Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Sep. 07, 2020 | Dec. 31, 2019 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-31203 | ||
Entity Registrant Name | NET 1 UEPS TECHNOLOGIES INC | ||
Entity Incorporation State Country Code | FL | ||
Entity Tax Identification Number | 98-0171860 | ||
Entity Address Line One | President Place, 4th Floor | ||
Entity Address Line Two | Cnr. Jan Smuts Avenue and Bolton Road | ||
Entity Address, City or Town | Rosebank, Johannesburg 2196 | ||
Entity Address Country | ZA | ||
City Area Code | 27 | ||
Local Phone Number | 11-343-2000 | ||
Title of 12(b) Security | Common stock, par value $0.001 per share | ||
Trading Symbol | UEPS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 140,642,736 | ||
Entity Common Stock, Shares Outstanding | 57,118,925 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Central Index Key | 0001041514 | ||
Amendment Flag | false | ||
Documents Incorporated by Reference | Certain portions of the definitive Proxy Statement for our 2020 Annual Meeting of Shareholders are incorpo rated by reference into Part III of this Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | [1] |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 217,671 | $ 20,014 | |
Restricted cash related to ATM funding (Note 13) | 14,814 | 75,446 | |
Accounts receivable, net and other receivables (Note 5) | 43,068 | 31,135 | |
Finance loans receivable, net (Note 5) | 15,879 | 20,981 | |
Inventory (Note 6) | 19,860 | 5,709 | |
Total current assets before settlement assets | 311,292 | 153,285 | |
Settlement assets | 8,014 | 24,523 | |
Current assets of discontinued operation (Note 3) | 0 | 117,842 | |
Total current assets | 319,306 | 295,650 | |
PROPERTY, PLANT AND EQUIPMENT, NET (Note 8) | 6,656 | 8,227 | |
OPERATING LEASE RIGHT-OF-USE (Note 9) | 5,395 | 0 | |
EQUITY-ACCOUNTED INVESTMENTS (Note 10) | 65,836 | 148,427 | |
GOODWILL (Note 11) | 24,169 | 37,316 | |
INTANGIBLE ASSETS, NET (Note 11) | 612 | 2,228 | |
DEFERRED INCOME TAXES | 358 | 234 | |
OTHER LONG-TERM ASSETS, including reinsurance assets (Note 10 and 12) | 31,346 | 28,775 | |
LONG-TERM ASSETS OF DISCONTINUED OPERATION (Note 3) | 0 | 149,390 | |
TOTAL ASSETS | 453,678 | 670,247 | |
CURRENT LIABILITIES | |||
Short-term credit facilities for ATM funding (Note 13) | 14,814 | 75,446 | |
Short-term credit facilities (Note 13) | 0 | 9,544 | |
Accounts payable | 6,287 | 9,866 | |
Other payables (Note 14) | 23,779 | 59,622 | |
Operating lease liability - current (Note 9) | 2,251 | 0 | |
Income taxes payable | 16,157 | 1,330 | |
Total current liabilities before settlement obligations | 63,288 | 155,808 | |
Settlement obligations | 8,015 | 24,523 | |
Current liabilities of discontinued operation (Note 3) | 0 | 57,815 | |
Total current liabilities | 71,303 | 238,146 | |
DEFERRED INCOME TAXES | 1,859 | 1,324 | |
OPERATING LEASE LIABILTY - LONG-TERM (Note 9) | 3,312 | 0 | |
OTHER LONG-TERM LIABILITIES, including insurance policy liabilities (Note 12) | 2,012 | 2,499 | |
LONG-TERM LIABILITIES OF DISCONTINUED OPERATION (Note 3) | 0 | 3,264 | |
TOTAL LIABILITIES | 78,486 | 245,233 | |
REDEEMABLE COMMON STOCK (Note 15) | 84,979 | 107,672 | |
EQUITY | |||
COMMON STOCK (Note 15) Authorized: 200,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury - 2020: 57,118,925 2019: 56,568,425 | 80 | 80 | |
PREFERRED STOCK Authorized shares: 50,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury: 2020: - 2019: - | |||
ADDITIONAL PAID-IN-CAPITAL | 301,489 | 276,997 | |
TREASURY SHARES, AT COST: 2020: 24,891,292 2019: 24,891,292 | (286,951) | (286,951) | |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Note 16) | (169,075) | (195,812) | |
RETAINED EARNINGS | 444,670 | 523,028 | |
TOTAL NET1 EQUITY | 290,213 | 317,342 | |
NON-CONTROLLING INTEREST | 0 | 0 | |
TOTAL EQUITY | 290,213 | 317,342 | |
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS' EQUITY | $ 453,678 | $ 670,247 | |
[1] | Refer to Note 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Jun. 30, 2019 |
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 | 57,118,925 | 56,568,425 |
Common stock, shares outstanding | 57,118,925 | 56,568,425 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
REVENUE (Note 17) | $ 150,997 | $ 166,227 | $ 459,575 | ||
EXPENSE | |||||
Cost of goods sold, IT processing, servicing and support | 109,006 | 129,696 | [1] | 243,554 | [1] |
Selling, general and administration | 75,256 | 144,920 | [1] | 130,822 | [1] |
Depreciation and amortization | 4,647 | 12,103 | [1] | 10,473 | [1] |
Impairment loss (Note 11) | 6,336 | 14,440 | [1] | 20,917 | [1] |
OPERATING (LOSS) INCOME | (44,248) | (134,932) | [1] | 53,809 | [1] |
CHANGE IN FAIR VALUE OF EQUITY SECURITIES (Note 7 and 10) | 0 | (167,459) | [1] | 32,473 | [1] |
GAIN ON DISPOSAL OF FIHRST (Note 3) | 9,743 | 0 | [1],[2] | 0 | [1],[2] |
(LOSS) GAIN ON DISPOSAL OF DNI (Note 10) | (1,010) | 177 | [1],[2] | 0 | [1],[2] |
LOSS ON DECONSOLIDATION OF CPS (Note 3) | 7,148 | 0 | [1] | 0 | [1] |
TERMINATION FEE PAID TO CANCEL BANK FRICK OPTION (Note 10) | 17,517 | 0 | [1] | 0 | [1] |
INTEREST INCOME | 2,805 | 5,424 | [1] | 16,845 | [1] |
INTEREST EXPENSE | 7,641 | 9,860 | [1] | 8,569 | [1] |
IMPAIRMENT OF CEDAR CELLULAR NOTE (Note 10) | 0 | 12,793 | [1],[2] | 0 | [1],[2] |
(LOSS) INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | (65,016) | (319,443) | [1] | 94,558 | [1] |
INCOME TAX EXPENSE (BENEFIT) (Note 19) | 2,656 | (5,072) | [1] | 45,106 | [1] |
NET (LOSS) INCOME BEFORE (LOSS) INCOME FROM EQUITY-ACCOUNTED INVESTMENTS | (67,672) | (314,371) | [1] | 49,452 | [1] |
(LOSS) INCOME FROM EQUITY-ACCOUNTED INVESTMENTS (Note 10) | (29,542) | 1,258 | [1] | 1,810 | [1] |
NET (LOSS) INCOME FROM CONTINUING OPERATIONS | (97,214) | (313,113) | [1] | 51,262 | [1] |
NET INCOME FROM DISCONTINUED OPERATIONS (Note 3) | 6,402 | 13,630 | [1] | 9,945 | [1] |
GAIN (LOSS) ON DISPOSAL OF DISCONTINUED OPERATION, net of tax (Note 3) | 12,454 | (9,175) | [1],[2] | 0 | [1],[2] |
NET (LOSS) INCOME | (78,358) | (308,658) | [1],[2] | 61,207 | [1],[2] |
LESS (ADD): NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 0 | 2,349 | [1] | (880) | [1] |
Continuing | 0 | (1,352) | [1] | (880) | [1] |
Discontinued | 0 | 3,701 | [1] | 0 | [1] |
NET (LOSS) INCOME ATTRIBUTABLE TO NET1 | (78,358) | (311,007) | [1] | 62,087 | [1] |
Continuing | (97,214) | (311,761) | [1] | 52,142 | [1] |
Discontinued | $ 18,856 | $ 754 | [1] | $ 9,945 | [1] |
Net (loss) earnings per share, in United States dollars (Note 20): | |||||
Basic (loss) earnings attributable to Net1 shareholders | $ (1.37) | $ (5.48) | [1] | $ 1.1 | [1] |
Continuing | (1.7) | (5.49) | [1] | 0.92 | [1] |
Discontinued | 0.33 | 0.01 | [1] | 0.18 | [1] |
Diluted (loss) earnings attributable to Net1 shareholders | (1.37) | (5.48) | [1] | 1.09 | [1] |
Continuing | (1.7) | (5.49) | [1] | 0.92 | [1] |
Discontinued | $ 0.33 | $ 0.01 | [1] | $ 0.17 | [1] |
Services Rendered [Member] | |||||
REVENUE (Note 17) | $ 117,325 | $ 142,931 | [1] | $ 391,646 | [1] |
Loan-based Fees Received [Member] | |||||
REVENUE (Note 17) | 19,955 | 27,525 | [1] | 54,949 | [1] |
Sale of Goods [Member] | |||||
REVENUE (Note 17) | 13,717 | 15,480 | [1] | 12,980 | [1] |
Variation of Price Related to SASSA (Note 14) [Member] | |||||
REVENUE (Note 17) | $ 0 | $ (19,709) | [1] | $ 0 | [1] |
[1] | Refer to Note 1 | ||||
[2] | 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, 2020 | Jun. 30, 2019 | [1] | Jun. 30, 2018 | [1] | |
Net (loss) income | $ (78,358) | $ (308,658) | [2] | $ 61,207 | [2] |
Other comprehensive income (loss), net of taxes | |||||
Movement in foreign currency translation reserve | (35,070) | (26,148) | (19,286) | ||
Movement in foreign currency translation reserve related to equity-accounted investments | 2,227 | 4,251 | (2,426) | ||
Total other comprehensive income (loss), net of taxes | 26,737 | (16,218) | (21,712) | ||
Comprehensive (loss) income | (51,621) | (324,876) | 39,495 | ||
Add comprehensive income attributable to non-controlling interest | 0 | 2,407 | 978 | ||
Comprehensive income (loss) attributable to Net1 | (51,621) | (322,469) | 40,473 | ||
CPS [Member] | |||||
Other comprehensive income (loss), net of taxes | |||||
Release of foreign currency translation reserve related to deconsolidation (Note 3 and Note 16) | 32,451 | 0 | 0 | ||
Net1 Korea [Member] | |||||
Other comprehensive income (loss), net of taxes | |||||
Release of foreign currency translation reserve related to disposal (Note 3, Note 10 and Note 16) | 14,228 | 0 | 0 | ||
DNI [Member] | |||||
Other comprehensive income (loss), net of taxes | |||||
Release of foreign currency translation reserve related to disposal (Note 3, Note 10 and Note 16) | 11,323 | 5,679 | 0 | ||
FIHRST [Member] | |||||
Other comprehensive income (loss), net of taxes | |||||
Release of foreign currency translation reserve related to disposal (Note 3, Note 10 and Note 16) | $ 1,578 | $ 0 | $ 0 | ||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 | ||||
[2] | Refer to Note 1 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Total | Common And Treasury Stock [Member] | Treasury Stock [Member] | Number Of Shares, Net Of Treasury [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | [1] | Accumulated Other Comprehensive Loss [Member] | [1] | Parent [Member] | Noncontrolling Interest [Member] | ||
Balance, Number of Shares at Jun. 30, 2017 | 81,261,029 | (24,891,292) | 56,369,737 | ||||||||||
Balance at Jun. 30, 2017 | $ 598,840 | $ 80 | $ (286,951) | $ 273,733 | $ 771,948 | $ (162,736) | $ 596,074 | $ 2,766 | |||||
Redeemable Common Stock, Balance at Jun. 30, 2017 | 107,672 | ||||||||||||
Restricted stock granted, shares | 618,411 | 618,411 | |||||||||||
Stock-based compensation charge (Note 18) | 2,656 | 2,656 | 2,656 | ||||||||||
Reversal of stock-based compensation charge (Note 18) | $ (49) | (49) | (49) | ||||||||||
Reversal of stock-based compensation charge (Note 18), shares | (302,223) | (302,223) | |||||||||||
Stock based-compensation charge related to equity accounted investment (Note 10) | $ (139) | (139) | (139) | ||||||||||
Acquisition of non-controlling interest | 94,123 | 94,123 | |||||||||||
Net income (loss) (Note 1) | 61,207 | 62,087 | 62,087 | (880) | |||||||||
Other comprehensive loss (Note 1 and Note 16) | $ (21,712) | [1] | (21,614) | (21,614) | (98) | ||||||||
Balance, Number of Shares at Jun. 30, 2018 | 56,685,925 | 81,577,217 | (24,891,292) | 56,685,925 | |||||||||
Balance at Jun. 30, 2018 | $ 734,926 | $ 80 | $ (286,951) | 276,201 | 834,035 | (184,350) | 639,015 | 95,911 | |||||
Redeemable Common Stock, Balance at Jun. 30, 2018 | 107,672 | ||||||||||||
Restricted stock granted, shares | 148,000 | 148,000 | |||||||||||
Stock-based compensation charge (Note 18) | 2,319 | 2,319 | 2,319 | ||||||||||
Reversal of stock-based compensation charge (Note 18) | (1,926) | (1,926) | (1,926) | ||||||||||
Reversal of stock-based compensation charge (Note 18), shares | (265,500) | (265,500) | |||||||||||
Stock based-compensation charge related to equity accounted investment (Note 10) | 117 | 117 | 117 | ||||||||||
Acquisition of non-controlling interest | 752 | 286 | 286 | 466 | |||||||||
Dividends paid to non-controlling interest | (4,104) | (4,104) | |||||||||||
Deconsolidation of DNI (Note 3) | (89,866) | (89,866) | |||||||||||
Net income (loss) (Note 1) | (308,658) | (311,007) | (311,007) | 2,349 | |||||||||
Other comprehensive loss (Note 1 and Note 16) | $ (16,218) | [1] | (11,462) | (11,462) | (4,756) | ||||||||
Balance, Number of Shares at Jun. 30, 2019 | 56,568,425 | 81,459,717 | (24,891,292) | 56,568,425 | |||||||||
Balance at Jun. 30, 2019 | $ 317,342 | [2] | $ 80 | $ (286,951) | 276,997 | 523,028 | (195,812) | 317,342 | $ 0 | ||||
Redeemable Common Stock, Balance at Jun. 30, 2019 | [2] | 107,672 | |||||||||||
Restricted stock granted, shares | 568,000 | 568,000 | |||||||||||
Stock-based compensation charge (Note 18) | 1,873 | 1,873 | 1,873 | ||||||||||
Reversal of stock-based compensation charge (Note 18) | (145) | (145) | (145) | ||||||||||
Reversal of stock-based compensation charge (Note 18), shares | (17,500) | (17,500) | |||||||||||
Stock based-compensation charge related to equity accounted investment (Note 10) | 71 | 71 | 71 | ||||||||||
Transfer from redeemable common stock to additional paid-in-capital (Note 16) | 22,693 | 22,693 | 22,693 | ||||||||||
Transfer from redeemable common stock to additional paid-in-capital (Note 16) | (22,693) | ||||||||||||
Net income (loss) (Note 1) | (78,358) | (78,358) | (78,358) | ||||||||||
Other comprehensive loss (Note 1 and Note 16) | $ 26,737 | 26,737 | 26,737 | ||||||||||
Balance, Number of Shares at Jun. 30, 2020 | 57,118,925 | 82,010,217 | (24,891,292) | 57,118,925 | |||||||||
Balance at Jun. 30, 2020 | $ 290,213 | $ 80 | $ (286,951) | $ 301,489 | $ 444,670 | $ (169,075) | $ 290,213 | ||||||
Redeemable Common Stock, Balance at Jun. 30, 2020 | $ 84,979 | ||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 | ||||||||||||
[2] | Refer to Note 1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
Cash flows from operating activities | ||||||
Net (loss) income | $ (78,358) | $ (308,658) | [1],[2] | $ 61,207 | [1],[2] | |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||
Depreciation and amortization | 13,299 | 37,349 | [1] | 35,484 | [1] | |
Impairment loss (Note 3 and 11) | 6,336 | 19,745 | [1] | 20,917 | [1] | |
Movement in allowance for doubtful accounts receivable | 743 | 32,786 | [1] | 13,358 | [1] | |
Loss (Earnings) from equity-accounted investments (Note 10) | 29,542 | (1,273) | [1] | (8,815) | [1] | |
Movement in allowance for doubtful loans to equity-accounted investments | 1,035 | 0 | [1] | 0 | [1] | |
Inventory net realizable value adjustment (Note 6) | 1,298 | 0 | [1] | 0 | [1] | |
Interest on Cedar Cellular note (Note 10) | 0 | (2,397) | [1] | (1,395) | [1] | |
Impairment of Cedar Cellular note (Note10) | 0 | 12,793 | [1],[2] | 0 | [1],[2] | |
Change in fair value of equity securities (Note 7 and 10) | 0 | 167,459 | [1] | (32,473) | [1] | |
Implementation costs to be refunded to SASSA (Note 14) | 0 | 34,039 | [1] | 0 | [1] | |
Fair value adjustment related to financial liabilities | (340) | 73 | [1] | 414 | [1] | |
Interest payable | 1,758 | 237 | [1] | (146) | [1] | |
Facility fee amortized | 0 | 321 | [1] | 589 | [1] | |
Loss on deconsolidation of CPS (Note 3) | (7,148) | 0 | [1] | 0 | [1] | |
(Gain) Loss on disposal of discontinued operation (Note 3) | (12,454) | 9,175 | [1],[2] | 0 | [1],[2] | |
Gain on disposal of FIHRST (Note 3) | (9,743) | 0 | [1],[2] | 0 | [1],[2] | |
Loss (Gain) on disposal of DNI (Note 3) | 1,010 | (177) | [1],[2] | 0 | [1],[2] | |
Loss on fair value of DNI (Note 3) | 0 | 0 | [1] | 4,614 | [1] | |
Gain on disposal of business | 0 | 0 | [1] | (463) | [1] | |
(Profit) Loss on disposal of property, plant and equipment | (127) | (486) | [1] | 40 | [1] | |
Stock-based compensation charge (Note 18) | 1,728 | 393 | [1] | 2,607 | [1] | |
Dividends received from equity accounted investments | 3,549 | 1,318 | [1] | 4,111 | [1] | |
Decrease in accounts receivable, pre-funded social welfare grants receivable and finance loans receivable | 8,818 | 11,663 | [1] | 17,732 | [1] | |
(Increase) Decrease in inventory | (19,328) | 4,042 | [1] | (2,521) | [1] | |
Increase (Decrease) in accounts payable and other payables | (139) | (14,538) | [1] | 10,595 | [1] | |
(Decrease) Increase in taxes payable | (1,427) | 3,428 | [1] | 1,137 | [1] | |
(Decrease) Increase in deferred taxes | (393) | (11,752) | [1] | 5,313 | [1] | |
Net cash (used in) provided by operating activities | (46,045) | (4,460) | [1] | 132,305 | [1] | |
Cash flows from investing activities | ||||||
Capital expenditures | (5,938) | (9,416) | [1] | (9,649) | [1] | |
Proceeds from disposal of property, plant and equipment | 578 | 1,045 | [1] | 658 | [1] | |
Proceeds from disposal of Net1 Korea, net of cash disposed (Note 3) | 192,619 | 0 | [1] | 0 | [1] | |
Transaction costs paid related to disposal of Net1 Korea (Note 3) | (7,458) | 0 | [1] | 0 | [1] | |
Proceeds from disposal of DNI as equity-accounted investment (Note 10 and Note 21) | 42,477 | 0 | [1] | 0 | [1] | |
Transaction costs paid related to disposal of DNI as equity-accounted investment (Note 10) | (1,010) | 0 | [1] | 0 | [1] | |
Proceeds from disposal of subsidiaries, net of cash disposed (Note 3 and Note 21) | 10,895 | (2,114) | [1] | 0 | [1] | |
Deconsolidation of CPS - cash disposed (Note 3) | (328) | 0 | [1] | 0 | [1] | |
Investment in equity-accounted investments (Note 10) | (2,500) | (2,989) | [1] | (133,335) | [1] | |
Loan to equity-accounted investment (Noe 10) | (1,230) | 0 | [1] | (10,635) | [1] | |
Repayment of loans by equity-accounted investments | 4,268 | 1,029 | [1] | 9,180 | [1] | |
Acquisitions, net of cash acquired (Note 3) | 0 | 0 | [1] | (6,202) | [1] | |
Acquisition of intangible assets | 0 | (1,384) | [1] | 0 | [1] | |
Investment in MobiKwik | 0 | (1,056) | [1] | 0 | [1] | |
Return on investment | 0 | 284 | [1] | 0 | [1] | |
Acquisition of 15% of Cell C | 0 | 0 | [1] | (151,003) | [1] | |
Acquisition of held to maturity investment | 0 | 0 | [1] | (9,000) | [1] | |
Net change in settlement assets | (9,256) | 79,077 | [1] | 490,795 | [1] | |
Other investing activities, net | 0 | 0 | [1] | (61) | [1] | |
Net cash provided by investing activities | 223,117 | 64,476 | [1] | 180,748 | [1] | |
Cash flows from financing activities | ||||||
Proceeds from bank overdraft (Note 13) | 689,763 | 822,754 | [1] | 44,900 | [1] | |
Repayment of bank overdraft (Note 13) | (747,935) | (740,969) | [1] | (62,925) | [1] | |
Long-term borrowings utilized (Note 13) | 14,798 | 14,613 | [1] | 113,157 | [1] | |
Repayment of long-term borrowings (Note 13) | (14,503) | (37,357) | [1] | (77,062) | [1] | |
Guarantee fee | (148) | (394) | [1] | (754) | [1] | |
Finance lease capital repayments | (69) | 0 | [1] | 0 | [1] | |
Acquisition of non-controlling interests | 0 | (180) | [1] | 0 | [1] | |
Dividends paid to non-controlling interest | 0 | (4,104) | [1] | 0 | [1] | |
Net change in settlement obligations | 9,256 | (79,077) | [1] | (490,795) | [1] | |
Net cash used in financing activities | (48,838) | (24,714) | [1] | (473,479) | [1] | |
Effect of exchange rate changes on cash | (17,260) | (3,845) | [1] | (7,977) | [1] | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 110,974 | 31,457 | [1] | (168,403) | [1] | |
Cash, cash equivalents and restricted cash - beginning of period | [1] | 121,511 | 90,054 | 258,457 | ||
Cash, cash equivalents and restricted cash - end of period (Note 21) | $ 232,485 | $ 121,511 | [1] | $ 90,054 | [1] | |
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 | |||||
[2] | Refer to Note 1 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 12 Months Ended |
Jun. 30, 2020 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Description Of Business And Basis Of Presentation | 1 . DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATIO N 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 provider of financial technology, or fintech, products and services to the u nbanked 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 (banking, lending and insurance products) , 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, and provides mobile telephone top-up transactions for the major South African mobile carriers. 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) 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 acc ounting principles generally accepted in the United States of America (“GAAP”). Impact of COVID-19 on the Company’s business On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. The Company’s operations were impacted by govern ment-imposed restrictions to contain the spread of the COVID-19 pandemic. Specifically, on March 27, 2020, the South African government imposed certain emergency measures to combat the spread of COVID-19, including implementation of travel bans and closure s of factories, schools, public buildings, and businesses. In addition to limiting movement of employees and access to the Company’s corporate head office and operating branches, the following restrictions directly impacted the Company’s South African oper ations: (i) suspension of new lending and other financial services activities, and (ii) limitations on the amount of banking-related fees that may be charged to customers. These measures continued until May 31, 2020 when the restrictions highlighted above as directly affecting the Company were eased. Nevertheless, as the date of this report, South Africa remains under various lockdown restrictions that affect the broader economy and these affect the Company to the extent they affect activity levels in the South African economy. The broader implications of COVID-19 on the Company’s results of operations and overall financial performance remain uncertain. The COVID-19 pandemic and its adverse effects have become more prevalent in the locations where the Com pany, its customers, suppliers or third-party business partners conduct business. While the Company has not incurred significant disruptions thus far from the COVID-19 outbreak, apart from the two months when loan origination was curtailed, the Company is unable to accurately predict the impact that COVID-19 will have due to numerous uncertainties, including the severity and duration of the outbreak, actions that may be taken by governmental authorities, the impact on the Company’s customers and other facto rs. The Company will continue to evaluate the nature and extent of the impact on its business, consolidated results of operations, and financial condition. Resolution of going concern risk As previously reported, the Company’s management implemented a number of plans to alleviate the substantial doubt about the Company’s ability to continue as a going concern including the disposal of its March 2020 Korean business unit (refer to Note 3 ) and its April 2020 sale of its remaining interest in DN Invest Proprietary Limited (“DNI”) (refer to Note 10 ) . The cash received from the disposal of its Korean business unit in March 2020 resulted in the resolution of the going concern risk . T he Company’s management has determined that there are no 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 these consolidated financial statem ents are issued as the Company believes it has sufficient cash reserves. 1 . DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (continued) Restatement of financial statements Related to DNI discontinued operations presentation Subsequent t o the issuance of the Company’s Annual Report on Form 10-K for the year ended June 30, 2019 and its Quarterly Reports on Form 10-Q for the three months ended September 30, 2019 and the three and nine months ended March 31, 2019, it determined that its pres entation of the discontinued operations of DNI in the consolidated statements of operations included in those filings was incorrect. In these previous filings, the gross amounts of DNI’s operations upon classification as a discontinued operation remained i n the consolidated statements of operations which totalled to net (loss) income. Two captioned lines below net (loss) income were presented to show the composition of the net (loss) income between continuing and discontinued operations and the details of a mounts relating to DNI’s discontinued operations were separately disclosed in a note. The correct presentation removes the gross amounts of a discontinued operation from the consolidated statements of operations, which totals to the net (loss) income from continuing operations before presenting net income from discontinued operations and then totalling to net (loss) income. The Company has revised the previous presentations on the consolidated statements of operations for the years ended June 30, 2019 , an d June 30, 2018 , and corrected them in this filing where these amounts are presented as comparative prior period amounts. The impact of these revisions has reduced each of the previously-presented line items in the consolidated statements of operations pre ceding net income by the amounts shown in the note disclosure for DNI’s discontinued operations. The revisions had no effect on previously presented net (loss) income, net (loss) income from continuing operations, net income from discontinued operations or the note disclosures for DNI’s discontinued operations, excluding the effects of the disposal of Net1 Korea and the error relating to the release of the foreign currency translation reserve on deconsolidation of DNI. Related to error identified – release of entire foreign currency translation reserve on deconsolidation of DNI in March 2019 In May 2020, the Company identified an error during its assessment of the accounting related to the disposal of its remaining interest in DNI in April 2020. The error relates to the misapplication of U.S. GAAP as the Company was required to release the full amount of DNI’s foreign currency translation reserve from accumulated other comprehensive loss to net income when it deconsolidated DNI in March 2019. The Com pany only released a portion of the foreign currency translation reserve related to the sale of 17 % of DNI in March 2019, refer to Note 3 , and should have released an additional $ 4.0 million in March 2019 . During the three months ended June 30, 2 019, the Company also sold an additional interest in DNI, refer to Note 3 , and released a portion ($ 0.8 million) of the $4.0 million during this period. Therefore, the error as of June 30, 2019, was $ 3.2 million. The error impacts the Company’s r eported results and the Company has restated its financial statements for the year ended June 30, 2019 to correct for the error. Related to Finbond error reported in its fiscal 2020 annual report On May 29 , 20 20 , Finbond released its February 20 20 summarized annual results and announced that it had identified a number of error s in its previously issued audited financial statements and had restated those audited financial statements. The Finbond restatement impacts the Comp any’s reported results and the Company has restated its 201 9 and 201 8 financial statements to correct for the Finbond restatement. The errors identified by Finbond relate to (i) an ageing issue within one of its subsidiary’s loan management system, which p rompted a broader review of its management systems and which further resulted in the identification of a lending book that was incorrectly recognized; (ii) the impairment of goodwill following the identification of errors in (i); and (iii) the identificati on of certain liabilities that should have been recognized in prior periods. 1 . DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (continued) The tables below present the impact of the restatement s on each of the Company’s financial statement s for the Consolidated balance sheet June 30, 2019 As reported Correction - DNI Correction - Finbond As restated (in thousands) Equity-accounted investments $ 151 116 $ - $ (2 689) $ 148 427 Total assets 672 936 - (2 689) 670 247 Deferred tax liabilities 1 926 - (602) 1 324 Total liabilities 245 835 - (602) 245 233 Accumulated other comprehensive loss (199 273) 3 227 234 (195 812) Retained earnings 528 576 (3 227) (2 321) 523 028 Total equity $ 319 429 $ - $ (2 087) $ 317 342 Consolidated statement of operations Year ended June 30, 2019 As reported Correction - DNI Correction - Finbond As restated (in thousands, except per share data) Gain on disposal of DNI $ (631) $ 808 $ - $ 177 Loss before income tax (320 251) 808 - (319 443) Income tax benefit (5 025) - (47) (5 072) Net loss before earnings from equity-accounted investments (315 226) 808 47 (314 371) Earnings from equity-accounted investments 1 467 - (209) 1 258 Net loss from continuing operations (313 759) 808 (162) (313 113) Loss on disposal of discontinued operation, net of tax (5 140) (4 035) - (9 175) Net loss (305 269) (3 227) (162) (308 658) Net loss attributable to Net1 (307 618) (3 227) (162) (311 007) Continuing (312 407) 808 (162) (311 761) Discontinued $ 4 789 $ (4 035) $ - $ 754 Basic (loss) income per share attributable to Net1 shareholders $ (5,42) $ (0,06) $ (0,00) $ (5,48) Continuing $ (5,50) $ 0,01 $ (0,00) $ (5,49) Discontinued $ 0,08 $ (0,07) $ - $ 0,01 Diluted (loss) income per share attributable to Net1 shareholders $ (5,42) $ (0,06) $ (0,00) $ (5,48) Continuing $ (5,50) $ 0,01 $ (0,00) $ (5,49) Discontinued $ 0,08 $ (0,07) $ - $ 0,01 Year ended June 30, 2018 As reported Correction - DNI Correction - Finbond As restated (in thousands, except per share data) Income tax expense $ 45 729 $ - $ (623) $ 45 106 Net income before earnings from equity-accounted investments 48 829 - 623 49 452 Earnings from equity-accounted investments 4 592 - (2 782) 1 810 Net income from continuing operations 53 421 - (2 159) 51 262 Net income 63 366 - (2 159) 61 207 Net income attributable to Net1 64 246 - (2 159) 62 087 Continuing 54 301 - (2 159) 52 142 Discontinued $ 9 945 $ - $ - $ 9 945 Basic income (loss) per share attributable to Net1 shareholders $ 1,13 $ - $ (0,04) $ 1,10 Continuing $ 0,95 $ - $ (0,04) $ 0,92 Discontinued $ 0,18 $ - $ - $ 0,18 Diluted income (loss) per share attributable to Net1 shareholders $ 1,13 $ - $ (0,04) $ 1,09 Continuing $ 0,96 $ - $ (0,04) $ 0,92 Discontinued $ 0,17 $ - $ - $ 0,17 Consolidated statement of comprehensive (loss) income Year ended June 30, 2019 As reported Correction - DNI Correction - Finbond As restated (in thousands) Net loss $ (305 269) $ (3 227) $ (162) $ (308 658) Movement in foreign currency translation reserve (26 194) - 46 (26 148) Release of foreign currency translation reserve related to disposal of DNI 2 452 3 227 - 5 679 Total other comprehensive loss (19 491) 3 227 46 (16 218) Comprehensive loss (324 760) - (116) (324 876) Comprehensive loss attributed to Net1 $ (322 353) $ - $ (116) $ (322 469) Year ended June 30, 2018 As reported Correction - DNI Correction - Finbond As restated (in thousands) Net income $ 63 366 $ - $ (2 159) $ 61 207 Comprehensive income 41 466 - (1 971) 39 495 Comprehensive income attributed to Net1 $ 42 444 $ - $ (1 971) $ 40 473 Consolidated statement of changes in equity Retained earnings Accumulated other comprehensive loss (in thousands) As reported – June 30, 2018 $ 836 194 $ (184 538) Correction of misstatement - Finbond (2 159) 188 As restated – June 30, 2018 834 035 (184 350) As reported – June 30, 2019 528 576 (199 273) Correction of misstatement - DNI (3 227) 3 227 Correction of misstatement - Finbond (2 321) 234 As restated – June 30, 2019 $ 523 028 $ (195 812) Consolidated statement of cash flows Year ended June 30, 2019 As reported Correction - DNI Correction - Finbond As restated (in thousands) Net loss $ (305 269) $ (3 227) $ (162) $ (308 658) Loss from equity-accounted investment (1 482) - 209 (1 273) Loss on disposal of discontinued operation 5 140 4 035 - 9 175 Gain on disposal of DNI 631 (808) - (177) (Decrease) Increase in deferred taxes $ (11 705) $ - $ (47) $ (11 752) Year ended June 30, 2018 As reported Correction - DNI Correction - Finbond As restated (in thousands) Net income $ 63 366 $ - $ (2 159) $ 61 207 Earnings from equity-accounted investment (11 597) - 2 782 (8 815) Increase (Decrease) in deferred taxes $ 5 936 $ - $ (623) $ 5 313 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2020 | |
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 entit ies 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 entities were required to be consolidated as a result of these requirements during the years ended June 30, 2020 , 2019 and 2018 . Business combinations The Company accounts for its business acquis itions 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 method s 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 o f 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 r equires 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 du ring 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. 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 inco me 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 se lling, 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 , refer to Note 13 . Allowa nce 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 and interest if a borrower is in arrears with repayments for more than three months or dies. The Company writes off working capital finance rece ivables 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 lik ely 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 or S IM cards 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 and the payment history of the customer 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. 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 eq uipment 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 betwee n the sales proceeds and the carrying amount of the asset and is recognized in income. Leases The Company determines whether an arrangement is a leas e at inception. Operating leases are included in operating lease right-of-use assets (“ROU”), operating l ease liability - current, and operating lease liability – long term in its con solidated balance sheets. The Company does not have any significant finance leases as of June 30, 2020 and 2019, respectively, but its policy is to include finance leases in property and equipment, other payables, and other long-term liabilities in its con solidated balance sheets. A ROU asset represents the Company’s right to use an underlying asset for the lease term and the lease liabilities represent its obliga tion to make lease payments arising from the lease arrangement. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company generally use s its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease pre payments made and excludes lease incentives. The terms of the Company’s lease arrangements may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease paym ents is recognized on a straight-line basis over the lease term. The Company does not recognize right-of-use assets and lease liabilities for lease arrangements with a term of twelve months or less . The Company accounts for all components in a lease arrangement as a single combined lease component. Costs incurred in the adaptation of leased properties to serve the requirements of the Company (leasehold improvements) are capitalized and amortized ove r the shorter of the estimated useful life of the asset and the remaining term of the lease. Equity-accounted investments The Company uses the equity method to account for investments in companies when it has significant influence but not control over t he 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 Com pany’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 co mprehensive 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 n ot 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 o f 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 i nvestment 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 a n 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 t hat 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 so ld 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 year s 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 equ ity 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 whi ch 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 debt securiti es that were classified as trading securities as of June 30, 20 20 and 201 9 , respectively. 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 cl assified 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, 20 20 and 201 9 , 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 maturi ty 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 wit h 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, 20 20 and 201 9 , respectively, refer to Note 10 . 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 carrying amount 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, the impairment loss is split between a credit loss and a non-credit loss for debt securities that the Company determines that it does not intend to sell or that it is more likely than not that it will not be required to sell the debt securit ies before the recovery of the amortized cost basis. 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 po rtion, 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 f air 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 s ended June 30, 20 20 and 2019, respectively . The Company performs a qualitative assessment on a quarterly basis and recognizes an im pairment 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 mode l 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 or more of the insurance contracts it issues. The expected benefits to which the Company is entitled under its reinsurance contracts held are recognized as reinsurance assets. These assets consist of short-ter m 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 r einsurance 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 impair ment 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 consolid ated 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 carryi ng 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 than 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 o f 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 revenu e 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 acc ounts 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. Len ding 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 r ate 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 co ntractual 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 r evenue 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 distribut e 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 ser vices 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 s . 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 t he 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 clarif ied 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 have not reached agreement 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 t he 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 g uidance 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 did not record any additional revenu e during the year ended June 30, 2020 and 2019, respectively, 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 expect ed to record any additional revenue once there wa s agreement between the Company and SASSA on the fee . However, agreement had not been reached by May 31, 2020, and following the deconsolidation of CPS, refer to Note 3 , any additional revenue earned by CPS after June 1, 2020, would not be included in the Company’s consolidated financial statements and therefore this matter is no longer considered an area of judgment . 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 developmen t expenditure is charged to net income in the period in which it is incurred. During the years ended June 30, 2020 , 2019 and 2018 , the Company incurred research and development expenditures of $ 1,6 million, $ 0,7 million and $ 0,8 million, respectively. 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 feasibi lity 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 rec ognized 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, 2020 , 2019 and 2018 , using the enacted statutory tax rate in South Africa of 28%. In establishing the appropriate deferred tax asset valuation allowances, the Company assesses the realizabi lity 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 re cognized 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, th e 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% likely of being realized based on a cumulative probability assessment of the possib le outcomes. The Company’s policy is to include interest related to unrecognized tax benefits in interest expense and penalties in selling, general and administration in the consolidated statements of operations. The Company has elected the period cost me thod 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 gran ted. 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 de ductions 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 fina ncial 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 repre sents 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 r equisite 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 r eporting 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 |
Acquisitions, Dispositions And
Acquisitions, Dispositions And Discontinued Operations | 12 Months Ended |
Jun. 30, 2020 | |
Acquisitions, Dispositions And Discontinued Operations [Abstract] | |
Acquisition, Dispositions And Discontinued Operations | 3 . ACQUISITIONS, DISPOSITIONS AND DISCONTINUED OPERATIONS Acquisitions The Company did not make any acquisitions during the year s ended June 30, 2020 and 2019. The cash paid, net of cash received related to the Company’s acquisition of DNI during the year ended June 30, 2018 , is presented in the table below: 2018 DNI (1) $ 6 202 Total cash paid, net of cash received $ 6 202 (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. 2020 acquisition None. 2019 acquisition None. 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 %. The transaction actually closed on June 28, 2018, however, for practical purposes the Company has used June 30, 2018, as the date from which it accounted for a controlling stake in DNI. Therefore, the Company consolidated DNI f rom June 30, 2018. On July 27, 2017, the Company subscribed for 44,999,999 ordinary A shares in DNI, representing a 45 % voting and economic interest in DNI, for a subscription price of ZAR 945.0 million ($ 72.0 million) in cash. On March 9, 2018, the Company subscribed for an additional 4,000,000 ordinary A shares in DNI for a subscription price of ZAR 89.3 million ($ 7.5 m illion), in cash, which increased its voting and economic interest in DNI to 49 %, but did not give it control. On March 9, 2018, the Company also agreed to subscribe for an additional 6,000,000 ordinary A shares in DNI for an aggregate subscription price o f ZAR 126.0 million ($ 9.2 million). The subscription was subject to certain suspensive conditions, including obtaining South African Competition Commission approval which was eventually obtained on June 21, 2018. Accordingly, on June 28, 2018, all conditio ns were met and the Company subscribed for 6,000,000 ordinary A shares in DNI for a subscription price of ZAR 126.0 million ($9.2 million) in cash, increasing its voting and economic interest in DNI to 55%. Under the terms of its subscription agreements wi th DNI, the Company agreed to pay to DNI an additional amount of up to ZAR 400.0 million ($ 29.1 million, translated at exchange rates applicable as of June 30, 2018), in cash, subject to the achievement of certain performance targets by DNI. The Company ex pected to pay the additional amount during the first quarter of the year ended June 30, 2020, and recorded an amount of ZAR 373.6 million ($ 27.2 million), in other long-term liabilities in its consolidated balance sheet as of June 30, 2018, which amount re presented the present value of the ZAR 400 million ($29.1 million) to be paid (amounts translated at exchange rates applicable as of June 30, 2018). The present value of ZAR 373.6 million ($27.2 million) was calculated using the following assumptions (a) t he maximum additional amount of ZAR 400 million will be paid on August 1, 2019 and (b) an interest rate of 6.3 % (the rate used to calculate interest earned by the Company on its surplus South African funds) has been used to discount the ZAR 400.0 million t o its present value as of June 30, 2018. Utilization of different inputs, or changes to these inputs, may have result ed in significantly higher or lower fair value measurement. The ZAR 400 million was settled in full on March 31, 2019. As described in Note 13 , on March 9, 2018, the Company obtained financing to partially fund the acquisition of the additional ordinary A DNI shares and Net1 SA pledged, among other things, its entire equity interest in DNI as security for the South African facilities described in Note 13 . On March 9, 2018, the Company provided DNI with an interest-free loan of ZAR 126.0 million ($ 10.6 million) which was repayable at the earlier of June 30, 2018, or within twenty days of the 6,000,000 ordinary A share subscription agreement (i) becoming unconditional, (ii) lapsing because the Competition Commission prohibits the subscription, or (iii) t he agreement being cancelled for any reason. On June 28, 2018, DNI repaid the ZAR 126 million ($ 9.2 million) loan in full and the Company used the proceeds from the repayment of the loan to fund the subscription for 6,000,000 ordinary A shares in DNI. DNI purchase price allocation During the third quarter of fiscal 2019, the Company determined that certain customer relationships of $ 7.0 million should not have been separately identified and recorded as intangible assets because there were no separately id entified cash flows related to these customer relationships. These customer relationships, net of deferred taxes of $ 2 million, should have been recorded as a component of goodwill. During the third quarter of fiscal 2019, the Company determined that DNI i s a discontinued operation. 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 excha nge rates applicable on the date of acquisition: DNI - discontinued operations as of June 30, 2018 Initial Amended DNI PPA Amendment DNI PPA Current assets: $ 22 482 $ - $ 22 482 Cash and cash equivalents 2 979 - 2 979 Accounts receivable 16 235 - 16 235 Finance loans receivable 742 - 742 Inventory 2 526 - 2 526 Long-term assets: 242 704 (1 951) 240 753 Property, plant and equipment 1 317 - 1 317 Equity-accounted investment 339 - 339 Goodwill 114 161 5 017 119 178 Intangible assets 104 003 (6 968) 97 035 Deferred tax assets 1 536 - 1 536 Other long-term assets 21 348 - 21 348 Current liabilities: (20 914) - (57 350) Accounts payables (13 949) - (13 949) Other payables (6 349) - (6 349) Current portion of long-term borrowings (616) - (616) Long-term liabilities: (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 (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 sharehold ers, 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 expected DNI to pay, and to be reimbursed, the additional amount during the first quarter of the year ended June 30, 2020, which expected amount represe nted 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 max imum 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 pres ent value as of June 30, 2018. Utilization of different inputs, or changes to these inputs, may have resulted in significantly higher or lower fair value measurement. 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 o f 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 were not 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 million related to this acquisition, which has been included in selling, general and administration expenses in the consolidated statement of operations. The DNI acquisition closed on the last day of the Company’s fiscal year and therefore it has not contributed to revenue and net income as a subsidiary for the year ended June 30, 2018. 2018 Fair value of intangible assets acquired Summarized below is the fair value of the DNI intangible assets acquired and the weighted-average amortization period: Fair value as of acquisition date Weighted-average amortization period (in years) Finite-lived intangible asset: Acquired during the year ended June 30, 2018: DNI – customer relationships acquired $ 97 255 5 – 15 DNI – software and unpatented technology 2 609 5 DNI – trademarks $ 4 139 5 On acquisition, the Company recognized deferred tax liabilities of approximately $ 29.1 million related to the acquisition of intangible assets during the year ended June 30, 2018. 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 telecommunication s 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 towers. Cell C subsequently entered into a roaming arrange ment with another South African mobile telecommunications network provider which will extend its network coverage. Cell C utilized funding from DNI to construct approximately 22 % of the towers that it had originally estimated to complete, however, the conc lusion of the roaming arrangement resulted in Cell C halting the construction of further network infrastructure. The Company expect ed 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 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 wa s impaired. The Company recorded an impairment loss of $ 5.3 million which is included in net income from discontinued operations caption on its consol idated statement of operations for the year ended June 30, 2019. The customer relationship was not allocated to an operating segment and the impairment loss is included in corporate/eliminations - discontinued . The economics of the tenant rentals arrangement between DNI and Cell C was excluded from the performance targets agreed between DNI and the Company because the arrangement was outside of DNI’s core business. Dispositions 2020 Disp ositions March 2020 disposal of KSNET On January 23, 2020, the Company, through its wholly owned subsidiary Net1 Applied Technologies Netherlands B.V. (“Net1 BV”), a limited liability private company incorporated in The Netherlands, entered into an agreement with PayletterHoldings LLC, a limit ed liability private company incorporated in the Republic of Korea, in terms of which Net1 BV agreed to sell its entire shareholding in Net1 Applied Technologies Korea Limited (“Net1 Korea”), a limited liability private company incorporated in the Republic of Korea and the sole shareholder of KSNET, Inc. for $ 237.2 million. The transaction was subject to customary closing conditions and closed on March 9, 2020. The Company no longer controls Net1 Korea and its subsidiaries and deconsolidated its investment effective Marc h 1, 2020 , and will have no continued involvement going forward . KSNET was acquired in October 2010, and was a profitable and cash generative business, but operate d autonomously and in a more developed economy , with limited overlap with the Company ’s other activities. The Company also believe d that the intrinsic value of KSNET was not appropriately reflected in the Company’s overall valuation. The Company’s b oard of directors commenced a strategic review of its various businesses and investments last year, and ultimately evaluated and decided to sell KSNET in January 2020 in order to focus more on the Company’s core strategy, boost liquidity and to maximize shareholde r returns. The table below presents the impact of the deconsolidation of Net1 Korea and its subsidiaries and the calculation of the net gain recognized on deconsolidation: Net1 Korea March 2020 Proceeds from disposal of Net1 Korea, net of cash disposed $ 192 619 Add: Cash and cash equivalents disposed 23 473 Add: Cash withheld by purchaser to settle South Korean taxes (1) 21 128 Fair value of consideration received 237 220 Less: carrying value of Net1 Korea, comprising 200 843 Cash and cash equivalents 23 473 Accounts receivable, net 30 467 Finance loans receivable, net 13 695 Inventory 2 377 Property, plant and equipment, net 7 601 Operating lease right of use asset 181 Goodwill (Note 11) 107 964 Intangible assets, net 4 655 Deferred income taxes assets 1 719 Other long-term assets 10 984 Accounts payable (5 484) Other payables (5 523) Operating lease lease liability - current (69) Income taxes payable (3 481) Deferred income taxes liabilities (1 497) Operating lease liability - long-term (112) Other long-term liabilities (335) Released from accumulated other comprehensive income – foreign currency translation reserve (Note 16) 14 228 Settlement assets 44 111 Settlement liabilities (44 111) Gain recognized on disposal, before transaction costs and tax 36 377 Transaction costs (2) 8 644 Gain recognized on disposal, before tax 27 733 Taxes related to gain recognized on disposal (1) 15 279 Gain recognized on disposal, after tax $ 12 454 ( 1 ) Represents taxes to be paid related to the disposal of Net1 Korea. The Company also agreed that the purchaser withhold capital gains taxes of $ 19. 9 million (approximately KRW 23.8 billion) and non-refundable securities transaction taxes of $ 1.2 million (approximately KRW 1.4 billion), for a total withholding of $ 21.1 million, from the purchase price and pay such amount s , on behalf of Net1 BV, to the South Korean tax authorities. Net1 BV has commenced the process to approach the South Korean tax authorities in order to claim a refund, in full, of the capital gains taxes withheld. The Company has included the expected amount to be refunded in the caption Accounts receivable, net and other rece ivables i n its consolidated balance sheet as of June 30, 2020 , refer also to Note 5 . ( 2 ) Transaction costs include expenses incurred by the Company of $ 7.5 million directly related to the disposal of Net1 Korea and pai d in cash and a non-refundable securities transfer tax of approximately $1.2 million which was also withheld from the purchase price and paid to the South Korean tax authorities directly by the purchaser . December 2019 disposal of FIHRST In November 2019, the Company through its wholly owned subsidiary, Net1 Applied Technologies South Africa Proprietary Limited (“Net1 SA”), entered into an agreement with Transaction Capital Payment Solutions Proprietary Limited, or its nominee, a limited liab ility private company incorporated in the Republic of South Africa, pursuant to which Net1 SA agreed to sell its entire shareholding in Net1 FIHRST Holdings Proprietary Limited (“FIHRST”) for $ 10,9 million (ZAR 159,7 mill ion). The transaction closed in December 2019. FIHRST was deconsolidated following the closing of the transaction. Net1 SA was obliged to utilize the full purchase price received from the sale of FIHRST to partially settle its obligations under its lending arrangements and applied the proceeds received against its outstanding borrowings – refer to Note 13 . The table below presents the impact of the deconsolidation of FIHRST and the calculation of the net gain recognized on deconsolidation: FIHRST December 31, 2019 Proceeds from disposal of FIHRST, net of cash disposed $ 10 895 Add: Cash and cash equivalents disposed 854 Fair value of consideration received 11 749 Less: carrying value of FIHRST, comprising 1 870 Cash and cash equivalents 854 Accounts receivable, net 367 Property, plant and equipment, net 64 Goodwill (Note 11) 599 Intangible assets, net 30 Deferred income taxes assets 42 Accounts payable (7) Other payables (1 437) Income taxes payable (220) Released from accumulated other comprehensive income – foreign currency translation reserve (Note 16) 1 578 Settlement assets 17 406 Settlement liabilities (17 406) Gain recognized on disposal, before tax 9 879 Taxes related to gain recognized on disposal, comprising: - Capital gains tax 2 654 Release of valuation allowance related to capital losses previously unutilized (1) (2 654) Transaction costs 136 Gain recognized on disposal, after tax $ 9 743 (1) Net1 SA recorded a valuation allowance related to capital losses previously generated but not utilized. A portion of these unutilized capital losses w as utilized as a result of the disposal of FIHRST and , therefore , the equivalent portion of the valuation allowance created was released. May 20 20 d econsolidation of CPS On February 5, 2020, the Constitutional Court of South Africa denied CPS’ leave to appeal lower court judgments ordering CPS to repay additional implementation costs that SASSA paid to CPS in 2014, thereby exhausting all legal recourse for CPS in the matter. As a result, CPS’ board of directors has adopted a resolution to put C PS into business rescue under South African law and has filed the required resolution with the Companies and Intellectual Property Commission. On May 18, 2020, the resolution was officially registered and business rescue practitioners were appointed. The b usiness rescue process can lead to either a compromise with creditors and a continuation of CPS’ business or the liquidation of CPS. The Company has no means of exercising any control over CPS or the business rescue process because the Company has ceded co ntrol of CPS to the business rescue practitioners on the commencement of the business rescue process . The business rescue practitioners are independent third parties and control CPS through the business rescue process. The Company no longer controls CPS an d therefore it determined to deconsolidate CPS. As a practical matter, the Company deconsolidated CPS as of May 31, 2020 . T he Company does not believe that the utilization of this date, compared to May 18, 2020, has had a significant impact on its consolid ated financial statements. On March 26, 2020, CPS’ holding company, Net1 SA, submitted a filing to Gauteng Division of the High Court of South Africa (“High Court”) under which it commenced a process to place CPS into business rescue due to administrative delays experienced in the CPS business rescue application process. Net1 SA proposed in its March 2020 High Court filing that it was willing to contribute ZAR 50.0 million ($2.9 million translated at exchange rates applicable as of June 30, 2020) into CPS if CPS and SASSA reached a settlement on their claims and counterclaims. Given that SASSA is contesting the CPS business rescue process, the Company does not believe that it, through Net1 SA, will be required to make the investment of ZAR 50.0 million and therefore it has not recorded a liability as of June 30, 2020. The Company will provide accounting, tax and general administrative services to CPS while it is in business rescue. In addition, the Company has an arrangement with CPS to rent certain bespoke payment v ehicles from CPS, and this arrangement will continue while CPS is in business rescue. The value of these arrangements is not significant and has been determined on an arm’s length basis . The table below presents the impact of the deconsolidation of CPS an d the calculation of the net loss recognized on deconsolidation: CPS May 2020 Fair value of consideration received $ - Less: carrying value of CPS, comprising (68) Cash and cash equivalents 328 Accounts receivable, net 303 Inventory 12 Property, plant and equipment, net 236 Goodwill (Note 11) - Deferred income taxes assets (Note 19) - Accounts payable (238) Other payables (33 160) Released from accumulated other comprehensive income – foreign currency translation reserve (Note 16) 32 451 Loss recognized on deconsolidation, before tax 68 Intercompany accounts written off/ provided for (1) 7 216 Taxes related to loss recognized on deconsolidation, comprising: - Capital loss generated upon deconsolidation (2) 5 399 Valuation allowance related to capital losses generated upon deconsolidation (2) (5 399) Loss recognized on deconsolidation, after tax $ 7 148 ( 1) Certain of the Company’s subsidiaries had funds due from CPS as of May 31, 2020. The Company has written these amounts off as it does not believe that they are recoverable . (2) The Company recorded a deferred tax asset related to the capital loss generated on deconsolidation of CPS. The Company is only able to claim the capital loss for South African capital gains tax purposes once it deregisters or disposes of its interest in CPS. T he Company has recorded a valuation allowance related to the full CPS capital loss deferred tax asset recognized because it does not believe that this capital loss will be utilized in the foreseeable future . 2019 Dispositions March 2019 disposal of 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 incorp orated 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 % to 38 %. T he transaction closed on March 31, 2019 . The parties used a cashless settlement process on closing, refer to Note 23 . Net1 SA used the proceeds from the sale of the DNI shares to settle its ZAR 400 million ($27.6 million, translated at exchange rates applicable as of March 31, 2019, obligation to DNI to subscribe for an additional share as part of the contingent consideration settlement process. The Company no longer control led DNI and deconsolidated its investment in DNI effective March 31, 2019 . The table below presents the impact of the deconsolidation of DNI and the calculation of the net loss recognized on deconsolidation: DNI (as restated, refer to Note 1) Equity method investment as of June 30, 2019 Total 17% sold 8% retained interest sold in May 2019 30% retained interest Attributed to non-controlling interest Fair value of consideration received $ 27 626 $ 27 626 $ - $ - $ - Fair value of retained interest 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 Less: carrying value of DNI, comprising 199 930 38 346 14 540 58 110 88 934 Cash and cash equivalents 2 114 354 158 633 969 Accounts receivable, net 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 242 41 19 72 110 Goodwill 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 (10 150) (1 700) (760) (3 039) (4 651) Released from accumulated other comprehensive income – foreign currency translation reserve (as restated) (Note 1 and Note 16) 5 841 5 841 - - - Loss recognized on disposal, before tax, comprising (9 175) (10 720) 309 1 236 - Related to sale of 17% of DNI (10 720) (10 720) - - Related to fair value adjustment of retained interest in 38% of DNI 1 545 - 309 1 236 Taxes related to gain recognized on disposal (3) - 505 (3 836) 3 331 Loss recognized on disposal of discontinued operation, after tax (as restated) $ (9 175) $ (11 225) $ 4 145 $ (2 095) (1 ) The fair value of the retained interest in 38% of DNI 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 provided a valuation allowance of $ 1.5 million against this capital loss because it d id not have any capital gains to offset against this amount at the time . 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 was 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) . 2018 Dispositions None. Discontinued operations Discontinued operation s – Net1 Korea and DNI The Company determined that, following the disposal of its controlling interest in Net1 Korea and DNI, these entities should be classified as a discontinued operation because they individually represented a strategic shift in the Company business that would have a major effect on the Company’s operations and financial results . The facts and circumstances leading to the disposal of Net1 Korea and DNI are described above. T he gain related to the disposal of Net1 Korea and the loss related to the disposal of DNI are presented above. Net1 Korea, as a stand-alone holding company, and the amortization of intangible assets identified and recognized related to the KSNET acquisition , were allocated to corporate/eliminations and Net1 Korea’s subsidiaries, including KSNET, w ere allocated to the Company’s international transaction processing operating segment. Net1 Korea did not have any equity method investments or any non-controlling interests. 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 in Net1 Korea and DNI on the Company’s operating segments is presented in Note 24 . The Company retained a continuing involvement in DNI through its 38 % interest in DNI (refer to Note 10 ) following the March 31, 2019 , transaction disclosed above. As disclosed in Note 10 , the Company sold an 8% interest in DNI in May 2019, and entered into an agreement under which it provided a call option to DNI to repurchase the then remaining 30 % interest in DNI. The Company recorded earnings under the equity method related to its retained investment in DNI during the three months ended J une 30, 2019, refer to Note 10 . The table below presents revenues and expenses between the Company and DNI, after the DNI disposal transaction, during the year ended June 30, 2020 (i.e. for the nine months ended March 31, 2020) , and 2019 (i.e. for the three months ended June 30, 2019) , respectively : DNI Years ended June 30, 2020 2019 Revenue generated from transactions with DNI $ - $ - Expenses incurred related to transactions with DNI $ 2 902 $ 63 Refer t o Note 10 for the dividends received from DNI and accounted for under the equity method during the year ended June 30, 2020 and 2019 . The table below presents the Net1 Korea balances included on the Company’s consolidated balance sheet as of June 30, 201 9 , translated at the foreign exchange rates applicable as of June 30, 2019 : Net1 Korea June 30, 2019 Current assets of discontinued operation $ 117 842 Cash and cash equivalents 26 051 Accounts receivable, net 41 359 Finance loans receivable, net 9 650 Inventory 1 826 Settlement assets 38 956 Long-term assets of discontinued operation 149 390 Property, plant and equipment, net 10 327 Goodwill (Note 11) 112 071 Intangible assets, net 9 661 Deferred income taxes assets 1 917 Other long-term assets 15 414 Current liabilities of discontinued operation 57 815 Accounts payable 7 139 Other payables 6 827 Income taxes payable 4 893 Settlement liabilities 38 956 Long-term liabilities of discontinued operation 3 264 Deferred income taxes liabilities 2 756 Other long-term liabilities $ 508 The table below presents certain major captions to the Company’s consolidated statement of operations and consolidated statement of cash flows for the years ended June 30, 2020 , 2019 and 2018 , that have not been separately presented on those statements related to the presentation of Net1 Korea and DNI as discontinued operations: 2020 2019 2018 Total (Net1 Korea) Total Net1 Korea DNI Total Net1 Korea DNI Consolidated statement of operations Discontinued: Revenue $ 85 375 $ 194 763 $ 138 426 $ 56 337 $ 153 314 $ 153 314 $ - Cost of goods sold, IT processing, servicing and support 37 377 85 652 57 984 27 668 60 982 60 982 - Selling, general and administration 30 562 57 136 53 479 3 657 57 567 57 567 - Depreciation and amortization 8 652 25 246 17 220 8 026 25 011 25 011 - Impairment loss - 5 305 - 5 305 - - - Operating income 8 784 21 424 9 743 11 681 9 754 9 754 - Interest income 678 1 805 1 098 707 1 040 1 040 - Interest expense 106 864 52 812 372 372 - Net income before tax 9 356 22 365 10 789 11 576 10 422 10 422 - Income tax expense 2 954 8 750 4 989 3 761 2 868 2 868 - Net income before earnings from equity-accounted investments 6 402 13 615 5 800 7 815 7 554 7 554 - Earnings from equity-accounted investments (1) - 15 - |
Pre-funded Social Welfare Grant
Pre-funded Social Welfare Grants Receivable | 12 Months Ended |
Jun. 30, 2020 | |
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, 2020 | |
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 The Company’s accounts receivable, net, and other receivables as of June 30, 2020 , and June 30, 2019 , are presented in the table below: June 30, June 30, 2020 2019 Accounts receivable, trade, net $ 8 458 $ 12 637 Accounts receivable, trade, gross 8 711 13 298 Allowance for doubtful accounts receivable, end of period 253 661 Beginning of period 661 678 Reversed to statement of operations (155) (22) Charged to statement of operations 181 3 118 Utilized (151) (3 059) Deconsolidation (178) (38) Foreign currency adjustment (105) (16) Taxes refundable related to sale of Net1 Korea (Note 3) 19 796 - Loans provided to Carbon 3 000 3 000 Current portion of amount outstanding related to sale of remaining interest in DNI (Note 10) 2 756 - Loan provided to DNI - 4 260 Other receivables 9 058 11 238 Total accounts receivable, net $ 43 068 $ 31 135 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 not record any bad debt expense during the year ended June 30, 2020 and 2019, respectively and bad debts incurred were written off against the allowance for doubtful accounts receivable. During the year ended June 30, 2018, the Company recorded bad debt expense of $0.1 million. The loan provided to Carbon was scheduled to be repaid before June 30, 2020, however, Carbon requested a payment holiday as a result of the impact of the COVID-19 pandemic on its business. The parties had not agreed new repayment terms as of June 30, 2020 , but the Company acknowledges these unexpected challenges currently facing Carbon and continues to engage with Carbon to agree a revised repayment date. The Company does not believe that the loan provided to Carbon is impaired. The current portion of amount outstanding related to sale of remaining interest in DNI as of June 30, 2020, relates to the transaction completed in April 2020 (refer to Note 10 ). The loan provided to DNI as of June 30, 2019, was repaid in full in July 2019. Other receivables include prepayments, deposits and other receivables. Finance loans receiv able, net The Company’s finance loans receivable, net, as of June 30, 2020 , and June 30, 2019 , is presented in the table below: June 30, June 30, 2020 2019 Microlending finance loans receivable, net $ 15 879 $ 20 981 Microlending finance loans receivable, gross 17 737 24 180 Allowance for doubtful finance loans receivable, end of period 1 858 3 199 Beginning of period 3 199 4 239 Reversed to statement of operations (492) - Charged to statement of operations 1 211 28 802 Utilized (1 451) (29 721) Foreign currency adjustment (609) (121) Working capital finance loans receivable, net - - Working capital finance loans receivable, gross 5 800 5 800 Allowance for doubtful finance loans receivable, end of period 5 800 5 800 Beginning of period 5 800 12 037 Charged to statement of operations - 748 Utilized - (6 985) Total accounts receivable, net $ 15 879 $ 20 981 Total finance loans receivable, net, comprises microlending finance loans receivable related to the Company’s microlending operations in South Africa. During the year ended June 30, 2019, the Company recorded an increase in its allowance for doubtful micro lending finance loans receivable of approximately $28.8 million. This high level of allowance related to the non-funding of accounts for a portion of the EPE customer base as a result of the auto-migration of the customer base to the South Africa Post Offi ce account offering during the three months ended December 31, 2018. During the year ended June 30, 2019, the Company utilized $29.7 million of this allowance for doubtful microlending finance loans receivable. G ross microlending finance loans receivable as of June 30, 2020, were lower than as of June 30, 2019, partially due to the impact of COVID-19 on the Company’s microlending business. The Company was unable to originate loans in April and early May 2020, and therefore the lending book reduced significa ntly as customers made scheduled repayments. The lending book has subsequently increased through August 2020 as the Company recommenced loan origination s from mid-May 2020 . During the year ended June 30, 2018, the C ompany exited its working capital financ e businesses in Europe and the United States. 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 approxima tely $6.8 million of this allowance during the year ended June 30, 2019. |
Inventory
Inventory | 12 Months Ended |
Jun. 30, 2020 | |
Inventory [Abstract] | |
Inventory | 6 . INVENTORY The Company’s inventory comprised the following categories as of June 30, 2020 , and 2019 . 6 . INVENTORY The Company’s inventory comprised the following categories as of June 30, 2020 , and 2019 . June 30, June 30, 2020 2019 Finished goods $ 15 618 $ 5 709 Finished goods subject to sale restrictions 4 242 - $ 19 860 $ 5 709 F inished goods subject to sale restrictions represents airtime inventory purchased in March 2020, that may only be sold by the Company from October 1, 2020. In light of the current dynamics in the wholesale airtime inventory market, the Company believes the net realizable value of certain airtime inventory held as of June 30, 2020 , measured at amounts reflecting existing market conditions, was below its cost. Accordingly, the Company recorded a loss of $ 1,3 million during the year ended June 30, 2020 , related to this airtime inventory. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Jun. 30, 2020 | |
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 ra te, customer concentration, credit and equity price and liquidity risks as discussed below. Currency exchange risk The Company is subject to currency exchange risk because it purchases inventories that it is required to settle in other currencies, primarily the euro and U.S. dollar. The Company has used forward contracts in order to limit its exposure in these transactions to fluctuations in exchange rates between the South African rand (“ZAR”), on the one hand, and the U.S. dollar and t he 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 a significant amount of its revenues and incurs a significant amount of its expenses in ZAR and , prior to the sale of its Korean business, in Korean won (“KRW”) . The U.S. dollar to both the ZAR and KRW exchange rates has fluctuated significantly over the past three years. The Company’s translation risk exposure to KRW reduced significantly followi ng the disposal of Net1 Korea in March 2020, refer to Note 3 . The Company does not expect any significant translation risk related to KRW from March 2020. 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 operat ions 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. T he Company generally maintains investments in cash equivalents and held to maturity investments. 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 cred it 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, South Korean and European financial institutions that have a credit rating of “B” (or its equivalent) or better, as determined by credit rating agencies such as Standard & Poor’s, Moody’s and Fitch Ratings. Microlending credit risk The Company is exposed to credit risk in its microlending activities, which provide unsecured short-term loans to qualifying customers. The Company manages this risk by performing an affordability test for each prospective customer and assigning a “creditworthiness score”, which takes into account a variety of factors such as other debts and total expenditures on normal household and lifestyle expenses. Equity price and liquidity risk Equity price risk relates to the risk of loss that the Company would incur as a result of the volatility in the exchange-traded price of equity securities that it ho lds and the risk that it may not be able to liquidate these securities. The market price of these securities may fluctuate for a variety of reasons and, consequently, the amount that the Company may obtain in a subsequent sale of these securities may signi ficantly differ from the reported market value. Liquidity risk relates to the risk of loss that the Company would incur as a result of the lack of liquidity on the exchange on which these securities are listed. The Company may not be able to sell some or all of these securities at one time, or over an extended period of time without influencing the exchange traded price, or at all. 7 . Fair value of financial instruments (continued) 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 wo uld 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 inp uts 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 t he 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 methodolog ies the Company uses to measure its significant 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 c lass “A” shares in Cell C, a significant mobile telecoms provider in South Africa . The Company used a discounted cash flow model developed by the Company to determine the fair value of its investment in Cell C and valued its investment at $ 0.0 (zero) as of each of June 30, 2020 and 2019 . The Company believes the Cell C business plan utilized in the Company’s valuation is reasonable based on the current performance and the expected changes in Cell C’s business model. The C ompany utilized the latest business plan provided by Cell C management for the period ending December 31, 2024, and the following key valuation inputs were used as of June 30, 2020 and 2019 : Weighted Average Cost of Capital: Between 15% and 21% over the period of the forecast Long term growth rate: 3% (4,5% as of June 30, 2019) Marketability discount: 10% Minority discount: 15% Net adjusted external debt - June 30, 2020: (1) ZAR 15,8 billion ($0,9 billion), includes R4,4 billion of lease liabilities Net adjusted external debt - June 30, 2019: (2) ZAR 13,9 billion ($1,0 billion), includes R6,4 billion of lease liabilities Deferred tax (incl, assessed tax losses) - June 30, 2020: (1) ZAR 2,9 billion ($167,3 million) Deferred tax (incl, assessed tax losses) - June 30, 2019: (2) ZAR 2,9 billion ($205,9 million) (1) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2020 . ( 2 ) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2019 . The fair value of Cell C as of June 30, 2020 , 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 in puts, 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 3 . 0 % increase and 2.0 % decrease in the WACC rate and the EBITDA margins used in the Cell C valuation on June 30, 2020 , all amounts translated at exchange rates applicable as of June 30, 2020 : Sensitivity for fair value of Cell C investment 3.0% increase (A) 2.0% decrease (A) WACC rate $ - $ 1 680 EBITDA margin $ 2 528 $ - (A) the carrying value of the Cell C investment is not impacted by a 1.0% increase or a 1.0% decrease and therefore the impact of a 3.0% increase and a 2.0% decrease is presented. The fair value of the Cell C shares as of June 30, 2020 , represented approximately 0 % of the Company’s total assets, including these shares . The Company expects to hold these shares for an extended period of time and that there will be short-term equity price volatility with respect to these shares particularly given the current situation of Cell C’s business. Liability measured at fair value usin g 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 million ($ 27 . 6 million, translated at exchange rates applicable as of June 30, 2019 ), in cash, subject to the achievement of certain performance targets by DNI. The Company expect ed to pay the additional amount during the first quarter of the year ended June 30, 2020, and recorded an amount of ZAR 373.6 million ($ 27.2 million) , in long-term liabilities as of June 30, 2018, which amount represent ed the present value of the ZAR 400.0 m illion to be paid (amounts translated at the exchange rate applicable as of June 30, 2018, respectively). As described in Note 3 and Note 21 , the Company settled the ZAR 400 million ($ 27.6 million) due to DNI as of March 31, 2019. The Compa ny recorded accreted interest during the year ended June 30, 2019, of $ 1.8 million (ZAR 26.4 million, translated at the applicable average exchange rates during the periods specified) . 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, 2020 , or June 30, 201 9. The following table presents the Company’s assets measured at fair value on a recurring basis as of June 30, 2020 , according to the fair value hierarchy: Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Investment in Cell C $ - $ - $ - $ - Related to insurance business: Cash, cash equivalents and restricted cash (included in other long-term assets) 490 - - 490 Fixed maturity investments (included in cash and cash equivalents) 4 198 - - 4 198 Total assets at fair value $ 4 688 $ - $ - $ 4 688 7 . Fair value of financial instruments (continued) Financial instruments (continued) The following table presents t he 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 Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (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 Total assets at fair value $ 5 820 $ - $ - $ 5 820 There have been no transfers in or out of Level 3 during the years ended June 30, 2020 , 2019 and 2018 , respectively. There was no movement in the carrying value of assets measured at fair value on a recurring basis, and categorized within Level 3, during the years ended June 30, 2020 . 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, 2020 : Carrying value Assets Balance as of June 30, 2019 $ - Foreign currency adjustment (1) - Balance as of June 30, 2020 $ - (1) The foreign currency adjustment represents the effects of the fluctuations of the South African rand and the U.S. dollar on the carrying value. Summarized below is the movement in the carrying value of assets and liabilities measured at fair value on a recurring basis, and categorized within Level 3, during the 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 (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. 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 investm ents 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 compar ables, 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 no t recorded any impairment charges during the reportin g 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, 2020 | |
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, 2020 and 2019 : June 30, June 30, 2020 2019 Cost Computer equipment $ 26 575 $ 37 719 Furniture and office equipment 7 732 9 788 Motor vehicles 1 873 16 147 $ 36 180 $ 63 654 Accumulated depreciation: Computer equipment 22 810 32 707 Furniture and office equipment 5 101 7 738 Motor vehicles 1 613 14 982 $ 29 524 $ 55 427 Carrying amount: Computer equipment 3 765 5 012 Furniture and office equipment 2 631 2 050 Motor vehicles 260 1 165 $ 6 656 $ 8 227 |
Leases
Leases | 12 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | 9 . LEASES Adoption of new lease guidance on July 1, 2019 The Company elected to adopt the new lease guidance utilizing the modified retrospective approach and therefore, prior periods were not adjusted. The Company was not required to record a cumulative-effect adjustment to opening retained earnings as of July 1, 2019. The Company applied the package of three practical expedients available, which included the following (i) an entity need not reassess expired or existing contracts which are or contain leases (ii) an entity need not reassess the lease classificati on for any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also elected 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. The Company has entered into leasing arrangements classified as operating leases under accounting guidance. These leasing arrangements relate primarily to the lease of its corporate head office, administration offices and branch locations through which the Company operates its financial services business in South Africa and its transaction processing activities in Malta . The Company’s operating leases have a remaining lease term of between one to six years . The Company’s lease of property in Malta includes five separate one-year options to extend the lease, which effectively extends the lease term from three years to eig ht years . At lease inception, the Company expected to exercise these options and these options are included as part of its right-of-use assets and liabilities. The Company also operates parts of its financial services business from locations which it lease s for a period of less than one year. The Company’s operating lease expense during the year ended June 30, 2020 , was $ 3,6 million. The Company does not have any significant leases that have not commenced as of J une 3 0 , 2020 . The Company has entered into short-term leasing arrangements , primarily for the lease of branch locations and other locations to operate its financial services business in South Africa . The Company’s short-term lease expense during the year ended June 30, 2020 , was $ 4,2 million. The following table presents supplemental balance sheet disclosure related to our right-of-use assets and our operating leases liabilities as of June 3 0 , 20 20 and July 1, 2019, the date of adoption of the new lease guidance (refer to Note 1 ): June 30, July 1, 2020 2019 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 2 974 $ 6 739 Weighted average remaining lease term (years) 3,94 2,51 Weighted average discount rate 9% 10% Maturities of operating lease liabilities 2021 $ 2 622 $ 3 608 2022 1 525 2 395 2023 961 1 269 2024 639 454 2025 320 - Thereafter 321 - Total undiscounted operating lease liabilities 6 388 7 726 Less imputed interest 825 842 Total operating lease liabilities, included in 5 563 6 884 Operating lease right-of-use lease liability - current 2 251 5 098 Right-of-use operating lease liability - long-term $ 3 312 $ 1 786 Operating lease payments related to premises and equipment were $ 1 0 . 6 million and $ 9 . 6 million, respectively, for the years ended June 30, 2019 and 2018 , respectively. 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 $ - |
Equity-Accounted Investments An
Equity-Accounted Investments And Other Long-Term Assets | 12 Months Ended |
Jun. 30, 2020 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Equity-Accounted Investments And Other Long-Term Assets | 10 . 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, 2020 and 2019 , was as follows: June 30, June 30, 2020 2019 Bank Frick & Co AG (“Bank Frick”) 35% 35% DNI - 30% Finbond Group Limited (“Finbond”) 31% 29% Carbon Tech Limited (“Carbon”), formerly OneFi Limited 25% 25% Revix (“Revix”) 25% - SmartSwitch Namibia (Pty) Ltd (“SmartSwitch Namibia”) 50% 50% V2 Limited (“V2”) 50% 50% Walletdoc Proprietary Limited (“Walletdoc”) 20% 20% DNI As of June 30, 2019 , the Company owned 30 % of the voting and economic rights of DNI. In February 2020, the Company’s ownership percentage in DNI reduced from approximately 30 % to 27 % following the issuance by DNI of additional ordinary no par value shares. The Company did not acquire additional ordinary shares in DNI and therefore its ownership percentage was diluted. The terms and conditions of the option referred to below w ere unaffected by th e additional issuance by DNI. The Company sold its remaining interest in DNI in April 2020. Sale of remaining interest in April 2020 In May 2019, Net1 Applied Technologies South Africa Proprietary Limited (“Net1 SA”) granted an option to DNI, or its nominee, to acquire the 30,394,765 DNI shares Net1 SA held . The option strike price was calculated as ZAR 2,827 billion ($ 158,0 million, translated at exchange rates applicable as of March 31, 2020 ) less any special distribution made by DNI multiplied by Net1 SA’s retained interest (i.e. assuming no special distribution, the strike price for the retained interest is ZAR 859,3 million, or $ 48,0 million, translated at exchange rates applicable as of June 30, 2020 ) . It was permissible for t he call option to be split into smaller denominations, but Net1 SA could not be left with less than 20 % unless the whole remaining interest was disposed of. DNI was entitled to nominate another party to ex ercise the call option in the place of DNI, provided that the nominated party acquires call options representing at least 2.5 % of DNI’s voting and participation interests. The option was exercised on March 31, 2020. DNI nominated MIC Investment Holdings Proprietary Limited (“MIC”) to exercise a portion of the option to acquire 26,886,310 of the 30,394,765 DNI shares for ZAR 760.0 million ($ 42.5 million, translated at exchange rates applicable as of March 31, 2020) from Net1 SA. The transaction closed on A pril 1, 2020 and MIC settled the option consideration in cash. On March 31, 2020, and together with the MIC transaction, DNI exercised a portion of the option to acquire the remaining 3,508,455 DNI shares from Net1 SA for ZAR 99.2 million ($ 5.5 million, tr anslated at exchange rates applicable as of March 31, 2020) through the issue of a note to Net1 SA. The transaction also closed on April 1, 2020. The note is unsecured. The note principal is repayable in 18 equal monthly installments of ZAR 5.5 million ( $ 0.3 million, translated at exchange rates applicable as of June 3 0 , 2020) commencing on October 31, 2020. Interest is charged at a fixed rate of 7.25 % per annum and accrues monthly from October 1, 2020 and is repayable together with the principal payments. The Company adjusted the 12 - month JIBAR interest rate of 6.33 % quoted by Rand Merchant Bank by 0.30 % to derive a 24 - month rate of 6.63 % which has be en used to determine the present value of the ZAR 99.2 million note. The present value of the note as of March 31, 2020, using the derived interest rate and the expected cash repayments was ZAR 95.7 million ($ 5.4 million, translated at exchange rates appli cable as of March 31, 2020). The portion of the note that is expected to be repaid during the twelve months following June 30, 2020, has been included in accounts receivable, net and other receivables in the consolidated balance sheet as of June 30, 2020 (refer to Note 5 ). The remaining amount (the long-term portion ) has been included in other long-term assets in the consolidated balance sheet as of June 30, 2020 (refer also to the section “Other long-term assets” below) . The Company incurred transa ction costs of approximately $ 1.0 million. The following table presents the calculation of the loss on disposal of DNI on April 1, 2020 : April 1 2020 Loss on sale of DNI: Consideration received in cash on April 1, 2020 - 26,886,310 shares $ 42 477 Consideration received with note on April 1, 2020 - present value of note - 3,508,455 shares 5 354 Less: transaction costs (1 010) Less: carrying value of DNI (36 508) Less: release of foreign currency translation reserve from accumulated other comprehensive loss (11 323) Loss on sale of DNI before tax (1 010) Taxes related to sale of DNI - Capital gains tax related to sale of DNI (1) 2 475 Utilization of capital loss carryforwards (1) (2 475) Loss on disposal of DNI after tax $ (1 010) (1) Net1 SA recorded a valuation allowance related to capital losses previously generated but not utilized. The Company utilized approximately $12.0 million of these unutilized capital losses as a result of the disposal of its remaining interest in DNI in April 2020 and, therefore, the equivalent portion of the valuation allowance created was released. Sale of 8% in May 2019 On May 3, 2019, Net1 SA entered into a transaction with FirstRand Bank Limited, acting through its Rand Merchant Bank division (“RMB ”), in terms of which Net1 SA reduced its shareholding in DNI from 38 % to 30 % through the sale of 7,605,235 ordinary “A” shares in DNI for a transaction consideration of ZAR 215.0 million ($ 15.0 million) (the “RMB Disposal”). The parties used a cashless se ttlement process on closing. The transaction closed on May 3, 2019, and the Company used the proceeds from the sale of these DNI shares and ZAR 15.0 million of its existing cash reserves to settle its outstanding long-term borrowings of ZAR 230.0 million i n full. The following table presents the calculation of the gain on disposal of DNI on May 3, 2019: May 2019 Disposal of 8% retained interest in DNI May 3, 2019 fair value of consideration received $ 15 011 Less: equity-method interest sold (Note 10) (14 996) Less: released from accumulated other comprehensive loss – foreign currency translation reserve (as restated) (Note 1 and Note 16) 162 May 2019 gain recognized on disposal, before tax 177 Capital loss related to disposal (1) - Gain recognized on disposal, after tax, as of May 3, 2019 $ 177 (1) The disposal of the 8 % interest in DNI resulted in a capital loss for tax purposes of approximately $23.9 million and the Company provided a valuation allowance of $23.9 million against this capital loss because it did not have any capital gains to offset against this amount at the time. DNI impairments recorded during the year en de d June 30, 2020 During year e nded June 30, 2020 , the Company recorded impairment losses of $ 13,1 milli on. These impairment losses included (i) an amount of $ 11,5 million related to the difference between the fair value of consideration received on April 1, 2020 following the sale of its remaining interest, and the carrying value o f DNI as of March 31, 2020, which included $ 11,3 million included in accumulated other comprehensive loss as of March 31, 2020, and (ii) an amount of $ 1,6 million representing the excess of recorded earnings fr om DNI over its carrying value, calculated as the amount that the Company could receive pursuant to the call option granted to DNI in May 2019. Bank Frick On October 2, 2019, the Company exercised its option to acquire an additional 35 % interest in Bank Frick from the Frick Family Foundation. The Company had agreed to pay an amount, the “Option Price Consideration”, for an additional 35% interest in Bank Frick, which represent ed the higher of CHF 46.4 million ($ 46.5 million at exchange rates on Octob er 2, 2019) or 35% of 15 times the average annual normalized net income of the Bank over the two years ended December 31, 201 8 . The shares w ould have only transfer red on payment of the Option Price Consideration, which was expected to occur on the later of (i) 180 days after the date of exercise of the option; (ii) in the event of any regulatory approvals being required, 10 days after receipt of approval (either unconditionally or on terms acceptable to both parties); and (iii) 10 days after the date on whi ch the Option Price Consideration wa s agreed or finally determined. On April 9, 2020, the Company, through its wholly owned subsidiary, Net1 Holdings LI AG, entered into a termination agreement pursuant to which the option to acquire a further 35% of Bank Frick was cancelled. On April 15, 2020, t he Company pa id a termination fee of CHF 17.0 million ($ 17.5 million) to the Frick Family to cancel the option. The Company considered the termination of the exercise of the option to acquire a further 35% of Bank Frick an impairment indicator. T he Company recorded an impairment loss of $ 18.3 million during the quarter ended March 31, 2020, related to the other-than-temporary decrease in Bank Frick’s value, which represented the difference between the determined fair value of the Company’s interest in Bank Frick and the Company carrying value (before the impairment). The Company, with the assistance of external consultants, considered a multiple based valuation approach in respect of the March 31, 2020 balance sheet date. The Company believes that a price to book methodology is the most appropr iate for a valuing a bank, but also took into account a price earnings approach to support the primary methodology. An appropriate peer group was selected based on the activities of Bank Frick and after applying a regression analysis to compensate for dif ferences in the return on equity in the peer group a price to book ratio of 1.15 times was determined, but the multiple ranged from 0.7 times to 4.7 times. The Company determined to use a price to book multiple of approximately 0.9 times to value its inves tment in Bank Frick as of March 31, 2020. The Company used a multiple at the lower end of the peer group range as a result of Bank Frick’s size (based on net asset value) and product mix relative to the peer group. The Company’s 35% portion of approximately 0.9 times Bank Frick’s March 31, 2020, net asset value was lower than the Company’s carrying value in Bank Frick as of March 31, 2020. On April 13, 2020, the Company received a cash dividend of approximately CHF 1.3 million ($ 1.3 million, translated at exchange rates applicable as of June 30, 2020 ). Finbond As of June 30, 2020 , the Company owned 268 820 933 shares in Finbond representing approximately 30,6% of its issued and outstanding ordinary shares . Finbond is listed on the Johannesburg Stock Exchange and its closing price on June 3 0 , 20 20 , the last trading day of the month, was ZAR 2,30 per share. The market value of the Company’s holding in Finbond on June 30, 2020 , was ZAR 0,6 billion ($ 35,7 million translated at exchange rates applicable as of June 30, 2020 ). On or about March 9, 2020, Finbond repurchased 47 million of its shares for ZAR 2.91123 per share, or a total consideration of ZAR 136.8 million, in cash , from other Finbond shareholders which resulted in an increase in the Company’s shareholding in Finbond. On August 2, 2019, the Company, pursuant to its election, received an ad ditional 1,148,901 shares in Finbond as a capitalization share issue in lieu of a dividend. Most of South Africa’s listed financial institutions have experienced significant share price volatility since June 30, 2020. Finbond’s quoted market price has dec lined significantly since June 30, 2020. As of August 31, 2020, Finbond’s quoted market price was ZAR 1.47 , which indicates a fair value for Finbond as of August 31, 2020, below the Company’s June 30, 2020, carrying value. The Company is unable to determin e at this time whether the decline in Finbond’s quoted market price is other-than-temporary and will perform an analysis, as deemed necessary, at its next reporting date 10 . Equity-accounted investments and other long term assets (continued) Equity-accounted investments (continued) V2 Limited In August 2019, the Company made a further equity contribution of $ 1.3 million to V2 Limited (“V2”) and in January 2020 it made its f inal committed equity contribution of $ 1.3 million bringing the total equity contribution to $ 5.0 million . The Company has also committed to provide V2 with a working capital facility of $ 5.0 million, which is subject to the achievement of certain pre-defi ned objectives , and in June 2020 it provided $ 0.5 million to V2 under this facility . For its quarter ended March 2020, the Company recorded an impairment loss of $ 2.5 million, related to the other-than-temporary decrease in V2’s value. The Company believe d that V2’s March 2020 net asset value represent ed its fair value because it did not have supportable forecasts available at that time to perform other valuation model s , including a discounted cash flow . The carrying value of the Company’s investment in V2 (before the impairment) wa s higher than its portion of V2’s net asset value and therefore the Company recorded the impairment loss. Summarized below is the movement in equity-accounted investments during the years ended June 30, 20 20 and 201 9 , whi ch includes the investment in equity and the investment in loans provided to equity-accounted investees: Bank Frick Finbond DNI Other (1) Total Investment in equity Balance as of June 30, 2018 - as reported $ 48 129 $ 28 982 $ - $ 5 865 $ 82 976 Correction of Finbond error (Note 1) - (2 540) - - (2 540) Balance as of June 30, 2018 - as restated 48 129 26 442 - 5 865 80 436 Remeasurement of 8% of DNI (Note 3) - - 14 849 - 14 849 Remeasurement 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 (loss) income: (1 542) 6 870 865 (684) 5 509 Other comprehensive income - 4 251 - - 4 251 Equity accounted (loss) earnings (1 542) 2 619 865 (684) 1 258 Share of net income (loss) (Note 1) 1 109 2 315 1 380 (684) 4 120 Amortization of acquired intangible assets (747) - (715) - (1 462) Deferred taxes on acquired intangible assets 180 - 200 - 380 Dilution resulting from corporate transactions - 304 - - 304 Other (2 084) - - - (2 084) Dividends received - (1 920) (864) (454) (3 238) Return of investment - - - (284) (284) Sale of 8% of DNI - - (14 996) - (14 996) Foreign currency adjustment (Note 1) (2) 653 (818) 1 830 (34) 1 631 Balance as of June 30, 2019 47 240 32 611 61 030 7 398 148 279 Acquisition of shares - 274 - 2 500 2 774 Stock-based compensation - 71 - - 71 Comprehensive (loss) income: (17 273) 4 067 (9 744) (4 365) (27 315) Other comprehensive income - 2 227 - - 2 227 Equity accounted (loss) earnings (17 273) 1 840 (9 744) (4 365) (29 542) Share of net income (loss) 1 421 1 857 4 676 (1 865) 6 089 Amortization of acquired intangible assets (569) - (1 874) - (2 443) Deferred taxes on acquired intangible assets 136 - 524 - 660 Dilution resulting from corporate transactions - (17) - - (17) Impairment (18 261) - (13 070) (2 500) (33 831) Dividends received (1 308) (274) (1 787) (454) (3 823) Sale of DNI - - (36 508) - (36 508) Foreign currency adjustment (2) 1 080 (5 873) (12 991) (478) (18 262) Balance as of June 30, 2020 $ 29 739 $ 30 876 $ - $ 4 601 $ 65 216 Investment in loans: Balance as of June 30, 2018 $ - $ - $ - $ 3 152 $ 3 152 Transfer to accounts receivables, net - - - (3 000) (3 000) Foreign currency adjustment (2) - - - (4) (4) Balance as of June 30, 2019 - - - 148 148 Loans granted - - - 1 230 1 230 Allowance for doubtful loans - - - (730) (730) Foreign currency adjustment (2) - - - (28) (28) Balance as of June 30, 2020 $ - $ - $ - $ 620 $ 620 Equity Loans Total Carrying amount as of : June 30, 2019 $ 148 279 $ 148 $ 148 427 June 30, 2020 $ 65 216 $ 620 $ 65 836 ( 1 ) Includes Carbon , SmartSwitch Namibia, V2 and Walletdoc; ( 2 ) The foreign currency adjustment represents the effects of the fluctuations of the South African rand, Nigerian naira and Namibian dollar, against the U.S. dollar on the carrying value. Summary financial information of equity-accounted investments Summariz ed below is the financial information of equity-accounted investments (during the Company’s reporting periods in which investments were carried using the equity-method, unless otherwise noted) as of the stated reporting period of the investee and translated at the applicable closing or average foreign exchange rates (as applicable): Bank Frick Finbond (1) DNI Other (2) Balance sheet, as of June 30 February 28 June 30 Various Current assets (3) 2020 $ n/a $ n/a $ n/a $ 19 910 2019 n/a n/a 35 608 17 781 Long-term assets 2020 1 042 366 294 734 n/a 6 145 2019 1 013 677 232 047 39 851 2 304 Current liabilities (3) 2020 n/a n/a n/a 7 824 2019 n/a n/a 25 757 8 492 Long-term liabilities 2020 940 948 112 331 n/a 18 076 2019 915 050 127 352 7 324 4 654 Non-controlling interest 2020 - 10 452 n/a (73) 2019 - 11 696 1 100 25 Statement of operations, for the period ended June 30 (4) February 28 June 30 (5) Various Revenue 2020 37 864 161 378 68 983 7 862 2019 41 126 174 177 15 898 33 807 2018 33 814 161 915 n/a 10 955 Operating income (loss) 2020 4 815 17 483 24 563 (5 064) 2019 3 633 20 355 5 814 (753) 2018 776 25 079 n/a 826 Income (loss) from continuing operations 2020 4 053 14 449 17 092 (5 116) 2019 3 169 17 761 4 306 (915) 2018 617 16 475 n/a 152 Net income (loss) 2020 4 053 6 433 15 772 (5 014) 2019 3 169 9 385 4 481 (1 029) 2018 $ 617 $ 9 311 $ n/a $ 152 (1) Finbond balances included were derived from its public l y available information and presented for its years ended February . The amounts as of February 28, 2019 and for the years ended February 28, 2019 and 2018, respectively, have been restated for the error described in Note 1; (2) Includes Carbon, SmartSwitch Namibia, Revix , Walletdoc and V2, as appropriate. Balance sheet information for Carbon, SmartSwitch Namibia, Revix and V2 is as of June 30, 2020 and 2019, and Walletdoc as of February 29, 20 20 and February 28, 20 20 , respectively. Statement of operations information for Carbon, SmartSwitch Namibia, Revix , and V2 for the year ended June 30, and Walletdoc for the year ended February 29/28 (as appropriate); ( 3 ) 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 ; ( 4 ) Statement of operations information for 2018 for Bank Frick is for the period from October 1, 2017 t o June 30, 2018 ; ( 5 ) Statement of operations information for DNI is for the period from July 1, 2019 to March 31, 2020, and April 1, 2019 to June 30, 2019. Other long-term assets Summarized below is the breakdown of other long-term assets as of June 30, 2020 , and June 30, 2019 : June 30, June 30, 2020 2019 Total equity investments $ 26 993 $ 26 993 Investment in 15% of Cell C, at fair value (Note 7) - - Investment in 12% (2019: 13%) of MobiKwik 26 993 26 993 Investment in 87.50% of CPS (Note 3) - - Total held to maturity investments - - Investment in 7.625% of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625% notes - - Long-term portion of amount due from DNI related to sale of remaining interest in DNI 2 857 - Policy holder assets under investment contracts (Note 12) 490 619 Reinsurance assets under insurance contracts (Note 12) 1 006 1 163 Total other long-term assets $ 31 346 $ 28 775 (1) The Company determined that MobiKwik and CPS do not have readily determinable fair value s and therefore elected to record th e s e investment s 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, 2 018. Cell C On August 2, 2017, the Company, through its subsidiary, Net1SA, purchased 75,000,000 class “A” shares of Cell C for an aggregate purchase price of ZAR 2.0 billion ($ 151.0 million) in cash. The Company funded the transaction through a combinat ion of cash and the facilities described in Note 13 . Net1 SA has pledged, among other things, its entire equity interest in Cell C as security for the South African facilities described in Note 13 used to partially fund the acquisition of Cell C. The Company’s investment in Cell is carried at fair value. Refer to Note 7 for additional information regarding changes in the fair value of Cell C. MobiKwik The Company signed a subscription agreement with MobiKwik , which is one of India’s l argest independent mobile payments networks, with over 100 million users and 2. 3 million merchants. Pursuant to the subscription agreement, the Company agreed to make an equity investment of up to $ 40.0 million in MobiKwik over a 24 - month period. The Company made an initial $ 15.0 million investment in August 2016 and a further $ 10.6 million investment in June 2017, under this subscription agreement. During the year ended June 30, 2019, the Company paid $ 1.1 million to subscribe for ad ditional shares in MobiKwik . As of June 30, 20 20 and 201 9 , respectively, the Company owned approximately 12 % and 1 3 % of MobiKwik’s issued share capital. CPS The Company deconsolidated its investment in CPS in May 2020, refer to Note 3 . As of June 30, 20 20 , the Company owned 87.50 % of CPS’ issued share capital. Cedar Cellular No interest income from the Cedar Cellular note was recorded during the year ended June 30, 2020 . The Company recognized interest income of $ 2.4 million and $ 1.4 million, related to the Cedar Cellular notes during the year ended June 30, 2019 and 2018, respectively. Interest on this investment will only be paid, at Cedar Cellular’s election, on maturity in August 2022. The Company’s effective inte rest rate on the Cedar Cellular note was 24.82% as of June 30, 2019 . 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 Comp any 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 rat e on the Cedar Cellular note because the carrying value is currently zero ($ 0.0 million) as of June 30, 20 20 and 2019 . The Company therefore cannot calculate the present value of the expected cash flows to be collected from the debt security by discounting these cash flows at the interest rate implicit in the security upon acquisition (at a rate of 24.82 %) because there are no future cash flows to discount. The present value of the expected cash flows of zero ($ 0.0 million) is less than the amortized cost b asis recorded of $12.8 million (before the cumulative 2019 impairments for the year ended June 30, 2019). Accordingly, the Company recorded an other -than-temporary impairment related to a credit loss of $ 12.8 million during the year ended June 30, 2019. Th e impairment of $ 12.8 million is included in the caption “ Impairment of Cedar Cellular note ” in the consolidated statement of operations for the year ended June 30, 2019. 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, 2020 : Cost basis Unrealized holding Unrealized holding Carrying gains losses value Equity securities: Investment in Mobikwik $ 26 993 $ - $ - $ 26 993 Investment in CPS - - - - Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26 993 $ - $ - $ 26 993 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 : Cost basis Unrealized holding Unrealized holding Carrying gains losses value Equity securities: Investment in MobiKwik $ 26 993 $ - $ - $ 26 993 Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26 993 $ - $ - $ 26 993 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, 2020 : 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, 2020 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Goodwill And Intangible Assets, Net | 11 . Goodwill and intangible assets , net Goodwill Summarized below is the movement in the carrying value of goodwill for the June 30, 2020 , 2019 and 2018 : Gross value Accumulated impairment Carrying value Balance as of July 1, 2018 $ 75 598 $ - $ 75 598 Impairment loss - (20 917) (20 917) Foreign currency adjustment (1) (2 026) 144 (1 882) Balance as of June 30, 2018 73 572 (20 773) 52 799 Impairment loss - (14 440) (14 440) Foreign currency adjustment (1) (1 099) 56 (1 043) Balance as of June 30, 2019 72 473 (35 157) 37 316 Impairment loss - (5 589) (5 589) Disposal of FIHRST (Note 3) (599) - (599) Deconsolidation of CPS (Note 3) (1 346) 1 346 - Foreign currency adjustment (1) (7 334) 375 (6 959) Balance as of June 30, 2020 $ 63 194 $ (39 025) $ 24 169 (1) – The foreign currency adjustment represents the effects of the fluctuations between the South African R and and the Euro, and the U.S. dollar on the carrying value. 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, 20 20 During the third quarter of fiscal 2020 , the Company performed an impairment analysis and recognized an impairment loss of $ 5.6 million, related to goodwill allocated to its EasyPay business within its South African transaction processing operating segment. The impai rment loss resulted from a reassessment of the business’s growth prospects given the challenging economic environment in South Africa. The impairment is included within the caption impairment loss in the consolidated statement of operations for the year ended June 30, 2020 . In order to determine the amount of the EasyPay goodwill impairment, the estimated fair value of EasyPay’s business assets and liabilities were compared to the carrying value of its assets and liabilities. The Company used a discounted cash flow model in order to determine the fair value of EasyPay. Based on this analysis, the Company determined that the carrying value of EasyPay’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, 2019 During the second quarter of fiscal 2019, the Company performed an impairment analysis and recognized an impairment loss of approximately $ 8.2 million, of which approximately $ 7.0 million related to goodwill allocated to its IPG business within its international transaction processing operating segmen t and $ 1.2 million related to goodwill within its South African transaction processing operating segment. 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 wer e still in their infancy, and it wa s 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 w as 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 deter mined 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 o f 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 million goodwill impairment. The Company used an EV/EBITDA multiple valuation model to determine the fair value of the reporting unit. The alloca tion 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 fo r 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. Year ended June 30, 2018 During the third quarter of fiscal 2018, the Company rec ognized an impairment loss of approximately $ 19.9 million related to goodwill allocated to the Masterpayment business within its international transaction processing operating segment as a result of changes to the operating model of Masterpayment. During t he second quarter of fiscal 2018, the Company re-evaluated the operating performance and ongoing viability of Masterpayment’s working capital financing and supply chain solutions offering and determined to exit this portion of its business. While the Compa ny believed that it could scale this offering in the medium to long-term by focusing on customers and industries outside Masterpayment’s initial target market, this standalone offering did not fit the Company’s strategy of providing payment solutions and w orking capital to small and medium-sized merchants. In order to focus on the Company’s stated international strategy, the Company decided to wind-down the traditional working capital finance book issued to non-payment solutions customers. During the third quarter of fiscal 2018, the Company evaluated Masterpayment’s business strategy and following the wind-down referred to above, it determined that Masterpayment was unlikely to deliver the financial results or cash flows previously anticipated. The Company and two of Masterpayment’s senior managers agreed, by mutual consent, that with effect from the end of March 2018, the managers terminated their employment with Masterpayment in order to dedicate themselves to new professional tasks. The Company also impai red goodwill of approximately $1.1 million during its June 2018 annual goodwill impairment assessment related to a business allocated to its South African transaction processing operating segment, which ceased trading during the year. In order to determin e 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 resu lted 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 African transaction processing International transaction processing Financial inclusion and applied technologies Carrying value Balance as of July 1, 2017 $ 23 131 $ 27 335 $ 25 132 $ 75 598 Impairment loss (1 052) (19 865) - (20 917) Foreign currency adjustment (1) (1 133) 198 (947) (1 882) Balance as of June 30, 2018 20 946 7 668 24 185 52 799 Impairment loss (1 180) (7 011) (6 249) (14 440) Foreign currency adjustment (1) (558) - (485) (1 043) Balance as of June 30, 2019 19 208 657 17 451 37 316 Impairment loss (5 589) - - (5 589) Disposal of FIHRST (Note 3) (599) - - (599) Foreign currency adjustment (1) (3 688) - (3 271) (6 959) Balance as of June 30, 2020 $ 9 332 $ 657 $ 14 180 $ 24 169 (1 ) – The foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Euro, and the U.S. dollar on the carrying value. Intangible assets Impairment loss 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 below , no intangible assets ha ve been impaired during the years ended June 30, 20 20 , 201 9 and 201 8 , respectively. Year ended June 30, 2020 During the third quarter of fiscal 2020 , the Company determined that its indefinite-lived intangible asset, a Maltese e-money license, of $ 0,7 million was impaired. The facts and circumstances leading up to the impairment include the losses incurred by the Company’s IPG business unit. I n fiscal 2019, IPG formulated a plan to return to profitability, however, it has missed a number of key deliverable deadlines and is currently reformulating its growth plans following the decision not to acquire a controlling stake in Bank Frick. The impairment is included within the caption impairment loss to the consolidated stateme nt of operations for the year ended June 30, 2020 . The intangible asset was not allocated to an operating segment and is included within corporate/ eliminations (refer to Note 22 ). Carrying value and amortization of intangible assets Summarized below is the carrying value and accumulated amortization of the intangible assets as of June 30, 2020 , and June 30, 2019 : As of June 30, 2020 As of June 30, 2019 Gross carrying value Accumulated amortization Net carrying value Gross carrying value Accumulated amortization Net carrying value Finite-lived intangible assets: Customer relationships $ 19 064 $ (18 806) $ 258 $ 24 234 $ (23 527) $ 707 Software and unpatented technology 3 931 (3 931) - 8 423 (8 181) 242 FTS patent 2 211 (2 211) - 2 721 (2 721) - Trademarks 2 731 (2 377) 354 3 114 (2 607) 507 Total finite-lived intangible assets $ 27 937 $ (27 325) 612 $ 38 492 $ (37 036) 1 456 Infinite-lived intangible assets: Financial institution licenses - 772 Total infinite-lived intangible assets - 772 Total intangible assets $ 612 $ 2 228 |
Assets And Policyholder Liabili
Assets And Policyholder Liabilities Under Insurance And Investment Contracts | 12 Months Ended |
Jun. 30, 2020 | |
Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Assets And Policyholder Liabilities Under Insurance And Investment Contracts | 12 . Assets and policyholder liabilities under insurance and investment contracts Reinsurance assets and policyholder liabilities under insurance contracts Summarized below is the movement in reinsurance assets and policyholder liabilities under insurance contracts during the years ended June 30, 2020 and 2019 : 12 . Assets and policyholder liabilities under insurance and investment contracts Reinsurance assets and policyholder liabilities under insurance contracts Summarized below is the movement in reinsurance assets and policyholder liabilities under insurance contracts during the years ended June 30, 2020 and 2019 : Reinsurance Assets (1) Insurance contracts (2) Balance as of July 1, 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) Increase in policy holder benefits under insurance contracts 509 (3 024) Claims and policyholders’ benefits under insurance contracts (449) 3 182 Foreign currency adjustment (3) (217) 352 Balance as of June 30, 2020 $ 1 006 $ (1 370) (1) Included in other long-term assets (refer to Note 10 ); (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 d elays (based on average industry experience). Assets and policyholder liabilities under investment contracts Summarized below is the movement in assets and policyholder liabilities under investment contracts during the years ended June 30, 2020 and 2019 : (1) Included in other long-term assets (refer to Note 10 ); (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 d elays (based on average industry experience). Assets and policyholder liabilities under investment contracts Summarized below is the movement in assets and policyholder liabilities under investment contracts during the years ended June 30, 2020 and 2019 : Assets (1) Investment contracts (2) Balance as of July 1, 2018 $ 610 $ (610) Increase in policy holder benefits under investment contracts 24 (24) Foreign currency adjustment (3) (15) 15 Balance as of June 30, 2019 619 (619) Increase in policy holder benefits under investment contracts 17 (17) Claims and policyholders’ benefits under investment contracts (29) 29 Foreign currency adjustment (3) (117) 117 Balance as of June 30, 2020 $ 490 $ (490) (1) Included in other long-term assets (refer to Note 11 ); (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, 2020 | |
Borrowings [Abstract] | |
Borrowings | 13 . 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 (these facilities have been repaid and cancelled) On July 21, 2017, Net1 SA entered into a Common Terms Agreement, Senior Facility A Agreement, Senior Facility B Agreement, Senior Facility C Agreement, Subor dination 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 Banki ng division), an African corporate and investment bank (collectively, the “Lenders”), pursuant to which, among other things, Net1 SA may borrow up to an aggregate of ZAR 1.25 billion to finance a portion of its investment in Cell C and to fund its on-going working capital requirements. On March 8, 2018, the Company amended its South African long-term facility to include an additional term loan, Facility D, of up to ZAR 210.0 million. All amounts under these facilities were repaid in full during the year end ed June 30, 2019 . 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, an d 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 en gage 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 p ursuant to which, among other things, Net1 SA agreed to cede its shareholdings in Cell C, DNI and Net1 FIHRST Holdings (Pty) Ltd t o the Debt Guarantor. The shareholdings in DNI and Net 1 FIHRST Holdings (Pty) Ltd were released pursuant to the transactions to dispose of these investments. Short-term facility - Facility E On September 26, 2018, Net1 SA further revised its amended July 2017 Facilities agreement with RMB to include an overdraft facility (“Facility E”) of up to ZAR 1.5 billion ($83.8 million, translated at exchange rates applicable as of June 30, 2020 ) to fund the Company’s ATMs. The Facility E overdraft facility was subsequently reduced to ZAR 1,2 billion ($ 69,2 million, translated at exchange rates applicable as of June 30, 2020 ) in Sept ember 2019. Interest on the overdraft facility is payable on the last day of each month and on the final maturity date based on the South African prime rate. The overdraft facility will be reviewed in September 2020. The overdraft facility amount utilized must be repaid in full within one month of utilization and at least 90% of the amount utilized must be repaid with 25 days. The overdraft facility is secured by a pledge by Net1 SA of, among other things, cash and certain bank accounts utilized in the Comp any’s ATM funding process, the cession of an insurance policy with Senate Transit Underwriters Managers Proprietary Limited, and any rights and claims Net1 SA has against Grindrod Bank Limited. As at June 30, 2020 , the Company had uti lized approximately ZAR 0,3 billion ($ 14,8 million) of this overdraft facility. This ZAR 1,2 billion overdraft facility may only be used to fund ATMs and therefore the overdraft utilized and converted to c ash to fund the Company’s ATMs is considered restricted cash. The prime rate on June 30, 2020 , was 7,25% and reduced to 7,00% on July 24, 2020, following reductions in the South African repo r ate. Short-term borrowings facility - Facility F (this facility has been repaid and cancelled) 13 . Borrowings (continued) On September 4, 2019, Net1 SA further amended its amended July 2017 Facilities agreement with RMB and Nedbank to include a facility (“Facility F”) of up to ZAR 300,0 million ($ 17,3 million, translated at exchange rates applicable as of June 30, 2020 ) for the sole purpose of funding the acquisition of airtime from Cell C. Net1 SA could not dispose of the airtim e acquired from Cell C before April 1, 2020, without the prior consent of RMB, Absa Bank Limited and Investec Asset Management Proprietary Limited. Facility F comprise d (i) a first Senior Facility F loan of ZAR 220,0 million (ii) a second Senior Facility F loan of ZAR 80,0 million, or such lesser amount as may be agreed by the facility agent. The first loan was utilized on September 5, 2019, while the second loan was never utilized. Facility F was required t o be repaid in full within nine months following the first utilization of the facility. Net1 SA was required to prepay Facility F subject to customary prepayment terms. Interest on Facility F wa s based on JIBAR plus a margin of 5,50% per annu m and wa s due in full on repayment of the loan. The margin on the Facility F increased by 1% on November 1, 2019, because the Company had not disposed of its remaining shareholding in DNI and FIHRST by that date. Net1 SA paid a non-refundable structuring f ee of ZAR 2.2 million ($0.1 million) to the Lenders in September 2019, and the Company expensed this amount in full during the first quarter of fiscal 2020. The Company settled the facility in full on April 1, 2020, utilizing a portion of the proceeds rece ived from the sale of its remaining stake in DNI , and the facility was cancelled . Nedbank facility, comprising short-term facilities As of June 30, 2020 , the aggregate amount of the Company’s short-term South African credit facility with Nedbank Limited was ZAR 450,0 million ($ 26,0 million). The credit facility comprises an overdraft facility of (i) up to ZAR 300,0 million ($ 17,3 million), which is further split into (a) a ZAR 250,0 million ($ 14,4 million) overdraft facility which may only be used to fund mobile ATMs and (b) a ZAR 50,0 million ($ 2,9 million) general banking facility and (ii) indirect and derivative facilities of up to ZAR 150,0 million ($ 8,7 million), which include guarantees, letters of credit and forward exchange contracts. The ZAR 250,0 million component of the primary amount may only be used to fund ATMs and therefore this component of the primary amount utilized and converted to cash to fund the Company’s ATMs is considered restricted cash. The Company has ceded all of its ti tle 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% per annum is payable on the monthly unutilized amount of the overdraft portion of th e short-term facility. The Company is required to comply with customary non-financial covenants, including, without limitation, covenants that restrict its ability to dispose of or encumber its assets, incur additional indebtedness or engage in certain bus iness combinations. The short-term facility provides Nedbank with the right to set off funds held in certain identified Company bank accounts with Nedbank against any amounts owed to Nedbank under the facility. As of June 30, 2020 , th e Company had total funds of $ 12,4 million in bank accounts with Nedbank which have been set off against $ 12,4 million drawn under the Nedbank facility, for a net amount drawn under the facility of $ 0,1 million. As of June 30, 2019, the Company had total funds of $ 2.7 million in bank accounts with Nedbank which have been set off against $ 8.6 million drawn under the Nedbank facility, for a net amount drawn under the facility of $ 5.9 million. As of June 30, 2020 , the interest rate on the overdraft facility was 6,10% , and reduced to 5,85% on July 24, 2020 , following reductions in the South African repo rate . As of June 30, 2020 , the Company had utilized approximately ZAR 1,0 million ($ 0,1 million) of its ZAR 300,0 million overdraft facility to fund ATMs, and none of its ZAR 50,0 million gener al banking facility. As of June 30, 2019, the Company has utilized approximately ZAR 82.8 million ($ 5.9 million) of its ZAR 250 million overdraft facility to fund ATMs and utilized none of its ZAR 50 million general banking facility. As of June 30, 2020 and June 30, 2019, the Company had utilized approximately ZAR 93,6 million ($ 5,4 million) and ZAR 93.6 million ($6.6 million), respectively, of its indirect and derivative facilities of ZAR 150 million to enable the bank to issue guarantees, letters of credit and forward exchange contracts , in order for the Company to honor its obligations to third parties requiring such guarantees (refer to Note 23 ) . United States, a short-term facilit y (this facility has been repaid and cancelled) On September 14, 2018, the Company renewed its $10.0 million overdraft facility from Bank Frick and on February 4, 2019, the Company increased the overdraft facility to $ 20.0 million. As of June 30, 2019, the Company had utilized approximately $9.5 million of this facility. The Company’s $20 million facility from Bank Frick was settled in full and cancelled in March 2020. The facility wa s secured by a pledge of the Company’s investment in Bank Frick and the shares under the pledge were released upon cancellation . Movement in short-term credit facilities Summarized below are the Company’s short-term facilities as of June 30, 2020 , and the movement in the Company’s short-term facilities from as of June 30, 2019 to as of 13 . 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 (these facilities have been repaid and cancelled) On July 21, 2017, Net1 SA entered into a Common Terms Agreement, Senior Facility A Agreement, Senior Facility B Agreement, Senior Facility C Agreement, Subor dination 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 Banki ng division), an African corporate and investment bank (collectively, the “Lenders”), pursuant to which, among other things, Net1 SA may borrow up to an aggregate of ZAR 1.25 billion to finance a portion of its investment in Cell C and to fund its on-going working capital requirements. On March 8, 2018, the Company amended its South African long-term facility to include an additional term loan, Facility D, of up to ZAR 210.0 million. All amounts under these facilities were repaid in full during the year end ed June 30, 2019 . 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, an d 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 en gage 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 p ursuant to which, among other things, Net1 SA agreed to cede its shareholdings in Cell C, DNI and Net1 FIHRST Holdings (Pty) Ltd t o the Debt Guarantor. The shareholdings in DNI and Net 1 FIHRST Holdings (Pty) Ltd were released pursuant to the transactions to dispose of these investments. Short-term facility - Facility E On September 26, 2018, Net1 SA further revised its amended July 2017 Facilities agreement with RMB to include an overdraft facility (“Facility E”) of up to ZAR 1.5 billion ($83.8 million, translated at exchange rates applicable as of June 30, 2020 ) to fund the Company’s ATMs. The Facility E overdraft facility was subsequently reduced to ZAR 1,2 billion ($ 69,2 million, translated at exchange rates applicable as of June 30, 2020 ) in Sept ember 2019. Interest on the overdraft facility is payable on the last day of each month and on the final maturity date based on the South African prime rate. The overdraft facility will be reviewed in September 2020. The overdraft facility amount utilized must be repaid in full within one month of utilization and at least 90% of the amount utilized must be repaid with 25 days. The overdraft facility is secured by a pledge by Net1 SA of, among other things, cash and certain bank accounts utilized in the Comp any’s ATM funding process, the cession of an insurance policy with Senate Transit Underwriters Managers Proprietary Limited, and any rights and claims Net1 SA has against Grindrod Bank Limited. As at June 30, 2020 , the Company had uti lized approximately ZAR 0,3 billion ($ 14,8 million) of this overdraft facility. This ZAR 1,2 billion overdraft facility may only be used to fund ATMs and therefore the overdraft utilized and converted to c ash to fund the Company’s ATMs is considered restricted cash. The prime rate on June 30, 2020 , was 7,25% and reduced to 7,00% on July 24, 2020, following reductions in the South African repo r ate. Short-term borrowings facility - Facility F (this facility has been repaid and cancelled) 13 . Borrowings (continued) On September 4, 2019, Net1 SA further amended its amended July 2017 Facilities agreement with RMB and Nedbank to include a facility (“Facility F”) of up to ZAR 300,0 million ($ 17,3 million, translated at exchange rates applicable as of June 30, 2020 ) for the sole purpose of funding the acquisition of airtime from Cell C. Net1 SA could not dispose of the airtim e acquired from Cell C before April 1, 2020, without the prior consent of RMB, Absa Bank Limited and Investec Asset Management Proprietary Limited. Facility F comprise d (i) a first Senior Facility F loan of ZAR 220,0 million (ii) a second Senior Facility F loan of ZAR 80,0 million, or such lesser amount as may be agreed by the facility agent. The first loan was utilized on September 5, 2019, while the second loan was never utilized. Facility F was required t o be repaid in full within nine months following the first utilization of the facility. Net1 SA was required to prepay Facility F subject to customary prepayment terms. Interest on Facility F wa s based on JIBAR plus a margin of 5,50% per annu m and wa s due in full on repayment of the loan. The margin on the Facility F increased by 1% on November 1, 2019, because the Company had not disposed of its remaining shareholding in DNI and FIHRST by that date. Net1 SA paid a non-refundable structuring f ee of ZAR 2.2 million ($0.1 million) to the Lenders in September 2019, and the Company expensed this amount in full during the first quarter of fiscal 2020. The Company settled the facility in full on April 1, 2020, utilizing a portion of the proceeds rece ived from the sale of its remaining stake in DNI , and the facility was cancelled . Nedbank facility, comprising short-term facilities As of June 30, 2020 , the aggregate amount of the Company’s short-term South African credit facility with Nedbank Limited was ZAR 450,0 million ($ 26,0 million). The credit facility comprises an overdraft facility of (i) up to ZAR 300,0 million ($ 17,3 million), which is further split into (a) a ZAR 250,0 million ($ 14,4 million) overdraft facility which may only be used to fund mobile ATMs and (b) a ZAR 50,0 million ($ 2,9 million) general banking facility and (ii) indirect and derivative facilities of up to ZAR 150,0 million ($ 8,7 million), which include guarantees, letters of credit and forward exchange contracts. The ZAR 250,0 million component of the primary amount may only be used to fund ATMs and therefore this component of the primary amount utilized and converted to cash to fund the Company’s ATMs is considered restricted cash. The Company has ceded all of its ti tle 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% per annum is payable on the monthly unutilized amount of the overdraft portion of th e short-term facility. The Company is required to comply with customary non-financial covenants, including, without limitation, covenants that restrict its ability to dispose of or encumber its assets, incur additional indebtedness or engage in certain bus iness combinations. The short-term facility provides Nedbank with the right to set off funds held in certain identified Company bank accounts with Nedbank against any amounts owed to Nedbank under the facility. As of June 30, 2020 , th e Company had total funds of $ 12,4 million in bank accounts with Nedbank which have been set off against $ 12,4 million drawn under the Nedbank facility, for a net amount drawn under the facility of $ 0,1 million. As of June 30, 2019, the Company had total funds of $ 2.7 million in bank accounts with Nedbank which have been set off against $ 8.6 million drawn under the Nedbank facility, for a net amount drawn under the facility of $ 5.9 million. As of June 30, 2020 , the interest rate on the overdraft facility was 6,10% , and reduced to 5,85% on July 24, 2020 , following reductions in the South African repo rate . As of June 30, 2020 , the Company had utilized approximately ZAR 1,0 million ($ 0,1 million) of its ZAR 300,0 million overdraft facility to fund ATMs, and none of its ZAR 50,0 million gener al banking facility. As of June 30, 2019, the Company has utilized approximately ZAR 82.8 million ($ 5.9 million) of its ZAR 250 million overdraft facility to fund ATMs and utilized none of its ZAR 50 million general banking facility. As of June 30, 2020 and June 30, 2019, the Company had utilized approximately ZAR 93,6 million ($ 5,4 million) and ZAR 93.6 million ($6.6 million), respectively, of its indirect and derivative facilities of ZAR 150 million to enable the bank to issue guarantees, letters of credit and forward exchange contracts , in order for the Company to honor its obligations to third parties requiring such guarantees (refer to Note 23 ) . United States, a short-term facilit y (this facility has been repaid and cancelled) On September 14, 2018, the Company renewed its $10.0 million overdraft facility from Bank Frick and on February 4, 2019, the Company increased the overdraft facility to $ 20.0 million. As of June 30, 2019, the Company had utilized approximately $9.5 million of this facility. The Company’s $20 million facility from Bank Frick was settled in full and cancelled in March 2020. The facility wa s secured by a pledge of the Company’s investment in Bank Frick and the shares under the pledge were released upon cancellation . Movement in short-term credit facilities Summarized below are the Company’s short-term facilities as of June 30, 2020 , and the movement in the Company’s short-term facilities from as of June 30, 2019 to as of June 30, 2020 : South Africa United States Amended July 2017 Nedbank Bank Frick Total Short-term facilities available as of June 30, 2020 $ 69 234 $ 25 963 $ - $ 95 197 Overdraft - 2 885 - 2 885 Overdraft restricted as to use for ATM funding only 69 234 14 424 - 83 658 Indirect and derivative facilities - 8 654 - 8 654 Movement in utilized overdraft facilities: 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 Utilized 603 134 69 245 17 384 689 763 Repaid (647 990) (73 017) (26 928) (747 935) Foreign currency adjustment (1) (9 954) (2 050) - (12 004) Balance as of June 30, 2020 (3) 14 756 58 - 14 814 Restricted as to use for ATM funding only 14 756 58 - 14 814 No restrictions as to use - - - - Movement in utilized i ndirect 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 Foreign currency adjustment (1) - (1 245) - (1 245) Balance as of June 30, 2020 $ - $ 5 398 $ - $ 5 398 South Africa United States Amended July 2017 Nedbank Bank Frick Total Short-term facilities available as of June 30, 2020 $ 69 234 $ 25 963 $ - $ 95 197 Overdraft - 2 885 - 2 885 Overdraft restricted as to use for ATM funding only 69 234 14 424 - 83 658 Indirect and derivative facilities - 8 654 - 8 654 Movement in utilized overdraft facilities: 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 Utilized 603 134 69 245 17 384 689 763 Repaid (647 990) (73 017) (26 928) (747 935) Foreign currency adjustment (1) (9 954) (2 050) - (12 004) Balance as of June 30, 2020 (3) 14 756 58 - 14 814 Restricted as to use for ATM funding only 14 756 58 - 14 814 No restrictions as to use - - - - Movement in utilized i ndirect 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 Foreign currency adjustment (1) - (1 245) - (1 245) Balance as of June 30, 2020 $ - $ 5 398 $ - $ 5 398 13 . Borrowings (continued) (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 million offset against funds in bank accounts with Nedbank of $ 2.7 million. ( 3 ) A s of June 30, 2020 , there were no amounts offset against the Nedbank overdraft facilities . Movement in long-term borrowings Summarized below is the movement in the Company’s long term borrowing from as of June 30, 2018 , to as of June 30, 2020 : South Africa Amended July 2017 Total Balance as of July 1, 2018 $ 49 548 $ 49 548 Current portion of long-term borrowings 44 079 44 079 Long-term borrowings 5 469 5 469 Repaid (31 844) (31 844) Repaid from sale of DNI shares (Note 10) (15 011) (15 011) Foreign currency adjustment (1) (2 693) (2 693) Balance as of June 30, 2019 - - Utilized 14 798 14 798 Repaid (14 503) (14 503) Foreign currency adjustment (1) (295) (295) Balance as of June 30, 2020 $ - $ - South Africa Amended July 2017 Total Balance as of July 1, 2018 $ 49 548 $ 49 548 Current portion of long-term borrowings 44 079 44 079 Long-term borrowings 5 469 5 469 Repaid (31 844) (31 844) Repaid from sale of DNI shares (Note 10) (15 011) (15 011) Foreign currency adjustment (1) (2 693) (2 693) Balance as of June 30, 2019 - - Utilized 14 798 14 798 Repaid (14 503) (14 503) Foreign currency adjustment (1) (295) (295) Balance as of June 30, 2020 $ - $ - (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. Interest expense incurred under the Company’s South African long-term borrowing during the years ended June 30, 2020 , 2019 , and 2018 , was $ 0,6 million, $ 2,9 milli on, and $7.2 million, respectively. There w as no prepaid facility fee amortization during the year ended June 30, 2020 . Prepaid facilit y fees amortized during the years ended June 30, 2019 , and 2018 , was $ 0,3 million and $0.5 million, respectively. Net1 SA paid non-refundable deal origination fees of approximately $0.6 million and $ 0.2 million in August 2017 and March 2018, respectively. (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. Interest expense incurred under the Company’s South African long-term borrowing during the years ended June 30, 2020 , 2019 , and 2018 , was $ 0,6 million, $ 2,9 milli on, and $7.2 million, respectively. There w as no prepaid facility fee amortization during the year ended June 30, 2020 . Prepaid facilit y fees amortized during the years ended June 30, 2019 , and 2018 , was $ 0,3 million and $0.5 million, respectively. Net1 SA paid non-refundable deal origination fees of approximately $0.6 million and $ 0.2 million in August 2017 and March 2018, respectively. |
Other Payables
Other Payables | 12 Months Ended |
Jun. 30, 2020 | |
Other Payables [Abstract] | |
Other Payables | 14 . Other payables Summarized below is the breakdown of other payables as of June 30, 2020 and 2019 : June 30, June 30, 2020 2019 Accruals $ 6 045 $ 8 039 Provisions 4 926 6 074 Payroll-related payables 887 1 113 Participating merchants' settlement obligation 463 555 Value-added tax payable 129 162 Other 11 329 9 640 Accrual of implementation costs to be refunded to SASSA - 34 039 $ 23 779 $ 59 622 As the Company previously disclosed, in June 2014, the Company received approximately ZAR 317.0 million, including VAT, from SASSA, related to the recovery of additional implementation costs its subsidiary, CPS, incurred during the beneficiary re-registration process in fiscal 2012 and 2013. After the award of the tender, SASSA requested that CPS b iometrically 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 million additional r egistrations beyond those that CPS tendered for in the quoted service fee. Accordingly, CPS sought reimbursement from SASSA of the cost of this exercise, supported by a factual findings certificate from an independent auditing firm. SASSA paid CPS ZAR 317. 0 million, including VAT, as full settlement of the additional costs CPS incurred. 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 S outh 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 million and directing CPS to repay the aforesaid amount, plus interest. Corruptio n Watch claimed that there was no lawful basis to make the payment to CPS, and that the decision was unreasonable and irrational and did not comply with South African legislation. CPS was named as a respondent in this legal proceeding. On February 22, 201 8, 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 million to SASSA, plus interest from June 2 014 to date of payment. On September 30, 2019, the Supreme Court declined CPS’ appeal and awarded 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 million (ZAR 479.4 million, translated at exchange rates applicable as of June 30, 2019, comprising a revenue refund of $ 19.7 million (ZAR 277.6 million), accrued interest of $ 11.4 million (ZAR 161.0 million), unclaimed indirect taxes of $ 2.8 million (ZAR 39.4 million) and estimated costs of $ 0.1 million (ZAR 1.4 million)). The Company reduced revenue by $19.7 million during the year ended June 30, 2019, because it interpreted the Supreme Court ruling as a price variation and not a nonreciprocal transaction. The Company deconsolidated the accrual for the refund of implementation costs in May 2020 , following the deconsolidation of CPS (refer to Note 3 ). Other includes transactions-switching funds payable, deferred income, client deposits and other payables. |
Common Stock
Common Stock | 12 Months Ended |
Jun. 30, 2020 | |
Number of shares, net of treasury: | |
Common Stock | 15 . COMMON STOCK Common stock Holders of shares of Net1’s common stock are entitled to receive dividends and other distributions when declared by Net1’s board of directors out of legally available funds. Payment of dividends and distributions is subject to certain restrictions under th e 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 vote per share for the election o f directors and for all other matters to be voted on by shareholders. Holders of common stock may not cumulate their votes in the election of directors, and are entitled to share equally and ratably in the dividends that may be declared by the board of dir ectors, but only after payment of dividends required to be paid on outstanding shares of preferred stock according to its terms. The shares of Net1 common stock are not subject to redemption. The Company’s number of shares, net of treasury, presented in t he consolidated balance sheets and consolidated statement of changes in equity includes participating non-vested equity shares (specifically contingently returnable shares) as described below in Note 18 “— Amended and Restated Stock Incentive Plan—R estricted 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-v ested equity shares that have not vested during the 15 . COMMON STOCK Common stock Holders of shares of Net1’s common stock are entitled to receive dividends and other distributions when declared by Net1’s board of directors out of legally available funds. Payment of dividends and distributions is subject to certain restrictions under th e 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 vote per share for the election o f directors and for all other matters to be voted on by shareholders. Holders of common stock may not cumulate their votes in the election of directors, and are entitled to share equally and ratably in the dividends that may be declared by the board of dir ectors, but only after payment of dividends required to be paid on outstanding shares of preferred stock according to its terms. The shares of Net1 common stock are not subject to redemption. The Company’s number of shares, net of treasury, presented in t he consolidated balance sheets and consolidated statement of changes in equity includes participating non-vested equity shares (specifically contingently returnable shares) as described below in Note 18 “— Amended and Restated Stock Incentive Plan—R estricted 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-v ested equity shares that have not vested during the years ended June 30, 2020 , 2019 and 2018 : 2020 2019 2018 Number of shares, net of treasury: Statement of changes in equity – common stock 57 118 925 56 568 425 56 685 925 Less: Non-vested equity shares that have not vested as of end of year (Note 18) 1 115 500 583 908 765 411 Number of shares, net of treasury excluding non-vested equity shares that have not vested 56 003 425 55 984 517 55 920 514 2020 2019 2018 Number of shares, net of treasury: Statement of changes in equity – common stock 57 118 925 56 568 425 56 685 925 Less: Non-vested equity shares that have not vested as of end of year (Note 18) 1 115 500 583 908 765 411 Number of shares, net of treasury excluding non-vested equity shares that have not vested 56 003 425 55 984 517 55 920 514 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 Car ibbean 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 million shares of the Company’s common stock, par value $ 0.001 per share, at a price of $ 10.79 per share, for gross proceeds to the Company of approximately $ 107.7 million. The Company has accounted for these 9.98 million shares as redeemable common stock as a result of the put option discussed below . On May 19, 2020, the Africa Capitalization Fund, Ltd sold its entire holding of 2,103,169 shares of the Company’s common stock and therefore the additional contractual rights, including the put option rights related to these 2,103,169 shares, expired. The Company reclassif ied $ 22.7 million related to these 2,103,169 shares sold from redeemable common stock to additional paid-in-capital during the year ended June 30, 2020 . The Company has entered into a P olicy 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 % of the Company’s common stock, the IFC Investors will have the right to nominate one director to the Company’s board of directors. For so long as the IFC Investors in aggregate beneficially own shares representing at least 2.5 % of the Company’s common stock, the IFC Inves tors will have the right to appoint an observer to the Company’s board of directors at any time when they have not designated, or do not have the right to designate, a director. Put Option Each IFC 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 pr eemptive 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, fraud ulent, 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 bo na 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 percent. The put pr ice per share will be the higher of the price per share paid by the IFC Investors pursuant to the Subscription Agreement (or paid when exercising their preemptive rights) and the volume weighted average price per share prevailing for the 60 trading days pr eceding the triggering event, except that with respect to a put right triggered by rejection of a bona fide offer, the put price per share will be the highest price offered by the offeror. The Company believes that the put option has no value and, accordin gly, has not recognized the put option in its consolidated financial statements. 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 thereunde r. Preemptive Rights For so long as the IFC Investors hold in aggregate 5 % of the outstanding shares of common stock of the Company, each Investor will have the right to purchase its pro-rata share of new issuances of securities by the Company, subject t o certain exceptions. Common stock repurchases Executed under share repurchase authorizations On February 5 , 20 20 , the Company’s Board of Directors approved the replenishment of its share repurchase authorization to repurchase up to an aggregate of $ 100 million of common stock. The authorization has no expiration date. The share repurchase authorization will be used at management’s discretion, subject to limitations imposed by SEC Rule 10b-18 and other legal requirements and subject to p rice and other internal limitations established by the Board. Repurchases will be funded from the Company’s available cash. Share repurchases may be made through open market purchases, privately negotiated transactions, or both. There can be no assurance t hat the Company will purchase any shares or any particular number of shares. The authorization may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, liquidity and other factors th at management deems appropriate. The Company did not repurchase any of its shares during the years ended June 30, 2020, 2019 and 2018, respectively, either under or outside of the authorization. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 16 . 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, 2020 , 2019 and 2018 : 16 . 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, 2020 , 2019 and 2018 : Accumulated foreign currency translation reserve (as restated) (A) Total (as restated) (A) Balance as of July 1, 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 (19 188) (19 188) Balance as of July 1, 2018 (184 350) (184 350) Release of foreign currency translation reserve related to DNI disposal (Note 3) 5 841 5 841 Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 10) (162) (162) Movement in foreign currency translation reserve related to equity-accounted investment 4 251 4 251 Movement in foreign currency translation reserve (21 392) (21 392) Balance as of July 1, 2019 (195 812) (195 812) Release of foreign currency translation reserve related to deconsolidation of CPS (Note 3) 32 451 32 451 Release of foreign currency translation reserve related to disposal of Net1 Korea (Note 3) 14 228 14 228 Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 10) 11 323 11 323 Release of foreign currency translation reserve related to disposal of FIHRST (Note 3) 1 578 1 578 Movement in foreign currency translation reserve related to equity-accounted investment 2 227 2 227 Movement in foreign currency translation reserve (35 070) (35 070) Balance as of June 30, 2020 $ (169 075) $ (169 075) Accumulated foreign currency translation reserve (as restated) (A) Total (as restated) (A) Balance as of July 1, 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 (19 188) (19 188) Balance as of July 1, 2018 (184 350) (184 350) Release of foreign currency translation reserve related to DNI disposal (Note 3) 5 841 5 841 Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 10) (162) (162) Movement in foreign currency translation reserve related to equity-accounted investment 4 251 4 251 Movement in foreign currency translation reserve (21 392) (21 392) Balance as of July 1, 2019 (195 812) (195 812) Release of foreign currency translation reserve related to deconsolidation of CPS (Note 3) 32 451 32 451 Release of foreign currency translation reserve related to disposal of Net1 Korea (Note 3) 14 228 14 228 Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 10) 11 323 11 323 Release of foreign currency translation reserve related to disposal of FIHRST (Note 3) 1 578 1 578 Movement in foreign currency translation reserve related to equity-accounted investment 2 227 2 227 Movement in foreign currency translation reserve (35 070) (35 070) Balance as of June 30, 2020 $ (169 075) $ (169 075) Certain amounts have been restated to correct the misstatement discussed in Note 1 16 . Accumulated other comprehensive (loss) income (continued) 16 . Accumulated other comprehensive (loss) income (continued) During the year ended June 30, 2020 , the Company reclassified $ 32,5 million from accumulated other comprehensive loss (accumulated foreign currency translation reserve) to net ( loss ) income related to the deconsolidation of CPS (refer to Note 3 ) . During the year ended June 30, 2020 , the Company reclassified $ 14,2 million and $ 1,6 million from accumulated other comprehensive loss (accumulated foreign currency translation reserve ) to net ( loss ) income related to the disposal of Net1 Korea and FIHRST , respectively (refer to Note 3 ) . During the year ended June 30, 2020 , the Company reclassified $ 11,3 million from accumulated other comp rehensive loss (accumulated foreign currency translation reserve) to net (loss) income related to the disposal of DNI interest (refer to Note 10 ). During the year ended June 30, 2019, the Company reclassified $ 5,8 mill ion from accumulated other comprehensive loss (accumulated foreign currency translation reserve) to net (loss) income related to the DNI disposal (refer to Note 1 and Note 3 ) and reclassified $ 0,2 million from accumulate d other comprehensive loss (accumulated foreign currency translation reserve) to net (loss) income related to the disposal of the DNI interest as an equity method investment (refer to Note 1 and Note 10 ). There were no reclassifications from accumulated other comprehensive loss to comprehensive (loss) income during the year ended June 30, 2018 . |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Jun. 30, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 17 . 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, t he Company provides innovative low-cost financial inclusion products, including banking, lending and insuran ce. Disaggregation of revenue The following table represents our revenue disaggregated by major revenue streams, including reconciliation to operating segments for the year ended June 30, 2020 : South Africa Rest of the world Total South African transaction processing Processing fees $ 62 552 $ - $ 62 552 Other 3 288 - 3 288 Subtotal 65 840 - 65 840 International transaction processing Processing fees - 5 041 5 041 Subtotal - 5 041 5 041 Financial services Telecom products and services 22 631 - 22 631 Account holder fees 12 628 - 12 628 Lending revenue 19 955 - 19 955 Technology products 18 261 - 18 261 Insurance revenue 5 212 - 5 212 Other 1 429 - 1 429 Subtotal 80 116 - 80 116 $ 145 956 $ 5 041 $ 150 997 The follow ing table represents our revenue disaggregated by major revenue streams, including reconciliation to operating segments for the year ended June 30, 2019 South Africa Rest of the world Total South African transaction processing Processing fees $ 79 379 $ - $ 79 379 Welfare benefit distributions 3 086 - 3 086 Other 6 583 - 6 583 Subtotal 89 048 - 89 048 International transaction processing Processing fees - 9 303 9 303 Other - 539 539 Subtotal - 9 842 9 842 Financial services Telecom products and services 15 025 - 15 025 Account holder fees 17 428 - 17 428 Lending revenue 27 512 - 27 512 Technology products 20 594 - 20 594 Insurance revenue 5 858 - 5 858 Other 629 - 629 Subtotal 87 046 - 87 046 Corporate/Eliminations – revenue refund (Note 14) (19 709) - (19 709) $ 156 385 $ 9 842 $ 166 227 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2020 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 18 . Stock-based compensation Amended and Restated Stock Incentive Plan The Company’s Amended and Restated 2015 Stock Incentive Plan (the “Plan”) was most recently amended and restated on November 11, 2015, after approval by shareholders. No evergreen provisions are included in the Plan. This means that the maximum number of shares issuable under the Plan is fixed and cannot be increased without shareholder approval, the plan expires by its terms upon a specified date, and no new stock options are awarded automatically upon exercise of an outstanding stock option. Shareholder approval is required for the repricing of awards or the implementation of any award exchange program. The Plan permits Net1 to grant to its employees, d irectors 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 . The maximum number of shares for which awards, other than performance-based awards, may be granted in any combination during a calendar year to any participant is 569,120 . The maximum limits on performance-based awards that any participant may be granted during a calendar year are 569,120 shares subject to stock option awards and $ 20 million with respect to awards other than sto ck options. Shares that are subject to awards which terminate or lapse without the payment of consideration may be granted again under the Plan. Shares delivered to the Company as part or full payment for the exercise of an option or to satisfy withholding obligations upon the exercise of an option may be granted again under the Plan in the Remuneration Committee’s discretion. No awards may be granted under the Plan after August 19, 2025, but awards granted on or before such date may extend to later dates. Options General Terms of Awards Option awards are generally granted with an exercise price equal to the market price of the Company's stock at the date of grant, with vesting conditioned upon the recipient’s continuous service through the applicable vesting date and expire 10 years after the date of grant. The options generally become exercisable in accordance with a vesting schedule ratably over a period of three years from the date of grant. The Company issues new shares to satisfy stock option award exercises but may also use treasury shares. Valuation Assumptions The table below presents the range of assumptions used to value options granted during the year ended June 30, 2020 : 2020 2019 Expected volatility 57% 44% Expected life (in years) 3 3 Risk-free rate 1,57% 2,75% 18 . Stock-based compensation No stock options were awarded during the year ended June 30, 201 8 . 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 year period, with vesting conditioned upon the recipient ’s continuous service through the applicable vesting date and under certain circumstances, the achievement of certain performance targets, as described below. Recipients are entitled to all rights of a shareholder of the Company except as otherwise provi ded 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 re cipient 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 s hares 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 pric e 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-year period. After the end of fiscal 2017, the Company’s board consulted with Pay Governance, an indep endent compensation consultant, and determined that one-year vesting of restricted stock grants is a more common compensation practice for independent directors and therefore, amended the terms of outstanding awards to vest one-year after grant. As a resul t of this amendment, 56,250 shares of restricted stock held by the non-employee directors as of June 30, 2017, were fully-vested during the year ended June 30, 2018. Forfeiture of restricted stock awarded in August and November 2014 that did not achieve t argeted market conditions In August and November 2014, respectively, the Remuneration Committee approved an award of 127,626 and 71,530 shares of restricted stock to employees. These shares of restricted stock were scheduled to vest in full only on the da te, if any, the following conditions were satisfied: (1) the closing price of the Company’s common stock equals or exceeds $19.41 (subject to appropriate adjustment for any stock split or stock dividend) for a period of 30 consecutive trading days during a measurement period commencing on the date that the Company filed its Annual Report on Form 10-K for the fiscal year ended 2017 and ending on December 31, 2017 and (2) the recipient was employed by the Company on a full-time basis when the condition in (1) was met. The $ 19.41 price target represented a 20 % increase, compounded annually, in the price of the Company’s common stock on Nasdaq over the $ 11.23 closing price on August 27, 2014. These shares of restricted stock were forfeited during the year ended June 30, 2018, because the target market conditions were not achieved. The stock-based compensation charge related to these awards was not reversed upon forfeiture because these awards contained market conditions. The 127,626 and 71,530 shares of r estricted stock were effectively forward starting knock-in barrier options with a strike price of zero . The fair value of these shares of restricted stock was calculated utilizing an adjusted Monte Carlo simulation discounted cash flow model which was deve loped for the purpose of the valuation of these shares. For each simulated share price path, the market share price condition was evaluated to determine whether or not the shares would vest under that simulation. The “adjustment” to the Monte Carlo simulat ion model incorporates a “jump diffusion” process to the standard Geometric Brownian Motion simulation, in order to capture the discontinuous share price jumps observed in the Company’s share price movements on stock exchanges on which it is listed. Theref ore, the simulated share price paths capture the idiosyncrasies of the observed Company share price movements. In scenarios where the shares do not vest, the final vested value at maturity is zero. In scenarios where vesting occurs, the final vested valu e on maturity is the share price on vesting date. The value of the grant is the average of the discounted vested values. The 18 . Stock-based compensation (continued) C o m p a n y u s e d a n e x p e c t e d v o l a t i l i t y o f 76.01 %, an expected life of approximately three years , a risk-free rate of 1.27 % and no futu re dividends in its calculation of the fair value of the 127,626 shares of restricted stock. The Company used an expected volatility of 63.73 %, an expected life of approximately three years , a risk-free rate of 1.21 % and no future dividends in its calculat ion of the fair value of the 71,530 shares of restricted stock. Estimated expected volatility was calculated based on the Company’s 30 day VWAP share price using the exponentially weighted moving average of returns. Forfeiture of restricted stock with Per formance Conditions awarded in August 2015 In August 2015, the Remuneration Committee approved an award of 301,537 shares of restricted stock to employees. The shares of restricted stock awarded to employees in August 2015 were subject to time-based and p erformance-based vesting conditions. In order for any of the shares to have vested, the recipient had to remain employed by the Company on a full-time basis on the date that it filed its Annual Report on Form 10-K for the fiscal year ended June 30, 2018. I f that condition was satisfied, then the shares would vest based on the level of Fundamental EPS the Company achieved for the fiscal year ended June 30, 2018 (“2018 Fundamental EPS”), as follows: · 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 ; and · All of the shares will vest if the Company achieves 2018 Fundamental EPS of $ 3.76 . At levels of 2018 Fundamental EPS grea ter than $ 2.88 and less than $ 3.76 , the number of shares that would have vested would be determined by linear interpolation relative to 2018 Fundamental EPS of $ 3.30 . All shares of restricted stock have been valued utilizing the closing price of shares of the Company’s common stock quoted on The Nasdaq Global Select Market on the date of grant . 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 sto ck-based compensation charge recognized to date related to the 301,537 shares of restricted stock because it believed that it was unlikely that the 2018 Fundamental EPS target would be achieved due to the dilutive impact on the fundamental EPS calculation as a result of the issuance of approximately 10 million shares to the IFC in May 2016. The Company has not achieved the 2018 Fundamental EPS target and the 173,262 remaining shares that had not been forfeited as a result of terminations were forfeited duri ng the year ended June 30, 2018. 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 shares of restricted stock to executive officers . In May 2017, the Company determined to accelerate the vesting of all ( 200,000 ) of the shares of restricted stock awarded to its former CEO. The shares of restricted stock awarded to executive officers in August 2016 were subject to time-based and perform ance-based vesting conditions. In order for any of the shares to vest, the recipient was required to remain employed by the Company on a full-time basis on the date that it files its Annual Report on Form 10-K for the fiscal year ended June 30, 2019. If th at condition is satisfied, then the shares will vest based on the level of Fundamental EPS the Company achieves for the fiscal year ended June 30, 2019 (“2019 Fundamental EPS”), as follows: · One-third of the shares will vest if the Company achieves 2019 Fu ndamental EPS of $ 2.60 ; · Two-thirds of the shares will vest if the Company achieves 2019 Fundamental EPS of $ 2.80 ; and · 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 and less than $ 3.00 , the number of shares that will vest will be determined by linear interpolation relative to 2019 Fundamental EPS of $ 2.80 . All shares of restricted stock have been valued utilizing the closing price of shares of the Company’s commo n stock quoted on The Nasdaq Global Select Market on the date of grant . 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 shares of restricted stock because the Company did not achieve the 2019 Fundamental EPS target. The 150,000 shares of restricted stock were forfeited. Market Conditions - Restricte d Stock Granted in August 2017 In August 2017, the Remuneration Committee approved an award of 210,000 shares of restricted stock to executive officers. The shares of restricted stock awarded to executive officers in August 2017 are subject to a time-base d vesting condition and a market condition and vest in full only on the date, if any, that the following conditions are satisfied: (1) the price of the Company’s common stock must equal or exceed certain agreed VWAP levels (as described below) during a mea surement period commencing on the date that it files its Annual Report on Form 10-K for the fiscal year ended 2020 and ending on December 31, 2020 and (2) the recipient is employed by the Company on a full-time basis when the condition in (1) is met. If ei ther of these conditions is not satisfied, then none of the shares of restricted stock will vest and they will be forfeited. The $23.00 price target represents an approximate 35 % increase, 18 . Stock-based compensation (continued) c o m p o u n d e d a n n u a l l y , i n t h e p r i c e o f t h e C o m p a n y ’ s c o m m o n s t o c k o n Nasdaq over the $ 9.38 closing price on August 23, 2017 . The VWAP levels and vesting percentages related to such levels are as follows: Below $ 15.00 (threshold)— 0 % At or above $ 15.00 and below $ 19.00 — 33 % At or above $ 19.00 and below $ 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 . The fair value of these shares of restricted stock was calculated utilizing a Monte Carlo simulation model whi ch was developed for the purpose of the valuation of these shares. For each simulated share price path, the market share price condition was evaluated to determine whether or not the shares would vest under that simulation. A standard Geometric Brownian mo tion process was used in the forecasting of the share price instead of a “jump diffusion” model, as the share price volatility was more stable compared to the highly volatile regime of previous years. Therefore, the simulated share price paths capture the idiosyncrasies of the observed Company share price movements. 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 %, an expected life of approximately three years , a risk-free rate ranging between 1.275 % to 1.657 % and no future dividends in its calcul ation of the fair value of the restricted stock. The estimated expected volatility was calculated based on the Company’s 30 day VWAP share price using the exponentially weighted moving average of returns. On August 5 , 20 20 , the Company and its chief executive officer and member of its board of directors, Mr. Herman G. Kotzé , entered into a Separation and Release of Claims Agreement (the “Separation Agreement”). The parties have agreed that Mr. Kotzé’s last day of employment with the Company will be September 30, 2020, unless terminated earlier by the Company for cause. Upon separation from the Company, Mr. Kotzé will forfeit 150,000 shares of restricted stock that are subject to the market conditions described above because he will no longer be an employee of the Company as of the vesting date. Market Conditions - Restricted Stock Granted in September 2018 In September 2018, the Remuneration Committee approved an award of 148,000 shares of restricted stock to executive off icers. The 148,000 shares of restricted stock awarded to executive officers in September 2018 are subject to a time-based vesting condition and a market condition and vest in full only on the date, if any, that the following conditions are satisfied: (1) t he price of the Company’s common stock must equal or exceed certain agreed VWAP levels (as described below) during a measurement period commencing on the date that it files its Annual Report on Form 10-K for the fiscal year ended 2021 and ending on Decembe r 31, 2021 and (2) the recipient is employed by the Company on a full-time basis when the condition in (1) is met. If either of these conditions is not satisfied, then none of the shares of restricted stock will vest and they will be forfeited. The $23.00 price target represents an approximate 55 % increase, compounded annually, in the price of the Company’s common stock on Nasdaq over the $ 6.20 closing price on September 7, 2018 . The VWAP levels and vesting percentages related to such levels are as follows: Below $ 15.00 (threshold)— 0 % At or above $ 15.00 and below $ 19.00 — 33 % At or above $ 19.00 and below $ 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, t he Company used an average volatility of 37.4 % for the VWAP price, a discounting based on USD overnight indexed swap rates for the grant date, and no future dividends. The average volatility was extracted from the time series for VWAP prices as the standar d deviation of log prices for the three years preceding the grant date. The mean reversion of volatility and the volatility of volatility parameters of the stochastic volatility process were extracted by regressing log differences against log levels of vol atility from the time series for at-the-money options 30 day volatility quotes, which were available from January 2, 2018 onwards. Upon separation from the Company, Mr. Kotzé will forfeit 58,000 shares of restricted stock that are subject to the market co nditions described above because he will no longer be an employee of the Company as of the vesting date. 18 . Stock-based compensation (continued) Performance Conditions - Restricted Stock Granted in February 2020 The 454,400 shares of restricted stock awarded to executive officers in February 2 020 are subject to time-based and performance-based vesting conditions and vest in full only on the date, if any, that the following conditions are satisfied: (1) the achievement of an agreed return on average net equity per year during a measurement perio d commencing from July 1, 2021, through June 30, 2023, and (2) the recipient is employed by the Company on a full-time basis when the condition in (1) is met . Net equity is calculated as total equity attributable to the Company’s shareholders plus redeemab le common stock, in conformity with GAAP. The net equity as of June 30, 2021, was set as the base year for the measurement period. The average net equity is calculated as the simple average between the opening net equity and closing net equity during each fiscal year within the measurement period . The targeted return per year within the measurement period is derived from GAAP net income attributable to the Company per fiscal year. The performance-based awards vest based on the achievement of the following targeted return on average net equity dur ing the measurement period, of: 8 % per year: 50% vest; 14 % per year: 100% vest. No shares of restricted stock will vest at a return on average net equity of less than 8%. Calculation of the award based on the returns between 8% and 14% will be interpolated on a linear basis. The Company’s Remuneration Committee may use its discretion to adjust any component of the calculation of the award on a fact-by-fact basis, for instance, as the result of an acquisition. Upon separation from the Company, Mr. Kotzé will forfeit 267,200 shares of restricted stock that are subject to the performance conditions described above because he will no longer be an employee of the Company as of the vesting date. Stock Appreciation Rights The Remuneration Committee may also grant stock apprecia tion rights, either singly or in tandem with underlying stock options. Stock appreciation rights entitle the holder upon exercise to receive an amount in any combination of cash or shares of common stock (as determined by the Remuneration Committee) equal in value to the excess of the fair market value of the shares covered by the right over the grant price. No stock appreciation rights have been granted. Stock option and restricted stock activity Options The following table summarizes stock option activity for the years ended June 30, 2020 , 2019 and 2018 : Number of shares Weighted average exercise price ($) Weighted average remaining contractual term (in years) Aggregate intrinsic value ($'000) Weighted average grant date fair value ($) Outstanding - July 1, 2017 846 607 13,87 3,80 486 4,21 Forfeited (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 Forfeited (174 695) 6,65 - 2,00 Outstanding - June 30, 2019 864 579 7,81 7,05 - 2,62 Granted – October 2019 561 000 3,07 10,00 676 1,20 Forfeited (93 928) 7,50 - 2,81 Outstanding - June 30, 2020 1 331 651 5,83 7,56 - 2,01 These options have an exercise price range of $ 3 . 07 to $ 11.23 . On August 5, 2020, the Company granted one of its non-employee directors, Mr. Ali Mazanderani, in his capacity as a consultant to the Company, 150,000 stock options with an exercise price of $ 3.50 . These stock options are subject to the non-employee director’s continuous service through the applicable vesting date, and half of the options vest on e ach of the first and second anniversaries of the grant date. The following table presents stock options vested and expected to vest as of June 30, 2020 : Number of shares Weighted average exercise price ($) Weighted average remaining contractual term (in years) Aggregate intrinsic value ($’000) Vested and expecting to vest - June 30, 2020 1 331 651 5,83 7,56 - These options have an exercise price range of $ 3.07 to $ 11.23 . The following table presents stock options that are exercisable as of June 30, 2020 : Number of shares Weighted average exercise price ($) Weighted average remaining contractual term (in years) Aggregate intrinsic value ($’000) Exercisable - June 30, 2020 474 986 8,77 5,26 - During the year s ended June 30, 2020 and 2018 , 170,335 and 105,982 stock options became exercisable, respectively. No stock options became exercisable during the year ended June 30, 2019 . No stock options were exercised during the year s ended June 30, 2020 , 2019 and 2018 , respectively. During th e year s ended June 30, 2020 , 2019 and 2018 , employees forfeited 93,928 , 174,695 and 37,333 stock options, respectively. During the year ended June 30, 2019, 200,000 stock options awarded in August 2008 an d 170,000 stock options awarded in May 2009 expired unexercised . The Company issues new shares to satisfy stock option exercises. The following table summarizes restricted stock activity for the years ended June 30, 2020 , 2019 and 2018 : Number of shares of restricted stock Weighted average grant date fair value ($’000) Non-vested – July 1, 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 Granted – February 2020 568 000 2 300 Total vested (18 908) 70 Vested – March 2020 (11 408) 42 Vested – March 2020 - accelerated vesting (7 500) 28 Forfeitures (17 500) 65 Non-vested – June 30, 2020 1 115 500 5 354 The February 2020 grants comprise 113,600 shares of restricted stock awarded to executive officers that are subject to time-based vesting and 454,400 shares of restricted stock awarded to executive officers that are subject to performance and time-based vesting . The September 2018 grants comprise 148,000 shares of restricted stock awarded to executive officers that are subject to market and time-based vesting. The Company agreed to accelerate the vesting of 66,800 shares of restricted stock that are subject to time-based vesting and that were granted to Mr. Kotzé in February 2020 pursuant to the terms of the Separation Agreement. These 66,800 shares of restricted stock will vest upon Mr. Kotzé’s separation from the Company. The August 2017 grants comprise (i) 326,000 shares of restricted stock awarded to executive officers and employees that are subject to time-based vesting, (ii) 210,000 shares of rest ricted stock awarded to executive officers that are subject to market and time-based vesting as described above, and (iii) 52,594 shares of restricted stock awarded to non-employee directors. The March 2018 grant relates to an award made to the Company’s n ew c hief f inancial o fficer. The May 2018 grant comprises 7,000 shares of restricted stock awarded to employees on the same terms as the 326,000 awards made. The 326,000 and 7,000 shares of restricted stock will only vest if the recipient is employed by the Company on a full-time basis on August 23, 2020. The 52,594 shares of restricted stock awarded to non-employee directors only vested if the recipient was a director on August 23, 2018. The 22,817 shares of restricted stock vest in two tranches, 11,409 ves ted on March 1, 2019, and 11,408 will vest on March 1, 2020, subject to the c hief f inancial o fficer’s continued employment. The fair value of restricted stock vested during the years ended June 30, 20 20 , 201 9 and 201 8 , was $ 0.1 million, $ 0.5 million and $ 0 . 5 million, respectively. During the year ended June 30, 2020, 11,408 shares of restricted stock, representing approximately half of the 22,817 shares granted to our c hief f inancial o fficer on March 1, 2018, vested on March 1, 2020 . During the year ended June 30, 201 9 , 5 2 , 594 shares of restricted stock held by the non-employee directors and 11,409 shares of restricted stock held by the Company’s c hief f inancial o fficer vested. During the year ended June 30, 2018, the Company determined that 56,250 shares of restricted stock held by the non-employee directors as of June 30, 2017, were fully-vested . During the year ended June 30, 2020, employees forfeited 17 ,500 shares of restricted stock upon termination and 7 , 5 00 shares (50% of the original award) of restricted stock with time-based vesting conditions were forfeited by an executive officer upon the disposal of Net1 Korea and . The Company’s Board of Directors accelerated the ves ting of the other half of the award and 7,500 vested. During the year ended June 30, 2019, employees forfeited 115,500 shares of restricted stock upon termination which had either time-based or market conditions. In addition, an executive officer forfeited 150,000 shares of restricted stock as the performance conditions were not achieved. During the year ended June 30, 2018, employees forfeited (i) 3,000 shares of restricted stock upon termination which did not have performance or market conditions attached and (ii) 30,635 shares of restricted stock upon termination which had either market or performance conditions. In addition, executive officers and employees forfeited 95,326 shares of restricted stock as the market conditions were not achieved and forfeited 173,262 shares of restricted stock as the performance conditions were not achieved. During the year ended June 30, 2017, employees and the former c hief e xecutive o fficer that resigned during the year ended June 30, 2017, forfeited 205,470 shares of restricted stock that had not vested. Stock-based compensation charge and unrecognized compensation cost The Company has recorded a net stock compensation charge of $ 1 . 7 million, $ 0 . 4 million and $2. 6 million for the years ended June 30, 20 20 , 201 9 and 201 8 , respectively, which comprised: Total charge Allocated to IT processing, servicing and support Allocated to selling, general and administration Years ended June 30, 2020 Stock-based compensation charge $ 1 873 $ - $ 1 873 Reversal of stock compensation charge related to stock options and restricted stock forfeited (145) - (145) Total - years ended June 30, 2020 $ 1 728 $ - $ 1 728 Years 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 - years ended June 30, 2019 $ 393 $ - $ 393 Years ended June 30, 2018 Stock-based compensation charge $ 2 656 $ - $ 2 656 Reversal of stock compensation charge related to stock options and restricted stock forfeited (49) - (49) Total - years ended June 30, 2018 $ 2 607 $ - $ 2 607 The stock-based compensation charges and reversal have been allocated to selling, general and administration based on the allocation of the cash compensation paid to the relevant employees. As of June 30, 2020 , the total unrecognized compensation cost related to stock options was a pproximately $ 0,9 million, which the Company expects to recognize over approximately two years . As of June 30, 2020 , the total unrecognized compensation cost related to restricted stock awards was approximat ely $ 2,3 million, which the Company expects to recognize over approximately two years . Tax consequences The Company recorded a deferred tax asset of approximately $ 0,4 million and $ 0.2 million, respec tively, for the years ended June 30, 2020 . As of June 30, 2020 and 2019 , the Company recorded a valuation allowance of approximately $ 0,4 million and $0.2 million respectivel y, related to the deferred tax asset because it does not believe that the stock-based compensation deduction would be utilized as it does not anticipate generating sufficient taxable income in the United States. The Company deducts the difference between t he market value on date of exercise by the option recipient and the exercise price from income subject to taxation in the United States. |
Income Tax
Income Tax | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax [Abstract] | |
Income Tax | 19 . Income tax 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 % to 21 % effective from January 1, 2018, eliminates a lternative minimum tax for corporations, limits net operating loss carryforwards (and eliminates carrybacks), repeals indirect foreign tax credits carry-forward rules, limits the deductibility of interest expense and transitions the system of U.S. internat ional taxation of corporations from a worldwide tax system to a territorial tax system. T he transition to a territorial tax system has not significantly impacted the Company. The Company generates the majority of its taxable income in tax jurisdictions w ith tax rates that are higher than the federal statutory tax rate of 21 % (mainly South Africa, where its income is taxed at 28 %). The most meaningful impact on the Company relates to the limitations on the deductibility of interest and the inclusion of cer tain passive, so called sub-part F, income in its federal taxation computation. 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 th e 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-te sted income. GILTI wa s only applicable for the Company’s tax year commencing July 1, 2018 (i.e. its June 2019 tax year). The Company has not incurred a GILTI tax during the year s ended June 30, 20 20 and 2019 , because it primarily operates in tax jurisdict ions (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 and most of its non-South African subsidiaries have incurred operating losses. However, due the nature and operation of the tax law regarding GILTI, the Company believes that it may incur a GILTI tax in future periods because GILTI is calculated and assessed on an annual basis without regard to prior periods. Any net operating loss carryforwards generated in foreign jurisdictions are excluded from the annual GILIT computation. The result of this is that the Company may pay a GILTI tax on income generated by a controlled foreign corporation in its foreign jurisdiction that is not taxed in that foreign jurisdiction due to the utilization of foreign net operating loss carryforwards. 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 Compan y’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. inc ome 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 million, and had no liability after the application of generated foreign tax credits. In fact, the Company generated excess foreign tax credits. During the year ended June 30, 2019, the Company finalized its Transition Tax liability as of June 30, 2018, and incurred a Transition Tax, before the application of any foreign tax credits, of $ 56.9 million, and has no liability after the application of generated foreign tax credits. Income tax provision The table below presents the components of income before income taxes for the years ended June 30, 2020 , 2019 a nd 2018 : Presented below is the provision for income taxes by location of the taxing jurisdiction for the years ended June 30, 2020 , 2019 a nd 2018 : 2020 2019 2018 (as restated) (A) (as restated) (A) Current income tax $ 1 652 $ 4 789 $ 90 467 South Africa 1 552 3 689 35 745 United States 12 1 100 55 788 Other 88 - (1 066) Deferred taxation charge (benefit) 932 (8 917) 10 108 South Africa 653 (8 538) 9 149 United States 0 4 477 Other 279 (383) 482 Foreign tax credits generated – United States 72 (944) (55 778) Change in tax rate – United States - - 309 Income tax provision (benefit) $ 2 656 $ (5 072) $ 45 106 (A) Deferred taxation (benefit) charge – South Africa for 2019 and 2018 have been restated to correct the misstatement discussed in Note 1 . T here were no changes to the enacted tax rate in the years ended June 30, 20 20 , 201 9 and 201 8 . 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 % for its tax year ending June 30, 2018, in the U.S. Certain of the Company’s deferred tax assets and liabilities which it expected would be utilized/ reversed during the period ended June 30, 2018, were re-measured at the blended rate and those deferred taxes that the Company believed would only be utilized/ reversed in subsequent tax years, were re-measured at 21%. The net impact of the change in the tax rate on the Company’s deferred taxes included in income tax expense during the year ended June 30, 2018, was $ 0.3 million. The Company also provided an additional valuation allowance of approximately $ 0.6 million during the year ended June 30, 2018, related to net operating loss carryforwards that it believed would not be utilized as a result of the enactment of the TCJA. During the year s ended June 3 0, 20 20 and 2019 , the Company incurred 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 recogni zed 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 fut ure. The Company incurred a net capital gain, after the application of capital loss carryforwards, related to the internal restructuring of a wholly-owned subsidiary during the year ended June 30, 2020. The Company also generated taxable capital gains during the year ended June 30, 2020, related to the disposal of FIHRST (refer to Note 3 ) and the sale of DNI (refer to Note 10 ) but utilized capital loss carryforwards to reduce the capital gains on these transactions to zero ($ 0 ). The Company calculated its Transition Tax liability as of June 30, 2018, and incurred a Transition Tax, bef ore 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 million between the Transition T ax liability of $56.9 million and the provisional Transition Tax liability of $55.8 million in current income tax, United States. During the year ended June 30, 2019, the Company also included the additional foreign tax credits utilized of $1.1 million aga inst this Transition Tax in foreign tax credits generated – United States. During the year ended June 30, 2018, the Company included a provisional Transition Tax of $55.8 million in current income tax, United States. Foreign tax credits of $ 65.3 million we re generated and included in the computation of provisional Transition Tax of which $55.8 million were utilized against the Transition Tax in that year. The foreign tax credits utilized are included in Foreign tax credits generated – United States for the year ended June 30, 2018. 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. A reconciliation of income taxes, calculated at the fully-distributed South African income tax rate to the Company’s effective tax rate, for the ye ars ended June 30, 2020 , 2019 and 2018 , is as follows: 2020 2019 2018 (as restated) (A) (as restated) (A) Income taxes at fully-distributed South African tax rates 28,00% 28,00% 28,00% Release from FCTR (14,65%) - - Non-deductible items (10,38%) (3,33%) 13,25% Foreign tax rate differential (4,17%) (0,07%) 0,14% Subpart F inclusions (2,85%) - - Movement in valuation allowance 1,64% (22,98%) 6,35% Capital gains differential (1,59%) (1,46%) (1,92%) Foreign tax credits (0,08%) 0,35% (58,99%) Prior year adjustments (0,01%) (0,03%) 0,04% Taxation on deemed dividends in the United States - 1,45% 2,04% Transition Tax - (0,34%) 58,79% Change in tax laws – United States - - - Income tax provision (4,09%) 1,59% 47,70% (A) Non-deductible items for 2 019 and 201 8 have been restated to correct the misstatement discussed in Note 1 . P ercentages included in the 2020 and 2019 column s in the reconciliation of income taxes presented above are impacted by the loss incurred by the Company during the year ended June 30, 2020 and 2019. For instance, the income tax provision of $ 2,7 million represents (4,09%) multiplied by the net loss befor e tax of $ (65 016) . Movement in the valuation allowance for the year ended June 30, 20 20 , includes allowances created related to net operating losses incurred during the year and valuation allowance s created for a deferred tax asset recorded related to th e d econsolidation of CPS and other corporate transactions. Release from FCTR for the year ended June 30, 2020, relates to the releases from accumulated other comprehensive loss (refer to Note 16 ) that are not deductible for tax purposes. Non-deductible items for the year ended June 30, 20 20 , includes the option termination fee paid and the goodwill impairment loss recognized. 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 deferre d tax asset recorded related to the DNI disposal capital losses generated (refer to Note 10 ) and the Cell C capital loss following the fair value adjustment (refer to Note 7 ). Non-deductible items for the year ended June 30, 2019, includes the impairment losses recognized related to goodwill impaired. 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 intere st. The impact on foreign tax during the year ended June 30, 2018, was primarily due to the impact of the Transition Tax. 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 l iabilities as of June 30, and their classification, were as follows: June 30, June 30, 2020 2019 (as restated) (A) Total deferred tax assets Capital losses related to investments $ 36 721 $ 43 569 Net operating loss carryforwards 32 459 35 821 Foreign tax credits 32 799 32 799 Provisions and accruals 3 936 13 230 FTS patent 181 277 Other 815 529 Total deferred tax assets before valuation allowance 106 911 126 225 Valuation allowances (106 433) (125 887) Total deferred tax assets, net of valuation allowance 478 338 Total deferred tax liabilities: Intangible assets 171 340 Investments 1 755 1 019 Other 53 69 Total deferred tax liabilities 1 979 1 428 Reported as Long-term deferred tax assets 358 234 Long-term deferred tax liabilities 1 859 1 324 Net deferred income tax liabilities $ 1 501 $ 1 090 (A ) Total deferred tax liabilities: Investments and long-term deferred tax liabilities have been restated to correct the misstatement discussed in Note 1 . In crease in total net deferred income tax liabilities Capital losses related to investments Capital losses as of June 30, 2020, related to investments de creased primarily related to the 2020 utilization of capital losses generated in prior years and due to the impact of currency changes between the South Africa Rand against the United States dollar. The June 30, 2020 amounts comprises the capital loss arising from the diffe rence between the amount paid for Cell C in August 2017 and the its fair value as of June 30, 20 20, of $ 0.0 million , and difference between the amount paid for CPS in 2004 and the its fair value as of June 30, 20 20, of $ 0.0 million. Net operating loss car ryforwards Net operating loss carryforwards have de creased primarily as a result of the utilization of prior period net operating loss carryforwards and currency changes between the South Africa Rand against the United States dollar, but partially offset by the increase in losses incurred by certain of the Company’s subsidiaries. Provisions and accruals Deferred tax assets – provisions and accruals decreased during the year ended June 30, 20 20 , primarily as a result of the deconsolidation of CPS . De crease in valuation allowance At June 30, 20 20 , the Company had deferred tax assets of $ 0 . 5 million (201 9 : $ 0 . 3 million), net of the valuation allowance. Management believes, based on the weight of available positive and negative evidence it is more likel y than not that the Company will realize the benefits of these deductible differences, net of the valuation allowance. However, the amount of the deferred tax asset considered realizable could be adjusted in the future if estimates of taxable income are re vised. At June 30, 20 20 , the Company had a valuation allowance of $1 06 . 4 million (20 20 : $ 125 . 9 million) to reduce its deferred tax assets to estimated realizable value. The movement in the valuation allowance for the years ended June 30, 20 20 and 201 9 , is presented below: Total Capital losses related to investments Net operating loss carry-forwards Foreign tax credits FTS patent Other July 1, 2018 $ 48 691 $ 3 226 $ 9 047 $ 32 644 $ 57 $ 3 717 Charged to statement of operations 79 029 40 159 26 570 155 - 12 145 Reversed to statement of operations (881) - (198) - (57) (626) 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 Reversed to statement of operations (14 314) (5 486) (77) - - (8 751) Charged to statement of operations 27 700 5 399 20 602 - - 1 699 Deconsolidation (16 130) - (15 830) - - (300) Utilized (3 896) - (3 632) - - (264) Foreign currency adjustment (12 814) (6 761) (4 651) - - (1 402) June 30, 2020 $ 106 433 $ 36 721 $ 32 273 $ 32 799 $ - $ 4 640 Net operating loss carryfo rwards 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 th e 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. In March 2020, the Coronavirus Aid, Relief and Economic Security (the “Cares Act”) was enacted. The Cares Act, among other items, provides for a temporary repeal of the 80 percent net operating loss limitation and provides temporary modifications to the limitation on deductibility of business interest. As of June 30, 20 20 , Net1 had net operating loss carryforwards that will expire, if unused, as follows: Year of expiration U.S. net operating loss carry forwards 2024 $ 1 141 |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Jun. 30, 2020 | |
(Loss) Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | 20 . (Loss) Earnings per share The Company has issued redeemable common stock (refer to Note 15 ) which is redeemable at an amount other than fair value. Redemption of a class of common stock at other than fair value increases or decreases the carrying amount of the redeemable common stock and is reflected in basic earnings per share using the two-clas s 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, 2020 , 2019 and 2018 . Accordingly, the two-class met hod 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 divide nd equivalents at the same rate as common stock. Basic (loss) earnings per share have been calculated using the two-class method and basic (loss) earnings per share for the years ended June 30, 2020 , 2019 and 2018 , reflects only undistributed earnings. The computation below of basic (loss) earnings per share excludes the net loss 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 have been calculated to give effect to the number of shares of additional common stock that would have been outstanding if the potenti al dilutive instruments had been issued in each period. Stock options are included in the calculation of diluted (loss) earnings per share utilizing the treasury stock method and are not considered to be participating securities, as the stock options do no t 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, September 2018, and February 2020 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 s tock had been satisfied. The vesting conditions are discussed in Note 18 . 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-cla ss method for the years ended June 30, 2020 , 2019 and 2018 : 20 . (Loss) Earnings per share The Company has issued redeemable common stock (refer to Note 15 ) which is redeemable at an amount other than fair value. Redemption of a class of common stock at other than fair value increases or decreases the carrying amount of the redeemable common stock and is reflected in basic earnings per share using the two-clas s 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, 2020 , 2019 and 2018 . Accordingly, the two-class met hod 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 divide nd equivalents at the same rate as common stock. Basic (loss) earnings per share have been calculated using the two-class method and basic (loss) earnings per share for the years ended June 30, 2020 , 2019 and 2018 , reflects only undistributed earnings. The computation below of basic (loss) earnings per share excludes the net loss 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 have been calculated to give effect to the number of shares of additional common stock that would have been outstanding if the potenti al dilutive instruments had been issued in each period. Stock options are included in the calculation of diluted (loss) earnings per share utilizing the treasury stock method and are not considered to be participating securities, as the stock options do no t 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, September 2018, and February 2020 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 s tock had been satisfied. The vesting conditions are discussed in Note 18 . 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-cla ss method for the years ended June 30, 2020 , 2019 and 2018 : 2020 2019 2018 (as restated) (A) (as restated) (A) (in thousands except percent and per share data) Numerator: Net (loss) earnings attributable to Net1 $ (78 358) $ (311 007) $ 62 087 Undistributed (loss) earnings (78 358) (311 007) 62 087 Continuing (97 214) (311 761) 52 142 Discontinued $ 18 856 $ 754 $ 9 945 Percent allocated to common shareholders (Calculation 1) 98% 99% 98% Numerator for (loss) earnings per share: basic and diluted $ (76 827) $ (306 640) $ 61 052 Continuing (95 315) (307 383) 51 273 Discontinued $ 18 488 $ 743 $ 9 779 Denominator Denominator for basic (loss) earnings per share: weighted-average common shares outstanding 56 003 55 963 55 860 Effect of dilutive securities: Stock options - 18 51 Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion 56 003 55 981 55 911 (Loss) Earnings per share: Basic $ (1,37) $ (5,48) $ 1,10 Continuing $ (1,70) $ (5,49) $ 0,92 Discontinued $ 0,33 $ 0,01 $ 0,18 Diluted $ (1,37) $ (5,48) $ 1,09 Continuing $ (1,70) $ (5,49) $ 0,92 Discontinued $ 0,33 $ 0,01 $ 0,17 (Calculation 1) Basic weighted-average common shares outstanding (A) 56 003 55 963 55 860 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 57 119 56 760 56 807 Percent allocated to common shareholders (A) / (B) 98% 99% 99% 2020 2019 2018 (as restated) (A) (as restated) (A) (in thousands except percent and per share data) Numerator: Net (loss) earnings attributable to Net1 $ (78 358) $ (311 007) $ 62 087 Undistributed (loss) earnings (78 358) (311 007) 62 087 Continuing (97 214) (311 761) 52 142 Discontinued $ 18 856 $ 754 $ 9 945 Percent allocated to common shareholders (Calculation 1) 98% 99% 98% Numerator for (loss) earnings per share: basic and diluted $ (76 827) $ (306 640) $ 61 052 Continuing (95 315) (307 383) 51 273 Discontinued $ 18 488 $ 743 $ 9 779 Denominator Denominator for basic (loss) earnings per share: weighted-average common shares outstanding 56 003 55 963 55 860 Effect of dilutive securities: Stock options - 18 51 Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion 56 003 55 981 55 911 (Loss) Earnings per share: Basic $ (1,37) $ (5,48) $ 1,10 Continuing $ (1,70) $ (5,49) $ 0,92 Discontinued $ 0,33 $ 0,01 $ 0,18 Diluted $ (1,37) $ (5,48) $ 1,09 Continuing $ (1,70) $ (5,49) $ 0,92 Discontinued $ 0,33 $ 0,01 $ 0,17 (Calculation 1) Basic weighted-average common shares outstanding (A) 56 003 55 963 55 860 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 57 119 56 760 56 807 Percent allocated to common shareholders (A) / (B) 98% 99% 99% (A) Certain amounts have been restated to correct the misstatement discussed in Note 1 . Options to purchase 1,331,651 , 864,579 and 660,698 shares of the Company’s common stock at prices ranging from $ 3 . 07 to $11.23 (2020), $6.20 to $11.23 (2019) and $10.59 to $24.46 (2018) per share were outstanding during the year ended June 30, 2020 , 2019 and 2018 , respectively, but were not included in the computation of diluted (loss) earnings per share because the options’ exercise prices were greater than the average market price of the Company’s common shares. The options, which expire at various dates through October 14, 2029, were still outstanding as of June 30, 20 20 . |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jun. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 21 . Supplemental cash flow information The following table presents supplemental cash flow disclosures for the years ended June 30, 2020 , 2019 and 2018 : 21 . Supplemental cash flow information The following table presents supplemental cash flow disclosures for the years ended June 30, 2020 , 2019 and 2018 : 2020 2019 2018 Cash received from interest $ 3 057 $ 5 596 $ 16 835 Cash paid for interest $ 6 050 $ 10 636 $ 8 645 Cash paid for income taxes $ 5 001 $ 13 110 $ 41 065 2020 2019 2018 Cash received from interest $ 3 057 $ 5 596 $ 16 835 Cash paid for interest $ 6 050 $ 10 636 $ 8 645 Cash paid for income taxes $ 5 001 $ 13 110 $ 41 065 Investing activities The transaction referred to in Note 3 under which the Company reduced its shareholding in DNI from 55% to 38% and used the proceeds, of $27.6 million, from the sale to settle its obligation, of $27.6 million, to subscribe for additional shares in DNI was closed using a cashless settlement pro cess. Therefore, the proceeds from sale and the settlement of the obligation to subscribe for additional shares in DNI were not included in net cash provided by investing activities in the Company’s consolidated statement of cash flows fo r the year ended June 30, 2019. The transaction referred to in Note 3 and Note 13 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 proceeds from sale was not included in net cash provided by (used in) investing activities in the Company’s consolidated statement of cash flows for the year ended June 30, 2 019. As disclosed in Note 10 , during the year ended June 30, 2018, the Company agreed to underwrite the Finbond rights offer up to an amount of 55,585,514 shares and utilized a $10.0 million loan due by Finbond to the Company to acquire the 55,585 ,514 Finbond shares. Therefore, as this transaction was net settled in 2018 and there was no transfer of cash between the parties, the repayment of the loan by Finbond and the acquisition of 55,585,514 Finbond shares are not included within net cash provid ed by (utilized) in investing activities in the Company’s consolidated statement of cash flows for the year ended June 30, 2018. Financing activities The transaction referred to in Note 3 and Note 10 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 inc luded 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. Disaggregation of cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash included on the Company’s consolidated statement of cash flows includes restricted cash 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 13 for additional information regarding the Company’s facilities. The following table presents the disaggregation of cash, cash equivalents and restricted cash as of June 30, 2020 , 2019 and 2018 : 2020 2019 2018 Continuing $ 217 671 $ 20 014 $ 57 607 Discontinued - 26 051 32 447 Cash and cash equivalents 217 671 46 065 90 054 Restricted cash 14 814 75 446 - Cash, cash equivalents and restricted cash $ 232 485 $ 121 511 $ 90 054 Leases The following table presents supplemental cash flow disclosure related to leases for the year ended June 30, 2020 : 2020 Cash paid related to short-term leases $ 4 244 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 3 603 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 2 974 |
Operating Segments
Operating Segments | 12 Months Ended |
Jun. 30, 2020 | |
Operating Segments [Abstract] | |
Operating Segments | 22 . 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 reportable segments: South African transaction processing, International tr ansaction processing and Financial inclusion and applied technologies. The South African transaction processing and Financial inclusion and applied technologies segments operate mainly within South Africa while the International transaction processing segm ent operates mainly within South Korea, Hong Kong and the European Union. The Company’s reportable segments offer different products and services and require different resources and marketing strategies and share the Company’s assets. The South African t ransaction 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 throu gh 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 t ransaction processing services performed on their behalf at retailers. Fee income was also earned based on the number of recipient cardholders paid through September 30, 2018. There were no individually significant customers providing more than 10% of tota l revenue during the year s ended June 30, 2020 and 2019 , respectively . This segment had an individually significant customer that accounted for more than 10% of the total revenue of the Company during the year ended June 30, 2018 ( 19 %). During the years en ded June 30, 2020, 2019 and 2018, the operating segment incurred goodwill impairment losses of $ 5.6 million, $ 1.2 million and $ 1.1 million, respectively (refer to Note 10). The International transaction processing segment consists mainly of activities in South Korea from which the Company generate d revenue from the provision of payment processing services to merchants and card issuers. The Company’s South Korean business has been reported as a discontinued operation following its disposal in March 2020 (refer to Note 3 ). Accordingly, t he Company’s South Korean business did not contribute to segment performance during the last four months of the year ended June 30, 20 20 . This segment included 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 up until the sale of our Korean operations . Fees generated from payment services processing and other processing activities by the IPG are included in this segment. During the year ended June 30, 2019 and 2018, the operating segment incurred goodwill impairment loss es of $ 7.0 million and $ 19.9 million, respectively (refer to Note 10). The Financial inclusion and applied technolo gies 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 in surance products through its insurance business. DNI was acquired on June 30, 2018, and w as 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, 2 019. DNI has been reported as a discontinued operation following its disposal of the Company’s controlling interest in March 2019 (refer to Note 3 ). Accordingly, DNI did not contribute to segment performance during the year ended June 30, 2020, the last three months of the year ended June 30, 2019 and during the year ended June 30, 2018. 22 . Operating segments (continued) Operating segments (continued) DNI primarily derive d 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 $ 17.5 million termination fee paid to terminate the Ban k Frick option (refer to Note 10 ) during the year ended June 30, 20 20 , has been allocated to corporate/ elimination . The $ 5.3 million impairment loss related to the impairment of DNI intangible assets (refer to Note 3 ) during the year end ed June 30, 2019, has been allocated to corporate/ elimination. The reconciliation of the reportable segment’s revenue to revenue from external customers for the years ended June 30, 2020 , 2019 and 2018 , respectively, is as follows: Revenue Reportable Segment Corporate/ Eliminations (Note 14) Inter-segment From external customers South African transaction processing $ 73 796 $ 0 $ 7 956 $ 65 840 International transaction processing 90 416 - - 90 416 Continuing 5 041 - - 5 041 Discontinued 85 375 - - 85 375 Financial inclusion and applied technologies 82 342 - 2 226 80 116 Total for the years ended June 30, 2020 246 554 - 10 182 236 372 Continuing 161 179 - 10 182 150 997 Discontinued $ 85 375 $ - $ - $ 85 375 South African transaction processing $ 96 038 $ - $ 6 990 $ 89 048 International transaction processing 148 268 - - 148 268 Continuing 9 842 - - 9 842 Discontinued 138 426 - - 138 426 Financial inclusion and applied technologies 146 184 - 2 801 143 383 Continuing 89 847 - 2 801 87 046 Discontinued 56 337 - - 56 337 Reportable segments 390 490 - 9 791 380 699 Corporate/Eliminations – revenue refund (Note 14) - (19 709) - (19 709) Total for the years ended June 30, 2019 390 490 (19 709) 9 791 360 990 Continuing 195 727 (19 709) 9 791 166 227 Discontinued $ 194 763 $ - $ - $ 194 763 South African transaction processing $ 268 047 $ - $ 29 949 $ 238 098 International transaction processing 180 027 - - 180 027 Continuing 26 713 - - 26 713 Discontinued 153 314 - - 153 314 Financial inclusion and applied technologies 221 906 - 27 142 194 764 Continuing 221 906 - 27 142 194 764 - - Total for the years ended June 30, 2018 669 980 - 57 091 612 889 Continuing 516 666 - 57 091 459 575 Discontinued $ 153 314 $ - $ - $ 153 314 The Company does not allocate interest income, interest expense or income tax expense to its reportable segments. The Company evaluates segment performance based on segment operating income before acquisition-related intangible asset amortization which represents operating income before acquisition -related intangible asset amortization and allocation of expenses allocated to Corporate/Eliminations, all under GAAP. The reconciliation of the reportable segments measures of profit or los s to income before income taxes for the years ended June 30, 2020 , 2019 and 2018 , respectively, is as follows: 2020 2019 (1) 2018 Reportable segments measure of profit or loss $ (20 247) $ (42 692) $ 85 690 Less: Discontinued operations: reportable segments' measure of profit or loss (14 568) (43 739) (17 977) Continuing operations: reportable segments' measure of profit or loss (34 815) (86 431) 67 713 Continuing operations : Operating income - Corporate/Eliminations (9 433) (48 501) (13 904) Change in fair value of equity securities - (167 459) 32 473 Gain on disposal of FIHRST (Note 3) 9 743 - - (Loss) Gain on disposal of DNI interest as an equity method investment (Note 3) (1 010) 177 - Loss on deconsolidation of CPS (Note 3) (7 148) - - Termination fee to cancel Bank Frick option (17 517) - - Interest income 2 805 5 424 16 845 Interest expense (7 641) (9 860) (8 569) Impairment of Cedar Cellular Note - (12 793) - Loss before income taxes $ (65 016) $ (319 443) $ 94 558 (1) - Operating loss: Corporate/Eliminations includes $ 34.0 million related to the accrual referred to in Note 13. The following tables summarize segment information for the years ended June 30, 2020 , 2019 and 2018 : 2020 2019 2018 Revenues South African transaction processing $ 73 796 $ 96 038 $ 268 047 International transaction processing 90 416 148 268 180 027 Continuing 5 041 9 842 26 713 Discontinued 85 375 138 426 153 314 Financial inclusion and applied technologies 82 342 146 184 221 906 Continuing 82 342 89 847 221 906 Discontinued - 56 337 - Total 246 554 390 490 669 980 Continuing 161 179 195 727 516 666 Discontinued 85 375 194 763 153 314 Operating (loss) income South African transaction processing (1) (19 575) (30 771) 42 796 International transaction processing 2 051 2 837 (12 478) Continuing (12 517) (16 502) (30 455) Discontinued 14 568 19 339 17 977 Financial inclusion and applied technologies (1) (2 723) (14 758) 55 372 Continuing (1) (2 723) (39 158) 55 372 Discontinued - 24 400 - Subtotal: Operating segments (20 247) (42 692) 85 690 Corporate/Eliminations (15 217) (70 816) (26 741) Continuing (9 433) (48 501) (13 904) Discontinued (5 784) (22 315) (12 837) Total (1) (35 464) (113 508) 58 949 Continuing (1) (44 248) (134 932) 53 809 Discontinued 8 784 21 424 5 140 Depreciation and amortization South African transaction processing 2 512 3 612 4 625 International transaction processing 4 405 9 962 17 627 Continuing 502 254 750 Discontinued 3 903 9 708 16 877 Financial inclusion and applied technologies 1 368 1 968 1 441 Continuing 1 368 1 355 1 441 Discontinued - 613 - Subtotal: Operating segments 8 285 15 542 23 693 Corporate/Eliminations 5 014 21 807 11 791 Continuing 265 6 882 3 657 Discontinued 4 749 14 925 8 134 Total 13 299 37 349 35 484 Continuing 4 647 12 103 10 473 Discontinued 8 652 25 246 25 011 Expenditures for long-lived assets South African transaction processing 3 443 3 590 3 988 International transaction processing 2 206 3 607 4 397 Continuing 703 664 139 Discontinued 1 503 2 943 4 258 Financial inclusion and applied technologies 289 2 219 1 264 Continuing 289 1 488 1 264 Discontinued - 731 - Subtotal: Operating segments 5 938 9 416 9 649 Corporate/Eliminations - - - Total 5 938 9 416 9 649 Continuing 4 435 5 742 5 391 Discontinued $ 1 503 $ 3 674 $ 4 258 (1) South African transaction processing and Financial inclusion and applied 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 . The segment informatio n as reviewed by the chief operating decision maker does not include a measure of segment assets per segment as all of the significant assets are used in the operations of all, rather than any one, of the segments. The Company does not have dedicated asset s 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, 2020 , 2019 and 2018 , are presented in the table below: Long-lived assets 2020 2019 2018 (as restated) (A) (as restated) (B) South Africa $ 68 521 $ 141 235 $ 493 902 Liechtenstein - investment in Bank Frick (Note 10) 29 739 47 240 48 129 India - investment in MobiKwik (Note 10) 26 993 26 993 26 917 South Korea (Note 3) - 149 390 177 388 Rest of world 9 119 9 739 41 597 Total $ 134 372 $ 374 597 $ 787 933 22 . Operating segment s (continued) (A) The South Africa and total amounts have been restated by $ 2 689 to correct the misstatement discussed in Note 1 . (B) The South Africa and total amounts have been restated by $ 2 540 to correct the misstatement dis cussed in Note 1 . |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 23 . Commitments and contingencies Capital commitments As of June 30, 2020 and 2019 , the Company had outstanding capital commitments of approximately $ 0,1 million and $ 2 . 0 million, respectively. Purchase obligations As of June 30, 2020 and 2019 , the Company had purchase obligations totaling $ 1,7 million and $3.5 million, respectively. The purchase obligations as of June 30, 2020 , primarily include inventory that wil l be delivered to the Company and sold to customers in the second half of calendar 2020. Guarantees The South African Revenue Service and certain of the Company’s customers, suppliers and other business partners have asked the Company to provide them with guarantees, including standby letters of credit, issued by a South African bank. The Company is required to procure these guarantees for these third parties to operate its business. Nedbank has issued guarantees to these third parties amounting to Z AR 93,6 million ($ 5,4 million, translated at exchange rates applicable as of June 30, 2020 ) and thereby utilizing part of the Company’s short-term facility. The Company pays commission of between 0. 4 % per a nnum to 1.94 % per annum of the face value of these guarantees and does not recover any of the commission from third parties. The Company has not recognized any obligation related to these counter-guarantees in its consolidated balance sheet as of June 30, 2020 . The maximum potential amount that the Company could pay under these guarantees is ZAR 93,6 million ($ 5,4 million, translated at exchange rates applicable as of June 30, 2020 ). The guarantees have reduced the amount available for borrowings under the Company’s short-term credit facility described in Note 13 . Contingencies The Company is subject to a variety of other insignificant claims and suits that arise from time to time in the ordinary course of business. Management currently believes that the resolution of these other matters, individually or in the aggregate, will not have a material adverse impact on the Company’s financial position, results of operations or cash flows. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 24 . Related party transactions A subsidiary, 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 befor e the Managing Director became an executive officer of the Company. This relationship was disclosed to the Company during the due diligence process and was considered by the Company’s management to be critical to the ongoing operations of Transact24. The c ompany controlled by the spouse of the managing director perform ed transaction processing and Transact24 provides technical and administration services to the company. These services ceased during the year ended June 30, 2019. The Company has recorded rev enue of approximately $ 0 .4 million and $ 4. 4 million related to this relationship during the years ended June 30, 201 9 and 201 8 , respectively. Transact24’s Managing Director has an indirect interest in these transactions as a result of his relationship with his spouse, with an approximate value of $ 0. 1 million and $ 0.3 million during the years ended June 30, 2019 and 2018, respectively. No amounts were due to the Company as of June 30, 2019. |
Unaudited Quarterly Results
Unaudited Quarterly Results | 12 Months Ended |
Jun. 30, 2020 | |
Quarterly Financial Results [Abstract] | |
Quarterly Financial Results | 25 . UNAUDITED QUARTERLY RESULTS The following tables contain selected unaudited consolidated statements of operations information for each quarter of fiscal 2020 and 2019 : Three months ended Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 June 30, 2020 (In thousands except per share data) Revenue $ 25 978 $ 36 514 $ 40 567 $ 47 938 $ 150 997 Operating loss (13 180) (14 212) (10 420) (6 436) (44 248) Net (loss) income attributable to Net1 (38 880) (34 881) (205) (4 392) (78 358) Continuing (38 601) (48 361) (2 925) (7 327) (97 214) Discontinued $ (279) $ 13 480 $ 2 720 $ 2 935 $ 18 856 Net (loss) income per share, in United States dollars Basic (loss) earnings attributable to Net1 shareholders $ (0,68) $ (0,61) $ - $ (0,08) $ (1,37) Continuing $ (0,68) $ (0,85) $ (0,05) $ (0,13) $ (1,70) Discontinued $ (0,00) $ 0,24 $ 0,05 $ 0,05 $ 0,33 Diluted (loss) earnings attributable to Net1 shareholders $ (0,69) $ (0,62) $ - $ (0,08) $ (1,37) Continuing $ (0,69) $ (0,86) $ (0,05) $ (0,13) $ (1,70) Discontinued $ (0,00) $ 0,24 $ 0,05 $ 0,05 $ 0,33 Three months ended Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 June 30, 2019 (as restated) (A) (as restated) (A) (as restated) (A) (In thousands except per share data) Revenue (Q4 includes $19,709 refund) $ 17 053 $ 36 586 $ 42 042 $ 70 546 $ 166 227 Operating (loss) income (52 356) (23 776) (51 465) (7 335) (134 932) Net (loss) income attributable to Net1 (183 048) (58 819) (63 941) (5 199) (311 007) Continuing (184 320) (51 050) (66 723) (9 668) (311 761) Discontinued $ 1 272 $ (7 769) $ 2 782 $ 4 469 $ 754 Net (loss) income per share, in United States dollars Basic (loss) earnings attributable to Net1 shareholders $ (3,22) $ (1,03) $ (1,12) $ (0,09) $ (5,48) Continuing $ (3,24) $ (0,90) $ (1,17) $ (0,17) $ (5,49) Discontinued $ 0,02 $ (0,13) $ 0,05 $ 0,08 $ 0,01 Diluted (loss) earnings attributable to Net1 shareholders $ (3,27) $ (1,04) $ (1,13) $ (0,09) $ (5,48) Continuing $ (3,29) $ (0,91) $ (1,18) $ (0,17) $ (5,49) Discontinued $ 0,02 $ (0,13) $ 0,05 $ 0,08 $ 0,01 ( A) Certain amounts have been restated to correct the misstatement s discussed in Note 1 . The impact of the restatement s for the year ended June 30, 201 9 , ha ve been recorded during the three months ended June 30, 201 9 and March 31, 2019, respectively . |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Policy) | 12 Months Ended |
Jun. 30, 2020 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Description of Business | 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 provider of financial technology, or fintech, products and services to the u nbanked 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 (banking, lending and insurance products) , 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, and provides mobile telephone top-up transactions for the major South African mobile carriers. 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) to introduce products to new customers and geographies. |
Basis of presentation | Basis of presentation The accompanying consolidated financial statements include subsidiaries over which Net1 exercises control and have been prepared in accordance with acc ounting principles generally accepted in the United States of America (“GAAP”). |
Impact Of COVID-19 On The Company's Business | Impact of COVID-19 on the Company’s business On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. The Company’s operations were impacted by govern ment-imposed restrictions to contain the spread of the COVID-19 pandemic. Specifically, on March 27, 2020, the South African government imposed certain emergency measures to combat the spread of COVID-19, including implementation of travel bans and closure s of factories, schools, public buildings, and businesses. In addition to limiting movement of employees and access to the Company’s corporate head office and operating branches, the following restrictions directly impacted the Company’s South African oper ations: (i) suspension of new lending and other financial services activities, and (ii) limitations on the amount of banking-related fees that may be charged to customers. These measures continued until May 31, 2020 when the restrictions highlighted above as directly affecting the Company were eased. Nevertheless, as the date of this report, South Africa remains under various lockdown restrictions that affect the broader economy and these affect the Company to the extent they affect activity levels in the South African economy. The broader implications of COVID-19 on the Company’s results of operations and overall financial performance remain uncertain. The COVID-19 pandemic and its adverse effects have become more prevalent in the locations where the Com pany, its customers, suppliers or third-party business partners conduct business. While the Company has not incurred significant disruptions thus far from the COVID-19 outbreak, apart from the two months when loan origination was curtailed, the Company is unable to accurately predict the impact that COVID-19 will have due to numerous uncertainties, including the severity and duration of the outbreak, actions that may be taken by governmental authorities, the impact on the Company’s customers and other facto rs. The Company will continue to evaluate the nature and extent of the impact on its business, consolidated results of operations, and financial condition. |
Resolution Of Going Concern Risk | Resolution of going concern risk As previously reported, the Company’s management implemented a number of plans to alleviate the substantial doubt about the Company’s ability to continue as a going concern including the disposal of its March 2020 Korean business unit (refer to Note 3 ) and its April 2020 sale of its remaining interest in DN Invest Proprietary Limited (“DNI”) (refer to Note 10 ) . The cash received from the disposal of its Korean business unit in March 2020 resulted in the resolution of the going concern risk . T he Company’s management has determined that there are no 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 these consolidated financial statem ents are issued as the Company believes it has sufficient cash reserves. |
Restatement Of Financial Statements | 1 . DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (continued) Restatement of financial statements Related to DNI discontinued operations presentation Subsequent t o the issuance of the Company’s Annual Report on Form 10-K for the year ended June 30, 2019 and its Quarterly Reports on Form 10-Q for the three months ended September 30, 2019 and the three and nine months ended March 31, 2019, it determined that its pres entation of the discontinued operations of DNI in the consolidated statements of operations included in those filings was incorrect. In these previous filings, the gross amounts of DNI’s operations upon classification as a discontinued operation remained i n the consolidated statements of operations which totalled to net (loss) income. Two captioned lines below net (loss) income were presented to show the composition of the net (loss) income between continuing and discontinued operations and the details of a mounts relating to DNI’s discontinued operations were separately disclosed in a note. The correct presentation removes the gross amounts of a discontinued operation from the consolidated statements of operations, which totals to the net (loss) income from continuing operations before presenting net income from discontinued operations and then totalling to net (loss) income. The Company has revised the previous presentations on the consolidated statements of operations for the years ended June 30, 2019 , an d June 30, 2018 , and corrected them in this filing where these amounts are presented as comparative prior period amounts. The impact of these revisions has reduced each of the previously-presented line items in the consolidated statements of operations pre ceding net income by the amounts shown in the note disclosure for DNI’s discontinued operations. The revisions had no effect on previously presented net (loss) income, net (loss) income from continuing operations, net income from discontinued operations or the note disclosures for DNI’s discontinued operations, excluding the effects of the disposal of Net1 Korea and the error relating to the release of the foreign currency translation reserve on deconsolidation of DNI. Related to error identified – release of entire foreign currency translation reserve on deconsolidation of DNI in March 2019 In May 2020, the Company identified an error during its assessment of the accounting related to the disposal of its remaining interest in DNI in April 2020. The error relates to the misapplication of U.S. GAAP as the Company was required to release the full amount of DNI’s foreign currency translation reserve from accumulated other comprehensive loss to net income when it deconsolidated DNI in March 2019. The Com pany only released a portion of the foreign currency translation reserve related to the sale of 17 % of DNI in March 2019, refer to Note 3 , and should have released an additional $ 4.0 million in March 2019 . During the three months ended June 30, 2 019, the Company also sold an additional interest in DNI, refer to Note 3 , and released a portion ($ 0.8 million) of the $4.0 million during this period. Therefore, the error as of June 30, 2019, was $ 3.2 million. The error impacts the Company’s r eported results and the Company has restated its financial statements for the year ended June 30, 2019 to correct for the error. Related to Finbond error reported in its fiscal 2020 annual report On May 29 , 20 20 , Finbond released its February 20 20 summarized annual results and announced that it had identified a number of error s in its previously issued audited financial statements and had restated those audited financial statements. The Finbond restatement impacts the Comp any’s reported results and the Company has restated its 201 9 and 201 8 financial statements to correct for the Finbond restatement. The errors identified by Finbond relate to (i) an ageing issue within one of its subsidiary’s loan management system, which p rompted a broader review of its management systems and which further resulted in the identification of a lending book that was incorrectly recognized; (ii) the impairment of goodwill following the identification of errors in (i); and (iii) the identificati on of certain liabilities that should have been recognized in prior periods. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Jun. 30, 2020 | |
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 entit ies 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 entities were required to be consolidated as a result of these requirements during the years ended June 30, 2020 , 2019 and 2018 . |
Business Combinations | Business combinations The Company accounts for its business acquis itions 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 method s 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 o f 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 r equires 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 du ring 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. 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 inco me 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 se lling, 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 , refer to Note 13 . |
Allowance For Doubtful Accounts Receivable | Allowa nce 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 and interest if a borrower is in arrears with repayments for more than three months or dies. The Company writes off working capital finance rece ivables 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 lik ely 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 or S IM cards 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 and the payment history of the customer 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. |
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 eq uipment 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 betwee n the sales proceeds and the carrying amount of the asset and is recognized in income. |
Leases | Leases The Company determines whether an arrangement is a leas e at inception. Operating leases are included in operating lease right-of-use assets (“ROU”), operating l ease liability - current, and operating lease liability – long term in its con solidated balance sheets. The Company does not have any significant finance leases as of June 30, 2020 and 2019, respectively, but its policy is to include finance leases in property and equipment, other payables, and other long-term liabilities in its con solidated balance sheets. A ROU asset represents the Company’s right to use an underlying asset for the lease term and the lease liabilities represent its obliga tion to make lease payments arising from the lease arrangement. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company generally use s its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease pre payments made and excludes lease incentives. The terms of the Company’s lease arrangements may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease paym ents is recognized on a straight-line basis over the lease term. The Company does not recognize right-of-use assets and lease liabilities for lease arrangements with a term of twelve months or less . The Company accounts for all components in a lease arrangement as a single combined lease component. Costs incurred in the adaptation of leased properties to serve the requirements of the Company (leasehold improvements) are capitalized and amortized ove r the shorter of the estimated useful life of the asset and the remaining term of the lease. |
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 t he 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 Com pany’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 co mprehensive 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 n ot 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 o f 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 i nvestment 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 a n 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 t hat 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 so ld 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 year s 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 equ ity 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 whi ch 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 debt securiti es that were classified as trading securities as of June 30, 20 20 and 201 9 , respectively. 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 cl assified 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, 20 20 and 201 9 , 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 maturi ty 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 wit h 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, 20 20 and 201 9 , respectively, refer to Note 10 . 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 carrying amount 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, the impairment loss is split between a credit loss and a non-credit loss for debt securities that the Company determines that it does not intend to sell or that it is more likely than not that it will not be required to sell the debt securit ies before the recovery of the amortized cost basis. 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 po rtion, 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 f air 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 s ended June 30, 20 20 and 2019, respectively . The Company performs a qualitative assessment on a quarterly basis and recognizes an im pairment 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 mode l 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 or more of the insurance contracts it issues. The expected benefits to which the Company is entitled under its reinsurance contracts held are recognized as reinsurance assets. These assets consist of short-ter m 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 r einsurance 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 impair ment 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 consolid ated 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 carryi ng 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 than 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 o f 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 revenu e 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 acc ounts 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. Len ding 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 r ate 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 co ntractual 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 r evenue 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 distribut e 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 ser vices 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 s . 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 t he 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 clarif ied 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 have not reached agreement 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 t he 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 g uidance 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 did not record any additional revenu e during the year ended June 30, 2020 and 2019, respectively, 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 expect ed to record any additional revenue once there wa s agreement between the Company and SASSA on the fee . However, agreement had not been reached by May 31, 2020, and following the deconsolidation of CPS, refer to Note 3 , any additional revenue earned by CPS after June 1, 2020, would not be included in the Company’s consolidated financial statements and therefore this matter is no longer considered an area of judgment . 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 developmen t expenditure is charged to net income in the period in which it is incurred. During the years ended June 30, 2020 , 2019 and 2018 , the Company incurred research and development expenditures of $ 1,6 million, $ 0,7 million and $ 0,8 million, respectively. |
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 feasibi lity 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 rec ognized 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, 2020 , 2019 and 2018 , using the enacted statutory tax rate in South Africa of 28%. In establishing the appropriate deferred tax asset valuation allowances, the Company assesses the realizabi lity 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 re cognized 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, th e 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% likely of being realized based on a cumulative probability assessment of the possib le outcomes. The Company’s policy is to include interest related to unrecognized tax benefits in interest expense and penalties in selling, general and administration in the consolidated statements of operations. The Company has elected the period cost me thod 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 gran ted. 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 de ductions 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 fina ncial 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 repre sents 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 r equisite 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 r eporting 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) , up until the sale of FIHRST, refer to Note 3 , 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) , up until the expiration of the SASSA contract on September 30, 2018, 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 disburs e 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) , up until the sale of FIHRST, amounts that the Company is obligated to pay to customer employees, payroll-related payees and other payees designated by the customer, and (3), up until the expiration of the SASSA contract on September 30, 2018, 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 pron ouncements adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued guidance regarding Leases . The guidance increases transparency and comparability among organizations by requiring the recognition of lease assets and lease liabi lities 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 en abling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance was effective for the Company beginning July 1, 2019. Refer to Note 9 for the impact of the adoption of this guidance on its consolidated financial statements. |
Recent Accounting Pronouncements Not Yet Adopted As Of June 30, 2020 | Recent accounting pronouncements not yet adopted as of June 30, 2020 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 receiv ables, 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 availabl e-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. T his guidance is effective for the Company beginning July 1, 202 3 . The Company is currently assessing the impact of this guidance on its financial statements and related disclosures , but does not expect the impact on its financial results to be significant . In August 2018, the FASB issued guidance regarding Disclosure Framework: Change s 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, 202 1 . Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statement’s disclosure. In November 2019, the FASB issued guidance regarding Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging(Topic 815), and Leases (Topic 842). The guidance provides a framework to stagger effective dates for future major accounting standards and amends the effective dates for certain major new accounting standards to give implementation relief to certain types of entities, including Smaller Reportin g Companies. The Company is a Smaller Reporting Company. Specifically, the guidance changes some effective dates for certain new standards on the following topics in the FASB Codification, namely Derivatives and Hedging (ASC 815 HYPERLINK "https://dart.deloitte.com/USDART/home/publications/deloitte/heads-up/2019/fasb-effective-dates-deferral-asus" \l "SL596719624-497500" 2 ); Leases (ASC 842); Financial Instruments — Credit Losses (ASC 326); and Intangibles — Goodwill and Other (ASC 350). The guidance def ers the adoption date of guidance regarding Measurement of Credit Losses on Financial Instruments by the Company from July 1, 2020 to July 1, 2023, and defers the adoption guidance regarding Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement by the Company from July 1, 2020 to July 1, 2021. In January 2020, the FASB issued guidance regarding Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815. The guidance clarifies that an entity should consider observable transactions that require an entity to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with U.S GAAP guidan ce immediately before applying or upon discontinuing the equity method. The guidance also clarifies that, when determining the accounting for certain forward contracts and purchased options an entity should not consider, whether upon settlement or exercise , if the underlying securities would be accounted for under the equity method or fair value option. This guidance is effective for the Company beginning July 1, 2021. Early adoption is permitted. The Company is currently assessing the impact of this guidan ce on its financial statement’s disclosure. |
Description Of Business And B_3
Description Of Business And Basis Of Presentation (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Impact Of The Restatement On Financial Statements | Consolidated balance sheet June 30, 2019 As reported Correction - DNI Correction - Finbond As restated (in thousands) Equity-accounted investments $ 151 116 $ - $ (2 689) $ 148 427 Total assets 672 936 - (2 689) 670 247 Deferred tax liabilities 1 926 - (602) 1 324 Total liabilities 245 835 - (602) 245 233 Accumulated other comprehensive loss (199 273) 3 227 234 (195 812) Retained earnings 528 576 (3 227) (2 321) 523 028 Total equity $ 319 429 $ - $ (2 087) $ 317 342 Consolidated statement of operations Year ended June 30, 2019 As reported Correction - DNI Correction - Finbond As restated (in thousands, except per share data) Gain on disposal of DNI $ (631) $ 808 $ - $ 177 Loss before income tax (320 251) 808 - (319 443) Income tax benefit (5 025) - (47) (5 072) Net loss before earnings from equity-accounted investments (315 226) 808 47 (314 371) Earnings from equity-accounted investments 1 467 - (209) 1 258 Net loss from continuing operations (313 759) 808 (162) (313 113) Loss on disposal of discontinued operation, net of tax (5 140) (4 035) - (9 175) Net loss (305 269) (3 227) (162) (308 658) Net loss attributable to Net1 (307 618) (3 227) (162) (311 007) Continuing (312 407) 808 (162) (311 761) Discontinued $ 4 789 $ (4 035) $ - $ 754 Basic (loss) income per share attributable to Net1 shareholders $ (5,42) $ (0,06) $ (0,00) $ (5,48) Continuing $ (5,50) $ 0,01 $ (0,00) $ (5,49) Discontinued $ 0,08 $ (0,07) $ - $ 0,01 Diluted (loss) income per share attributable to Net1 shareholders $ (5,42) $ (0,06) $ (0,00) $ (5,48) Continuing $ (5,50) $ 0,01 $ (0,00) $ (5,49) Discontinued $ 0,08 $ (0,07) $ - $ 0,01 Year ended June 30, 2018 As reported Correction - DNI Correction - Finbond As restated (in thousands, except per share data) Income tax expense $ 45 729 $ - $ (623) $ 45 106 Net income before earnings from equity-accounted investments 48 829 - 623 49 452 Earnings from equity-accounted investments 4 592 - (2 782) 1 810 Net income from continuing operations 53 421 - (2 159) 51 262 Net income 63 366 - (2 159) 61 207 Net income attributable to Net1 64 246 - (2 159) 62 087 Continuing 54 301 - (2 159) 52 142 Discontinued $ 9 945 $ - $ - $ 9 945 Basic income (loss) per share attributable to Net1 shareholders $ 1,13 $ - $ (0,04) $ 1,10 Continuing $ 0,95 $ - $ (0,04) $ 0,92 Discontinued $ 0,18 $ - $ - $ 0,18 Diluted income (loss) per share attributable to Net1 shareholders $ 1,13 $ - $ (0,04) $ 1,09 Continuing $ 0,96 $ - $ (0,04) $ 0,92 Discontinued $ 0,17 $ - $ - $ 0,17 Consolidated statement of comprehensive (loss) income Year ended June 30, 2019 As reported Correction - DNI Correction - Finbond As restated (in thousands) Net loss $ (305 269) $ (3 227) $ (162) $ (308 658) Movement in foreign currency translation reserve (26 194) - 46 (26 148) Release of foreign currency translation reserve related to disposal of DNI 2 452 3 227 - 5 679 Total other comprehensive loss (19 491) 3 227 46 (16 218) Comprehensive loss (324 760) - (116) (324 876) Comprehensive loss attributed to Net1 $ (322 353) $ - $ (116) $ (322 469) Year ended June 30, 2018 As reported Correction - DNI Correction - Finbond As restated (in thousands) Net income $ 63 366 $ - $ (2 159) $ 61 207 Comprehensive income 41 466 - (1 971) 39 495 Comprehensive income attributed to Net1 $ 42 444 $ - $ (1 971) $ 40 473 Consolidated statement of changes in equity Retained earnings Accumulated other comprehensive loss (in thousands) As reported – June 30, 2018 $ 836 194 $ (184 538) Correction of misstatement - Finbond (2 159) 188 As restated – June 30, 2018 834 035 (184 350) As reported – June 30, 2019 528 576 (199 273) Correction of misstatement - DNI (3 227) 3 227 Correction of misstatement - Finbond (2 321) 234 As restated – June 30, 2019 $ 523 028 $ (195 812) Consolidated statement of cash flows Year ended June 30, 2019 As reported Correction - DNI Correction - Finbond As restated (in thousands) Net loss $ (305 269) $ (3 227) $ (162) $ (308 658) Loss from equity-accounted investment (1 482) - 209 (1 273) Loss on disposal of discontinued operation 5 140 4 035 - 9 175 Gain on disposal of DNI 631 (808) - (177) (Decrease) Increase in deferred taxes $ (11 705) $ - $ (47) $ (11 752) Year ended June 30, 2018 As reported Correction - DNI Correction - Finbond As restated (in thousands) Net income $ 63 366 $ - $ (2 159) $ 61 207 Earnings from equity-accounted investment (11 597) - 2 782 (8 815) Increase (Decrease) in deferred taxes $ 5 936 $ - $ (623) $ 5 313 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule Of Property, Plant And Equipment Expected Economic Lives | Computer eq uipment 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 year s Exclusive licenses 7 years Trademarks 3 to 20 years |
Acquisitions, Dispositions An_2
Acquisitions, Dispositions And Discontinued Operations (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Net1 Korea [Member] | |
Impact Of Deconsolidation And Calculation Of Net Gain Recognized On Deconsolidation | Net1 Korea March 2020 Proceeds from disposal of Net1 Korea, net of cash disposed $ 192 619 Add: Cash and cash equivalents disposed 23 473 Add: Cash withheld by purchaser to settle South Korean taxes (1) 21 128 Fair value of consideration received 237 220 Less: carrying value of Net1 Korea, comprising 200 843 Cash and cash equivalents 23 473 Accounts receivable, net 30 467 Finance loans receivable, net 13 695 Inventory 2 377 Property, plant and equipment, net 7 601 Operating lease right of use asset 181 Goodwill (Note 11) 107 964 Intangible assets, net 4 655 Deferred income taxes assets 1 719 Other long-term assets 10 984 Accounts payable (5 484) Other payables (5 523) Operating lease lease liability - current (69) Income taxes payable (3 481) Deferred income taxes liabilities (1 497) Operating lease liability - long-term (112) Other long-term liabilities (335) Released from accumulated other comprehensive income – foreign currency translation reserve (Note 16) 14 228 Settlement assets 44 111 Settlement liabilities (44 111) Gain recognized on disposal, before transaction costs and tax 36 377 Transaction costs (2) 8 644 Gain recognized on disposal, before tax 27 733 Taxes related to gain recognized on disposal (1) 15 279 Gain recognized on disposal, after tax $ 12 454 ( 1 ) Represents taxes to be paid related to the disposal of Net1 Korea. The Company also agreed that the purchaser withhold capital gains taxes of $ 19. 9 million (approximately KRW 23.8 billion) and non-refundable securities transaction taxes of $ 1.2 million (approximately KRW 1.4 billion), for a total withholding of $ 21.1 million, from the purchase price and pay such amount s , on behalf of Net1 BV, to the South Korean tax authorities. Net1 BV has commenced the process to approach the South Korean tax authorities in order to claim a refund, in full, of the capital gains taxes withheld. The Company has included the expected amount to be refunded in the caption Accounts receivable, net and other rece ivables i n its consolidated balance sheet as of June 30, 2020 , refer also to Note 5 . ( 2 ) Transaction costs include expenses incurred by the Company of $ 7.5 million directly related to the disposal of Net1 Korea and pai d in cash and a non-refundable securities transfer tax of approximately $1.2 million which was also withheld from the purchase price and paid to the South Korean tax authorities directly by the purchaser . |
Schedule Of Balances Included On Condensed Consolidated Balance Sheet | Net1 Korea June 30, 2019 Current assets of discontinued operation $ 117 842 Cash and cash equivalents 26 051 Accounts receivable, net 41 359 Finance loans receivable, net 9 650 Inventory 1 826 Settlement assets 38 956 Long-term assets of discontinued operation 149 390 Property, plant and equipment, net 10 327 Goodwill (Note 11) 112 071 Intangible assets, net 9 661 Deferred income taxes assets 1 917 Other long-term assets 15 414 Current liabilities of discontinued operation 57 815 Accounts payable 7 139 Other payables 6 827 Income taxes payable 4 893 Settlement liabilities 38 956 Long-term liabilities of discontinued operation 3 264 Deferred income taxes liabilities 2 756 Other long-term liabilities $ 508 |
FIHRST [Member] | |
Impact Of Deconsolidation And Calculation Of Net Gain Recognized On Deconsolidation | FIHRST December 31, 2019 Proceeds from disposal of FIHRST, net of cash disposed $ 10 895 Add: Cash and cash equivalents disposed 854 Fair value of consideration received 11 749 Less: carrying value of FIHRST, comprising 1 870 Cash and cash equivalents 854 Accounts receivable, net 367 Property, plant and equipment, net 64 Goodwill (Note 11) 599 Intangible assets, net 30 Deferred income taxes assets 42 Accounts payable (7) Other payables (1 437) Income taxes payable (220) Released from accumulated other comprehensive income – foreign currency translation reserve (Note 16) 1 578 Settlement assets 17 406 Settlement liabilities (17 406) Gain recognized on disposal, before tax 9 879 Taxes related to gain recognized on disposal, comprising: - Capital gains tax 2 654 Release of valuation allowance related to capital losses previously unutilized (1) (2 654) Transaction costs 136 Gain recognized on disposal, after tax $ 9 743 (1) Net1 SA recorded a valuation allowance related to capital losses previously generated but not utilized. A portion of these unutilized capital losses w as utilized as a result of the disposal of FIHRST and , therefore , the equivalent portion of the valuation allowance created was released. |
DNI [Member] | |
Schedule Of Cash Paid Net Of Cash Received Related To Acquisition Of DNI | 2018 DNI (1) $ 6 202 Total cash paid, net of cash received $ 6 202 (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. |
Summary Of Fair Value Of DNI Intangible Assets Acquired And Weighted-Average Amortization Period | Fair value as of acquisition date Weighted-average amortization period (in years) Finite-lived intangible asset: Acquired during the year ended June 30, 2018: DNI – customer relationships acquired $ 97 255 5 – 15 DNI – software and unpatented technology 2 609 5 DNI – trademarks $ 4 139 5 |
Impact Of Deconsolidation And Calculation Of Net Gain Recognized On Deconsolidation | DNI (as restated, refer to Note 1) Equity method investment as of June 30, 2019 Total 17% sold 8% retained interest sold in May 2019 30% retained interest Attributed to non-controlling interest Fair value of consideration received $ 27 626 $ 27 626 $ - $ - $ - Fair value of retained interest 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 Less: carrying value of DNI, comprising 199 930 38 346 14 540 58 110 88 934 Cash and cash equivalents 2 114 354 158 633 969 Accounts receivable, net 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 242 41 19 72 110 Goodwill 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 (10 150) (1 700) (760) (3 039) (4 651) Released from accumulated other comprehensive income – foreign currency translation reserve (as restated) (Note 1 and Note 16) 5 841 5 841 - - - Loss recognized on disposal, before tax, comprising (9 175) (10 720) 309 1 236 - Related to sale of 17% of DNI (10 720) (10 720) - - Related to fair value adjustment of retained interest in 38% of DNI 1 545 - 309 1 236 Taxes related to gain recognized on disposal (3) - 505 (3 836) 3 331 Loss recognized on disposal of discontinued operation, after tax (as restated) $ (9 175) $ (11 225) $ 4 145 $ (2 095) (1 ) The fair value of the retained interest in 38% of DNI 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 provided a valuation allowance of $ 1.5 million against this capital loss because it d id not have any capital gains to offset against this amount at the time . 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 was 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) . |
Schedule Of Balances Included On Condensed Consolidated Balance Sheet | DNI - discontinued operations as of June 30, 2018 Initial Amended DNI PPA Amendment DNI PPA Current assets: $ 22 482 $ - $ 22 482 Cash and cash equivalents 2 979 - 2 979 Accounts receivable 16 235 - 16 235 Finance loans receivable 742 - 742 Inventory 2 526 - 2 526 Long-term assets: 242 704 (1 951) 240 753 Property, plant and equipment 1 317 - 1 317 Equity-accounted investment 339 - 339 Goodwill 114 161 5 017 119 178 Intangible assets 104 003 (6 968) 97 035 Deferred tax assets 1 536 - 1 536 Other long-term assets 21 348 - 21 348 Current liabilities: (20 914) - (57 350) Accounts payables (13 949) - (13 949) Other payables (6 349) - (6 349) Current portion of long-term borrowings (616) - (616) Long-term liabilities: (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 (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 sharehold ers, 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 expected DNI to pay, and to be reimbursed, the additional amount during the first quarter of the year ended June 30, 2020, which expected amount represe nted 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 max imum 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 pres ent value as of June 30, 2018. Utilization of different inputs, or changes to these inputs, may have resulted in significantly higher or lower fair value measurement. |
Schedule Of Revenues And Expenses After DNI Disposal Transaction | DNI Years ended June 30, 2020 2019 Revenue generated from transactions with DNI $ - $ - Expenses incurred related to transactions with DNI $ 2 902 $ 63 |
DNI [Member] | Customer Relationships [Member] | |
Impact Of Reversal On Condensed Consolidated Statement Of Operation | 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 |
DNI And Net1 Korea [Member] | |
Schedule Of Major Captions That Have Not Been Separately Presented On Related To Discontinued Operation | 2020 2019 2018 Total (Net1 Korea) Total Net1 Korea DNI Total Net1 Korea DNI Consolidated statement of operations Discontinued: Revenue $ 85 375 $ 194 763 $ 138 426 $ 56 337 $ 153 314 $ 153 314 $ - Cost of goods sold, IT processing, servicing and support 37 377 85 652 57 984 27 668 60 982 60 982 - Selling, general and administration 30 562 57 136 53 479 3 657 57 567 57 567 - Depreciation and amortization 8 652 25 246 17 220 8 026 25 011 25 011 - Impairment loss - 5 305 - 5 305 - - - Operating income 8 784 21 424 9 743 11 681 9 754 9 754 - Interest income 678 1 805 1 098 707 1 040 1 040 - Interest expense 106 864 52 812 372 372 - Net income before tax 9 356 22 365 10 789 11 576 10 422 10 422 - Income tax expense 2 954 8 750 4 989 3 761 2 868 2 868 - Net income before earnings from equity-accounted investments 6 402 13 615 5 800 7 815 7 554 7 554 - Earnings from equity-accounted investments (1) - 15 - 15 7 005 - 7 005 Net income from discontinued operations $ 6 402 $ 13 630 $ 5 800 $ 7 830 $ 14 559 $ 7 554 $ 7 005 Consolidated statement of cash flows Discontinued: Total net cash provided by operating activities (2)(3) $ 3 758 $ 11 976 $ 5 341 $ 6 635 $ 25 939 $ 24 174 $ 1 765 Total net cash provided by (used) in investing activities (3) $ 1 524 $ (6 816) $ (6 300) $ (516) $ (8 270) $ (8 270) $ - ( 1 ) Earnings from equity-accounted investments for the year 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 10 ). ( 2 ) 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 10 ) from DNI while it was accounted for using the equity method during t he three months ended June 30, 2019. ( 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. |
CPS [Member] | |
Impact Of Deconsolidation And Calculation Of Net Gain Recognized On Deconsolidation | CPS May 2020 Fair value of consideration received $ - Less: carrying value of CPS, comprising (68) Cash and cash equivalents 328 Accounts receivable, net 303 Inventory 12 Property, plant and equipment, net 236 Goodwill (Note 11) - Deferred income taxes assets (Note 19) - Accounts payable (238) Other payables (33 160) Released from accumulated other comprehensive income – foreign currency translation reserve (Note 16) 32 451 Loss recognized on deconsolidation, before tax 68 Intercompany accounts written off/ provided for (1) 7 216 Taxes related to loss recognized on deconsolidation, comprising: - Capital loss generated upon deconsolidation (2) 5 399 Valuation allowance related to capital losses generated upon deconsolidation (2) (5 399) Loss recognized on deconsolidation, after tax $ 7 148 ( 1) Certain of the Company’s subsidiaries had funds due from CPS as of May 31, 2020. The Company has written these amounts off as it does not believe that they are recoverable . (2) The Company recorded a deferred tax asset related to the capital loss generated on deconsolidation of CPS. The Company is only able to claim the capital loss for South African capital gains tax purposes once it deregisters or disposes of its interest in CPS. T he Company has recorded a valuation allowance related to the full CPS capital loss deferred tax asset recognized because it does not believe that this capital loss will be utilized in the foreseeable future . |
Accounts Receivable, Net And _2
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net [Abstract] | |
Schedule Of Accounts Receivable, Net And Other Receivables | June 30, June 30, 2020 2019 Accounts receivable, trade, net $ 8 458 $ 12 637 Accounts receivable, trade, gross 8 711 13 298 Allowance for doubtful accounts receivable, end of period 253 661 Beginning of period 661 678 Reversed to statement of operations (155) (22) Charged to statement of operations 181 3 118 Utilized (151) (3 059) Deconsolidation (178) (38) Foreign currency adjustment (105) (16) Taxes refundable related to sale of Net1 Korea (Note 3) 19 796 - Loans provided to Carbon 3 000 3 000 Current portion of amount outstanding related to sale of remaining interest in DNI (Note 10) 2 756 - Loan provided to DNI - 4 260 Other receivables 9 058 11 238 Total accounts receivable, net $ 43 068 $ 31 135 |
Schedule Of Finance Loans Receivable, Net | June 30, June 30, 2020 2019 Microlending finance loans receivable, net $ 15 879 $ 20 981 Microlending finance loans receivable, gross 17 737 24 180 Allowance for doubtful finance loans receivable, end of period 1 858 3 199 Beginning of period 3 199 4 239 Reversed to statement of operations (492) - Charged to statement of operations 1 211 28 802 Utilized (1 451) (29 721) Foreign currency adjustment (609) (121) Working capital finance loans receivable, net - - Working capital finance loans receivable, gross 5 800 5 800 Allowance for doubtful finance loans receivable, end of period 5 800 5 800 Beginning of period 5 800 12 037 Charged to statement of operations - 748 Utilized - (6 985) Total accounts receivable, net $ 15 879 $ 20 981 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Inventory [Abstract] | |
Schedule Of Inventory | June 30, June 30, 2020 2019 Finished goods $ 15 618 $ 5 709 Finished goods subject to sale restrictions 4 242 - $ 19 860 $ 5 709 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
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 21% over the period of the forecast Long term growth rate: 3% (4,5% as of June 30, 2019) Marketability discount: 10% Minority discount: 15% Net adjusted external debt - June 30, 2020: (1) ZAR 15,8 billion ($0,9 billion), includes R4,4 billion of lease liabilities Net adjusted external debt - June 30, 2019: (2) ZAR 13,9 billion ($1,0 billion), includes R6,4 billion of lease liabilities Deferred tax (incl, assessed tax losses) - June 30, 2020: (1) ZAR 2,9 billion ($167,3 million) Deferred tax (incl, assessed tax losses) - June 30, 2019: (2) ZAR 2,9 billion ($205,9 million) (1) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2020 . ( 2 ) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2019 . |
Schedule Of Impact On Carrying Value Of Cell C Investment | Sensitivity for fair value of Cell C investment 3.0% increase (A) 2.0% decrease (A) WACC rate $ - $ 1 680 EBITDA margin $ 2 528 $ - |
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, 2020 , according to the fair value hierarchy: Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Investment in Cell C $ - $ - $ - $ - Related to insurance business: Cash, cash equivalents and restricted cash (included in other long-term assets) 490 - - 490 Fixed maturity investments (included in cash and cash equivalents) 4 198 - - 4 198 Total assets at fair value $ 4 688 $ - $ - $ 4 688 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (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 Total assets at fair value $ 5 820 $ - $ - $ 5 820 |
Carrying Value Of Assets And Liabilities Measured On Recurring Basis | Carrying value Assets Balance as of June 30, 2019 $ - Foreign currency adjustment (1) - Balance as of June 30, 2020 $ - (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 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 (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. |
Property, Plant And Equipment_2
Property, Plant And Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Property, Plant And Equipment, Net [Abstract] | |
Schedule Of Property, Plant And Equipment, Net | June 30, June 30, 2020 2019 Cost Computer equipment $ 26 575 $ 37 719 Furniture and office equipment 7 732 9 788 Motor vehicles 1 873 16 147 $ 36 180 $ 63 654 Accumulated depreciation: Computer equipment 22 810 32 707 Furniture and office equipment 5 101 7 738 Motor vehicles 1 613 14 982 $ 29 524 $ 55 427 Carrying amount: Computer equipment 3 765 5 012 Furniture and office equipment 2 631 2 050 Motor vehicles 260 1 165 $ 6 656 $ 8 227 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Supplemental Balance Sheet Disclosure Related To Right-of-use Assets And Operating Leases Liabilities | June 30, July 1, 2020 2019 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 2 974 $ 6 739 Weighted average remaining lease term (years) 3,94 2,51 Weighted average discount rate 9% 10% Maturities of operating lease liabilities 2021 $ 2 622 $ 3 608 2022 1 525 2 395 2023 961 1 269 2024 639 454 2025 320 - Thereafter 321 - Total undiscounted operating lease liabilities 6 388 7 726 Less imputed interest 825 842 Total operating lease liabilities, included in 5 563 6 884 Operating lease right-of-use lease liability - current 2 251 5 098 Right-of-use operating lease liability - long-term $ 3 312 $ 1 786 |
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 $ - |
Equity-Accounted Investments _2
Equity-Accounted Investments And Other Long-Term Assets (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Ownership Percentage Of Equity-Accounted Investments | June 30, June 30, 2020 2019 Bank Frick & Co AG (“Bank Frick”) 35% 35% DNI - 30% Finbond Group Limited (“Finbond”) 31% 29% Carbon Tech Limited (“Carbon”), formerly OneFi Limited 25% 25% Revix (“Revix”) 25% - SmartSwitch Namibia (Pty) Ltd (“SmartSwitch Namibia”) 50% 50% V2 Limited (“V2”) 50% 50% Walletdoc Proprietary Limited (“Walletdoc”) 20% 20% |
Summary Of Movement In Equity-Accounted Investments | Bank Frick Finbond DNI Other (1) Total Investment in equity Balance as of June 30, 2018 - as reported $ 48 129 $ 28 982 $ - $ 5 865 $ 82 976 Correction of Finbond error (Note 1) - (2 540) - - (2 540) Balance as of June 30, 2018 - as restated 48 129 26 442 - 5 865 80 436 Remeasurement of 8% of DNI (Note 3) - - 14 849 - 14 849 Remeasurement 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 (loss) income: (1 542) 6 870 865 (684) 5 509 Other comprehensive income - 4 251 - - 4 251 Equity accounted (loss) earnings (1 542) 2 619 865 (684) 1 258 Share of net income (loss) (Note 1) 1 109 2 315 1 380 (684) 4 120 Amortization of acquired intangible assets (747) - (715) - (1 462) Deferred taxes on acquired intangible assets 180 - 200 - 380 Dilution resulting from corporate transactions - 304 - - 304 Other (2 084) - - - (2 084) Dividends received - (1 920) (864) (454) (3 238) Return of investment - - - (284) (284) Sale of 8% of DNI - - (14 996) - (14 996) Foreign currency adjustment (Note 1) (2) 653 (818) 1 830 (34) 1 631 Balance as of June 30, 2019 47 240 32 611 61 030 7 398 148 279 Acquisition of shares - 274 - 2 500 2 774 Stock-based compensation - 71 - - 71 Comprehensive (loss) income: (17 273) 4 067 (9 744) (4 365) (27 315) Other comprehensive income - 2 227 - - 2 227 Equity accounted (loss) earnings (17 273) 1 840 (9 744) (4 365) (29 542) Share of net income (loss) 1 421 1 857 4 676 (1 865) 6 089 Amortization of acquired intangible assets (569) - (1 874) - (2 443) Deferred taxes on acquired intangible assets 136 - 524 - 660 Dilution resulting from corporate transactions - (17) - - (17) Impairment (18 261) - (13 070) (2 500) (33 831) Dividends received (1 308) (274) (1 787) (454) (3 823) Sale of DNI - - (36 508) - (36 508) Foreign currency adjustment (2) 1 080 (5 873) (12 991) (478) (18 262) Balance as of June 30, 2020 $ 29 739 $ 30 876 $ - $ 4 601 $ 65 216 Investment in loans: Balance as of June 30, 2018 $ - $ - $ - $ 3 152 $ 3 152 Transfer to accounts receivables, net - - - (3 000) (3 000) Foreign currency adjustment (2) - - - (4) (4) Balance as of June 30, 2019 - - - 148 148 Loans granted - - - 1 230 1 230 Allowance for doubtful loans - - - (730) (730) Foreign currency adjustment (2) - - - (28) (28) Balance as of June 30, 2020 $ - $ - $ - $ 620 $ 620 Equity Loans Total Carrying amount as of : June 30, 2019 $ 148 279 $ 148 $ 148 427 June 30, 2020 $ 65 216 $ 620 $ 65 836 ( 1 ) Includes Carbon , SmartSwitch Namibia, V2 and Walletdoc; ( 2 ) The foreign currency adjustment represents the effects of the fluctuations of the South African rand, Nigerian naira and Namibian dollar, against the U.S. dollar on the carrying value. |
Summary Financial Information Of Equity-Accounted Investments | Bank Frick Finbond (1) DNI Other (2) Balance sheet, as of June 30 February 28 June 30 Various Current assets (3) 2020 $ n/a $ n/a $ n/a $ 19 910 2019 n/a n/a 35 608 17 781 Long-term assets 2020 1 042 366 294 734 n/a 6 145 2019 1 013 677 232 047 39 851 2 304 Current liabilities (3) 2020 n/a n/a n/a 7 824 2019 n/a n/a 25 757 8 492 Long-term liabilities 2020 940 948 112 331 n/a 18 076 2019 915 050 127 352 7 324 4 654 Non-controlling interest 2020 - 10 452 n/a (73) 2019 - 11 696 1 100 25 Statement of operations, for the period ended June 30 (4) February 28 June 30 (5) Various Revenue 2020 37 864 161 378 68 983 7 862 2019 41 126 174 177 15 898 33 807 2018 33 814 161 915 n/a 10 955 Operating income (loss) 2020 4 815 17 483 24 563 (5 064) 2019 3 633 20 355 5 814 (753) 2018 776 25 079 n/a 826 Income (loss) from continuing operations 2020 4 053 14 449 17 092 (5 116) 2019 3 169 17 761 4 306 (915) 2018 617 16 475 n/a 152 Net income (loss) 2020 4 053 6 433 15 772 (5 014) 2019 3 169 9 385 4 481 (1 029) 2018 $ 617 $ 9 311 $ n/a $ 152 (1) Finbond balances included were derived from its public l y available information and presented for its years ended February . The amounts as of February 28, 2019 and for the years ended February 28, 2019 and 2018, respectively, have been restated for the error described in Note 1; (2) Includes Carbon, SmartSwitch Namibia, Revix , Walletdoc and V2, as appropriate. Balance sheet information for Carbon, SmartSwitch Namibia, Revix and V2 is as of June 30, 2020 and 2019, and Walletdoc as of February 29, 20 20 and February 28, 20 20 , respectively. Statement of operations information for Carbon, SmartSwitch Namibia, Revix , and V2 for the year ended June 30, and Walletdoc for the year ended February 29/28 (as appropriate); ( 3 ) 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 ; ( 4 ) Statement of operations information for 2018 for Bank Frick is for the period from October 1, 2017 t o June 30, 2018 ; ( 5 ) Statement of operations information for DNI is for the period from July 1, 2019 to March 31, 2020, and April 1, 2019 to June 30, 2019. |
Summary Of Other Long-Term Asset | June 30, June 30, 2020 2019 Total equity investments $ 26 993 $ 26 993 Investment in 15% of Cell C, at fair value (Note 7) - - Investment in 12% (2019: 13%) of MobiKwik 26 993 26 993 Investment in 87.50% of CPS (Note 3) - - Total held to maturity investments - - Investment in 7.625% of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625% notes - - Long-term portion of amount due from DNI related to sale of remaining interest in DNI 2 857 - Policy holder assets under investment contracts (Note 12) 490 619 Reinsurance assets under insurance contracts (Note 12) 1 006 1 163 Total other long-term assets $ 31 346 $ 28 775 (1) The Company determined that MobiKwik and CPS do not have readily determinable fair value s and therefore elected to record th e s e investment s 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, 2 018. |
Summary Of Components Of Equity Securities Without Readily Determinable Fair Value And Held To Maturity Investments | Cost basis Unrealized holding Unrealized holding Carrying gains losses value Equity securities: Investment in Mobikwik $ 26 993 $ - $ - $ 26 993 Investment in CPS - - - - Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26 993 $ - $ - $ 26 993 Cost basis Unrealized holding Unrealized holding Carrying gains losses value Equity securities: Investment in MobiKwik $ 26 993 $ - $ - $ 26 993 Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26 993 $ - $ - $ 26 993 |
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). |
Disposal Of DNI On April 1, 2020 [Member] | |
Schedule Of Calculation Of Expected Gain (Loss) On Disposal Of DNI | April 1 2020 Loss on sale of DNI: Consideration received in cash on April 1, 2020 - 26,886,310 shares $ 42 477 Consideration received with note on April 1, 2020 - present value of note - 3,508,455 shares 5 354 Less: transaction costs (1 010) Less: carrying value of DNI (36 508) Less: release of foreign currency translation reserve from accumulated other comprehensive loss (11 323) Loss on sale of DNI before tax (1 010) Taxes related to sale of DNI - Capital gains tax related to sale of DNI (1) 2 475 Utilization of capital loss carryforwards (1) (2 475) Loss on disposal of DNI after tax $ (1 010) (1) Net1 SA recorded a valuation allowance related to capital losses previously generated but not utilized. The Company utilized approximately $12.0 million of these unutilized capital losses as a result of the disposal of its remaining interest in DNI in April 2020 and, therefore, the equivalent portion of the valuation allowance created was released. |
Disposal Of DNI On May 3, 2019 [Member] | |
Schedule Of Calculation Of Expected Gain (Loss) On Disposal Of DNI | May 2019 Disposal of 8% retained interest in DNI May 3, 2019 fair value of consideration received $ 15 011 Less: equity-method interest sold (Note 10) (14 996) Less: released from accumulated other comprehensive loss – foreign currency translation reserve (as restated) (Note 1 and Note 16) 162 May 2019 gain recognized on disposal, before tax 177 Capital loss related to disposal (1) - Gain recognized on disposal, after tax, as of May 3, 2019 $ 177 (1) The disposal of the 8 % interest in DNI resulted in a capital loss for tax purposes of approximately $23.9 million and the Company provided a valuation allowance of $23.9 million against this capital loss because it did not have any capital gains to offset against this amount at the time. |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets, Net (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Summary Of Movement In Carrying Value Of Goodwill | Gross value Accumulated impairment Carrying value Balance as of July 1, 2018 $ 75 598 $ - $ 75 598 Impairment loss - (20 917) (20 917) Foreign currency adjustment (1) (2 026) 144 (1 882) Balance as of June 30, 2018 73 572 (20 773) 52 799 Impairment loss - (14 440) (14 440) Foreign currency adjustment (1) (1 099) 56 (1 043) Balance as of June 30, 2019 72 473 (35 157) 37 316 Impairment loss - (5 589) (5 589) Disposal of FIHRST (Note 3) (599) - (599) Deconsolidation of CPS (Note 3) (1 346) 1 346 - Foreign currency adjustment (1) (7 334) 375 (6 959) Balance as of June 30, 2020 $ 63 194 $ (39 025) $ 24 169 (1) – The foreign currency adjustment represents the effects of the fluctuations between the South African R and and the Euro, and the U.S. dollar on the carrying value. |
Goodwill Allocated To Reportable Segments | South African transaction processing International transaction processing Financial inclusion and applied technologies Carrying value Balance as of July 1, 2017 $ 23 131 $ 27 335 $ 25 132 $ 75 598 Impairment loss (1 052) (19 865) - (20 917) Foreign currency adjustment (1) (1 133) 198 (947) (1 882) Balance as of June 30, 2018 20 946 7 668 24 185 52 799 Impairment loss (1 180) (7 011) (6 249) (14 440) Foreign currency adjustment (1) (558) - (485) (1 043) Balance as of June 30, 2019 19 208 657 17 451 37 316 Impairment loss (5 589) - - (5 589) Disposal of FIHRST (Note 3) (599) - - (599) Foreign currency adjustment (1) (3 688) - (3 271) (6 959) Balance as of June 30, 2020 $ 9 332 $ 657 $ 14 180 $ 24 169 (1 ) – The foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Euro, and the U.S. dollar on the carrying value. |
Carrying Value And Accumulated Amortization Of Intangible Assets | As of June 30, 2020 As of June 30, 2019 Gross carrying value Accumulated amortization Net carrying value Gross carrying value Accumulated amortization Net carrying value Finite-lived intangible assets: Customer relationships $ 19 064 $ (18 806) $ 258 $ 24 234 $ (23 527) $ 707 Software and unpatented technology 3 931 (3 931) - 8 423 (8 181) 242 FTS patent 2 211 (2 211) - 2 721 (2 721) - Trademarks 2 731 (2 377) 354 3 114 (2 607) 507 Total finite-lived intangible assets $ 27 937 $ (27 325) 612 $ 38 492 $ (37 036) 1 456 Infinite-lived intangible assets: Financial institution licenses - 772 Total infinite-lived intangible assets - 772 Total intangible assets $ 612 $ 2 228 |
Future Estimated Annual Amortization Expense | Fiscal 2021 $ 318 Fiscal 2022 59 Fiscal 2023 59 Fiscal 2024 59 Fiscal 2025 58 Thereafter 59 Total future estimated annual amortization expense $ 612 |
Assets And Policyholder Liabi_2
Assets And Policyholder Liabilities Under Insurance And Investment Contracts (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Summary Of The Movement In Reinsurance Assets And Policyholder Liabilities Under Insurance Contracts | Reinsurance Assets (1) Insurance contracts (2) Balance as of July 1, 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) Increase in policy holder benefits under insurance contracts 509 (3 024) Claims and policyholders’ benefits under insurance contracts (449) 3 182 Foreign currency adjustment (3) (217) 352 Balance as of June 30, 2020 $ 1 006 $ (1 370) (1) Included in other long-term assets (refer to Note 10 ); (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 | Assets (1) Investment contracts (2) Balance as of July 1, 2018 $ 610 $ (610) Increase in policy holder benefits under investment contracts 24 (24) Foreign currency adjustment (3) (15) 15 Balance as of June 30, 2019 619 (619) Increase in policy holder benefits under investment contracts 17 (17) Claims and policyholders’ benefits under investment contracts (29) 29 Foreign currency adjustment (3) (117) 117 Balance as of June 30, 2020 $ 490 $ (490) (1) Included in other long-term assets (refer to Note 11 ); (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, 2020 | |
Borrowings [Abstract] | |
Summary Of Short-Term Credit Facilities | South Africa United States Amended July 2017 Nedbank Bank Frick Total Short-term facilities available as of June 30, 2020 $ 69 234 $ 25 963 $ - $ 95 197 Overdraft - 2 885 - 2 885 Overdraft restricted as to use for ATM funding only 69 234 14 424 - 83 658 Indirect and derivative facilities - 8 654 - 8 654 Movement in utilized overdraft facilities: 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 Utilized 603 134 69 245 17 384 689 763 Repaid (647 990) (73 017) (26 928) (747 935) Foreign currency adjustment (1) (9 954) (2 050) - (12 004) Balance as of June 30, 2020 (3) 14 756 58 - 14 814 Restricted as to use for ATM funding only 14 756 58 - 14 814 No restrictions as to use - - - - Movement in utilized i ndirect 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 Foreign currency adjustment (1) - (1 245) - (1 245) Balance as of June 30, 2020 $ - $ 5 398 $ - $ 5 398 (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 million offset against funds in bank accounts with Nedbank of $ 2.7 million. ( 3 ) A s of June 30, 2020 , there were no amounts offset against the Nedbank overdraft facilities . |
Summary Of Long-Term Borrowings | South Africa Amended July 2017 Total Balance as of July 1, 2018 $ 49 548 $ 49 548 Current portion of long-term borrowings 44 079 44 079 Long-term borrowings 5 469 5 469 Repaid (31 844) (31 844) Repaid from sale of DNI shares (Note 10) (15 011) (15 011) Foreign currency adjustment (1) (2 693) (2 693) Balance as of June 30, 2019 - - Utilized 14 798 14 798 Repaid (14 503) (14 503) Foreign currency adjustment (1) (295) (295) Balance as of June 30, 2020 $ - $ - (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Other Payables [Abstract] | |
Schedule Of Other Payables | Summarized below is the breakdown of other payables as of June 30, 2020 and 2019 : June 30, June 30, 2020 2019 Accruals $ 6 045 $ 8 039 Provisions 4 926 6 074 Payroll-related payables 887 1 113 Participating merchants' settlement obligation 463 555 Value-added tax payable 129 162 Other 11 329 9 640 Accrual of implementation costs to be refunded to SASSA - 34 039 $ 23 779 $ 59 622 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Number of shares, net of treasury: | |
Schedule Of Number Of Shares, Net Of Treasury | 2020 2019 2018 Number of shares, net of treasury: Statement of changes in equity – common stock 57 118 925 56 568 425 56 685 925 Less: Non-vested equity shares that have not vested as of end of year (Note 18) 1 115 500 583 908 765 411 Number of shares, net of treasury excluding non-vested equity shares that have not vested 56 003 425 55 984 517 55 920 514 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Change In Accumulated Other Comprehensive (Loss) Income Per Component | Accumulated foreign currency translation reserve (as restated) (A) Total (as restated) (A) Balance as of July 1, 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 (19 188) (19 188) Balance as of July 1, 2018 (184 350) (184 350) Release of foreign currency translation reserve related to DNI disposal (Note 3) 5 841 5 841 Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 10) (162) (162) Movement in foreign currency translation reserve related to equity-accounted investment 4 251 4 251 Movement in foreign currency translation reserve (21 392) (21 392) Balance as of July 1, 2019 (195 812) (195 812) Release of foreign currency translation reserve related to deconsolidation of CPS (Note 3) 32 451 32 451 Release of foreign currency translation reserve related to disposal of Net1 Korea (Note 3) 14 228 14 228 Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 10) 11 323 11 323 Release of foreign currency translation reserve related to disposal of FIHRST (Note 3) 1 578 1 578 Movement in foreign currency translation reserve related to equity-accounted investment 2 227 2 227 Movement in foreign currency translation reserve (35 070) (35 070) Balance as of June 30, 2020 $ (169 075) $ (169 075) Accumulated foreign currency translation reserve (as restated) (A) Total (as restated) (A) Balance as of July 1, 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 (19 188) (19 188) Balance as of July 1, 2018 (184 350) (184 350) Release of foreign currency translation reserve related to DNI disposal (Note 3) 5 841 5 841 Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 10) (162) (162) Movement in foreign currency translation reserve related to equity-accounted investment 4 251 4 251 Movement in foreign currency translation reserve (21 392) (21 392) Balance as of July 1, 2019 (195 812) (195 812) Release of foreign currency translation reserve related to deconsolidation of CPS (Note 3) 32 451 32 451 Release of foreign currency translation reserve related to disposal of Net1 Korea (Note 3) 14 228 14 228 Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 10) 11 323 11 323 Release of foreign currency translation reserve related to disposal of FIHRST (Note 3) 1 578 1 578 Movement in foreign currency translation reserve related to equity-accounted investment 2 227 2 227 Movement in foreign currency translation reserve (35 070) (35 070) Balance as of June 30, 2020 $ (169 075) $ (169 075) Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Disaggregated By Major Revenue Streams | South Africa Rest of the world Total South African transaction processing Processing fees $ 62 552 $ - $ 62 552 Other 3 288 - 3 288 Subtotal 65 840 - 65 840 International transaction processing Processing fees - 5 041 5 041 Subtotal - 5 041 5 041 Financial services Telecom products and services 22 631 - 22 631 Account holder fees 12 628 - 12 628 Lending revenue 19 955 - 19 955 Technology products 18 261 - 18 261 Insurance revenue 5 212 - 5 212 Other 1 429 - 1 429 Subtotal 80 116 - 80 116 $ 145 956 $ 5 041 $ 150 997 South Africa Rest of the world Total South African transaction processing Processing fees $ 79 379 $ - $ 79 379 Welfare benefit distributions 3 086 - 3 086 Other 6 583 - 6 583 Subtotal 89 048 - 89 048 International transaction processing Processing fees - 9 303 9 303 Other - 539 539 Subtotal - 9 842 9 842 Financial services Telecom products and services 15 025 - 15 025 Account holder fees 17 428 - 17 428 Lending revenue 27 512 - 27 512 Technology products 20 594 - 20 594 Insurance revenue 5 858 - 5 858 Other 629 - 629 Subtotal 87 046 - 87 046 Corporate/Eliminations – revenue refund (Note 14) (19 709) - (19 709) $ 156 385 $ 9 842 $ 166 227 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Stock-Based Compensation [Abstract] | |
Summarized Stock Option Activity | 2020 2019 Expected volatility 57% 44% Expected life (in years) 3 3 Risk-free rate 1,57% 2,75% |
Range Of Assumptions Used To Value Options Granted | Number of shares Weighted average exercise price ($) Weighted average remaining contractual term (in years) Aggregate intrinsic value ($'000) Weighted average grant date fair value ($) Outstanding - July 1, 2017 846 607 13,87 3,80 486 4,21 Forfeited (37 333) 11,23 - 4,55 Outstanding - June 30, 2018 809 274 13,99 2,67 370 4,20 Granted – September 2018 600 000 6,20 10,00 1 212 2,02 Expired unexercised (370 000) 19,27 - 5,00 Forfeited (174 695) 6,65 - 2,00 Outstanding - June 30, 2019 864 579 7,81 7,05 - 2,62 Granted – October 2019 561 000 3,07 10,00 676 1,20 Forfeited (93 928) 7,50 - 2,81 Outstanding - June 30, 2020 1 331 651 5,83 7,56 - 2,01 Number of shares Weighted average exercise price ($) Weighted average remaining contractual term (in years) Aggregate intrinsic value ($’000) Vested and expecting to vest - June 30, 2020 1 331 651 5,83 7,56 - Number of shares Weighted average exercise price ($) Weighted average remaining contractual term (in years) Aggregate intrinsic value ($’000) Exercisable - June 30, 2020 474 986 8,77 5,26 - |
Restricted Stock Activity | Number of shares of restricted stock Weighted average grant date fair value ($’000) Non-vested – July 1, 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 Granted – February 2020 568 000 2 300 Total vested (18 908) 70 Vested – March 2020 (11 408) 42 Vested – March 2020 - accelerated vesting (7 500) 28 Forfeitures (17 500) 65 Non-vested – June 30, 2020 1 115 500 5 354 |
Recorded Net Stock Compensation Charge | Total charge Allocated to IT processing, servicing and support Allocated to selling, general and administration Years ended June 30, 2020 Stock-based compensation charge $ 1 873 $ - $ 1 873 Reversal of stock compensation charge related to stock options and restricted stock forfeited (145) - (145) Total - years ended June 30, 2020 $ 1 728 $ - $ 1 728 Years 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 - years ended June 30, 2019 $ 393 $ - $ 393 Years ended June 30, 2018 Stock-based compensation charge $ 2 656 $ - $ 2 656 Reversal of stock compensation charge related to stock options and restricted stock forfeited (49) - (49) Total - years ended June 30, 2018 $ 2 607 $ - $ 2 607 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax [Abstract] | |
Components Of Income Before Income Taxes | 2020 2019 2018 South Africa $ (26 230) $ (273 265) $ 131 366 Liechtenstein (17 519) - - United States (8 984) (23 479) (15 329) Other (12 283) (22 699) (21 479) (Loss) Income before income taxes $ (65 016) $ (319 443) $ 94 558 |
Provision For Income Taxes By Location Of Taxing Jurisdiction | 2020 2019 2018 (as restated) (A) (as restated) (A) Current income tax $ 1 652 $ 4 789 $ 90 467 South Africa 1 552 3 689 35 745 United States 12 1 100 55 788 Other 88 - (1 066) Deferred taxation charge (benefit) 932 (8 917) 10 108 South Africa 653 (8 538) 9 149 United States 0 4 477 Other 279 (383) 482 Foreign tax credits generated – United States 72 (944) (55 778) Change in tax rate – United States - - 309 Income tax provision (benefit) $ 2 656 $ (5 072) $ 45 106 (A) Deferred taxation (benefit) charge – South Africa for 2019 and 2018 have been restated to correct the misstatement discussed in Note 1 . |
Reconciliation Of Income Taxes | 2020 2019 2018 (as restated) (A) (as restated) (A) Income taxes at fully-distributed South African tax rates 28,00% 28,00% 28,00% Release from FCTR (14,65%) - - Non-deductible items (10,38%) (3,33%) 13,25% Foreign tax rate differential (4,17%) (0,07%) 0,14% Subpart F inclusions (2,85%) - - Movement in valuation allowance 1,64% (22,98%) 6,35% Capital gains differential (1,59%) (1,46%) (1,92%) Foreign tax credits (0,08%) 0,35% (58,99%) Prior year adjustments (0,01%) (0,03%) 0,04% Taxation on deemed dividends in the United States - 1,45% 2,04% Transition Tax - (0,34%) 58,79% Change in tax laws – United States - - - Income tax provision (4,09%) 1,59% 47,70% |
Schedule Of Deferred Tax Assets And Liabilities | June 30, June 30, 2020 2019 (as restated) (A) Total deferred tax assets Capital losses related to investments $ 36 721 $ 43 569 Net operating loss carryforwards 32 459 35 821 Foreign tax credits 32 799 32 799 Provisions and accruals 3 936 13 230 FTS patent 181 277 Other 815 529 Total deferred tax assets before valuation allowance 106 911 126 225 Valuation allowances (106 433) (125 887) Total deferred tax assets, net of valuation allowance 478 338 Total deferred tax liabilities: Intangible assets 171 340 Investments 1 755 1 019 Other 53 69 Total deferred tax liabilities 1 979 1 428 Reported as Long-term deferred tax assets 358 234 Long-term deferred tax liabilities 1 859 1 324 Net deferred income tax liabilities $ 1 501 $ 1 090 |
Movement In Valuation Allowance | Total Capital losses related to investments Net operating loss carry-forwards Foreign tax credits FTS patent Other July 1, 2018 $ 48 691 $ 3 226 $ 9 047 $ 32 644 $ 57 $ 3 717 Charged to statement of operations 79 029 40 159 26 570 155 - 12 145 Reversed to statement of operations (881) - (198) - (57) (626) 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 Reversed to statement of operations (14 314) (5 486) (77) - - (8 751) Charged to statement of operations 27 700 5 399 20 602 - - 1 699 Deconsolidation (16 130) - (15 830) - - (300) Utilized (3 896) - (3 632) - - (264) Foreign currency adjustment (12 814) (6 761) (4 651) - - (1 402) June 30, 2020 $ 106 433 $ 36 721 $ 32 273 $ 32 799 $ - $ 4 640 |
Schedule Of Operating Loss Carryforwards | Year of expiration U.S. net operating loss carry forwards 2024 $ 1 141 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
(Loss) Earnings Per Share [Abstract] | |
Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations | 2020 2019 2018 (as restated) (A) (as restated) (A) (in thousands except percent and per share data) Numerator: Net (loss) earnings attributable to Net1 $ (78 358) $ (311 007) $ 62 087 Undistributed (loss) earnings (78 358) (311 007) 62 087 Continuing (97 214) (311 761) 52 142 Discontinued $ 18 856 $ 754 $ 9 945 Percent allocated to common shareholders (Calculation 1) 98% 99% 98% Numerator for (loss) earnings per share: basic and diluted $ (76 827) $ (306 640) $ 61 052 Continuing (95 315) (307 383) 51 273 Discontinued $ 18 488 $ 743 $ 9 779 Denominator Denominator for basic (loss) earnings per share: weighted-average common shares outstanding 56 003 55 963 55 860 Effect of dilutive securities: Stock options - 18 51 Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion 56 003 55 981 55 911 (Loss) Earnings per share: Basic $ (1,37) $ (5,48) $ 1,10 Continuing $ (1,70) $ (5,49) $ 0,92 Discontinued $ 0,33 $ 0,01 $ 0,18 Diluted $ (1,37) $ (5,48) $ 1,09 Continuing $ (1,70) $ (5,49) $ 0,92 Discontinued $ 0,33 $ 0,01 $ 0,17 (Calculation 1) Basic weighted-average common shares outstanding (A) 56 003 55 963 55 860 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 57 119 56 760 56 807 Percent allocated to common shareholders (A) / (B) 98% 99% 99% 2020 2019 2018 (as restated) (A) (as restated) (A) (in thousands except percent and per share data) Numerator: Net (loss) earnings attributable to Net1 $ (78 358) $ (311 007) $ 62 087 Undistributed (loss) earnings (78 358) (311 007) 62 087 Continuing (97 214) (311 761) 52 142 Discontinued $ 18 856 $ 754 $ 9 945 Percent allocated to common shareholders (Calculation 1) 98% 99% 98% Numerator for (loss) earnings per share: basic and diluted $ (76 827) $ (306 640) $ 61 052 Continuing (95 315) (307 383) 51 273 Discontinued $ 18 488 $ 743 $ 9 779 Denominator Denominator for basic (loss) earnings per share: weighted-average common shares outstanding 56 003 55 963 55 860 Effect of dilutive securities: Stock options - 18 51 Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion 56 003 55 981 55 911 (Loss) Earnings per share: Basic $ (1,37) $ (5,48) $ 1,10 Continuing $ (1,70) $ (5,49) $ 0,92 Discontinued $ 0,33 $ 0,01 $ 0,18 Diluted $ (1,37) $ (5,48) $ 1,09 Continuing $ (1,70) $ (5,49) $ 0,92 Discontinued $ 0,33 $ 0,01 $ 0,17 (Calculation 1) Basic weighted-average common shares outstanding (A) 56 003 55 963 55 860 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 57 119 56 760 56 807 Percent allocated to common shareholders (A) / (B) 98% 99% 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, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Disclosures | 2020 2019 2018 Cash received from interest $ 3 057 $ 5 596 $ 16 835 Cash paid for interest $ 6 050 $ 10 636 $ 8 645 Cash paid for income taxes $ 5 001 $ 13 110 $ 41 065 2020 2019 2018 Cash received from interest $ 3 057 $ 5 596 $ 16 835 Cash paid for interest $ 6 050 $ 10 636 $ 8 645 Cash paid for income taxes $ 5 001 $ 13 110 $ 41 065 |
Schedule Of Disaggregation Of Cash, Cash Equivalents And Restricted Cash | 2020 2019 2018 Continuing $ 217 671 $ 20 014 $ 57 607 Discontinued - 26 051 32 447 Cash and cash equivalents 217 671 46 065 90 054 Restricted cash 14 814 75 446 - Cash, cash equivalents and restricted cash $ 232 485 $ 121 511 $ 90 054 |
Supplemental Cash Flow Disclosure Related To Leases | 2020 Cash paid related to short-term leases $ 4 244 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 3 603 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 2 974 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Operating Segments [Abstract] | |
Reconciliation Of Reportable Segments Revenue | Revenue Reportable Segment Corporate/ Eliminations (Note 14) Inter-segment From external customers South African transaction processing $ 73 796 $ 0 $ 7 956 $ 65 840 International transaction processing 90 416 - - 90 416 Continuing 5 041 - - 5 041 Discontinued 85 375 - - 85 375 Financial inclusion and applied technologies 82 342 - 2 226 80 116 Total for the years ended June 30, 2020 246 554 - 10 182 236 372 Continuing 161 179 - 10 182 150 997 Discontinued $ 85 375 $ - $ - $ 85 375 South African transaction processing $ 96 038 $ - $ 6 990 $ 89 048 International transaction processing 148 268 - - 148 268 Continuing 9 842 - - 9 842 Discontinued 138 426 - - 138 426 Financial inclusion and applied technologies 146 184 - 2 801 143 383 Continuing 89 847 - 2 801 87 046 Discontinued 56 337 - - 56 337 Reportable segments 390 490 - 9 791 380 699 Corporate/Eliminations – revenue refund (Note 14) - (19 709) - (19 709) Total for the years ended June 30, 2019 390 490 (19 709) 9 791 360 990 Continuing 195 727 (19 709) 9 791 166 227 Discontinued $ 194 763 $ - $ - $ 194 763 South African transaction processing $ 268 047 $ - $ 29 949 $ 238 098 International transaction processing 180 027 - - 180 027 Continuing 26 713 - - 26 713 Discontinued 153 314 - - 153 314 Financial inclusion and applied technologies 221 906 - 27 142 194 764 Continuing 221 906 - 27 142 194 764 - - Total for the years ended June 30, 2018 669 980 - 57 091 612 889 Continuing 516 666 - 57 091 459 575 Discontinued $ 153 314 $ - $ - $ 153 314 |
Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income | 2020 2019 (1) 2018 Reportable segments measure of profit or loss $ (20 247) $ (42 692) $ 85 690 Less: Discontinued operations: reportable segments' measure of profit or loss (14 568) (43 739) (17 977) Continuing operations: reportable segments' measure of profit or loss (34 815) (86 431) 67 713 Continuing operations : Operating income - Corporate/Eliminations (9 433) (48 501) (13 904) Change in fair value of equity securities - (167 459) 32 473 Gain on disposal of FIHRST (Note 3) 9 743 - - (Loss) Gain on disposal of DNI interest as an equity method investment (Note 3) (1 010) 177 - Loss on deconsolidation of CPS (Note 3) (7 148) - - Termination fee to cancel Bank Frick option (17 517) - - Interest income 2 805 5 424 16 845 Interest expense (7 641) (9 860) (8 569) Impairment of Cedar Cellular Note - (12 793) - Loss before income taxes $ (65 016) $ (319 443) $ 94 558 (1) - Operating loss: Corporate/Eliminations includes $ 34.0 million related to the accrual referred to in Note 13. |
Summary Of Segment Information | 2020 2019 2018 Revenues South African transaction processing $ 73 796 $ 96 038 $ 268 047 International transaction processing 90 416 148 268 180 027 Continuing 5 041 9 842 26 713 Discontinued 85 375 138 426 153 314 Financial inclusion and applied technologies 82 342 146 184 221 906 Continuing 82 342 89 847 221 906 Discontinued - 56 337 - Total 246 554 390 490 669 980 Continuing 161 179 195 727 516 666 Discontinued 85 375 194 763 153 314 Operating (loss) income South African transaction processing (1) (19 575) (30 771) 42 796 International transaction processing 2 051 2 837 (12 478) Continuing (12 517) (16 502) (30 455) Discontinued 14 568 19 339 17 977 Financial inclusion and applied technologies (1) (2 723) (14 758) 55 372 Continuing (1) (2 723) (39 158) 55 372 Discontinued - 24 400 - Subtotal: Operating segments (20 247) (42 692) 85 690 Corporate/Eliminations (15 217) (70 816) (26 741) Continuing (9 433) (48 501) (13 904) Discontinued (5 784) (22 315) (12 837) Total (1) (35 464) (113 508) 58 949 Continuing (1) (44 248) (134 932) 53 809 Discontinued 8 784 21 424 5 140 Depreciation and amortization South African transaction processing 2 512 3 612 4 625 International transaction processing 4 405 9 962 17 627 Continuing 502 254 750 Discontinued 3 903 9 708 16 877 Financial inclusion and applied technologies 1 368 1 968 1 441 Continuing 1 368 1 355 1 441 Discontinued - 613 - Subtotal: Operating segments 8 285 15 542 23 693 Corporate/Eliminations 5 014 21 807 11 791 Continuing 265 6 882 3 657 Discontinued 4 749 14 925 8 134 Total 13 299 37 349 35 484 Continuing 4 647 12 103 10 473 Discontinued 8 652 25 246 25 011 Expenditures for long-lived assets South African transaction processing 3 443 3 590 3 988 International transaction processing 2 206 3 607 4 397 Continuing 703 664 139 Discontinued 1 503 2 943 4 258 Financial inclusion and applied technologies 289 2 219 1 264 Continuing 289 1 488 1 264 Discontinued - 731 - Subtotal: Operating segments 5 938 9 416 9 649 Corporate/Eliminations - - - Total 5 938 9 416 9 649 Continuing 4 435 5 742 5 391 Discontinued $ 1 503 $ 3 674 $ 4 258 (1) South African transaction processing and Financial inclusion and applied 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 2020 2019 2018 (as restated) (A) (as restated) (B) South Africa $ 68 521 $ 141 235 $ 493 902 Liechtenstein - investment in Bank Frick (Note 10) 29 739 47 240 48 129 India - investment in MobiKwik (Note 10) 26 993 26 993 26 917 South Korea (Note 3) - 149 390 177 388 Rest of world 9 119 9 739 41 597 Total $ 134 372 $ 374 597 $ 787 933 22 . Operating segment s (continued) (A) The South Africa and total amounts have been restated by $ 2 689 to correct the misstatement discussed in Note 1 . (B) The South Africa and total amounts have been restated by $ 2 540 to correct the misstatement dis cussed in Note 1 . |
Unaudited Quarterly Results (Ta
Unaudited Quarterly Results (Table) | 12 Months Ended |
Jun. 30, 2020 | |
Quarterly Financial Results [Abstract] | |
Schedule Of Unaudited Consolidated Statements Of Operations | Three months ended Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 June 30, 2020 (In thousands except per share data) Revenue $ 25 978 $ 36 514 $ 40 567 $ 47 938 $ 150 997 Operating loss (13 180) (14 212) (10 420) (6 436) (44 248) Net (loss) income attributable to Net1 (38 880) (34 881) (205) (4 392) (78 358) Continuing (38 601) (48 361) (2 925) (7 327) (97 214) Discontinued $ (279) $ 13 480 $ 2 720 $ 2 935 $ 18 856 Net (loss) income per share, in United States dollars Basic (loss) earnings attributable to Net1 shareholders $ (0,68) $ (0,61) $ - $ (0,08) $ (1,37) Continuing $ (0,68) $ (0,85) $ (0,05) $ (0,13) $ (1,70) Discontinued $ (0,00) $ 0,24 $ 0,05 $ 0,05 $ 0,33 Diluted (loss) earnings attributable to Net1 shareholders $ (0,69) $ (0,62) $ - $ (0,08) $ (1,37) Continuing $ (0,69) $ (0,86) $ (0,05) $ (0,13) $ (1,70) Discontinued $ (0,00) $ 0,24 $ 0,05 $ 0,05 $ 0,33 Three months ended Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 June 30, 2019 (as restated) (A) (as restated) (A) (as restated) (A) (In thousands except per share data) Revenue (Q4 includes $19,709 refund) $ 17 053 $ 36 586 $ 42 042 $ 70 546 $ 166 227 Operating (loss) income (52 356) (23 776) (51 465) (7 335) (134 932) Net (loss) income attributable to Net1 (183 048) (58 819) (63 941) (5 199) (311 007) Continuing (184 320) (51 050) (66 723) (9 668) (311 761) Discontinued $ 1 272 $ (7 769) $ 2 782 $ 4 469 $ 754 Net (loss) income per share, in United States dollars Basic (loss) earnings attributable to Net1 shareholders $ (3,22) $ (1,03) $ (1,12) $ (0,09) $ (5,48) Continuing $ (3,24) $ (0,90) $ (1,17) $ (0,17) $ (5,49) Discontinued $ 0,02 $ (0,13) $ 0,05 $ 0,08 $ 0,01 Diluted (loss) earnings attributable to Net1 shareholders $ (3,27) $ (1,04) $ (1,13) $ (0,09) $ (5,48) Continuing $ (3,29) $ (0,91) $ (1,18) $ (0,17) $ (5,49) Discontinued $ 0,02 $ (0,13) $ 0,05 $ 0,08 $ 0,01 ( A) Certain amounts have been restated to correct the misstatement s discussed in Note 1 . The impact of the restatement s for the year ended June 30, 201 9 , ha ve been recorded during the three months ended June 30, 201 9 and March 31, 2019, respectively . The impact of the restatement s for the year ended June 30, 201 8 , has been recorded during the three months ended June 30, 201 8 |
Description Of Business And B_4
Description Of Business And Basis Of Presentation (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||
Accumulated other comprehensive loss | $ (195,812) | [1] | $ (195,812) | [1] | $ (169,075) | $ (169,075) | $ (184,350) | $ (162,736) | |
Discontinued Operations [Member] | |||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||
Release of foreign currency translation reserve related to disposal of DNI | 5,679 | ||||||||
Accumulated other comprehensive loss | (195,812) | (195,812) | |||||||
Discontinued Operations [Member] | DNI [Member] | |||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||
Percent of disposal group sold | 17.00% | ||||||||
Foreign currency translation reserve partial release | 800 | ||||||||
Release of foreign currency translation reserve related to disposal of DNI | $ 4,000 | ||||||||
Discontinued Operations [Member] | Restatement Adjustment [Member] | DNI [Member] | |||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||
Accumulated other comprehensive loss | $ 3,200 | $ 3,200 | |||||||
[1] | Refer to Note 1 |
Description Of Business And B_5
Description Of Business And Basis Of Presentation (Impact Of Restatement On Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Equity-accounted investments | $ 65,836 | $ 148,427 | [1] | |||
Total assets | 453,678 | 670,247 | [1] | |||
Deferred tax liabilities | 1,859 | 1,324 | [1] | |||
Total liabilities | 78,486 | 245,233 | [1] | |||
Accumulated other comprehensive loss | (169,075) | $ (169,075) | (195,812) | [1] | $ (184,350) | $ (162,736) |
Retained earnings | 444,670 | 523,028 | [1] | |||
Total equity | $ 290,213 | 317,342 | [1] | $ 734,926 | $ 598,840 | |
Discontinued Operations [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Equity-accounted investments | 148,427 | |||||
Total assets | 670,247 | |||||
Deferred tax liabilities | 1,324 | |||||
Total liabilities | 245,233 | |||||
Accumulated other comprehensive loss | (195,812) | |||||
Retained earnings | 523,028 | |||||
Total equity | 317,342 | |||||
Discontinued Operations [Member] | As Reported [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Equity-accounted investments | 151,116 | |||||
Total assets | 672,936 | |||||
Deferred tax liabilities | 1,926 | |||||
Total liabilities | 245,835 | |||||
Accumulated other comprehensive loss | (199,273) | |||||
Retained earnings | 528,576 | |||||
Total equity | 319,429 | |||||
Discontinued Operations [Member] | Correction | DNI [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Equity-accounted investments | 0 | |||||
Total assets | 0 | |||||
Deferred tax liabilities | 0 | |||||
Total liabilities | 0 | |||||
Accumulated other comprehensive loss | 3,227 | |||||
Retained earnings | (3,227) | |||||
Total equity | 0 | |||||
Discontinued Operations [Member] | Correction | Finbond [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Equity-accounted investments | (2,689) | |||||
Total assets | (2,689) | |||||
Deferred tax liabilities | (602) | |||||
Total liabilities | (602) | |||||
Accumulated other comprehensive loss | 234 | |||||
Retained earnings | (2,321) | |||||
Total equity | $ (2,087) | |||||
[1] | Refer to Note 1 |
Description Of Business And B_6
Description Of Business And Basis Of Presentation (Impact Of Restatement On Statement Of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Gain on disposal of DNI | $ (1,010) | $ 177 | [1],[2] | $ 0 | [1],[2] | ||||||||
Loss before income tax | (65,016) | (319,443) | [2] | 94,558 | [2] | ||||||||
Income tax expense | 2,656 | (5,072) | [2] | 45,106 | [2] | ||||||||
Net loss before earnings from equity-accounted investments | (67,672) | (314,371) | [2] | 49,452 | [2] | ||||||||
Earnings from equity-accounted investments | (29,542) | 1,258 | [2] | 1,810 | [2] | ||||||||
Net loss from continuing operations | (97,214) | (313,113) | [2] | 51,262 | [2] | ||||||||
Loss on disposal of discontinued operation, net of tax | 12,454 | (9,175) | [1],[2] | 0 | [1],[2] | ||||||||
Net loss | (78,358) | (308,658) | [1],[2] | 61,207 | [1],[2] | ||||||||
Net loss attributable to Net1 | $ (38,880) | $ (34,881) | $ (205) | $ (4,392) | $ (183,048) | $ (58,819) | $ (63,941) | $ (5,199) | (78,358) | (311,007) | [2] | 62,087 | [2] |
Continuing | (38,601) | (48,361) | (2,925) | (7,327) | (184,320) | (51,050) | (66,723) | (9,668) | (97,214) | (311,761) | [2] | 52,142 | [2] |
Discontinued | $ (279) | $ 13,480 | $ 2,720 | $ 2,935 | $ 1,272 | $ (7,769) | $ 2,782 | $ 4,469 | $ 18,856 | $ 754 | [2] | $ 9,945 | [2] |
Basic (loss) earnings attributable to Net1 shareholders | $ (0.68) | $ (0.61) | $ 0 | $ (0.08) | $ (3.22) | $ (1.03) | $ (1.12) | $ (0.09) | $ (1.37) | $ (5.48) | [2] | $ 1.1 | [2] |
Continuing | (0.68) | (0.85) | (0.05) | (0.13) | (3.24) | (0.9) | (1.17) | (0.17) | (1.7) | (5.49) | [2] | 0.92 | [2] |
Discontinued | 0 | 0.24 | 0.05 | 0.05 | 0.02 | (0.13) | 0.05 | 0.08 | 0.33 | 0.01 | [2] | 0.18 | [2] |
Diluted (loss) earnings attributable to Net1 shareholders | (0.69) | (0.62) | 0 | (0.08) | (3.27) | (1.04) | (1.13) | (0.09) | (1.37) | (5.48) | [2] | 1.09 | [2] |
Continuing | (0.69) | (0.86) | (0.05) | (0.13) | (3.29) | (0.91) | (1.18) | (0.17) | (1.7) | (5.49) | [2] | 0.92 | [2] |
Discontinued | $ 0 | $ 0.24 | $ 0.05 | $ 0.05 | $ 0.02 | $ (0.13) | $ 0.05 | $ 0.08 | $ 0.33 | $ 0.01 | [2] | $ 0.17 | [2] |
Discontinued Operations [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Gain on disposal of DNI | $ 177 | ||||||||||||
Loss before income tax | (319,443) | ||||||||||||
Income tax expense | (5,072) | $ 45,106 | |||||||||||
Net loss before earnings from equity-accounted investments | (314,371) | 49,452 | |||||||||||
Earnings from equity-accounted investments | 1,258 | 1,810 | |||||||||||
Net loss from continuing operations | (313,113) | 51,262 | |||||||||||
Loss on disposal of discontinued operation, net of tax | (9,175) | ||||||||||||
Net loss | (308,658) | 61,207 | |||||||||||
Net loss attributable to Net1 | (311,007) | 62,087 | |||||||||||
Continuing | (311,761) | 52,142 | |||||||||||
Discontinued | $ 754 | $ 9,945 | |||||||||||
Basic (loss) earnings attributable to Net1 shareholders | $ (5.48) | $ 1.1 | |||||||||||
Continuing | (5.49) | 0.92 | |||||||||||
Discontinued | 0.01 | 0.18 | |||||||||||
Diluted (loss) earnings attributable to Net1 shareholders | (5.48) | 1.09 | |||||||||||
Continuing | (5.49) | 0.92 | |||||||||||
Discontinued | $ 0.01 | $ 0.17 | |||||||||||
Discontinued Operations [Member] | Scenario Previously Reported [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Gain on disposal of DNI | $ (631) | ||||||||||||
Loss before income tax | (320,251) | ||||||||||||
Income tax expense | (5,025) | $ 45,729 | |||||||||||
Net loss before earnings from equity-accounted investments | (315,226) | 48,829 | |||||||||||
Earnings from equity-accounted investments | 1,467 | 4,592 | |||||||||||
Net loss from continuing operations | (313,759) | 53,421 | |||||||||||
Loss on disposal of discontinued operation, net of tax | (5,140) | ||||||||||||
Net loss | (305,269) | 63,366 | |||||||||||
Net loss attributable to Net1 | (307,618) | 64,246 | |||||||||||
Continuing | (312,407) | 54,301 | |||||||||||
Discontinued | $ 4,789 | $ 9,945 | |||||||||||
Basic (loss) earnings attributable to Net1 shareholders | $ (5.42) | $ 1.13 | |||||||||||
Continuing | (5.5) | 0.95 | |||||||||||
Discontinued | 0.08 | 0.18 | |||||||||||
Diluted (loss) earnings attributable to Net1 shareholders | (5.42) | 1.13 | |||||||||||
Continuing | (5.5) | 0.96 | |||||||||||
Discontinued | $ 0.08 | $ 0.17 | |||||||||||
Discontinued Operations [Member] | Restatement Adjustment [Member] | DNI [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Gain on disposal of DNI | $ 808 | ||||||||||||
Loss before income tax | 808 | ||||||||||||
Income tax expense | 0 | ||||||||||||
Net loss before earnings from equity-accounted investments | 808 | ||||||||||||
Earnings from equity-accounted investments | 0 | ||||||||||||
Net loss from continuing operations | 808 | ||||||||||||
Loss on disposal of discontinued operation, net of tax | (4,035) | ||||||||||||
Net loss | (3,227) | $ 0 | |||||||||||
Net loss attributable to Net1 | (3,227) | ||||||||||||
Continuing | 808 | ||||||||||||
Discontinued | $ (4,035) | ||||||||||||
Basic (loss) earnings attributable to Net1 shareholders | $ (0.06) | ||||||||||||
Continuing | 0.01 | ||||||||||||
Discontinued | (0.07) | ||||||||||||
Diluted (loss) earnings attributable to Net1 shareholders | (0.06) | ||||||||||||
Continuing | 0.01 | ||||||||||||
Discontinued | $ (0.07) | ||||||||||||
Discontinued Operations [Member] | Restatement Adjustment [Member] | Finbond [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Gain on disposal of DNI | $ 0 | ||||||||||||
Loss before income tax | 0 | ||||||||||||
Income tax expense | (47) | (623) | |||||||||||
Net loss before earnings from equity-accounted investments | 47 | 623 | |||||||||||
Earnings from equity-accounted investments | (209) | (2,782) | |||||||||||
Net loss from continuing operations | (162) | (2,159) | |||||||||||
Loss on disposal of discontinued operation, net of tax | 0 | ||||||||||||
Net loss | (162) | (2,159) | |||||||||||
Net loss attributable to Net1 | (162) | (2,159) | |||||||||||
Continuing | (162) | (2,159) | |||||||||||
Discontinued | $ 0 | $ 0 | |||||||||||
Basic (loss) earnings attributable to Net1 shareholders | $ 0 | $ (0.04) | |||||||||||
Continuing | 0 | (0.04) | |||||||||||
Discontinued | 0 | 0 | |||||||||||
Diluted (loss) earnings attributable to Net1 shareholders | 0 | (0.04) | |||||||||||
Continuing | 0 | (0.04) | |||||||||||
Discontinued | $ 0 | $ 0 | |||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 | ||||||||||||
[2] | Refer to Note 1 |
Description Of Business And B_7
Description Of Business And Basis Of Presentation (Impact Of Restatement On Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Net loss | $ (78,358) | $ (308,658) | [1],[2] | $ 61,207 | [1],[2] |
Movement in foreign currency translation reserve | (35,070) | (26,148) | [1] | (19,286) | [1] |
Total other comprehensive income (loss), net of taxes | 26,737 | (16,218) | [1] | (21,712) | [1] |
Comprehensive income | (51,621) | (324,876) | [1] | 39,495 | [1] |
Comprehensive income attributed to Net1 | (51,621) | (322,469) | [1] | 40,473 | [1] |
DNI [Member] | |||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Release of foreign currency translation reserve related to disposal of DNI | $ (11,323) | (5,679) | [1] | 0 | [1] |
Discontinued Operations [Member] | |||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Net loss | (308,658) | 61,207 | |||
Movement in foreign currency translation reserve | (26,148) | ||||
Release of foreign currency translation reserve related to disposal of DNI | 5,679 | ||||
Total other comprehensive income (loss), net of taxes | (16,218) | ||||
Comprehensive income | (324,876) | 39,495 | |||
Comprehensive income attributed to Net1 | (322,469) | 40,473 | |||
Discontinued Operations [Member] | Scenario Previously Reported [Member] | |||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Net loss | (305,269) | 63,366 | |||
Movement in foreign currency translation reserve | (26,194) | ||||
Release of foreign currency translation reserve related to disposal of DNI | 2,452 | ||||
Total other comprehensive income (loss), net of taxes | (19,491) | ||||
Comprehensive income | (324,760) | 41,466 | |||
Comprehensive income attributed to Net1 | (322,353) | 42,444 | |||
Discontinued Operations [Member] | Restatement Adjustment [Member] | DNI [Member] | |||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Net loss | (3,227) | 0 | |||
Movement in foreign currency translation reserve | 0 | ||||
Release of foreign currency translation reserve related to disposal of DNI | 3,227 | ||||
Total other comprehensive income (loss), net of taxes | 3,227 | ||||
Comprehensive income | 0 | 0 | |||
Comprehensive income attributed to Net1 | 0 | 0 | |||
Discontinued Operations [Member] | Restatement Adjustment [Member] | Finbond [Member] | |||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Net loss | (162) | (2,159) | |||
Movement in foreign currency translation reserve | 46 | ||||
Release of foreign currency translation reserve related to disposal of DNI | 0 | ||||
Total other comprehensive income (loss), net of taxes | 46 | ||||
Comprehensive income | (116) | (1,971) | |||
Comprehensive income attributed to Net1 | $ (116) | $ (1,971) | |||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 | ||||
[2] | Refer to Note 1 |
Description Of Business And B_8
Description Of Business And Basis Of Presentation (Impact Of Restatement On Statement Of Changes In Equity) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
As reported, beginning of period | $ 290,213 | $ 317,342 | [1] | $ 734,926 | $ 598,840 | |
Accumulated Other Comprehensive Loss [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
As reported, beginning of period | [2] | (169,075) | (195,812) | (184,350) | (162,736) | |
Retained Earnings [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
As reported, beginning of period | [2] | $ 444,670 | 523,028 | 834,035 | $ 771,948 | |
Discontinued Operations [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
As reported, beginning of period | 317,342 | |||||
Discontinued Operations [Member] | Accumulated Other Comprehensive Loss [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
As restated, beginning of period | (195,812) | (184,350) | ||||
Discontinued Operations [Member] | Retained Earnings [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
As restated, beginning of period | 523,028 | 834,035 | ||||
Discontinued Operations [Member] | Scenario Previously Reported [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
As reported, beginning of period | 319,429 | |||||
Discontinued Operations [Member] | Scenario Previously Reported [Member] | Accumulated Other Comprehensive Loss [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
As reported, beginning of period | (199,273) | (184,538) | ||||
Discontinued Operations [Member] | Scenario Previously Reported [Member] | Retained Earnings [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
As reported, beginning of period | 528,576 | 836,194 | ||||
Discontinued Operations [Member] | Restatement Adjustment [Member] | DNI [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
As reported, beginning of period | 0 | |||||
Discontinued Operations [Member] | Restatement Adjustment [Member] | Finbond [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
As reported, beginning of period | (2,087) | |||||
Discontinued Operations [Member] | Restatement Adjustment [Member] | Accumulated Other Comprehensive Loss [Member] | DNI [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Correction of misstatement | 3,227 | |||||
Discontinued Operations [Member] | Restatement Adjustment [Member] | Accumulated Other Comprehensive Loss [Member] | Finbond [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Correction of misstatement | 234 | 188 | ||||
Discontinued Operations [Member] | Restatement Adjustment [Member] | Retained Earnings [Member] | DNI [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Correction of misstatement | (3,227) | |||||
Discontinued Operations [Member] | Restatement Adjustment [Member] | Retained Earnings [Member] | Finbond [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Correction of misstatement | $ (2,321) | $ (2,159) | ||||
[1] | Refer to Note 1 | |||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Description Of Business And B_9
Description Of Business And Basis Of Presentation (Impact Of Restatement On Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Net loss | $ (78,358) | $ (308,658) | [1],[2] | $ 61,207 | [1],[2] |
Earnings from equity-accounted investment | (29,542) | 1,273 | [1] | 8,815 | [1] |
(Gain) Loss on disposal of discontinued operation (Note 3) | (12,454) | 9,175 | [1],[2] | 0 | [1],[2] |
Loss (Gain) on disposal of DNI | 1,010 | (177) | [1],[2] | 0 | [1],[2] |
(Decrease) Increase in deferred taxes | $ 393 | 11,752 | [1] | (5,313) | [1] |
Discontinued Operations [Member] | |||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Net loss | (308,658) | 61,207 | |||
Earnings from equity-accounted investment | (1,273) | (8,815) | |||
(Gain) Loss on disposal of discontinued operation (Note 3) | 9,175 | ||||
Loss (Gain) on disposal of DNI | (177) | ||||
(Decrease) Increase in deferred taxes | (11,752) | 5,313 | |||
Discontinued Operations [Member] | Scenario Previously Reported [Member] | |||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Net loss | (305,269) | 63,366 | |||
Earnings from equity-accounted investment | (1,482) | (11,597) | |||
(Gain) Loss on disposal of discontinued operation (Note 3) | 5,140 | ||||
Loss (Gain) on disposal of DNI | 631 | ||||
(Decrease) Increase in deferred taxes | (11,705) | 5,936 | |||
Discontinued Operations [Member] | Restatement Adjustment [Member] | DNI [Member] | |||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Net loss | (3,227) | 0 | |||
Earnings from equity-accounted investment | 0 | 0 | |||
(Gain) Loss on disposal of discontinued operation (Note 3) | 4,035 | ||||
Loss (Gain) on disposal of DNI | (808) | ||||
(Decrease) Increase in deferred taxes | 0 | 0 | |||
Discontinued Operations [Member] | Restatement Adjustment [Member] | Finbond [Member] | |||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Net loss | (162) | (2,159) | |||
Earnings from equity-accounted investment | 209 | 2,782 | |||
(Gain) Loss on disposal of discontinued operation (Note 3) | 0 | ||||
Loss (Gain) on disposal of DNI | 0 | ||||
(Decrease) Increase in deferred taxes | $ (47) | $ (623) | |||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 | ||||
[2] | Refer to Note 1 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) $ in Millions | Jan. 01, 2018 | Dec. 22, 2017 | Jun. 30, 2020USD ($)Item | Jun. 30, 2019USD ($)Item | Jun. 30, 2018USD ($)Item |
Number of entities required to be consolidated | Item | 0 | 0 | 0 | ||
Research and development expenditures | $ | $ 1.6 | $ 0.7 | $ 0.8 | ||
Statutory income tax rate | 21.00% | 35.00% | 21.00% | ||
South Africa [Member] | |||||
Statutory income tax rate | 28.00% |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule Of Property, Plant And Equipment Expected Economic Lives) (Details) | 12 Months Ended |
Jun. 30, 2020 | |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Life | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment Useful Life | 8 years |
Office Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Life | 2 years |
Office Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment Useful Life | 10 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Life | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment Useful Life | 8 years |
Furniture And Fittings [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Life | 3 years |
Furniture And Fittings [Member] | Maximum [Member] | |
Property, Plant and Equipment Useful Life | 10 years |
Buildings And Structures [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Life | 8 years |
Buildings And Structures [Member] | Maximum [Member] | |
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, 2020 | |
Customer Relationships [Member] | Minimum [Member] | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 1 year |
Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 15 years |
Software And Unpatented Technology [Member] | Minimum [Member] | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 3 years |
Software And Unpatented Technology [Member] | Maximum [Member] | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 5 years |
FTS Patent [Member] | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 10 years |
Exclusive Licenses [Member] | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 7 years |
Trademarks [Member] | Minimum [Member] | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 3 years |
Trademarks [Member] | Maximum [Member] | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 20 years |
Acquisitions, Dispositions An_3
Acquisitions, Dispositions And Discontinued Operations (Narrative) (Details) $ in Thousands, R in Millions | Jun. 28, 2018USD ($)shares | Jun. 28, 2018ZAR (R) | Mar. 09, 2018USD ($)shares | Jul. 27, 2017USD ($)shares | May 31, 2019 | Mar. 31, 2019ZAR (R) | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($)Item | Jun. 30, 2018USD ($) | Mar. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 01, 2019USD ($) | Nov. 01, 2019ZAR (R) | Sep. 30, 2019ZAR (R) | Mar. 31, 2019USD ($) | Jun. 30, 2018ZAR (R) | Jun. 28, 2018ZAR (R)shares | Mar. 09, 2018ZAR (R)shares | Jul. 27, 2017ZAR (R)shares | ||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Payment for the subscription agreements in cash | $ 2,500 | $ 2,989 | [1] | $ 133,335 | [1] | |||||||||||||||||
Other long-term liabilities | 2,012 | $ 2,499 | [2] | |||||||||||||||||||
DNI [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Ordinary A shares subscribed in strategic investments | shares | 6,000,000 | 4,000,000 | 44,999,999 | 6,000,000 | 4,000,000 | 44,999,999 | ||||||||||||||||
Percentage of voting and economic interest under share subscription | 49.00% | 45.00% | ||||||||||||||||||||
Subscription price of shares | $ 9,200 | $ 7,500 | $ 72,000 | R 126 | R 89.3 | R 945 | ||||||||||||||||
Percentage of voting and economic interest acquired | 55.00% | 55.00% | ||||||||||||||||||||
Interest-free loan receivable amount | $ 10,600 | R 126 | ||||||||||||||||||||
Proceeds from repayment of loan | $ 9,200 | R 126 | ||||||||||||||||||||
Acquisition related costs | 500 | |||||||||||||||||||||
Deferred tax liabilities related to acquisition of intangible assets | 29,100 | |||||||||||||||||||||
Number of towers constructed by Cell C | Item | 1,000 | |||||||||||||||||||||
Impairment of loss, net of deferred tax | $ 5,300 | |||||||||||||||||||||
Percentage of towers constructed by Cell C | 22.00% | |||||||||||||||||||||
DNI [Member] | Customer Relationships [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Finite lived Intangible Assets Acquired1 | $ 97,255 | |||||||||||||||||||||
Intangible assets acquired | $ 7,000 | |||||||||||||||||||||
Deferred taxes in business combination to reduce intangible assets | $ 2,000 | |||||||||||||||||||||
Subscription Agreements Additional Payable Amount [Member] | DNI [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Settlement of contingent consideration | R | R 400 | |||||||||||||||||||||
Present values of other long-term liabilities | $ 27,200 | R 373.6 | ||||||||||||||||||||
Interest rate used to calculate interest earned | 6.30% | |||||||||||||||||||||
Subscription Agreements Additional Payable Amount [Member] | DNI [Member] | Maximum [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Other long-term liabilities | $ 29,100 | R 400 | ||||||||||||||||||||
FIHRST [Member] | Discontinued [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Consideration amount from disposal of discontinued operation | $ 11,749 | $ 10,900 | R 159.7 | |||||||||||||||||||
Net1 Korea [Member] | Discontinued [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Consideration amount from disposal of discontinued operation | $ 237,220 | |||||||||||||||||||||
DNI [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Present values of other long-term liabilities | $ 9,400 | R 129 | ||||||||||||||||||||
Interest rate used to calculate interest earned | 10.00% | |||||||||||||||||||||
DNI [Member] | Net1 SA [Member] | Discontinued [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Percentage of ownership interest prior to disposal | 55.00% | |||||||||||||||||||||
Percentage of ownership interest after disposal | 38.00% | |||||||||||||||||||||
DNI [Member] | Net1 SA [Member] | Transaction To Sell 8% [Member] | Discontinued [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Percentage of ownership interest prior to disposal | 38.00% | |||||||||||||||||||||
Percentage of ownership interest after disposal | 30.00% | |||||||||||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 | |||||||||||||||||||||
[2] | Refer to Note 1 |
Acquisitions, Dispositions An_4
Acquisitions, Dispositions And Discontinued Operations (Schedule Of Cash Paid Net Of Cash Received Related To Acquisition Of DNI) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | [1] | Jun. 30, 2018 | Jun. 28, 2018 | ||
Business Acquisition [Line Items] | ||||||
Total cash paid, net of cash received | $ 0 | $ 0 | $ 6,202 | [1] | ||
Acquire 6% Voting And Economic Interest [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total cash paid, net of cash received | 6,202 | |||||
DNI [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of voting and economic interest acquired | 55.00% | |||||
DNI [Member] | Acquire 6% Voting And Economic Interest [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total cash paid, net of cash received | $ 6,202 | |||||
Percentage of voting and economic interest acquired | 6.00% | |||||
DNI [Member] | Acquire 55% Voting And Economic Interest [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total cash paid, net of cash received | $ 85,700 | |||||
Percentage of voting and economic interest acquired | 55.00% | |||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Acquisitions, Dispositions An_5
Acquisitions, Dispositions And Discontinued Operations (Impact Of Reversal On Condensed Consolidated Statement Of Operation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | [1] | ||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Reversal of intangible asset amortization - decrease depreciation and amortization | $ 4,647 | $ 12,103 | [1] | $ 10,473 | |
Deferred tax impact related to reversal of intangible asset amortization - decrease income tax benefit | $ 2,656 | (5,072) | [1] | $ 45,106 | |
DNI [Member] | Customer Relationships [Member] | Restatement Adjustment [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] | Refer to Note 1 |
Acquisitions, Dispositions An_6
Acquisitions, Dispositions And Discontinued Operations ((Summary Of Fair Value Of DNI Intangible Assets Acquired And Weighted-Average Amortization Period) (Details) - DNI [Member] $ in Thousands | 12 Months Ended |
Jun. 30, 2020USD ($) | |
Customer Relationships [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Fair value as of acquisition date, finite lived intangible assets | $ 97,255 |
Customer Relationships [Member] | Maximum [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Weighted-average amortization period (in years) | 15 years |
Customer Relationships [Member] | Minimum [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Weighted-average amortization period (in years) | 5 years |
Software And Unpatented Technology [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Fair value as of acquisition date, finite lived intangible assets | $ 2,609 |
Weighted-average amortization period (in years) | 5 years |
Trademarks [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Fair value as of acquisition date, finite lived intangible assets | $ 4,139 |
Weighted-average amortization period (in years) | 5 years |
Acquisitions, Dispositions An_7
Acquisitions, Dispositions And Discontinued Operations (Impact Of Deconsolidation And Calculation Of Net Loss Recognized On Deconsolidation) (Details) $ in Thousands, R in Millions, ₩ in Billions | May 31, 2020USD ($) | Mar. 01, 2020KRW (₩) | Mar. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 31, 2019USD ($) | Jul. 31, 2019ZAR (R) | Mar. 31, 2019USD ($) | Mar. 31, 2019ZAR (R) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Nov. 01, 2019USD ($) | Nov. 01, 2019ZAR (R) | ||
Less: carrying value, comprising | $ 0 | $ 0 | [1] | ||||||||||||
Settlement assets | 8,014 | 24,523 | [1] | ||||||||||||
Settlement liabilities | (8,015) | (24,523) | [1] | ||||||||||||
Gain (loss) recognized on disposal, after tax | 6,402 | 13,630 | [1] | $ 9,945 | [1] | ||||||||||
Discontinued [Member] | |||||||||||||||
Gain (loss) recognized on disposal, after tax | 13,630 | 14,559 | |||||||||||||
Net1 Korea [Member] | |||||||||||||||
Cash and cash equivalents | 26,051 | ||||||||||||||
Accounts receivable, net | 41,359 | ||||||||||||||
Finance loans receivable, net | 9,650 | ||||||||||||||
Inventory | 1,826 | ||||||||||||||
Property, plant and equipment, net | 10,327 | ||||||||||||||
Goodwill (Note 11) | 112,071 | ||||||||||||||
Intangible assets, net | 9,661 | ||||||||||||||
Deferred income taxes assets (Note 19) | 1,917 | ||||||||||||||
Other long-term assets, including reinsurance assets | 15,414 | ||||||||||||||
Accounts payable | (7,139) | ||||||||||||||
Other payables | (6,827) | ||||||||||||||
Income taxes payable | (4,893) | ||||||||||||||
Deferred income taxes liabilities | (2,756) | ||||||||||||||
Net1 Korea [Member] | Discontinued [Member] | |||||||||||||||
Proceeds from disposal, net of cash disposed | $ 192,619 | ||||||||||||||
Add: Cash and cash equivalents disposed | 23,473 | ||||||||||||||
Add: Cash withheld by purchaser to settle South Korean taxes | 21,128 | ||||||||||||||
Fair value of consideration received | 237,220 | ||||||||||||||
Less: carrying value, comprising | 200,843 | ||||||||||||||
Cash and cash equivalents | 23,473 | ||||||||||||||
Accounts receivable, net | 30,467 | ||||||||||||||
Finance loans receivable, net | 13,695 | ||||||||||||||
Inventory | 2,377 | ||||||||||||||
Property, plant and equipment, net | 7,601 | ||||||||||||||
Operating lease right of use asset | 181 | ||||||||||||||
Goodwill (Note 11) | 107,964 | ||||||||||||||
Intangible assets, net | 4,655 | ||||||||||||||
Deferred income taxes assets (Note 19) | 1,719 | ||||||||||||||
Other long-term assets, including reinsurance assets | 10,984 | ||||||||||||||
Accounts payable | (5,484) | ||||||||||||||
Other payables | (5,523) | ||||||||||||||
Operating lease lease liability - current | (69) | ||||||||||||||
Income taxes payable | (3,481) | ||||||||||||||
Deferred income taxes liabilities | (1,497) | ||||||||||||||
Operating lease liability - long-term | (112) | ||||||||||||||
Long-term debt | (335) | ||||||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 1 and Note 16) | 14,228 | ||||||||||||||
Settlement assets | 44,111 | ||||||||||||||
Settlement liabilities | (44,111) | ||||||||||||||
Taxes related to gain recognized on disposal | 15,279 | ||||||||||||||
Gain recognized on disposal, before transaction costs and tax | 36,377 | ||||||||||||||
Transaction costs | 8,644 | ||||||||||||||
Gain (loss) recognized on disposal, before tax | 27,733 | ||||||||||||||
Gain (loss) recognized on disposal, after tax | 12,454 | 6,402 | 5,800 | 7,554 | |||||||||||
FIHRST [Member] | |||||||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 1 and Note 16) | (1,578) | 0 | [2] | 0 | [2] | ||||||||||
FIHRST [Member] | Discontinued [Member] | |||||||||||||||
Proceeds from disposal, net of cash disposed | $ 10,895 | ||||||||||||||
Add: Cash and cash equivalents disposed | 854 | ||||||||||||||
Fair value of consideration received | 11,749 | $ 10,900 | R 159.7 | ||||||||||||
Less: carrying value, comprising | 1,870 | ||||||||||||||
Cash and cash equivalents | 854 | ||||||||||||||
Accounts receivable, net | 367 | ||||||||||||||
Property, plant and equipment, net | 64 | ||||||||||||||
Goodwill (Note 11) | 599 | ||||||||||||||
Intangible assets, net | 30 | ||||||||||||||
Deferred income taxes assets (Note 19) | 42 | ||||||||||||||
Accounts payable | (7) | ||||||||||||||
Other payables | (1,437) | ||||||||||||||
Income taxes payable | (220) | ||||||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 1 and Note 16) | 1,578 | ||||||||||||||
Settlement assets | 17,406 | ||||||||||||||
Settlement liabilities | (17,406) | ||||||||||||||
Taxes related to gain recognized on disposal | 0 | ||||||||||||||
Capital gains tax | 2,654 | ||||||||||||||
Release of valuation allowance related to capital gains tax previously unutilized | (2,654) | ||||||||||||||
Transaction costs | 136 | ||||||||||||||
Gain (loss) recognized on disposal, before tax | 9,879 | ||||||||||||||
Gain (loss) recognized on disposal, after tax | $ 9,743 | ||||||||||||||
DNI [Member] | |||||||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 1 and Note 16) | (11,323) | (5,679) | [2] | 0 | [2] | ||||||||||
DNI [Member] | Discontinued [Member] | |||||||||||||||
Gain (loss) recognized on disposal, after tax | 7,830 | $ 7,005 | |||||||||||||
Transaction costs incurred directly related to the disposal | 7,500 | ||||||||||||||
Transaction costs related to non-refundable securities transfer tax | ₩ 1.4 | 1,200 | |||||||||||||
Capital gains taxes withheld from purchase price by purchaser | ₩ 23.8 | 19,900 | |||||||||||||
Total tax withholding from purchase price by purchaser | $ 21,100 | ||||||||||||||
DNI [Member] | Discontinued [Member] | Short-term Debt [Member] | |||||||||||||||
Credit facility settled in full and cancelled | $ 4,300 | R 60.5 | |||||||||||||
DNI [Member] | Equity Method Investment Total [Member] | Discontinued [Member] | |||||||||||||||
Fair value of consideration received | 27,626 | ||||||||||||||
Fair value of retained interest in DNI | 74,195 | ||||||||||||||
Carrying value of non-controlling interest | 88,934 | ||||||||||||||
Subtotal | 190,755 | ||||||||||||||
Less: carrying value, comprising | 199,930 | ||||||||||||||
Cash and cash equivalents | 2,114 | ||||||||||||||
Accounts receivable, net | 24,577 | ||||||||||||||
Finance loans receivable, net | 1,030 | ||||||||||||||
Inventory | 893 | ||||||||||||||
Property, plant and equipment, net | 1,265 | ||||||||||||||
Equity-accounted investments | 242 | ||||||||||||||
Goodwill (Note 11) | 113,003 | ||||||||||||||
Intangible assets, net | 80,769 | ||||||||||||||
Deferred income taxes assets (Note 19) | 28 | ||||||||||||||
Other long-term assets, including reinsurance assets | 26,553 | ||||||||||||||
Accounts payable | (5,186) | ||||||||||||||
Other payables | (16,484) | ||||||||||||||
Income taxes payable | (2,482) | ||||||||||||||
Deferred income taxes liabilities | (22,083) | ||||||||||||||
Long-term debt | (10,150) | ||||||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 1 and Note 16) | 5,841 | ||||||||||||||
Loss recognized on disposal before tax related to sale of 17% of DNI | (10,720) | ||||||||||||||
Loss recognized on disposal, before tax, related to fair value adjustment of retained interest in 38% of DNI | 1,545 | ||||||||||||||
Taxes related to gain recognized on disposal | 0 | ||||||||||||||
Gain (loss) recognized on disposal, before tax | (9,175) | ||||||||||||||
Gain (loss) recognized on disposal, after tax | (9,175) | ||||||||||||||
DNI [Member] | Equity Method Investment 17% Sold [Member] | Discontinued [Member] | |||||||||||||||
Fair value of consideration received | 27,626 | ||||||||||||||
Fair value of retained interest in DNI | 0 | ||||||||||||||
Carrying value of non-controlling interest | 0 | ||||||||||||||
Subtotal | 27,626 | ||||||||||||||
Less: carrying value, comprising | 38,346 | ||||||||||||||
Cash and cash equivalents | 354 | ||||||||||||||
Accounts receivable, net | 4,116 | ||||||||||||||
Finance loans receivable, net | 173 | ||||||||||||||
Inventory | 149 | ||||||||||||||
Property, plant and equipment, net | 212 | ||||||||||||||
Equity-accounted investments | 41 | ||||||||||||||
Goodwill (Note 11) | 18,924 | ||||||||||||||
Intangible assets, net | 13,526 | ||||||||||||||
Deferred income taxes assets (Note 19) | 5 | ||||||||||||||
Other long-term assets, including reinsurance assets | 4,447 | ||||||||||||||
Accounts payable | (868) | ||||||||||||||
Other payables | (2,760) | ||||||||||||||
Income taxes payable | (416) | ||||||||||||||
Deferred income taxes liabilities | (3,698) | ||||||||||||||
Long-term debt | (1,700) | ||||||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 1 and Note 16) | 5,841 | ||||||||||||||
Loss recognized on disposal before tax related to sale of 17% of DNI | (10,720) | ||||||||||||||
Loss recognized on disposal, before tax, related to fair value adjustment of retained interest in 38% of DNI | 0 | ||||||||||||||
Taxes related to gain recognized on disposal | 505 | ||||||||||||||
Gain (loss) recognized on disposal, before tax | (10,720) | ||||||||||||||
Gain (loss) recognized on disposal, after tax | (11,225) | ||||||||||||||
Capital gain (loss) as a result of disposal of business | $ 500 | ||||||||||||||
DNI [Member] | Equity Method Investment 8% Retained Interest Sold In May 2019 [Member] | Discontinued [Member] | |||||||||||||||
Fair value of consideration received | 0 | ||||||||||||||
Fair value of retained interest in DNI | 14,849 | ||||||||||||||
Carrying value of non-controlling interest | 0 | ||||||||||||||
Subtotal | 14,849 | ||||||||||||||
Less: carrying value, comprising | 14,540 | ||||||||||||||
Cash and cash equivalents | 158 | ||||||||||||||
Accounts receivable, net | 1,841 | ||||||||||||||
Finance loans receivable, net | 77 | ||||||||||||||
Inventory | 66 | ||||||||||||||
Property, plant and equipment, net | 95 | ||||||||||||||
Equity-accounted investments | 19 | ||||||||||||||
Goodwill (Note 11) | 8,466 | ||||||||||||||
Intangible assets, net | 6,051 | ||||||||||||||
Deferred income taxes assets (Note 19) | 2 | ||||||||||||||
Other long-term assets, including reinsurance assets | 1,989 | ||||||||||||||
Accounts payable | (389) | ||||||||||||||
Other payables | (1,235) | ||||||||||||||
Income taxes payable | (186) | ||||||||||||||
Deferred income taxes liabilities | (1,654) | ||||||||||||||
Long-term debt | (760) | ||||||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 1 and Note 16) | 0 | ||||||||||||||
Loss recognized on disposal before tax related to sale of 17% of DNI | 0 | ||||||||||||||
Loss recognized on disposal, before tax, related to fair value adjustment of retained interest in 38% of DNI | 309 | ||||||||||||||
Taxes related to gain recognized on disposal | (3,836) | ||||||||||||||
Gain (loss) recognized on disposal, before tax | 309 | ||||||||||||||
Gain (loss) recognized on disposal, after tax | 4,145 | ||||||||||||||
Capital gain (loss) as a result of disposal of business | (2,000) | ||||||||||||||
DNI [Member] | Equity Method Investment 30% Retained Interest [Member] | Discontinued [Member] | |||||||||||||||
Fair value of consideration received | 0 | ||||||||||||||
Fair value of retained interest in DNI | 59,346 | ||||||||||||||
Carrying value of non-controlling interest | 0 | ||||||||||||||
Subtotal | 59,346 | ||||||||||||||
Less: carrying value, comprising | 58,110 | ||||||||||||||
Cash and cash equivalents | 633 | ||||||||||||||
Accounts receivable, net | 7,358 | ||||||||||||||
Finance loans receivable, net | 308 | ||||||||||||||
Inventory | 268 | ||||||||||||||
Property, plant and equipment, net | 379 | ||||||||||||||
Equity-accounted investments | 72 | ||||||||||||||
Goodwill (Note 11) | 33,834 | ||||||||||||||
Intangible assets, net | 24,183 | ||||||||||||||
Deferred income taxes assets (Note 19) | 8 | ||||||||||||||
Other long-term assets, including reinsurance assets | 7,950 | ||||||||||||||
Accounts payable | (1,553) | ||||||||||||||
Other payables | (4,936) | ||||||||||||||
Income taxes payable | (743) | ||||||||||||||
Deferred income taxes liabilities | (6,612) | ||||||||||||||
Long-term debt | (3,039) | ||||||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 1 and Note 16) | 0 | ||||||||||||||
Loss recognized on disposal before tax related to sale of 17% of DNI | 0 | ||||||||||||||
Loss recognized on disposal, before tax, related to fair value adjustment of retained interest in 38% of DNI | 1,236 | ||||||||||||||
Taxes related to gain recognized on disposal | 3,331 | ||||||||||||||
Gain (loss) recognized on disposal, before tax | 1,236 | ||||||||||||||
Gain (loss) recognized on disposal, after tax | (2,095) | ||||||||||||||
Capital gain (loss) as a result of disposal of business | $ (3,300) | ||||||||||||||
DNI [Member] | Equity Method Investment Attributed To Noncontrolling Interest [Member] | Discontinued [Member] | |||||||||||||||
Fair value of consideration received | 0 | ||||||||||||||
Fair value of retained interest in DNI | 0 | ||||||||||||||
Carrying value of non-controlling interest | 88,934 | ||||||||||||||
Subtotal | 88,934 | ||||||||||||||
Less: carrying value, comprising | 88,934 | ||||||||||||||
Cash and cash equivalents | 969 | ||||||||||||||
Accounts receivable, net | 11,262 | ||||||||||||||
Finance loans receivable, net | 472 | ||||||||||||||
Inventory | 410 | ||||||||||||||
Property, plant and equipment, net | 579 | ||||||||||||||
Equity-accounted investments | 110 | ||||||||||||||
Goodwill (Note 11) | 51,779 | ||||||||||||||
Intangible assets, net | 37,009 | ||||||||||||||
Deferred income taxes assets (Note 19) | 13 | ||||||||||||||
Other long-term assets, including reinsurance assets | 12,167 | ||||||||||||||
Accounts payable | (2,376) | ||||||||||||||
Other payables | (7,553) | ||||||||||||||
Income taxes payable | (1,137) | ||||||||||||||
Deferred income taxes liabilities | (10,119) | ||||||||||||||
Long-term debt | $ (4,651) | ||||||||||||||
DNI [Member] | Re-measurement Of Retained 38% Interest | Discontinued [Member] | |||||||||||||||
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 a result of disposal of business | $ (1,500) | ||||||||||||||
Valuation allowance against capital loss resulted from disposal of DNI | $ 1,500 | ||||||||||||||
CPS [Member] | |||||||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 1 and Note 16) | $ 32,451 | ||||||||||||||
CPS [Member] | Discontinued [Member] | |||||||||||||||
Fair value of consideration received | $ 0 | ||||||||||||||
Less: carrying value, comprising | (68) | ||||||||||||||
Cash and cash equivalents | 328 | ||||||||||||||
Accounts receivable, net | 303 | ||||||||||||||
Inventory | 12 | ||||||||||||||
Property, plant and equipment, net | 236 | ||||||||||||||
Goodwill (Note 11) | 0 | ||||||||||||||
Deferred income taxes assets (Note 19) | 0 | ||||||||||||||
Accounts payable | (238) | ||||||||||||||
Other payables | (33,160) | ||||||||||||||
Income taxes payable | 0 | ||||||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 1 and Note 16) | 32,451 | ||||||||||||||
Taxes related to gain recognized on disposal | 0 | ||||||||||||||
Gain (loss) recognized on disposal, before tax | 68 | ||||||||||||||
Gain (loss) recognized on disposal, after tax | 7,148 | ||||||||||||||
Capital gain (loss) as a result of disposal of business | 5,399 | ||||||||||||||
Valuation allowance against capital loss resulted from disposal of DNI | $ (5,399) | ||||||||||||||
[1] | Refer to Note 1 | ||||||||||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Acquisitions, Dispositions An_8
Acquisitions, Dispositions And Discontinued Operations (Schedule Of Major Captions That Have Not Been Separately Presented On Related To Discontinued Operation) (Details) - USD ($) $ in Thousands | Mar. 01, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Net income from discontinued operations | $ 6,402 | $ 13,630 | [1] | $ 9,945 | [1] | ||
Loss on disposal of discontinued operation after tax | 12,454 | (9,175) | [1],[2] | 0 | [1],[2] | ||
Discontinued [Member] | |||||||
Revenue | 194,763 | 153,314 | |||||
Cost of goods sold, IT processing, servicing and support | 85,652 | 60,982 | |||||
Selling, general and administration | 57,136 | 57,567 | |||||
Depreciation and amortization | 25,246 | 25,011 | |||||
Impairment loss | 5,305 | 0 | |||||
Operating income | 21,424 | 9,754 | |||||
Interest income | 1,805 | 1,040 | |||||
Interest expense | 864 | 372 | |||||
Net income before tax | 22,365 | 10,422 | |||||
Income tax expense | 8,750 | 2,868 | |||||
Net income before earnings from equity-accounted investments | 13,615 | 7,554 | |||||
Earnings from equity-accounted investments | 15 | 7,005 | |||||
Net income from discontinued operations | 13,630 | 14,559 | |||||
Total net cash provided by operating activities | 11,976 | 25,939 | |||||
Total net cash provided by (used) in investing activities | (6,816) | (8,270) | |||||
Net1 Korea [Member] | Discontinued [Member] | |||||||
Revenue | 85,375 | 138,426 | 153,314 | ||||
Cost of goods sold, IT processing, servicing and support | 37,377 | 57,984 | 60,982 | ||||
Selling, general and administration | 30,562 | 53,479 | 57,567 | ||||
Depreciation and amortization | 8,652 | 17,220 | 25,011 | ||||
Impairment loss | 0 | 0 | 0 | ||||
Operating income | 8,784 | 9,743 | 9,754 | ||||
Interest income | 678 | 1,098 | 1,040 | ||||
Interest expense | 106 | 52 | 372 | ||||
Net income before tax | 9,356 | 10,789 | 10,422 | ||||
Income tax expense | 2,954 | 4,989 | 2,868 | ||||
Net income before earnings from equity-accounted investments | 6,402 | 5,800 | 7,554 | ||||
Earnings from equity-accounted investments | 0 | 0 | 0 | ||||
Net income from discontinued operations | $ 12,454 | 6,402 | 5,800 | 7,554 | |||
Total net cash provided by operating activities | 3,758 | 5,341 | 24,174 | ||||
Total net cash provided by (used) in investing activities | 1,524 | (6,300) | (8,270) | ||||
DNI [Member] | |||||||
Revenue | $ 0 | 0 | |||||
DNI [Member] | Discontinued [Member] | |||||||
Revenue | 56,337 | 0 | |||||
Cost of goods sold, IT processing, servicing and support | 27,668 | 0 | |||||
Selling, general and administration | 3,657 | 0 | |||||
Depreciation and amortization | 8,026 | 0 | |||||
Impairment loss | 5,305 | 0 | |||||
Operating income | 11,681 | 0 | |||||
Interest income | 707 | 0 | |||||
Interest expense | 812 | 0 | |||||
Net income before tax | 11,576 | 0 | |||||
Income tax expense | 3,761 | 0 | |||||
Net income before earnings from equity-accounted investments | 7,815 | 0 | |||||
Earnings from equity-accounted investments | 15 | 7,005 | |||||
Net income from discontinued operations | 7,830 | 7,005 | |||||
Total net cash provided by operating activities | 6,635 | 1,765 | |||||
Total net cash provided by (used) in investing activities | $ (516) | $ 0 | |||||
Proceeds from dividends received | $ 900 | ||||||
[1] | Refer to Note 1 | ||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Acquisitions, Dispositions An_9
Acquisitions, Dispositions And Discontinued Operations (Schedule Of Revenues And Expenses After DNI Disposal Transaction) (Details) - DNI [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue generated from transactions with DNI | $ 0 | $ 0 |
Expenses incurred related to transactions with DNI | $ 2,902 | $ 63 |
Acquisitions, Dispositions a_10
Acquisitions, Dispositions and Discontinued Operations (Schedule Of Balances Included On Condensed Consolidated Balance Sheet) (Details) $ in Thousands, R in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Nov. 30, 2017USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2019ZAR (R) | Jun. 30, 2019USD ($) | Nov. 30, 2017ZAR (R) | ||
Current assets of discontinued operation | $ 0 | $ 117,842 | [1] | |||||
Long-term assets of discontinued operation | 0 | 149,390 | [1] | |||||
Current liabilities of discontinued operation | 0 | (57,815) | [1] | |||||
Long-term liabilities of discontinued operation | $ 0 | (3,264) | [1] | |||||
Net1 Korea [Member] | ||||||||
Current assets of discontinued operation | 117,842 | |||||||
Cash and cash equivalents | 26,051 | |||||||
Accounts receivable, net | 41,359 | |||||||
Finance loans receivable, net | 9,650 | |||||||
Inventory | 1,826 | |||||||
Settlement assets | 38,956 | |||||||
Long-term assets of discontinued operation | 149,390 | |||||||
Property, plant and equipment, net | 10,327 | |||||||
Goodwill (Note 11) | 112,071 | |||||||
Intangible assets, net | 9,661 | |||||||
Deferred income taxes assets (Note 19) | 1,917 | |||||||
Other long-term assets | 15,414 | |||||||
Current liabilities of discontinued operation | (57,815) | |||||||
Accounts payable | (7,139) | |||||||
Other payables | (6,827) | |||||||
Income taxes payable | (4,893) | |||||||
Settlement liabilities | (38,956) | |||||||
Long-term liabilities of discontinued operation | (3,264) | |||||||
Other long-term liabilities | (508) | |||||||
Deferred income taxes liabilities | $ (2,756) | |||||||
DNI [Member] | ||||||||
Other long-term liabilities | $ (8,300) | R (113.8) | ||||||
Present values of other long-term liabilities | $ 9,400 | R 129 | ||||||
Interest rate used to calculate interest earned | 10.00% | |||||||
Consideration plus (less) contingent amount other shareholders agreed to reimburse DNI, percent | 50.00% | |||||||
DNI [Member] | Initial DNI PPA [Member] | ||||||||
Current assets of discontinued operation | $ 22,482 | |||||||
Cash and cash equivalents | 2,979 | |||||||
Accounts receivable, net | 16,235 | |||||||
Finance loans receivable, net | 742 | |||||||
Inventory | 2,526 | |||||||
Long-term assets of discontinued operation | 242,704 | |||||||
Property, plant and equipment, net | 1,317 | |||||||
Equity-accounted investment | 339 | |||||||
Goodwill (Note 11) | 114,161 | |||||||
Intangible assets, net | 104,003 | |||||||
Deferred income taxes assets (Note 19) | 1,536 | |||||||
Other long-term assets | 21,348 | |||||||
Current liabilities of discontinued operation | (20,914) | |||||||
Accounts payable | (13,949) | |||||||
Other payables | (6,349) | |||||||
Current portion of long-term borrowings | (616) | |||||||
Long-term liabilities of discontinued operation | (38,387) | |||||||
Other long-term liabilities | (8,291) | |||||||
Deferred income taxes liabilities | (30,096) | |||||||
Fair value of assets and liabilities on acquisition | 205,885 | |||||||
DNI [Member] | Amendment [Member] | ||||||||
Long-term assets of discontinued operation | (1,951) | |||||||
Goodwill (Note 11) | 5,017 | |||||||
Intangible assets, net | (6,968) | |||||||
Long-term liabilities of discontinued operation | (1,951) | |||||||
Deferred income taxes liabilities | (1,951) | |||||||
DNI [Member] | Amended DNI PPA [Member] | ||||||||
Current assets of discontinued operation | 22,482 | |||||||
Cash and cash equivalents | 2,979 | |||||||
Accounts receivable, net | 16,235 | |||||||
Finance loans receivable, net | 742 | |||||||
Inventory | 2,526 | |||||||
Long-term assets of discontinued operation | 240,753 | |||||||
Property, plant and equipment, net | 1,317 | |||||||
Equity-accounted investment | 339 | |||||||
Goodwill (Note 11) | 119,178 | |||||||
Intangible assets, net | 97,035 | |||||||
Deferred income taxes assets (Note 19) | 1,536 | |||||||
Other long-term assets | 21,348 | |||||||
Current liabilities of discontinued operation | (57,350) | |||||||
Accounts payable | (13,949) | |||||||
Other payables | (6,349) | |||||||
Current portion of long-term borrowings | (616) | |||||||
Long-term liabilities of discontinued operation | (36,436) | |||||||
Other long-term liabilities | (8,291) | |||||||
Deferred income taxes liabilities | (28,145) | |||||||
Fair value of assets and liabilities on acquisition | 205,885 | |||||||
Less: fair value attributable to controlling interests on acquisition date | (94,123) | |||||||
Less: fair value of equity-accounted investment, comprising: | (100,947) | |||||||
Add: loss on re-measurement of previously held interest | 4,614 | |||||||
Less: Contingent payment recognized related to 49% interest acquired | (25,589) | |||||||
Less: Contingent payment recognized related to 6% interest acquired | (79,972) | |||||||
Less: carrying value at the acquisition date | (1,633) | |||||||
Total purchase price | $ 9,182 | |||||||
[1] | Refer to Note 1 |
Accounts Receivable, Net And _3
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Bad debt expense | $ 1,035 | $ 0 | [1] | $ 0 | [1] |
Trade Accounts Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Bad debt expense | $ 100 | ||||
Microlending Finance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Increase in allowance for doubtful microlending finance loans receivable | 28,800 | ||||
Utilized | (1,451) | (29,721) | |||
Microlending Finance [Member] | South Africa [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Utilized | 29,700 | ||||
Working Capital [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Utilized | $ 0 | (6,985) | |||
Working Capital [Member] | United States [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Utilized | $ 6,800 | ||||
[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) - Accounts Receivable [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, trade, net | $ 8,458 | $ 12,637 |
Accounts receivable, trade, gross | 8,711 | 13,298 |
Allowance for doubtful accounts receivable, end of period | 253 | 661 |
Beginning of year | 661 | 678 |
Reversed to statement of operations | (155) | (22) |
Charged to statement of operations | 181 | 3,118 |
Utilized | (151) | (3,059) |
Deconsolidation | (178) | (38) |
Foreign currency adjustment | (105) | (16) |
Taxes refundable related to sale of Net1 Korea (Note 3) | 19,796 | 0 |
Current portion of amount outstanding related to sale of remaining interest in DNI (Note 10) | 2,756 | 0 |
Other receivables | 9,058 | 11,238 |
Total accounts receivable, net | 43,068 | 31,135 |
Carbon [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan provided | 3,000 | 3,000 |
DNI [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan provided | $ 0 | $ 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, 2020 | Jun. 30, 2019 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance loans receivable, net | $ 15,879 | $ 20,981 | [1] |
Total accounts receivable, net | 15,879 | 20,981 | |
Microlending Finance Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance loans receivable, net | 15,879 | 20,981 | |
Receivable, gross | 17,737 | 24,180 | |
Allowance for doubtful finance loans receivable, end of period | 1,858 | 3,199 | |
Beginning of period | 3,199 | 4,239 | |
Reversed to statement of operations | (492) | 0 | |
Charged to statement of operations | 1,211 | 28,802 | |
Utilized | (1,451) | (29,721) | |
Foreign currency adjustment | (609) | (121) | |
Working Capital Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance loans receivable, net | 0 | 0 | |
Receivable, gross | 5,800 | 5,800 | |
Allowance for doubtful finance loans receivable, end of period | 5,800 | 5,800 | |
Beginning of period | 5,800 | 12,037 | |
Charged to statement of operations | 0 | 748 | |
Utilized | $ 0 | $ (6,985) | |
[1] | Refer to Note 1 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | [1] | Jun. 30, 2018 | [1] | |
Inventory [Line Items] | |||||
Loss related to airtime inventory | $ 1,298 | $ 0 | $ 0 | ||
Wholesale Airtime Inventory Market [Member] | |||||
Inventory [Line Items] | |||||
Loss related to airtime inventory | $ 1,300 | ||||
[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, 2020 | Jun. 30, 2019 | |
Inventory [Abstract] | |||
Finished goods | $ 15,618 | $ 5,709 | |
Finished goods subject to sale restrictions | 4,242 | 0 | |
Inventory | $ 19,860 | $ 5,709 | [1] |
[1] | Refer to Note 1 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) R in Millions | May 03, 2019ZAR (R) | Mar. 31, 2019USD ($) | Mar. 31, 2019ZAR (R) | Jun. 30, 2020USD ($)shares | Jun. 30, 2019USD ($) | Jun. 30, 2019ZAR (R) | Feb. 29, 2020 | Jun. 30, 2019ZAR (R) | Jun. 30, 2018USD ($) | Jun. 30, 2018ZAR (R) |
Derivatives, Fair Value [Line Items] | ||||||||||
Other payables | $ 11,329,000 | $ 9,640,000 | ||||||||
Transfers into or out of Level 3 | 0 | |||||||||
Nonrecurring [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Liabilities measured at fair value | 0 | |||||||||
Other-than-temporary impairment charges | $ 0 | |||||||||
Cell C [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Equity ownership percentage | 15.00% | 15.00% | 15.00% | |||||||
Equity method investment, percentage of ownership interest | 0.00% | |||||||||
Cell C [Member] | Minimum [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Increase decrease in weighted average cost of capital | (2.00%) | |||||||||
Percentage increase or (decrease) not impacting investment value | (1.00%) | |||||||||
Cell C [Member] | Maximum [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Increase decrease in weighted average cost of capital | 3.00% | |||||||||
Percentage increase or (decrease) not impacting investment value | 1.00% | |||||||||
DNI [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Equity ownership percentage | 30.00% | 27.00% | 30.00% | |||||||
Long-term liabilities | $ 27,200,000 | R 373.6 | ||||||||
Accreted interest | $ 1,800,000 | R 26.4 | ||||||||
Settlement of contingent consideration | $ 27,600,000 | R 400 | ||||||||
DNI [Member] | Maximum [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
DNI contingent consideration | $ 27,600,000 | R 400 | ||||||||
Net1 SA [Member] | Cell C [Member] | Class A [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Investment shares owned | shares | 75,000,000 | |||||||||
Investment amount owned | $ 0 | |||||||||
Net1 SA [Member] | DNI [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Equity ownership percentage | 30.00% | 30.00% | 38.00% | 38.00% | ||||||
Settlement of contingent consideration | R | R 230 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Schedule Of Key Valuation Inputs Used To Measure Fair Value Of Investment In Cell C) (Details) $ in Millions, R in Billions | 12 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020ZAR (R) | Jun. 30, 2019ZAR (R) | |
Deferred tax including assessed tax losses | $ 167.3 | $ 205.9 | R 2.9 | R 2.9 |
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 | 21.00% | |||
Cell C [Member] | ||||
Net adjusted external debt | $ 900 | $ 1,000 | 15.8 | 13.9 |
Lease liabilities included in net adjusted external debt | R 4.4 | R 6.4 | ||
Cell C [Member] | Long Term Growth Rate [Member] | Minimum [Member] | ||||
Investment fair value measurement inputs | 3.00% | |||
Cell C [Member] | Long Term Growth Rate [Member] | Maximum [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% |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Schedule Of Impact On Carrying Value Of Cell C Investment) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
3.0% Increase [Member] | Weighted Average Cost of Capital (WACC) Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Sensitivity for fair value of Cell C investment | $ 0 |
3.0% Increase [Member] | EBITDA Multiple [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Sensitivity for fair value of Cell C investment | 2,528 |
2.0% Decrease [Member] | Weighted Average Cost of Capital (WACC) Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Sensitivity for fair value of Cell C investment | 1,680 |
2.0% Decrease [Member] | EBITDA Multiple [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Sensitivity for fair value of Cell C investment | $ 0 |
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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Cell C [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity investments (included in cash and cash equivalents) | $ 0 | ||
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment | 0 | $ 0 | |
Cash, cash equivalents and restricted cash (included in other long term assets) | 490 | 619 | |
Fixed maturity investments (included in cash and cash equivalents) | 4,198 | 5,201 | |
Total assets at fair value | 4,688 | 5,820 | |
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] | |||
Investment | 0 | 0 | |
Cash, cash equivalents and restricted cash (included in other long term assets) | 490 | 619 | |
Fixed maturity investments (included in cash and cash equivalents) | 4,198 | 5,201 | |
Total assets at fair value | 4,688 | 5,820 | |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment | 0 | 0 | |
Cash, cash equivalents and restricted cash (included in other long term assets) | 0 | 0 | |
Fixed maturity investments (included in cash and cash equivalents) | 0 | 0 | |
Total assets at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment | 0 | 0 | |
Cash, cash equivalents and restricted cash (included in other long term assets) | 0 | 0 | |
Fixed maturity investments (included in cash and cash equivalents) | 0 | 0 | |
Total assets at fair value | $ 0 | $ 0 | $ 172,948 |
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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Liabilities | |||||
Foreign currency adjustment | $ 340 | $ (73) | [1] | $ (414) | [1] |
Recurring [Member] | |||||
Assets | |||||
Beginning balance, Carrying value | 5,820 | ||||
Ending balance, Carrying value | 4,688 | 5,820 | |||
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | |||||
Assets | |||||
Beginning balance, Carrying value | 0 | 172,948 | |||
Loss on fair value re-measurements | (167,459) | ||||
Foreign currency adjustment | 0 | (5,489) | |||
Ending balance, Carrying value | 0 | 0 | 172,948 | ||
Liabilities | |||||
Beginning balance, Carrying value | $ 0 | 27,222 | |||
Accretion of interest | 1,848 | ||||
Settlement of contingent consideration | (27,626) | ||||
Foreign currency adjustment | (1,444) | ||||
Ending balance, Carrying value | $ 0 | $ 27,222 | |||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Property, Plant And Equipment_3
Property, Plant And Equipment, Net (Schedule Of Property, Plant And Equipment, Net) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Property Plant And Equipment [Line Items] | |||
Cost | $ 36,180 | $ 63,654 | |
Accumulated depreciation | 29,524 | 55,427 | |
Carrying amount | 6,656 | 8,227 | [1] |
Computer Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Cost | 26,575 | 37,719 | |
Accumulated depreciation | 22,810 | 32,707 | |
Carrying amount | 3,765 | 5,012 | |
Furniture And Office Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Cost | 7,732 | 9,788 | |
Accumulated depreciation | 5,101 | 7,738 | |
Carrying amount | 2,631 | 2,050 | |
Vehicles [Member] | |||
Property Plant And Equipment [Line Items] | |||
Cost | 1,873 | 16,147 | |
Accumulated depreciation | 1,613 | 14,982 | |
Carrying amount | $ 260 | $ 1,165 | |
[1] | Refer to Note 1 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020USD ($)Item | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Malta [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease number of option to extend lease | Item | 5 | ||
Operating lease renewal term | 1 year | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating leases remaining lease term | 1 year | ||
Minimum [Member] | Malta [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease term | 3 years | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating leases remaining lease term | 6 years | ||
Maximum [Member] | Malta [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease term | 8 years | ||
Financial Services Business [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expense | $ 3.6 | ||
Financial Services Business [Member] | Short-term leasing arrangements [Member] | Premises And Equipment [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease payments | $ 10.6 | $ 9.6 | |
Financial Services Business [Member] | South Africa [Member] | Short-term leasing arrangements [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expense | $ 4.2 | ||
Financial Services Business [Member] | Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease term | 1 year |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Disclosure Related To Right-of-use Assets And Operating Leases Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jul. 01, 2019 | Jun. 30, 2019 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
Right-of-use assets obtained in exchange for lease obligations: Operating leases | $ 2,974 | $ 6,739 | ||
Weighted average remaining lease term (years) | 3 years 11 months 8 days | 2 years 6 months 3 days | ||
Weighted average discount rate | 9.00% | 10.00% | ||
2021 | $ 2,622 | $ 3,608 | ||
2022 | 1,525 | 2,395 | ||
2023 | 961 | 1,269 | ||
2024 | 639 | 454 | ||
2025 | 320 | 0 | ||
Thereafter | 321 | 0 | ||
Total undiscounted operating lease liabilities | 6,388 | 7,726 | ||
Less imputed interest | 825 | 842 | ||
Total operating lease liabilities, included in | 5,563 | 6,884 | ||
Operating lease right-of-use lease liability - current | 2,251 | 5,098 | 0 | [1] |
Right-of-use operating lease liability - long-term | $ 3,312 | $ 1,786 | $ 0 | [1] |
[1] | Refer to Note 1 |
Leases (Supplemental Balance _2
Leases (Supplemental Balance Sheet Disclosure Related To Right-of-use Assets And Operating Leases Liabilities) (Alternate) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jul. 01, 2019 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 825 | $ 842 |
Operating Lease, Liability | 5,563 | 6,884 |
Lessee, Operating Lease, Liability, Payments, Due | $ 6,388 | $ 7,726 |
Leases (Future Minimum Payments
Leases (Future Minimum Payments Under Operating Leases) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
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 | $ 0 |
Equity-Accounted Investments _3
Equity-Accounted Investments And Other Long-Term Assets (Narrative) (Details) R / shares in Units, SFr in Millions, R in Millions, Item in Millions | Apr. 15, 2020CHF (SFr) | Apr. 15, 2020USD ($) | Apr. 13, 2020CHF (SFr) | Apr. 13, 2020USD ($) | Apr. 01, 2020USD ($)shares | Apr. 01, 2020ZAR (R)shares | Mar. 31, 2020USD ($) | Oct. 02, 2019CHF (SFr) | Oct. 02, 2019USD ($) | Aug. 02, 2019shares | May 03, 2019ZAR (R) | Aug. 02, 2017USD ($) | Aug. 02, 2017ZAR (R) | May 31, 2019USD ($)shares | May 31, 2019ZAR (R)shares | Jun. 30, 2017USD ($) | Aug. 31, 2016USD ($)Item | Mar. 31, 2020USD ($)shares | Mar. 31, 2019USD ($) | Mar. 31, 2019ZAR (R) | Jun. 30, 2020USD ($)shares | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Aug. 31, 2020R / shares | Jun. 30, 2020ZAR (R)R / sharesshares | Mar. 31, 2020ZAR (R)R / shares | Feb. 29, 2020 | Jan. 31, 2020USD ($) | Aug. 31, 2019USD ($) | May 03, 2019USD ($) | ||
Cash dividend received from equity method investment | $ 0 | $ 284,000 | [1] | $ 0 | [1] | |||||||||||||||||||||||||||
Impairment loss on equity method investment | 33,831,000 | 2,084,000 | ||||||||||||||||||||||||||||||
Market value of holding | 65,836,000 | 148,427,000 | [2] | |||||||||||||||||||||||||||||
Aggregate purchase price of shares in cash | $ 2,500,000 | $ 2,989,000 | [1] | 133,335,000 | [1] | |||||||||||||||||||||||||||
DNI [Member] | ||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 30.00% | 27.00% | ||||||||||||||||||||||||||||||
Minimum ownership percentage that should be owned in DNI unless whole remaining interest disposed off | 8.00% | |||||||||||||||||||||||||||||||
Settlement of outstanding long-term borrowings | $ 27,600,000 | R 400 | ||||||||||||||||||||||||||||||
Impairment loss on equity method investment | $ 11,500,000 | $ 1,600,000 | $ 13,070,000 | |||||||||||||||||||||||||||||
Finbond [Member] | ||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 31.00% | 29.00% | 31.00% | |||||||||||||||||||||||||||||
Investment shares owned | shares | 268,820,933 | 268,820,933 | ||||||||||||||||||||||||||||||
Market value of holding | $ 357,000,000 | R 6,000 | ||||||||||||||||||||||||||||||
Number of additional shares acquired | shares | 1,148,901 | |||||||||||||||||||||||||||||||
Shares repurchased | shares | 47,000,000 | |||||||||||||||||||||||||||||||
Share price per share | R / shares | R 1.47 | R 2.3 | R 2.91123 | |||||||||||||||||||||||||||||
Business acquisition amount contributed | R | R 136.8 | |||||||||||||||||||||||||||||||
V2 [Member] | ||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 50.00% | 50.00% | 50.00% | |||||||||||||||||||||||||||||
Impairment loss on equity method investment | $ 2,500,000 | |||||||||||||||||||||||||||||||
Business acquisition amount contributed | $ 5,000,000 | $ 1,300,000 | $ 1,300,000 | |||||||||||||||||||||||||||||
Working capital facility | $ 500,000 | $ 5,000,000 | ||||||||||||||||||||||||||||||
Cell C [Member] | ||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 15.00% | 15.00% | 15.00% | |||||||||||||||||||||||||||||
CPS [Member] | ||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 87.50% | 87.50% | 87.50% | |||||||||||||||||||||||||||||
Percentage of ownership interest | 87.50% | 87.50% | ||||||||||||||||||||||||||||||
Cedar Cellular [Member] | ||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 7.625% | 7.625% | 7.625% | |||||||||||||||||||||||||||||
Fixed interest rate on notes payable | 24.82% | 24.82% | ||||||||||||||||||||||||||||||
Notes payable amount | $ 0 | $ 0 | ||||||||||||||||||||||||||||||
Interest income recognized | 0 | 2,400,000 | $ 1,400,000 | |||||||||||||||||||||||||||||
Present value of expected cash flows from debt security | 0 | |||||||||||||||||||||||||||||||
Investment amortized cost basis before impairment | 12,800,000 | |||||||||||||||||||||||||||||||
Other-than-temporary impairment related to the credit loss | $ 12,800,000 | |||||||||||||||||||||||||||||||
Bank Frick [Member] | ||||||||||||||||||||||||||||||||
Percentage of ownership interest | 35.00% | 35.00% | ||||||||||||||||||||||||||||||
Equity acquisition amount under purchase agreement | SFr 46.4 | $ 46,500,000 | ||||||||||||||||||||||||||||||
Termination fee paid to the Frick Family to cancel option | SFr 17 | $ 17,500,000 | ||||||||||||||||||||||||||||||
Impairment loss on equity method investment | 18,300,000 | |||||||||||||||||||||||||||||||
Net1 SA [Member] | DNI [Member] | ||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 30.00% | 38.00% | ||||||||||||||||||||||||||||||
Cash consideration received on transaction | $ 15,000,000 | R 215 | ||||||||||||||||||||||||||||||
Settlement of outstanding long-term borrowings | R | R 230 | |||||||||||||||||||||||||||||||
Impairment loss included in accumulated other comprehensive loss | $ 11,300,000 | |||||||||||||||||||||||||||||||
Existing cash reserves to settle its outstanding long-term borrowings | $ 15,000,000 | |||||||||||||||||||||||||||||||
Net1 SA [Member] | DNI [Member] | Call Option [Member] | ||||||||||||||||||||||||||||||||
Number of shares sold | shares | 30,394,765 | 30,394,765 | ||||||||||||||||||||||||||||||
Option strike price used to calculate the strike price for 27% retained interest | $ 1,580,000,000 | R 2,827,000 | ||||||||||||||||||||||||||||||
Option strike price on 27% of retained interest | $ 480,000,000 | R 8,593 | ||||||||||||||||||||||||||||||
Minimum smaller denominations a call options can be split, percent | 20.00% | 20.00% | ||||||||||||||||||||||||||||||
Net1 SA [Member] | DNI [Member] | Class A [Member] | ||||||||||||||||||||||||||||||||
Number of shares sold | shares | 7,605,235 | 7,605,235 | ||||||||||||||||||||||||||||||
Net1 SA [Member] | DNI [Member] | Minimum [Member] | Call Option [Member] | ||||||||||||||||||||||||||||||||
Percentage of voting and participation interests required to be acquired by nominated party to exercise a call option | 2.50% | 2.50% | ||||||||||||||||||||||||||||||
Net1 SA [Member] | Cell C [Member] | Class A [Member] | ||||||||||||||||||||||||||||||||
Investment amount owned | $ 0 | |||||||||||||||||||||||||||||||
Investment shares owned | shares | 75,000,000 | 75,000,000 | ||||||||||||||||||||||||||||||
Net1 SA [Member] | MIC [Member] | ||||||||||||||||||||||||||||||||
Number of shares sold | shares | 3,508,455 | 3,508,455 | ||||||||||||||||||||||||||||||
Cash consideration received on transaction | $ 5,500,000 | R 99.2 | ||||||||||||||||||||||||||||||
Notes receivable obtained in exchange for shares sold to DNI | R | R 99.2 | |||||||||||||||||||||||||||||||
Net1 SA [Member] | MIC [Member] | Call Option [Member] | ||||||||||||||||||||||||||||||||
Number of shares sold | shares | 26,886,310 | 26,886,310 | ||||||||||||||||||||||||||||||
Cash consideration received on transaction | $ 42,500,000 | R 760 | ||||||||||||||||||||||||||||||
Net1 SA [Member] | MIC [Member] | Unsecured Notes Payable [Member] | ||||||||||||||||||||||||||||||||
Present value of the note and expected cash repayments | $ 5,400,000 | R 95.7 | ||||||||||||||||||||||||||||||
Rate used by Rand Merchant Bank to derive a 24 month interest rate | 0.30% | 0.30% | ||||||||||||||||||||||||||||||
Fixed interest rate on notes payable | 7.25% | |||||||||||||||||||||||||||||||
Periodic principal payment amount | $ 300,000 | |||||||||||||||||||||||||||||||
Estimated debt transaction costs | $ 1,000,000 | |||||||||||||||||||||||||||||||
Interest rate used to determine the present value | 6.63% | 6.63% | ||||||||||||||||||||||||||||||
Net1 SA [Member] | MIC [Member] | Unsecured Notes Payable [Member] | JIBAR [Member] | ||||||||||||||||||||||||||||||||
Debt instrument variable interest rate | 6.33% | 6.33% | ||||||||||||||||||||||||||||||
Net1 SA [Member] | Bank Frick [Member] | ||||||||||||||||||||||||||||||||
Average price to book valuation | 0.9 | |||||||||||||||||||||||||||||||
Return on equity, price to book ratio | 1.15 | |||||||||||||||||||||||||||||||
Cash dividend received from equity method investment | SFr 1.3 | $ 1,300,000 | ||||||||||||||||||||||||||||||
Net1 SA [Member] | Bank Frick [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Return on equity, price to book ratio | 0.7 | |||||||||||||||||||||||||||||||
Net1 SA [Member] | Bank Frick [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||
Return on equity, price to book ratio | 4.7 | |||||||||||||||||||||||||||||||
Net1 SA [Member] | Cell C [Member] | Class A [Member] | ||||||||||||||||||||||||||||||||
Aggregate purchase price of shares in cash | $ 151,000,000 | R 2,000 | ||||||||||||||||||||||||||||||
MobiKwik [Member] | ||||||||||||||||||||||||||||||||
Percentage of ownership interest | 12.00% | 13.00% | 12.00% | |||||||||||||||||||||||||||||
Aggregate purchase price of shares in cash | $ 10,600,000 | $ 15,000,000 | $ 1,100,000 | |||||||||||||||||||||||||||||
MobiKwik [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Number of users | Item | 100 | |||||||||||||||||||||||||||||||
Number of merchants | Item | 2.3 | |||||||||||||||||||||||||||||||
Equity investment acquisition period | 24 months | |||||||||||||||||||||||||||||||
MobiKwik [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||
Equity acquisition amount under purchase agreement | $ 40,000,000 | |||||||||||||||||||||||||||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 | |||||||||||||||||||||||||||||||
[2] | Refer to Note 1 |
Equity-Accounted Investments _4
Equity-Accounted Investments And Other Long-Term Assets (Ownership Percentage Of Equity-Accounted Investments) (Details) | Jun. 30, 2020 | Feb. 29, 2020 | Jun. 30, 2019 |
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 | 27.00% | 30.00% | |
Finbond [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity-accounted investments, ownership percentage | 31.00% | 29.00% | |
Carbon Tech Limited ("Carbon"), formerly OneFi Limited [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity-accounted investments, ownership percentage | 25.00% | 25.00% | |
Revix [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity-accounted investments, ownership percentage | 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 (Schedule Of Calculation Of Expected Gain (Loss) On Disposal Of DNI) (Details) - DNI [Member] - USD ($) | Apr. 01, 2020 | May 03, 2019 |
Asset Held-for-sale or Disposed of by Sale [Member] | Net1 SA [Member] | ||
Long Lived Assets Held For Sale Line Items [Line Items] | ||
Less: transaction costs | $ (1,010,000) | |
Less: carrying value of DNI | (36,508,000) | |
Less: release of foreign currency translation reserve from accumulated other comprehensive loss (Note 1 and Note 16) | (11,323,000) | |
Gain (loss) on sale of DNI before tax | (1,010,000) | |
Capital gains (loss) tax related to sale of DNI | 2,475,000 | |
Utilization of capital loss carryforwards | (2,475,000) | |
Gain (loss) on disposal of DNI after tax | (1,010,000) | |
Utilized capital losses as a result of the disposal of remaining interest in DNI | 12,000,000 | |
Asset Held-for-sale or Disposed of by Sale [Member] | Cash [Member] | Net1 SA [Member] | ||
Long Lived Assets Held For Sale Line Items [Line Items] | ||
Consideration received | $ 42,477,000 | |
Investment shares owned | 26,886,310 | |
Asset Held-for-sale or Disposed of by Sale [Member] | Notes Receivable [Member] | Cash [Member] | Net1 SA [Member] | ||
Long Lived Assets Held For Sale Line Items [Line Items] | ||
Consideration received | $ 5,354,000 | |
Investment shares owned | 3,508,455 | |
Disposal of 8% Retained Interest In DNI [Member] | ||
Long Lived Assets Held For Sale Line Items [Line Items] | ||
Consideration received | $ 15,011,000 | |
Less: carrying value of DNI | (14,996,000) | |
Less: release of foreign currency translation reserve from accumulated other comprehensive loss (Note 1 and Note 16) | 162,000 | |
Gain (loss) on sale of DNI before tax | 177,000 | |
Capital gains (loss) tax related to sale of DNI | 0 | |
Gain (loss) on disposal of DNI after tax | $ 177,000 |
Equity-Accounted Investments _6
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Movement In Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | Apr. 01, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Investment in equity: | |||||||
Balance as of, beginning | $ 148,279 | $ 80,436 | |||||
Remeasurement of 8% of DNI (Note 3) | 14,849 | ||||||
Remeasurement of 30% of DNI (Note 3) | 59,346 | ||||||
Acquisition of shares | 2,774 | 4,909 | |||||
Stock-based compensation | 71 | 117 | |||||
Comprehensive (loss) income | (27,315) | 5,509 | |||||
Other comprehensive income | 2,227 | 4,251 | |||||
Equity accounted (loss) earnings | (29,542) | 1,258 | |||||
Share of net income (loss) (Note 1) | 6,089 | 4,120 | |||||
Amortization - acquired intangible assets | (2,443) | (1,462) | |||||
Deferred taxes - acquired intangible assets | 660 | 380 | |||||
Dilution resulting from corporate transactions | (17) | 304 | |||||
Impairment | (33,831) | (2,084) | |||||
Dividends received | (3,823) | (3,238) | |||||
Sale of DNI | (36,508) | ||||||
Return of investment | (284) | ||||||
Sale of 8% of DNI | (14,996) | ||||||
Foreign currency adjustment | (18,262) | 1,631 | |||||
Balance as of, ending | 65,216 | 148,279 | $ 80,436 | ||||
Investment in loans: | |||||||
Balance as of, beginning | 148 | 3,152 | |||||
Transfer to accounts receivables | (3,000) | ||||||
Loans granted | 1,230 | 0 | [1] | 10,635 | [1] | ||
Allowance for doubtful loans | (730) | ||||||
Foreign currency adjustment | (28) | (4) | |||||
Balance as of, ending | 620 | 148 | 3,152 | ||||
As Reported [Member] | |||||||
Investment in equity: | |||||||
Balance as of, beginning | 82,976 | ||||||
Balance as of, ending | 82,976 | ||||||
Correction | |||||||
Investment in equity: | |||||||
Balance as of, beginning | (2,540) | ||||||
Balance as of, ending | (2,540) | ||||||
DNI [Member] | |||||||
Investment in equity: | |||||||
Balance as of, beginning | 61,030 | 0 | |||||
Remeasurement of 8% of DNI (Note 3) | 14,849 | ||||||
Remeasurement of 30% of DNI (Note 3) | 59,346 | ||||||
Comprehensive (loss) income | (9,744) | 865 | |||||
Equity accounted (loss) earnings | (9,744) | 865 | |||||
Share of net income (loss) (Note 1) | 4,676 | 1,380 | |||||
Amortization - acquired intangible assets | (1,874) | (715) | |||||
Deferred taxes - acquired intangible assets | 524 | 200 | |||||
Impairment | $ (11,500) | $ (1,600) | (13,070) | ||||
Dividends received | (1,787) | (864) | |||||
Sale of DNI | (36,508) | ||||||
Sale of 8% of DNI | (14,996) | ||||||
Foreign currency adjustment | (12,991) | 1,830 | |||||
Balance as of, ending | 0 | 61,030 | 0 | ||||
DNI [Member] | As Reported [Member] | |||||||
Investment in equity: | |||||||
Balance as of, beginning | 0 | ||||||
Balance as of, ending | 0 | ||||||
Bank Frick [Member] | |||||||
Investment in equity: | |||||||
Balance as of, beginning | 47,240 | 48,129 | |||||
Comprehensive (loss) income | (17,273) | (1,542) | |||||
Equity accounted (loss) earnings | (17,273) | (1,542) | |||||
Share of net income (loss) (Note 1) | 1,421 | 1,109 | |||||
Amortization - acquired intangible assets | (569) | (747) | |||||
Deferred taxes - acquired intangible assets | 136 | 180 | |||||
Impairment | (18,261) | (2,084) | |||||
Dividends received | (1,308) | ||||||
Foreign currency adjustment | 1,080 | 653 | |||||
Balance as of, ending | 29,739 | 47,240 | 48,129 | ||||
Bank Frick [Member] | As Reported [Member] | |||||||
Investment in equity: | |||||||
Balance as of, beginning | 48,129 | ||||||
Balance as of, ending | 48,129 | ||||||
Finbond [Member] | |||||||
Investment in equity: | |||||||
Balance as of, beginning | 32,611 | 26,442 | |||||
Acquisition of shares | 274 | 1,920 | |||||
Stock-based compensation | 71 | 117 | |||||
Comprehensive (loss) income | 4,067 | 6,870 | |||||
Other comprehensive income | 2,227 | 4,251 | |||||
Equity accounted (loss) earnings | 1,840 | 2,619 | |||||
Share of net income (loss) (Note 1) | 1,857 | 2,315 | |||||
Dilution resulting from corporate transactions | (17) | 304 | |||||
Dividends received | (274) | (1,920) | |||||
Foreign currency adjustment | (5,873) | (818) | |||||
Balance as of, ending | 30,876 | 32,611 | 26,442 | ||||
Finbond [Member] | As Reported [Member] | |||||||
Investment in equity: | |||||||
Balance as of, beginning | 28,982 | ||||||
Balance as of, ending | 28,982 | ||||||
Finbond [Member] | Correction | |||||||
Investment in equity: | |||||||
Balance as of, beginning | (2,540) | ||||||
Balance as of, ending | (2,540) | ||||||
Other [Member] | |||||||
Investment in equity: | |||||||
Balance as of, beginning | 7,398 | 5,865 | |||||
Acquisition of shares | 2,500 | 2,989 | |||||
Comprehensive (loss) income | (4,365) | (684) | |||||
Equity accounted (loss) earnings | (4,365) | (684) | |||||
Share of net income (loss) (Note 1) | (1,865) | (684) | |||||
Impairment | (2,500) | ||||||
Dividends received | (454) | (454) | |||||
Return of investment | (284) | ||||||
Foreign currency adjustment | (478) | (34) | |||||
Balance as of, ending | 4,601 | 7,398 | 5,865 | ||||
Investment in loans: | |||||||
Balance as of, beginning | 148 | 3,152 | |||||
Transfer to accounts receivables | (3,000) | ||||||
Loans granted | 1,230 | ||||||
Allowance for doubtful loans | (730) | ||||||
Foreign currency adjustment | (28) | (4) | |||||
Balance as of, ending | $ 620 | 148 | 3,152 | ||||
Other [Member] | As Reported [Member] | |||||||
Investment in equity: | |||||||
Balance as of, beginning | $ 5,865 | ||||||
Balance as of, ending | $ 5,865 | ||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Equity-Accounted Investments _7
Equity-Accounted Investments And Other Long-Term Assets (Carrying Amount Of Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Schedule of Equity Method Investments [Line Items] | |||
Equity | $ 65,216 | $ 148,279 | $ 80,436 |
Loans | 620 | 148 | $ 3,152 |
Total | $ 65,836 | $ 148,427 |
Equity-Accounted Investments _8
Equity-Accounted Investments And Other Long-Term Assets (Summary Financial Information Of Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Bank Frick [Member] | |||
Balance sheet, as of | |||
Long-term assets | $ 1,042,366 | $ 1,013,677 | |
Long-term liabilities | 940,948 | 915,050 | |
Statement of operations, for the period ended | |||
Revenue | 37,864 | 41,126 | $ 33,814 |
Operating income (loss) | 4,815 | 3,633 | 776 |
Income (loss) from continuing operations | 4,053 | 3,169 | 617 |
Net income (loss) | 4,053 | 3,169 | 617 |
Finbond [Member] | |||
Balance sheet, as of | |||
Long-term assets | 294,734 | 232,047 | |
Long-term liabilities | 112,331 | 127,352 | |
Non-controlling interest | 10,452 | 11,696 | |
Statement of operations, for the period ended | |||
Revenue | 161,378 | 174,177 | 161,915 |
Operating income (loss) | 17,483 | 20,355 | 25,079 |
Income (loss) from continuing operations | 14,449 | 17,761 | 16,475 |
Net income (loss) | 6,433 | 9,385 | 9,311 |
DNI [Member] | |||
Balance sheet, as of | |||
Current assets | 35,608 | ||
Long-term assets | 39,851 | ||
Current liabilities | 25,757 | ||
Long-term liabilities | 7,324 | ||
Non-controlling interest | 1,100 | ||
Statement of operations, for the period ended | |||
Revenue | 68,983 | 15,898 | |
Operating income (loss) | 24,563 | 5,814 | |
Income (loss) from continuing operations | 17,092 | 4,306 | |
Net income (loss) | 15,772 | 4,481 | |
Other [Member] | |||
Balance sheet, as of | |||
Current assets | 19,910 | 17,781 | |
Long-term assets | 6,145 | 2,304 | |
Current liabilities | 7,824 | 8,492 | |
Long-term liabilities | 18,076 | 4,654 | |
Non-controlling interest | (73) | 25 | |
Statement of operations, for the period ended | |||
Revenue | 7,862 | 33,807 | 10,955 |
Operating income (loss) | (5,064) | (753) | 826 |
Income (loss) from continuing operations | (5,116) | (915) | 152 |
Net income (loss) | $ (5,014) | $ (1,029) | $ 152 |
Equity-Accounted Investments _9
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Other Long-Term Asset) (Details) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Total equity investments | $ 26,993,000 | $ 26,993,000 | |
Total held to maturity investments | 0 | 0 | |
Long-term portion of amount due from DNI related to sale of remaining interest in DNI | 2,857,000 | ||
Policy holder assets under investment contracts (Note 9) | 490,000 | 619,000 | |
Reinsurance assets under insurance contracts (Note 9) | 1,006,000 | 1,163,000 | |
Total other long-term assets | 31,346,000 | 28,775,000 | [1] |
Cell C [Member] | |||
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Total equity investments | $ 0 | $ 0 | |
Equity-accounted investments, ownership percentage | 15.00% | 15.00% | |
MobiKwik [Member] | |||
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Total equity investments | $ 26,993,000 | $ 26,993,000 | |
Equity-accounted investments, ownership percentage | 12.00% | 12.00% | |
CPS [Member] | |||
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Total equity investments | $ 0 | $ 0 | |
Equity-accounted investments, ownership percentage | 87.50% | 87.50% | |
Cedar Cellular [Member] | |||
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Equity-accounted investments, ownership percentage | 7.625% | 7.625% | |
Cedar Cellular [Member] | 8.625% Notes [Member] | |||
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Interest rate | 8.625% | 8.625% | |
[1] | Refer to Note 1 |
Equity-Accounted Investments_10
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Components Of Equity Securities Without Readily Determinable Fair Value And Held To Maturity Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | $ 26,993 | $ 26,993 |
Carrying value | 26,993 | 26,993 |
MobiKwik [Member] | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | 26,993 | 26,993 |
Carrying value | $ 26,993 | $ 26,993 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill and Intangible Assets [Line Items] | ||||||
Impairment of goodwill | $ 8,200,000 | $ 5,589,000 | $ 14,440,000 | $ 20,917,000 | ||
Impairment loss of indefinite-lived intangible assets | 0 | 0 | 0 | |||
Amortization expense | 3,800,000 | 7,100,000 | 3,700,000 | |||
Maltese e-money License [Member] | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Impairment loss of indefinite-lived intangible assets | $ 7,000,000 | |||||
International Transaction Processing [Member] | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Impairment of goodwill | 7,000,000 | $ 19,900,000 | 7,000,000 | 19,900,000 | ||
South African Transaction Processing [Member] | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Impairment of goodwill | $ 5,600,000 | $ 1,200,000 | $ 5,600,000 | 1,200,000 | $ 1,100,000 | |
Financial Inclusion And Applied Technology [Member] | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
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 ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Gross value, Beginning Balance | $ 72,473,000 | $ 73,572,000 | $ 75,598,000 | |||
Gross value, Impairment loss | 0 | 0 | 0 | |||
Gross value, Disposal of FIHRST (Note 3) | (599,000) | |||||
Gross value, Deconsolidation of CPS (Note 3) | (1,346,000) | |||||
Gross value, Foreign currency adjustment | (7,334,000) | (1,099,000) | (2,026,000) | |||
Gross value, Ending Balance | 63,194,000 | 72,473,000 | 73,572,000 | |||
Accumulated impairment, Beginning Balance | (35,157,000) | (20,773,000) | 0 | |||
Accumulated impairment, Impairment loss | $ (8,200,000) | (5,589,000) | (14,440,000) | (20,917,000) | ||
Accumulated impairment, Disposal of FIHRST (Note 3) | 0 | |||||
Accumulated impairment, Deconsolidation of CPS (Note 3) | 1,346,000 | |||||
Accumulated impairment, Foreign currency adjustment | 375,000 | 56,000 | 144,000 | |||
Accumulated impairment, Ending Balance | (39,025,000) | (35,157,000) | (20,773,000) | |||
Carrying value, Beginning Balance | $ 75,598,000 | |||||
Carrying value, Impairment loss | (5,589,000) | (14,440,000) | (20,917,000) | |||
Carrying value, Disposal of FIHRST (Note 3) | (599,000) | |||||
Carrying value, Deconsolidation of CPS (Note 3) | 0 | |||||
Carrying value, Foreign currency adjustment | (6,959,000) | (1,043,000) | (1,882,000) | |||
Carrying value, Ending Balance | $ 24,169,000 | $ 37,316,000 | [1] | $ 52,799,000 | $ 75,598,000 | |
[1] | Refer to Note 1 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets, Net (Goodwill Allocated To Reportable Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2020 | ||
Goodwill [Line Items] | |||||
Carrying value, Beginning Balance | $ 37,316 | [1] | $ 52,799 | $ 75,598 | |
Carrying value, Impairment loss | (5,589) | (14,440) | (20,917) | ||
Carrying value, Disposal of FIHRST (Note 3) | (599) | ||||
Carrying value, Foreign currency adjustment | (6,959) | (1,043) | (1,882) | ||
Carrying value, Ending Balance | 37,316 | [1] | 52,799 | 75,598 | $ 24,169 |
South African Transaction Processing [Member] | |||||
Goodwill [Line Items] | |||||
Carrying value, Beginning Balance | 19,208 | 20,946 | 23,131 | ||
Carrying value, Impairment loss | (5,589) | (1,180) | (1,052) | ||
Carrying value, Disposal of FIHRST (Note 3) | (599) | ||||
Carrying value, Foreign currency adjustment | (3,688) | (558) | (1,133) | ||
Carrying value, Ending Balance | 19,208 | 20,946 | 23,131 | 9,332 | |
International Transaction Processing [Member] | |||||
Goodwill [Line Items] | |||||
Carrying value, Beginning Balance | 657 | 7,668 | 27,335 | ||
Carrying value, Impairment loss | 0 | (7,011) | (19,865) | ||
Carrying value, Disposal of FIHRST (Note 3) | 0 | ||||
Carrying value, Foreign currency adjustment | 0 | 0 | 198 | ||
Carrying value, Ending Balance | 657 | 7,668 | 27,335 | 657 | |
Financial Inclusion And Applied Technologies [Member] | |||||
Goodwill [Line Items] | |||||
Carrying value, Beginning Balance | 17,451 | 24,185 | 25,132 | ||
Carrying value, Impairment loss | 0 | (6,249) | 0 | ||
Carrying value, Disposal of FIHRST (Note 3) | 0 | ||||
Carrying value, Foreign currency adjustment | (3,271) | (485) | (947) | ||
Carrying value, Ending Balance | $ 17,451 | $ 24,185 | $ 25,132 | $ 14,180 | |
[1] | Refer to Note 1 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets, Net (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | $ 27,937 | $ 38,492 | |
Accumulated amortization | (27,325) | (37,036) | |
Total future estimated amortization expense | 612 | 1,456 | |
Indefinite-lived intangible assets | 772 | ||
Total intangible assets, Net carrying value | 612 | 2,228 | [1] |
Financial Institution License [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 772 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 19,064 | 24,234 | |
Accumulated amortization | (18,806) | (23,527) | |
Total future estimated amortization expense | 258 | 707 | |
Software And Unpatented Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 3,931 | 8,423 | |
Accumulated amortization | (3,931) | (8,181) | |
Total future estimated amortization expense | 0 | 242 | |
FTS Patent [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 2,211 | 2,721 | |
Accumulated amortization | (2,211) | (2,721) | |
Total future estimated amortization expense | 0 | 0 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 2,731 | 3,114 | |
Accumulated amortization | (2,377) | (2,607) | |
Total future estimated amortization expense | $ 354 | $ 507 | |
[1] | Refer to Note 1 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets, Net (Future Estimated Annual Amortization Expense) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Goodwill And Intangible Assets, Net [Abstract] | |
Fiscal 2021 | $ 318 |
Fiscal 2022 | 59 |
Fiscal 2023 | 59 |
Fiscal 2024 | 59 |
Fiscal 2025 | 58 |
Thereafter | 59 |
Total future estimated amortization expense | $ 612 |
Assets And Policyholder Liabi_3
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, 2020 | Jun. 30, 2019 | |
Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Reinsurance assets, Beginning Balance | $ 1,163 | $ 633 |
Reinsurance assets, Increase in policyholder benefits under insurance contracts | 509 | 775 |
Reinsurance assets, Claims and policyholders' benefits under insurance contracts | (449) | (228) |
Reinsurance assets, Foreign currency adjustment | (217) | (17) |
Reinsurance assets, Ending Balance | 1,006 | 1,163 |
Insurance contracts, Beginning Balance | (1,880) | (2,032) |
Insurance contracts, Increase in policyholder benefits under insurance contracts | (3,024) | (8,137) |
Insurance contracts, Claims and policyholders' benefits under insurance contracts | 3,182 | 8,237 |
Insurance contracts, Foreign currency adjustment | 352 | 52 |
Insurance contracts, Ending Balance | $ (1,370) | $ (1,880) |
Assets And Policyholder Liabi_4
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, 2020 | Jun. 30, 2019 | |
Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Assets, Beginning Balance | $ 619 | $ 610 |
Assets, Increase in policyholder benefits under investment contracts | 17 | 24 |
Assets, Claims and policyholders' benefits under investment contracts | (29) | |
Assets, Foreign currency adjustment | (117) | (15) |
Assets, Ending Balance | 490 | 619 |
Investment contracts, Beginning Balance | (619) | (610) |
Investment contracts, Increase in policy holder benefits under investment contracts | (17) | (24) |
Investment contracts, Claims and policyholders' benefits under investment contracts | 29 | |
Investment contracts, Foreign currency adjustment | 117 | 15 |
Investment contracts, Ending Balance | $ (490) | $ (619) |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | Jul. 24, 2020 | Mar. 01, 2020USD ($) | Sep. 04, 2019USD ($) | Sep. 04, 2019ZAR (R) | Sep. 26, 2018USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2020ZAR (R) | Sep. 30, 2019USD ($) | Sep. 30, 2019ZAR (R) | Sep. 04, 2019ZAR (R) | Jun. 30, 2019ZAR (R) | Feb. 04, 2019USD ($) | Sep. 26, 2018ZAR (R) | Sep. 14, 2018USD ($) | Jul. 01, 2018USD ($) | Jul. 01, 2018ZAR (R) | Jun. 28, 2018ZAR (R) | Mar. 31, 2018USD ($) | Mar. 08, 2018ZAR (R) | Aug. 31, 2017USD ($) | Jul. 21, 2017ZAR (R) |
Maximum borrowing capacity | $ 95,197,000 | ||||||||||||||||||||||
South Africa [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||
Prepaid credit facility fees | 0 | $ 200,000 | |||||||||||||||||||||
Interest expense incurred | 600,000 | 2,100,000 | |||||||||||||||||||||
Overdraft Restricted As To Use For ATM Funding Only [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | 83,658,000 | ||||||||||||||||||||||
Overdraft Facility [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | 2,885,000 | ||||||||||||||||||||||
Amount utilized | 14,814,000 | 84,990,000 | $ 0 | ||||||||||||||||||||
Overdraft Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | $ 83,800,000 | $ 69,200,000 | R 1,200,000,000 | R 1,500,000,000 | |||||||||||||||||||
Percentage repayment of overdraft facility amount utilized | 90.00% | ||||||||||||||||||||||
Amount utilized | $ 14,800,000 | R 300,000,000 | |||||||||||||||||||||
Credit facility expiration period | 25 days | ||||||||||||||||||||||
Overdraft Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility F [Member] | Net1 SA [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | $ 17,300,000 | R 300,000,000 | |||||||||||||||||||||
Non-refundable structuring fee | $ 100,000 | R 2,200,000 | |||||||||||||||||||||
Overdraft Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | First Senior Facility F [Member] | Net1 SA [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | R | 220,000,000 | ||||||||||||||||||||||
Overdraft Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Second Senior Facility F [Member] | Net1 SA [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | R | R 80,000,000 | ||||||||||||||||||||||
Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | |||||||||||||||||||||||
Amount utilized | $ 14,814,000 | 75,446,000 | |||||||||||||||||||||
Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | R | 1,200,000,000 | ||||||||||||||||||||||
Overdraft Facility [Member] | Nedbank Short-Term Credit Facility [Member] | South Africa [Member] | |||||||||||||||||||||||
Total overdraft facilities withdrawn | 8,600,000 | ||||||||||||||||||||||
Net of total overdraft facilities withdrawn | 5,900,000 | ||||||||||||||||||||||
Overdraft Facility [Member] | JIBAR [Member] | Amended July 2017 [Member] | South Africa [Member] | Revolving Credit Facility [Member] | Net1 SA [Member] | |||||||||||||||||||||||
Debt instrument interest rate | 5.50% | 5.50% | |||||||||||||||||||||
Indirect And Derivative Facilities [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | 8,654,000 | ||||||||||||||||||||||
Amount utilized | 5,398,000 | 6,643,000 | 7,871,000 | ||||||||||||||||||||
Nedbank Limited [Member] | South Africa [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | 25,963,000 | ||||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | South Africa [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | 14,424,000 | ||||||||||||||||||||||
Nedbank Limited [Member] | South African Credit Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | South Africa [Member] | |||||||||||||||||||||||
Amount utilized | 100,000 | 5,900,000 | 1,000,000 | R 82,800,000 | |||||||||||||||||||
Nedbank Limited [Member] | South African Credit Facility [Member] | General Banking Facility [Member] | South Africa [Member] | |||||||||||||||||||||||
Amount utilized | 0 | 0 | |||||||||||||||||||||
Nedbank Limited [Member] | South African Credit Facility [Member] | Nedbank Short-Term Credit Facility [Member] | South Africa [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | 26,000,000 | 2,700,000 | 450,000,000 | ||||||||||||||||||||
Total overdraft facilities withdrawn | 8,600,000 | ||||||||||||||||||||||
Net of total overdraft facilities withdrawn | 5,900,000 | ||||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | South Africa [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | 2,885,000 | ||||||||||||||||||||||
Amount utilized | 58,000 | 5,880,000 | 0 | ||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | South Africa [Member] | |||||||||||||||||||||||
Amount utilized | 58,000 | 5,880,000 | |||||||||||||||||||||
Primary amount, available immediately | 14,400,000 | 250,000,000 | |||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | General Banking Facility [Member] | South Africa [Member] | |||||||||||||||||||||||
Primary amount, available immediately | 2,900,000 | 50,000,000 | |||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | Nedbank Short-Term Credit Facility [Member] | South Africa [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | 12,400,000 | ||||||||||||||||||||||
Net of total overdraft facilities withdrawn | 100,000 | ||||||||||||||||||||||
Carrying value of short term borrowings | $ 12,400,000 | ||||||||||||||||||||||
Debt instrument interest rate | 6.10% | ||||||||||||||||||||||
Primary amount, available immediately | $ 17,300,000 | 300,000,000 | |||||||||||||||||||||
Commitment fee per annum payable on monthly unutilized amount | 0.35% | ||||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | Nedbank Short-Term Credit Facility [Member] | South Africa [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Debt instrument interest rate | 5.85% | ||||||||||||||||||||||
Nedbank Limited [Member] | Indirect And Derivative Facilities [Member] | South Africa [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | $ 8,654,000 | ||||||||||||||||||||||
Amount utilized | 5,398,000 | 6,643,000 | 7,871,000 | ||||||||||||||||||||
Nedbank Limited [Member] | Indirect And Derivative Facilities [Member] | Nedbank Short-Term Credit Facility [Member] | South Africa [Member] | |||||||||||||||||||||||
Amount utilized | 5,400,000 | 6,600,000 | 93,600,000 | R 93,600,000 | |||||||||||||||||||
Primary amount, available immediately | 8,700,000 | R 150,000,000 | |||||||||||||||||||||
Bank Frick [Member] | United States [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | 0 | ||||||||||||||||||||||
Bank Frick [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | United States [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | 0 | ||||||||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | United States [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | 0 | $ 20,000,000 | |||||||||||||||||||||
Amount utilized | 0 | 9,544,000 | 0 | ||||||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | Renewed [Member] | United States [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | $ 10,000,000 | ||||||||||||||||||||||
Amount utilized | 13,900,000 | ||||||||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | United States [Member] | |||||||||||||||||||||||
Amount utilized | 0 | 0 | |||||||||||||||||||||
Credit facility settled in full and cancelled | $ 20,000,000 | ||||||||||||||||||||||
Bank Frick [Member] | Indirect And Derivative Facilities [Member] | United States [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | 0 | ||||||||||||||||||||||
Amount utilized | 0 | 0 | 0 | ||||||||||||||||||||
RMB Loan Facilities [Member] | South Africa [Member] | Net1 SA [Member] | Long-term Debt [Member] | |||||||||||||||||||||||
Interest expense incurred | $ 600,000 | 7,200,000 | 2,900,000 | ||||||||||||||||||||
RMB Loan Facilities [Member] | Amended July 2017 [Member] | South Africa [Member] | Net1 SA [Member] | Long-term Debt [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | R | R 1,250,000,000 | ||||||||||||||||||||||
Prepaid credit facility fees | $ 300,000 | $ 500,000 | |||||||||||||||||||||
Non-refundable origination fee | $ 200,000 | $ 600,000 | |||||||||||||||||||||
RMB Loan Facilities [Member] | Amended July 2017 [Member] | Amendment [Member] | South Africa [Member] | Facility D [Member] | Net1 SA [Member] | Long-term Debt [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | R | R 210,000,000 | ||||||||||||||||||||||
RMB Loan Facilities [Member] | DNI Credit Facility Agreement [Member] | South Africa [Member] | Revolving Credit Facility [Member] | DNI [Member] | Long-term Debt [Member] | |||||||||||||||||||||||
Maximum borrowing capacity | R | R 200,000,000 | ||||||||||||||||||||||
Credit facility expiration period | 3 years | ||||||||||||||||||||||
Non-refundable origination fee | $ 200,000 | R 2,300,000 | |||||||||||||||||||||
RMB Loan Facilities [Member] | JIBAR [Member] | DNI Credit Facility Agreement [Member] | South Africa [Member] | Revolving Credit Facility [Member] | DNI [Member] | Long-term Debt [Member] | |||||||||||||||||||||||
Debt instrument variable interest rate | 2.75% | ||||||||||||||||||||||
RMB Loan Facilities [Member] | South African Credit Facility [Member] | Prime Rate [Member] | Amended July 2017 [Member] | Amendment [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | |||||||||||||||||||||||
Debt instrument variable interest rate | 7.25% | ||||||||||||||||||||||
RMB Loan Facilities [Member] | South African Credit Facility [Member] | Prime Rate [Member] | Amended July 2017 [Member] | Amendment [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Debt instrument variable interest rate | 7.00% |
Borrowings (Summary Of Short-Te
Borrowings (Summary Of Short-Term Credit Facilities) (Details) R in Millions | 12 Months Ended | |||||||
Jun. 30, 2020USD ($) | Jun. 30, 2020ZAR (R) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Feb. 04, 2019USD ($) | Sep. 14, 2018USD ($) | |||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | $ 95,197,000 | |||||||
Utilized | 689,763,000 | $ 822,754,000 | [1] | $ 44,900,000 | [1] | |||
Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 83,658,000 | |||||||
Overdraft Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 2,885,000 | |||||||
Balance as of June 30, 2019 | 84,990,000 | 0 | ||||||
Utilized | 689,763,000 | 822,754,000 | ||||||
Repaid | (747,935,000) | (740,969,000) | ||||||
Foreign currency adjustment | (12,004,000) | 3,205,000 | ||||||
Balance as of September 30, 2019 | 14,814,000 | 84,990,000 | 0 | |||||
Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of June 30, 2019 | 75,446,000 | |||||||
Balance as of September 30, 2019 | 14,814,000 | 75,446,000 | ||||||
Overdraft Facility [Member] | No Restrictions As To Use [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of June 30, 2019 | 9,544,000 | |||||||
Balance as of September 30, 2019 | 0 | 9,544,000 | ||||||
Indirect And Derivative Facilities [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 8,654,000 | |||||||
Balance as of June 30, 2019 | 6,643,000 | 7,871,000 | ||||||
Guarantees cancelled | 0 | (1,075,000) | ||||||
Utilized | 0 | 46,000 | ||||||
Foreign currency adjustment | (1,245,000) | (199,000) | ||||||
Balance as of September 30, 2019 | 5,398,000 | 6,643,000 | 7,871,000 | |||||
South Africa [Member] | Overdraft Facility [Member] | Nedbank Short-Term Credit Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Total overdraft facilities withdrawn | 8,600,000 | |||||||
Net of total overdraft facilities withdrawn | 5,900,000 | |||||||
Total funds in bank accounts | 2,700,000 | |||||||
South Africa [Member] | Amended July 2017 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 69,234,000 | |||||||
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 | 69,234,000 | |||||||
South Africa [Member] | Amended July 2017 [Member] | Overdraft Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 0 | |||||||
Balance as of June 30, 2019 | 69,566,000 | 0 | ||||||
Utilized | 603,134,000 | 722,375,000 | ||||||
Repaid | (647,990,000) | (655,612,000) | ||||||
Foreign currency adjustment | (9,954,000) | 2,803,000 | ||||||
Balance as of September 30, 2019 | 14,756,000 | 69,566,000 | 0 | |||||
South Africa [Member] | Amended July 2017 [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of June 30, 2019 | 69,566,000 | |||||||
Balance as of September 30, 2019 | 14,756,000 | 69,566,000 | ||||||
South Africa [Member] | Amended July 2017 [Member] | Overdraft Facility [Member] | No Restrictions As To Use [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of June 30, 2019 | 0 | |||||||
Balance as of September 30, 2019 | 0 | 0 | ||||||
South Africa [Member] | Amended July 2017 [Member] | Indirect And Derivative Facilities [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 0 | |||||||
Balance as of June 30, 2019 | 0 | 0 | ||||||
Guarantees cancelled | 0 | 0 | ||||||
Utilized | 0 | 0 | ||||||
Foreign currency adjustment | 0 | 0 | ||||||
Balance as of September 30, 2019 | 0 | 0 | 0 | |||||
South Africa [Member] | Nedbank Limited [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 25,963,000 | |||||||
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 | 14,424,000 | |||||||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 2,885,000 | |||||||
Balance as of June 30, 2019 | 5,880,000 | 0 | ||||||
Utilized | 69,245,000 | 85,843,000 | ||||||
Repaid | (73,017,000) | (80,365,000) | ||||||
Foreign currency adjustment | (2,050,000) | 402,000 | ||||||
Balance as of September 30, 2019 | 58,000 | 5,880,000 | 0 | |||||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of June 30, 2019 | 5,880,000 | |||||||
Balance as of September 30, 2019 | 58,000 | 5,880,000 | ||||||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | No Restrictions As To Use [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of June 30, 2019 | 0 | |||||||
Balance as of September 30, 2019 | 0 | 0 | ||||||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | Nedbank Short-Term Credit Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 12,400,000 | |||||||
Net of total overdraft facilities withdrawn | 100,000 | |||||||
South Africa [Member] | Nedbank Limited [Member] | Indirect And Derivative Facilities [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 8,654,000 | |||||||
Balance as of June 30, 2019 | 6,643,000 | 7,871,000 | ||||||
Guarantees cancelled | 0 | (1,075,000) | ||||||
Utilized | 0 | 46,000 | ||||||
Foreign currency adjustment | (1,245,000) | (199,000) | ||||||
Balance as of September 30, 2019 | 5,398,000 | 6,643,000 | 7,871,000 | |||||
South Africa [Member] | Nedbank Limited [Member] | Indirect And Derivative Facilities [Member] | Nedbank Short-Term Credit Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of June 30, 2019 | 6,600,000 | R 93.6 | ||||||
Balance as of September 30, 2019 | 5,400,000 | R 93.6 | 6,600,000 | |||||
United States [Member] | Bank Frick [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 0 | |||||||
United States [Member] | Bank Frick [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 0 | |||||||
United States [Member] | Bank Frick [Member] | Overdraft Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 0 | $ 20,000,000 | ||||||
Balance as of June 30, 2019 | 9,544,000 | 0 | ||||||
Utilized | 17,384,000 | 14,536,000 | ||||||
Repaid | (26,928,000) | (4,992,000) | ||||||
Foreign currency adjustment | 0 | 0 | ||||||
Balance as of September 30, 2019 | 0 | 9,544,000 | 0 | |||||
United States [Member] | Bank Frick [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of June 30, 2019 | 0 | |||||||
Balance as of September 30, 2019 | 0 | 0 | ||||||
United States [Member] | Bank Frick [Member] | Overdraft Facility [Member] | No Restrictions As To Use [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of June 30, 2019 | 9,544,000 | |||||||
Balance as of September 30, 2019 | 0 | 9,544,000 | ||||||
United States [Member] | Bank Frick [Member] | Indirect And Derivative Facilities [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 0 | |||||||
Balance as of June 30, 2019 | 0 | 0 | ||||||
Guarantees cancelled | 0 | 0 | ||||||
Utilized | 0 | 0 | ||||||
Foreign currency adjustment | 0 | 0 | ||||||
Balance as of September 30, 2019 | 0 | $ 0 | $ 0 | |||||
United States [Member] | Bank Frick [Member] | Renewed [Member] | Overdraft Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | $ 10,000,000 | |||||||
Balance as of September 30, 2019 | $ 13,900,000 | |||||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Borrowings (Summary Of Long-Ter
Borrowings (Summary Of Long-Term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Debt Instrument [Line Items] | |||||
Utilized | $ 14,798 | $ 14,613 | [1] | $ 113,157 | [1] |
Repaid | (14,503) | (37,357) | [1] | (77,062) | [1] |
South Africa [Member] | |||||
Debt Instrument [Line Items] | |||||
Current portion of long-term borrowings | 49,548 | ||||
Long-term borrowings | 44,079 | ||||
Beginning Balance | 0 | 5,469 | |||
Utilized | 14,798 | ||||
Repaid | (14,503) | (31,844) | |||
Repaid from sale of DNI shares (Note 10) | (15,011) | ||||
Foreign currency adjustment | (295) | (2,693) | |||
Ending Balance | 0 | 0 | 5,469 | ||
Amended July 2017 [Member] | South Africa [Member] | |||||
Debt Instrument [Line Items] | |||||
Current portion of long-term borrowings | 44,079 | ||||
Long-term borrowings | 5,469 | ||||
Beginning Balance | 0 | 49,548 | |||
Utilized | 14,798 | ||||
Repaid | (14,503) | (31,844) | |||
Repaid from sale of DNI shares (Note 10) | (15,011) | ||||
Foreign currency adjustment | (295) | (2,693) | |||
Ending Balance | $ 0 | $ 0 | $ 49,548 | ||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Other Payables (Narrative) (Det
Other Payables (Narrative) (Details) $ in Thousands, Registrations in Millions | 1 Months Ended | 12 Months Ended | |||||
Jun. 30, 2014ZAR (R) | Jun. 30, 2020USD ($)Registrations | Jun. 30, 2020ZAR (R) | Jun. 30, 2020ZAR (R)Registrations | Sep. 30, 2019ZAR (R) | Jun. 30, 2019USD ($) | Jun. 30, 2019ZAR (R) | |
Revenue refund portion of the total amount payable to SASSA | $ 19,800 | R 277,600 | $ 19,700 | R 277,600,000 | |||
Unclaimed indirect taxes | 2,800 | 38,900 | 2,800 | 39,400,000 | |||
Estimated cost payable amount included in the total amount payable to SASSA | $ 100 | R 1,400 | 100 | 1,400,000 | |||
CPS [Member] | |||||||
Recovery of additional implementation costs | R 317,000,000 | ||||||
Number of additional registrations | Registrations | 11 | 11 | |||||
Payment received from SASSA including VAT | R 317,000,000 | ||||||
Loss contingency allegations | Corruption Watch claimed that there was no lawful basis to make the payment to CPS, and that the decision was unreasonable and irrational and did not comply with South African legislation. | Corruption Watch claimed that there was no lawful basis to make the payment to CPS, and that the decision was unreasonable and irrational and did not comply with South African legislation. | |||||
Supreme court awarded costs against CPS | R 317,000,000 | ||||||
CPS recorded the liability | R 479,400,000 | 34,000 | |||||
Revenue refund portion of the total amount payable to SASSA | 19,700 | 277,600,000 | |||||
Accrued interest | $ 11,400 | R 161,000,000 | |||||
Unclaimed indirect taxes | 2,800 | 39,400,000 | |||||
Estimated cost payable amount included in the total amount payable to SASSA | $ 100 | R 1,400,000 |
Other Payables (Schedule Of Oth
Other Payables (Schedule Of Other Payables) (Details) $ in Thousands, R in Millions | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019ZAR (R) | |
Other Payables [Abstract] | ||||
Accruals | $ 6,045 | $ 8,039 | ||
Provisions | 4,926 | 6,074 | ||
Payroll-related payables | 887 | 1,113 | ||
Participating merchants settlement obligation | 463 | 555 | ||
Value-added tax payable | 129 | 162 | ||
Other | 11,329 | 9,640 | ||
Accrual of implementation costs to be refunded to SASSA | 0 | 34,039 | R 479.4 | |
Other payables, total | $ 23,779 | $ 59,622 | [1] | |
[1] | Refer to Note 1 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | May 19, 2020 | Apr. 11, 2016 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Feb. 05, 2020 |
Class Of Stock [Line Items] | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||
Executed Under Share Repurchase Authorizations [Member] | Common Stock [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Shares repurchased | 0 | 0 | 0 | |||
Executed Under Share Repurchase Authorizations [Member] | Maximum [Member] | Common Stock [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Stock repurchase program authorized amount | $ 100 | |||||
IFC Investors [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Number of trading days preceding triggering event | 60 days | |||||
IFC Investors [Member] | Minimum [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Percentage of common stock ownership for right to nominate one director | 5.00% | |||||
Percentage of common stock ownership for right to appoint observer | 2.50% | |||||
IFC Investors [Member] | Preemptive Rights [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Percentage of ownership for right to purchase pro-rata share | 5.00% | |||||
IFC Investors [Member] | Subscription Agreement [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Number of shares sold | 9,980,000 | |||||
Common stock, par value | $ 0.001 | |||||
Common stock repurchase per share | $ 10.79 | |||||
Cash consideration received on transaction | $ 107.7 | |||||
IFC Investors [Member] | Put Option [Member] | Maximum [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Percentage of ownership to adopt shareholder rights plan | 20.00% | |||||
Africa Capitalization Fund, Ltd [Member] | Put Option [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Number of shares sold | 2,103,169 | |||||
Cash consideration received on transaction | $ 22.7 |
Common Stock (Schedule Of Numbe
Common Stock (Schedule Of Number Of Shares, Net Of Treasury) (Details) - shares | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Number of shares, net of treasury: | |||
Statement of changes in equity - common stock | 57,118,925 | 56,568,425 | 56,685,925 |
Less: Non-vested equity shares that have not vested as of end of year (Note 18) | 1,115,500 | 583,908 | 765,411 |
Number of shares, net of treasury excluding non-vested equity shares that have not vested | 56,003,425 | 55,984,517 | 55,920,514 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reclassification from accumulated other comprehensive (loss) income | $ 0 | ||
CPS [Member] | |||
Reclassification from accumulated other comprehensive (loss) income | $ 32.5 | ||
DNI [Member] | |||
Reclassification from accumulated other comprehensive (loss) income | $ 5.8 | ||
Net1 Korea [Member] | |||
Reclassification from accumulated other comprehensive (loss) income | 14.2 | ||
FIHRST [Member] | |||
Reclassification from accumulated other comprehensive (loss) income | 1.6 | ||
DNI Interest as an Equity Method Investment [Member] | |||
Reclassification from accumulated other comprehensive (loss) income | $ 11.3 | $ 0.2 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income (Change In Accumulated Other Comprehensive (Loss) Income Per Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | $ (195,812) | [1] | $ (184,350) | $ (162,736) | |||
Movement in foreign currency translation reserve related to equity accounted investment | 2,227 | 4,251 | [2] | (2,426) | [2] | ||
Movement in foreign currency translation reserve | $ (35,070) | (35,070) | (21,392) | (19,188) | |||
Ending Balance | (169,075) | (169,075) | (195,812) | [1] | (184,350) | ||
CPS [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Release of foreign currency translation reserve related to disposal (Note 3, Note 10 and Note 16) | (32,451) | ||||||
Net1 Korea [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Release of foreign currency translation reserve related to disposal (Note 3, Note 10 and Note 16) | 14,228 | 0 | [2] | 0 | [2] | ||
DNI [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Release of foreign currency translation reserve related to DNI disposal (Note 3) | 5,841 | ||||||
Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 10) | (11,323) | (162) | |||||
Release of foreign currency translation reserve related to disposal (Note 3, Note 10 and Note 16) | 11,323 | 5,679 | [2] | 0 | [2] | ||
FIHRST [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Release of foreign currency translation reserve related to disposal (Note 3, Note 10 and Note 16) | 1,578 | 0 | [2] | 0 | [2] | ||
Accumulated Foreign Currency Translation Reserve [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | $ (162,736) | (195,812) | (184,350) | (162,736) | |||
Movement in foreign currency translation reserve related to equity accounted investment | 2,227 | 4,251 | (2,426) | ||||
Movement in foreign currency translation reserve | (35,070) | (21,392) | (19,188) | ||||
Ending Balance | (169,075) | (195,812) | $ (184,350) | ||||
Accumulated Foreign Currency Translation Reserve [Member] | CPS [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Release of foreign currency translation reserve related to disposal (Note 3, Note 10 and Note 16) | (32,451) | ||||||
Accumulated Foreign Currency Translation Reserve [Member] | Net1 Korea [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Release of foreign currency translation reserve related to disposal (Note 3, Note 10 and Note 16) | 14,228 | ||||||
Accumulated Foreign Currency Translation Reserve [Member] | DNI [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Release of foreign currency translation reserve related to DNI disposal (Note 3) | 5,841 | ||||||
Release of foreign currency translation reserve related to disposal of DNI interest as an equity method investment (Note 10) | (11,323) | $ (162) | |||||
Accumulated Foreign Currency Translation Reserve [Member] | FIHRST [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Release of foreign currency translation reserve related to disposal (Note 3, Note 10 and Note 16) | $ 1,578 | ||||||
[1] | Refer to Note 1 | ||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Revenue Recognition (Revenue Di
Revenue Recognition (Revenue Disaggregated By Major Revenue Streams) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 236,372 | $ 612,889 | |
Inter-Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (10,182) | $ (9,791) | (57,091) |
Corporate/Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (19,709) | ||
Continuing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 150,997 | 166,227 | 459,575 |
Continuing [Member] | Inter-Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (10,182) | (9,791) | $ (57,091) |
South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 65,840 | 89,048 | |
International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,041 | 9,842 | |
Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 80,116 | 87,046 | |
Processing Fees [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 62,552 | 79,379 | |
Processing Fees [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,041 | 9,303 | |
Welfare Benefit Distributions [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 | 22,631 | 15,025 | |
Account Holder Fees [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 12,628 | 17,428 | |
Lending Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 19,955 | 27,512 | |
Technology Products [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 18,261 | 20,594 | |
Insurance Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,212 | 5,858 | |
Other [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 3,288 | 6,583 | |
Other [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 539 | |
Other [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,429 | 629 | |
South Africa [Member] | Corporate/Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (19,709) | ||
South Africa [Member] | Continuing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 145,956 | 156,385 | |
South Africa [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 65,840 | 89,048 | |
South Africa [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
South Africa [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 80,116 | 87,046 | |
South Africa [Member] | Processing Fees [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 62,552 | 79,379 | |
South Africa [Member] | Processing Fees [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
South Africa [Member] | Welfare Benefit Distributions [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 | 22,631 | 15,025 | |
South Africa [Member] | Account Holder Fees [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 12,628 | 17,428 | |
South Africa [Member] | Lending Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 19,955 | 27,512 | |
South Africa [Member] | Technology Products [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 18,261 | 20,594 | |
South Africa [Member] | Insurance Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,212 | 5,858 | |
South Africa [Member] | Other [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 3,288 | 6,583 | |
South Africa [Member] | Other [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
South Africa [Member] | Other [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,429 | 629 | |
Rest Of World [Member] | Continuing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,041 | 9,842 | |
Rest Of World [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Rest Of World [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,041 | 9,842 | |
Rest Of World [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Rest Of World [Member] | Processing Fees [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Rest Of World [Member] | Processing Fees [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,041 | 9,303 | |
Rest Of World [Member] | Welfare Benefit Distributions [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Rest Of World [Member] | Telecom Products And Services [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Rest Of World [Member] | Account Holder Fees [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Rest Of World [Member] | Lending Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Rest Of World [Member] | Technology Products [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Rest Of World [Member] | Insurance Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Rest Of World [Member] | Other [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Rest Of World [Member] | Other [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 539 | |
Rest Of World [Member] | Other [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 0 | $ 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | Sep. 30, 2020 | Aug. 05, 2020 | Mar. 01, 2020 | Mar. 01, 2019 | Aug. 27, 2014 | Feb. 29, 2020 | May 31, 2018 | Mar. 31, 2018 | Aug. 31, 2017 | May 31, 2017 | May 31, 2016 | Nov. 30, 2014 | Aug. 31, 2014 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of stock options awarded | 561,000 | 600,000 | ||||||||||||||||
Stock options granted exercise price | $ 5.83 | $ 7.81 | $ 13.99 | $ 13.87 | ||||||||||||||
Forfeitures, Number of shares | 93,928 | 174,695 | 37,333 | |||||||||||||||
Options exercise price range, lower limit | $ 3.07 | |||||||||||||||||
Options exercise price range, upper limit | $ 11.23 | |||||||||||||||||
Stock-based compensation charge, net | $ 1,728,000 | $ 393,000 | $ 2,607,000 | |||||||||||||||
Deferred tax asset related to stock-based compensation | 400,000 | 200,000 | ||||||||||||||||
Share-based compensation deferred tax asset valuation allowance | 400,000 | 200,000 | ||||||||||||||||
Valuation allowance | $ 106,433,000 | $ 125,887,000 | ||||||||||||||||
Expired unexercised, number of shares | 370,000 | |||||||||||||||||
Exercisable, Number of Shares | 474,986 | |||||||||||||||||
August 2015 Awards [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of stock options awarded | 301,537 | |||||||||||||||||
August 2016 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS, linear interpolation | $ 2.8 | |||||||||||||||||
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, expiration period | 10 years | |||||||||||||||||
Share based compensation, vesting period | 3 years | |||||||||||||||||
Exercisable stock options | 170,335 | 105,982 | ||||||||||||||||
Options exercise price range, lower limit | $ 3.07 | |||||||||||||||||
Options exercise price range, upper limit | $ 11.23 | |||||||||||||||||
Expected volatility | 57.00% | 44.00% | ||||||||||||||||
Expected life (in years) | 3 years | 3 years | ||||||||||||||||
Risk-free rate | 1.57% | 2.75% | ||||||||||||||||
Unrecognized compensation cost | $ 9,000,000 | |||||||||||||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | |||||||||||||||||
Stock Options [Member] | May 2009 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Expired unexercised, number of shares | 170,000 | |||||||||||||||||
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] | Non-Employee Directors [Member] | Subsequent Event [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of stock options awarded | 150,000 | |||||||||||||||||
Stock options granted exercise price | $ 3.5 | |||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of stock options awarded | 568,000 | 148,000 | 618,411 | |||||||||||||||
Vested number of shares of restricted stock | 18,908 | 64,003 | 56,250 | |||||||||||||||
Forfeitures, Number of shares | 17,500 | 265,500 | 302,223 | |||||||||||||||
Unrecognized compensation cost | $ 2,300,000 | |||||||||||||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | |||||||||||||||||
Fair value of restricted stock vested | $ 100,000 | $ 500,000 | $ 500,000 | |||||||||||||||
Restricted Stock [Member] | August 2015 Awards [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Stock Based Compensation Reversed Shares | 301,537 | |||||||||||||||||
Restricted Stock [Member] | September 2018 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share based compensation, vesting period | 3 years | |||||||||||||||||
Expected volatility calculation term | 30 years | |||||||||||||||||
Expected volatility | 37.40% | |||||||||||||||||
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 | |||||||||||||||||
Period of trading days to the trigger events | 30 days | |||||||||||||||||
Restricted Stock [Member] | February 2020 [Member] | 50% Vest [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vesting percentage | 8.00% | |||||||||||||||||
Restricted Stock [Member] | February 2020 [Member] | 100% Vest [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vesting percentage | 14.00% | |||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | Time-Based Vesting [Member] | Performance Conditions Were Not Achieved [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] | Time-Based Vesting [Member] | 50% Of Original Award Forfeited Upon Disposal Of Net1 Korea [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share based compensation number of stock award forfeited | 7,500 | |||||||||||||||||
Share-based compensation arrangement acceletrated vesting number | 7,500 | |||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | September 2018 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of stock options awarded | 148,000 | |||||||||||||||||
Percentage of increase target price | 55.00% | |||||||||||||||||
Closing price, per share | $ 6.2 | |||||||||||||||||
Share based compensation number of stock award forfeited | 58,000 | |||||||||||||||||
Restricted Stock [Member] | Executive Officers [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] | Executive Officers [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] | Executive Officers [Member] | September 2018 [Member] | At or above $19 and below $23 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vesting percentage | 66.00% | |||||||||||||||||
Restricted Stock [Member] | Executive Officers [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] | Executive Officers [Member] | August 2017 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of stock options awarded | 210,000 | |||||||||||||||||
Strike price | $ 0 | |||||||||||||||||
Percentage of increase target price | 35.00% | |||||||||||||||||
Closing price, per share | $ 9.38 | |||||||||||||||||
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] | ||||||||||||||||||
Vesting percentage | 33.00% | |||||||||||||||||
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% | |||||||||||||||||
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 2017 [Member] | Market And Time-based Vesting [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 2016 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of stock options awarded | 350,000 | |||||||||||||||||
Number of shares forfeited | 150,000 | |||||||||||||||||
Stock Based Compensation Reversed Shares | 150,000 | |||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2016 [Member] | One-Third Shares Vest 2019 Fundamental EPS [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS, to be achieved | $ 2.6 | |||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2016 [Member] | Two-Thirds Shares Vest 2019 Fundamental EPS [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS, to be achieved | 2.8 | |||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2016 [Member] | All Shares Vest 2019 Fundamental EPS [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS, to be achieved | $ 3 | |||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2016 [Member] | Scenario Forecast [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of shares forfeited | 150,000 | |||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | February 2020 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of stock options awarded | 454,400 | |||||||||||||||||
Share based compensation number of stock award forfeited | 267,200 | |||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | February 2020 [Member] | Time-Based Vesting [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share based compensation number of stock awarded | 113,600 | |||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | February 2020 [Member] | Performance And Time-Based Vesting [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share based compensation number of stock awarded | 454,400 | |||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | February 2020 [Member] | Market And Time-based Vesting [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] | February 2020 [Member] | Vest Upon Mr. Kotze Separation [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based compensation arrangement acceletrated vesting number | 66,800 | |||||||||||||||||
Restricted Stock [Member] | Non-Employee Directors [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share based compensation, vesting period | 1 year | 3 years | ||||||||||||||||
Vested number of shares of restricted stock | 56,250 | |||||||||||||||||
Restricted Stock [Member] | Non-Employee Directors [Member] | August 2017 [Member] | 100% Vest [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vested number of shares of restricted stock | 56,250 | |||||||||||||||||
Restricted Stock [Member] | Non-Employee Directors [Member] | August 2017 [Member] | Vest If Recipient Was Director On August 23, 2018 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vested number of shares of restricted stock | 52,594 | |||||||||||||||||
Share based compensation number of stock awarded | 52,594 | |||||||||||||||||
Restricted Stock [Member] | Executive Officers And Employees [Member] | Market Conditions Were Not Achieved [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] | Executive Officers And Employees [Member] | Performance Conditions Were Not Achieved [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share based compensation number of stock award forfeited | 173,262 | |||||||||||||||||
Restricted Stock [Member] | Executive Officers And Employees [Member] | August 2017 [Member] | Time-Based Vesting [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share based compensation number of stock awarded | 326,000 | |||||||||||||||||
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 | ||||||||||||||||
Strike price | $ 0 | |||||||||||||||||
Expected volatility calculation term | 30 days | |||||||||||||||||
Percentage of increase target price | 20.00% | |||||||||||||||||
Expected volatility | 63.73% | 76.01% | ||||||||||||||||
Expected life (in years) | 3 years | 3 years | ||||||||||||||||
Risk-free rate | 1.21% | 1.27% | ||||||||||||||||
Future dividends | $ 0 | $ 0 | ||||||||||||||||
Restricted Stock [Member] | Employees [Member] | Termination Which Either Performance Or Market Conditions [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] | Employees [Member] | Termination [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share based compensation number of stock award forfeited | 17,500 | 3,000 | ||||||||||||||||
Restricted Stock [Member] | Employees [Member] | August 2015 Awards [Member] | One-Third Shares Vest 2018 Fundamental EPS [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS, to be achieved | $ 2.88 | |||||||||||||||||
Restricted Stock [Member] | Employees [Member] | August 2015 Awards [Member] | Two-Thirds Shares Vest 2018 Fundamental EPS [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS, to be achieved | 3.3 | |||||||||||||||||
Restricted Stock [Member] | Employees [Member] | August 2015 Awards [Member] | All Shares Vest 2018 Fundamental EPS [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS, to be achieved | $ 3.76 | |||||||||||||||||
Restricted Stock [Member] | Employees [Member] | Time-Based Vesting [Member] | Termination [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share based compensation number of stock award forfeited | 115,500 | |||||||||||||||||
Restricted Stock [Member] | Employees [Member] | May 2018 [Member] | Vest If Recipient Employed On Full Time Basis On August 23, 2020 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share based compensation number of stock awarded | 7,000 | |||||||||||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | March 2018 [Member] | Subject To Continued Employment Tranche One[Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vested number of shares of restricted stock | 11,409 | |||||||||||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | March 2018 [Member] | Subject To Continued Employment Tranche Two [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vested number of shares of restricted stock | 11,408 | |||||||||||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | March 2018 [Member] | Subject To Continued Employment [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Vested number of shares of restricted stock | 22,817 | |||||||||||||||||
Share based compensation number of stock awarded | 22,817 | |||||||||||||||||
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 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based compensation arrangement acceletrated vesting number | 200,000 | |||||||||||||||||
Fundamental EPS 2018 [Member] | August 2015 Awards [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS, linear interpolation | $ 3.3 | |||||||||||||||||
Fundamental EPS 2018 [Member] | August 2015 Awards [Member] | Not Achieving 2018 Fundamental EPS [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of common stock shares that will impact fundamental EPS calculation | 10,000,000 | |||||||||||||||||
Minimum [Member] | August 2016 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS | $ 2.6 | |||||||||||||||||
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] | 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] | Executive Officers [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] | 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 | 19 | |||||||||||||||||
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] | ||||||||||||||||||
Performance target, per share | 15 | |||||||||||||||||
Minimum [Member] | Restricted Stock [Member] | Employees [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Closing price, per share | $ 11.23 | |||||||||||||||||
Minimum [Member] | Fundamental EPS 2018 [Member] | August 2015 Awards [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS | $ 2.88 | |||||||||||||||||
Maximum [Member] | August 2016 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS | $ 3 | |||||||||||||||||
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] | 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] | Executive Officers [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] | 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 | 23 | |||||||||||||||||
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] | ||||||||||||||||||
Performance target, per share | 19 | |||||||||||||||||
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] | Fundamental EPS 2018 [Member] | August 2015 Awards [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fundamental EPS | $ 3.76 |
Stock-Based Compensation (Range
Stock-Based Compensation (Range Of Assumptions Used To Value Options Granted) (Details) - Stock Options [Member] | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 57.00% | 44.00% |
Expected dividends | 0.00% | 0.00% |
Expected life (in years) | 3 years | 3 years |
Risk-free rate | 1.57% | 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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Stock-Based Compensation [Abstract] | ||||
Outstanding, Number of shares, Beginning Balance | 864,579 | 809,274 | 846,607 | |
Granted, Number of shares | 561,000 | 600,000 | ||
Expired unexercised, Number of shares | (370,000) | |||
Forfeitures, Number of shares | (93,928) | (174,695) | (37,333) | |
Outstanding, Number of shares, Ending Balance | 1,331,651 | 864,579 | 809,274 | 846,607 |
Exercisable, Number of Shares | 474,986 | |||
Vested and expected to vest, Number of shares | 1,331,651 | |||
Outstanding, Weighted average exercise price, Beginning Balance | $ 7.81 | $ 13.99 | $ 13.87 | |
Granted, Weighted average exercise price | 3.07 | 6.2 | ||
Expired unexercised, Weighted average exercise price | 19.27 | |||
Forfeitures, Weighted average exercise price | 7.5 | 6.65 | 11.23 | |
Outstanding, Weighted average exercise price, Ending Balance | 5.83 | $ 7.81 | $ 13.99 | $ 13.87 |
Exercisable, Weighted average exercise price | 8.77 | |||
Vested and expected to vest, Weighted average exercise price | $ 5.83 | |||
Outstanding, Weighted average remaining contractual term (in years) | 7 years 6 months 21 days | 7 years 18 days | 2 years 8 months 1 day | 3 years 9 months 18 days |
Granted, Weighted average remaining contractual term (in years) | 10 years | 10 years | ||
Exercisable, Weighted average remaining contractual term (in years) | 5 years 3 months 3 days | |||
Vested and expected to vest, Weighted average remaining contractual term (in years) | 7 years 6 months 21 days | |||
Outstanding, Aggregate intrinsic value, Beginning Balance | $ 370 | $ 486 | ||
Granted, Aggregate intrinsic value | $ 676 | $ 1,212 | ||
Outstanding, Aggregate intrinsic value, Ending Balance | $ 370 | $ 486 | ||
Outstanding, Weighted average grant date fair value, Beginning Balance | $ 2.62 | $ 4.2 | $ 4.21 | |
Granted, Weighted average grant date fair value | 1.2 | 2.02 | ||
Forfeitures, Weighted average grant date fair value | 2.81 | 2 | 4.55 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Expired Unexercised In Period Weighted Average Grant Date Fair Valu | 5 | |||
Outstanding, Weighted average grant date fair value, Ending Balance | $ 2.01 | $ 2.62 | $ 4.2 | $ 4.21 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 583,908 | 765,411 | |
Granted, Number of Shares of Restricted Stock | 561,000 | 600,000 | |
Forfeitures, Number of Shares of Restricted Stock | (93,928) | (174,695) | (37,333) |
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 1,115,500 | 583,908 | 765,411 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 583,908 | 765,411 | 505,473 |
Granted, Number of Shares of Restricted Stock | 568,000 | 148,000 | 618,411 |
Vested, Number of Shares of Restricted Stock | (18,908) | (64,003) | (56,250) |
Forfeitures, Number of Shares of Restricted Stock | (17,500) | (265,500) | (302,223) |
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 1,115,500 | 583,908 | 765,411 |
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 3,410 | $ 6,162 | $ 11,173 |
Granted, Weighted Average Grant Date Fair Value | 2,300 | 114 | 4,581 |
Vested, Weighted Average Grant Date Fair Value | 70 | 503 | 527 |
Forfeitures, Weighted Average Grant Date Fair Value | 65 | 1,060 | 3,222 |
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 5,354 | $ 3,410 | $ 6,162 |
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 | ||
Granted, Weighted Average Grant Date Fair Value | $ 4,288 | ||
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] | 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 And November 2014 Awards With Market Conditions [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Forfeitures, Number of Shares of Restricted Stock | (95,326) | ||
Forfeitures, Weighted Average Grant Date Fair Value | $ 1,133 | ||
Restricted Stock [Member] | August 2015 Awards With Performance Conditions [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 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] | |||
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 | ||
Restricted Stock [Member] | March 2020 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested, Number of Shares of Restricted Stock | (11,408) | ||
Vested, Weighted Average Grant Date Fair Value | $ 42 | ||
Restricted Stock [Member] | March 2020 - Accelerated Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested, Number of Shares of Restricted Stock | (7,500) | ||
Vested, Weighted Average Grant Date Fair Value | $ 28 |
Stock-Based Compensation (Recor
Stock-Based Compensation (Recorded Net Stock Compensation Charge) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation charge | $ 1,873 | $ 2,319 | $ 2,656 |
Reversal of stock compensation charge related to stock options and restricted stock forfeited | (145) | (1,926) | (49) |
Total | 1,728 | 393 | 2,607 |
Allocated To Selling, General And Administration [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation charge | 1,873 | 2,319 | 2,656 |
Reversal of stock compensation charge related to stock options and restricted stock forfeited | (145) | (1,926) | (49) |
Total | $ 1,728 | $ 393 | $ 2,607 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 22, 2017 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Valuation Allowance [Line Items] | |||||||
Statutory income tax rate | 21.00% | 35.00% | 21.00% | ||||
Blended tax rate | 28.10% | ||||||
Income tax expense | $ 2,656 | $ (5,072) | [1] | $ 45,106 | [1] | ||
Loss before income tax | (65,016) | (319,443) | [1] | 94,558 | [1] | ||
Foreign tax credits generated-United States | 72 | (944) | $ (55,778) | ||||
Capital gains related to disposal of FIHRST and sale of DNI reduced by utilizing capital loss carryforwards | 0 | ||||||
Deferred tax assets | $ 478 | $ 338 | |||||
Effective tax rate | (4.09%) | 1.59% | 47.70% | ||||
Changes in enacted tax rate | $ 0 | $ 0 | $ 309 | ||||
Valuation allowance | $ 106,433 | 125,887 | |||||
Additional [Member] | |||||||
Valuation Allowance [Line Items] | |||||||
Foreign tax credits generated-United States | 1,100 | ||||||
Tax Cuts And Jobs Act [Member] | |||||||
Valuation Allowance [Line Items] | |||||||
Transition tax liability after generated foreign tax credits | 56,900 | 55,800 | |||||
Additional valuation allowance | 600 | ||||||
Changes in enacted tax rate | 300 | ||||||
South Africa [Member] | |||||||
Valuation Allowance [Line Items] | |||||||
Statutory income tax rate | 28.00% | ||||||
Loss before income tax | $ (26,230) | $ (273,265) | 131,366 | ||||
Valuation Allowance Foreign Tax Credits [Member] | |||||||
Valuation Allowance [Line Items] | |||||||
Foreign tax credits generated-United States | $ 65,300 | ||||||
Cell C [Member] | |||||||
Valuation Allowance [Line Items] | |||||||
Fair value of investment | 0 | ||||||
CPS [Member] | |||||||
Valuation Allowance [Line Items] | |||||||
Fair value of investment | $ 0 | ||||||
[1] | Refer to Note 1 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Income Tax [Line Items] | |||||
Loss before income tax | $ (65,016) | $ (319,443) | [1] | $ 94,558 | [1] |
South Africa [Member] | |||||
Income Tax [Line Items] | |||||
Loss before income tax | (26,230) | (273,265) | 131,366 | ||
United States [Member] | |||||
Income Tax [Line Items] | |||||
Loss before income tax | (8,984) | (23,479) | (15,329) | ||
Other Income Tax Segment [Member] | |||||
Income Tax [Line Items] | |||||
Loss before income tax | $ (12,283) | $ (22,699) | $ (21,479) | ||
[1] | Refer to 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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Income Tax [Line Items] | |||||
Current income tax | $ 1,652 | $ 4,789 | $ 90,467 | ||
Deferred taxation (benefit) charge | 932 | (8,917) | 10,108 | ||
Foreign tax credits generated-United States | 72 | (944) | (55,778) | ||
Changes in enacted tax rate | 0 | 0 | 309 | ||
Income tax provision | 2,656 | (5,072) | [1] | 45,106 | [1] |
South Africa [Member] | |||||
Income Tax [Line Items] | |||||
Current income tax | 1,552 | 3,689 | 35,745 | ||
Deferred taxation (benefit) charge | 653 | (8,538) | 9,149 | ||
United States [Member] | |||||
Income Tax [Line Items] | |||||
Current income tax | 12 | 1,100 | 55,788 | ||
Deferred taxation (benefit) charge | 0 | 4 | 477 | ||
Other Income Tax Segment [Member] | |||||
Income Tax [Line Items] | |||||
Current income tax | 88 | 0 | (1,066) | ||
Deferred taxation (benefit) charge | $ 279 | $ (383) | $ 482 | ||
[1] | Refer to Note 1 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Taxes) (Details) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
Income taxes at fully-distributed South African tax rates | 28.00% | 28.00% | 28.00% |
Release from FCTR | (14.65%) | 0.00% | 0.00% |
Non-deductible items | (10.38%) | (3.33%) | 13.25% |
Foreign tax rate differential | (4.17%) | (0.07%) | 0.14% |
Subpart F Inclusions | (2.85%) | 0.00% | 0.00% |
Movement in valuation allowance | 1.64% | (22.98%) | 6.35% |
Capital gains differential | (1.59%) | (1.46%) | (1.92%) |
Foreign tax credits | (0.08%) | 0.35% | (58.99%) |
Prior year adjustments | (0.01%) | (0.03%) | 0.04% |
Taxation on deemed dividends in the United States | 0.00% | 1.45% | 2.04% |
Transition Tax | 0.00% | (0.34%) | 58.79% |
Change in tax laws - United States | 0.00% | 0.00% | 0.00% |
Income tax provision | (4.09%) | 1.59% | 47.70% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax [Abstract] | |||
Capital losses related to investments | $ 36,721 | $ 43,569 | |
Net operating loss carryforwards | 32,459 | 35,821 | |
Foreign tax credits | 32,799 | 32,799 | |
Provisions and accruals | 3,936 | 13,230 | |
FTS patent | 181 | 277 | |
Other | 815 | 529 | |
Total deferred tax assets before valuation allowance | 106,911 | 126,225 | |
Valuation allowances | (106,433) | (125,887) | |
Total deferred tax assets, net of valuation allowance | 478 | 338 | |
Intangible assets | 171 | 340 | |
Investments | 1,755 | 1,019 | |
Other | 53 | 69 | |
Total deferred tax liabilities | 1,979 | 1,428 | |
Long-term deferred tax assets | 358 | 234 | [1] |
Long-term deferred tax liabilities | 1,859 | 1,324 | [1] |
Net deferred income tax liabilities | $ 1,501 | $ 1,090 | |
[1] | Refer to Note 1 |
Income Taxes (Movement In Valua
Income Taxes (Movement In Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | $ 125,887 | $ 48,691 |
Reversed to statement of operations | (14,314) | 79,029 |
Charged to statement of operations | 27,700 | (881) |
Deconsolidation | (16,130) | |
Utilized | (3,896) | (1,730) |
Foreign currency adjustment | (12,814) | 778 |
Valuation Allowances, Balance, Ending Balance | 106,433 | 125,887 |
Capital Loss Related To Investments [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 43,569 | 3,226 |
Reversed to statement of operations | (5,486) | 40,159 |
Charged to statement of operations | 5,399 | 0 |
Deconsolidation | 0 | |
Utilized | 0 | 0 |
Foreign currency adjustment | (6,761) | 184 |
Valuation Allowances, Balance, Ending Balance | 36,721 | 43,569 |
Valuation Allowance Operating Loss Carryforwards [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 35,861 | 9,047 |
Reversed to statement of operations | (77) | 26,570 |
Charged to statement of operations | 20,602 | (198) |
Deconsolidation | (15,830) | |
Utilized | (3,632) | (10) |
Foreign currency adjustment | (4,651) | 452 |
Valuation Allowances, Balance, Ending Balance | 32,273 | 35,861 |
Valuation Allowance Foreign Tax Credits [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 32,799 | 32,644 |
Reversed to statement of operations | 0 | 155 |
Charged to statement of operations | 0 | 0 |
Deconsolidation | 0 | |
Utilized | 0 | 0 |
Foreign currency adjustment | 0 | 0 |
Valuation Allowances, Balance, Ending Balance | 32,799 | 32,799 |
FTS Patent [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 0 | 57 |
Reversed to statement of operations | 0 | 0 |
Charged to statement of operations | 0 | (57) |
Deconsolidation | 0 | |
Utilized | 0 | 0 |
Foreign currency adjustment | 0 | 0 |
Valuation Allowances, Balance, Ending Balance | 0 | 0 |
Other [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 13,658 | 3,717 |
Reversed to statement of operations | (8,751) | 12,145 |
Charged to statement of operations | 1,699 | (626) |
Deconsolidation | (300) | |
Utilized | (264) | (1,720) |
Foreign currency adjustment | (1,402) | 142 |
Valuation Allowances, Balance, Ending Balance | $ 4,640 | $ 13,658 |
Income Taxes (Schedule Of Opera
Income Taxes (Schedule Of Operating Loss Carryforwards) (Details) - Tax Year 2024 [Member] $ in Thousands | 12 Months Ended |
Jun. 30, 2020USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Year of expiration | 2024 |
US net operating loss carry forwards | $ 1,141 |
(Loss) Earnings Per Share (Narr
(Loss) Earnings Per Share (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Redemptions of common stock or adjustments to redeemable common stock | $ 0 | $ 0 | $ 0 |
Options exercise price range, lower limit | $ 3.07 | ||
Options exercise price range, upper limit | $ 11.23 | ||
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options outstanding not included in computation of diluted earnings per share | 1,331,651 | 864.579 | 660.698 |
Options exercise price range, lower limit | $ 3.07 | $ 6.2 | $ 10.59 |
Options exercise price range, upper limit | $ 11.23 | $ 11.23 | $ 24.46 |
(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, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Net (loss) earnings attributable to Net1 | $ (38,880) | $ (34,881) | $ (205) | $ (4,392) | $ (183,048) | $ (58,819) | $ (63,941) | $ (5,199) | $ (78,358) | $ (311,007) | [1] | $ 62,087 | [1] |
Undistributed (loss) earnings | $ (78,358) | $ (311,007) | $ 62,087 | ||||||||||
Percent allocated to common shareholders (Calculation 1) | 98.00% | 99.00% | 98.00% | ||||||||||
Numerator for (loss) earnings per share: basic and diluted | $ (76,827) | $ (306,640) | $ 61,052 | ||||||||||
Continuing | (95,315) | (307,383) | 51,273 | ||||||||||
Discontinued | $ 18,488 | $ 743 | $ 9,779 | ||||||||||
Denominator for basic (loss) earnings per share: weighted-average common shares outstanding | 56,003 | 55,963 | 55,860 | ||||||||||
Stock options | 0 | 18 | 51 | ||||||||||
Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assuming conversion | 56,003 | 55,981 | 55,911 | ||||||||||
(Loss) Earnings per share: Basic | $ (0.68) | $ (0.61) | $ 0 | $ (0.08) | $ (3.22) | $ (1.03) | $ (1.12) | $ (0.09) | $ (1.37) | $ (5.48) | [1] | $ 1.1 | [1] |
Continuing | (0.68) | (0.85) | (0.05) | (0.13) | (3.24) | (0.9) | (1.17) | (0.17) | (1.7) | (5.49) | [1] | 0.92 | [1] |
Discontinued | 0 | 0.24 | 0.05 | 0.05 | 0.02 | (0.13) | 0.05 | 0.08 | 0.33 | 0.01 | [1] | 0.18 | [1] |
(Loss) Earnings per share: Diluted | (0.69) | (0.62) | 0 | (0.08) | (3.27) | (1.04) | (1.13) | (0.09) | (1.37) | (5.48) | [1] | 1.09 | [1] |
Continuing | (0.69) | (0.86) | (0.05) | (0.13) | (3.29) | (0.91) | (1.18) | (0.17) | (1.7) | (5.49) | [1] | 0.92 | [1] |
Discontinued | $ 0 | $ 0.24 | $ 0.05 | $ 0.05 | $ 0.02 | $ (0.13) | $ 0.05 | $ 0.08 | $ 0.33 | $ 0.01 | [1] | $ 0.17 | [1] |
Basic weighted-average common shares outstanding | 56,003 | 55,963 | 55,860 | ||||||||||
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest | 57,119 | 56,760 | 56,807 | ||||||||||
Continuing [Member] | |||||||||||||
Undistributed (loss) earnings | $ (97,214) | $ (311,761) | $ 52,142 | ||||||||||
Discontinued [Member] | |||||||||||||
Undistributed (loss) earnings | $ 18,856 | $ 754 | $ 9,945 | ||||||||||
[1] | Refer to Note 1 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash received from interest | $ 3,057 | $ 5,596 | $ 16,835 |
Cash paid for interest | 6,050 | 10,636 | 8,645 |
Cash paid for income taxes | $ 5,001 | $ 13,110 | $ 41,065 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Schedule Of Disaggregation Of Cash, Cash Equivalents And Restricted Cash) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | [1] | ||
Cash And Cash Equivalents [Line Items] | |||||||
Cash and cash equivalents | $ 217,671 | $ 46,065 | $ 90,054 | ||||
Restricted cash | 14,814 | 75,446 | 0 | ||||
Cash, cash equivalents and restricted cash | 232,485 | 121,511 | [1] | 90,054 | [1] | $ 258,457 | |
Continuing [Member] | |||||||
Cash And Cash Equivalents [Line Items] | |||||||
Cash and cash equivalents | 217,671 | 20,014 | 57,607 | ||||
Discontinued [Member] | |||||||
Cash And Cash Equivalents [Line Items] | |||||||
Cash and cash equivalents | $ 0 | $ 26,051 | $ 32,447 | ||||
[1] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2020USD ($)Item | Jun. 30, 2019USD ($)Item | Jun. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||||
Number of reportable segments | Item | 3 | |||||
Impairment of goodwill | $ 8,200 | $ 5,589 | $ 14,440 | $ 20,917 | ||
Termination fee to cancel Bank Frick option | 17,517 | $ 0 | 0 | |||
Intersegment Elimination [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Termination fee to cancel Bank Frick option | $ 17,500 | |||||
Sales Revenue Net [Member] | Customer Concentration Risk [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of customers accounting for more than ten percent of total revenue | Item | 0 | 0 | ||||
Dni4pl Contracts Proprietary Limited [Member] | Intersegment Elimination [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 | 7,000 | 19,900 | ||
Financial Inclusion And Applied Technology [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Impairment of goodwill | 6,200 | |||||
South African Transaction Processing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Impairment of goodwill | $ 5,600 | $ 1,200 | $ 5,600 | $ 1,200 | $ 1,100 | |
South African Transaction Processing [Member] | Sales Revenue Net [Member] | Customer Concentration Risk [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Significant customers that account for more than 10% of the total revenue | 19.00% |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of Reportable Segments Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ 236,372 | $ 612,889 | |
Reportable Segment, Before Corporate/Eliminations [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ 380,699 | ||
Reportable Segment, After Corporate/Eliminations [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 360,990 | ||
Continuing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 150,997 | 166,227 | 459,575 |
Discontinued [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 85,375 | 194,763 | 153,314 |
South African Transaction Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 65,840 | 89,048 | 238,098 |
International Transaction Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 90,416 | 148,268 | 180,027 |
International Transaction Processing [Member] | Continuing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 5,041 | 9,842 | 26,713 |
International Transaction Processing [Member] | Discontinued [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 85,375 | 138,426 | 153,314 |
Financial Inclusion And Applied Technologies [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 80,116 | 143,383 | 194,764 |
Financial Inclusion And Applied Technologies [Member] | Continuing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 87,046 | 194,764 | |
Financial Inclusion And Applied Technologies [Member] | Discontinued [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 56,337 | 0 | |
Reportable Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 246,554 | 390,490 | 669,980 |
Reportable Segment [Member] | Reportable Segment, Before Corporate/Eliminations [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 390,490 | ||
Reportable Segment [Member] | Reportable Segment, After Corporate/Eliminations [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 390,490 | ||
Reportable Segment [Member] | Continuing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 161,179 | 195,727 | 516,666 |
Reportable Segment [Member] | Discontinued [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 85,375 | 194,763 | 153,314 |
Reportable Segment [Member] | South African Transaction Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 73,796 | 96,038 | 268,047 |
Reportable Segment [Member] | International Transaction Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 90,416 | 148,268 | 180,027 |
Reportable Segment [Member] | International Transaction Processing [Member] | Continuing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 5,041 | 9,842 | 26,713 |
Reportable Segment [Member] | International Transaction Processing [Member] | Discontinued [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 85,375 | 138,426 | 153,314 |
Reportable Segment [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 82,342 | 146,184 | 221,906 |
Reportable Segment [Member] | Financial Inclusion And Applied Technologies [Member] | Continuing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 89,847 | 221,906 | |
Reportable Segment [Member] | Financial Inclusion And Applied Technologies [Member] | Discontinued [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 56,337 | 0 | |
Inter-Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | (10,182) | (9,791) | (57,091) |
Inter-Segment [Member] | Continuing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | (10,182) | (9,791) | (57,091) |
Inter-Segment [Member] | Discontinued [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 0 | 0 | 0 |
Inter-Segment [Member] | South African Transaction Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | (7,956) | (6,990) | (29,949) |
Inter-Segment [Member] | International Transaction Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 0 | 0 | 0 |
Inter-Segment [Member] | International Transaction Processing [Member] | Continuing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 0 | 0 | 0 |
Inter-Segment [Member] | International Transaction Processing [Member] | Discontinued [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 0 | 0 | 0 |
Inter-Segment [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ (2,226) | (2,801) | (27,142) |
Inter-Segment [Member] | Financial Inclusion And Applied Technologies [Member] | Continuing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | (2,801) | (27,142) | |
Inter-Segment [Member] | Financial Inclusion And Applied Technologies [Member] | Discontinued [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 0 | $ 0 | |
Corporate/Eliminations [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | (19,709) | ||
Corporate/Eliminations [Member] | Continuing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ (19,709) |
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, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Operating (loss) income | $ (13,180) | $ (14,212) | $ (10,420) | $ (6,436) | $ (52,356) | $ (23,776) | $ (51,465) | $ (7,335) | $ (44,248) | $ (134,932) | [1] | $ 53,809 | [1] |
Change in fair value of equity securities | 0 | (167,459) | 32,473 | ||||||||||
Termination fee to cancel Bank Frick option | (17,517) | 0 | 0 | ||||||||||
Interest income | 2,805 | 5,424 | [1] | 16,845 | [1] | ||||||||
Interest expense | (7,641) | (9,860) | [1] | (8,569) | [1] | ||||||||
Impairment of Cedar Cellular Note | 0 | (12,793) | 0 | ||||||||||
Loss before income tax | (65,016) | (319,443) | [1] | 94,558 | [1] | ||||||||
FIHRST [Member] | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Gain (loss) on disposal/deconsolidation | 9,743 | 0 | 0 | ||||||||||
DNI [Member] | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Gain (loss) on disposal/deconsolidation | (1,010) | 177 | 0 | ||||||||||
CPS [Member] | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Gain (loss) on disposal/deconsolidation | (7,148) | 0 | 0 | ||||||||||
Reportable Segment [Member] | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Operating (loss) income | (20,247) | (42,692) | 85,690 | ||||||||||
Reportable Segment [Member] | Continuing [Member] | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Operating (loss) income | (34,815) | (86,431) | 67,713 | ||||||||||
Reportable Segment [Member] | Discontinued [Member] | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Operating (loss) income | (14,568) | (43,739) | (17,977) | ||||||||||
Corporate/Eliminations [Member] | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Operating (loss) income | 0 | 0 | 0 | ||||||||||
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 | ||||||||||||
Corporate/Eliminations [Member] | Continuing [Member] | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Operating (loss) income | (9,433) | (48,501) | (13,904) | ||||||||||
Corporate/Eliminations [Member] | Discontinued [Member] | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Operating (loss) income | $ (5,784) | $ (22,315) | $ (12,837) | ||||||||||
[1] | Refer to Note 1 |
Operating Segments (Summary Of
Operating Segments (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | $ 236,372 | $ 612,889 | |||||||||||
Operating (loss) income | $ (13,180) | $ (14,212) | $ (10,420) | $ (6,436) | $ (52,356) | $ (23,776) | $ (51,465) | $ (7,335) | (44,248) | $ (134,932) | [1] | 53,809 | [1] |
Operating (loss) income Total | (35,464) | (113,508) | 58,949 | ||||||||||
Depreciation and amortization | 13,299 | 37,349 | [2] | 35,484 | [2] | ||||||||
Expenditures for long-lived assets | 5,938 | 9,416 | 9,649 | ||||||||||
Continuing [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 150,997 | 166,227 | 459,575 | ||||||||||
Operating (loss) income Total | (44,248) | (134,932) | 53,809 | ||||||||||
Depreciation and amortization | 4,647 | 12,103 | 10,473 | ||||||||||
Expenditures for long-lived assets | 4,435 | 5,742 | 5,391 | ||||||||||
Discontinued [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 85,375 | 194,763 | 153,314 | ||||||||||
Operating (loss) income Total | 8,784 | 21,424 | 5,140 | ||||||||||
Depreciation and amortization | 8,652 | 25,246 | 25,011 | ||||||||||
Expenditures for long-lived assets | 1,503 | 3,674 | 4,258 | ||||||||||
Reportable Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 246,554 | 390,490 | 669,980 | ||||||||||
Operating (loss) income | (20,247) | (42,692) | 85,690 | ||||||||||
Depreciation and amortization | 8,285 | 15,542 | 23,693 | ||||||||||
Expenditures for long-lived assets | 5,938 | 9,416 | 9,649 | ||||||||||
Reportable Segment [Member] | Selling, General and Administrative Expenses [Member] | Retrenchment Costs [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Retrenchment costs | 6,269 | ||||||||||||
Reportable Segment [Member] | Continuing [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 161,179 | 195,727 | 516,666 | ||||||||||
Operating (loss) income | (34,815) | (86,431) | 67,713 | ||||||||||
Reportable Segment [Member] | Discontinued [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 85,375 | 194,763 | 153,314 | ||||||||||
Operating (loss) income | (14,568) | (43,739) | (17,977) | ||||||||||
Corporate/Eliminations [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | (19,709) | ||||||||||||
Operating (loss) income | 0 | 0 | 0 | ||||||||||
Operating (loss) income Total | (15,217) | (70,816) | (26,741) | ||||||||||
Depreciation and amortization | (5,014) | (21,807) | (11,791) | ||||||||||
Expenditures for long-lived assets | 0 | 0 | 0 | ||||||||||
Corporate/Eliminations [Member] | Continuing [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Operating (loss) income | (9,433) | (48,501) | (13,904) | ||||||||||
Depreciation and amortization | (265) | (6,882) | (3,657) | ||||||||||
Corporate/Eliminations [Member] | Discontinued [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Operating (loss) income | (5,784) | (22,315) | (12,837) | ||||||||||
Depreciation and amortization | (4,749) | (14,925) | (8,134) | ||||||||||
South African Transaction Processing [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 65,840 | 89,048 | |||||||||||
South African Transaction Processing [Member] | Reportable Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 73,796 | 96,038 | 268,047 | ||||||||||
Operating (loss) income Total | (19,575) | (30,771) | 42,796 | ||||||||||
Depreciation and amortization | 2,512 | 3,612 | 4,625 | ||||||||||
Expenditures for long-lived assets | 3,443 | 3,590 | 3,988 | ||||||||||
South African Transaction Processing [Member] | Reportable Segment [Member] | Selling, General and Administrative Expenses [Member] | Retrenchment Costs [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Retrenchment costs | 4,665 | ||||||||||||
International Transaction Processing [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 5,041 | 9,842 | |||||||||||
International Transaction Processing [Member] | Reportable Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 90,416 | 148,268 | 180,027 | ||||||||||
Operating (loss) income Total | 2,051 | 2,837 | (12,478) | ||||||||||
Depreciation and amortization | 4,405 | 9,962 | 17,627 | ||||||||||
Expenditures for long-lived assets | 2,206 | 3,607 | 4,397 | ||||||||||
International Transaction Processing [Member] | Reportable Segment [Member] | Continuing [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 5,041 | 9,842 | 26,713 | ||||||||||
Operating (loss) income Total | (12,517) | (16,502) | (30,455) | ||||||||||
Depreciation and amortization | 502 | 254 | 750 | ||||||||||
Expenditures for long-lived assets | 703 | 664 | 139 | ||||||||||
International Transaction Processing [Member] | Reportable Segment [Member] | Discontinued [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 85,375 | 138,426 | 153,314 | ||||||||||
Operating (loss) income Total | 14,568 | 19,339 | 17,977 | ||||||||||
Depreciation and amortization | 3,903 | 9,708 | 16,877 | ||||||||||
Expenditures for long-lived assets | 1,503 | 2,943 | 4,258 | ||||||||||
Financial Inclusion And Applied Technologies [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 80,116 | 87,046 | |||||||||||
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 82,342 | 146,184 | 221,906 | ||||||||||
Operating (loss) income Total | (2,723) | (14,758) | 55,372 | ||||||||||
Depreciation and amortization | 1,368 | 1,968 | 1,441 | ||||||||||
Expenditures for long-lived assets | 289 | 2,219 | 1,264 | ||||||||||
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | Selling, General and Administrative Expenses [Member] | Retrenchment Costs [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Retrenchment costs | 1,604 | ||||||||||||
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | Continuing [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 82,342 | 89,847 | 221,906 | ||||||||||
Operating (loss) income Total | (2,723) | (39,158) | 55,372 | ||||||||||
Depreciation and amortization | 1,368 | 1,355 | 1,441 | ||||||||||
Expenditures for long-lived assets | 289 | 1,488 | 1,264 | ||||||||||
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | Discontinued [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 0 | 56,337 | 0 | ||||||||||
Operating (loss) income Total | 0 | 24,400 | 0 | ||||||||||
Depreciation and amortization | 0 | 613 | 0 | ||||||||||
Expenditures for long-lived assets | $ 0 | $ 731 | $ 0 | ||||||||||
[1] | Refer to Note 1 | ||||||||||||
[2] | Certain amounts have been restated to correct the misstatement discussed in Note 1 |
Operating Segments (Long-Lived
Operating Segments (Long-Lived Assets Based On Geographical Location) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | $ 134,372 | $ 374,597 | $ 787,933 |
Restatement Adjustment [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 2,689 | 1,987 | |
South Africa [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 68,521 | 141,235 | 493,902 |
Liechtenstein [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 29,739 | 47,240 | 48,129 |
India [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 26,993 | 26,993 | 26,917 |
South Korea [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 0 | 149,390 | 177,388 |
Rest Of World [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | $ 9,119 | $ 9,739 | $ 41,597 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) R in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2020ZAR (R) | Jun. 30, 2019USD ($) | |
Guarantor Obligations [Line Items] | |||
Outstanding capital commitments | $ 0.1 | $ 0.2 | |
Purchase obligations | $ 1.7 | $ 3.5 | |
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% | ||
Nedbank [Member] | Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee amount | $ 5.4 | R 93.6 | |
Maximum payment amount under guarantee | $ 5.4 | R 93.6 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2020 | |
Transact 24 Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties | $ 400,000 | $ 4,400,000 | |
Due from related parties | $ 0 | ||
Managing Director Spouse [Member] | |||
Related Party Transaction [Line Items] | |||
Transaction amount from related parties | $ 100,000 | $ 300,000 |
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, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Selected Quarterly Financial Information [Line Items] | |||||||||||||
Revenue | $ 25,978 | $ 36,514 | $ 40,567 | $ 47,938 | $ 17,053 | $ 36,586 | $ 42,042 | $ 70,546 | $ 150,997 | $ 166,227 | $ 459,575 | ||
Operating (loss) income | (13,180) | (14,212) | (10,420) | (6,436) | (52,356) | (23,776) | (51,465) | (7,335) | (44,248) | (134,932) | [1] | 53,809 | [1] |
Net loss attributable to Net1 | (38,880) | (34,881) | (205) | (4,392) | (183,048) | (58,819) | (63,941) | (5,199) | (78,358) | (311,007) | [1] | 62,087 | [1] |
Continuing | (38,601) | (48,361) | (2,925) | (7,327) | (184,320) | (51,050) | (66,723) | (9,668) | (97,214) | (311,761) | [1] | 52,142 | [1] |
Discontinued | $ (279) | $ 13,480 | $ 2,720 | $ 2,935 | $ 1,272 | $ (7,769) | $ 2,782 | $ 4,469 | $ 18,856 | $ 754 | [1] | $ 9,945 | [1] |
Basic (loss) earnings attributable to Net1 shareholders | $ (0.68) | $ (0.61) | $ 0 | $ (0.08) | $ (3.22) | $ (1.03) | $ (1.12) | $ (0.09) | $ (1.37) | $ (5.48) | [1] | $ 1.1 | [1] |
Continuing | (0.68) | (0.85) | (0.05) | (0.13) | (3.24) | (0.9) | (1.17) | (0.17) | (1.7) | (5.49) | [1] | 0.92 | [1] |
Discontinued | 0 | 0.24 | 0.05 | 0.05 | 0.02 | (0.13) | 0.05 | 0.08 | 0.33 | 0.01 | [1] | 0.18 | [1] |
Diluted (loss) earnings attributable to Net1 shareholders | (0.69) | (0.62) | 0 | (0.08) | (3.27) | (1.04) | (1.13) | (0.09) | (1.37) | (5.48) | [1] | 1.09 | [1] |
Continuing | (0.69) | (0.86) | (0.05) | (0.13) | (3.29) | (0.91) | (1.18) | (0.17) | (1.7) | (5.49) | [1] | 0.92 | [1] |
Discontinued | $ 0 | $ 0.24 | $ 0.05 | $ 0.05 | $ 0.02 | $ (0.13) | $ 0.05 | $ 0.08 | $ 0.33 | $ 0.01 | [1] | $ 0.17 | [1] |
Segment Continuing Operations [Member] | Refund [Member] | |||||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||||
Revenue | $ 19,709 | ||||||||||||
[1] | Refer to Note 1 |