ - $ 24,518 $ 224,626 International transaction processing 176,729 - - 176,729 Financial inclusion and applied technologies 235,901 - 27,190 208,711 Total for the year ended June 30, 2017 $ 661,774 $ - $ 51,708 $ 610,066 |
Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income | For the years ended June 30, 2019 (1) 2018 2017 Reportable segments measure of profit or loss $ (42,692 ) $ 85,690 $ 130,799 Operating loss: Corporate/Eliminations (70,816 ) (26,741 ) (33,756 ) Change in fair value of equity securities (167,459 ) 32,473 - Loss on disposal of DNI (5,771 ) - - Interest income 7,229 17,885 20,897 Interest expense (10,724 ) (8,941 ) (3,484 ) Impairment of Cedar Cellular note (12,793 ) - - (Loss) Income before income taxes $ (303,026 ) $ 100,366 $ 114,456 (1) - Operating loss: Corporate/Eliminations includes $34.0 million related to the accrual referred to in Note 13. |
Summary Of Segment Information | For the years ended June 30, 2019 2018 2017 Revenues South African transaction processing $ 96,038 $ 268,047 $ 249,144 International transaction processing 148,268 180,027 176,729 Financial inclusion and applied technologies 146,184 221,906 235,901 Continuing 89,847 221,906 235,901 Discontinued 56,337 - - Total 390,490 669,980 661,774 Continuing 334,153 669,980 661,774 Discontinued 56,337 - - Operating income (loss) South African transaction processing (1) (30,771 ) 42,796 59,309 International transaction processing 2,837 (12,478 ) 13,705 Financial inclusion and applied technologies (1) (14,758 ) 55,372 57,785 Continuing (1) (39,158 ) 55,372 57,785 Discontinued 24,400 - - Subtotal: Operating segments (42,692 ) 85,690 130,799 Corporate/Eliminations (70,816 ) (26,741 ) (33,756 ) Continuing (58,097 ) (22,127 ) (33,756 ) Discontinued (12,719 ) (4,614 ) - Total (1) (113,508 ) 58,949 97,043 Continuing (1) (125,189 ) 63,563 97,043 Discontinued 11,681 (4,614 ) - Depreciation and amortization South African transaction processing 3,612 4,625 4,614 International transaction processing 9,962 17,627 21,366 Financial inclusion and applied technologies 1,968 1,441 1,422 Continuing 1,355 1,441 1,422 Discontinued 613 - - Subtotal: Operating segments 15,542 23,693 27,402 Corporate/Eliminations 21,807 11,791 13,976 Continuing 14,394 11,791 13,976 Discontinued 7,413 - - Total 37,349 35,484 41,378 Continuing 29,323 35,484 41,378 Discontinued 8,026 - - Expenditures for long-lived assets South African transaction processing 3,590 3,988 2,473 International transaction processing 3,607 4,397 7,745 Financial inclusion and applied technologies 2,219 1,264 977 Continuing 1,488 1,264 977 Discontinued 731 - - Subtotal: Operating segments 9,416 9,649 11,195 Corporate/Eliminations - - - Total 9,416 9,649 11,195 Continuing 8,685 9,649 11,195 Discontinued $ 731 $ - $ - (1) South African transaction processing and Financial inclusion and applies technologies include retrenchment costs for the year ended June 30, 2019, of: $4,665 and $1,604, respectively, for total retrenchment costs for the year ended June 30, 2019, of $6,269. The retrenchment costs are included in selling, general and administration expense on the consolidated statement of operations for the year ended June 30, 2019. |
Long-Lived Assets Based On Geographical Location | Long-lived assets 2019 2018 2017 (as (as restated A ) restated B ) South Africa $ 143,924 $ 496,442 $ 72,443 South Korea 149,390 177,388 192,473 Rest of world 83,972 116,643 77,723 Total $ 377,286 $ 790,473 $ 342,639 (A) The South Africa and total amounts have been restated by $ 1,976 (B) The South Africa and total amounts have been restated by $ 1,927 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies [Abstract] | |
Future Minimum Payments Under Operating Leases | Due within 1 year $ 6,010 Due within 2 years $ 2,654 Due within 3 years $ 1,122 Due within 4 years $ 518 Due within 5 years $ - |
Unaudited Quarterly Results (Ta
Unaudited Quarterly Results (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Unaudited Quarterly Results [Abstract] | |
Schedule Of Unaudited Consolidated Statements Of Operations | Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2019 2019 2018 2018 2019 (In thousands except per share data) Revenue $ 51,472 $ 86,484 $ 97,150 $ 125,884 $ 360,990 Continuing (Q4 includes $19,709 refund) 51,472 68,642 77,442 107,097 304,653 Discontinued - 17,842 19,708 18,787 56,337 Operating income (49,646 ) (21,683 ) (43,075 ) 896 (113,508 ) Continuing (49,646 ) (22,356 ) (48,901 ) (4,286 ) (125,189 ) Discontinued - 673 5,826 5,182 11,681 Net income attributable to Net1 (183,694 ) (54,784 ) (63,941 ) (5,199 ) (307,618 ) Continuing (183,694 ) (50,299 ) (65,469 ) (7,145 ) (306,607 ) Discontinued $ - $ (4,485 ) $ 1,528 $ 1,946 $ (1,011 ) Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders ($ 3.23 ) ($ 0.96 ) ($ 1.13 ) ($ 0.09 ) ($ 5.42 ) Continuing ($ 3.23 ) ($ 0.88 ) ($ 1.16 ) ($ 0.12 ) ($ 5.40 ) Discontinued $ 0.00 ($ 0.08 ) $ 0.03 $ 0.03 ($ 0.02 ) Diluted earnings attributable to Net1 shareholders . ($ 3.23 ) ($ 0.96 ) ($ 1.12 ) ($ 0.09 ) ($ 5.42 ) Continuing ($ 3.23 ) ($ 0.88 ) ($ 1.15 ) ($ 0.13 ) ($ 5.40 ) Discontinued $ 0.00 ($ 0.08 ) $ 0.03 $ 0.03 ($ 0.02 ) Three months ended Jun 30, Mar 31, Dec 31, Sep 30, Year ended 2018 2018 2017 2017 June 30, (as 2018 restated A ) (as restated A ) (In thousands except per share data) Revenue $ 149,194 $ 162,721 $ 148,416 $ 152,558 $ 612,889 Continuing 149,194 162,721 148,416 152,558 612,889 Discontinued - - - - - Operating income 10,072 7,564 16,307 25,006 58,949 Continuing 14,686 7,564 16,307 25,006 63,563 Discontinued (4,614 ) - - - (4,614 ) Net income attributable to Net1 2,766 32,375 9,622 19,483 64,246 Continuing 5,577 29,084 8,576 18,618 61,855 Discontinued $ (2,811 ) $ 3,291 $ 1,046 $ 865 $ 2,391 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.05 $ 0.57 $ 0.17 $ 0.34 $ 1.13 Continuing $ 0.10 $ 0.51 $ 0.15 $ 0.32 $ 1.09 Discontinued $ (0.05 ) $ 0.06 $ 0.02 $ 0.02 $ 0.04 Diluted earnings attributable to Net1 shareholders . $ 0.05 $ 0.57 $ 0.17 $ 0.34 $ 1.13 Continuing $ 0.10 $ 0.51 $ 0.15 $ 0.32 $ 1.09 Discontinued $ (0.05 ) $ 0.06 $ 0.02 $ 0.02 $ 0.04 (A) Certain amounts have been restated to correct the misstatement discussed in Note 1. The impact of the restatement for the year ended June 30, 2018, has been recorded during the three months ended June 30, 2018. |
Description Of Business And B_3
Description Of Business And Basis Of Presentation (Schedule Of Impact Of Restatement On Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Equity-accounted investments | $ 151,116 | $ 86,016 | [1] | |||
Total assets | 672,936 | 1,217,314 | [1] | |||
Deferred Tax Liabilities, Net, Noncurrent | 4,682 | 16,067 | [1] | |||
Total liabilities | 245,835 | 372,745 | [1] | |||
Accumulated other comprehensive loss | [2] | (199,273) | (184,538) | [1] | $ (162,736) | $ (189,692) |
Retained earnings | 528,576 | 836,194 | [1] | |||
Total equity | $ 319,429 | 736,897 | [1] | $ 598,840 | 494,112 | |
As Reported [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Equity-accounted investments | 87,992 | |||||
Total assets | 1,219,290 | |||||
Deferred Tax Liabilities, Net, Noncurrent | 16,510 | |||||
Total liabilities | 373,188 | |||||
Accumulated other comprehensive loss | (184,436) | |||||
Retained earnings | 837,625 | |||||
Total equity | 738,430 | $ 495,548 | ||||
Correction [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Equity-accounted investments | (1,976) | |||||
Total assets | (1,976) | |||||
Deferred Tax Liabilities, Net, Noncurrent | (443) | |||||
Total liabilities | (443) | |||||
Accumulated other comprehensive loss | (102) | |||||
Retained earnings | (1,431) | |||||
Total equity | $ (1,533) | |||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Description Of Business And B_4
Description Of Business And Basis Of Presentation (Schedule Of Impact Of Restatement On Consolidated Statement Of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [2] | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Income tax expense | $ 3,725 | $ 48,597 | [1] | $ 42,506 | [1] | |||||||||
Net income before earnings from equity-accounted investments | (306,751) | 51,769 | [1] | 71,950 | [1] | |||||||||
Earnings from equity accounted-investments | 1,482 | 11,597 | [1] | 2,814 | [1] | |||||||||
Net income | (305,269) | 63,366 | [1] | 74,764 | [1] | |||||||||
Net (loss) income attributable to Net1 | $ (183,694) | $ (54,784) | $ (63,941) | $ (5,199) | $ 2,766 | $ 32,375 | $ 9,622 | $ 19,483 | $ (307,618) | $ 64,246 | [1],[2] | $ 73,070 | [1] | |
Net income per share, in United States dollars: | ||||||||||||||
Basic earnings attributable to Net1 shareholders | $ (3.23) | $ (0.96) | $ (1.13) | $ (0.09) | $ 0.05 | $ 0.57 | $ 0.17 | $ 0.34 | $ (5.42) | $ 1.13 | [1],[2] | $ 1.34 | [1] | |
Diluted earnings attributable to Net1 shareholders | $ (3.23) | $ (0.96) | $ (1.12) | $ (0.09) | $ 0.05 | $ 0.57 | $ 0.17 | $ 0.34 | $ (5.42) | $ 1.13 | [1],[2] | $ 1.33 | [1] | |
As Reported [Member] | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Income tax expense | $ 48,627 | $ 42,472 | ||||||||||||
Net income before earnings from equity-accounted investments | 51,739 | 71,984 | ||||||||||||
Earnings from equity accounted-investments | 11,730 | 2,664 | ||||||||||||
Net income | 63,469 | 74,648 | ||||||||||||
Net (loss) income attributable to Net1 | $ 64,349 | $ 72,954 | ||||||||||||
Net income per share, in United States dollars: | ||||||||||||||
Basic earnings attributable to Net1 shareholders | $ 1.13 | $ 1.34 | ||||||||||||
Diluted earnings attributable to Net1 shareholders | $ 1.13 | $ 1.33 | ||||||||||||
Correction [Member] | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Income tax expense | $ (30) | $ 34 | ||||||||||||
Net income before earnings from equity-accounted investments | 30 | (34) | ||||||||||||
Earnings from equity accounted-investments | (133) | 150 | ||||||||||||
Net income | (103) | 116 | ||||||||||||
Net (loss) income attributable to Net1 | $ (103) | $ 116 | ||||||||||||
Net income per share, in United States dollars: | ||||||||||||||
Basic earnings attributable to Net1 shareholders | $ 0 | $ 0 | ||||||||||||
Diluted earnings attributable to Net1 shareholders | $ 0 | $ 0 | ||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||||||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. The impact of the restatement for the year ended June 30, 2018, has been recorded during the three months ended June 30, 2018. |
Description Of Business And B_5
Description Of Business And Basis Of Presentation (Schedule Of Impact Of Restatement On Consolidated Statement Of Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Net (loss) income | $ (305,269) | $ 63,366 | [1] | $ 74,764 | [1] |
Movement in foreign currency translation reserve | (26,194) | (19,474) | [2] | 30,291 | [2] |
Total other comprehensive (loss) income | (19,491) | (21,900) | [2] | 27,594 | [2] |
Comprehensive income | (324,760) | 41,466 | [2] | 102,358 | [2] |
Comprehensive income attributable to Net1 | $ (322,353) | 42,444 | [2] | 100,026 | [2] |
As Reported [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Net (loss) income | 63,469 | 74,648 | |||
Movement in foreign currency translation reserve | (19,539) | 30,466 | |||
Total other comprehensive (loss) income | (21,965) | 27,769 | |||
Comprehensive income | 41,504 | 102,417 | |||
Comprehensive income attributable to Net1 | 42,482 | 100,085 | |||
Correction [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Net (loss) income | (103) | 116 | |||
Movement in foreign currency translation reserve | 65 | (175) | |||
Total other comprehensive (loss) income | 65 | (175) | |||
Comprehensive income | (38) | (59) | |||
Comprehensive income attributable to Net1 | $ (38) | $ (59) | |||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | ||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Description Of Business And B_6
Description Of Business And Basis Of Presentation (Schedule Of Impact Of Restatement On Consolidated Statement Of Changes In Equity) (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Balance | $ 494,112 | $ 598,840 | $ 494,112 | |
Balance | 736,897 | [1] | 598,840 | |
Retained Earnings [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Balance | 698,878 | 771,948 | 698,878 | |
Balance | 698,878 | 836,194 | 771,948 | |
Accumulated Other Comprehensive (Loss) Income [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Balance | (189,692) | (162,736) | (189,692) | |
Balance | (189,692) | (184,538) | (162,736) | |
As Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Balance | 495,548 | 495,548 | ||
Balance | 738,430 | |||
As Reported [Member] | Retained Earnings [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Balance | 700,322 | 773,276 | 700,322 | |
Balance | 700,322 | 837,625 | 773,276 | |
As Reported [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Balance | (189,700) | (162,569) | (189,700) | |
Balance | (189,700) | (184,436) | (162,569) | |
Correction [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Balance | (1,533) | |||
Correction [Member] | Retained Earnings [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Correction of misstatement | (1,444) | (1,431) | (1,328) | |
Correction [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Correction of misstatement | $ 8 | $ (102) | $ (167) | |
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Description Of Business And B_7
Description Of Business And Basis Of Presentation (Schedule Of Impact Of Restatement On Consolidated Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Net (loss) income | $ (305,269) | $ 63,366 | [1] | $ 74,764 | [1] |
Earnings from equity-accounted investments | (1,482) | (11,597) | [1] | (2,814) | [1] |
(Decrease) Increase in deferred taxes | (11,705) | 5,936 | [2] | (186) | [2] |
Net cash provided by operating activities | $ (4,460) | 132,305 | [2] | 97,161 | [2] |
As Reported [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Net (loss) income | 63,469 | 74,648 | |||
Earnings from equity-accounted investments | (11,730) | (2,664) | |||
(Decrease) Increase in deferred taxes | 5,966 | (220) | |||
Net cash provided by operating activities | 132,305 | 97,161 | |||
Correction [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Net (loss) income | (103) | 116 | |||
Earnings from equity-accounted investments | 133 | (150) | |||
(Decrease) Increase in deferred taxes | $ (30) | $ 34 | |||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | ||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) $ in Millions | Jan. 01, 2018 | Dec. 22, 2017 | Jun. 30, 2019USD ($)itemcontract | Jun. 30, 2018USD ($)item | Jun. 30, 2017USD ($)item |
Significant Accounting Policies [Line Items] | |||||
Number of entities required to be consolidated | item | 0 | 0 | 0 | ||
Research and development expenditures | $ | $ 2.6 | $ 1.8 | $ 2 | ||
Statutory income tax rate | 21.00% | 35.00% | |||
Minimum probability of tax benefit realization percentage | 50.00% | ||||
South Africa [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Statutory income tax rate | 28.00% | 28.00% | 28.00% | 28.00% | |
Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Number of contracts in which reinsurers compensate losses arising on contracts it issues | contract | 1 |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule Of Property Plant And Equipment Expected Economic Lives) (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Minimum [Member] | Computer Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Furniture And Office Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Minimum [Member] | Motor Vehicles [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Furniture and Fittings [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Building And Structures [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Maximum [Member] | Computer Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Maximum [Member] | Furniture And Office Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Motor Vehicles [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Maximum [Member] | Furniture and Fittings [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Building And Structures [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule Of Intangible Assets Useful Lives) (Details) | 12 Months Ended |
Jun. 30, 2019 | |
FTS Patent [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 10 years |
Exclusive Licenses [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 7 years |
Minimum [Member] | Customer Relationships [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 1 year |
Minimum [Member] | Software And Unpatented Technology [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 3 years |
Minimum [Member] | Trademarks [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 3 years |
Maximum [Member] | Customer Relationships [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 15 years |
Maximum [Member] | Software And Unpatented Technology [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 5 years |
Maximum [Member] | Trademarks [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 20 years |
Acquisitions And Dispositions_2
Acquisitions And Dispositions (Narrative) (Details) € in Millions, R in Millions | May 03, 2019ZAR (R)shares | May 03, 2019USD ($)shares | Mar. 03, 2019 | Feb. 28, 2019 | Jun. 28, 2018ZAR (R)shares | Jun. 28, 2018USD ($) | Mar. 09, 2018ZAR (R)shares | Jul. 27, 2017ZAR (R)shares | Nov. 30, 2016EUR (€) | Nov. 30, 2016USD ($) | Oct. 31, 2016USD ($) | May 31, 2019 | Mar. 31, 2019ZAR (R) | Mar. 31, 2019USD ($) | Nov. 30, 2017ZAR (R) | Feb. 28, 2017shares | Oct. 31, 2016ZAR (R) | Mar. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2019USD ($)item | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2019ZAR (R) | Sep. 30, 2019USD ($) | Aug. 01, 2019ZAR (R) | Jun. 30, 2018ZAR (R) | Jun. 30, 2018USD ($) | Jun. 28, 2018USD ($)shares | Mar. 09, 2018USD ($)shares | Nov. 30, 2017USD ($) | Jul. 27, 2017USD ($)shares | Jun. 30, 2016USD ($) | |||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Goodwill | $ 149,387,000 | $ 188,833,000 | $ 169,079,000 | [1] | $ 179,478,000 | ||||||||||||||||||||||||||||||
Loan amount | R 126 | $ 10,600,000 | |||||||||||||||||||||||||||||||||
Number of ordinary "A" shares in DNI sold | shares | 5,000,000 | ||||||||||||||||||||||||||||||||||
Repayment of long-term borrowings | 37,357,000 | $ 77,062,000 | [2] | 37,318,000 | [2] | ||||||||||||||||||||||||||||||
Other long-term liabilities | 3,007,000 | 30,289,000 | [1] | ||||||||||||||||||||||||||||||||
Impairment loss, net of deferred tax | $ 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Discontinued [Member] | DNI [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Percentage of ownership interest prior to disposal | 38.00% | ||||||||||||||||||||||||||||||||||
Percentage of ownership interest sold in business | 8.00% | ||||||||||||||||||||||||||||||||||
Customer Relationships [Member] | DNI [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Goodwill | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | ||||||||||||||||||||||||||||||||
DNI [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Percentage acquired in acquisition | 55.00% | ||||||||||||||||||||||||||||||||||
Percentage of ownership interest prior to disposal | 38.00% | 55.00% | |||||||||||||||||||||||||||||||||
Percentage of ownership interest after disposal | 30.00% | 38.00% | |||||||||||||||||||||||||||||||||
Pros Software [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Percentage acquired in acquisition | 100.00% | 100.00% | |||||||||||||||||||||||||||||||||
DNI [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Deferred tax liabilities related to acquisition of intangibles assets | 29,100,000 | ||||||||||||||||||||||||||||||||||
Ordinary A shares subscribed in strategic investments | shares | 4,000,000 | 44,999,999 | 4,000,000 | 44,999,999 | |||||||||||||||||||||||||||||||
Percentage of voting and economic interest under share subscription | 55.00% | 55.00% | 49.00% | 45.00% | |||||||||||||||||||||||||||||||
Subscription of shares, value | R 89.3 | R 945 | $ 7,500,000 | $ 72,000,000 | |||||||||||||||||||||||||||||||
Percentage of obligation | 50.00% | ||||||||||||||||||||||||||||||||||
Interest rate | 10.00% | ||||||||||||||||||||||||||||||||||
Business acquisition, cost of acquired entity | $ 85,700,000 | ||||||||||||||||||||||||||||||||||
Settlement of contingent consideration | R 400 | 27,600,000 | |||||||||||||||||||||||||||||||||
Repaid loan | R 126 | $ 9,200,000 | |||||||||||||||||||||||||||||||||
Business acquisition percentage of shares acquired | 55.00% | 55.00% | |||||||||||||||||||||||||||||||||
Other long-term liabilities | R 113.8 | R 373.6 | 27,200,000 | $ 8,300,000 | |||||||||||||||||||||||||||||||
Number of towers expected to be contructed by Cell C | item | 1,000 | ||||||||||||||||||||||||||||||||||
Percentage of towers constructed by Cell C | 22.00% | ||||||||||||||||||||||||||||||||||
Impairment loss, net of deferred tax | $ 5,300,000 | ||||||||||||||||||||||||||||||||||
Acquisition related costs | 500,000 | ||||||||||||||||||||||||||||||||||
DNI [Member] | Customer Relationships [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Intangible assets | $ 97,255,000 | ||||||||||||||||||||||||||||||||||
DNI [Member] | As Reported [Member] | Customer Relationships [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Intangible assets | $ 7,000,000 | ||||||||||||||||||||||||||||||||||
Pros Software [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Business acquisition date | Oct. 1, 2016 | ||||||||||||||||||||||||||||||||||
Business acquisition, cost of acquired entity | $ 1,800,000 | R 25 | |||||||||||||||||||||||||||||||||
Business acquisition, contributed revenue | 500,000 | ||||||||||||||||||||||||||||||||||
Business acquisition, contributed net loss | 1,800,000 | ||||||||||||||||||||||||||||||||||
Pros Software [Member] | Customer Relationships [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Intangible assets | 2,311,000 | ||||||||||||||||||||||||||||||||||
Ceevo FS [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Business acquisition, cost of acquired entity | € 3.6 | $ 3,900,000 | |||||||||||||||||||||||||||||||||
Business acquisition, contributed revenue | 200,000 | ||||||||||||||||||||||||||||||||||
Business acquisition, contributed net loss | 700,000 | ||||||||||||||||||||||||||||||||||
Ceevo FS [Member] | Customer Relationships [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Intangible assets | 186,000 | ||||||||||||||||||||||||||||||||||
Ceevo FS [Member] | Malta FS [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Percentage acquired in acquisition | 100.00% | 100.00% | |||||||||||||||||||||||||||||||||
Ceevo Fs And Pros Software [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Acquisition related costs | $ 500,000 | ||||||||||||||||||||||||||||||||||
Additional [Member] | DNI [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Ordinary A shares subscribed in strategic investments | shares | 6,000,000 | 6,000,000 | |||||||||||||||||||||||||||||||||
Subscription of shares, value | R 126 | $ 9,200,000 | |||||||||||||||||||||||||||||||||
Interest rate | 6.30% | ||||||||||||||||||||||||||||||||||
Other long-term liabilities | R 400 | $ 29,100,000 | |||||||||||||||||||||||||||||||||
Additional [Member] | DNI [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Subscription of shares, value | R 400 | $ 29,100,000 | |||||||||||||||||||||||||||||||||
Forecast [Member] | DNI [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Other long-term liabilities | R 129 | $ 9,400,000 | |||||||||||||||||||||||||||||||||
Subsequent Event [Member] | DNI [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Other long-term liabilities | R | R 400 | ||||||||||||||||||||||||||||||||||
Net1 SA [Member] | Discontinued [Member] | DNI [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Settlement of contingent consideration | R 230 | R 400 | $ 27,600,000 | ||||||||||||||||||||||||||||||||
Cash reserves used to settle outstanding long-term debt | R | 15 | ||||||||||||||||||||||||||||||||||
Consideration transferred | 215 | $ 15,000,000 | |||||||||||||||||||||||||||||||||
Option strike price used to calculate strike price for 30% retained interest in DNI | 2,827 | 200,800,000 | |||||||||||||||||||||||||||||||||
Net1 SA [Member] | Discontinued [Member] | DNI [Member] | Call Option [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Option strike price of 30% retained interest | R 859.3 | $ 61,000,000 | |||||||||||||||||||||||||||||||||
Minimum smaller denominations call options can be split, percent | 20.00% | 20.00% | |||||||||||||||||||||||||||||||||
Percentage of voting and participation interests required to be acquired by nominated party to excercise call option | 1.00% | 1.00% | |||||||||||||||||||||||||||||||||
Net1 SA [Member] | DNI [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Percentage of ownership interest prior to disposal | 55.00% | 55.00% | |||||||||||||||||||||||||||||||||
Percentage of ownership interest after disposal | 38.00% | 38.00% | |||||||||||||||||||||||||||||||||
Net1 SA [Member] | DNI [Member] | Discontinued [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Percentage of ownership interest prior to disposal | 38.00% | 38.00% | |||||||||||||||||||||||||||||||||
Percentage of ownership interest after disposal | 30.00% | 30.00% | |||||||||||||||||||||||||||||||||
Number of ordinary "A" shares in DNI sold | shares | 7,605,235 | 7,605,235 | |||||||||||||||||||||||||||||||||
Net1 SA [Member] | DNI [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Business acquisition percentage of shares acquired | 30.00% | ||||||||||||||||||||||||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | ||||||||||||||||||||||||||||||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Acquisitions And Dispositions_3
Acquisitions And Dispositions (Schedule Of Cash Paid Net Of Cash Received Related To Company Acquisitions) (Details) $ in Thousands, € in Millions, R in Millions | Nov. 30, 2016EUR (€) | Nov. 30, 2016USD ($) | Oct. 31, 2016USD ($) | Oct. 31, 2016ZAR (R) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Business Acquisition [Line Items] | ||||||||
Total cash paid, net of cash received | [1] | $ 6,202 | $ 4,651 | |||||
DNI [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total cash paid, net of cash received | [2] | $ 6,202 | ||||||
Voting and economic interest resulted in obtaining controlling stake in DNI | 6.00% | |||||||
Business acquisition, cost of acquired entity | $ 85,700 | |||||||
Ceevo FS [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total cash paid, net of cash received | 2,940 | |||||||
Business acquisition, cost of acquired entity | € 3.6 | $ 3,900 | ||||||
Pros Software [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total cash paid, net of cash received | $ 1,711 | |||||||
Business acquisition, cost of acquired entity | $ 1,800 | R 25 | ||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||||
[2] | represents the cash paid, net of cash acquired, to acquire a further 6% voting and economic interest, which resulted in the Company obtaining a controlling stake in DNI. As described below, the acquisition of DNI occurred in stages and DNI was accounted for using the equity method until June 30, 2018, being the point at which the Company obtained control over DNI. The total cash paid, net of cash acquired, to obtain a 55% voting and economic interest in DNI was $85.7 million. |
Acquisitions And Dispositions_4
Acquisitions And Dispositions (Impact Of Deconsolidation Of DNI And Calculation Of Net Loss Recognized On Deconsolidation) (Details) $ in Thousands, R in Millions | May 03, 2019USD ($) | May 31, 2019 | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2019ZAR (R) | Mar. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019ZAR (R) | Jun. 30, 2019USD ($) | |||
Carrying value of non-controlling interest | [1] | $ 95,911 | $ 95,911 | ||||||||||||
Released from accumulated other comprehensive loss - foreign currency translation reserve (Note 15) | $ (2,452) | ||||||||||||||
Loss recognized on disposal, after tax | $ (2,811) | [2] | $ 3,291 | $ 1,046 | $ 865 | 2,690 | $ 2,391 | [2],[3] | |||||||
Less: equity-method interest sold (Note 9) | (242) | ||||||||||||||
DNI [Member] | Equity Method Investment Total [Member] | |||||||||||||||
Fair value of consideration received | $ 15,011 | $ 27,626 | |||||||||||||
Fair value of retained interest of 30% in DNI | 74,195 | ||||||||||||||
Carrying value of non-controlling interest | 88,934 | ||||||||||||||
Subtotal | 190,755 | ||||||||||||||
Cash and cash equivalents | 2,114 | ||||||||||||||
Accounts receivable, net and other receivables | 24,577 | ||||||||||||||
Finance loans receivable, net | 1,030 | ||||||||||||||
Inventory | 893 | ||||||||||||||
Property, plant and equipment, net | 1,265 | ||||||||||||||
Equity-accounted investments (Note 9) | 242 | ||||||||||||||
Goodwill (Note 10) | 113,003 | ||||||||||||||
Intangible assets, net | 80,769 | ||||||||||||||
Deferred income taxes | 28 | ||||||||||||||
Other long-term assets | 26,553 | ||||||||||||||
Accounts payable | (5,186) | ||||||||||||||
Other payables | (16,484) | ||||||||||||||
Income taxes payable | (2,482) | ||||||||||||||
Deferred income taxes | (22,083) | ||||||||||||||
Long-term debt (Note 12) | (10,150) | ||||||||||||||
Released from accumulated other comprehensive loss - foreign currency translation reserve (Note 15) | (646) | 1,806 | |||||||||||||
Less: carrying value of DNI | $ 195,895 | ||||||||||||||
Loss recognized on disposal, before tax | (631) | (5,140) | |||||||||||||
Loss recognized on disposal, after tax | (631) | (5,140) | (5,771) | ||||||||||||
Less: equity-method interest sold (Note 9) | (14,996) | ||||||||||||||
DNI [Member] | Equity Method Investment 17% Sold [Member] | |||||||||||||||
Fair value of consideration received | 27,626 | ||||||||||||||
Subtotal | 27,626 | ||||||||||||||
Cash and cash equivalents | 354 | ||||||||||||||
Accounts receivable, net and other receivables | 4,116 | ||||||||||||||
Finance loans receivable, net | 173 | ||||||||||||||
Inventory | 149 | ||||||||||||||
Property, plant and equipment, net | 212 | ||||||||||||||
Equity-accounted investments (Note 9) | 41 | ||||||||||||||
Goodwill (Note 10) | 18,924 | ||||||||||||||
Intangible assets, net | 13,526 | ||||||||||||||
Deferred income taxes | 5 | ||||||||||||||
Other long-term assets | 4,447 | ||||||||||||||
Accounts payable | (868) | ||||||||||||||
Other payables | (2,760) | ||||||||||||||
Income taxes payable | (416) | ||||||||||||||
Deferred income taxes | (3,698) | ||||||||||||||
Long-term debt (Note 12) | (1,700) | ||||||||||||||
Released from accumulated other comprehensive loss - foreign currency translation reserve (Note 15) | 1,806 | ||||||||||||||
Less: carrying value of DNI | 34,311 | ||||||||||||||
Loss recognized on disposal, before tax | (6,685) | ||||||||||||||
Taxes related to disposal | 505 | ||||||||||||||
Loss recognized on disposal, after tax | (7,190) | (7,190) | |||||||||||||
DNI [Member] | Equity Method Investment 8% Retained Interest Sold In May 2019 [Member] | |||||||||||||||
Fair value of consideration received | 15,011 | ||||||||||||||
Fair value of retained interest of 30% in DNI | 14,849 | ||||||||||||||
Subtotal | 14,849 | ||||||||||||||
Cash and cash equivalents | 158 | ||||||||||||||
Accounts receivable, net and other receivables | 1,841 | ||||||||||||||
Finance loans receivable, net | 77 | ||||||||||||||
Inventory | 66 | ||||||||||||||
Property, plant and equipment, net | 95 | ||||||||||||||
Equity-accounted investments (Note 9) | 19 | ||||||||||||||
Goodwill (Note 10) | 8,466 | ||||||||||||||
Intangible assets, net | 6,051 | ||||||||||||||
Deferred income taxes | 2 | ||||||||||||||
Other long-term assets | 1,989 | ||||||||||||||
Accounts payable | (389) | ||||||||||||||
Other payables | (1,235) | ||||||||||||||
Income taxes payable | (186) | ||||||||||||||
Deferred income taxes | (1,654) | ||||||||||||||
Long-term debt (Note 12) | (760) | ||||||||||||||
Released from accumulated other comprehensive loss - foreign currency translation reserve (Note 15) | (646) | ||||||||||||||
Less: carrying value of DNI | 14,540 | ||||||||||||||
Loss recognized on disposal, before tax | (631) | 309 | |||||||||||||
Taxes related to disposal | (3,836) | ||||||||||||||
Loss recognized on disposal, after tax | (631) | 4,145 | 3,514 | ||||||||||||
Less: equity-method interest sold (Note 9) | $ (14,996) | ||||||||||||||
DNI [Member] | Equity Method Investment 30% Retained Interest [Member] | |||||||||||||||
Fair value of retained interest of 30% in DNI | 59,346 | ||||||||||||||
Subtotal | 59,346 | ||||||||||||||
Cash and cash equivalents | 633 | ||||||||||||||
Accounts receivable, net and other receivables | 7,358 | ||||||||||||||
Finance loans receivable, net | 308 | ||||||||||||||
Inventory | 268 | ||||||||||||||
Property, plant and equipment, net | 379 | ||||||||||||||
Equity-accounted investments (Note 9) | 72 | ||||||||||||||
Goodwill (Note 10) | 33,834 | ||||||||||||||
Intangible assets, net | 24,183 | ||||||||||||||
Deferred income taxes | 8 | ||||||||||||||
Other long-term assets | 7,950 | ||||||||||||||
Accounts payable | (1,553) | ||||||||||||||
Other payables | (4,936) | ||||||||||||||
Income taxes payable | (743) | ||||||||||||||
Deferred income taxes | (6,612) | ||||||||||||||
Long-term debt (Note 12) | (3,039) | ||||||||||||||
Less: carrying value of DNI | 58,110 | ||||||||||||||
Loss recognized on disposal, before tax | 1,236 | ||||||||||||||
Taxes related to disposal | 3,331 | ||||||||||||||
Loss recognized on disposal, after tax | (2,095) | (2,095) | |||||||||||||
DNI [Member] | Equity Method Investment Attributed To Non Controlling Interest [Member] | |||||||||||||||
Carrying value of non-controlling interest | 88,934 | ||||||||||||||
Subtotal | 88,934 | ||||||||||||||
Cash and cash equivalents | 969 | ||||||||||||||
Accounts receivable, net and other receivables | 11,262 | ||||||||||||||
Finance loans receivable, net | 472 | ||||||||||||||
Inventory | 410 | ||||||||||||||
Property, plant and equipment, net | 579 | ||||||||||||||
Equity-accounted investments (Note 9) | 110 | ||||||||||||||
Goodwill (Note 10) | 51,779 | ||||||||||||||
Intangible assets, net | 37,009 | ||||||||||||||
Deferred income taxes | 13 | ||||||||||||||
Other long-term assets | 12,167 | ||||||||||||||
Accounts payable | (2,376) | ||||||||||||||
Other payables | (7,553) | ||||||||||||||
Income taxes payable | (1,137) | ||||||||||||||
Deferred income taxes | (10,119) | ||||||||||||||
Long-term debt (Note 12) | (4,651) | ||||||||||||||
Less: carrying value of DNI | $ 88,934 | ||||||||||||||
DNI [Member] | Related To Fair Value Adjustment Of Retained Interest In 38% Of DNI [Member] | Equity Method Investment Total [Member] | |||||||||||||||
Loss recognized on disposal, before tax | 1,545 | ||||||||||||||
DNI [Member] | Related To Fair Value Adjustment Of Retained Interest In 38% Of DNI [Member] | Equity Method Investment 8% Retained Interest Sold In May 2019 [Member] | |||||||||||||||
Loss recognized on disposal, before tax | 309 | ||||||||||||||
DNI [Member] | Related To Fair Value Adjustment Of Retained Interest In 38% Of DNI [Member] | Equity Method Investment 30% Retained Interest [Member] | |||||||||||||||
Loss recognized on disposal, before tax | 1,236 | ||||||||||||||
DNI [Member] | Related To Sale Of 17% Of DNI [Member] | Equity Method Investment Total [Member] | |||||||||||||||
Loss recognized on disposal, before tax | (6,685) | ||||||||||||||
DNI [Member] | Related To Sale Of 17% Of DNI [Member] | Equity Method Investment 17% Sold [Member] | |||||||||||||||
Loss recognized on disposal, before tax | (6,685) | ||||||||||||||
DNI [Member] | Discontinued [Member] | |||||||||||||||
Percentage of ownership interest retained | 38.00% | 38.00% | |||||||||||||
Amount used to calculate fair value of Retained interest in 38% of DNI | R | R 215 | ||||||||||||||
Percentage used to calculate fair value of retained interest in 38% of DNI | 7.60524% | 7.60524% | |||||||||||||
Capital gain (loss) as result of disposal of business | (1,500) | ||||||||||||||
Valuation allowance against capital loss resulted from disposal of DNI | 1,500 | ||||||||||||||
Percentage of ownership interest sold in business | 8.00% | ||||||||||||||
DNI [Member] | Discontinued [Member] | Equity Method Investment 17% Sold [Member] | |||||||||||||||
Capital gain (loss) as result of disposal of business | $ 500 | ||||||||||||||
Percentage of ownership interest sold in business | 17.00% | ||||||||||||||
DNI [Member] | Discontinued [Member] | Equity Method Investment 8% Retained Interest Sold In May 2019 [Member] | |||||||||||||||
Capital gain (loss) as result of disposal of business | $ 5,300 | ||||||||||||||
Capital loss for tax purpose as result of disposal of DNI | 23,900 | ||||||||||||||
Valuation allowance against capital loss resulted from disposal of DNI | 23,900 | ||||||||||||||
DNI [Member] | Discontinued [Member] | Equity Method Investment 30% Retained Interest [Member] | |||||||||||||||
Capital gain (loss) as result of disposal of business | 3,300 | ||||||||||||||
DNI [Member] | Discontinued [Member] | Re-measurement Of Retained 38% Interest [Member] | |||||||||||||||
Capital gain (loss) as result of disposal of business | $ (2,000) | ||||||||||||||
DNI [Member] | Short -term Loan [Member] | Discontinued [Member] | |||||||||||||||
Other payables | R (60.5) | $ (4,300) | |||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | ||||||||||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. The impact of the restatement for the year ended June 30, 2018, has been recorded during the three months ended June 30, 2018. | ||||||||||||||
[3] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Acquisitions And Dispositions_5
Acquisitions And Dispositions (Schedule Of Revenues And Expenses After DNI Disposal Transaction) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Expenses incurred related to transactions with DNI | $ 63 |
Acquisitions And Dispositions_6
Acquisitions And Dispositions (Impact Of Deconsolidation Of DNI On Statement Of Operations And Statement Of Cash Flows) (Details) - DNI [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Dividend received from equity method investment | $ 900 | ||
Discontinued [Member] | |||
Revenue | 56,337 | ||
Cost of goods sold, IT processing, servicing and support | 27,667 | ||
Selling, general and administration | 4,295 | ||
Depreciation and amortization | 8,026 | ||
Impairment loss | 5,305 | ||
Operating income | 11,044 | ||
Interest income | 707 | ||
Interest expense | 812 | ||
Net income before tax (includes loss on disposal of DNI of $5,771) | 5,168 | ||
Income tax expense | 3,124 | ||
Net income before earnings from equity-accounted investments | 2,675 | ||
DNI consolidated - Earnings from equity-accounted investments | [1] | 15 | |
DNI equity method investment - Earnings from equity-accounted investments | [2] | $ 7,005 | |
Total net cash (used in) provided by operating activities | [3],[4] | 6,635 | $ 1,765 |
Total net cash (used in) provided by investing activities | (516) | ||
Loss on disposal of DNI | $ 5,771 | ||
[1] | Earnings from equity-accounted investments for the year ended June 30, 2019, include earnings attributed to an equity-accounted investment owned by DNI of $0.2 million and are included in the Company's results as a result of the consolidation of DNI. | ||
[2] | Earnings from equity-accounted investments for the years ended June 30, 2018, represents DNI earnings (net of amortization of acquired intangibles and related deferred tax) attributed to the Company as a result of the Company using the equity method to account for its investment in DNI during the period (refer to Note 9). | ||
[3] | Total net cash (used in) provided by operating activities for the year ended June 30, 2018, represents dividends received from DNI during the period. | ||
[4] | Total net cash (used in) provided by operating activities for the year ended June 30, 2019, includes dividends received of $0.9 million (refer to Note 9) from DNI while it was accounted for using the equity method during the three months ended June 30, 2019. |
Acquisitions And Dispositions_7
Acquisitions And Dispositions (Schedule Of Purchase Price Allocation Translated At Applicable Foreign Exchange Rate) (Details) $ in Thousands, R in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||
Nov. 30, 2017ZAR (R) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018ZAR (R) | Jun. 30, 2018USD ($) | Nov. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Nov. 30, 2016USD ($) | Nov. 01, 2016USD ($) | Oct. 31, 2016USD ($) | Oct. 01, 2016USD ($) | Jun. 30, 2016USD ($) | |||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill (Note 10) | $ 149,387 | $ 169,079 | [1] | $ 188,833 | $ 179,478 | |||||||||
Long-term liabilities of discontinued operation: | (700) | |||||||||||||
Less: carrying value at the acquisition date (Note 9) | $ (79,633) | |||||||||||||
Other long-term liabilities | $ 3,007 | 30,289 | [1] | |||||||||||
DNI [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Add: loss on re-measurement of previously held interest | 4,600 | |||||||||||||
Other long-term liabilities | R 113.8 | R 373.6 | 27,200 | $ 8,300 | ||||||||||
Percentage of agreed to reimburse DNI | 50.00% | |||||||||||||
Interest rate | 10.00% | |||||||||||||
DNI [Member] | Initial DNI PPA [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Current assets of discontinued operation: | 22,482 | |||||||||||||
Cash and cash equivalents | 2,979 | |||||||||||||
Accounts receivable (Note 5) | 16,235 | |||||||||||||
Finance loans receivable (Note 5) | 742 | |||||||||||||
Inventory (Note 6) | 2,526 | |||||||||||||
Long-term assets of discontinued operation: | 242,704 | |||||||||||||
Property, plant and equipment | 1,317 | |||||||||||||
Equity-accounted investment (Note 9) | 339 | |||||||||||||
Goodwill (Note 10) | 114,161 | |||||||||||||
Intangible assets (Note 10) | 104,003 | |||||||||||||
Deferred tax assets | 1,536 | |||||||||||||
Other long-term assets (Note 9) | 21,348 | |||||||||||||
Current liabilities of discontinued operation: | (20,914) | |||||||||||||
Accounts payables | (13,949) | |||||||||||||
Other payables | (6,349) | |||||||||||||
Current portion of long-term borrowings (Note 12) | (616) | |||||||||||||
Long-term liabilities of discontinued operation: | (38,387) | |||||||||||||
Other long-term liabilities | [2] | (8,291) | ||||||||||||
Deferred tax liabilities | (30,096) | |||||||||||||
Fair value of assets and liabilities on acquisition | 205,885 | |||||||||||||
DNI [Member] | Amendment [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Long-term assets of discontinued operation: | (1,951) | |||||||||||||
Goodwill (Note 10) | 5,017 | |||||||||||||
Intangible assets (Note 10) | (6,968) | |||||||||||||
Long-term liabilities of discontinued operation: | 1,951 | |||||||||||||
Deferred tax liabilities | 1,951 | |||||||||||||
DNI [Member] | Amended DNI PPA [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Current assets of discontinued operation: | 22,482 | |||||||||||||
Cash and cash equivalents | 2,979 | |||||||||||||
Accounts receivable (Note 5) | 16,235 | |||||||||||||
Finance loans receivable (Note 5) | 742 | |||||||||||||
Inventory (Note 6) | 2,526 | |||||||||||||
Long-term assets of discontinued operation: | 240,753 | |||||||||||||
Property, plant and equipment | 1,317 | |||||||||||||
Equity-accounted investment (Note 9) | 339 | |||||||||||||
Goodwill (Note 10) | 119,178 | |||||||||||||
Intangible assets (Note 10) | 97,035 | |||||||||||||
Deferred tax assets | 1,536 | |||||||||||||
Other long-term assets (Note 9) | 21,348 | |||||||||||||
Current liabilities of discontinued operation: | (20,914) | |||||||||||||
Accounts payables | (13,949) | |||||||||||||
Other payables | (6,349) | |||||||||||||
Current portion of long-term borrowings (Note 12) | (616) | |||||||||||||
Long-term liabilities of discontinued operation: | (36,436) | |||||||||||||
Other long-term liabilities | [2] | (8,291) | ||||||||||||
Deferred tax liabilities | (28,145) | |||||||||||||
Fair value of assets and liabilities on acquisition | 205,885 | |||||||||||||
Less: fair value attributable to controlling interests on aquisition date | (94,123) | |||||||||||||
Less: fair value of equity-accounted investment, comprising: | (100,947) | |||||||||||||
Add: loss on re-measurement of previously held interest | 4,614 | |||||||||||||
Less: Contingent payment recognized related to 49% interest acquired | (25,589) | |||||||||||||
Less: carrying value at the acquisition date (Note 9) | (79,972) | |||||||||||||
Less: Contingent payment recognized related to 6% interest acquired | $ (1,633) | |||||||||||||
Total purchase price | 9,182 | |||||||||||||
Ceevo FS [Member] | 2017 Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Cash and cash equivalents | $ 999 | |||||||||||||
Accounts receivable (Note 5) | 983 | |||||||||||||
Property, plant and equipment | 30 | |||||||||||||
Goodwill (Note 10) | $ 2,475 | |||||||||||||
Intangible assets (Note 10) | $ 1,078 | |||||||||||||
Other payables | (1,570) | |||||||||||||
Long-term liabilities of discontinued operation: | (56) | |||||||||||||
Total purchase price | $ 3,939 | |||||||||||||
Pros Software [Member] | 2017 Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Cash and cash equivalents | $ 110 | |||||||||||||
Accounts receivable (Note 5) | 165 | |||||||||||||
Property, plant and equipment | 9 | |||||||||||||
Intangible assets (Note 10) | $ 2,311 | |||||||||||||
Other payables | (58) | |||||||||||||
Income taxes payable | (69) | |||||||||||||
Long-term liabilities of discontinued operation: | (647) | |||||||||||||
Total purchase price | $ 1,821 | |||||||||||||
Ceevos Fs And Pros Software [Member] | 2017 Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Cash and cash equivalents | 1,109 | |||||||||||||
Accounts receivable (Note 5) | 1,148 | |||||||||||||
Property, plant and equipment | 39 | |||||||||||||
Goodwill (Note 10) | 2,475 | |||||||||||||
Intangible assets (Note 10) | $ 3,389 | |||||||||||||
Other payables | (1,628) | |||||||||||||
Income taxes payable | (69) | |||||||||||||
Long-term liabilities of discontinued operation: | (703) | |||||||||||||
Total purchase price | $ 5,760 | |||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||||||||||
[2] | DNI concluded an acquisition in November 2017 and other long-term liabilities includes a contingent purchase consideration of ZAR 113.8 million ($8.3 million) due to the sellers and other long-term assets includes an amount due from the DNI shareholders, excluding the Company. DNI is obligated under the terms of this obligation to pay 50% of the purchase consideration plus or (less) a contingent amount (refund) calculated on a multiple of excess (deficit) earnings over (less) an agreed earnings amount. The other DNI shareholders have agreed to reimburse DNI the 50% consideration plus (less) the contingent amount (refund) payable in full. Therefore, other long-term asset includes the amounts due from the DNI shareholder, excluding the Company, and other long-term liabilities includes the contingent consideration due under the November 2017 acquisition. The Company expects DNI to pay, and to be reimbursed, the additional amount during the first quarter of the year ended June 30, 2020, which amount represents the present value of the ZAR 129.0 million ($9.4 million) to be paid (amounts translated at exchange rates applicable as of June 30, 2018). The present value of ZAR 113.8 million ($8.3 million) was calculated using the following assumptions (a) the maximum additional amount of ZAR 129.0 million will be paid on August 1, 2019 and (b) an interest rate of 10.0 % (the rate used to calculate interest earned by DNI on its surplus South African funds) has been used to discount the ZAR 129.0 million to its present value as of June 30, 2018. Utilization of different inputs, or changes to these inputs, may result in significantly higher or lower fair value measurement. |
Acquisitions And Dispositions_8
Acquisitions And Dispositions (Impact Of Reversal On Condensed Consolidated Statement Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Reversal of intangible asset amortization - decrease depreciation and amortization | $ 37,349 | $ 35,484 | [1] | $ 41,378 | [1] |
Deferred tax impact related to reversal of intangible asset amortization - decrease income tax benefit | 3,725 | 48,597 | [1] | 42,506 | [1] |
Correction [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Deferred tax impact related to reversal of intangible asset amortization - decrease income tax benefit | $ (30) | $ 34 | |||
DNI [Member] | Customer Relationships [Member] | Correction [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Reversal of intangible asset amortization - decrease depreciation and amortization | 506 | ||||
Deferred tax impact related to reversal of intangible asset amortization - decrease income tax benefit | 142 | ||||
Increase in non-controlling interest | $ 164 | ||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Acquisitions And Dispositions_9
Acquisitions And Dispositions (Summary Of Fair Value Of DNI Intangible Assets Acquired And Weighted-Average Amortization Period) (Details) - DNI [Member] $ in Thousands | 12 Months Ended |
Jun. 30, 2018USD ($) | |
Customer Relationships [Member] | |
Fair value as of acquisition date, finite lived intangible assets | $ 97,255 |
Software And Unpatented Technology [Member] | |
Fair value as of acquisition date, finite lived intangible assets | $ 2,609 |
Weighted-average amortization period (in years) | 5 years |
Trademarks [Member] | |
Fair value as of acquisition date, finite lived intangible assets | $ 4,139 |
Weighted-average amortization period (in years) | 5 years |
Minimum [Member] | Customer Relationships [Member] | |
Weighted-average amortization period (in years) | 5 years |
Maximum [Member] | Customer Relationships [Member] | |
Weighted-average amortization period (in years) | 15 years |
Accounts Receivable, Net And _3
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Increase in allowance for doubtful microlending finance loans receivable | $ 28,800,000 | ||||
Bad debt expense | 32,786,000 | $ 13,358,000 | [1] | $ 4,382,000 | [1] |
Accounts Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Bad debt expense | 0 | 100,000 | $ 100,000 | ||
Microlending Finance Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Utilized | (29,721,000) | (3,588,000) | |||
Working Capital Finance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Utilized | $ (6,777,000) | ||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Accounts Receivable, Net And _4
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net (Schedule Of Accounts Receivable, Net And Other Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | 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 9) | $ 9,564 | $ 17,582 |
Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, trade, net | 25,136 | 40,268 |
Accounts receivable, trade, gross | 26,377 | 41,369 |
Allowance for doubtful accounts receivable, end of year | 1,241 | 1,101 |
Beginning of year | 1,101 | 1,255 |
Reversed to statement of operations | (24) | (47) |
Charged to statement of operations | 3,296 | 642 |
Utilized | (3,059) | (776) |
Deconsolidation | (38) | |
Foreign currency adjustment | (35) | 27 |
Current portion of payments to agents in South Korea amortized over the contract period | 15,543 | 21,971 |
Payments to agents in South Korea amortized over the contract period | 25,107 | 39,553 |
Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 9) | 9,564 | 17,582 |
Other receivables | 24,555 | 30,102 |
Total accounts receivable, net and other receivables | 72,494 | 93,448 |
Finbond [Member] | Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans provided | $ 1,107 | |
OneFi [Member] | Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans provided | 3,000 | |
DNI [Member] | Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans provided | $ 4,260 |
Accounts Receivable, Net And _5
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net (Schedule Of Finance Loans Receivable, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance loans receivable, net | $ 30,631 | $ 61,463 | [1] |
Financing Loan Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance loans receivable, net | 30,631 | 61,463 | |
Microlending Finance Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance loans receivable, net | 20,981 | 57,504 | |
Receivable, gross | 24,180 | 61,743 | |
Allowance for doubtful receivable, end of year | 3,199 | 4,239 | |
Beginning of year | 4,239 | 3,717 | |
Charged to statement of operations | 28,802 | 4,348 | |
Utilized | (29,721) | (3,588) | |
Foreign currency adjustment | (121) | (238) | |
Working Capital Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance loans receivable, net | 9,650 | 3,959 | |
Receivable, gross | 15,742 | 16,123 | |
Allowance for doubtful receivable, end of year | 6,092 | 12,164 | |
Beginning of year | 12,164 | 3,752 | |
Charged to statement of operations | 712 | 8,415 | |
Utilized | (6,777) | ||
Foreign currency adjustment | $ (7) | $ (3) | |
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | |
Inventory [Abstract] | |||
Finished goods | $ 7,535 | $ 10,361 | |
Inventory | $ 7,535 | $ 10,361 | [1] |
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) R in Millions | 1 Months Ended | 12 Months Ended | 36 Months Ended | ||||||
Mar. 31, 2019ZAR (R) | Mar. 31, 2019USD ($) | Jun. 30, 2019ZAR (R)shares | Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($)shares | Jun. 30, 2018ZAR (R) | Jun. 30, 2018USD ($) | Aug. 02, 2017shares | |
Derivatives, Fair Value [Line Items] | |||||||||
Transfers into or out of Level 3 | $ | $ 0 | ||||||||
Minimum [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Years of significant fluctuation of US Dollar to ZAR exchange rate | 3 years | 3 years | |||||||
Cell C [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Equity method investment, percentage of ownership interest | 0.00% | 0.00% | |||||||
Adjusted EBITDA | R 3,900 | $ 284,800,000 | |||||||
EBITDA multiple | 6.75% | 6.75% | |||||||
Net external debt | R 8.8 | $ 641,100,000 | |||||||
Marketability discount | 10.00% | 10.00% | |||||||
Net1 SA [Member] | Cell C [Member] | Class A [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Investment shares owned | 75,000,000 | 75,000,000 | |||||||
Cell C [Member] | Net1 SA [Member] | Class A [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Investment shares owned | 75,000,000 | ||||||||
DNI [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Long-term liabilities | R 373.6 | $ 27,200,000 | |||||||
Settlement of contingent consideration | R 400 | $ 27,600,000 | |||||||
Accretion of interest | R 26.4 | $ 1,800,000 | |||||||
DNI [Member] | Maximum [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
DNI contingent consideration | R 400 | $ 27,600,000 | |||||||
DNI [Member] | Present Value [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Long-term liabilities | R | R 400 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments ( Schedule Of Key Valuation Inputs Used) (Details) - 12 months ended Jun. 30, 2019 $ in Millions, R in Billions | ZAR (R) | USD ($) | |
Deferred tax including assessed tax losses | R 2.9 | [1] | $ 20.6 |
Weighted Average Cost of Capital (WACC) Rate [Member] | Minimum [Member] | |||
Investment fair value measurement inputs | 15.00% | ||
Weighted Average Cost of Capital (WACC) Rate [Member] | Maximum [Member] | |||
Investment fair value measurement inputs | 20.00% | ||
Cell C [Member] | |||
Net adjusted external debt | R 13.9 | [1] | $ 648.9 |
Lease liabilities included in net adjusted external debt | R 6.4 | ||
Cell C [Member] | Long Term Growth Rate [Member] | |||
Investment fair value measurement inputs | 4.50% | ||
Cell C [Member] | Marketability Discount [Member] | |||
Investment fair value measurement inputs | 10.00% | ||
Cell C [Member] | Minority Discount [Member] | |||
Investment fair value measurement inputs | 15.00% | ||
[1] | translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2019. |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Impact of EBITDA Multiple) (Details) - Cell C [Member] $ in Thousands | Jun. 30, 2019USD ($) |
1% Increase [Member] | EBITDA Multiple [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Sensitivity for fair value of investment, increase (decrease) in valuation based on 1% change | $ 9,875 |
1% Decrease [Member] | Weighted Average Cost of Capital (WACC) Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Sensitivity for fair value of investment, increase (decrease) in valuation based on 1% change | $ 9,632 |
Fair Value Of Financial Instr_6
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment in Cell C | $ 172,948 | ||
Cash and cash equivalents (included in other long-term assets) | $ 619 | 610 | |
Fixed maturity investments (included in cash and cash equivalents) | 5,201 | 8,304 | |
Other | 413 | 18 | |
Total assets at fair value | 6,233 | 181,880 | |
DNI contingent consideration (Note 3) | 27,222 | ||
Total liabilities at fair value | 27,222 | ||
Quoted Price In Active Markets For Identical Assets (Level 1) [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents (included in other long-term assets) | 619 | 610 | |
Fixed maturity investments (included in cash and cash equivalents) | 5,201 | 8,304 | |
Total assets at fair value | 5,820 | 8,914 | |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other | 413 | 18 | |
Total assets at fair value | 413 | 18 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 172,948 | $ 151,003 | |
Total liabilities at fair value | 27,222 | ||
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment in Cell C | 172,948 | ||
Total assets at fair value | 172,948 | ||
DNI contingent consideration (Note 3) | 27,222 | ||
Total liabilities at fair value | $ 27,222 |
Fair Value Of Financial Instr_7
Fair Value Of Financial Instruments (Carrying Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Recurring [Member] | ||
Assets | ||
Beginning balance, Carrying value | $ 181,880 | |
Ending balance, Carrying value | 6,233 | $ 181,880 |
Liabilities | ||
Beginning balance, Carrying value | 27,222 | |
Ending balance, Carrying value | 27,222 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets | ||
Beginning balance, Carrying value | 172,948 | 151,003 |
Loss on fair value re-measurements | (167,459) | |
Change in fair value of Cell C | 32,473 | |
Foreign currency adjustment | (5,489) | (10,528) |
Ending balance, Carrying value | 172,948 | |
Liabilities | ||
Beginning balance, Carrying value | 27,222 | |
Accretion of interest | 1,848 | |
Settlement of contingent consideration (Note 3 and Note 16) | (27,626) | |
Foreign currency adjustment | (1,444) | |
Ending balance, Carrying value | 27,222 | |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | ||
Assets | ||
Beginning balance, Carrying value | 172,948 | |
Ending balance, Carrying value | 172,948 | |
Liabilities | ||
Beginning balance, Carrying value | $ 27,222 | |
Ending balance, Carrying value | $ 27,222 |
Property, Plant And Equipment_3
Property, Plant And Equipment, Net (Schedule Of Property Plant And Equipment Net) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Cost | $ 136,420 | $ 151,763 | |
Accumulated depreciation | 117,866 | 126,026 | |
Carrying amount | 18,554 | 25,737 | [1] |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 849 | 880 | |
Accumulated depreciation | |||
Carrying amount | 849 | 880 | |
Building And Structures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 419 | 483 | |
Accumulated depreciation | 158 | 193 | |
Carrying amount | 261 | 290 | |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 109,217 | 124,160 | |
Accumulated depreciation | 94,988 | 103,297 | |
Carrying amount | 14,229 | 20,863 | |
Furniture And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 9,788 | 8,886 | |
Accumulated depreciation | 7,738 | 6,933 | |
Carrying amount | 2,050 | 1,953 | |
Motor Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 16,147 | 17,354 | |
Accumulated depreciation | 14,982 | 15,603 | |
Carrying amount | $ 1,165 | $ 1,751 | |
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Equity-Accounted Investments _3
Equity-Accounted Investments And Other Long-Term Assets (Narrative) (Details) R / shares in Units, item in Millions, customer in Millions, SFr in Millions, R in Millions | Oct. 02, 2019CHF (SFr) | Oct. 02, 2019USD ($) | May 03, 2019 | Oct. 04, 2018USD ($) | Jun. 28, 2018ZAR (R)shares | Apr. 20, 2018shares | Mar. 09, 2018ZAR (R)shares | Feb. 09, 2018CHF (SFr) | Feb. 09, 2018USD ($) | Oct. 02, 2017CHF (SFr) | Oct. 02, 2017USD ($) | Jul. 27, 2017ZAR (R)shares | Jul. 17, 2017shares | Jul. 13, 2017ZAR (R)shares | Jul. 13, 2017USD ($)shares | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2019USD ($)itemcustomershares | Jun. 30, 2018USD ($) | Aug. 02, 2019shares | Jun. 28, 2019ZAR (R)R / shares | Jun. 28, 2019USD ($) | Mar. 31, 2019 | Jul. 11, 2018shares | Jun. 28, 2018USD ($)shares | Mar. 09, 2018USD ($)shares | Feb. 09, 2018USD ($) | Aug. 02, 2017ZAR (R)shares | Aug. 02, 2017USD ($)shares | Jul. 27, 2017USD ($)shares | Oct. 07, 2016ZAR (R) | Oct. 07, 2016USD ($) | |
Market value of holding | $ 151,116,000 | $ 86,016,000 | [1] | |||||||||||||||||||||||||||||||
Acquisition of additional shares | 4,909,000 | $ 144,533,000 | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 145,802,000 | |||||||||||||||||||||||||||||||||
Interest investment maturity | 2022-08 | |||||||||||||||||||||||||||||||||
Finbond [Member] | ||||||||||||||||||||||||||||||||||
Investment shares owned | shares | 267,672,032 | |||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 29.00% | 29.00% | ||||||||||||||||||||||||||||||||
Market value of holding | R 1,100 | $ 76,000,000 | ||||||||||||||||||||||||||||||||
Acquisition of additional shares | $ 1,920,000 | $ 13,043,000 | ||||||||||||||||||||||||||||||||
Share price | R / shares | R 4 | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 139.2 | $ 10,000,000 | ||||||||||||||||||||||||||||||||
Finbond [Member] | LIBOR Plus Margin [Member] | ||||||||||||||||||||||||||||||||||
Interest rate | 12.00% | 12.00% | ||||||||||||||||||||||||||||||||
Finbond [Member] | Additional [Member] | ||||||||||||||||||||||||||||||||||
Investment shares owned | shares | 6,602,551 | |||||||||||||||||||||||||||||||||
Number of additional shares acquired | shares | 3,600,000 | 3,600,000 | ||||||||||||||||||||||||||||||||
Acquisition of additional shares | R 11.2 | $ 800,000 | ||||||||||||||||||||||||||||||||
Shares received as a capitalization share issue in lieu of a dividend | shares | 4,361,532 | |||||||||||||||||||||||||||||||||
Finbond [Member] | Additional [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||
Investment shares owned | shares | 1,148,901 | |||||||||||||||||||||||||||||||||
Finbond [Member] | Rights Offering [Member] | ||||||||||||||||||||||||||||||||||
Number of additional shares acquired | shares | 55,585,514 | |||||||||||||||||||||||||||||||||
V2 [Member] | ||||||||||||||||||||||||||||||||||
Equity acquisition amount under purchase agreement | $ 2,500,000 | |||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 50.00% | 50.00% | ||||||||||||||||||||||||||||||||
Business acquisition amount contributed | $ 2,500,000 | |||||||||||||||||||||||||||||||||
Working capital facility | $ 5,000,000 | |||||||||||||||||||||||||||||||||
DNI [Member] | ||||||||||||||||||||||||||||||||||
Percentage of ownership interest sold in business | 8.00% | |||||||||||||||||||||||||||||||||
Percentage of ownership interest retained in deconsolidation | 38.00% | |||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 30.00% | |||||||||||||||||||||||||||||||||
Acquisition of additional shares | 79,541,000 | |||||||||||||||||||||||||||||||||
Cedar Cellular [Member] | ||||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 7.625% | |||||||||||||||||||||||||||||||||
Debt instrument face amount | $ 20,500,000 | |||||||||||||||||||||||||||||||||
Interest income recognized | $ 2,400,000 | $ 1,400,000 | ||||||||||||||||||||||||||||||||
Purchased notes amount | $ 9,000,000 | |||||||||||||||||||||||||||||||||
Interest rate | 8.625% | |||||||||||||||||||||||||||||||||
Maturity date | Aug. 2, 2022 | |||||||||||||||||||||||||||||||||
Cedar Cellular [Member] | 8.625% Notes [Member] | ||||||||||||||||||||||||||||||||||
Interest rate | 7.625% | 7.625% | ||||||||||||||||||||||||||||||||
Cell C [Member] | ||||||||||||||||||||||||||||||||||
Interest rate | 15.00% | 15.00% | ||||||||||||||||||||||||||||||||
DNI [Member] | ||||||||||||||||||||||||||||||||||
Percentage of voting and economic interest under share subscription | 55.00% | 49.00% | 45.00% | |||||||||||||||||||||||||||||||
Non-cash re-measurement loss | $ 4,600,000 | |||||||||||||||||||||||||||||||||
Ordinary A shares subscribed in strategic investments | shares | 4,000,000 | 44,999,999 | 4,000,000 | 44,999,999 | ||||||||||||||||||||||||||||||
Subscription of shares, value | R 89.3 | R 945 | $ 7,500,000 | $ 72,000,000 | ||||||||||||||||||||||||||||||
DNI [Member] | Additional [Member] | ||||||||||||||||||||||||||||||||||
Ordinary A shares subscribed in strategic investments | shares | 6,000,000 | 6,000,000 | ||||||||||||||||||||||||||||||||
Subscription of shares, value | R 126 | $ 9,200,000 | ||||||||||||||||||||||||||||||||
DNI [Member] | Maximum [Member] | Additional [Member] | ||||||||||||||||||||||||||||||||||
Subscription of shares, value | R 400 | $ 29,100,000 | ||||||||||||||||||||||||||||||||
DNI [Member] | Speckpack [Member] | ||||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 50.00% | |||||||||||||||||||||||||||||||||
Bank Frick [Member] | ||||||||||||||||||||||||||||||||||
Percentage of ownership interest | 35.00% | 35.00% | 30.00% | 30.00% | ||||||||||||||||||||||||||||||
Equity acquisition amount under purchase agreement | SFr 46.4 | $ 46,500,000 | SFr 39.8 | $ 40,900,000 | ||||||||||||||||||||||||||||||
Exercisable option date | Oct. 2, 2019 | |||||||||||||||||||||||||||||||||
Bank Frick [Member] | Additional [Member] | ||||||||||||||||||||||||||||||||||
Percentage of ownership interest | 5.00% | 5.00% | ||||||||||||||||||||||||||||||||
Equity acquisition amount under purchase agreement | SFr 10.4 | $ 11,100,000 | ||||||||||||||||||||||||||||||||
Bank Frick [Member] | Forecast [Member] | ||||||||||||||||||||||||||||||||||
Percentage of ownership interest | 35.00% | 35.00% | ||||||||||||||||||||||||||||||||
Net1 SA [Member] | Cell C [Member] | Class A [Member] | ||||||||||||||||||||||||||||||||||
Investment shares owned | shares | 75,000,000 | |||||||||||||||||||||||||||||||||
Net1 SA [Member] | Cell C [Member] | ||||||||||||||||||||||||||||||||||
Subscription of shares, value | R 2,000 | $ 151,000,000 | ||||||||||||||||||||||||||||||||
Net1 SA [Member] | Cell C [Member] | Class A [Member] | ||||||||||||||||||||||||||||||||||
Investment shares owned | shares | 75,000,000 | 75,000,000 | ||||||||||||||||||||||||||||||||
OneFi [Member] | Convertible Debt [Member] | ||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 10,000,000 | |||||||||||||||||||||||||||||||||
Debt outstanding amount | $ 3,000,000 | |||||||||||||||||||||||||||||||||
Interest rate | 8.00% | |||||||||||||||||||||||||||||||||
DNI [Member] | ||||||||||||||||||||||||||||||||||
Percentage of ownership interest retained in deconsolidation | 30.00% | |||||||||||||||||||||||||||||||||
Frick Foundation [Member] | Facilitate Development Of Bank Frick's Fintech And Blockchain [Member] | ||||||||||||||||||||||||||||||||||
Business acquisition amount contributed | SFr 3.8 | $ 4,100,000 | ||||||||||||||||||||||||||||||||
Cedar Cellular [Member] | ||||||||||||||||||||||||||||||||||
Present value of expected cash flows from debt security | $ 0 | |||||||||||||||||||||||||||||||||
Other-than-temporary impairment related to the credit loss | 12,800,000 | |||||||||||||||||||||||||||||||||
Amortized cost basis before impairment | 12,800,000 | |||||||||||||||||||||||||||||||||
Carrying value of notes | $ 0 | |||||||||||||||||||||||||||||||||
Interest rate | 24.82% | |||||||||||||||||||||||||||||||||
MobiKwik [Member] | ||||||||||||||||||||||||||||||||||
Percentage of ownership interest | 13.00% | 12.00% | ||||||||||||||||||||||||||||||||
MobiKwik [Member] | Additional [Member] | ||||||||||||||||||||||||||||||||||
Equity acquisition amount under purchase agreement | $ 1,100,000 | |||||||||||||||||||||||||||||||||
MobiKwik [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||
Number of users | customer | 80 | |||||||||||||||||||||||||||||||||
Number of merchants | item | 2.5 | |||||||||||||||||||||||||||||||||
Equity investment acquisition period | 24 months | |||||||||||||||||||||||||||||||||
MobiKwik [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Equity acquisition amount under purchase agreement | $ 40,000,000 | |||||||||||||||||||||||||||||||||
Cell C [Member] | Cell C [Member] | Cell C [Member] | Class A [Member] | ||||||||||||||||||||||||||||||||||
Investment shares owned | shares | 59,000,000 | |||||||||||||||||||||||||||||||||
Subscription Agreement [Member] | MobiKwik [Member] | ||||||||||||||||||||||||||||||||||
Equity acquisition amount under purchase agreement | $ 10,600,000 | $ 15,000,000 | ||||||||||||||||||||||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Equity-Accounted Investments _4
Equity-Accounted Investments And Other Long-Term Assets (Ownership Percentage Of Equity-Accounted Investments) (Details) | Jun. 30, 2019 | Oct. 04, 2018 | Jun. 30, 2018 |
Bank Frick [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity-accounted investments, ownership percentage | 35.00% | 35.00% | |
DNI [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity-accounted investments, ownership percentage | 30.00% | ||
Finbond [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity-accounted investments, ownership percentage | 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% | |
V2 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity-accounted investments, ownership percentage | 50.00% | 50.00% | |
Walletdoc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity-accounted investments, ownership percentage | 20.00% | 20.00% |
Equity-Accounted Investments _5
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Movement In Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Investment in equity: | ||
Balance as of, beginning | $ 83,203 | $ 23,776 |
Re-measurement of 8% of DNI (Note 3) | 14,849 | |
Re-measurement of 30% of DNI (Note 3) | 59,346 | |
Acquisition of shares | 4,909 | 144,533 |
Stock-based compensation | 117 | (139) |
Comprehensive income (loss): | 5,733 | 9,171 |
Other comprehensive income | 4,251 | (2,426) |
Equity accounted earnings (loss) | 1,482 | 11,597 |
Share of net income (loss) | 4,344 | 15,165 |
Amortization - acquired intangible assets | (1,462) | (4,011) |
Deferred taxes - acquired intangible assets | 380 | 1,103 |
Dilution resulting from corporate transactions | 304 | (256) |
Other | (2,084) | (404) |
Dividends received | (3,238) | (5,207) |
Return on investment | (284) | |
Deconsolidation of DNI (Note 3) | (242) | |
Carrying value at the acquisition date (Note 3) | (79,633) | |
Sale of 8% interest in DNI (Note 3) | (14,996) | |
Foreign currency adjustment | 1,571 | (9,298) |
Balance as of, ending | 150,968 | 83,203 |
Investment in loans: | ||
Balance as of, beginning | 3,152 | 2,159 |
Loans granted | 1,000 | |
Transfer from accounts receivable, net and other receivables | (3,000) | 11,235 |
Transfer to investment in equity | (11,102) | |
Foreign currency adjustment | (4) | (140) |
Balance as of, ending | 148 | 3,152 |
As Reported [Member] | ||
Investment in equity: | ||
Balance as of, beginning | 25,703 | |
Correction [Member] | ||
Investment in equity: | ||
Balance as of, beginning | (1,927) | |
DNI [Member] | ||
Investment in equity: | ||
Re-measurement of 8% of DNI (Note 3) | 14,849 | |
Re-measurement of 30% of DNI (Note 3) | 59,346 | |
Acquisition of shares | 79,541 | |
Comprehensive income (loss): | 865 | 7,005 |
Equity accounted earnings (loss) | 865 | 7,005 |
Share of net income (loss) | 1,380 | 9,510 |
Amortization - acquired intangible assets | (715) | (3,480) |
Deferred taxes - acquired intangible assets | 200 | 975 |
Dividends received | (864) | (1,765) |
Carrying value at the acquisition date (Note 3) | (79,972) | |
Sale of 8% interest in DNI (Note 3) | (14,996) | |
Foreign currency adjustment | 1,830 | (4,809) |
Balance as of, ending | 61,030 | |
Bank Frick [Member] | ||
Investment in equity: | ||
Balance as of, beginning | 48,129 | |
Acquisition of shares | 51,949 | |
Comprehensive income (loss): | (1,542) | (606) |
Equity accounted earnings (loss) | (1,542) | (606) |
Share of net income (loss) | 1,109 | 201 |
Amortization - acquired intangible assets | (747) | (531) |
Deferred taxes - acquired intangible assets | 180 | 128 |
Other | (2,084) | (404) |
Dividends received | (1,946) | |
Foreign currency adjustment | 653 | (1,268) |
Balance as of, ending | 47,240 | 48,129 |
Finbond [Member] | ||
Investment in equity: | ||
Balance as of, beginning | 28,982 | 17,034 |
Acquisition of shares | 1,920 | 13,043 |
Stock-based compensation | 117 | (139) |
Comprehensive income (loss): | 7,079 | 2,768 |
Other comprehensive income | 4,251 | (2,426) |
Equity accounted earnings (loss) | 2,828 | 5,194 |
Share of net income (loss) | 2,524 | 5,450 |
Dilution resulting from corporate transactions | 304 | (256) |
Dividends received | (1,920) | (1,096) |
Foreign currency adjustment | (878) | (2,628) |
Balance as of, ending | 35,300 | 28,982 |
Investment in loans: | ||
Transfer from accounts receivable, net and other receivables | 11,235 | |
Transfer to investment in equity | (11,102) | |
Foreign currency adjustment | (133) | |
Finbond [Member] | As Reported [Member] | ||
Investment in equity: | ||
Balance as of, beginning | 18,961 | |
Finbond [Member] | Correction [Member] | ||
Investment in equity: | ||
Balance as of, beginning | (1,927) | |
Other [Member] | ||
Investment in equity: | ||
Balance as of, beginning | 6,092 | 6,742 |
Acquisition of shares | 2,989 | |
Comprehensive income (loss): | (669) | 4 |
Equity accounted earnings (loss) | (669) | 4 |
Share of net income (loss) | (669) | 4 |
Dividends received | (454) | (400) |
Return on investment | (284) | |
Deconsolidation of DNI (Note 3) | (242) | |
Carrying value at the acquisition date (Note 3) | 339 | |
Foreign currency adjustment | (34) | (593) |
Balance as of, ending | 7,398 | 6,092 |
Investment in loans: | ||
Balance as of, beginning | 3,152 | 2,159 |
Loans granted | 1,000 | |
Transfer from accounts receivable, net and other receivables | (3,000) | |
Foreign currency adjustment | (4) | (7) |
Balance as of, ending | $ 148 | 3,152 |
Other [Member] | As Reported [Member] | ||
Investment in equity: | ||
Balance as of, beginning | $ 6,742 |
Equity-Accounted Investments _6
Equity-Accounted Investments And Other Long-Term Assets (Carrying Amount Of Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Schedule of Equity Method Investments [Line Items] | |||
Equity | $ 150,968 | $ 83,203 | $ 23,776 |
Loans | 148 | 3,152 | $ 2,159 |
Total | $ 151,116 | ||
Continuing [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity | 82,864 | ||
Loans | 3,152 | ||
Total | 86,016 | ||
Discontinued [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity | 339 | ||
Total | $ 339 |
Equity-Accounted Investments _7
Equity-Accounted Investments And Other Long-Term Assets (Summary Financial Information Of Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |||
DNI [Member] | |||||||
Balance sheet, as of | |||||||
Current assets | [1] | $ 35,608 | |||||
Long-term assets | 39,851 | ||||||
Current liabilities | 25,757 | ||||||
Long-term liabilities | 7,324 | ||||||
Redeemable stock | |||||||
Non-controlling interests | 1,100 | ||||||
Statement of operations, for the period ended | |||||||
Revenue | 15,898 | ||||||
Operating income (loss) | 5,814 | ||||||
Income (loss) from continuing operations | 4,306 | ||||||
Net income (loss) | 4,481 | ||||||
Bank Frick [Member] | |||||||
Balance sheet, as of | |||||||
Long-term assets | 1,013,677 | 1,418,160 | |||||
Long-term liabilities | 915,050 | 1,323,470 | |||||
Redeemable stock | |||||||
Statement of operations, for the period ended | |||||||
Revenue | 41,126 | 33,814 | |||||
Operating income (loss) | 3,633 | 776 | |||||
Income (loss) from continuing operations | 3,169 | 617 | |||||
Net income (loss) | 3,169 | 617 | |||||
Finbond [Member] | |||||||
Balance sheet, as of | |||||||
Long-term assets | 240,792 | 252,265 | |||||
Long-term liabilities | 125,704 | 175,539 | |||||
Redeemable stock | |||||||
Non-controlling interests | 11,696 | 10,948 | |||||
Statement of operations, for the period ended | |||||||
Revenue | 174,177 | 161,915 | $ 97,431 | ||||
Operating income (loss) | 21,592 | 33,989 | 19,551 | ||||
Income (loss) from continuing operations | 10,152 | 18,651 | 9,700 | ||||
Net income (loss) | 10,152 | 18,651 | 9,700 | ||||
Other [Member] | |||||||
Balance sheet, as of | |||||||
Current assets | 17,781 | [1] | 11,433 | ||||
Long-term assets | 2,304 | 1,343 | |||||
Current liabilities | 8,492 | 3,295 | |||||
Long-term liabilities | 4,654 | 3,930 | |||||
Redeemable stock | |||||||
Non-controlling interests | 25 | ||||||
Statement of operations, for the period ended | |||||||
Revenue | 33,807 | 10,955 | 7,168 | ||||
Operating income (loss) | (753) | 826 | 276 | ||||
Income (loss) from continuing operations | (915) | 152 | 3 | ||||
Net income (loss) | $ (1,029) | $ 152 | $ 3 | ||||
[1] | Bank Frick and Finbond are banks and do not present current and long-term assets and liabilities. All assets and liabilities of these two entities are included under the long-term caption. |
Equity-Accounted Investments _8
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Other Long-Term Asset) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Total equity investments | $ 26,993 | $ 199,865 | |
Total held to maturity investments | 10,395 | ||
Long-term portion of payments to agents in South Korea amortized over the contract period | 9,564 | 17,582 | |
Policy holder assets under investment contracts (Note 11) | 619 | 610 | |
Reinsurance assets under insurance contracts (Note 11) | 1,163 | 633 | |
Other long-term assets | 5,850 | 5,947 | |
Total other long-term assets | $ 44,189 | 235,032 | [1] |
Cell C [Member] | |||
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Total equity investments | $ 172,948 | ||
Interest rate | 15.00% | 15.00% | |
MobiKwik [Member] | |||
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Total equity investments | $ 26,993 | $ 26,917 | |
Cedar Cellular [Member] | |||
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Total equity investments | $ 10,395 | ||
Equity-accounted investments, ownership percentage | 7.625% | ||
Interest rate | 8.625% | ||
Cedar Cellular [Member] | 8.625% Notes [Member] | |||
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Interest rate | 7.625% | 7.625% | |
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Equity-Accounted Investments _9
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Unrealized Gain (Loss) On Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | $ 26,993 | $ 10,395 |
Carrying value | 26,993 | 10,395 |
MobiKwik [Member] | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | 26,993 | |
Carrying value | $ 26,993 | |
Cedar Cellular [Member] | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | 10,395 | |
Carrying value | 10,395 | |
Interest income reclassified to the cost basis | $ 1,400 |
Equity-Accounted Investments_10
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Contractual Maturity Of Investment) (Details) | Jun. 30, 2019USD ($) | |
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 | [1] | |
Due in five years through ten years, Cost basis | ||
Due after ten years, Cost basis | ||
Total, Cost basis | ||
Due in one year or less, Estimated fair value | ||
Due in one year through five years, Estimated fair value | [1] | |
Due in five years through ten years, Estimated fair value | ||
Due after ten years, Estimated fair value | ||
Total, Estimated fair value | ||
[1] | The cost basis is zero ($0.0 million). |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Impairment of goodwill | $ 8,200,000 | $ 14,440,000 | $ 20,917,000 | ||
Impairment of intangible asset | 0 | 0 | $ 0 | ||
Deferred tax liabilities | 700,000 | ||||
Amortization expense | 22,100,000 | 11,800,000 | $ 14,000,000 | ||
DNI [Member] | |||||
Impairment of intangible asset | 5,300,000 | ||||
International Transaction Processing [Member] | |||||
Impairment of goodwill | 7,000,000 | $ 19,900,000 | 7,011,000 | 19,865,000 | |
South African Transaction Processing [Member] | |||||
Impairment of goodwill | $ 1,200,000 | 1,180,000 | $ 1,052,000 | ||
Financial Inclusion And Applied Technologies [Member] | |||||
Impairment of goodwill | $ 6,200,000 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets, Net (Summary Of Movement In Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Goodwill [Line Items] | ||||||
Gross value, Beginning Balance | $ 189,852 | $ 188,833 | $ 179,478 | |||
Gross value, Impairment of goodwill | ||||||
Gross value, Foreign currency adjustment | [1] | (5,308) | 1,019 | 6,880 | ||
Gross value, Ending Balance | 184,544 | 189,852 | 188,833 | |||
Accumulated impairment, Beginning Balance | (20,773) | |||||
Accumulated impairment, Impairment of goodwill | $ (8,200) | (14,440) | (20,917) | |||
Accumulated impairment, Foreign currency adjustment | [1] | 56 | (144) | |||
Accumulated impairment, Ending Balance | (35,157) | (20,773) | ||||
Carrying value, Beginning Balance | 179,478 | |||||
Carrying value, Impairment loss | $ (8,200) | (14,440) | (20,917) | |||
Carrying value, Foreign currency adjustment | [1] | (5,252) | 1,163 | 6,880 | ||
Carrying value, Ending Balance | $ 149,387 | $ 169,079 | [2] | 188,833 | ||
Ceevo FS [Member] | ||||||
Goodwill [Line Items] | ||||||
Gross value, Acquisition (Note 3) | 2,475 | |||||
Accumulated impairment, Acquisition (Note 3) | ||||||
Carrying value, Acquisition | $ 2,475 | |||||
[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 have been restated to correct the misstatement discussed in Note 1. |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets, Net (Goodwill Allocated To Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Goodwill [Line Items] | |||||||
Carrying value, Beginning Balance | $ 179,478 | ||||||
Carrying value, Impairment loss | $ (8,200) | $ (14,440) | (20,917) | ||||
Carrying value, Foreign currency adjustment | [1] | (5,252) | 1,163 | 6,880 | |||
Carrying value, Ending Balance | 149,387 | 169,079 | [2] | 188,833 | |||
Ceevo FS [Member] | |||||||
Goodwill [Line Items] | |||||||
Carrying value, Acquisition | 2,475 | ||||||
South African Transaction Processing [Member] | |||||||
Goodwill [Line Items] | |||||||
Carrying value, Beginning Balance | 20,425 | ||||||
Carrying value, Impairment loss | (1,200) | (1,180) | (1,052) | ||||
Carrying value, Foreign currency adjustment | [1] | (558) | (1,133) | 2,706 | |||
Carrying value, Ending Balance | 19,208 | 20,946 | 23,131 | ||||
International Transaction Processing [Member] | |||||||
Goodwill [Line Items] | |||||||
Carrying value, Beginning Balance | 136,185 | ||||||
Carrying value, Impairment loss | $ (7,000) | $ (19,900) | (7,011) | (19,865) | |||
Carrying value, Foreign currency adjustment | [1] | (4,209) | 3,243 | 1,910 | |||
Carrying value, Ending Balance | 112,728 | 123,948 | 140,570 | ||||
International Transaction Processing [Member] | Ceevo FS [Member] | |||||||
Goodwill [Line Items] | |||||||
Carrying value, Acquisition | 2,475 | ||||||
Financial Inclusion And Applied Technologies [Member] | |||||||
Goodwill [Line Items] | |||||||
Carrying value, Beginning Balance | 22,868 | ||||||
Carrying value, Impairment loss | (6,249) | ||||||
Carrying value, Foreign currency adjustment | [1] | (485) | (947) | 2,264 | |||
Carrying value, Ending Balance | $ 17,451 | $ 24,185 | $ 25,132 | ||||
[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 have been restated to correct the misstatement discussed in Note 1. |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets, Net (Fair Value Of Intangible Assets Acquired) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2017 | |
Customer Relationships [Member] | Minimum [Member] | ||
Weighted-Average Amortization period (in years) | 1 year | |
Customer Relationships [Member] | Maximum [Member] | ||
Weighted-Average Amortization period (in years) | 15 years | |
Software And Unpatented Technology [Member] | Minimum [Member] | ||
Weighted-Average Amortization period (in years) | 3 years | |
Software And Unpatented Technology [Member] | Maximum [Member] | ||
Weighted-Average Amortization period (in years) | 5 years | |
Trademarks [Member] | Minimum [Member] | ||
Weighted-Average Amortization period (in years) | 3 years | |
Trademarks [Member] | Maximum [Member] | ||
Weighted-Average Amortization period (in years) | 20 years | |
Pros Software [Member] | Customer Relationships [Member] | ||
Fair value as of acquisition date, finite lived intangible assets | $ 2,311 | |
Weighted-Average Amortization period (in years) | 9 months | |
Ceevo FS [Member] | Financial Institution License [Member] | ||
Fair value as of acquisition date, Indefinite-lived intangible assets | $ 745 | |
Ceevo FS [Member] | Customer Relationships [Member] | ||
Fair value as of acquisition date, finite lived intangible assets | $ 186 | |
Weighted-Average Amortization period (in years) | 7 months 24 days | |
Ceevo FS [Member] | Software And Unpatented Technology [Member] | ||
Fair value as of acquisition date, finite lived intangible assets | $ 147 | |
Weighted-Average Amortization period (in years) | 1 year 3 months |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets, Net (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | $ 138,217 | $ 147,802 | |
Accumulated amortization | (127,100) | (121,466) | |
Total future estimated amortization expense | 11,117 | 26,336 | |
Indefinite-lived intangible assets | 772 | 793 | |
Total intangible assets, Gross carrying value | 138,989 | 148,595 | |
Total intangible assets, Net carrying value | 11,889 | 27,129 | [1] |
Financial Institution License [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 772 | 793 | |
Customer Relationships [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 96,653 | 100,421 | |
Accumulated amortization | (86,285) | (76,237) | |
Total future estimated amortization expense | 10,368 | 24,184 | |
Software And Unpatented Technology [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 32,071 | 33,121 | |
Accumulated amortization | (31,829) | (32,342) | |
Total future estimated amortization expense | 242 | 779 | |
FTS Patent [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 2,721 | 2,792 | |
Accumulated amortization | (2,721) | (2,792) | |
Exclusive Licenses [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 4,506 | ||
Accumulated amortization | (4,506) | ||
Trademarks [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 6,772 | 6,962 | |
Accumulated amortization | (6,265) | (5,589) | |
Total future estimated amortization expense | $ 507 | $ 1,373 | |
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Goodwill And Intangible Asset_8
Goodwill And Intangible Assets, Net (Future Estimated Annual Amortization Expense) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Goodwill And Intangible Assets, Net [Abstract] | ||
2020 | $ 7,955 | |
2021 | 2,803 | |
2022 | 72 | |
2023 | 71 | |
2024 | 71 | |
Thereafter | 145 | |
Total future estimated amortization expense | $ 11,117 | $ 26,336 |
Reinsurance Assets And Policyho
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts (Summary Of The Movement In Reinsurance Assets And Policyholder Liabilities Under Insurance Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |||
Reinsurance assets, Beginning Balance | [1] | $ 633 | $ 191 |
Reinsurance assets, Increase in policyholder benefits under insurance contracts | [1] | 775 | 1,899 |
Reinsurance assets, Claims and policyholders' benefits under insurance contracts | [1] | (228) | (1,449) |
Reinsurance assets, Foreign currency adjustment | [1],[2] | (17) | (8) |
Reinsurance assets, Ending Balance | [1] | 1,163 | 633 |
Insurance contracts, Beginning Balance | [3] | (2,032) | (1,611) |
Insurance contracts, Increase in policyholder benefits under insurance contracts | [3] | (8,137) | (9,714) |
Insurance contracts, Claims and policyholders' benefits under insurance contracts | [3] | 8,237 | 9,214 |
Insurance contracts, Foreign currency adjustment | [2],[3] | 52 | 79 |
Insurance contracts, Ending Balance | [3] | $ (1,880) | $ (2,032) |
[1] | Included in other long-term assets (refer to Note 9) | ||
[2] | Represents the effects of the fluctuations of the ZAR against the U.S. dollar. | ||
[3] | Included in other long-term liabilities |
Reinsurance Assets And Policy_3
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts (Summary Of Movement In Assets And Policyholder Liabilities Under Investment Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |||
Assets, Beginning Balance | [1] | $ 610 | $ 627 |
Assets, Increase in policyholder benefits under investment contracts | [1] | 24 | 13 |
Assets, Foreign currency adjustment | [1],[2] | (15) | (30) |
Assets, Ending Balance | [1] | 619 | 610 |
Investment contracts, Beginning Balance | [3] | (610) | (627) |
Investment contracts, Increase in policy holder benefits under investment contracts | [3] | 24 | 13 |
Investment contracts, Foreign currency adjustment | [2],[3] | 15 | 30 |
Investment contracts, Ending Balance | [3] | $ (619) | $ (610) |
[1] | Included in other long-term assets (refer to Note 9) | ||
[2] | Represents the effects of the fluctuations of the ZAR against the U.S. dollar. | ||
[3] | Included in other long-term liabilities |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) $ / shares in Units, â‚© in Billions | Sep. 04, 2019ZAR (R) | Jul. 19, 2019 | May 03, 2019ZAR (R) | May 03, 2019USD ($) | Feb. 04, 2019USD ($) | Jan. 01, 2019KRW (â‚©) | Sep. 29, 2018ZAR (R) | Sep. 29, 2018USD ($) | Sep. 26, 2018ZAR (R) | Jun. 28, 2018ZAR (R) | Mar. 09, 2018ZAR (R) | Mar. 09, 2018USD ($) | Oct. 20, 2017USD ($) | Sep. 29, 2017item | Jul. 26, 2017ZAR (R) | Jul. 26, 2017USD ($) | Oct. 04, 2016ZAR (R)shares | Apr. 11, 2016$ / sharesshares | Mar. 31, 2018USD ($) | Aug. 31, 2017ZAR (R) | Feb. 28, 2017$ / sharesshares | Oct. 31, 2013item | Jun. 30, 2019KRW (â‚©) | Jun. 30, 2019ZAR (R) | Jun. 30, 2019USD ($) | Jun. 30, 2018KRW (â‚©) | Jun. 30, 2018ZAR (R) | Jun. 30, 2018USD ($) | Jun. 30, 2017KRW (â‚©) | Jun. 30, 2017ZAR (R) | Jun. 30, 2017USD ($) | Sep. 30, 2019ZAR (R) | Sep. 30, 2019USD ($) | Sep. 04, 2019USD ($) | Jun. 30, 2019USD ($) | Jan. 01, 2019USD ($) | Oct. 31, 2018ZAR (R) | Oct. 31, 2018USD ($) | Sep. 26, 2018USD ($) | Sep. 14, 2018USD ($) | Jul. 31, 2018ZAR (R) | Jul. 31, 2018USD ($) | Mar. 09, 2018USD ($) | Mar. 08, 2018ZAR (R) | Jul. 21, 2017ZAR (R) | Jun. 30, 2017USD ($) | Oct. 04, 2016$ / shares |
Maximum borrowing capacity | $ 145,802,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | $ 50,164,000 | $ 16,239,000 | |||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock | shares | 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Price per share | $ / shares | $ 9 | ||||||||||||||||||||||||||||||||||||||||||||||
Total funds in bank accounts | $ 75,446,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantee fees | R 16,000,000,000 | $ 1,100,000 | |||||||||||||||||||||||||||||||||||||||||||||
Facility C [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument variable interest rate | 3.10% | 3.10% | 3.10% | ||||||||||||||||||||||||||||||||||||||||||||
Facilities interest rate at period end | 4.51% | 4.51% | |||||||||||||||||||||||||||||||||||||||||||||
South Africa [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Settlement of debt obligations | R 230,000,000 | $ 16,000,000 | R 683,800,000 | $ 46,900,000 | R 776,300,000 | 60,500,000 | |||||||||||||||||||||||||||||||||||||||||
South Africa [Member] | Revolving Credit Facility [Member] | Scenario, Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Settlement of debt obligations | R 151,300,000 | $ 10,700,000 | |||||||||||||||||||||||||||||||||||||||||||||
South Africa [Member] | Cell C [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Percentage acquired in acquisition | 15.00% | 15.00% | |||||||||||||||||||||||||||||||||||||||||||||
Overdraft Restricted As To Use For ATM Funding Only [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 102,954,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Facilities Agreement [Member] | Facility C [Member] | Net1 Korea [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | â‚© 0.3 | 300,000 | â‚© 0.9 | 800,000 | |||||||||||||||||||||||||||||||||||||||||||
Facilities Agreement [Member] | RMB Loan Facilities [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | R | 1,400,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Facilities Agreement [Member] | South Africa [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of fees, prepaid facility | 300,000 | 500,000 | |||||||||||||||||||||||||||||||||||||||||||||
Facilities Agreement [Member] | South Africa [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 2,900,000 | 7,200,000 | |||||||||||||||||||||||||||||||||||||||||||||
Facilities Agreement [Member] | South Africa [Member] | Facility D [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R | R 210,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Facilities Agreement [Member] | South Africa [Member] | Cell C [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | R 1,250,000,000 | $ 92,200,000 | |||||||||||||||||||||||||||||||||||||||||||||
Facilities Agreement [Member] | South Africa [Member] | DNI [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | R 84,000,000 | $ 7,100,000 | |||||||||||||||||||||||||||||||||||||||||||||
Percentage acquired in acquisition | 4.00% | 4.00% | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument face amount | R 126,000,000 | $ 10,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Facilities Agreement [Member] | South Korea [Member] | Net1 Korea [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Number of facility agreements | item | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
Facilities Agreement [Member] | South Korea [Member] | South Korean Senior Secured Loan Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Settlement of debt obligations | $ 16,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Facilities Agreement [Member] | South Korea [Member] | Facility A And C [Member] | Net1 Korea [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 400,000 | 1,200,000 | |||||||||||||||||||||||||||||||||||||||||||||
Amortization of fees, prepaid facility | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||
Facilities Agreement [Member] | South Korea [Member] | Facility C [Member] | Net1 Korea [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Settlement of debt obligations | 10 | 8,900,000 | |||||||||||||||||||||||||||||||||||||||||||||
Facilities Agreement [Member] | South Korea [Member] | Facility A [Member] | Net1 Korea [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Settlement of debt obligations | â‚© 10 | 8,800,000 | â‚© 22.1 | $ 19,600,000 | |||||||||||||||||||||||||||||||||||||||||||
DNI Credit Facility Agreement [Member] | South Africa [Member] | Revolving Credit Facility [Member] | DNI [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R | R 200,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ 600,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Paid non-refundable origination fee | R 2,300,000 | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||||||
Line Of Credit Facility, Maturity Date | Jun. 1, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Facility agreement, in years | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||
Blue Label Subscription Agreement [Member] | Blue Label [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | R | 2,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | R | R 16,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock | shares | 117,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Price per share | $ / shares | $ 16.96 | ||||||||||||||||||||||||||||||||||||||||||||||
Aggregate purchase price | R | R 2,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Subscription Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock | shares | 9,980,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Price per share | $ / shares | $ 10.79 | ||||||||||||||||||||||||||||||||||||||||||||||
Original Loan Documents [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Prepaid credit facility fees | $ 200,000 | R 600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Original Loan Documents [Member] | RMB Loan Facilities [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R | R 1,250,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Original Loan Documents [Member] | Facility A [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R | 750,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Original Loan Documents [Member] | Facility B [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R | R 500,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Original Loan Documents [Member] | South Africa [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Number of quarter installments | item | 12 | ||||||||||||||||||||||||||||||||||||||||||||||
JIBAR [Member] | DNI Credit Facility Agreement [Member] | South Africa [Member] | Revolving Credit Facility [Member] | DNI [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument variable interest rate | 2.75% | ||||||||||||||||||||||||||||||||||||||||||||||
JIBAR [Member] | Original Loan Documents [Member] | Facility C [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Margin percentage | 2.25% | 2.25% | 2.25% | ||||||||||||||||||||||||||||||||||||||||||||
JIBAR [Member] | Original Loan Documents [Member] | Facility A [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Margin percentage | 2.25% | 2.25% | 2.25% | ||||||||||||||||||||||||||||||||||||||||||||
JIBAR [Member] | Original Loan Documents [Member] | Facility D [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Margin percentage | 2.75% | 2.75% | 2.75% | ||||||||||||||||||||||||||||||||||||||||||||
JIBAR [Member] | Original Loan Documents [Member] | Facility B [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Margin percentage | 3.50% | 3.50% | 3.50% | ||||||||||||||||||||||||||||||||||||||||||||
Overdraft Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 32,198,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Overdraft Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 1,500,000,000 | $ 106,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | R 1,000,000,000 | $ 69,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Percentage repayment of overdraft facility amount utilized | 90.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Sep. 1, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Paid non-refundable origination fee | R 3,800,000 | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||||||
Overdraft Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 1,200,000,000 | $ 85,200,000 | |||||||||||||||||||||||||||||||||||||||||||||
Overdraft Facility [Member] | Prime Rate [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate | 10.25% | 10.25% | 10.25% | ||||||||||||||||||||||||||||||||||||||||||||
Overdraft Facility [Member] | Prime Rate [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Indirect And Derivative Facilities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 10,650,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Nedbank Limited [Member] | South Africa [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 31,951,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | South Africa [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 17,751,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Nedbank Limited [Member] | South African Credit Facility [Member] | South Africa [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 450,000,000 | 32,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Nedbank Limited [Member] | South African Credit Facility [Member] | Nedbank Short-Term Credit Facility [Member] | South Africa [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate | 9.10% | 9.10% | 9.10% | ||||||||||||||||||||||||||||||||||||||||||||
Amount drawn under the Nedbank facility | $ 5,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Nedbank Limited [Member] | South African Credit Facility [Member] | Nedbank Short-Term Credit Facility [Member] | South Africa [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate | 8.85% | ||||||||||||||||||||||||||||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | South Africa [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 3,550,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Commitment fee percentage | 0.35% | 0.35% | 0.35% | ||||||||||||||||||||||||||||||||||||||||||||
Amount drawn under the Nedbank facility | $ 8,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | South Africa [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 250,000,000 | 17,800,000 | |||||||||||||||||||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | 82,800,000 | 5,900,000 | |||||||||||||||||||||||||||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | General Banking Facility [Member] | South Africa [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 50,000,000 | 3,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | Indirect And Derivative Facilities [Member] | South Africa [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 150,000,000 | 10,700,000 | |||||||||||||||||||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | 93,600,000 | 6,600,000 | R 108,000,000 | $ 7,900,000 | |||||||||||||||||||||||||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | Nedbank Short-Term Credit Facility [Member] | South Africa [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 300,000,000 | 21,300,000 | |||||||||||||||||||||||||||||||||||||||||||||
Total funds in bank accounts | 2,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Amount drawn under the Nedbank facility | 8,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Nedbank Limited [Member] | Indirect And Derivative Facilities [Member] | South Africa [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 10,650,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Bank Frick [Member] | United States [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | United States [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 20,000,000 | 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | $ 9,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | Renewed [Member] | United States [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | 3-month US dollar LIBOR Rate [Member] | United States [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument variable interest rate | 4.50% | 2.31988% | 2.31988% | 2.31988% | |||||||||||||||||||||||||||||||||||||||||||
Hana Bank [Member] | South Korea [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 8,648,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Hana Bank [Member] | Overdraft Facility [Member] | South Korea [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | â‚© 10 | $ 8,648,000 | $ 8,600,000 | ||||||||||||||||||||||||||||||||||||||||||||
Amount utilized from revolving credit facility | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Credit faility expiration period | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||
Hana Bank [Member] | Overdraft Facility [Member] | 3-month US dollar LIBOR Rate [Member] | South Korea [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument variable interest rate | 1.984% | 1.78% | 1.78% | 1.78% | |||||||||||||||||||||||||||||||||||||||||||
FirstRand Bank Limited [Member] | Overdraft Facility [Member] | Amended July 2017 [Member] | Facility F [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Paid non-refundable origination fee | $ 2,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||
FirstRand Bank Limited [Member] | Overdraft Facility [Member] | Amended July 2017 [Member] | Facility F [Member] | Net1 SA [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 300,000,000 | $ 21,300,000 | |||||||||||||||||||||||||||||||||||||||||||||
FirstRand Bank Limited [Member] | Overdraft Facility [Member] | Amended July 2017 [Member] | First Senior Facility F [Member] | Net1 SA [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R | 220,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
FirstRand Bank Limited [Member] | Overdraft Facility [Member] | Amended July 2017 [Member] | Second Senior Facility F [Member] | Net1 SA [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R | R 80,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
FirstRand Bank Limited [Member] | Overdraft Facility [Member] | JIBAR [Member] | Amended July 2017 [Member] | Facility F [Member] | Net1 SA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Margin percentage | 5.50% |
Borrowings (Summary Of Short-Te
Borrowings (Summary Of Short-Term Credit Facilities) (Details) R in Millions, â‚© in Billions | 12 Months Ended | |||||||||||
Jun. 30, 2019ZAR (R) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | [1] | Jun. 30, 2019USD ($) | Feb. 04, 2019USD ($) | Jan. 01, 2019KRW (â‚©) | Jan. 01, 2019USD ($) | Sep. 14, 2018USD ($) | |||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | $ 145,802,000 | |||||||||||
Utilized | $ 822,754,000 | $ 44,900,000 | [1] | $ 16,176,000 | ||||||||
Repaid | (740,969,000) | |||||||||||
Foreign currency adjustment | [2] | 3,205,000 | ||||||||||
Balance as of June 30, 2019 | [3] | 84,990,000 | ||||||||||
Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | 102,954,000 | |||||||||||
Balance as of June 30, 2019 | 75,446,000 | |||||||||||
No Restrictions As To Use [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Balance as of June 30, 2019 | 9,544,000 | |||||||||||
Overdraft Facility [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | 32,198,000 | |||||||||||
Indirect And Derivative Facilities [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | 10,650,000 | |||||||||||
Balance as of June 30, 2018 | 7,871,000 | |||||||||||
Guarantees cancelled | (1,075,000) | |||||||||||
Utilized | 46,000 | |||||||||||
Foreign currency adjustment | [2] | (199,000) | ||||||||||
Balance as of June 30, 2019 | 6,643,000 | 7,871,000 | ||||||||||
South Africa [Member] | Amended July 2017 [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | 85,203,000 | |||||||||||
Utilized | 722,375,000 | |||||||||||
Repaid | (655,612,000) | |||||||||||
Foreign currency adjustment | [2] | 2,803,000 | ||||||||||
Balance as of June 30, 2019 | [3] | 69,566,000 | ||||||||||
South Africa [Member] | Amended July 2017 [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | 85,203,000 | |||||||||||
Balance as of June 30, 2019 | 69,566,000 | |||||||||||
South Africa [Member] | Nedbank Limited [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | 31,951,000 | |||||||||||
Utilized | 85,843,000 | |||||||||||
Repaid | (80,365,000) | |||||||||||
Foreign currency adjustment | [2] | 402,000 | ||||||||||
Balance as of June 30, 2019 | [3] | 5,880,000 | ||||||||||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | 17,751,000 | |||||||||||
Balance as of June 30, 2019 | 5,880,000 | |||||||||||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | 3,550,000 | |||||||||||
Total overdraft facilities withdrawn | 8,600,000 | |||||||||||
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 | R 250 | 17,800,000 | ||||||||||
Utilized | 82.8 | 5,900,000 | ||||||||||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | Nedbank Short-Term Credit Facility [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | R 300 | 21,300,000 | ||||||||||
Total overdraft facilities withdrawn | 8,600,000 | |||||||||||
South Africa [Member] | Nedbank Limited [Member] | Indirect And Derivative Facilities [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | 10,650,000 | |||||||||||
Balance as of June 30, 2018 | 7,871,000 | |||||||||||
Guarantees cancelled | (1,075,000) | |||||||||||
Utilized | 46,000 | |||||||||||
Foreign currency adjustment | [2] | (199,000) | ||||||||||
Balance as of June 30, 2019 | 6,643,000 | $ 7,871,000 | ||||||||||
United States [Member] | Bank Frick [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | 20,000,000 | |||||||||||
Utilized | 14,536,000 | |||||||||||
Repaid | (4,992,000) | |||||||||||
Balance as of June 30, 2019 | [3] | 9,544,000 | ||||||||||
United States [Member] | Bank Frick [Member] | No Restrictions As To Use [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Balance as of June 30, 2019 | 9,544,000 | |||||||||||
United States [Member] | Bank Frick [Member] | Overdraft Facility [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | 20,000,000 | $ 20,000,000 | ||||||||||
Utilized | 9,500,000 | |||||||||||
United States [Member] | Bank Frick [Member] | Renewed [Member] | Overdraft Facility [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | $ 10,000,000 | |||||||||||
South Korea [Member] | Hana Bank [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | 8,648,000 | |||||||||||
South Korea [Member] | Hana Bank [Member] | Overdraft Facility [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Short-term facility available | $ 8,648,000 | â‚© 10 | $ 8,600,000 | |||||||||
Utilized | $ 0 | |||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||||||||
[2] | Represents the effects of the fluctuations between the ZAR and the U.S. dollar. | |||||||||||
[3] | Nedbank as of June 30, 2019, of $5.9 million comprises the net of total overdraft facilities withdrawn of $8.6 million offset against funds in bank accounts with Nedbank of $2.7 million. |
Borrowings (Summary Of Long-Ter
Borrowings (Summary Of Long-Term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||||
Debt Instrument [Line Items] | ||||||
Current portion of long-term borrowings | $ 44,695 | $ 8,738 | ||||
Long-term borrowings | 5,469 | [1] | 7,501 | |||
Beginning Balance | $ 50,164 | 16,239 | ||||
Utilized | 14,613 | 113,157 | [2] | 800 | [2] | |
Repaid | (37,357) | (77,062) | [2] | (37,318) | [2] | |
DNI acquisition (Note 3) | 616 | |||||
Deconsolidated (Note 2) | (10,435) | |||||
Foreign currency adjustment | [3] | (1,974) | (2,786) | |||
Ending Balance | 50,164 | 16,239 | ||||
Sale of DNI Shares [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repaid | (15,011) | |||||
South Korea [Member] | Continuing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Current portion of long-term borrowings | 8,738 | |||||
Long-term borrowings | 7,501 | |||||
Beginning Balance | 16,239 | |||||
Utilized | 197 | |||||
Repaid | (16,592) | |||||
Foreign currency adjustment | [3] | 156 | ||||
Ending Balance | $ 16,239 | |||||
Amended July 2017 [Member] | South Korea [Member] | Continuing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Current portion of long-term borrowings | 44,079 | |||||
Long-term borrowings | 5,469 | |||||
Beginning Balance | 49,548 | |||||
Utilized | 112,960 | |||||
Repaid | (31,844) | (60,470) | ||||
Foreign currency adjustment | [3] | (2,693) | (2,942) | |||
Ending Balance | 49,548 | |||||
Amended July 2017 [Member] | South Korea [Member] | Continuing [Member] | Sale of DNI Shares [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repaid | (15,011) | |||||
June 2018 Facility [Member] | South Africa [Member] | Discontinued [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Utilized | 14,613 | |||||
Repaid | (4,944) | |||||
Deconsolidated (Note 2) | (10,435) | |||||
Foreign currency adjustment | [3] | 766 | ||||
Other (Note 2) [Member] | South Africa [Member] | Discontinued [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Current portion of long-term borrowings | 616 | |||||
Beginning Balance | 616 | |||||
Repaid | (569) | |||||
DNI acquisition (Note 3) | 616 | |||||
Foreign currency adjustment | [3] | $ (47) | ||||
Ending Balance | $ 616 | |||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||
[3] | Represents the effects of the fluctuations between the ZAR and the Korean won, against the U.S. dollar. |
Other Payables (Narrative) (Det
Other Payables (Narrative) (Details) $ in Thousands, item in Millions, R in Millions | Feb. 02, 2018ZAR (R) | Mar. 31, 2015ZAR (R) | Jun. 30, 2014ZAR (R)item | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | [1] | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | [1],[2] | Jun. 30, 2017USD ($) | [2] | Jun. 30, 2019ZAR (R) | Jun. 30, 2019USD ($) |
Total amount recorded as payable to SASSA related to implementation costs to be refunded | $ | $ 34,039 | ||||||||||||||||||
Unclaimed indirect taxes | R 39.4 | 2,800 | |||||||||||||||||
Revenues | $ | $ 51,472 | $ 86,484 | $ 97,150 | $ 125,884 | $ 149,194 | $ 162,721 | $ 148,416 | $ 152,558 | $ 360,990 | $ 612,889 | $ 610,066 | ||||||||
CPS [Member] | |||||||||||||||||||
Proceeds received related to recovery of additional implementation costs | R | R 317 | ||||||||||||||||||
Number of additional registrations | item | 11 | ||||||||||||||||||
Amount claimed to be refunded to SASSA | R | R 317 | ||||||||||||||||||
Amount awarded to be paid to SASSA | R | R 317 | ||||||||||||||||||
Total amount recorded as payable to SASSA related to implementation costs to be refunded | 479.4 | 34,000 | |||||||||||||||||
Refund portion of the total amount payable to SASSA | 277.6 | 19,700 | |||||||||||||||||
Accrued interest included in total amount payable to SASSA | 161 | 11,400 | |||||||||||||||||
Estimated cost payable amount included in the total amount payable to SASSA | R 1.4 | $ 100 | |||||||||||||||||
CPS [Member] | Price Variation [Member] | |||||||||||||||||||
Revenues | $ | $ (19,700) | ||||||||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. The impact of the restatement for the year ended June 30, 2018, has been recorded during the three months ended June 30, 2018. | ||||||||||||||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Other Payables (Schedule Of Oth
Other Payables (Schedule Of Other Payables) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Payables [Abstract] | |||
Accrual of implementation costs to be refunded to SASSA | $ 34,039 | ||
Accruals | 10,620 | $ 16,148 | |
Provisions | 6,074 | 8,211 | |
Other | 10,814 | 9,690 | |
Value-added tax payable | 3,234 | 5,478 | |
Payroll-related payables | 1,113 | 1,533 | |
Participating merchants settlement obligation | 555 | 585 | |
Other payables, total | $ 66,449 | $ 41,645 | [1] |
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) $ / shares in Units, $ in Thousands | May 24, 2017USD ($)$ / sharesshares | Apr. 11, 2016USD ($)$ / sharesshares | Feb. 28, 2017USD ($)item$ / sharesshares | Jun. 30, 2019item$ / sharesshares | Jun. 30, 2018$ / sharesshares | Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($)shares | Jun. 30, 2016USD ($) | Feb. 03, 2016USD ($) |
Class of Stock [Line Items] | |||||||||
Number of votes per common share | item | 1 | ||||||||
Stock repurchase program, shares | shares | 3,137,609 | ||||||||
Stock repurchase program, authorized amount | $ 31,600 | ||||||||
Number of ordinary "A" shares in DNI sold | shares | 5,000,000 | ||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||
Common stock, price per share | $ / shares | $ 9 | ||||||||
Number of investors | item | 2 | ||||||||
Gross proceeds from transaction | $ 45,000 | $ 45,000 | |||||||
10b5 Plan [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock repurchase program, authorized amount | $ 100,000 | ||||||||
Expiration date | Aug. 31, 2016 | ||||||||
Common Stock [Member] | Stock Repurchase Agreement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock repurchased, shares | shares | 0 | 0 | |||||||
Subscription Agreement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of ordinary "A" shares in DNI sold | shares | 9,980,000 | ||||||||
Common stock, par value | $ / shares | $ 0.001 | ||||||||
Common stock, price per share | $ / shares | $ 10.79 | ||||||||
Gross proceeds from transaction | $ 107,700 | ||||||||
Separation Agreement [Member] | Common Stock [Member] | Stock Repurchase Agreement [Member] | Former CEO S.C.P. Belamant [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock repurchased, shares | shares | 1,269,751 | ||||||||
Common stock repurchase per share | $ / shares | $ 10.80 | ||||||||
Cost of common stock repurchased | $ 13,700 | ||||||||
Board Rights [Member] | Policy Agreement [Member] | Minimum [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Percentage of common stock ownership for the right to nominate one director | 5.00% | ||||||||
Percentage of common stock ownership for the right to appoint an observer | 2.50% | ||||||||
Preemptive Rights [Member] | Policy Agreement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Percentage of ownership for the right to purchase pro-rata shares | 5.00% | ||||||||
Executed Under Share Repurchase Authorizations [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock repurchase program, authorized amount | $ 100,000 | ||||||||
Put Option [Member] | Policy Agreement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Percentage of ownership to adopt a shareholder rights plan | 20.00% | ||||||||
Number of trading days preceding the triggering event | 60 days |
Common Stock (Schedule Of Numbe
Common Stock (Schedule Of Number Of Shares, Net Of Treasury) (Details) - shares | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Common Stock [Abstract] | |||
Number of shares, net of treasury: Statement of changes in equity | 56,568,425 | 56,685,925 | 56,369,737 |
Less: Non-vested equity shares that have not vested as of end of year (Note 18) | 583,908 | 765,411 | 505,473 |
Number of shares, net of treasury excluding non-vested equity shares that have not vested | 55,984,517 | 55,920,514 | 55,864,264 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from accumulated other comprehensive (loss) income | $ 0 | $ 0 | |
DNI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from accumulated other comprehensive (loss) income | $ 1,800,000 | ||
DNI Interest As Equity Method Investment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from accumulated other comprehensive (loss) income | $ 600,000 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Change In Accumulated Other Comprehensive (Loss) Income Per Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | [1] | $ (184,538) | [2] | $ (162,736) | $ (189,692) | ||
Movement in foreign currency translation reserve related to equity accounted investment | [1] | 4,251 | (2,426) | [3] | (2,697) | [3] | |
Release of foreign currency translation reserve related to disposal of DNI (Note 3) | [1] | 1,806 | |||||
Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 3) | [1] | 646 | |||||
Movement in foreign currency translation reserve | [1] | (21,438) | (19,376) | 29,653 | |||
Ending Balance | [1] | (199,273) | (184,538) | [2] | (162,736) | ||
Accumulated Foreign Currency Translation Reserve [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | [1] | (184,538) | (162,736) | (189,692) | |||
Movement in foreign currency translation reserve related to equity accounted investment | [1] | 4,251 | (2,426) | (2,697) | |||
Release of foreign currency translation reserve related to disposal of DNI (Note 3) | [1] | 1,806 | |||||
Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 3) | [1] | 646 | |||||
Movement in foreign currency translation reserve | [1] | (21,438) | (19,376) | 29,653 | |||
Ending Balance | [1] | $ (199,273) | $ (184,538) | $ (162,736) | |||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 | ||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | ||||||
[3] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Revenue (Revenue Disaggregated
Revenue (Revenue Disaggregated By Major Revenue Streams) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | [1],[2] | Jun. 30, 2017 | [2] | |
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | $ 51,472 | $ 86,484 | $ 97,150 | $ 125,884 | $ 149,194 | $ 162,721 | $ 148,416 | $ 152,558 | $ 360,990 | $ 612,889 | $ 610,066 | |||
Corporate/Eliminations [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | (19,709) | |||||||||||||
South African Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 89,048 | |||||||||||||
International Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 148,268 | |||||||||||||
Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 143,383 | |||||||||||||
Processing Fees [Member] | South African Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 79,379 | |||||||||||||
Processing Fees [Member] | International Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 142,034 | |||||||||||||
Welfare Benefit Distribution Fees [Member] | South African Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 3,086 | |||||||||||||
Telecom Products And Services [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 58,209 | |||||||||||||
Account Holder Fees [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 17,428 | |||||||||||||
Lending Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 27,512 | |||||||||||||
Technology Products [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 20,706 | |||||||||||||
Insurance Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 5,862 | |||||||||||||
Other [Member] | South African Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 6,583 | |||||||||||||
Other [Member] | International Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 6,234 | |||||||||||||
Other [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 13,666 | |||||||||||||
South Africa [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 212,722 | |||||||||||||
South Africa [Member] | Corporate/Eliminations [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | (19,709) | |||||||||||||
South Africa [Member] | South African Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 89,048 | |||||||||||||
South Africa [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 143,383 | |||||||||||||
South Africa [Member] | Processing Fees [Member] | South African Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 79,379 | |||||||||||||
South Africa [Member] | Welfare Benefit Distribution Fees [Member] | South African Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 3,086 | |||||||||||||
South Africa [Member] | Telecom Products And Services [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 58,209 | |||||||||||||
South Africa [Member] | Account Holder Fees [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 17,428 | |||||||||||||
South Africa [Member] | Lending Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 27,512 | |||||||||||||
South Africa [Member] | Technology Products [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 20,706 | |||||||||||||
South Africa [Member] | Insurance Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 5,862 | |||||||||||||
South Africa [Member] | Other [Member] | South African Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 6,583 | |||||||||||||
South Africa [Member] | Other [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 13,666 | |||||||||||||
South Korea [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 138,426 | |||||||||||||
South Korea [Member] | International Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 138,426 | |||||||||||||
South Korea [Member] | Processing Fees [Member] | International Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 132,731 | |||||||||||||
South Korea [Member] | Other [Member] | International Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 5,695 | |||||||||||||
Rest Of World [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 9,842 | |||||||||||||
Rest Of World [Member] | International Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 9,842 | |||||||||||||
Rest Of World [Member] | Processing Fees [Member] | International Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 9,303 | |||||||||||||
Rest Of World [Member] | Other [Member] | International Transaction Processing [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | $ 539 | |||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. The impact of the restatement for the year ended June 30, 2018, has been recorded during the three months ended June 30, 2018. | |||||||||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | Mar. 01, 2020 | Mar. 01, 2019 | Sep. 07, 2018 | Aug. 23, 2017 | Aug. 27, 2014 | Sep. 30, 2018 | May 31, 2018 | Aug. 31, 2017 | May 31, 2017 | Aug. 31, 2016 | May 31, 2016 | Aug. 31, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Expired unexercised, number of shares | 370,000 | 474,443 | |||||||||||||||||
Number of stock options awarded | 600,000 | ||||||||||||||||||
Options exercisable | 353,579 | ||||||||||||||||||
Share-based compensation charge, net | $ 393,000 | $ 2,607,000 | [1] | $ 1,982,000 | [1] | ||||||||||||||
Share-based compensation, number of shares exercised | 321,026 | ||||||||||||||||||
Number of shares, forfeitures | 174,695 | 37,333 | 435,448 | ||||||||||||||||
Valuation allowance | $ 200,000 | $ 800,000 | |||||||||||||||||
Exercised of stock option, shares | $ 2,879,000 | ||||||||||||||||||
Net1 UTA [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Deferred tax asset related to stock-based compensation | $ 200,000 | $ 800,000 | |||||||||||||||||
Stock Incentive Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Total number of shares of common stock issuable under plan | 11,052,580 | ||||||||||||||||||
Maximum number of shares for which awards may granted during calendar year to any participant | 569,120 | ||||||||||||||||||
Maximum number of shares subject to stock option awards that can be granted during calendar year | 569,120 | ||||||||||||||||||
Maximum amount that can be granted in calendar year awards other than stock options | $ 20,000,000 | ||||||||||||||||||
Stock Options [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation options expiration period, in years | 10 years | ||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||
Number of stock options awarded | 0 | 0 | |||||||||||||||||
Options exercisable | 0 | 105,982 | 154,803 | ||||||||||||||||
Proceeds from exercise of stock options | $ 2,900,000 | ||||||||||||||||||
Unrecognized compensation cost | $ 800,000 | ||||||||||||||||||
Unrecognized compensation cost, expected recognition period, years | 3 years | ||||||||||||||||||
Exercised of stock option, shares | $ 0 | $ 0 | $ 321,026 | ||||||||||||||||
Expected volatility | 44.00% | ||||||||||||||||||
Expected life (in years) | 3 years | ||||||||||||||||||
Risk-free rate | 2.75% | ||||||||||||||||||
Number of shares forfeited | 174,695 | 37,333 | 435,448 | ||||||||||||||||
Options exercise price range, lower limit | $ 6.20 | ||||||||||||||||||
Options exercise price range, upper limit | $ 11.23 | ||||||||||||||||||
Stock Options [Member] | August 2006 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Expired unexercised, number of shares | 474,443 | ||||||||||||||||||
Stock Options [Member] | August 2008 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Expired unexercised, number of shares | 200,000 | ||||||||||||||||||
Stock Options [Member] | May 2009 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Expired unexercised, number of shares | 170,000 | ||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||
Number of stock options awarded | 618,411 | 389,587 | |||||||||||||||||
Fair value of restricted stock vested | $ 500,000 | $ 500,000 | $ 2,600,000 | ||||||||||||||||
Unrecognized compensation cost | $ 1,400,000 | ||||||||||||||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | ||||||||||||||||||
Expected life (in years) | 3 years | 3 years | |||||||||||||||||
Future dividends | $ 0 | $ 0 | |||||||||||||||||
Strike price | $ 0 | $ 0 | |||||||||||||||||
Vested number of shares of restricted stock | 64,003 | 268,091 | |||||||||||||||||
Restricted Stock [Member] | August 2015 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Reversed stock-based compensation charge, shares | 301,537 | ||||||||||||||||||
Number of shares, forfeitures | 173,262 | ||||||||||||||||||
Restricted Stock [Member] | September 2018 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Expected volatility | 37.40% | ||||||||||||||||||
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 $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 | ||||||||||||||||||
Restricted Stock [Member] | August And November 2014 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Expected volatility | 63.73% | 76.01% | |||||||||||||||||
Risk-free rate | 1.21% | 1.27% | |||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock award forfeited | 150,000 | ||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | September 2018 Grants [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock awarded | 148,000 | ||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2016 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Reversed stock-based compensation charge, shares | 150,000 | ||||||||||||||||||
Number of shares forfeited | 150,000 | ||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | September 2018 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||
Number of stock options awarded | 148,000 | ||||||||||||||||||
Performance target, per share | $ 23 | ||||||||||||||||||
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] | |||||||||||||||||||
Percentage of increase target price | 35.00% | 55.00% | |||||||||||||||||
Closing price, per share | $ 9.38 | ||||||||||||||||||
Strike price | $ 0 | ||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2017 [Member] | August 2017 Grants [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock awarded | 210,000 | ||||||||||||||||||
Restricted Stock [Member] | Executive Officers [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] | Executive Officers [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 | ||||||||||||||||||
Restricted Stock [Member] | Executive Officers [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 | ||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2017 [Member] | At or above $23 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Performance target, per share | $ 23 | ||||||||||||||||||
Vesting percentage | 100.00% | ||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2016 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock awarded | 350,000 | ||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2016 [Member] | August 2016 Awards [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] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||
Fair value of restricted stock vested | $ 56,250 | ||||||||||||||||||
Vested number of shares of restricted stock | 56,250 | ||||||||||||||||||
Restricted Stock [Member] | Non-Employee Directors [Member] | August 2017 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting date | Aug. 23, 2018 | ||||||||||||||||||
Restricted Stock [Member] | Non-Employee Directors [Member] | August 2017 [Member] | August 2017 Grants [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock awarded | 52,594 | ||||||||||||||||||
Fair value of restricted stock vested | $ 52,594 | ||||||||||||||||||
Restricted Stock [Member] | Non-Employee Directors [Member] | August 2016 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock awarded | 37,000 | ||||||||||||||||||
Restricted Stock [Member] | Executive Officers And Employees [Member] | August 2017 [Member] | August 2017 Grants [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock awarded | 326,000 | ||||||||||||||||||
Restricted Stock [Member] | Executive Officers And Employees [Member] | May 2018 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting date | Aug. 23, 2020 | ||||||||||||||||||
Restricted Stock [Member] | Employees [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Number of stock options awarded | 71,530 | 127,626 | |||||||||||||||||
Share based compensation number of stock award forfeited | 115,500 | ||||||||||||||||||
Period of trading days to the trigger events | 30 days | ||||||||||||||||||
Percentage increase of common stock price on market | 20.00% | ||||||||||||||||||
Restricted Stock [Member] | Employees [Member] | August 2015 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Number of stock options awarded | 301,537 | ||||||||||||||||||
Restricted Stock [Member] | Employees [Member] | May 2018 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock awarded | 7,000 | ||||||||||||||||||
Restricted Stock [Member] | Employees And Former Chief Executive Officer [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock award forfeited | 205,470 | ||||||||||||||||||
Restricted Stock [Member] | Former Chief Executive Officer [Member] | August 2016 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based compensation arrangement accelerated vesting number | 200,000 | ||||||||||||||||||
Restricted Stock [Member] | Former Chief Executive Officer [Member] | August 2016 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based compensation arrangement accelerated vesting number | 200,000 | ||||||||||||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock awarded | 22,817 | ||||||||||||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | Vested on March 1, 2019 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vested number of shares of restricted stock | 11,409 | ||||||||||||||||||
Restricted Stock [Member] | Independent Directors [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting period | 1 year | ||||||||||||||||||
Restricted Stock [Member] | One-Third Shares Vest 2019 Fundamental EPS [Member] | Executive Officers [Member] | August 2016 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Fundamental EPS, to be achieved | $ 2.60 | ||||||||||||||||||
Restricted Stock [Member] | Two-Thirds Shares Vest 2019 Fundamental EPS [Member] | Executive Officers [Member] | August 2016 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Fundamental EPS, to be achieved | 2.80 | ||||||||||||||||||
Restricted Stock [Member] | All Shares Vest 2019 Fundamental EPS [Member] | Executive Officers [Member] | August 2016 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Fundamental EPS, to be achieved | 3 | ||||||||||||||||||
Restricted Stock [Member] | One-Third Shares Vest 2018 Fundamental EPS [Member] | Employees [Member] | August 2015 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Fundamental EPS, to be achieved | 2.88 | ||||||||||||||||||
Restricted Stock [Member] | Two-Thirds Shares Vest 2018 Fundamental EPS [Member] | Employees [Member] | August 2015 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Fundamental EPS, to be achieved | 3.30 | ||||||||||||||||||
Restricted Stock [Member] | All Shares Vest 2018 Fundamental EPS [Member] | Employees [Member] | August 2015 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Fundamental EPS, to be achieved | $ 3.76 | ||||||||||||||||||
Restricted Stock [Member] | Forecast [Member] | Chief Financial Officer [Member] | Vest on March 1, 2020 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vested number of shares of restricted stock | 11,408 | ||||||||||||||||||
Restricted Stock [Member] | Termination Which Did Not Have Performance Or Market Conditions [Member] | Employees [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock award forfeited | 3,000 | ||||||||||||||||||
Restricted Stock [Member] | Termination Which Either Performance Or Market Conditions [Member] | Employees [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock award forfeited | 30,635 | ||||||||||||||||||
Restricted Stock [Member] | Market Conditions Were Not Achieved [Member] | Executive Officers And Employees [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock award forfeited | 95,326 | ||||||||||||||||||
Restricted Stock [Member] | Performance Conditions Were Not Achieved [Member] | Executive Officers And Employees [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation number of stock award forfeited | 173,262 | ||||||||||||||||||
Stock Appreciation Rights (SARs) [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Number of stock options awarded | 0 | ||||||||||||||||||
2019 Fundamental EPS [Member] | August 2016 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Fundamental EPS, linear interpolation | $ 2.80 | ||||||||||||||||||
2019 Fundamental EPS [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 | ||||||||||||||||||
2018 Fundamental EPS [Member] | August 2015 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Fundamental EPS, linear interpolation | 3.30 | ||||||||||||||||||
2018 Fundamental EPS [Member] | Not Achieving 2018 Fundamental EPS [Member] | August 2015 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Number of common stock shares that will impact fundamental EPS calculation | 10,000,000 | ||||||||||||||||||
Minimum [Member] | Restricted Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Closing price, per share | $ 11.23 | ||||||||||||||||||
Minimum [Member] | Restricted Stock [Member] | 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] | Executive Officers [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 | 19.00% | ||||||||||||||||||
Minimum [Member] | Restricted Stock [Member] | Executive Officers [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 | 23.00% | ||||||||||||||||||
Minimum [Member] | 2019 Fundamental EPS [Member] | August 2016 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Fundamental EPS | 2.60 | ||||||||||||||||||
Minimum [Member] | 2018 Fundamental EPS [Member] | August 2015 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Fundamental EPS | 2.88 | ||||||||||||||||||
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] | Executive Officers [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% | ||||||||||||||||||
Maximum [Member] | Restricted Stock [Member] | Executive Officers [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% | ||||||||||||||||||
Maximum [Member] | Restricted Stock [Member] | Employees [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Closing price, per share | $ 19.41 | ||||||||||||||||||
Maximum [Member] | 2019 Fundamental EPS [Member] | August 2016 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Fundamental EPS | 3 | ||||||||||||||||||
Maximum [Member] | 2018 Fundamental EPS [Member] | August 2015 Awards [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Fundamental EPS | $ 3.76 | ||||||||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Stock-Based Compensation (Range
Stock-Based Compensation (Range Of Assumptions Used To Value Options Granted) (Details) - Stock Options [Member] | 12 Months Ended |
Jun. 30, 2019 | |
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 (Summa
Stock-Based Compensation (Summarized Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding, Number of shares, Beginning Balance | 809,274 | 846,607 | 2,077,524 | |
Exercised, Number of shares | (321,026) | |||
Granted, Number of shares | 600,000 | |||
Expired unexercised, Number of shares | (370,000) | (474,443) | ||
Forfeitures, Number of shares | (174,695) | (37,333) | (435,448) | |
Outstanding, Number of shares, Ending Balance | 864,579 | 809,274 | 846,607 | 2,077,524 |
Exercisable, Number of Shares | 353,579 | |||
Vested and expected to vest, Number of shares | 864,579 | |||
Outstanding, Weighted average exercise price, Beginning Balance | $ 13.99 | $ 13.87 | $ 15.92 | |
Granted, Weighted average exercise price | 6.20 | |||
Exercised, Weighted average exercise price | 8.97 | |||
Expired unexercised, Weighted average exercise price | 19.27 | 22.51 | ||
Forfeitures, Weighted average exercise price | 6.65 | 11.23 | 17.88 | |
Outstanding, Weighted average exercise price, Ending Balance | 7.81 | $ 13.99 | $ 13.87 | $ 15.92 |
Exercisable, Weighted average exercise price | 10.15 | |||
Vested and expected to vest, Weighted average exercise price | $ 7.81 | |||
Outstanding, Weighted average remaining contractual term (in years) | 7 years 18 days | 2 years 8 months 1 day | 3 years 9 months 18 days | 3 years 7 months 24 days |
Granted, Weighted average remaining contractual term (in years) | 10 years | |||
Exercisable, Weighted average remaining contractual term (in years) | 3 years 10 months 2 days | |||
Vested and expected to vest, Weighted average remaining contractual term (in years) | 7 years 18 days | |||
Outstanding, Aggregate intrinsic value, Beginning Balance | $ 370 | $ 486 | $ 926 | |
Granted, Aggregate intrinsic value | 1,212 | |||
Exercised, Aggregate Intrinsic Value | 3,607 | |||
Forfeitures, Aggregate Intrinsic Value | ||||
Expired unexercised, Aggregate Intrinsic Value | ||||
Outstanding, Aggregate intrinsic value, Ending Balance | $ 370 | $ 486 | $ 926 | |
Outstanding, Weighted average grant date fair value, Beginning Balance | $ 4.20 | $ 4.21 | $ 4.15 | |
Exercised, Weighted average grant date faie value | 2.58 | |||
Granted, Weighted average grant date fair value | 2.02 | |||
Expired unexercised, Weighted average grant date fair value | 5 | 3.98 | ||
Forfeitures, Weighted average grant date fair value | 2 | 4.55 | 5.34 | |
Outstanding, Weighted average grant date fair value, Ending Balance | $ 2.62 | $ 4.20 | $ 4.21 | $ 4.15 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
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 | 600,000 | ||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 583,908 | 765,411 | 505,473 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 589,447 | ||
Granted, Number of Shares of Restricted Stock | 618,411 | 389,587 | |
Vested, Number of Shares of Restricted Stock | (64,003) | (268,091) | |
Forfeitures, Number of Shares of Restricted Stock | (265,500) | (302,223) | (205,470) |
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 583,908 | ||
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 7,622 | ||
Granted, Weighted Average Grant Date Fair Value | $ 4,581 | 4,172 | |
Vested, Weighted Average Grant Date Fair Value | $ 503 | 2,590 | |
Forfeitures, Weighted Average Grant Date Fair Value | 1,060 | $ 3,222 | $ 2,219 |
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 3,410 | ||
Restricted Stock [Member] | Employee Terminations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Forfeitures, Number of Shares of Restricted Stock | (115,500) | (33,635) | |
Forfeitures, Weighted Average Grant Date Fair Value | $ 460 | $ 516 | |
Restricted Stock [Member] | August 2016 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 387,000 | ||
Vested, Number of Shares of Restricted Stock | (68,091) | ||
Granted, Weighted Average Grant Date Fair Value | $ 4,145 | ||
Vested, Weighted Average Grant Date Fair Value | $ 694 | ||
Restricted Stock [Member] | September 2018 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 148,000 | ||
Granted, Weighted Average Grant Date Fair Value | $ 114 | ||
Restricted Stock [Member] | May 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 2,587 | ||
Granted, Weighted Average Grant Date Fair Value | $ 27 | ||
Restricted Stock [Member] | June 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 505,473 | ||
Vested, Number of Shares of Restricted Stock | (200,000) | ||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 505,473 | ||
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 11,173 | ||
Vested, Weighted Average Grant Date Fair Value | $ 1,896 | ||
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 11,173 | ||
Restricted Stock [Member] | August 2015 Awards with Performance Conditions [Member] | August 2015 Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Forfeitures, Number of Shares of Restricted Stock | (173,262) | ||
Forfeitures, Weighted Average Grant Date Fair Value | $ 1,573 | ||
Restricted Stock [Member] | August 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 588,594 | ||
Vested, Number of Shares of Restricted Stock | (56,250) | ||
Granted, Weighted Average Grant Date Fair Value | $ 4,288 | ||
Vested, Weighted Average Grant Date Fair Value | $ 527 | ||
Restricted Stock [Member] | March 2018 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 22,817 | ||
Granted, Weighted Average Grant Date Fair Value | $ 234 | ||
Restricted Stock [Member] | May 2018 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 7,000 | ||
Granted, Weighted Average Grant Date Fair Value | $ 59 | ||
Restricted Stock [Member] | August and November 2014 Awards with Market Conditions [Member] | August And November 2014 Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Forfeitures, Number of Shares of Restricted Stock | (95,326) | ||
Forfeitures, Weighted Average Grant Date Fair Value | $ 1,133 | ||
Restricted Stock [Member] | June 2018 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 765,411 | ||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 765,411 | ||
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 6,162 | ||
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 6,162 | ||
Restricted Stock [Member] | August 2018 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested, Number of Shares of Restricted Stock | (52,594) | ||
Vested, Weighted Average Grant Date Fair Value | $ 459 | ||
Restricted Stock [Member] | March 2019 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested, Number of Shares of Restricted Stock | (11,409) | ||
Vested, Weighted Average Grant Date Fair Value | $ 44 | ||
Restricted Stock [Member] | August 2016 Awards with Performance Conditions [Member] | August 2016 Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Forfeitures, Number of Shares of Restricted Stock | (150,000) | ||
Forfeitures, Weighted Average Grant Date Fair Value | $ 600 |
Stock-Based Compensation (Recor
Stock-Based Compensation (Recorded Net Stock Compensation Charge) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation charge | $ 2,319 | $ 2,656 | $ 3,905 |
Reversal of stock compensation charge related to stock options and restricted stock forfeited | (1,926) | (1,923) | |
Reversal of stock compensation charge related to restricted stock forfeited | (49) | ||
Total | 393 | 2,607 | 1,982 |
Allocated To Cost Of Goods Sold, IT Processing, Servicing And Support [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation charge | |||
Reversal of stock compensation charge related to stock options and restricted stock forfeited | |||
Reversal of stock compensation charge related to restricted stock forfeited | |||
Total | |||
Allocated To Selling, General And Administration [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation charge | 2,319 | 2,656 | 3,905 |
Reversal of stock compensation charge related to stock options and restricted stock forfeited | (1,926) | (1,923) | |
Reversal of stock compensation charge related to restricted stock forfeited | (49) | ||
Total | $ 393 | $ 2,607 | $ 1,982 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | Jan. 01, 2018 | Dec. 22, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Valuation Allowance [Line Items] | ||||||||
Statutory income tax rate | 21.00% | 35.00% | ||||||
Difference in transition tax before foreign tax credits | $ 1,100,000 | |||||||
Transition tax liability after generated foreign tax credits | $ 0 | |||||||
Accrued interest related to uncertain tax positions | 100,000 | $ 100,000 | ||||||
Unrecognized tax benefit | 1,200,000 | $ 800,000 | ||||||
Blended tax rate | 28.10% | |||||||
Income tax expense | 3,725,000 | $ 48,597,000 | [1] | 42,506,000 | [1] | |||
Income before income tax | (303,026,000) | [2] | 100,366,000 | [1] | 114,456,000 | [1] | ||
Foreign tax credits generated-United States | (944,000) | (55,778,000) | $ (3,345,000) | |||||
Deferred tax assets | 2,255,000 | 8,973,000 | ||||||
Unused foreign tax credits | 0 | 0 | ||||||
Valuation allowance, indirect foreign tax credits | 881,000 | |||||||
Changes in enacted tax rate | 309,000 | |||||||
Accrued penalties related to uncertain tax positions | 200,000 | 200,000 | ||||||
Cell C [Member] | ||||||||
Valuation Allowance [Line Items] | ||||||||
Fair value of capital losses related to investments | 0 | |||||||
Additional [Member] | ||||||||
Valuation Allowance [Line Items] | ||||||||
Foreign tax credits generated-United States | 1,100,000 | |||||||
Tax Cuts And Jobs Act [Member] | ||||||||
Valuation Allowance [Line Items] | ||||||||
Transition tax liability after generated foreign tax credits | $ 56,900,000 | 55,800,000 | ||||||
Additional valuation allowance | 600,000 | |||||||
Changes in enacted tax rate | $ 300,000 | |||||||
South Africa [Member] | ||||||||
Valuation Allowance [Line Items] | ||||||||
Statutory income tax rate | 28.00% | 28.00% | 28.00% | 28.00% | ||||
Income before income tax | $ (267,637,000) | $ 131,366,000 | $ 129,786,000 | |||||
South Korea [Member] | ||||||||
Valuation Allowance [Line Items] | ||||||||
Statutory income tax rate | 22.00% | |||||||
Foreign Tax Credits [Member] | ||||||||
Valuation Allowance [Line Items] | ||||||||
Foreign tax credits generated-United States | $ 65,300,000 | |||||||
Valuation allowance, indirect foreign tax credits | ||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||||
[2] | Operating loss: Corporate/Eliminations includes $34.0 million related to the accrual referred to in Note 13. |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||||
Income Tax [Line Items] | ||||||
(Loss) Income before income taxes | $ (303,026) | [1] | $ 100,366 | [2] | $ 114,456 | [2] |
South Africa [Member] | ||||||
Income Tax [Line Items] | ||||||
(Loss) Income before income taxes | (267,637) | 131,366 | 129,786 | |||
United States [Member] | ||||||
Income Tax [Line Items] | ||||||
(Loss) Income before income taxes | (23,479) | (15,329) | (20,902) | |||
Other [Member] | ||||||
Income Tax [Line Items] | ||||||
(Loss) Income before income taxes | $ (11,910) | $ (15,671) | $ 5,572 | |||
[1] | Operating loss: Corporate/Eliminations includes $34.0 million related to the accrual referred to in Note 13. | |||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Income Taxes (Provisions For In
Income Taxes (Provisions For Income Taxes By Location Of Taxing Jurisdiction) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Income Tax [Line Items] | |||||
Current income tax | $ 17,163 | $ 95,529 | $ 45,857 | ||
Deferred taxation (benefit) charge | (12,494) | 8,537 | (6) | ||
Foreign tax credits generated-United States | (944) | (55,778) | (3,345) | ||
Change in tax rate - United States | 309 | ||||
Income tax provision | 3,725 | 48,597 | [1] | 42,506 | [1] |
South Africa [Member] | |||||
Income Tax [Line Items] | |||||
Current income tax | 10,076 | 35,745 | 35,986 | ||
Deferred taxation (benefit) charge | (11,117) | 9,772 | (439) | ||
United States [Member] | |||||
Income Tax [Line Items] | |||||
Current income tax | 1,100 | 55,788 | 4,686 | ||
Deferred taxation (benefit) charge | 4 | 477 | 1,123 | ||
Other [Member] | |||||
Income Tax [Line Items] | |||||
Current income tax | 5,987 | 3,996 | 5,185 | ||
Deferred taxation (benefit) charge | $ (1,381) | $ (1,712) | $ (690) | ||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Taxes) (Details) | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | [1] | Jun. 30, 2017 | [1] | |
Income tax rate reconciliation: | |||||
Income taxes at fully-distributed South African tax rates | 28.00% | 28.00% | 28.00% | ||
Movement in valuation allowance | (24.23%) | 5.99% | 0.07% | ||
Non-deductible items | (4.75%) | 15.19% | 1.05% | ||
Capital gains differential | (1.54%) | (1.81%) | |||
Taxation on deemed dividends in the United States | 1.53% | 1.92% | 8.00% | ||
Foreign tax rate differential | 0.38% | (0.65%) | |||
Prior year adjustments | (0.63%) | (0.02%) | 0.07% | ||
Transition Tax | (0.36%) | 55.38% | |||
Foreign tax credits | 0.37% | (55.58%) | (0.05%) | ||
Income tax provision | (1.23%) | 48.42% | 37.14% | ||
[1] | Non-deductible items for 2018 and 2017 have been restated to correct the misstatement discussed in Note 1. |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Taxes [Abstract] | |||
Capital losses related to investments | $ 43,569 | $ 3,226 | |
Net operating loss carryforwards | 35,873 | 10,242 | |
Provisions and accruals | 13,230 | 5,975 | |
FTS patent | 277 | 367 | |
Intangible assets | 687 | ||
Foreign tax credits | 32,799 | 32,644 | |
Other | 2,394 | 4,523 | |
Total deferred tax assets before valuation allowance | 128,142 | 57,664 | |
Valuation allowances | (125,887) | (48,691) | |
Total deferred tax assets, net of valuation allowance | 2,255 | 8,973 | |
Intangible assets | 2,676 | 6,420 | |
Investments | 1,621 | 5,886 | |
Other | 489 | 7,515 | |
Total deferred tax liabilities | 4,786 | 19,821 | |
Long term deferred tax assets | 2,151 | 4,776 | |
Long-term deferred tax liabilities | 4,682 | 16,067 | [1] |
Net deferred income tax liabilities | $ 2,531 | $ 11,291 | |
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Income Taxes (Movement In Valua
Income Taxes (Movement In Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances, Balance, Beginning Balance | $ 48,691 | $ 38,967 | |
Reversed to statement of operations | (881) | ||
Charged to statement of operations | 79,029 | 9,582 | |
Utilized | (1,730) | 60 | |
Change in tax laws | (894) | ||
Foreign currency adjustment | 778 | 976 | |
Valuation Allowances, Balance, Ending Balance | 125,887 | 48,691 | |
Capital Loss Related To Investments [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances, Balance, Beginning Balance | [1] | 3,226 | 997 |
Reversed to statement of operations | [1] | ||
Charged to statement of operations | [1] | 40,159 | 2,229 |
Utilized | [1] | ||
Foreign currency adjustment | [1] | 184 | |
Valuation Allowances, Balance, Ending Balance | [1] | 43,569 | 3,226 |
Net Operating Loss Carry-forwards [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances, Balance, Beginning Balance | [1] | 9,047 | 3,699 |
Reversed to statement of operations | [1] | (198) | |
Charged to statement of operations | [1] | 26,570 | 4,573 |
Utilized | [1] | (10) | |
Change in tax laws | [1] | (263) | |
Foreign currency adjustment | [1] | 452 | 1,038 |
Valuation Allowances, Balance, Ending Balance | [1] | 35,861 | 9,047 |
Foreign Tax Credits [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances, Balance, Beginning Balance | 32,644 | 32,574 | |
Reversed to statement of operations | |||
Charged to statement of operations | 155 | 10 | |
Utilized | 60 | ||
Change in tax laws | |||
Foreign currency adjustment | |||
Valuation Allowances, Balance, Ending Balance | 32,799 | 32,644 | |
FTS Patent [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances, Balance, Beginning Balance | 57 | 120 | |
Reversed to statement of operations | (57) | ||
Charged to statement of operations | |||
Utilized | |||
Change in tax laws | |||
Foreign currency adjustment | (63) | ||
Valuation Allowances, Balance, Ending Balance | 57 | ||
Other [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances, Balance, Beginning Balance | [1],[2] | 3,717 | 1,577 |
Reversed to statement of operations | [1],[2] | (626) | |
Charged to statement of operations | [1],[2] | 12,145 | 2,770 |
Utilized | [1],[2] | (1,720) | |
Change in tax laws | [1],[2] | (631) | |
Foreign currency adjustment | [1],[2] | 142 | 1 |
Valuation Allowances, Balance, Ending Balance | [1],[2] | $ 13,658 | $ 3,717 |
[1] | Capital losses related to investments for the prior year have been reclassified from Other. | ||
[2] | Net operating loss carry-forwards of $3,602 as of June 30, 2018, that were previously included in the other caption have been reclassified to the net operating loss carry-forwards caption. |
Income Taxes (Schedule Of Opera
Income Taxes (Schedule Of Operating Loss Carryforwards) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2019USD ($) | |
2024 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Year of expiration | 2024 |
US net operating loss carry forwards | $ 1,874 |
2028 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Year of expiration | 2028 |
US net operating loss carry forwards | $ 4,423 |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Total Amounts Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Taxes [Abstract] | |||
Unrecognized tax benefits - opening balance | $ 838 | $ 475 | $ 1,930 |
Gross increases - tax positions in prior periods | 107 | 196 | |
Gross decreases - tax positions in prior periods | (2,109) | ||
Gross increase - tax positions in current period | 307 | 311 | 440 |
Gross decreases - tax positions in current period | (150) | ||
Lapse of statute limitations | |||
Foreign currency adjustment | (38) | 6 | 214 |
Unrecognized tax benefits - closing balance | $ 1,214 | $ 838 | $ 475 |
(Loss) Earnings Per Share (Narr
(Loss) Earnings Per Share (Narrative) (Details) - Stock Options [Member] | 12 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Options outstanding not included in computation of diluted earnings per share | shares | 864,579 |
Options exercise price range, lower limit | $ 6.20 |
Options exercise price range, upper limit | $ 11.23 |
(Loss) Earnings Per Share (Inco
(Loss) Earnings Per Share (Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Net (loss) income attributable to Net1 | $ (183,694) | $ (54,784) | $ (63,941) | $ (5,199) | $ 2,766 | $ 32,375 | $ 9,622 | $ 19,483 | $ (307,618) | $ 64,246 | [1],[2] | $ 73,070 | [2] | |
Undistributed earnings | $ (307,618) | $ 64,246 | [3] | $ 73,070 | [3] | |||||||||
Percent allocated to common shareholders (Calculation 1) | 99.00% | 98.00% | [3] | 99.00% | [3] | |||||||||
Numerator for (loss) earnings per share: basic and diluted | $ (303,299) | $ 63,175 | [3] | $ 72,302 | [3] | |||||||||
Denominator for basic (loss) earnings per share: weighted-average common shares outstanding | 55,963,000 | 55,860,000 | [3] | 53,966,000 | [3] | |||||||||
Effect of dilutive securities: Stock options | 18,000 | 51,000 | [3] | 109,000 | [3] | |||||||||
Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion | 55,981,000 | 55,911,000 | [3] | 54,075,000 | [3] | |||||||||
(Loss) Earnings per share: Basic | $ (3.23) | $ (0.96) | $ (1.13) | $ (0.09) | $ 0.05 | $ 0.57 | $ 0.17 | $ 0.34 | $ (5.42) | $ 1.13 | [1],[2] | $ 1.34 | [2] | |
Continuing | (3.23) | (0.88) | (1.16) | (0.12) | 0.10 | 0.51 | 0.15 | 0.32 | (5.40) | 1.09 | [1],[2] | 1.34 | [2] | |
Discontinued | 0 | (0.08) | 0.03 | 0.03 | (0.05) | 0.06 | 0.02 | 0.02 | (0.02) | 0.04 | [1],[2] | 0 | [3] | |
(Loss) Earnings per share: Diluted | (3.23) | (0.96) | (1.12) | (0.09) | 0.05 | 0.57 | 0.17 | 0.34 | (5.42) | 1.13 | [1],[2] | 1.33 | [2] | |
Continuing | (3.23) | (0.88) | (1.15) | (0.13) | 0.10 | 0.51 | 0.15 | 0.32 | (5.40) | 1.09 | [1],[2] | 1.33 | [2] | |
Discontinued | $ 0 | $ (0.08) | $ 0.03 | $ 0.03 | $ (0.05) | $ 0.06 | $ 0.02 | $ 0.02 | $ (0.02) | $ 0.04 | [1],[2] | $ 0 | [3] | |
Basic weighted-average common shares outstanding (A) | 55,963,000 | 55,860,000 | [3] | 53,966,000 | [3] | |||||||||
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) | 56,760,000 | 56,807,000 | [3] | 54,539,000 | [3] | |||||||||
Continuing [Member] | ||||||||||||||
Undistributed earnings | $ (306,607) | $ 61,855 | [3] | $ 73,070 | [3] | |||||||||
Numerator for (loss) earnings per share: basic and diluted | (302,302) | 60,824 | [3] | $ 72,302 | [3] | |||||||||
Discontinued [Member] | ||||||||||||||
Undistributed earnings | (1,011) | 2,391 | [3] | |||||||||||
Numerator for (loss) earnings per share: basic and diluted | $ (997) | $ 2,351 | [3] | |||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. The impact of the restatement for the year ended June 30, 2018, has been recorded during the three months ended June 30, 2018. | |||||||||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||||||||||
[3] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Thousands | Mar. 03, 2019 | Feb. 28, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Treasury shares, cost | $ 45,324 | ||||
Paid For July 1, 2016 [Member] | |||||
Treasury shares, acquired | 47,056 | ||||
Treasury shares, cost | $ 500 | ||||
DNI [Member] | |||||
Percentage of ownership interest prior to disposal | 38.00% | 55.00% | |||
Percentage of ownership interest after disposal | 30.00% | 38.00% | |||
Proceeds from sale of business | $ 27,600 | ||||
Settlement of debt obligations | $ 15,000 | $ 27,600 | |||
Finbond [Member] | |||||
Number of shares acquired in non cash transaction | 55,585,514 | ||||
Loan settled in a non cash transaction to acquire shares | $ 10,000 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash received from interest | $ 5,595 | $ 16,835 | $ 21,130 |
Cash paid for interest | 10,636 | 8,645 | 3,713 |
Cash paid for income taxes | $ 13,110 | $ 41,065 | $ 45,165 |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2019USD ($)segmentcustomer | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 3 | ||||
Impairment of goodwill | $ 8,200 | $ 14,440 | $ 20,917 | ||
Inter-Segment [Member] | Former Chief Executive Officer And Former Member Of Board Of Directors [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Related party transaction | $ 8,000 | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Significant customers that account for more than 10% of the total revenue | 19.00% | 22.00% | |||
Number of customers accounting for more than ten percent of total revenue | customer | 0 | ||||
DNI [Member] | Inter-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of intangible asset | $ 5,300 | ||||
International Transaction Processing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of goodwill | 7,000 | $ 19,900 | 7,011 | $ 19,865 | |
Financial Inclusion And Applied Technologies [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of goodwill | 6,249 | ||||
South African Transaction Processing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of goodwill | $ 1,200 | $ 1,180 | $ 1,052 |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of Reportable Segments Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | $ 51,472 | $ 86,484 | $ 97,150 | $ 125,884 | $ 149,194 | $ 162,721 | $ 148,416 | $ 152,558 | $ 360,990 | $ 612,889 | [1],[2] | $ 610,066 | [2] | |
Revenue of Reportable Segments Before Revenue Refund [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 380,699 | |||||||||||||
South African Transaction Processing [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 89,048 | 238,098 | 224,626 | |||||||||||
International Transaction Processing [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 148,268 | 180,027 | 176,729 | |||||||||||
Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 143,383 | 194,764 | 208,711 | |||||||||||
Reportable Segment [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 390,490 | 669,980 | 661,774 | |||||||||||
Reportable Segment [Member] | South African Transaction Processing [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 96,038 | 268,047 | 249,144 | |||||||||||
Reportable Segment [Member] | International Transaction Processing [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 148,268 | 180,027 | 176,729 | |||||||||||
Reportable Segment [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 146,184 | 221,906 | 235,901 | |||||||||||
Inter-Segment [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | (9,791) | (57,091) | (51,708) | |||||||||||
Inter-Segment [Member] | South African Transaction Processing [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | (6,990) | (29,949) | (24,518) | |||||||||||
Inter-Segment [Member] | International Transaction Processing [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | ||||||||||||||
Inter-Segment [Member] | Financial Inclusion And Applied Technologies [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | (2,801) | (27,142) | (27,190) | |||||||||||
Corporate/Eliminations [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | (19,709) | |||||||||||||
Corporate/Eliminations [Member] | International Transaction Processing [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | ||||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. The impact of the restatement for the year ended June 30, 2018, has been recorded during the three months ended June 30, 2018. | |||||||||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Operating Segments (Reconcili_2
Operating Segments (Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||||
Operating (loss) income | $ (49,646) | $ (21,683) | $ (43,075) | $ 896 | $ 10,072 | $ 7,564 | $ 16,307 | $ 25,006 | $ (113,508) | [2] | $ 58,949 | [1],[2],[3] | $ 97,043 | [2],[3] | ||
Change in fair value of equity securities | (167,459) | [4] | 32,473 | [3] | ||||||||||||
Loss on disposal of DNI | (5,771) | [4] | 463 | [5] | ||||||||||||
Interest income | 7,229 | [4] | 17,885 | [3] | 20,897 | [3] | ||||||||||
Interest expense | 10,724 | [4] | 8,941 | [3] | 3,484 | [3] | ||||||||||
Impairment of Cedar Cellular note | [4] | (12,793) | ||||||||||||||
(Loss) Income before income taxes | (303,026) | [4] | 100,366 | [3] | 114,456 | [3] | ||||||||||
Reportable Segment [Member] | ||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||||
Operating (loss) income | (42,692) | [4] | 85,690 | 130,799 | ||||||||||||
Corporate/Eliminations [Member] | ||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||||
Operating (loss) income | (70,816) | [4] | $ (26,741) | $ (33,756) | ||||||||||||
Corporate/Eliminations [Member] | Accrual of Implementation Costs to be Refunded to SASSA [Member] | ||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||||
Operating (loss) income | $ 34,000 | |||||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. The impact of the restatement for the year ended June 30, 2018, has been recorded during the three months ended June 30, 2018. | |||||||||||||||
[2] | South African transaction processing and Financial inclusion and applies technologies include retrenchment costs for the year ended June 30, 2019, of: $4,665 and $1,604, respectively, for total retrenchment costs for the year ended June 30, 2019, of $6,269. The retrenchment costs are included in selling, general and administration expense on the consolidated statement of operations for the year ended June 30, 2019. | |||||||||||||||
[3] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||||||||||||
[4] | Operating loss: Corporate/Eliminations includes $34.0 million related to the accrual referred to in Note 13. | |||||||||||||||
[5] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |
Operating Segments (Summary Of
Operating Segments (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | $ 51,472 | $ 86,484 | $ 97,150 | $ 125,884 | $ 149,194 | $ 162,721 | $ 148,416 | $ 152,558 | $ 360,990 | $ 612,889 | [1],[2] | $ 610,066 | [2] | |||
Operating (loss) income | (49,646) | (21,683) | (43,075) | 896 | 10,072 | 7,564 | 16,307 | 25,006 | (113,508) | [3] | 58,949 | [1],[2],[3] | 97,043 | [2],[3] | ||
Depreciation and amortization | 37,349 | 35,484 | [2] | 41,378 | [2] | |||||||||||
Expenditures for long-lived assets | 9,416 | 9,649 | [4] | 11,195 | [4] | |||||||||||
Selling, general and administration | 202,056 | 193,003 | [2] | 179,262 | [2] | |||||||||||
Continuing [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 51,472 | 68,642 | 77,442 | 107,097 | 149,194 | 162,721 | 148,416 | 152,558 | 304,653 | 612,889 | [1] | |||||
Operating (loss) income | $ (49,646) | (22,356) | (48,901) | (4,286) | 14,686 | $ 7,564 | $ 16,307 | $ 25,006 | (125,189) | [3] | 63,563 | [1],[3] | 97,043 | [3] | ||
Depreciation and amortization | 29,323 | 35,484 | 41,378 | |||||||||||||
Expenditures for long-lived assets | 8,685 | 9,649 | 11,195 | |||||||||||||
Discontinued [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 17,842 | 19,708 | 18,787 | 56,337 | ||||||||||||
Operating (loss) income | $ 673 | $ 5,826 | $ 5,182 | $ (4,614) | 11,681 | (4,614) | [1] | |||||||||
Depreciation and amortization | 8,026 | |||||||||||||||
Expenditures for long-lived assets | 731 | |||||||||||||||
Reportable Segment [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 390,490 | 669,980 | 661,774 | |||||||||||||
Operating (loss) income | (42,692) | [5] | 85,690 | 130,799 | ||||||||||||
Depreciation and amortization | 15,542 | 23,693 | 27,402 | |||||||||||||
Expenditures for long-lived assets | 9,416 | 9,649 | 11,195 | |||||||||||||
Reportable Segment [Member] | Continuing [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 334,153 | 669,980 | 661,774 | |||||||||||||
Reportable Segment [Member] | Discontinued [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 56,337 | |||||||||||||||
Reportable Segment [Member] | Retrenchment Costs [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Selling, general and administration | 6,269 | |||||||||||||||
Corporate/Eliminations [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | (19,709) | |||||||||||||||
Operating (loss) income | (70,816) | [5] | (26,741) | (33,756) | ||||||||||||
Depreciation and amortization | (21,807) | (11,791) | (13,976) | |||||||||||||
Corporate/Eliminations [Member] | Continuing [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating (loss) income | (58,097) | (22,127) | (33,756) | |||||||||||||
Depreciation and amortization | (14,394) | (11,791) | (13,976) | |||||||||||||
Corporate/Eliminations [Member] | Discontinued [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating (loss) income | (12,719) | (4,614) | ||||||||||||||
Depreciation and amortization | (7,413) | |||||||||||||||
South African Transaction Processing [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 89,048 | |||||||||||||||
South African Transaction Processing [Member] | Reportable Segment [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 96,038 | 268,047 | 249,144 | |||||||||||||
Operating (loss) income | [3] | (30,771) | 42,796 | 59,309 | ||||||||||||
Depreciation and amortization | 3,612 | 4,625 | 4,614 | |||||||||||||
Expenditures for long-lived assets | 3,590 | 3,988 | 2,473 | |||||||||||||
South African Transaction Processing [Member] | Reportable Segment [Member] | Retrenchment Costs [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Selling, general and administration | 4,665 | |||||||||||||||
International Transaction Processing [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 148,268 | |||||||||||||||
International Transaction Processing [Member] | Reportable Segment [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 148,268 | 180,027 | 176,729 | |||||||||||||
Operating (loss) income | 2,837 | (12,478) | 13,705 | |||||||||||||
Depreciation and amortization | 9,962 | 17,627 | 21,366 | |||||||||||||
Expenditures for long-lived assets | 3,607 | 4,397 | 7,745 | |||||||||||||
Financial Inclusion And Applied Technologies [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 143,383 | |||||||||||||||
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 146,184 | 221,906 | 235,901 | |||||||||||||
Operating (loss) income | [3] | (14,758) | 55,372 | 57,785 | ||||||||||||
Depreciation and amortization | 1,968 | 1,441 | 1,422 | |||||||||||||
Expenditures for long-lived assets | 2,219 | 1,264 | 977 | |||||||||||||
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | Continuing [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 89,847 | 221,906 | 235,901 | |||||||||||||
Operating (loss) income | [3] | (39,158) | 55,372 | 57,785 | ||||||||||||
Depreciation and amortization | 1,355 | 1,441 | 1,422 | |||||||||||||
Expenditures for long-lived assets | 1,488 | $ 1,264 | $ 977 | |||||||||||||
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | Discontinued [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 56,337 | |||||||||||||||
Operating (loss) income | 24,400 | |||||||||||||||
Depreciation and amortization | 613 | |||||||||||||||
Expenditures for long-lived assets | 731 | |||||||||||||||
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | Retrenchment Costs [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Selling, general and administration | $ 1,604 | |||||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. The impact of the restatement for the year ended June 30, 2018, has been recorded during the three months ended June 30, 2018. | |||||||||||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||||||||||||
[3] | South African transaction processing and Financial inclusion and applies technologies include retrenchment costs for the year ended June 30, 2019, of: $4,665 and $1,604, respectively, for total retrenchment costs for the year ended June 30, 2019, of $6,269. The retrenchment costs are included in selling, general and administration expense on the consolidated statement of operations for the year ended June 30, 2019. | |||||||||||||||
[4] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | |||||||||||||||
[5] | Operating loss: Corporate/Eliminations includes $34.0 million related to the accrual referred to in Note 13. |
Operating Segments (Long-Lived
Operating Segments (Long-Lived Assets Based On Geographical Location) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | $ 377,286 | $ 790,473 | [1] | $ 342,639 | [2] |
Correction [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | 1,976 | 1,927 | |||
South Africa [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | 143,924 | 496,442 | [1] | 72,443 | [2] |
South Korea [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | 149,390 | 177,388 | [1] | 192,473 | [2] |
Rest Of World [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | $ 83,972 | $ 116,643 | [1] | $ 77,723 | [2] |
[1] | The South Africa and total amounts have been restated by $1,976 to correct the misstatement discussed in Note 1. | ||||
[2] | The South Africa and total amounts have been restated by $1,927 to correct the misstatement discussed in Note 1. |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) R in Millions, $ in Millions | 12 Months Ended | ||||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2019ZAR (R) | Jun. 30, 2019USD ($) | |
Guarantor Obligations [Line Items] | |||||
Capital commitments | $ 1.1 | $ 2 | |||
Purchase obligations | 5.6 | 3.5 | |||
Maximum payment amount under guarantee | R 93.6 | 6.6 | |||
Premises And Equipment [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Operating lease payments | $ 12.1 | $ 10.7 | $ 9.8 | ||
Guarantee [Member] | Minimum [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Guarantees commission fee percent per annum | 0.40% | ||||
Guarantee [Member] | Maximum [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Guarantees commission fee percent per annum | 1.94% | ||||
Unsecured Counter Guarantee [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee amount | 93.6 | 6.6 | |||
Nedbank [Member] | Guarantee [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee amount | R 93.6 | $ 6.6 |
Commitments And Contingencies_3
Commitments And Contingencies (Future Minimum Payments Under Operating Leases) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Commitments And Contingencies [Abstract] | |
Due within 1 year | $ 6,010 |
Due within 2 years | 2,654 |
Due within 3 years | 1,122 |
Due within 4 years | $ 518 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Transact24 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 400,000 | $ 4,400,000 | $ 4,200,000 | |
Due from related parties | 0 | 200,000 | ||
Managing Director Spouse [Member] | ||||
Related Party Transaction [Line Items] | ||||
Transaction amount from related parties | $ 100,000 | $ 300,000 | $ 1,600,000 | |
DNI's Chief Executive Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of direct shareholding | 16.00% | |||
DNI [Member] | Leased Building From Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount paid for rental | $ 1,000,000 | |||
DNI [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of direct shareholding | 30.00% |
Unaudited Quarterly Results (Sc
Unaudited Quarterly Results (Schedule Of Unaudited Consolidated Statements Of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||||
Revenue | $ 51,472 | $ 86,484 | $ 97,150 | $ 125,884 | $ 149,194 | $ 162,721 | $ 148,416 | $ 152,558 | $ 360,990 | $ 612,889 | [1],[2] | $ 610,066 | [2] | ||
Operating (loss) income | (49,646) | (21,683) | (43,075) | 896 | 10,072 | 7,564 | 16,307 | 25,006 | (113,508) | [3] | 58,949 | [1],[2],[3] | 97,043 | [2],[3] | |
Net (loss) income attributable to Net1 | (183,694) | (54,784) | (63,941) | (5,199) | 2,766 | 32,375 | 9,622 | 19,483 | (307,618) | 64,246 | [1],[2] | 73,070 | [2] | ||
Continuing | $ (183,694) | (50,299) | (65,469) | (7,145) | $ 5,577 | $ 29,084 | $ 8,576 | $ 18,618 | (306,607) | 61,855 | [1],[2] | $ 73,070 | [2] | ||
Discontinued | $ (4,485) | $ 1,528 | $ 1,946 | $ (1,011) | $ 2,391 | [2] | |||||||||
Basic (loss) earnings attributable to Net1 shareholders | $ (3.23) | $ (0.96) | $ (1.13) | $ (0.09) | $ 0.05 | $ 0.57 | $ 0.17 | $ 0.34 | $ (5.42) | $ 1.13 | [1],[2] | $ 1.34 | [2] | ||
Continuing | (3.23) | (0.88) | (1.16) | (0.12) | 0.10 | 0.51 | 0.15 | 0.32 | (5.40) | 1.09 | [1],[2] | 1.34 | [2] | ||
Discontinued | 0 | (0.08) | 0.03 | 0.03 | (0.05) | 0.06 | 0.02 | 0.02 | (0.02) | 0.04 | [1],[2] | 0 | [4] | ||
Diluted (loss) earnings attributable to Net1 shareholders | (3.23) | (0.96) | (1.12) | (0.09) | 0.05 | 0.57 | 0.17 | 0.34 | (5.42) | 1.13 | [1],[2] | 1.33 | [2] | ||
Continuing | (3.23) | (0.88) | (1.15) | (0.13) | 0.10 | 0.51 | 0.15 | 0.32 | (5.40) | 1.09 | [1],[2] | 1.33 | [2] | ||
Discontinued | $ 0 | $ (0.08) | $ 0.03 | $ 0.03 | $ (0.05) | $ 0.06 | $ 0.02 | $ 0.02 | $ (0.02) | $ 0.04 | [1],[2] | $ 0 | [4] | ||
Continuing [Member] | |||||||||||||||
Revenue | $ 51,472 | $ 68,642 | $ 77,442 | $ 107,097 | $ 149,194 | $ 162,721 | $ 148,416 | $ 152,558 | $ 304,653 | $ 612,889 | [1] | ||||
Operating (loss) income | (49,646) | (22,356) | (48,901) | (4,286) | 14,686 | $ 7,564 | $ 16,307 | $ 25,006 | (125,189) | [3] | 63,563 | [1],[3] | $ 97,043 | [3] | |
Discontinued [Member] | |||||||||||||||
Revenue | 17,842 | 19,708 | 18,787 | 56,337 | |||||||||||
Operating (loss) income | $ 673 | $ 5,826 | $ 5,182 | $ (4,614) | $ 11,681 | $ (4,614) | [1] | ||||||||
Refund [Member] | Continuing [Member] | |||||||||||||||
Revenue | $ (19,709) | ||||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1. The impact of the restatement for the year ended June 30, 2018, has been recorded during the three months ended June 30, 2018. | ||||||||||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1. | ||||||||||||||
[3] | South African transaction processing and Financial inclusion and applies technologies include retrenchment costs for the year ended June 30, 2019, of: $4,665 and $1,604, respectively, for total retrenchment costs for the year ended June 30, 2019, of $6,269. The retrenchment costs are included in selling, general and administration expense on the consolidated statement of operations for the year ended June 30, 2019. | ||||||||||||||
[4] | Certain amounts have been restated to correct the misstatement discussed in Note 1. |