Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Sep. 06, 2022 | Dec. 31, 2021 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-31203 | ||
Entity Registrant Name | LESAKA TECHNOLOGIES, INC. | ||
Entity Incorporation State Country Code | FL | ||
Entity Tax Identification Number | 98-0171860 | ||
Entity Address Line One | President Place | ||
Entity Address Line Two | 4th Floor | ||
Entity Address Line Three | Cnr. Jan Smuts Avenue and Bolton Road | ||
Entity Address, City or Town | Rosebank, Johannesburg | ||
Entity Address, Postal Zip Code | 2196 | ||
Entity Address Country | ZA | ||
Country Region | 27 | ||
City Area Code | 11 | ||
Local Phone Number | 343-2000 | ||
Title of 12(b) Security | Common stock, par value $0.001 per share | ||
Trading Symbol | LSAK | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 165,756,225 | ||
Entity Common Stock, Shares Outstanding | 59,312,436 | ||
Document Fiscal Year Focus | 2022 | ||
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 2022 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K. | ||
Auditor Name | Deloitte & Touche | ||
Auditor Firm Id | 1130 | ||
Auditor Location | Johannesburg, South Africa |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 43,940 | $ 198,572 |
Restricted cash related to ATM funding and short-term credit facilities (Note 12) | 60,860 | 25,193 |
Accounts receivable, net and other receivables (Note 4) | 28,898 | 26,583 |
Finance loans receivable, net (Note 4) | 33,892 | 21,142 |
Inventory (Note 5) | 34,226 | 22,361 |
Total current assets before settlement assets | 201,816 | 293,851 |
Settlement assets | 15,916 | 466 |
Total current assets | 217,732 | 294,317 |
PROPERTY, PLANT AND EQUIPMENT, NET (Note 7) | 24,599 | 7,492 |
OPERATING LEASE RIGHT-OF-USE (Note 8) | 7,146 | 4,519 |
EQUITY-ACCOUNTED INVESTMENTS (Note 9) | 5,861 | 10,004 |
GOODWILL (Note 10) | 162,657 | 29,153 |
INTANGIBLE ASSETS, NET (Note 10) | 156,702 | 357 |
DEFERRED INCOME TAXES | 3,776 | 622 |
OTHER LONG-TERM ASSETS, including reinsurance assets (Note 9 and 11) | 78,092 | 81,866 |
TOTAL ASSETS | 656,565 | 428,330 |
CURRENT LIABILITIES | ||
Short-term credit facilities for ATM funding (Note 12) | 51,338 | 14,245 |
Short-term credit facilities (Note 12) | 14,880 | 0 |
Accounts payable | 18,572 | 7,113 |
Other payables (Note 13) | 34,362 | 27,588 |
Operating lease liability - current (Note 8) | 2,498 | 2,822 |
Current portion of long-term borrowings (Note 12) | 6,804 | 0 |
Income taxes payable | 2,140 | 256 |
Total current liabilities before settlement obligations | 130,594 | 52,024 |
Settlement obligations | 15,276 | 466 |
Total current liabilities | 145,870 | 52,490 |
DEFERRED INCOME TAXES | 54,211 | 10,415 |
OPERATING LEASE LIABILITY - LONG-TERM (Note 8) | 4,827 | 1,890 |
LONG-TERM BORROWINGS (Note 12) | 134,842 | 0 |
OTHER LONG-TERM LIABILITIES, including insurance policy liabilities (Note 11) | 2,466 | 2,576 |
TOTAL LIABILITIES | 342,216 | 67,371 |
REDEEMABLE COMMON STOCK (Note 14) | 79,429 | 84,979 |
EQUITY | ||
COMMON STOCK (Note 14) Authorized: 200,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury - 2022: 62,324,321; 2021: 56,716,620 | 83 | 80 |
PREFERRED STOCK Authorized shares: 50,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury: 2022: - 2021: - | ||
ADDITIONAL PAID-IN-CAPITAL | 327,891 | 301,959 |
TREASURY SHARES, AT COST: 2022: 24,891,292; 2021: 24,891,292 | (286,951) | (286,951) |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Note 15) | (168,840) | (145,721) |
RETAINED EARNINGS | 362,737 | 406,613 |
TOTAL LESAKA EQUITY | 234,920 | 275,980 |
NON-CONTROLLING INTEREST | 0 | 0 |
TOTAL EQUITY | 234,920 | 275,980 |
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS' EQUITY | $ 656,565 | $ 428,330 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 |
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 | 62,324,321 | 56,716,620 |
Common stock, shares outstanding | 62,324,321 | 56,716,620 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
REVENUE (Note 16) | $ 222,609 | $ 130,786 | $ 144,299 |
EXPENSE | |||
Cost of goods sold, IT processing, servicing and support | 168,317 | 96,248 | 102,308 |
Selling, general and administration | 74,993 | 84,063 | 75,256 |
Depreciation and amortization | 7,575 | 4,347 | 4,647 |
Transaction costs related to Connect acquisition (Note 3) | 5,894 | 0 | 0 |
Reorganization costs | 6,025 | 0 | 0 |
Impairment loss (Note 10) | 0 | 0 | 6,336 |
OPERATING LOSS | (40,195) | (53,872) | (44,248) |
GAIN RELATED TO FAIR VALUE ADJUSTMENT TO CURRENCY OPTIONS (Note 6) | (3,691) | 0 | 0 |
GAIN ON DISPOSAL OF EQUITY SECURITIES (Note 9) | 720 | 0 | 0 |
LOSS ON DISPOSAL OF EQUITY-ACCOUNTED INVESTMENT (Note 9) | (376) | (13) | 0 |
CHANGE IN FAIR VALUE OF EQUITY SECURITIES (Note 6 and 9) | 0 | 49,304 | 0 |
LOSS ON DECONSOLIDATION OF CPS (Note 3) | 0 | 0 | 7,148 |
TERMINATION FEE PAID TO CANCEL BANK FRICK OPTION (Note 9) | 0 | 0 | 17,517 |
INTEREST INCOME | 2,089 | 2,416 | 2,805 |
INTEREST EXPENSE | 5,829 | 2,982 | 7,641 |
LOSS BEFORE INCOME TAX EXPENSE | (39,900) | (5,619) | (65,016) |
INCOME TAX EXPENSE (Note 18) | 327 | 7,560 | 2,656 |
LOSS BEFORE LOSS FROM EQUITY-ACCOUNTED INVESTMENTS | (40,227) | (13,179) | (67,672) |
LOSS FROM EQUITY-ACCOUNTED INVESTMENTS (Note 9) | (3,649) | (24,878) | (29,542) |
NET LOSS FROM CONTINUING OPERATIONS | (43,876) | (38,057) | (97,214) |
NET INCOME FROM DISCONTINUED OPERATIONS (Note 24) | 0 | 0 | 6,402 |
GAIN ON DISPOSAL OF DISCONTINUED OPERATION, net of tax (Note 24) | 0 | 0 | 12,454 |
NET LOSS | (43,876) | (38,057) | (78,358) |
NET (LOSS) INCOME ATTRIBUTABLE TO LESAKA | (43,876) | (38,057) | (78,358) |
Continuing | (43,876) | (38,057) | (97,214) |
Discontinued | $ 0 | $ 0 | $ 18,856 |
Net (loss) earnings per share, in United States dollars (Note 19): | |||
Basic (loss) earnings attributable to Lesaka shareholders | $ (0.75) | $ (0.67) | $ (1.37) |
Continuing | (0.75) | (0.67) | (1.70) |
Discontinued | 0 | 0 | 0.33 |
Diluted (loss) earnings attributable to Lesaka shareholders | (0.75) | (0.67) | (1.37) |
Continuing | (0.75) | (0.67) | (1.70) |
Discontinued | $ 0 | $ 0 | $ 0.33 |
Bank Frick [Member] | |||
EXPENSE | |||
GAIN (LOSS) ON DISPOSAL | $ 0 | $ (472) | $ 0 |
FIHRST [Member] | |||
EXPENSE | |||
GAIN (LOSS) ON DISPOSAL | 0 | 0 | 9,743 |
DNI [Member] | |||
EXPENSE | |||
GAIN (LOSS) ON DISPOSAL | 0 | 0 | (1,010) |
Services Rendered [Member] | |||
REVENUE (Note 16) | 178,846 | 95,398 | 110,627 |
Loan-based Fees Received [Member] | |||
REVENUE (Note 16) | 22,444 | 20,511 | 19,955 |
Sale of Goods [Member] | |||
REVENUE (Note 16) | $ 21,319 | $ 14,877 | $ 13,717 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net loss | $ (43,876) | $ (38,057) | $ (78,358) |
Other comprehensive income (loss), net of taxes | |||
Movement in foreign currency translation reserve | (25,413) | 27,178 | (35,070) |
Movement in foreign currency translation reserve related to equity-accounted investments (Note 15) | 1,239 | (1,967) | 2,227 |
Total other comprehensive income (loss), net of taxes | (23,119) | 23,354 | 26,737 |
Comprehensive loss | (66,995) | (14,703) | (51,621) |
Comprehensive loss attributed to Lesaka | (66,995) | (14,703) | (51,621) |
Finbond Equity Securities [Member] | |||
Other comprehensive income (loss), net of taxes | |||
Release of foreign currency translation reserve related to disposal/liquidation | 587 | 0 | 0 |
Liquidation of Subsidiaries [Member] | |||
Other comprehensive income (loss), net of taxes | |||
Release of foreign currency translation reserve related to disposal/liquidation | 468 | 605 | 0 |
Bank Frick [Member] | |||
Other comprehensive income (loss), net of taxes | |||
Release of foreign currency translation reserve related to disposal/liquidation | 0 | (2,462) | 0 |
CPS [Member] | |||
Other comprehensive income (loss), net of taxes | |||
Release of foreign currency translation reserve related to deconsolidation (Note 3 and Note 15) | 0 | 0 | 32,451 |
Net1 Korea [Member] | |||
Other comprehensive income (loss), net of taxes | |||
Release of foreign currency translation reserve related to disposal/liquidation | 0 | 0 | 14,228 |
DNI [Member] | |||
Other comprehensive income (loss), net of taxes | |||
Release of foreign currency translation reserve related to disposal/liquidation | 0 | 0 | 11,323 |
FIHRST [Member] | |||
Other comprehensive income (loss), net of taxes | |||
Release of foreign currency translation reserve related to disposal/liquidation | $ 0 | $ 0 | $ 1,578 |
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] | Accumulated Other Comprehensive Loss [Member] | Parent [Member] | Noncontrolling Interest [Member] | Redeemable Common Stock [Member] |
Balance, Number of Shares at Jun. 30, 2019 | 81,459,717 | (24,891,292) | 56,568,425 | |||||||
Balance at Jun. 30, 2019 | $ 317,342 | $ 80 | $ (286,951) | $ 276,997 | $ 523,028 | $ (195,812) | $ 317,342 | $ 0 | ||
Redeemable Common Stock, Balance at Jun. 30, 2019 | 107,672 | |||||||||
Restricted stock granted, shares | 568,000 | 568,000 | ||||||||
Stock-based compensation charge (Note 17) | 1,873 | 1,873 | 1,873 | |||||||
Reversal of stock-based compensation charge (Note 17) | $ (145) | (145) | (145) | |||||||
Reversal of stock-based compensation charge (Note 17), shares | (17,500) | (17,500) | ||||||||
Stock based-compensation charge related to equity accounted investment (Note 9) | $ 71 | 71 | 71 | |||||||
Transfer from redeemable common stock to additional paid-in-capital (Note 14) | 22,693 | 22,693 | 22,693 | 0 | $ (22,693) | |||||
Net loss | (78,358) | (78,358) | (78,358) | 0 | ||||||
Other comprehensive income (loss) (Note 15) | $ 26,737 | 26,737 | 26,737 | 0 | ||||||
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 | 0 | ||
Redeemable Common Stock, Balance at Jun. 30, 2020 | 84,979 | |||||||||
Restricted stock granted, shares | 254,560 | 254,560 | ||||||||
Exercise of stock options | $ 53 | 53 | 53 | |||||||
Exercise of stock options, shares | 17,335 | 17,335 | 17,335 | |||||||
Stock-based compensation charge (Note 17) | $ 1,430 | 1,430 | 1,430 | |||||||
Reversal of stock-based compensation charge (Note 17) | (1,086) | (1,086) | (1,086) | |||||||
Reversal of stock-based compensation charge (Note 17), shares | (674,200) | (674,200) | ||||||||
Stock based-compensation charge related to equity accounted investment (Note 9) | (25) | (25) | (25) | |||||||
Transfer from redeemable common stock to additional paid-in-capital (Note 14) | 98 | 98 | 98 | |||||||
Net loss | (38,057) | (38,057) | (38,057) | 0 | ||||||
Other comprehensive income (loss) (Note 15) | $ 23,354 | 23,354 | 23,354 | 0 | ||||||
Balance, Number of Shares at Jun. 30, 2021 | 56,716,620 | 81,607,912 | (24,891,292) | 56,716,620 | ||||||
Balance at Jun. 30, 2021 | $ 275,980 | $ 80 | $ (286,951) | 301,959 | 406,613 | (145,721) | 275,980 | 0 | ||
Redeemable Common Stock, Balance at Jun. 30, 2021 | 84,979 | |||||||||
Stock issued | 16,658 | $ 3 | 16,655 | 16,658 | ||||||
Stock issued, shares | 3,185,079 | 3,185,079 | ||||||||
Restricted stock granted | 0 | 0 | 0 | |||||||
Restricted stock granted, shares | 2,278,643 | 2,278,643 | ||||||||
Exercise of stock options | $ 760 | 760 | 760 | |||||||
Exercise of stock options, shares | 249,521 | 249,521 | 249,521 | |||||||
Stock-based compensation charge (Note 17) | $ 3,082 | 3,082 | 3,082 | |||||||
Reversal of stock-based compensation charge (Note 17) | (120) | (120) | (120) | |||||||
Reversal of stock-based compensation charge (Note 17), shares | (105,542) | (105,542) | ||||||||
Stock based-compensation charge related to equity accounted investment (Note 9) | 5 | 5 | 5 | |||||||
Transfer from redeemable common stock to additional paid-in-capital (Note 14) | 5,550 | 5,550 | 5,550 | $ 5,550 | ||||||
Net loss | (43,876) | (43,876) | (43,876) | 0 | ||||||
Other comprehensive income (loss) (Note 15) | $ (23,119) | (23,119) | (23,119) | 0 | ||||||
Balance, Number of Shares at Jun. 30, 2022 | 62,324,321 | 87,215,613 | (24,891,292) | 62,324,321 | ||||||
Balance at Jun. 30, 2022 | $ 234,920 | $ 83 | $ (286,951) | $ 327,891 | $ 362,737 | $ (168,840) | $ 234,920 | $ 0 | ||
Redeemable Common Stock, Balance at Jun. 30, 2022 | $ 79,429 |
Consolidated Statements Of Cash
Consolidated Statements Of Cashflows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | |||
Net loss | $ (43,876) | $ (38,057) | $ (78,358) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 7,575 | 4,347 | 13,299 |
Impairment loss (Note 10) | 0 | 0 | 6,336 |
Movement in allowance for doubtful accounts receivable | 1,551 | 110 | 743 |
Fair value adjustment related to financial liabilities | (466) | 840 | (340) |
(Profit) Loss on disposal of property, plant and equipment | (2,849) | 480 | (127) |
Stock-based compensation charge (Note 17) | 2,962 | 344 | 1,728 |
Inventory net realizable value adjustment (Note 5) | 0 | 1,298 | |
Change in fair value of equity securities (Note 6 and 9) | 0 | (49,304) | 0 |
Gain on disposal of equity securities (Note 9) | (720) | 0 | 0 |
Loss on disposal of equity-accounted investment (Note 9) | (376) | (13) | 0 |
Gain on disposal of discontinued operation (Note 3) | 0 | 0 | (12,454) |
Loss on deconsolidation of CPS | 0 | 0 | 7,148 |
Interest payable | 9 | (1) | 1,758 |
Facility fee amortized (Note 12) | 251 | 0 | 0 |
Loss from equity-accounted investments (Note 9) | 3,649 | 24,878 | 29,542 |
Movement in allowance for doubtful loans to equity-accounted investments | 38 | 4,739 | 1,035 |
Dividends received from equity accounted investments | 155 | 194 | 3,549 |
Decrease in accounts receivable and finance loans receivable | 9,055 | 3,751 | 8,818 |
(Increase) Decrease in inventory | (4,820) | 1,279 | (19,328) |
Decrease in accounts payable and other payables | (8,851) | (335) | (139) |
Increase (Decrease) in taxes payable | 1,087 | (17,210) | (1,427) |
(Decrease) Increase in deferred taxes | (2,324) | 5,089 | (393) |
Net cash used in operating activities | (37,198) | (58,371) | (46,045) |
Cash flows from investing activities | |||
Capital expenditures | (4,558) | (4,285) | (5,938) |
Proceeds from disposal of property, plant and equipment | 4,217 | 571 | 578 |
Acquisitions, net of cash acquired (Note 3) | (202,159) | 0 | 0 |
Proceeds from disposal of equity method investments (Note 9) | 865 | ||
Proceeds from disposal of equity securities (Note 9) | 720 | ||
Proceeds from disposal of Net1 Korea, net of cash disposed (Note 3) | 0 | 20,114 | 192,619 |
Transaction costs paid related to disposal of Net1 Korea (Note 3) | 0 | 0 | (7,458) |
Proceeds from disposal of DNI as equity-accounted investment (Note 9 and Note 20) | 0 | 6,010 | 42,477 |
Transaction costs paid related to disposal of DNI as equity-accounted investment (Note 9) | (1,010) | ||
Loan to equity-accounted investment (Note 9) | 0 | (1,238) | (1,230) |
Repayment of loans by equity-accounted investments | 0 | 134 | 4,268 |
Proceeds from disposal of subsidiaries, net of cash disposed (Note 3 and Note 20) | 0 | 0 | 10,895 |
Deconsolidation of CPS - cash disposed (Note 3) | (328) | ||
Investment in equity-accounted investments (Note 9) | 0 | 0 | (2,500) |
Net change in settlement assets | (4,163) | 7,901 | (9,256) |
Net cash (used in) provided by investing activities | (193,688) | 47,775 | 223,117 |
Cash flows from financing activities | |||
Proceeds from bank overdraft (Note 12) | 570,862 | 360,083 | 689,763 |
Repayment of bank overdraft (Note 12) | (525,459) | (365,440) | (747,935) |
Long-term borrowings utilized (Note 12) | 78,851 | 0 | 14,798 |
Repayment of long-term borrowings (Note 12) | (5,581) | 0 | (14,503) |
Non-refundable deal origination fees/guarantee fees (Note 12) | (1,307) | 0 | (148) |
Proceeds from exercise of stock options | 759 | 53 | 0 |
Proceeds from disgorgement of shareholders' short-swing profits (Note 23) | 0 | 124 | 0 |
Finance lease capital repayments | 0 | 0 | (69) |
Net change in settlement obligations | 4,134 | (7,901) | 9,256 |
Net cash provided by (used in) financing activities | 122,259 | (13,081) | (48,838) |
Effect of exchange rate changes on cash | (10,338) | 14,957 | (17,260) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (118,965) | (8,720) | 110,974 |
Cash, cash equivalents and restricted cash - beginning of period | 223,765 | 232,485 | 121,511 |
Cash, cash equivalents and restricted cash - end of period (Note 20) | 104,800 | 223,765 | 232,485 |
Bank Frick [Member] | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||
(Gain) Loss on disposal | 0 | 472 | 0 |
Cash flows from investing activities | |||
Proceeds from disposal of equity method investments (Note 9) | 11,390 | 18,568 | 0 |
FIHRST [Member] | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||
(Gain) Loss on disposal | 0 | 0 | (9,743) |
DNI [Member] | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||
(Gain) Loss on disposal | $ 0 | $ 0 | $ 1,010 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 12 Months Ended |
Jun. 30, 2022 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Description Of Business And Basis Of Presentation | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Lesaka Technologies, Inc. (“Lesaka” and collectively with its consolidated subsidiaries, the “Company”), formerly named Net 1 UEPS Technologies, Inc., was incorporated in the State of Florida on May 8, 1997. The Company is a provider of financial technology, or fintech, products and services, primarily in South Africa and neighboring countries, to unbanked and underbanked consumers, and fintech solutions for merchants operating in formal and informal markets. The Company provides cash management and digitization services and card acquiring to merchants, and has developed and provides secure transaction technology solutions and services, and offers transaction processing, including bill payment and value-added services (including prepaid airtime and electricity products) and financial solutions to its customers. Basis of presentation The accompanying consolidated financial statements include subsidiaries over which Lesaka exercises control and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Reorganization charge - financial services restructuring The Company has incurred significant losses since its contract to distribute social grants expired in September 2018. A strategic imperative for the Company is to return its South African consumer business to a breakeven position and then profitability as soon as possible. As part of a cost optimization review completed in late calendar 2021, the Company performed a review of its labor structure and determined that a number of its defined employee roles would need to be terminated due to redundancy. The Company embarked on a retrenchment process pursuant to Section 189A of the South African Labour Relations Act (“Labour Act”) on January 10, 2022. The Company incurred cash costs of approximately $ 6.7 million (ZAR 103.4 million) during the third quarter of fiscal 2022, principally consisting of severance and related payments and the payment of unutilized leave days. The Company recorded an expense of $ 5.9 million in the caption reorganization costs in the Company’s consolidated statement of operations for the year ended June 30, 2022. The primary difference between the reorganization charge amount and the total cash paid relates to leave pay which was accrued in prior periods. July 2021 civil unrest in South Africa Two of South Africa’s nine provinces experienced significant civil unrest in July 2021 resulting in mass looting, loss of life, disruption of transport and supply routes, and widespread destruction of property. In total 337 South Africans lost their lives in the unrest – fortunately none of the Company’s employees were injured or harmed. There was widespread damage to bank and ATM infrastructure in the affected provinces. In total approximately 1,800 ATMs and 300 branches were damaged across the industry, and the Banking Association of South Africa (“BASA”), estimates that total damage to banking infrastructure amounted to ZAR 1.6 billion. The South African Special Risks Insurance Association (“SASRIA”), a public enterprise and a non-life insurance company that provides coverage for damage caused by special risks such as politically motivated malicious acts, riots, strikes, terrorism and public disorders, estimates that the total damage to property across South Africa will be between ZAR 19.0 billion and ZAR 20.0 billion. The Company suffered damage at 19 of its branches and to 173 ATMs. The disruption and related closure of branches also impacted the Company’s efforts to grow EPE customer numbers. The Company also saw an impact on transaction volumes through its ATMs with July 2021 volumes 13% lower than June 2021, and August 2021 3% lower than July 2021. The Company’s insurance claims to recover the cost to repair and replace its branches and ATMs have been met in full, with the Company receiving ZAR 38.6 million from SASRIA during the year ended June 30, 2022. As a result of the disruption to ATM coverage and availability, BASA and the South Africa’s banks agreed that the fee which customers pay to utilize other banks’ ATMs would be waived for August and September 2021. The Company lost transaction fee revenue of approximately ZAR 6.0 million ($ 0.4 million) during the year ended June 30, 2022, as a result of this decision. Impact of events involving Russia and Ukraine The Company does not expect its operations to be significantly impacted by events unfolding in the Ukraine. The Company believes that these events may adversely impact South African gross domestic product and rates of inflation as a result of the recent increases in crude oil prices, which is likely to impact economic activity in South Africa and therefore indirectly affect the Company. It may also lead to higher input prices for certain of the goods and services the Company procures. 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (continued) Impact of COVID-19 on the Company’s business The Company’s business has previously been impacted by government restrictions and quarantines related to COVID-19. South Africa operates with a five-level COVID-19 alert system, with Level 1 being the least restrictive and Level 5 being the most restrictive. South Africa operated at Level 3 during most of the first quarter of fiscal 2022, and primarily at adjusted Level 1 until the restrictions ceased to be in operation on April 4, 2022. These restrictions had a limited impact on the Company’s businesses. South Africa is currently subject to limited COVID-19 restrictions following the lifting of the National State of Disaster in South Africa on April 5, 2022. These restrictions are also expected to have a limited impact on the Company’s business . The broader implications of COVID-19 on the Company’s results of operations and overall financial performance continue to remain uncertain. While the Company has not incurred significant disruptions thus far from the COVID-19 outbreak, apart from the two months in April and May 2020 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 any further outbreak, actions that may be taken by governmental authorities, the impact on the Company’s customers and other factors. The Company will continue to evaluate the nature and extent of the impact on its business, consolidated results of operations, and financial condition. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2022 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The financial statements of entities which are controlled by Lesaka, referred to as subsidiaries, are consolidated. Inter-company accounts and transactions are eliminated upon consolidation. The Company, if it is the primary beneficiary, consolidates entities which are considered to be variable interest entities (“VIE”). The primary beneficiary is considered to be the entity that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. No entities were required to be consolidated as a result of these requirements during the years ended June 30, 2022, 2021 and 2020. Business combinations The Company accounts for its business acquisitions under the acquisition method of accounting. The total value of the consideration paid for acquisitions is allocated to the underlying net assets acquired, based on their respective estimated fair values. The Company uses a number of valuation methods to determine the fair value of assets and liabilities acquired, including discounted cash flows, external market values, valuations on recent transactions or a combination thereof, and believes that it uses the most appropriate measure or a combination of measures to value each asset or liability. The Company recognizes measurement-period adjustments in the reporting period in which the adjustment amounts are determined. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Translation of foreign currencies The primary functional currency of the consolidated entities is the South African Rand (“ZAR”) and the Company’s 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 income in total equity. The Company releases the foreign currency translation reserve included in accumulated other comprehensive income attributable to a foreign entity upon sale or complete, or substantially complete, liquidation of the investment in that foreign entity and includes the release in the gain or loss reported related to the sale or liquidation of the foreign entity. Foreign exchange transactions are translated at the spot rate ruling at the date of the transaction. Monetary items are translated at the closing spot rate at the balance sheet date. Transactional gains and losses are recognized in selling, general and administration expense on the Company’s consolidated statement of operations for the period. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) 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 in certain bank accounts that have been ceded to Nedbank Limited (“Nedbank”) as well as cash drawn under the Company’s borrowings and used to fund its ATMs, refer to Note 12. Allowance for doubtful accounts receivable Allowance for doubtful finance loans receivable The Company regularly reviews the ageing of outstanding amounts due from borrowers and adjusts the allowance based on management’s estimate of the recoverability of the finance loans receivable. The Company writes off microlending finance loans receivable and related service fees and interest if a borrower is in arrears with repayments for more than three months or dies. The Company writes off merchant and working capital finance receivables and related fees when it is evident that reasonable recovery procedures, including where deemed necessary, formal legal action, have failed. Allowance for doubtful accounts receivable A specific provision is established where it is considered likely that all or a portion of the amount due from customers renting safe assets, point of sale (“POS”) equipment, receiving support and maintenance or transaction services or purchasing licenses or SIM 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: Safe assets 8 years Computer equipment 3 to 8 years Office equipment 2 to 10 years Vehicles 3 to 8 years Furniture and fittings 3 to 10 years The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in income. Leases The Company determines whether an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets (“ROU”), operating lease liability - current, and operating lease liability – long term in its consolidated balance sheets. The Company does not have any significant finance leases as of June 30, 2022 and 2021, respectively, but its policy is to include finance leases in property and equipment, other payables, and other long-term liabilities in its consolidated 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 obligation 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 uses 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 prepayments 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 payments is recognized on a straight-line basis over the lease term. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Leases (continued) 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 over 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 the operations of the company. Under the equity method, the Company initially records the investment at cost and thereafter adjusts the carrying value of the investment to recognize its proportional share of the equity-accounted company’s net income or loss. In addition, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee is added to the current basis of the Company’s previously held interest and the equity method would be applied subsequently from the date on which the Company obtains the ability to exercise significant influence over the investee. The Company releases a pro rata portion of the foreign currency translation reserve related to an equity-accounted investment that is included in accumulated other comprehensive income to earnings upon the sale of a portion of its ownership interest in the equity-accounted investment. The release of the pro rata portion of the foreign currency translation reserve is included in the measurement of the gain or loss on sale of a portion of the Company’s ownership interest in the equity-accounted investment. The Company does not recognize cumulative losses in excess of its investment or loans in an equity-accounted investment except if it has an obligation to provide additional financial support. Dividends received from an equity-accounted investment reduce the carrying value of the Company’s investment. The Company has elected to classify distributions received from equity method investees using the nature of the distribution approach. This election requires the Company to evaluate each distribution received on the basis of the source of the payment and classify the distribution as either operating cash inflows or investing cash inflows. The Company reviews its equity-accounted investments for impairment whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable. Goodwill Goodwill represents the excess of the purchase price of an acquired enterprise over the fair values of the identifiable assets acquired and liabilities assumed. The Company tests for impairment of goodwill on an annual basis and at any other time if events or circumstances change that would more likely than not reduce the fair value of the reporting unit’s goodwill below its carrying amount. Circumstances that could trigger an impairment test include but are not limited to: a significant adverse change in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; and results of testing for recoverability of a significant asset group within a reporting unit. If goodwill is allocated to a reporting unit and the carrying amount of the reporting unit exceeds the fair value of that reporting unit, an impairment loss is recorded in the statement of operations. Measurement of the fair value of a reporting unit is based on one or more of the following fair value measures: the amount at which the unit as a whole could be bought or sold in a current transaction between willing parties; present value techniques of estimated future cash flows; or valuation techniques based on multiples of earnings or revenue, or a similar performance measure. Intangible assets Intangible assets are shown at cost less accumulated amortization. Intangible assets are amortized over the following useful lives: Customer relationships 1 to 15 years Software, integrated platform and unpatented technology 3 to 10 years FTS patent 10 years Exclusive licenses 7 years Brands and 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. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Debt and equity securities Debt securities The Company is required to classify all applicable debt securities as either trading securities, available for sale or held to maturity upon investment in the security. Trading Debt securities acquired by the Company which it intends to sell in the short-term are classified as trading securities and are initially measured at fair value. These debt securities are subsequently measured at fair value and realized and unrealized gains and losses from these trading securities are included in the Company’s consolidated statement of operations. Classification of a debt security as a trading security is not precluded simply because the Company does not intend to sell the security in the short term. The Company had no debt securities that were classified as trading securities as of June 30, 2022 and 2021, 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 classified them as trading securities or if it does not have the ability or positive intent to hold the debt security until maturity. The Company is required to make an election to account for these debt securities as available for sale. These available for sale debt securities are initially measured at fair value. These debt securities are subsequently measured at fair value with unrealized gains and losses from available for sale investments in debt securities reported as a separate component of accumulated other comprehensive income, net of deferred income taxes, in shareholders’ equity. The Company had no debt securities that were classified as available for sale securities as of June 30, 2022 and 2021, respectively. Held to maturity Debt securities acquired by the Company which it has the ability and the positive intent to hold to maturity are classified as held to maturity debt securities. The Company is required to make an election to classify these debt securities as held to maturity and these securities are carried at amortized cost. The amortized cost of held to maturity debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest received from the held to maturity security together with this amortization is included in interest income in the Company’s consolidated statement of operations. The Company had a held to maturity security as of June 30, 2022 and 2021, respectively, refer to Note 4. 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 securities 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 portion, which is measured as the difference between the debt security’s cost basis and its current fair value, is recognized in other comprehensive income, net of applicable taxes. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Debt and equity securities (continued) Equity securities Equity securities are measured at fair value. Changes in the fair value of equity securities are recorded in the Company’s consolidated statement of operations within the caption titled “change in fair value of equity securities”. The Company may elect to measure equity securities without readily determinable fair values at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer (“cost minus changes in observable prices equity securities”). There were no changes in the fair value of the Company’s cost minus changes in observable prices equity securities during the year ended June 30, 2022 and 2020, respectively. Changes in the fair value of the Company’s cost minus changes in observable prices equity securities during the year ended June 30, 2021, are discussed in Note 9. The Company performs a qualitative assessment on a quarterly basis and recognizes an impairment loss if there are sufficient indicators that the fair value of the equity security is less than its carrying value. Policy reserves and liabilities Reserves for policy benefits and claims payable The Company determines its reserves for policy benefits under its life insurance products using a model which estimates claims incurred that have not been reported and total present value of disability claims-in-payment at the balance sheet date. This model allows for best estimate assumptions based on experience (where sufficient) plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The best estimate assumptions include (i) mortality and morbidity assumptions reflecting the company’s most recent experience and (ii) claim reporting delays reflecting Company specific and industry experience. Most of the disability claims-in-payment reserve is reinsured and the reported values were based on the reserve held by the relevant reinsurer. The values of matured guaranteed endowments are increased by late payment interest (net of the asset management fee and allowance for tax on investment income). Deposits on investment contracts For the Company’s interest-sensitive life contracts, liabilities approximate the policyholder’s account value. Reinsurance contracts held The Company enters into reinsurance contracts with reinsurers under which the Company is compensated for the entire amount or a portion of losses arising on one 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-term balances due from reinsurers (classified within Accounts receivable, net and other receivables) as well as long-term receivables (classified within other long-term assets) that are dependent on the expected claims and benefits arising under the related reinsurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance contract. Reinsurance assets are assessed for impairment at each balance sheet date. If there is reliable objective evidence that amounts due may not be recoverable, the Company reduces the carrying amount of the reinsurance asset to its recoverable amount and recognizes that impairment loss in its consolidated statement of operations. Reinsurance premiums are recognized when due for payment under each reinsurance contract. Redeemable common stock Common stock that is redeemable (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder, or (3) upon the occurrence of an event that is not solely within the control of Company is presented outside of total Lesaka equity (i.e. permanent equity). Redeemable common stock is initially recognized at issuance date fair value and the Company does not adjust the issuance date fair value if redemption is not probable. The Company re-measures the redeemable common stock to the maximum redemption amount at the balance sheet date once redemption is probable. Reduction in the carrying amount of the redeemable common stock is only appropriate to the extent that the Company has previously recorded increases in the carrying amount of the redeemable equity instrument as the redeemable common stock may be not be carried at an amount that is less 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. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) 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 Telecom products and services The Company purchases airtime for resale to customers and acts as a principal in these transactions. The Company recognizes revenue as the airtime is delivered to the customer. Processing fees The Company earns processing fees from transactions processed for its customers. The Company provides its customers with transaction processing services that involve the collection, transmittal and retrieval of all transaction data in exchange for consideration upon completion of the transaction. In certain instances, the Company also provides a funds collection and settlement service for its customers. The Company also provides customers with cash management and digitization services which enables its merchant customers to deposit cash into digital vaults (safe assets) operated by the Company, after which the funds are then electronically accessible by customers to either transfer to their nominated bank account or to pay certain pre-selected suppliers. The Company considers each of these services as a single performance obligation. The Company’s contracts specify a transaction price for services provided. Processing revenue fluctuates based on the type and the volume of transactions processed. Revenue is recognized on the completion of the processed transaction. Customers that have a bank account managed by the Company are issued cards that can be utilized to withdraw funds at an ATM or to transact at a merchant point of sale device (“POS”). The Company earns processing fees from transactions processed for these customers. The Company’s contracts specify a transaction price for each service provided (for instance, ATM withdrawal, balance enquiry, etc.). Processing revenue fluctuates based on the type and volume of transactions performed by the customer. Revenue is recognized on the completion of the processed transaction. The Company, as a transaction processor and in the capacity of an agent, facilitates the delivery value added services (“VAS”) to its customers (including prepaid airtime, prepaid electricity and gaming vouchers) and earns a commission once these services are delivered to the customer. Revenue from these transactions fluctuates based on the volume of VAS services distributed. Account holder fees The Company provides bank accounts to customers and this service is underwritten by a regulated banking institution because the Company is not a bank. The Company charges its customers a fixed monthly bank account administration fee for all active bank accounts regardless of whether the account holder has transacted or not. The Company recognizes account holder fees on a monthly basis on all active bank accounts. Revenue from account holders’ fees fluctuates based on the number of active bank accounts. Lending revenue The Company provides short-term loans to customers (consumers) in South Africa and charges up-front initiation fees and monthly service fees. Initiation fees are recognized using the effective interest rate method, which requires the utilization of the rate of return implicit in the loan, that is, the contractual interest rate adjusted for any net deferred loan fees or costs, premium, or discount existing at the origination or acquisition of the loan. Monthly service fee revenue is recognized under the contractual terms of the loan. The monthly service fee amount is fixed upon initiation and does not change over the term of the loan. Interest earned from customers The Company provides short-term loans to merchants in South Africa and levies interest on the amount lent. The Company does not charge these customers up-front initiation fees or monthly service fees. Interest earned from customers is recognized using the effective interest rate method, which requires the utilization of the rate of return implicit in the loan, that is, the contractual interest rate adjusted for any net deferred loan fees or costs, premium, or discount existing at the origination or acquisition of the loan. The interest rate included in the contract with the customer generally changes with changes to benchmark rates of interest set by the South African Reserve Bank. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Revenue recognition (continued) Nature of products and services (continued) Technology products The Company supplies hardware and licenses for its customers to use the Company’s technology. Hardware includes the sale of POS devices, SIM cards and other consumables which can occur on an ad hoc basis. The Company recognizes revenue from hardware at the transaction price specified in the contract as the hardware is delivered to the customer. Licenses include the right to use certain technology developed by the Company and the associated revenue is recognized ratably over the license period. Insurance revenue The Company writes life insurance contracts, and policy holders pay the Company a monthly insurance premium at the beginning of each month. Premium revenue is recognized on a monthly basis net of policy lapses. Policy lapses are provided for on the basis of expected non-payment of policy premiums. Accounts Receivable, Contract Assets and Contract Liabilities The Company recognizes accounts receivable when its right to consideration under its contracts with customers becomes unconditional. The Company has no contract assets or contract liabilities. Research and development expenditure Research and development expenditure is charged to net income in the period in which it is incurred. During the years ended June 30, 2022, 2021 and 2020, the Company incurred research and development expenditures of $ 0.5 million, $ 0.3 million and $ 1.6 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 feasibility and completion of software development is generally short with immaterial amounts of development costs incurred during this period. Costs in respect of the development of software for the Company’s internal use are expensed as incurred, except to the extent that these costs are incurred during the application development stage. All other costs including those incurred in the project development and post-implementation stages are expensed as incurred. Income taxes The Company provides for income taxes using the asset and liability method. This approach recognizes the amount of taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequence of events recognized in the financial statements and tax returns. Deferred income taxes are adjusted to reflect the effects of changes in tax laws or enacted tax rates. The Company measured its South African income taxes and deferred income taxes for the years ended June 30, 2022, 2021 and 2020, using the enacted statutory tax rate in South Africa of 28%. In establishing the appropriate deferred tax asset valuation allowances, the Company assesses the realizability of its deferred tax assets, and based on all available evidence, both positive and negative, determines whether it is more likely than not that the deferred tax assets or a portion thereof will be realized. Reserves for uncertain tax positions are recognized in the financial statements for positions which are not considered more likely than not of being sustained based on the technical merits of the position on audit by the tax authorities. For positions that meet the more likely than not standard, the measurement of the tax benefit recognized in the financial statements is based upon the largest amount of tax benefit that, in management’s judgement, is greater than 50% likely of being realized based on a cumulative probability assessment of the possible 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 method and records U.S. inclusions in taxable income related to global intangible low taxed income (“GILTI”) as a current-period expense when incurred. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Stock-based compensation Stock-based compensation represents the cost related to stock-based awards granted. The Company measures equity-based stock-based compensation cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. In respect of awards with only service conditions that have a graded vesting schedule, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. The forfeiture rate is estimated using historical trends of the number of awards forfeited prior to vesting. The expense is recorded in the statement of operations and classified based on the recipients’ respective functions. The Company records deferred tax assets for awards that result in deductions on the Company’s income tax returns, based on the amount of compensation cost recognized and the Company’s statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company’s income tax return are recorded in income tax expense in the consolidated statement of operations. Equity instruments issued to third parties Equity instruments issued to third parties represents the cost related to equity instruments granted. The Company measures this cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. The forfeiture rate is estimated based on the Company’s expectation of the number of awards that will be forfeited prior to vesting. The Company records deferred tax assets for equity instrument awards that result in deductions on the Company’s income tax returns, based on the amount of equity instrument cost recognized and the Company’s statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company’s income tax return are recorded in the statement of operations. Settle |
Acquisitions
Acquisitions | 12 Months Ended |
Jun. 30, 2022 | |
Acquisitions [Abstract] | |
Acquisitions | 3. ACQUISITIONS The Company did not make any acquisitions during the years ended June 30, 2021 and 2020. The cash paid, net of cash received related to the Company’s acquisition during the year ended June 30, 2022, is summarized in the table below: 2022 Total cash paid $ 240,582 Less: cash acquired 38,423 Total cash paid, net of cash received (1) $ 202,159 (1) – represents the cash paid, net of cash acquired, to acquire a controlling interest in the Connect. 3. ACQUISITIONS (continued) 2022 Acquisitions April 2022 acquisition of Connect On October 31, 2021, the Company entered into a Sale of Shares Agreement (the “Sale Agreement”) with the Sellers (as defined in the Sale Agreement), Cash Connect Management Solutions Proprietary Limited (“CCMS”), Ovobix (RF) Proprietary Limited (“Ovobix”), Luxiano 227 Proprietary Limited (“Luxiano”) and K2021477132 (South Africa) Proprietary Limited (“K2021” and together with CCMS, Ovobix and Luxiano, “Connect”). Pursuant to the Sale Agreement, and subject to its terms and conditions, the Company’s wholly-owned subsidiary, Net1 SA, agreed to acquire, and the Sellers agreed to sell, all of the outstanding equity interests and certain claims in Connect. The transaction closed on April 14, 2022. The total purchase consideration was ZAR 3.8 billion ($ 258.9 million), comprising ZAR 3.5 billion ($ 240.6 million) in cash, contingent consideration of ZAR 23.8 million ($ 1.6 million), and ZAR 241.9 million ($ 16.7 million) in 3,185,079 shares of the Company’s common stock. The contingent consideration related to a tax matter which was resolved in July 2022, and the consideration is expected to be settled in cash in September 2022. The contingent consideration is included in the caption other payables in the Company’s consolidated balance sheet as of June 30, 2022, refer to Note 13. The 3,185,079 shares of common stock will be issued in three equal tranches on each of the first, second and third anniversaries of the closing and was calculated as ZAR 350.0 million divided by the sum of $ 7.50 multiplied by the closing date exchange rate (as defined in the Sale Agreement) of $1:ZAR 14.65165. The fair value of the purchase consideration settled in shares of common stock of $ 16.7 million was calculated as 3,185,079 shares of Lesaka common stock multiplied by the April 13, 2022 closing price on the NasdaqGS of $ 5.23. The closing of the transaction was subject to customary closing conditions, including (i) approval from the competition authorities of South Africa, Namibia and Botswana, (ii) exchange control approval from the financial surveillance department of the South African Reserve Bank, and (iii) obtaining certain third-party consents. In addition, the closing of the transaction was subject to entry into definitive financing agreements by each of Net1 SA and CCMS for an aggregate of ZAR 2.4 billion in debt financing provided by Rand Merchant Bank and satisfying the conditions precedent for funding thereunder, of which ZAR 1.1 billion relates to the financing agreements described below and ZAR 1.3 billion related to finance agreements signed between CCMS and RMB. Of the ZAR 1.3 billion related to CCMS, approximately ZAR 250 million related to new debt as part of the funding of the acquisition. The definitive loan agreements became effective upon closing the transaction, refer to Note 12. The South African competition authorities approved the transaction subject to certain public interest conditions relating to employment, increasing the spread of ownership by historically disadvantaged people (“HDPs”) and workers, and investing in supplier and enterprise development. Further to increasing the spread of ownership by HDPs, Lesaka is required to establish an employee share ownership scheme (“ESOP”) within 24 months of the implementation of the Connect acquisition that complies with certain design principles for the benefit of the workers of the merged entity to receive a shareholding in Lesaka equal in value to at least 3% of the issued shares, or approximately 1.8 million shares, in Lesaka at the date of the Connect acquisition. If within 24 months of the implementation date of the transaction, Lesaka generates a positive net profit for three consecutive quarters, the ESOP shall increase to 5% of the issued shares, or approximately 3.0 million shares, in Lesaka at the date of the Connect acquisition. The final structure of the ESOP is contingent on Lesaka shareholder approval and relevant regulatory and governance approvals. The ESOP had not been established as of the date of the consolidated annual financial statements. The Company believes that the acquisition significantly advances its vision to transform into the leading fintech platform for underserved consumers and merchants in South Africa. The combination is strategically important because it combines complementary product offerings to drive stronger unit economics, facilitates expansion of the addressable market to informal MSMEs, Connect has an attractive financial profile with strong and profitable growth, merges highly skilled teams with complementary expertise and allows the combined group to better serve the underserved in South Africa through the provision of dignified financial services to people and businesses who are underserved by the financial system. 3. ACQUISITIONS (continued) 2022 Acquisitions (continued) April 2022 acquisition of Connect (continued) The preliminary purchase price allocation of the Connect acquisition, translated at the foreign exchange rates applicable on the date of acquisition, is provided in the table below: Connect April 2022 Cash and cash equivalents $ 38,423 Accounts receivable 24,032 Finance loans receivable 15,706 Inventory 11,431 Property, plant and equipment 20,872 Operating lease right of use asset 753 Equity-accounted investment 73 Goodwill 153,693 Intangible assets 179,484 Deferred income taxes assets 2,284 Short term facilities ( 16,903) Accounts payable ( 27,914) Other payables ( 4,793) Operating lease liability – current ( 434) Current portion of long – term borrowings - Income taxes payable ( 982) Deferred income taxes liabilities ( 50,255) Operating lease liability - long-term ( 319) Long-term borrowings ( 86,960) Settlement assets 13,561 Settlement liabilities ( 12,875) Fair value of assets and liabilities on acquisition $ 258,877 The preliminary purchase price allocation is based on management estimates as of June 30, 2022, and may be adjusted up to one year following the closing of the acquisition. The purchase price allocation has not been finalized, as management has not yet completed its allocation of the goodwill to the underlying identified reporting units. The Company expects to finalize the purchase price allocation on or before December 31, 2022. Summarized below is the fair value of the Connect 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, 2022: Connect – integrated platform $ 142,981 10 Connect – customer relationships 20,516 8 Connect –brands $ 15,987 10 On acquisition, the Company recognized a deferred tax liability of approximately $ 50.3 million related to the acquisition of Connect intangible assets during the year ended June 30, 2022. The Company incurred transaction-related expenditures of $ 6.0 million during the year ended June 30, 2022, related to the acquisition of Connect. 3. ACQUISITIONS (continued) 2022 Acquisitions (continued) April 2022 acquisition of Connect (continued) Pro forma results related to acquisition The results of Connect’s operations are reflected in the Company’s financial statements from April 14, 2022. The following unaudited pro forma revenue and net income information has been prepared as if the acquisition of Connect had occurred on July 1, 2020: Unaudited Year ended June 30, 2022 2021 Revenue $ 509,727 $ 424,704 Net loss $ ( 56,232) $ ( 68,367) The unaudited pro forma financial information presented above includes the business combination accounting and other effects from the acquisition including (1) amortization expense related to acquired intangibles and the related deferred tax; (2) the loss of interest income, net of taxation, as a result of funding a portion of the purchase price in cash; (3) an increase in interest expense resulting from the long-term borrowing obtained to fund a portion of the purchase price, (4) stock-based compensation charges related to restricted stock and restricted stock units granted to Connect employees, and (5) an adjustment to exclude all applicable transaction-related costs recognized in the Company’s consolidated statement of operations for the year ended June 30, 2022. The unaudited pro forma net income presented above does not include any cost savings or other synergies that may result from the acquisition. The unaudited pro forma information as presented above is for information purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had occurred on these dates. Since the closing of the acquisition, Connect has contributed revenue of $ 86.2 million and a net loss, including transaction-related interest expense and intangible assets amortization related to assets acquired, net of deferred taxes, of $ 3.2 million. 2021 Acquisitions None. 2020 Acquisitions None. |
Accounts Receivable, Net And Ot
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net | 12 Months Ended |
Jun. 30, 2022 | |
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net [Abstract] | |
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net | 4. 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, 2022, and June 30, 2021 , are presented in the table below: June 30, June 30, 2022 2021 Accounts receivable, trade, net $ 13,904 $ 10,493 Accounts receivable, trade, gross 14,413 10,760 Allowance for doubtful accounts receivable, end of period 509 267 Beginning of period 267 253 Reversed to statement of operations ( 133) ( 182) Charged to statement of operations 779 232 Utilized ( 154) ( 59) Foreign currency adjustment ( 250) 23 Current portion of amount outstanding related to sale of interest in Bank Frick (Note 9) - 7,500 Loans provided to Carbon, net of allowance: 2022: $ 3,000; 2021: $ 3,000 - - Current portion of total held to maturity investments - - Investment in 7.625% of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625% notes - - Other receivables 14,994 8,590 Total accounts receivable, net $ 28,898 $ 26,583 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 safe assets and POS equipment. The Company did not record any bad debt expense during the year ended June 30, 2021 and 2020, respectively and bad debts incurred were written off against the allowance for doubtful accounts receivable. Current portion of amount outstanding related to sale of interest in Bank Frick represents the amount due from the purchaser related to the sale of Bank Frick, refer to Note 9 for additional information regarding the sale. The Company received the first scheduled repayment of $ 7.5 million in October 2021 and the remaining amount of $ 3.9 million was settled in May 2022, two months ahead of its scheduled July 2022 due date. The total amount received during the year ended June 30, 2022, was $ 11.4 million. The loan of $ 3.0 million provided to Carbon Tech Limited (“Carbon”), an equity-accounted investment, 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 to new repayment terms as of June 30, 2022. However, the Company acknowledges the unexpected and ongoing challenges facing Carbon and determined in June 2021 to create an allowance for doubtful loans receivable of $ 3.0 million due to these circumstances and ongoing operating losses incurred by Carbon. Investment in 7.625% of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625% notes represents the investment in a note which matured in August 2022 and formed part of Cell C’s capital structure. The carrying value as of each of June 30, 2022 and 2021, respectively was $ 0 (nil). The note is included in other long-term assets as of June 30, 2021 (refer to Note 9). No interest income from the Cedar Cellular note was recorded during the years ended June 30, 2022, 2021 and 2020, respectively. Interest, if any, on this investment will only be paid, at Cedar Cellular’s election, on its maturity which is in the process of being extended beyond its original date of August 2022. The Company does not expect to recover the amortized cost basis of the Cedar Cellular notes due to its assessment that the equity in Cell C currently has no value which would result in there being no future cash flows to be collected from the debt security on maturity. The recoverability of the debt security will be affected by the proposed recapitalization of Cell C, which is also expected to extend the maturity date of the instrument. The Company could not calculate an effective interest rate on the Cedar Cellular note because the carrying value was zero ($ 0.0 million) as of June 30, 2022 and 2021. The Company therefore could not 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. Other receivables includes prepayments, deposits, income taxes receivable and other receivables, as well as transactions-switching funds receivables of $ 3.3 million which the Company considers recoverable. 4. Accounts receivable, net and other receivables and finance loans receivable, net (continued) 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, 2022: 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 assets held by Cedar Cellular, namely, Cedar Cellular’s investment in Cell C. (2) The cost basis is zero ($ 0.0 million). Finance loans receivable, net The Company’s finance loans receivable, net, as of June 30, 2022, and June 30, 2021, is presented in the table below: June 30, June 30, 2022 2021 Microlending finance loans receivable, net $ 20,058 $ 21,142 Microlending finance loans receivable, gross 21,452 23,491 Allowance for doubtful finance loans receivable, end of period 1,394 2,349 Beginning of period 2,349 1,858 Reversed to statement of operations ( 805) ( 1,004) Charged to statement of operations 1,268 2,060 Utilized ( 1,179) ( 967) Foreign currency adjustment ( 239) 402 Merchant finance loans receivable, net 13,834 - Merchant finance loans receivable, gross 14,131 - Allowance for doubtful finance loans receivable, end of period 297 - Beginning of period - - Charged to statement of operations 442 - Utilized - - Foreign currency adjustment ( 145) - Working capital finance loans receivable, net - - Working capital finance loans receivable, gross - - Allowance for doubtful finance loans receivable, end of period - - Beginning of period - 5,800 Utilized - ( 5,800) Total finance loans receivable, net $ 33,892 $ 21,142 Total finance loans receivable, net, comprises microlending finance loans receivable related to the Company’s microlending operations in South Africa as well as its merchant finance loans receivable related to Connect’s lending activities in South Africa. Gross microlending finance loans receivable as of June 30, 2022, was lower than as of June 30, 2021, due to the weaker ZAR compared to the U.S. dollar. In ZAR terms, the loan book increased over the same period by approximately 4%. During the year ended June 30, 2022, the Company adjusted its microlending finance loans receivable allowance provision from 10% of the gross book to 6.5% of the gross book as a result of evidence of lower actual losses incurred on the book which has resulted in an improvement in the collection rate. 4. ACCOUNTS RECEIVABLE, net and OTHER RECEIVABLES and FINANCE LOANS RECEIVABLE, net (continued) Finance loans receivable, net (continued) Merchant finance loans receivable, net, comprises finance loans receivable as of June 30, 2022, related to the Company’s lending operations in South Africa to merchants through Connect. Certain merchant finance loans receivable have been pledged as security for the Company’s revolving credit facility (refer to Note 12). The Company had no working capital finance loans receivable, net as of June 30, 2022 and 2021. The Company created an allowance for doubtful working capital finance loans receivable related to a receivable due from a customer based in the United States during the year ended June 30, 2018. The Company commenced legal proceedings against the customer in 2018. The customer was then engaged in bankruptcy proceedings. In December 2020, the Company withdrew its claim lodged in the bankruptcy proceedings because it did not believe it would recover the receivable via these proceedings, or via any other process. During the year ended June 30, 2021, the Company utilized the entire allowance for doubtful working capital finance loans receivable against the outstanding receivable. |
Inventory
Inventory | 12 Months Ended |
Jun. 30, 2022 | |
Inventory [Abstract] | |
Inventory | 5. INVENTORY The Company’s inventory comprised the following categories as of June 30, 2022, and 2021. June 30, June 30, 2022 2021 Raw materials $ 2,446 $ - Work in progress 147 - Finished goods 31,633 22,361 $ 34,226 $ 22,361 As of June 30, 2022 and 2021, finished goods includes $ 13.7 million and $ 16.5 million, respectively, of Cell C airtime inventory that was previously classified as finished goods subject to sale restrictions. In support of Cell C’s liquidity position, the Company has limited the resale of this airtime to its own distribution channels until such time as Cell C’s recapitalization process is concluded. In light of the dynamics in the wholesale airtime inventory market as of June 30, 2020, the Company believed 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. The Company believes that these market dynamics in the wholesale airtime inventory market continue as of June 30, 2022 and 2021, respectively, but no further adjustment is necessary. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Jun. 30, 2022 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 6. Fair value of financial instruments Fair value of financial instruments Initial recognition and measurement Financial instruments are recognized when the Company becomes a party to the transaction. Initial measurements are at cost, which includes transaction costs. Risk management The Company manages its exposure to currency exchange, translation, interest rate, credit, microlending credit and equity price and liquidity risks as discussed below. Currency exchange risk The Company is subject to currency exchange risk because it purchases components for safe assets, that the Company assembles, and inventories that it is required to settle in other currencies, primarily the euro, renminbi, and U.S. dollar. The Company has used forward contracts in order to limit its exposure in these transactions to fluctuations in exchange rates between the South African rand (“ZAR”), on the one hand, and the U.S. dollar and the euro, on the other hand. 6. Fair value of financial instruments (continued) Risk management (continued) 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. The U.S. dollar to the ZAR exchange rate has fluctuated significantly over the past three years. As exchange rates are outside the Company’s control, there can be no assurance that future fluctuations will not adversely affect the Company’s results of operations and financial condition. Interest rate risk As a result of its normal borrowing activities, the Company’s operating results are exposed to fluctuations in interest rates, which it manages primarily through regular financing activities. Interest rates in South Africa are trending upwards and the Company expects higher interest rates in the foreseeable future which will increase its cost of borrowing. The Company periodically evaluates the cost and effectiveness of interest rate hedging strategies to manage this risk. The Company generally maintains surplus cash in cash equivalents and held to maturity investments and has occasionally invested in marketable securities. Credit risk Credit risk relates to the risk of loss that the Company would incur as a result of non-performance by counterparties. The Company maintains credit risk policies in respect of its counterparties to minimize overall credit risk. These policies include an evaluation of a potential counterparty’s financial condition, credit rating, and other credit criteria and risk mitigation tools as the Company’s management deems appropriate. With respect to credit risk on financial instruments, the Company maintains a policy of entering into such transactions only with South African and European financial institutions that have a credit rating of “B” (or its equivalent) or better, as determined by credit rating agencies such as Standard & Poor’s, Moody’s and Fitch Ratings. Microlending credit risk The Company is exposed to credit risk in its microlending activities, which provides unsecured short-term loans to qualifying customers. Credit bureau checks as well as an affordability test are conducted as part of the risk management process, both of which are in accordance with local regulations. The affordability test takes into account a variety of factors such as other debts and total expenditures on normal household and lifestyle expenses. Equity price and liquidity risk Equity price risk relates to the risk of loss that the Company would incur as a result of the volatility in the exchange-traded price of equity securities that it holds. The market price of these securities may fluctuate for a variety of reasons and, consequently, the amount that the Company may obtain in a subsequent sale of these securities may significantly differ from the reported market value. Equity 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 those securities are listed. The Company may not be able to sell some or all of these securities at one time, or over an extended period of time without influencing the exchange-traded price, or at all. Financial instruments Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including the Company’s own credit risk. Fair value measurements and inputs are categorized into a fair value hierarchy which prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. 6. Fair value of financial instruments (continued) Financial instruments (continued) These levels are: Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The following section describes the valuation methodologies the Company uses to measure 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 class “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 as of June 30, 2022 and 2021, respectively, and valued Cell C at $ 0.0 (zero) at each of June 30, 2022, and 2021. 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 Company incorporates the payments under Cell C’s lease liabilities into the cash flow forecasts and assumes that Cell C’s deferred tax assets would be utilized over the forecast period. The Company utilized the latest revised business plan provided by Cell C management for the period ended December 31, 2025, for the June 30, 2022 valuation, and an earlier version of the business plan for the period ended December 31, 2025 for the June 30, 2021 valuation. T he following key valuation inputs were used as of June 30, 2022 and 2021 : Weighted Average Cost of Capital ("WACC"): Between 16% and 24% over the period of the forecast Long-term growth rate: 3% ( 3% as of June 30, 2021) Marketability discount: 10% Minority discount: 15% Net adjusted external debt - June 30, 2022: (1) ZAR 13.5 billion ($ 0.8 billion), no lease liabilities included Net adjusted external debt - June 30, 2021: (2) ZAR 11.2 billion ($ 0.8 billion), no lease liabilities included (1) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2022. (2) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2021. The fair value of Cell C as of June 30, 2022, utilizing the discounted cash flow valuation model developed by the Company is sensitive to the following inputs: (i) the ability of Cell C to achieve the forecasts in their business case; (ii) the weighted average cost of capital (“WACC”) rate used; and (iii) the minority and marketability discount used. Utilization of different inputs, or changes to these inputs, may result in a significantly higher or lower fair value measurement. The following table presents the impact on the carrying value of the Company’s Cell C investment of a 1.9% increase and 3.2% decrease in the WACC rate and the EBITDA margins used in the Cell C valuation on June 30, 2022, all amounts translated at exchange rates applicable as of June 30, 2022: Sensitivity for fair value of Cell C investment 1.9% increase (A) 3.2% decrease (A) WACC rate $ - $ 431 EBITDA margin $ 28 $ - (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 1.9% increase and a 3.2% decrease is presented. The fair value of the Cell C shares as of June 30, 2022, 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. 6. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) Financial instruments (continued) 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, 2022. The Company’s outstanding foreign exchange contracts as of June 30, 2021 Notional amount ('000) Strike price Fair market Maturity EUR 5.7 USD 1.1911 USD 1.1859 July 02, 2021 Derivative transactions - Foreign exchange option contracts The Company held a significant amount of U.S. dollars during the current year and intended to use a portion of these funds to settle part of the purchase consideration related to the Connect acquisition. The purchase consideration was expected to be settled in ZAR. Accordingly, the Company entered into foreign exchange option contracts with FirstRand Bank Limited acting through its Rand Merchant Bank division (“RMB”) in November 2021 in order to manage the risk of currency volatility and to fix the ZAR amount to be utilized for part of the purchase consideration settlement. These foreign exchange option contracts, also known as synthetic forwards, are over-the-counter derivative transactions (Level 2). RMB’s long-term credit rating is “BB”. The Company used quoted prices in active markets for similar assets and liabilities to determine fair value of the foreign exchange option contracts (Level 2). The Company marked-to-market the synthetic forwards as of December 31, 2021, using a Black-Scholes option pricing model which determined the respective fair value of the options utilizing current market parameters. During the year ended June 30, 2022, the Company recorded a net gain of $ 3.7 million, which comprised a net gain of $ 6.1 million (which includes the reversal of the $ 2.4. million unrealized loss which was previously recognized) recorded during the three months ended March 2022, and the unrealized loss of $ 2.4 million recorded during the three months ended December 31, 2021. The net gain is included in the caption gain related to fair value adjustment to currency options in the Company’s consolidated statements of operations for the year ended June 30, 2022. The following table presents the Company’s assets measured at fair value on a recurring basis as of June 30, 2022, 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) 371 - - 371 Fixed maturity investments (included in cash and cash equivalents) 1,196 - - 1,196 Total assets at fair value $ 1,567 $ - $ - $ 1,567 6. Fair value of financial instruments (continued) Financial instruments (continued) The following table presents the Company’s assets measured at fair value on a recurring basis as of June 30, 2021, 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) 381 - - 381 Fixed maturity investments (included in cash and cash equivalents) 3,158 - - 3,158 Total assets at fair value $ 3,539 $ - $ - $ 3,539 There have been no transfers in or out of Level 3 during the years ended June 30, 2022, 2021 and 2020, 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, 2022 and 2021. 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, 2022: Carrying value Assets Balance as of June 30, 2021 $ - Foreign currency adjustment (1) - Balance as of June 30, 2022 $ - (1) The foreign currency adjustment represents the effects of the fluctuations of the South African rand against 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, 2021: Carrying value Assets Balance as at June 30, 2020 $ - Foreign currency adjustment (1) - Balance as of June 30, 2021 $ - (1) The foreign currency adjustment represents the effects of the fluctuations of the South African rand against 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. 6. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) Financial instruments (continued) Assets and liabilities measured at fair value on a nonrecurring basis The Company measures equity investments without readily determinable fair values at fair value on a nonrecurring basis. The fair values of these investments are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. An impairment charge is recorded when the cost of the asset exceeds its fair value and the excess is determined to be other-than-temporary. Refer to Note 9 for impairment charges recorded during the reporting periods presented herein. The Company has no liabilities that are measured at fair value on a nonrecurring basis. |
Property, Plant And Equipment,
Property, Plant And Equipment, Net | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant And Equipment, Net [Abstract] | |
Property, Plant And Equipment, Net | 7. PROPERTY, PLANT AND EQUIPMENT, net Summarized below is the cost, accumulated depreciation and carrying amount of property, plant and equipment as of June 30, 2022 and 2021: June 30, June 30, 2022 2021 Cost Safe assets $ 16,275 $ - Computer equipment 32,814 33,476 Furniture and office equipment 7,549 7,492 Motor vehicles 3,195 5,059 Plant and machinery 15 - $ 59,848 $ 46,027 Accumulated depreciation: Safe assets 939 - Computer equipment 26,420 29,662 Furniture and office equipment 6,060 6,587 Motor vehicles 1,829 2,286 Plant and machinery 1 - $ 35,249 $ 38,535 Carrying amount: Safe assets 15,336 - Computer equipment 6,394 3,814 Furniture and office equipment 1,489 905 Motor vehicles 1,366 2,773 Plant and machinery 14 - $ 24,599 $ 7,492 |
Leases
Leases | 12 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | 8. LEASES 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, a manufacturing facility, and branch locations through which the Company operates its financial services business in South Africa. The Company’s operating leases have a remaining lease term of between one year six years. The Company also operates parts of its financial services business from locations which it leases for a period of less than one year. The Company’s operating lease expense during the years ended June 30, 2022, 2021 and 2020, was $ 4.0 million, $ 4.1 million, and $ 3.6 million, respectively. The Company does not have any significant leases that have not commenced as of June 30, 2022 . 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 years ended June 30, 2022, 2021 and 2020, was $ 4.9 million, $ 4.1 million and $ 4.2 million, respectively. 8. LEASES (continued) The following table presents supplemental balance sheet disclosure related to our right-of-use assets and our operating leases liabilities as of June 30, 2022 and 2021 : June 30, June 30, 2022 2021 Right-of-use assets obtained in exchange for lease obligations Weighted average remaining lease term (years) 2.14 2.77 Weighted average discount rate 9.3 % 9.6 % Maturities of operating lease liabilities 2023 $ 2,896 2024 1,979 2025 1,228 2026 987 2027 1,004 Thereafter 1,725 Total undiscounted operating lease liabilities 9,819 Less imputed interest 2,494 Total operating lease liabilities, included in 7,325 Operating lease liability - current 2,498 Operating lease liability - long-term $ 4,827 |
Equity-Accounted Investments An
Equity-Accounted Investments And Other Long-Term Assets | 12 Months Ended |
Jun. 30, 2022 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Equity-Accounted Investments And Other Long-Term Assets | 9. Equity-accounted investments and other long-term assets Equity-accounted investments The Company’s ownership percentage in its equity-accounted investments as of June 30, 2022 and 2021, was as follows: June 30, June 30, 2022 2021 Finbond Group Limited (“Finbond”) 29 % 31 % Sandulela Technology Proprietary Limited ("Sandulela") 49 % - % Carbon 25 % 25 % SmartSwitch Namibia (Pty) Ltd (“SmartSwitch Namibia”) 50 % 50 % Finbond As of June 30, 2022, the Company owned 245,979,903 shares in Finbond representing approximately 29.31% of its issued and outstanding ordinary shares. Finbond is listed on the Johannesburg Stock Exchange and its closing price on June 30, 2022, the last trading day of the month, was ZAR 0.50 per share. The market value of the Company’s holding in Finbond on June 30, 2022, was ZAR 123.0 million ($ 7.5 million translated at exchange rates applicable as of June 30, 2022). Net1 SA has pledged, among other things, its entire equity interest in Finbond as security for the South African facilities described in Note 12. 9. Equity-accounted investments and other long-term assets (continued) Equity-accounted investments (continued) Finbond (continued) Sale of Finbond shares during the year ended June 30, 2022 The Company sold 22,841,030 shares in Finbond for cash during the year ended June 30, 2022, and recorded a loss of $ 0.4 million in the caption loss on equity-accounted investment in the Company’s consolidated statement of operations for the year ended June 30, 2022. The following table presents the calculation of the loss on disposal of Finbond shares during the year ended June 30, 2022: Year ended June 30 2022 Loss on disposal of Finbond shares: Consideration received in cash $ 865 Less: carrying value of Finbond shares sold ( 630) Less: release of foreign currency translation reserve from accumulated other comprehensive loss ( 620) Add: release of stock-based compensation charge related to equity-accounted investment 9 Loss on sale of Finbond shares $ ( 376) Finbond impairments recorded during the year ended June 30, 2021 Finbond published its half-year results to August 2020 in October 2020, which included the financial impact of the COVID-19 pandemic on its reported results during that reporting period. Finbond incurred losses during the six months to August 2020, primarily due to a slow-down in its lending activities. Finbond reported that its lending activities had increased again since August 2020, albeit at a slower pace compared with the prior calendar period. Finbond’s share price declined substantially during the period from its fiscal year end (February 2020) to September 30, 2020, and the weakness in its traded share price continued post September 30, 2020. The Company considered the combination of the slow-down in business activity and the lower share price as impairment indicators. The Company performed an impairment assessment of its holding in Finbond as of September 30, 2020. The Company recorded an impairment loss of $ 16.8 million during the quarter ended September 30, 2020, related to the other-than-temporary decrease in Finbond’s value, which represented the difference between the determined fair value of the Company’s interest in Finbond and the Company’s carrying value (before the impairment). There was limited trading in Finbond shares on the JSE because it had three shareholders that owned approximately 90% of its issued and outstanding shares between them. The Company calculated a fair value per share for Finbond by applying a liquidity discount of 15% to the September 30, 2020, Finbond closing price of ZAR 1.04. The Company performed a further impairment assessment of its holding in Finbond as of December 31, 2020, following a modest further decline in its market price during the quarter ended December 31, 2020. The Company recorded an impairment loss of $ 0.8 million during the quarter ended December 31, 2020, related to the other-than-temporary decrease in Finbond’s value, which represented the difference between the determined fair value of the Company’s interest in Finbond and the Company’s carrying value (before the impairment). The Company calculated a fair value per share for Finbond by applying a liquidity discount of 15% to the December 31, 2020, Finbond closing price of ZAR 0.99. The total impairment charge for the year ended June 30, 2021, was $ 17.7 million. Bank Frick Sale of entire interest in Bank Frick in February 2021 On February 3, 2021, the Company, through its wholly-owned subsidiary, Net1 Holdings LI AG (“Net1 LI”), entered into a share sales agreement with the Frick Family Foundation (“KFS”) to sell its entire interest, or 35%, in Bank Frick to KFS for $ 30 million. Lesaka and certain entities within the IPG group also entered into an indemnity and release agreement with KFS and Bank Frick under which the parties agreed to terminate all existing arrangements with Bank Frick and settle all liabilities related to the Company’s activities with Bank Frick through the payment of $ 3.6 million to KFS. The Company received $ 15.0 million, net, on closing, which comprised $ 18.6 million less the $ 3.6 million due to KFS to terminate all existing arrangements with Bank Frick and settle all liabilities related to IPG’s activities with Bank Frick. The Company included the $ 18.6 million within cash flows from investing activities and the $ 3.6 million within cash flows from operating activities in the consolidated statement of cash flows for the year ended June 30, 2021. 9. Equity-accounted investments and other long-term assets (continued) Equity-accounted investments (continued) Bank Frick (continued) Sale of entire interest in Bank Frick in February 2021 (continued) The outstanding balance due by KFS was expected to be paid as follows: (i) $ 7.5 million on October 30, 2021, which is included in the caption accounts receivable, net and other receivables in the Company’s consolidated balance sheet as of June 30, 2021, and (ii) the remaining amount, of $ 3.9 million on July 15, 2022 (this amount was actually received in May 2022), which is included in the caption other long-term assets, including reinsurance assets in the Company’s consolidated balance sheet as of June 30, 2021. The parties entered into a security and pledge agreement under which KFS pledged the Bank Frick shares purchased as security for the amounts outstanding under the share sales agreement. The Company incurred transaction costs of approximately $ 0.04 million. The following table presents the calculation of the loss on disposal of Bank Frick on February 3, 2021: February 2021 Loss on sale of Bank Frick: Consideration received in cash on February 3, 2021 $ 18,600 Consideration received with note on February 3, 2021, refer to (Note 4) 11,400 Less: transaction costs ( 42) Less: carrying value of Bank Frick ( 32,892) Add: release of foreign currency translation reserve from accumulated other comprehensive loss 2,462 Loss on sale of Bank Frick (1) $ ( 472) (1) The Company did not pay taxes related to the sale of Bank Frick because the base cost of its investment exceeded the sales consideration received. The Company does not believe that it will be able to utilize any capital loss, if any, generated because Net1 LI does not own any other capital assets and has since been deregistered. Payment of option termination fee in April 2020 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 represented the higher of CHF 46.4 million ($ 46.5 million at exchange rates on October 2, 2019) or 35% of 15 times the average annual normalized net income of the Bank over the two years ended December 31, 2018. The shares would have only transferred 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 which the Option Price Consideration was 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, the Company paid a termination fee of CHF 17.0 million ($ 17.5 million) to the Frick Family to cancel the option. Bank Frick impairment recorded during the year ended June 30, 2020 The Company considered the termination of the exercise of the option to acquire a further 35% of Bank Frick an impairment indicator. The 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 appropriate 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 differences 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 investment 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). 9. 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 final committed equity contribution of $ 1.3 million bringing the total equity contribution to $ 5.0 million. 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 believed that V2’s March 2020 net asset value represented its fair value because it did not have supportable forecasts available at that time to apply other valuation models, including a discounted cash flow. The carrying value of the Company’s investment in V2 (before the impairment) was higher than its portion of V2’s net asset value and therefore the Company recorded the impairment loss. In December 2020, the Company no longer expected to recover its carrying value in V2 and impaired its remaining interest in V2, recording an impairment loss of $ 0.5 million during the year ended June 30, 2021. The Company sold its investment in V2 on April 22, 2021, for one dollar. The Company had also committed to provide V2 with a working capital facility of $ 5.0 million, which was subject to the achievement of certain pre-defined objectives, and in June 2020 it provided $ 0.5 million to V2 under this facility. In September 2020, the Company and V2 agreed to reduce the $ 5.0 million working capital facility to $ 1.5 million. In October 2020, V2 drew down the remaining available $ 1.0 million of the working capital facility. The Company created an allowance for doubtful loans receivable of $ 1.5 million during the year ended June 30, 2021, related to the full amount outstanding as of June 30, 2021. Carbon The Company recorded an impairment loss of $ 2.9 million during the fourth quarter of fiscal 2021, related to the other-than-temporary decrease in Carbon’s value. As of June 30, 2021, Carbon had a negative net book value and incurred an operating loss during the twelve months to June 30, 2021. The Company considered these operating losses and the negative net book value as impairment indicators and performed an impairment assessment as of June 30, 2021. The Company considered a variety of valuation techniques, including the revenue multiple and price to book ratio techniques, and determined to value its interest in Carbon using a price to book ratio. The Company included the price to book ratio of a number of African banks and digital banks in its peer set. However, as Carbon had a negative book value as of June 30, 2021, the result would always be nil regardless of the price to book ratio of the peer group. Therefore, the Company concluded that its investment in Carbon had a fair value of $ 0 (nil) and impaired the carrying value in Carbon to $ 0 (nil). Walletdoc In November 2020, the Company’s subsidiary, Net1 SA, signed an agreement with Walletdoc under which Walletdoc agreed to repay the loan due to Net1 SA in full and Net1 SA agreed to dispose of its entire interest in Walletdoc to Walletdoc. 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 were unaffected by the 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 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 was ZAR 859.3 million, or $ 48.0 million, translated at exchange rates applicable as of June 30, 2020). It was permissible for the 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 exercise the call option in the place of DNI, provided that the nominated party acquired 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 April 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, translated 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. 9. Equity-accounted investments and other long-term assets (continued) Equity-accounted investments (continued) DNI (continued) Sale of remaining interest in April 2020 (continued) The note was unsecured. The note principal was repayable in 18 equal monthly installments of ZAR 5.5 million ($ 0.3 million, translated at exchange rates applicable as of June 30, 2020) commencing on October 31, 2020. Interest was charged at a fixed rate of 7.25% per annum and accrued monthly from October 1, 2020 and was 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 was 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 applicable as of March 31, 2020). The Company incurred transaction 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 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) DNI impairments recorded during the year ended June 30, 2020 During the year ended June 30, 2020, the Company recorded impairment losses of $ 13.1 million. 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 of 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 from 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. 9. Equity-accounted investments and other long-term assets (continued) Equity-accounted investments (continued) Summarized below is the movement in equity-accounted investments during the years ended June 30, 2022 and 2021, which includes the investment in equity and the investment in loans provided to equity-accounted investees: Finbond Bank Frick Other (1) Total Investment in equity Balance as of June 30, 2020 $ 30,876 $ 29,739 $ 4,601 $ 65,216 Stock-based compensation ( 25) - - ( 25) Comprehensive (loss) income: ( 23,976) 1,156 ( 4,025) ( 26,845) Other comprehensive income ( 1,967) - - ( 1,967) Equity accounted (loss) earnings ( 22,009) 1,156 ( 4,025) ( 24,878) Share of net income (loss) ( 4,359) 1,156 ( 531) ( 3,734) Impairment ( 17,650) - ( 3,494) ( 21,144) Dividends received - - ( 194) ( 194) Sale of Bank Frick and Walletdoc - ( 32,892) ( 13) ( 32,905) Foreign currency adjustment (2) 2,947 1,997 ( 187) 4,757 Balance as of June 30, 2021 9,822 - 182 10,004 Stock-based compensation 14 - - 14 Comprehensive (loss) income: ( 2,426) - 16 ( 2,410) Other comprehensive income 1,239 - - 1,239 Equity accounted (loss) earnings ( 3,665) - 16 ( 3,649) Share of net income (loss) ( 3,665) - 16 ( 3,649) Dividends received - - ( 155) ( 155) Sale of shares in equity-accounted investment ( 630) - - ( 630) Equity-accounted investment acquired in business combination (Note 3) - - 74 74 Foreign currency adjustment (2) ( 1,020) - ( 16) ( 1,036) Balance as of June 30, 2022 $ 5,760 $ - $ 101 $ 5,861 Investment in loans: Balance as of June 30, 2020 $ - $ - $ 620 $ 620 Loans repaid - - ( 134) ( 134) Loans granted - - 1,238 1,238 Allowance for doubtful loans - - ( 1,738) ( 1,738) Foreign currency adjustment (2) - - 14 14 Balance as of June 30, 2021 - - - - Foreign currency adjustment (2) - - - - Balance as of June 30, 2022 $ - $ - $ - $ - Equity Loans Total Carrying amount as of : June 30, 2021 $ 10,004 $ - $ 10,004 June 30, 2022 $ 5,861 $ - $ 5,861 (1) Includes Carbon, Sandulela, SmartSwitch Namibia, V2 and Walletdoc; (2) The foreign currency adjustment represents the effects of the fluctuations of the Swiss franc, ZAR, Nigerian naira and Namibian dollar, against the U.S. dollar on the carrying value. 9. Equity-accounted investments and other long-term assets (continued) Equity-accounted investments (continued) Summary financial information of equity-accounted investments Summarized below is the financial information of equity-accounted investments (during the Company’s reporting periods in which investments were carried using the equity-method, unless otherwise noted) as of the stated reporting period of the investee and translated at the applicable closing or average foreign exchange rates (as applicable): Finbond (1) Bank Frick (2) DNI Other (3) Balance sheet, as of February 28 June 30 June 30 Various Current assets (4) 2022 $ n/a $ n/a $ n/a $ 25,160 2021 n/a n/a n/a 24,151 Long-term assets 2022 300,253 n/a n/a 4,934 2021 278,941 n/a n/a 5,013 Current liabilities (4) 2022 n/a n/a n/a 28,025 2021 n/a n/a n/a 27,002 Long-term liabilities 2022 234,154 n/a n/a 5,733 2021 200,622 n/a n/a 5,734 Non-controlling interest 2022 11,781 n/a n/a - 2021 13,090 - n/a - Statement of operations, for the period ended February 28 June 30 (2) June 30 (5) Various Revenue 2022 80,656 n/a n/a 4,100 2021 95,847 35,641 n/a 6,420 2020 161,378 37,864 68,983 7,842 Operating income (loss) 2022 ( 21,017) n/a n/a 323 2021 ( 18,980) 3,860 n/a ( 2,406) 2020 17,483 4,815 24,563 ( 5,064) Income (loss) from continuing operations 2022 ( 18,379) n/a n/a 182 2021 ( 15,466) 3,303 n/a ( 2,534) 2020 14,449 4,053 17,092 ( 5,116) Net income (loss) 2022 ( 16,432) n/a n/a 182 2021 ( 17,889) 3,303 n/a ( 2,534) 2020 $ 6,433 $ 4,053 $ 15,772 $ ( 5,014) (1) Finbond balances included were derived from its publicly available information and presented for its years ended February; (2) Bank Frick disposed of in February 2021. Statement of operations information for Bank Frick is for the period from July 1, 2020 to January 31, 2021, and the full twelve months for fiscal 2020. (3) Includes Carbon, SmartSwitch Namibia, Sandulela, Revix, Walletdoc and V2, as appropriate. Balance sheet information for Carbon, Sandulela, and SmartSwitch Namibia is as of June 30, 2022 and 2021, 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 28/29 (as appropriate); (4) Bank Frick and Finbond are banks and do not present current and long-term assets and liabilities. All assets and liabilities of these two entities are included under the long-term caption; (5) Statement of operations information for DNI is for the period from July 1, 2019 to March 31, 2020. 9. Equity-accounted investments and other long-term assets (continued) Other long-term assets Summarized below is the breakdown of other long-term assets as of June 30, 2022, and June 30, 2021: June 30, June 30, 2022 2021 Total equity investments $ 76,297 $ 76,297 Investment in 10% (2021: 11%) of MobiKwik (1) 76,297 76,297 Investment in 15% of Cell C, at fair value (Note 6) - - Investment in 87.50% of CPS (Note 24) (1)(2) - - Total held to maturity investments - - Investment in 7.625% of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625% notes (3) - - Long-term portion of amount due related to sale of interest in Bank Frick (4) - 3,890 Policy holder assets under investment contracts (Note 11) 371 381 Reinsurance assets under insurance contracts (Note 11) 1,424 1,298 Total other long-term assets $ 78,092 $ 81,866 (1) The Company determined that MobiKwik and CPS do not have readily determinable fair values and therefore elected to record these investments 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. (2) On October 16, 2020, the High Court of South Africa, Gauteng Division, Pretoria ordered that CPS be placed into liquidation. (3) The note is included in accounts receivable, net and other receivables as of June 30, 2022 (refer to Note 4). (4) Long-term portion of amount due related to sale of interest in Bank Frick represents the amount that was due by the purchaser in July 2022, but was actually received in May 2022. MobiKwik The Company signed a subscription agreement with MobiKwik, which is one of India’s largest independent mobile payments networks and buy now pay later businesses. 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 additional shares in MobiKwik. As of June 30, 2022 and 2021, respectively, the Company owned approximately 10% and 11% of MobiKwik’s issued share capital. In October 2021, the Company converted its 310,781 shares of compulsorily convertible cumulative preferences shares to 6,215,620 equity shares in anticipation of MobiKwik’s initial public offering. The Company’s investment percentage remained unchanged following the conversion. The Company did not identify any observable transactions during the year ended June 30, 2022, and therefore there was no change in the fair value of MobiKwik during the year. During the year ended June 30, 2021, MobiKwik entered into a number of separate agreements with new shareholders to raise additional capital through the issuance of additional shares. Specifically, the Company used the following transactions as the basis for its fair value adjustments to its investment in MobiKwik during the year ended June 30, 2021: (i) in early November 2020, $ 135.54 per share; March 2021, $ 170.33 per share; and June 2021, $ 245.50 per share. The Company considered each of these transactions to be an observable price change in an orderly transaction for similar or identical equity securities issued by MobiKwik. The Company used the November 2020 valuation as the basis for its adjustment to increase the carrying value in its investment in MobiKwik by $ 15.1 million from $ 27.0 million to $ 42.1 million as of December 31, 2020. The Company used the March 2021 valuation as the basis for its adjustment to increase the carrying value in its investment in MobiKwik by $ 10.8 million from $ 42.1 million to $ 52.9 million as of March 31, 2021. The Company used the June 2021 valuation as the basis for its adjustment to increase the carrying value in its investment in MobiKwik by $ 24.0 million from $ 52.9 million to $ 76.3 million as of June 30, 2021. The change in the fair value of MobiKwik for the year ended June 30, 2021, of $ 49.3 million, is included in the caption “Change in fair value of equity securities” in the consolidated statement of operations for the year ended June 30, 2021. 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 combination of cash and a borrowing facility. Net1 SA has pledged, among other things, its entire equity interest in Cell C as security for the South African facilities described in Note 12. The Company’s investment in Cell is carried at fair value. Refer to Note 6 for additional information regarding changes in the fair value of Cell C. 9. Equity-accounted investments and other long-term assets (continued) Other long-term assets (continued) CPS The Company deconsolidated its investment in CPS in May 2020, refer to Note 24. As of June 30, 2022 and 2021, respectively, the Company owned 87.5% of CPS’ issued share capital. Revix In February 2022, the Company sold its entire interest in Revix UK Limited for cash of $ 0.7 million because the Company did not consider the investment core to its strategy to operate primarily in Southern Africa. The Company had previously written this investment to $ 0 (nil) and recognized a gain on disposal of $ 0.7 million, which is included in the caption gain on disposal of equity securities in the Company’s consolidated statements of operations for the year ended June 30, 2022. 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, 2022: Cost basis Unrealized holding Unrealized holding Carrying gains losses value Equity securities: Investment in Mobikwik $ 26,993 $ 49,304 $ - $ 76,297 Investment in CPS - - - - Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26,993 $ 49,304 $ - $ 76,297 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, 2021: Cost basis Unrealized holding Unrealized holding Carrying gains losses value Equity securities: Investment in MobiKwik $ 26,993 $ 49,304 $ - $ 76,297 Investment in CPS Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26,993 $ 49,304 $ - $ 76,297 |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 12 Months Ended |
Jun. 30, 2022 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Goodwill And Intangible Assets, Net | 10. Goodwill and intangible assets , net Goodwill Summarized below is the movement in the carrying value of goodwill for the years ended June 30, 2022, 2021 and 2020: Gross value Accumulated impairment Carrying value Balance as of July 1, 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 Liquidation of subsidiaries (2) ( 26,629) 26,629 - Foreign currency adjustment (1) 6,384 ( 1,400) 4,984 Balance as of June 30, 2021 42,949 ( 13,796) 29,153 Acquisition of Connect (Note 3) (3) 153,693 - 153,693 Foreign currency adjustment (1) ( 21,166) 977 ( 20,189) Balance as of June 30, 2022 $ 175,476 $ ( 12,819) $ 162,657 (1) – The foreign currency adjustment represents the effects of the fluctuations between the South African Rand and the Euro, against the U.S. dollar on the carrying value. (2) – The Company deconsolidated the goodwill and accumulated impairment related to entities it substantially liquidated during the year ended June 30, 2021. (3) – Represents goodwill arising from the acquisition of Connect and translated at the foreign exchange rate applicable on the date the transaction became effective. This goodwill has been allocated to the merchant reportable operating segment . Goodwill associated with the acquisition of Connect represents the excess of cost over the fair value of acquired net assets. Connect goodwill is not deductible for tax purposes. See Note 3 for the allocation of the purchase price to the fair value of acquired net assets. 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. Except as discussed below, no goodwill has been impaired during the years ended June 30, 2022, 2021 and 2020, respectively. Year ended June 30, 2020 goodwill impairment loss 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 merchant operating segment. The impairment 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 a 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. 10. Goodwill and intangible assets , net (continued) Goodwill (continued) Refer to Note 21 for additional information regarding changes to the Company’s reportable segments during the year ended June 30, 2022. Goodwill has been allocated to the Company’s reportable segments as follows: Consumer Merchant Other Carrying value Balance as of July 1, 2019 $ - $ 36,659 $ 657 $ 37,316 Impairment loss - ( 5,589) - ( 5,589) Disposal of FIHRST (Note 3) - ( 599) - ( 599) Foreign currency adjustment (1) - ( 6,959) - ( 6,959) Balance as of June 30, 2020 - 23,512 657 24,169 Liquidation of subsidiaries - - - - Foreign currency adjustment (1) - 4,984 - 4,984 Balance as of June 30, 2021 - 28,496 657 29,153 Acquisition of Connect - 153,693 - 153,693 Foreign currency adjustment (1) - ( 20,189) - ( 20,189) Balance as of June 30, 2022 $ - $ 162,000 $ 657 $ 162,657 (1) – The foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Euro, against 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 have been impaired during the years ended June 30, 2022, 2021 and 2020, respectively. Year ended June 30, 2020 impairment loss 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. In fiscal 2019, IPG formulated a plan to return to profitability, however, it missed a number of key deliverable deadlines and was 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 statement 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 21). Summarized below is the carrying value and accumulated amortization of the intangible assets as of June 30, 2022, and June 30, 2021: As of June 30, 2022 As of June 30, 2021 Gross carrying value Accumulated amortization Net carrying value Gross carrying value Accumulated amortization Net carrying value Finite-lived intangible assets: Customer relationships (1) $ 26,937 $ ( 9,140) $ 17,797 $ 10,340 $ ( 10,340) $ - Software, integrated platform and unpatented technology (1) 127,785 ( 3,075) 124,710 1,726 ( 1,726) - FTS patent 2,352 ( 2,352) - 2,679 ( 2,679) - Brands and trademarks (1) 16,018 ( 1,823) 14,195 2,015 ( 1,658) 357 Total finite-lived intangible assets $ 173,092 $ ( 16,390) 156,702 $ 16,760 $ ( 16,403) $ 357 (1) 2022 balances include the intangible assets acquired as part of the Connect acquisition in April 2022. 10. Goodwill and intangible assets , net (continued) Intangible assets (continued) Carrying value and amortization of intangible assets (continued) Aggregate amortization expense on the finite-lived intangible assets for the years ended June 30, 2022, 2021 and 2020, was approximately $ 3.8 million, $ 0.4 million and $ 0.3, respectively. Future estimated annual amortization expense for the next five fiscal years and thereafter, using the exchange rates that prevailed on June 30, 2022, is presented in the table below. Actual amortization expense in future periods could differ from this estimate as a result of acquisitions, changes in useful lives, exchange rate fluctuations and other relevant factors. Fiscal 2023 $ 16,515 Fiscal 2024 16,516 Fiscal 2025 16,518 Fiscal 2026 16,518 Fiscal 2027 16,455 Thereafter 74,180 Total future estimated annual amortization expense $ 156,702 |
Assets And Policyholder Liabili
Assets And Policyholder Liabilities Under Insurance And Investment Contracts | 12 Months Ended |
Jun. 30, 2022 | |
Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Assets And Policyholder Liabilities Under Insurance And Investment Contracts | 11. 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, 2022 and 2021: Reinsurance Assets (1) Insurance contracts (2) Balance as of July 1, 2020 $ 1,006 $ ( 1,370) Increase in policy holder benefits under insurance contracts 711 8,032 Claims and policyholders’ benefits under insurance contracts ( 632) ( 8,383) Foreign currency adjustment (3) 213 ( 290) Balance as of June 30, 2021 1,298 ( 2,011) Increase in policy holder benefits under insurance contracts 2,087 ( 9,540) Claims and policyholders’ benefits under insurance contracts ( 1,782) 9,336 Foreign currency adjustment (3) ( 179) 260 Balance as of June 30, 2022 $ 1,424 $ ( 1,955) (1) Included in other long-term assets (refer to Note 9); (2) Included in other long-term liabilities; (3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar. The Company has agreements with reinsurance companies in order to limit its losses from large insurance contracts, however, if the reinsurer is unable to meet its obligations, the Company retains the liability. The value of insurance contract liabilities is based on the best estimate assumptions of future experience plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The process of deriving the best estimates assumptions plus prescribed margins includes assumptions related to claim reporting delays (based on average industry experience). 11. Assets and policyholder liabilities under insurance and investment contracts (continued) 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, 2022 and 2021: Assets (1) Investment contracts (2) Balance as of July 1, 2020 $ 490 $ ( 490) Increase in policy holder benefits under investment contracts 13 ( 13) Claims and decrease in policyholders’ benefits under investment contracts ( 227) 227 Foreign currency adjustment (3) 105 ( 105) Balance as of June 30, 2021 381 ( 381) Increase in policy holder benefits under investment contracts 16 ( 16) Foreign currency adjustment (3) ( 26) 48 Balance as of June 30, 2022 $ 371 $ ( 349) (1) Included in other long-term assets (refer to Note 9); (2) Included in other long-term liabilities; (3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar. The Company does not offer any investment products with guarantees related to capital or returns. |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2022 | |
Borrowings [Abstract] | |
Borrowings | 12. Borrowings South Africa The amounts below have been translated at exchange rates applicable as of the dates specified. RMB Facilities, as amended, comprising a short-term facility (Facility E) and long-term borrowings On July 21, 2017, Lesaka SA entered into a Common Terms Agreement, Subordination Agreement, Security Cession & Pledge and certain ancillary loan documents (collectively, the “Original Loan Documents”) with RMB, a South African corporate and investment bank, and Nedbank Limited (acting through its Corporate and Investment Banking division), an African corporate and investment bank (collectively, the “Lenders”). Since 2017, these agreements have been amended to add additional facilities, including Facilities G and H, which were obtained to finance the acquisition of Connect (refer to Note 3). Facilities A, B, C, D and F have been repaid and cancelled. As of June 30, 2022, the only remaining facilities are Facility G and Facility H (as defined below), and Facility E, an overdraft facility. Available short-term facility - Facility E On September 26, 2018, Lesaka SA revised its amended July 2017 Facilities agreement with RMB to include Facility E, an overdraft facility of up to ZAR 1.5 billion ($ 92.1 million, translated at exchange rates applicable as of June 30, 2022) to fund the cash in the Company’s ATMs. The Facility E overdraft facility was subsequently reduced to ZAR 1.2 billion ($ 73.7 million, translated at exchange rates applicable as of June 30, 2022) in September 2019. On August 2, 2021, Lesaka SA and RMB entered into a Letter of Amendment to increase Facility E from ZAR 1.2 billion to ZAR 1.4 billion ($ 85.9 million, translated at exchange rates applicable as of June 30, 2022). Interest on the overdraft facility is payable on the first day of the month following utilization of the facility and on the final maturity date based on the South African prime rate. 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 within 25 days. The overdraft facility is secured by a pledge by Lesaka SA of, among other things, cash and certain bank accounts utilized in the Company’s ATM funding process, the cession of Lesaka SA’s shareholding in Cell C, the cession of an insurance policy with Senate Transit Underwriters Managers Proprietary Limited, and any rights and claims Lesaka SA has against Grindrod Bank Limited. As at June 30, 2022, the Company had utilized approximately ZAR 0.8 billion ($ 51.3 million) of this overdraft facility. This overdraft facility may only be used to fund ATMs and therefore the overdraft utilized and converted to cash to fund the Company’s ATMs is considered restricted cash. The prime rate on June 30, 2022, was 8.25%, and increased to 9.00% on July 22, 2022, following an increase in the South African repo rate. 12. Borrowings (continued) South Africa (continued) RMB Facilities, as amended, comprising a short-term facility (Facility E) and long-term borrowings (continued) Long-term borrowings - Facility G and Facility H On January 24, 2022, Lesaka SA, entered into a Fourth Amendment and Restatement Agreement, which includes, among other agreements, an Amended and Restated Common Terms Agreement (“CTA”, a Senior Facility G Agreement and a Senior Facility H Agreement (collectively, the “Loan Documents”) with RMB and 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, and certain other parties. Lesaka agreed to guarantee the obligations of Lesaka SA to the Lenders. The Loan Documents became effective on April 14, 2022. Pursuant to the Senior Facility G Agreement and the Senior Facility H Agreement, Lesaka SA was entitled to borrow up to an aggregate of ZAR 750.0 million, which was subsequently increased to ZAR 768.975 million as discussed below (“Facility G”), and ZAR 350 million (“Facility H”), respectively, for the sole purposes of funding the acquisition of Connect and paying transaction costs On March 22, 2022, Lesaka SA and RMB, in its capacity as Facility Agent, entered into a letter agreement to amend the CTA and Senior Facility G Agreement (“CTA and Facility G Amendment Letter”). The parties to this letter agreed to (i) increase Facility G from ZAR 750.0 million to ZAR 768.975 million, (ii) insert certain definitions and (iii) amend certain of the discussion trigger events. On March 22, 2022, Lesaka and RMB, in its capacity as Facility Agent, entered into a letter agreement to amend the CTA and Senior Facility H Agreement (“CTA and Facility H Amendment Letter”). The parties to this letter agreed to amend the CTA to (i) allow for a reduction in the Minimum Group Cash Balances (as defined in the Loan Documents) to ZAR 225.0 million until April 30, 2022, provided this is as a result of certain cash balances currently held as security in favor of Nedbank Limited, (ii) allow for an equivalent reduction in the Minimum Group Cash Balance to below ZAR 300 million, to the extent credit support provided by the VCP Investment Fund and/ or VCP Investment Portfolios (“VCP Investors”) exceeds ZAR 350 million, but such reduction is limited to ZAR 80 million, and (iii) include an undertaking discussion trigger event under which the Facility Agent shall have a right to discuss increasing the value of shares that VCP Investors are obliged to subscribe for to the extent Lesaka SA’s Group Cash Balances fall below ZAR 340 million after April 30, 2022. The Loan Documents, as amended, become effective upon closing the transaction to acquire Connect. On September 7, 2022, the parties to the January 2022 Loan Documents entered in a letter agreement to amend the CTA and related Facility G and Facility H agreements to (i) delete the covenant requiring compliance with Minimum Group Cash Balances (as defined in the Loan Documents and (ii) to extend the final maturity dates for Facility G and Facility H to April 30, 2024 . The Loan Documents contain customary covenants that require Lesaka SA to maintain a specified total asset cover ratio and restrict the ability of Lesaka, Lesaka SA, and certain of its subsidiaries to make certain distributions with respect to their capital stock, prepay other debt, encumber their assets, incur additional indebtedness, make investment above specified levels, engage in certain business combinations and engage in other corporate activities. Facility G was utilized, in full, on April 14, 2022. Facility G is required to be repaid on April 30, 2024. Interest on Facility G is payable quarterly in arrears based on the 3-month Johannesburg Interbank Agreed Rate (“JIBAR”) in effect from time to time plus an agreed margin. The JIBAR rate was 5.0% on June 30, 2022. Lesaka SA paid a non-refundable deal origination fee of ZAR 11.25 million to the Lenders related to Facility G. Facility H was utilized, in full, on April 14, 2022. Facility H is required to be repaid on April 30, 2024. Interest on Facility H is payable quarterly in arrears based on JIBAR in effect from time to time plus an agreed margin. Lesaka SA paid a non-refundable deal origination fee of ZAR 5.25 million to the Lenders related to Facility H. The Facility H Agreement provides the Lenders with a right to discuss the capitalization of the Lesaka group with its management and Value Capital Partners Proprietary Limited (“VCP”) if Lesaka’s market capitalization on the NASDAQ Stock Market (based on the closing price on the NASDAQ Stock Market) on any day falls below the USD equivalent of ZAR 3.250 billion. VCP is required to maintain an asset cover ratio above 5.00:1.00, calculated as the total VCP investment fund net asset value (as defined in the Facility H agreement) divided by the Facility H borrowings outstanding, measured as of March, June, September and December each year (as applicable) (each a “Measurement Date”). The Lenders require Lesaka SA to deliver a compliance certificate procured from VCP as of each applicable Measurement Date, which shows the computation of the asset cover ratio. 12. Borrowings (continued) South Africa (continued) RMB Facilities, as amended, comprising a short-term facility (Facility E) and long-term borrowings (continued) Repaid and cancelled facilities - Facility A, B, C, D and F As part of the Original Loan Documents concluded on July 21, 2017, Lesaka SA entered into a Senior Facility A Agreement, Senior Facility B Agreement and Senior Facility C Agreement, pursuant to which, among other things, Lesaka SA borrowed 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 ended June 30, 2019. On September 4, 2019, Lesaka SA further amended the July 2017 Facilities agreement, which included adding the Debt Guarantor. The covenants were also amended and now include customary covenants that require Lesaka SA to maintain a specified total asset cover ratio and restrict the ability of Lesaka SA, and certain of its subsidiaries to make certain distributions with respect to their capital stock, prepay other debt, encumber their assets, incur additional indebtedness, make investment above specified levels, engage in certain business combinations and engage in other corporate activities. Lesaka 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. Lesaka SA also entered into a pledge and cession agreement with the Debt Guarantor pursuant to which, among other things, Lesaka SA agreed to cede its shareholdings in Cell C, DNI and Net1 FIHRST Holdings (Pty) Ltd to 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. On September 4, 2019, Lesaka 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. Lesaka SA could not dispose of the airtime 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 comprised (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 to be repaid in full within nine months following the first utilization of the facility. Lesaka SA was required to prepay Facility F subject to customary prepayment terms. Interest on Facility F was based on JIBAR plus a margin of 5.50% per annum and was 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. Lesaka SA paid a non-refundable structuring fee 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 received from the sale of its remaining stake in DNI, and the facility was cancelled. Connect Facilities, comprising long-term borrowings and a short-term facility The Company, through CCMS, entered into a Facilities Agreement (the “CCMS Facilities Agreement”) with RMB in January 2022. The CCMS Facilities Agreement was further amended through letter agreements, which form part of the CCMS Facilities Agreement, in March and April 2022, respectively, and the disclosure in this note includes the amended terms. The CCMS Facilities Agreement became effective upon closing the Connect transaction. The Connect facilities include (i) an overdraft facility (general banking facility) of ZAR 248.0 million; (ii) Facility A of ZAR 700.0 million (a long-term facility with a bullet repayment); (iii) Facility B of ZAR 350.0 million (a long-term facility with amortizing repayments commencing September 2022); and (iv) an asset-backed facility of ZAR 70.7 million. The amount available under the general banking facility will reduce to ZAR 205.0 million in mid-November 2022. CCMS paid a non-refundable structuring fee of approximately ZAR 5.5 million. Interest on Facility A and Facility B is payable quarterly in arrears based on JIBAR in effect from time to time plus a margin. Interest on the asset-backed facility is payable quarterly in arrears based on prime in effect from time to time plus a margin. Borrowings under the CCMS Facilities Agreement are secured by a pledge by CCMS of, among other things, all of its equity shares, its entire equity interests in equity securities it owns and any claims outstanding. The CCMS Facilities Agreement contains customary covenants that require CCMS to maintain specified debt service, interest cover and leverage ratios. 12. Borrowings (continued) South Africa (continued K2020 facility, comprising long-term borrowings The Company, through its wholly owned subsidiary, K2020, entered into a Revolving Credit Facility Agreement (the “Revolving Facility Agreement”) with RMB on February 15, 2021. The revolving credit facility is for an amount of ZAR 150.0 million and matured on August 12, 2022. The facility continues to operate normally in agreement with K2020’s lender, while the parties conclude the legal agreements to significantly increase and extend the facility. Interest on the revolving credit facility is payable quarterly in arrears based on prime in effect from time to time plus a margin. A commitment fee of 1.5% per annum is charged on the undrawn available facility amount. Certain merchant finance loans receivable have been pledged as security for the revolving credit facility obtained from RMB. CCMS also provided RMB with an unsecured limited guarantee (“the guarantee”) in respect of the revolving credit facility entered into between K2020 and RMB. The guarantee is limited to a maximum aggregate amount of ZAR 10.0 million and will become due and payable should there be any default on any of K2020’s payment obligations to RMB. RMB facility, comprising indirect facilities As of June 30, 2022, the aggregate amount of the Company’s short-term South African indirect credit facility with RMB was ZAR 135.0 million ($ 8.3 million), which includes guarantees, letters of credit and forward exchange contracts. As of June 30, 2022, the Company had utilized approximately ZAR 5.1 million ($ 0.3 million) of its indirect and derivative facilities of ZAR 135.0 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 22). Nedbank facility, comprising short-term facilities As of June 30, 2022, the aggregate amount of the Company’s short-term South African credit facility with Nedbank Limited was ZAR 156.6 million ($ 9.6 million). The credit facility represents an indirect and derivative facilities of up to ZAR 156.6 million ($ 9.6 million), which include guarantees, letters of credit and forward exchange contracts. On November 2, 2020, the Company amended its short-term South African credit facility with Nedbank Limited to increase the indirect and derivative facilities component of the facility from ZAR 150.0 million to ZAR 159.0 million. On June 1, 2021, the Company further amended its short-term South African credit facility with Nedbank Limited to reduce the indirect and derivative facilities component of the facility from ZAR 159.0 million to ZAR 157.0 million, and to cancel its ZAR 50 million general banking facility. During the year ended June 30, 2022, the Company cancelled its overdraft facility of up to ZAR 250.0 million ($ 15.0 million), which was used to fund mobile ATMs as it no longer operates a mobile ATM service. The Company has entered into cession and pledge agreements with Nedbank related to certain of its Nedbank credit facilities (the general banking facility and a portion of the indirect facility) and the Company has ceded and pledged certain bank accounts to Nedbank and also provided a cession of Lesaka SA’s shareholding in Cell C. The funds included in these bank accounts are restricted as they may not be withdrawn without the express permission of Nedbank. These funds, of ZAR 155.1 million ($ 9.5 million translated at exchange rates applicable as of June 30, 2022), are included within the caption restricted cash related to ATM funding and credit facilities on the Company’s consolidated balance sheet as of June 30, 2022. The short-term facility provided 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, 2022, these facilities were no longer available. The Company had total funds of $ 0.2 million in bank accounts with Nedbank which have been set off against $ 0.2 million drawn under the Nedbank facility, for a net amount drawn under the facility of $ 0 (nil) as of June 30, 2021. As of June 30, 2021, the Company had not utilized its ZAR 250.0 million overdraft facility to fund ATMs. As of June 30, 2022 and June 30, 2021, the Company had utilized approximately ZAR 92.1 million ($ 5.7 million) and ZAR 156.6 million ($ 10.9 million), respectively, of its indirect and derivative facilities of ZAR 156.6 million (2021: ZAR 156.6 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 22). On June 30, 2022, the Company’s ZAR 60.0 million bank guarantee issued by Nedbank to a third party expired and on July 1, 2022, it was replaced with a ZAR 28.0 million bank guarantee issued by RMB to the same third party. In July 2022, the Company was able to release ZAR 60.0 million in cash held in a pledged bank account with Nedbank which was held as security against the bank guarantee issued by Nedbank, and the ZAR 28.0 million bank guarantee did not require a cash underpin. 12. Borrowings (continued) United States, a short-term facility (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. The Company’s $ 20 million facility from Bank Frick was settled in full and cancelled in March 2020. The facility was 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, 2022, and the movement in the Company’s short-term facilities from as of June 30, 2021 to as of June 30, 2022: RMB RMB RMB Nedbank Facility E Indirect Connect Facilities Total Short-term facilities available as of June 30, 2022 $ 85,941 $ 8,287 $ 15,221 $ 9,610 $ 119,059 Overdraft - - 15,221 - 15,221 Overdraft restricted as to use for ATM funding only 85,941 - - - 85,941 Indirect and derivative facilities - 8,287 - 9,610 17,897 Movement in utilized overdraft facilities: Balance as of June 30, 2020 14,756 - - 58 14,814 Utilized 340,655 - - 19,428 360,083 Repaid ( 346,187) - - ( 19,253) ( 365,440) Foreign currency adjustment (1) 5,021 - - ( 233) 4,788 Balance as of June 30, 2021 (2) 14,245 - - - 14,245 Restricted as to use for ATM funding only 14,245 - - - 14,245 No restrictions as to use - - - - - Facilities acquired in transaction - - 16,903 - 16,903 Utilized 563,588 - 5,929 1,345 570,862 Repaid ( 517,948) - ( 6,189) ( 1,322) ( 525,459) Foreign currency adjustment (1) ( 8,547) - ( 1,763) ( 23) ( 10,333) Balance as of June 30, 2022 51,338 - 14,880 - 66,218 Restricted as to use for ATM funding only 51,338 - - - 51,338 No restrictions as to use - - 14,880 - 14,880 Interest rate as of June 30, 2022 (%) (3) 8.2500 8.2500 - Movement in utilized indirect and derivative facilities: Balance as of June 30, 2020 - - - 5,398 5,398 Utilized - - - 4,009 4,009 Foreign currency adjustment (1) - - - 1,540 1,540 Balance as of June 30, 2021 - - - 10,947 10,947 Guarantees cancelled - - - ( 4,240) ( 4,240) Utilized - 336 - - 336 Foreign currency adjustment (1) - ( 23) - ( 1,053) ( 1,076) Balance as of June 30, 2022 $ - $ 313 $ - $ 5,654 $ 5,967 (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. (2) As of June 30, 2021, there was $ 0.2 million offset against the Nedbank overdraft facilities. (3) Facility E and Connect facility interest set at prime, Nedbank interest rate set at prime less 1.15%. 12. Borrowings (continued) Movement in long-term borrowings The Company had no long-term borrowings as of June 30, 2021. Summarized below is the movement in the Company’s long-term borrowing from as of June 30, 2021, to as of June 30, 2022: Facilities G & H A&B K2020 Asset backed Total Included in current $ - $ - $ - $ - $ - Included in long-term - - - - - Opening balance as of June 30, 2021 - - - - - Facilities utilized 77,069 - 472 1,310 78,851 Facilities acquired in transaction - 72,318 9,772 4,870 86,960 Facilities repaid ( 4,492) - ( 933) ( 156) ( 5,581) Non-refundable fees paid ( 1,307) - - - ( 1,307) Non-refundable fees amortized 196 18 37 - 251 Foreign currency adjustment (1) ( 8,112) ( 7,864) ( 1,002) ( 550) ( 17,528) Closing balance as of June 30, 2022 63,354 64,472 8,346 5,474 141,646 Included in current - 4,604 - 2,200 6,804 Included in long-term 63,354 59,868 8,346 3,274 134,842 Unamortized fees ( 976) ( 322) 35 - ( 1,263) Due within 2 years 64,330 4,603 8,311 2,338 79,582 Due within 3 years - 6,139 - 907 7,046 Due within 4 years - 9,975 - 29 10,004 Due within 5 years $ - $ 39,473 $ - $ - $ 39,473 Interest rates as of June 30, 2022 (%): 7.0 - 8.0 8.75 8.75 9.00 Base rate (%) 5.00 5.00 5.00 8.25 Margin (%) Varies 3.75 1.25 0.75 Footnote number (2)(3) (4) (5) (6) (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. (2) Interest on Facility G is calculated based on the 3-month JIBAR in effect from time to time plus a margin of (i) 3.00% per annum until January 13, 2023; and then (ii) from January 14, 2023, (x) 2.50% per annum if the Facility G balance outstanding is less than or equal to ZAR 250.0 million, or (y) 3.00% per annum if the Facility G balance is between ZAR 250.0 million to ZAR 450.0 million, or (z) 3.50% per annum if the Facility G balance is greater than ZAR 450.0 million. The interest rate shall increase by a further 2.00% per annum in the event of default (as defined in the Loan Documents). (3) Interest on Facility H is calculated based on JIBAR in effect from time to time plus a margin of 2.00% per annum which increases by a further 2.00% per annum in the event of default (as defined in the Loan Documents). (4) Interest on Facility A and Facility B is calculated based on JIBAR plus a margin, of approximately 3.75%, in effect from time to time. (5) Interest is charged at prime plus 1.25% per annum on the utilized balance. (6) Interest is charged at prime plus 1.00% per annum on the utilized balance. Interest expense incurred under the Company’s South African long-term borrowings and included in the caption interest expense on the consolidated statement of operations during the years ended June 30, 2022 and 2020, was $ 2.3 million and $ 0.6 million, respectively. The was no interest expense incurred during the year ended June 30, 2021. Prepaid facility fees amortized included in interest expense during the year ended June 30, 2022, was $ 0.2 million. There was no prepaid facility fee amortization during the years ended June 30, 2021 and 2020, respectively. Interest expense incurred under the Company’s K2020 facility relates to borrowings utilized to fund a portion of the Company’s merchant finance loans receivable and interest expense of $ 0.2 million is included in the caption cost of goods sold, IT processing, servicing and support on the consolidated statement of operations for the year ended June 30, 2022. |
Other Payables
Other Payables | 12 Months Ended |
Jun. 30, 2022 | |
Other Payables [Abstract] | |
Other Payables | 13. Other payables Summarized below is the breakdown of other payables as of June 30, 2022 and 2021: June 30, June 30, 2022 2021 Accruals $ 9,948 $ 7,501 Provisions 7,365 5,343 Payroll-related payables 1,306 884 Participating merchants' settlement obligation 114 137 Value-added tax payable 845 435 Vendor consideration due to sellers of Connect (Note 3) 1,459 - Other 13,325 13,288 $ 34,362 $ 27,588 Other includes transactions-switching funds payable, deferred income, client deposits and other payables. |
Common Stock
Common Stock | 12 Months Ended |
Jun. 30, 2022 | |
Common Stock [Abstract] | |
Common Stock | 14. COMMON STOCK Common stock Holders of shares of Lesaka’s common stock are entitled to receive dividends and other distributions when declared by Lesaka’s board of directors out of legally available funds. Payment of dividends and distributions is subject to certain restrictions under the Florida Business Corporation Act, including the requirement that after making any distribution Lesaka 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 Lesaka, 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 of 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 directors, but only after payment of dividends required to be paid on outstanding shares of preferred stock according to its terms. The shares of Lesaka common stock are not subject to redemption. The Company’s number of shares, net of treasury, presented in the consolidated balance sheets and consolidated statement of changes in equity includes participating non-vested equity shares (specifically contingently returnable shares) as described below in Note 17 “— Amended and Restated Stock Incentive Plan—Restricted Stock—General Terms of Awards”. The following table presents a reconciliation between the number of shares, net of treasury, presented in the consolidated statement of changes in equity and the number of shares, net of treasury, excluding non-vested equity shares that have not vested during the years ended June 30, 2022, 2021 and 2020: 2022 2021 2020 Number of shares, net of treasury: Statement of changes in equity – common stock 62,324,321 56,716,620 57,118,925 Less: Non-vested equity shares that have not vested as of end of year (Note 17) 2,385,267 384,560 1,115,500 Number of shares, net of treasury excluding non-vested equity shares that have not vested 59,939,054 56,332,060 56,003,425 14. COMMON STOCK (continued) 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”), IFC African, Latin American and Caribbean Fund, LP, IFC Financial Institutions Growth Fund, LP, and Africa Capitalization Fund, Ltd. (collectively, the “IFC Investors”). Under the Subscription Agreement, the IFC Investors purchased, and the Company sold in the aggregate, approximately 9.98 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 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 reclassified $ 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. On August 19, 2022, the IFC Investors filed an amended Form 13D/A, amendment no. 2, with the United States Securities and Exchange Commission reporting that in October 2017 and February 2018, the IFC sold an aggregate of 514,376 shares of the Company’s common stock and therefore the additional contractual rights, including the put option rights related to these 514,376 shares, expired. The Company reclassified $ 5.6 million related to these 514,376 shares sold from redeemable common stock to additional paid-in-capital during the year ended June 30, 2022. Previously reported periods were not amended because the transaction only impacted equity. The Company has entered into a Policy Agreement with the IFC Investors (the “Policy Agreement”). The material terms of the Policy Agreement are described below. Board Rights For so long as the IFC Investors in aggregate beneficially own shares representing at least 5% 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 Investors 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 preemptive rights discussed below). Events triggering this put right relate to (1) the Company being the subject of a governmental complaint alleging, a court judgment finding or an indictment alleging that the Company (a) engaged in specified corrupt, fraudulent, coercive, collusive or obstructive practices; (b) entered into transactions with targets of economic sanctions; or (c) failed to operate its business in compliance with anti-money laundering and anti-terrorism laws; or (2) the Company rejecting a bona fide offer to acquire all of its outstanding Common Stock at a time when it has in place or implements a shareholder rights plan, or adopting a shareholder rights plan triggered by a beneficial ownership threshold of less than twenty 60 trading days preceding 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, accordingly, 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 thereunder. 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 to certain exceptions. 14. COMMON STOCK (continued) Common stock repurchases Executed under share repurchase authorizations On February 5, 2020, 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 price and other internal limitations established by the Board. Repurchases will be funded from the Company’s available cash. Share repurchases may be made through open market purchases, privately negotiated transactions, or both. There can be no assurance that the Company will purchase any shares or any particular number of shares. The authorization may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, liquidity and other factors that management deems appropriate. The Company did not repurchase any of its shares during the years ended June 30, 2022, 2021 and 2020, respectively, either under or outside of the authorization. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive (Loss) Income [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | 15. Accumulated other comprehensive (loss) income The table below presents the change in accumulated other comprehensive (loss) income per component during the years ended June 30, 2022, 2021 and 2020: Accumulated foreign currency translation reserve Total Balance as of July 1, 2019 $ ( 195,812) $ ( 195,812) Release of foreign currency translation reserve: deconsolidation of CPS (Note 24) 32,451 32,451 Release of foreign currency translation reserve: disposal of Net1 Korea (Note 24) 14,228 14,228 Release of foreign currency translation reserve: disposal of DNI interest as an equity method investment (Note 9) 11,323 11,323 Release of foreign currency translation reserve: disposal of FIHRST (Note 24) 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 July 1, 2020 ( 169,075) ( 169,075) Release of foreign currency translation reserve: the disposal of Bank Frick (Note 9) ( 2,462) ( 2,462) Release of foreign currency translation reserve: liquidation of subsidiaries 605 605 Movement in foreign currency translation reserve related to equity-accounted investment ( 1,967) ( 1,967) Movement in foreign currency translation reserve 27,178 27,178 Balance as of July 1, 2021 ( 145,721) ( 145,721) Release of foreign currency translation reserve: disposal of Finbond equity securities (Note 9) 587 587 Release of foreign currency translation reserve: liquidation of subsidiaries 468 468 Movement in foreign currency translation reserve related to equity-accounted investment 1,239 1,239 Movement in foreign currency translation reserve ( 25,413) ( 25,413) Balance as of June 30, 2022 $ ( 168,840) $ ( 168,840) During the year ended June 30, 2022, the Company reclassified $ 0.6 million from accumulated other comprehensive loss (accumulated foreign currency translation reserve) to net loss related to the disposal of shares in Finbond (refer to Note 9). During the year ended June 30, 2021, the Company reclassified the following amounts from accumulated other comprehensive loss (accumulated foreign currency translation reserve) to net loss: $ 2.5 million related to the disposal of Bank Frick (refer to Note 9) and (ii) $ 0.6 million related to the liquidation of subsidiaries. During the year ended June 30, 2020, the Company reclassified the following amounts from accumulated other comprehensive loss (accumulated foreign currency translation reserve) to net (loss) income: (i) $ 32.5 million related to the deconsolidation of CPS (refer to 3), (ii) $ 14.2 million related to the disposal of Net1 Korea (refer to 3); (iii) $ 1.6 million related to the disposal of FIHRST (refer to 3), and (iv) $ 11.3 million related to the disposal of its DNI interest (refer to Note 9). |
Revenue
Revenue | 12 Months Ended |
Jun. 30, 2022 | |
Revenue [Abstract] | |
Revenue | 16. Revenue The Company is a provider of digitized cash management solutions, transaction processing and merchant acquiring services, financial inclusion products and services, and secure payment technology. The Company operates a market-leading payment processor in South Africa. The Company offers debit, credit and prepaid processing and issuing services for all major payment networks. In South Africa, the Company provides innovative low-cost financial inclusion products, including banking, lending and insurance. Through the acquisition of Connect, the Company now offers digitized cash management solutions and merchant acquiring services, including an integrated platform for the distribution of value-added services. 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, 2022: Consumer Merchant Other Total Processing fees $ 28,982 $ 54,057 $ 1,695 $ 84,734 South Africa 28,982 48,305 - 77,287 Rest of world - 5,752 1,695 7,447 Technology products 277 25,891 - 26,168 South Africa 277 25,826 - 26,103 Rest of world - 65 - 65 Telecom products and services - 69,603 - 69,603 Lending revenue 21,573 - - 21,573 Interest from customers - 1,121 - 1,121 Insurance revenue 8,530 - - 8,530 Account holder fees 5,838 - - 5,838 Other 732 4,310 - 5,042 South Africa 732 4,259 - 4,991 Rest of world - 51 - 51 Total revenue, derived from the following geographic locations 65,932 154,982 1,695 222,609 South Africa 65,932 149,114 - 215,046 Rest of world $ - $ 5,868 $ 1,695 $ 7,563 The following table represents our revenue disaggregated by major revenue streams, including reconciliation to operating segments for the year ended June 30, 2021: Consumer Merchant Other Total Processing fees $ 32,042 $ 27,960 $ 3,318 $ 63,320 South Africa 32,042 27,960 - 60,002 Rest of world - - 3,318 3,318 Technology products 331 18,683 - 19,014 Telecom products and services - 13,422 - 13,422 Lending revenue 20,672 - - 20,672 Insurance revenue 6,605 - - 6,605 Account holder fees 5,342 - - 5,342 Other 1,157 1,254 - 2,411 Total revenue, derived from the following geographic locations 66,149 61,319 3,318 130,786 South Africa 66,149 61,319 - 127,468 Rest of world $ - $ - $ 3,318 $ 3,318 16. Revenue (continued) The following table represents our revenue disaggregated by major revenue streams, including reconciliation to operating segments for the year ended June 30, 2020: Consumer Merchant Other Total Processing fees $ 30,978 $ 24,876 $ 5,041 $ 60,895 South Africa 30,978 24,876 - 55,854 Rest of world - - 5,041 5,041 Technology products - 18,261 - 18,261 Telecom products and services - 22,631 - 22,631 Lending revenue 19,955 - - 19,955 Insurance revenue 5,212 - - 5,212 Account holder fees 12,628 - - 12,628 Other 2,225 2,492 - 4,717 Total revenue, derived from the following geographic locations 70,998 68,260 5,041 144,299 South Africa 70,998 68,260 - 139,258 Rest of world $ - $ - $ 5,041 $ 5,041 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2022 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 17. Stock-based compensation Amended and Restated Stock Incentive Plan The Company’s Amended and Restated 2015 Stock Incentive Plan (the “Plan”) was most recently amended and restated on November 11, 2015, after approval by shareholders. No evergreen provisions are included in the Plan. This means that the maximum number of shares issuable under the Plan is fixed and cannot be increased without shareholder approval, the plan expires by its terms upon a specified date, and no new stock options are awarded automatically upon exercise of an outstanding stock option. Shareholder approval is required for the repricing of awards or the implementation of any award exchange program. The Plan permits Lesaka to grant to its employees, directors and consultants incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, performance-based awards and other awards based on its common stock. The Remuneration Committee of the Company’s Board of Directors (“Remuneration Committee”) administers the Plan. The total number of shares of common stock issuable under the Plan is 11,052,580. 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 stock 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 fair value of each option is estimated on the date of grant using the Cox Ross Rubinstein binomial model that uses the assumptions noted in the table below. The estimated expected volatility is generally calculated based on the Company’s 750-day volatility. The estimated expected life of the option was determined based on the historical behavior of employees who were granted options with similar terms. 17. Stock-based compensation (continued) Amended and Restated Stock Incentive Plan (continued) Options (continued) Valuation Assumptions (continued) The table below presents the range of assumptions used to value options granted during the years ended 2022, 2021 and 2020: 2022 2021 2020 Expected volatility 50 % 62 % 57 % Expected dividends 0 % 0 % 0 % Expected life (in years) 3 3 3 Risk-free rate 1.61 % 0.19 % 1.57 % 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 provided in the restricted stock agreements. These rights include the right to vote and receive dividends and/or other distributions. However, the restricted stock agreements generally prohibit transfer of any nonvested and forfeitable restricted stock. If a recipient ceases to be a member of the Board of Directors or an employee for any reason, all shares of restricted stock that are not then vested and nonforfeitable will be immediately forfeited and transferred to the Company for no consideration. Forfeited shares of restricted stock are available for future issuances by the Remuneration Committee. The Company issues new shares to satisfy restricted stock awards. Valuation Assumptions The fair value of restricted stock is generally based on the closing price of the Company’s stock quoted on The Nasdaq Global Select Market on the date of grant. Forfeiture of 150,000 shares of restricted stock with Market Conditions awarded 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 were subject to a time-based vesting condition and a market condition and would vest in full only on the date, if any, that the following conditions were satisfied: (1) the price of the Company’s common stock must equal or exceed certain agreed VWAP levels (as described below) during a measurement period commencing on the date that it filed its Annual Report on Form 10-K for the fiscal year ended June 30, 2020 and ending on December 31, 2020 and (2) the recipient is employed by the Company on a full-time basis when the condition in (1) is met. If either of these conditions was not satisfied, then none of the shares of restricted stock would vest and they would be forfeited. The $ 23.00 price target represented an approximate 35% increase, compounded annually, in the price of the Company’s common stock on Nasdaq over the $ 9.38 closing price on August 23, 2017. The VWAP levels and vesting percentages related to such levels were 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 210,000 shares of restricted stock were 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 which 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. 17. Stock-based compensation (continued) Amended and Restated Stock Incentive Plan (continued) Restricted Stock (continued) Forfeiture of 150,000 shares of restricted stock with Market Conditions awarded in August 2017 (continued) A standard Geometric Brownian motion 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 calculation 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, 2020, the Company and its then 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 agreed that Mr. Kotzé’s last day of employment with the Company would be September 30, 2020, unless terminated earlier by the Company for cause. Upon separation from the Company, Mr. Kotzé forfeited 150,000 shares of restricted stock that were subject to the market conditions described above because he was no longer an employee of the Company as of the vesting date. The VWAP market conditions were not achieved and all outstanding shares of restricted stock were forfeited on December 31, 2020. Market Conditions - Restricted Stock Granted in September 2018 – all forfeited In September 2018, the Remuneration Committee approved an award of 148,000 shares of restricted stock to executive officers. 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) the price of the Company’s common stock must equal or exceed certain agreed VWAP levels (as described below) during a measurement period commencing on the date that it files its Annual Report on Form 10-K for the fiscal year ended June 30, 2021 and ending on December 31, 2021 and (2) the recipient is employed by the Company on a full-time basis when the condition in (1) is met. If either of these conditions is not satisfied, then none of the shares of restricted stock will vest and they will be forfeited. The $ 23.00 price target represented 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, the 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 standard 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 volatility from the time series for at-the-money options 30 day volatility quotes, which were available from January 2, 2018 onwards. During the year ended June 30, 2022, an executive officer forfeited 30,000 shares of restricted stock that were subject to the market conditions described above because the performance conditions were not met. During the year ended June 30, 2021, executive officers forfeited 88,000 shares of restricted stock that were subject to the market conditions described above following their separation from the Company. 17. Stock-based compensation (continued) Amended and Restated Stock Incentive Plan (continued) Restricted Stock (continued) Performance Conditions - Restricted Stock Granted in February 2020 The 454,400 shares of restricted stock awarded to executive officers in February 2020 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 period 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 redeemable 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 during 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. During the year ended June 30, 2021, executive officers forfeited 374,400 shares of restricted stock that were subject to the performance conditions described following their separation from the Company. Market Conditions - Restricted Stock Granted in May 2021 and July 2021 In May 2021 and July 2021, respectively, the Remuneration Committee approved an award of 158,734 and 58,652 shares of restricted stock to executive officers. These shares of restricted stock awarded to executive officers 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) a compounded annual 20% appreciation in the Company’s stock price over the measurement period commencing on June 30, 2021 through June 30, 2024, 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 Company’s closing stock price on Nasdaq on June 30, 2021, was $ 4.71. The appreciation levels (times and price) and vesting percentages as of each period ended related to such levels are as follows: Prior to the first anniversary of the grant date: 0% Fiscal 2022, stock price as of June 30, 2022 is 1.2 times higher (i.e. $ 5.65 or higher) than $ 4.71: 33%; Fiscal 2023, stock price as of June 30, 2023 is 1.44 times higher (i.e. $ 6.78 or higher) than $ 4.71: 67%; Fiscal 2024, stock price as of June 30, 2024 is 1.728 times higher (i.e. $ 8.14) than $ 4.71: 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 closing price, but also the observation of the strike structure of volatility (i.e. skew and smile) for out-of-the money calls and out-of-the money puts versus at-the-money options for both the Company’s stock and NASDAQ futures. In scenarios where the shares do not vest, the final vested value at maturity is zero. In scenarios where vesting occurs, the final vested value on maturity is the share price on vesting date. In its calculation of the fair value of the restricted stock, the Company used an average volatility of 61.6% for the closing price (for each of the May 2021 and July 2021 awards), 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 closing prices as the standard 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 volatility from the time series for at-the-money options 30 day volatility quotes, which were available for the three years preceding May 5, 2021 (for the May 2021 awards) and July 1, 2021 (for the July 2021 award). 17. Stock-based compensation (continued) Amended and Restated Stock Incentive Plan (continued) Restricted Stock (continued) Performance Conditions - Restricted Stock Granted in July 2021 In July 2021, the Remuneration Committee approved an award of 58,652 shares of restricted stock to an executive officer. These shares of restricted stock are subject to a time-based vesting condition and a performance condition and vest in full only on the date, if any, that the following conditions are satisfied: (1) achieving the Company’s three year financial services plan during the specific measurement period from June 30, 2021, to June 30, 2024, 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 are not satisfied, then none of the shares of restricted stock will vest and they will be forfeited. The fair value of these shares of restricted stock was calculated based on the market price on date of award. Restricted Stock Units The Remuneration Committee may approve the grant of other stock-based awards. In April 2022, the Company granted 1,250,486 shares of restricted stock to employees of Connect pursuant to the terms of the acquisition. The award included an equalization mechanism to maintain a return of $ 7.50 per share of restricted stock upon vesting through the issue of restricted stock units. The conversion of restricted stock units to shares cannot exceed 50% under the terms of the award and therefore no more than 625,243 (or 1,250,486 divided by two) would be issued upon vesting. Stock Appreciation Rights The Remuneration Committee may also grant stock appreciation rights, either singly or in tandem with underlying stock options. Stock appreciation rights entitle the holder upon exercise to receive an amount in any combination of cash or shares of common stock (as determined by the Remuneration Committee) equal in value to the excess of the fair market value of the shares covered by the right over the grant price. No stock appreciation rights have been granted. Stock option and restricted stock activity Options The following table summarizes stock option activity for the years ended June 30, 2022, 2021 and 2020: 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, 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 Granted – August 2020 150,000 3.50 3.00 166 1.11 Granted – November 2020 560,000 3.01 10.00 691 1.23 Exercised ( 17,335) 3.07 - 35 - Forfeited ( 729,484) 6.65 2.24 Outstanding - June 30, 2021 1,294,832 3.93 7.68 1,624 1.45 Granted – February 2022 137,620 4.87 10.00 235 1.71 Exercised ( 249,521) 3.05 - 470 - Forfeited ( 256,706) 4.53 1.69 Outstanding - June 30, 2022 926,225 4.14 6.60 1,249 1.60 These options have an exercise price range of $ 3.01 to $ 11.23. 17. Stock-based compensation (continued) Stock option and restricted stock activity (continued) Options (continued) The Company awarded 137,620, 560,000 and 561,000 stock options to employees during the years ended June 30, 2022, 2021 and 2020, respectively. 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 each of the first and second anniversaries of the grant date. During the years ended June 30, 2022, 2021 and 2020, 376,348, 331,833 and 170,335 stock options became exercisable, respectively. During the years ended June 30, 2022 and 2021, the Company received approximately $ 0.8 million and $ 0.5 million from the exercise of 249,521 and 17,335 stock options, respectively. No stock options were exercised during the year ended June 30, 2020. During the years ended June 30, 2022, 2021 and 2020, employees forfeited 256,706, 729,484, and 93,928 stock options, respectively. The number of forfeitures during the year ended June 30, 2021, increased significantly compared to prior periods as a result of the closure of our IPG operations during the latter half of calendar 2020 and the unrelated (to the IPG closure) resignation of various employees in the first half of calendar 2021. The stock options forfeited had strike prices ranging from $ 3.01 to $ 11.23. In addition, the Company’s former chief executive officer forfeited 250,034 stock options with strike prices ranging from $ 6.20 to $ 11.23 per share following his separation from the Company. The following table presents stock options vested and expected to vest as of June 30, 2022: 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, 2022 926,225 4.14 6.60 1,249 These options have an exercise price range of $ 3.01 to $ 11.23. The following table presents stock options that are exercisable as of June 30, 2022: Number of shares Weighted average exercise price ($) Weighted average remaining contractual term (in years) Aggregate intrinsic value ($’000) Exercisable - June 30, 2022 380,674 5.00 5.46 163 17. Stock-based compensation (continued) Stock option and restricted stock activity (continued) Restricted stock The following table summarizes restricted stock activity for the years ended June 30, 2022, 2021 and 2020: Number of shares of restricted stock Weighted average grant date fair value ($’000) Non-vested – July 1, 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 Granted – May 2021 254,560 1,035 Total vested ( 311,300) ( 1,037) Vested – August 2020 ( 244,500) 812 Vested – September 2020 - accelerated vesting ( 66,800) 225 Total forfeitures ( 674,200) 2,690 Forfeitures - employee terminations ( 644,200) 2,542 Forfeitures – September 2018 awards with market conditions ( 30,000) 148 Non-vested – June 30, 2021 384,560 1,123 Total granted 2,168,110 11,097 Granted – July 2021 234,608 963 Granted – August 2021 44,986 192 Granted – November and December 2021 326,158 1,766 Granted – December 2021 50,300 269 Granted – February 2022 29,920 146 Granted – March 2022 207,859 1,097 Granted – April 2022 1,250,486 6,540 Granted – May 2022 23,793 124 Total granted and vested - November and December 2021 - - Granted - November and December 2021 71,647 393 Vested - November and December 2021 ( 71,647) ( 393) Total vested ( 61,861) 306 Total forfeitures ( 105,542) 542 Forfeitures - employee terminations ( 75,542) 382 Forfeitures – September 2018 awards with market conditions ( 30,000) 160 Non-vested – June 30, 2022 2,385,267 11,879 Awards granted On June 30, 2021, the Company entered into employment agreements with Mr. Chris G.B. Meyer, under which Mr. Meyer was appointed Group Chief Executive Officer of the Company effective July 1, 2021. Mr. Meyer was awarded 117,304 shares of restricted stock on July 1, 2021, which were subject to time-based vesting and vest in full on June 30, 2024, subject to Mr. Meyer’s continued service to the Company through June 30, 2024. In addition, under the terms of Mr. Meyer’s engagement, the Company’s Remuneration Committee also awarded Mr. Meyer 117,304 shares of restricted stock which include performance conditions and which only vest on June 30, 2024 if the performance conditions are met and Mr. Meyer remains employed with the Company through June 30, 2024. Vesting of half of these awards, or 58,652 shares of restricted stock, is subject to the Company achieving its three-year 8.14 or higher on June 30, 2024. On March 1, 2022, the Company awarded 207,859 shares of restricted stock to executive officers and vesting of these awards is subject to the executive’s continuous service through the applicable vesting date, one third of which vests on each of the first, second and third anniversaries of the grant date. 17. Stock-based compensation (continued) Stock option and restricted stock activity (continued) Restricted stock (continued) Awards granted(continued) In August 2021, December 2021, February 2022, and May 2022, the Company awarded 44,986, 50,300, 29,920 and 23,793 shares of restricted stock, respectively, to employees which have time and performance-based (market conditions related to share price performance) vesting conditions. On April 14, 2022, the Company granted 1,250,486 shares of restricted stock to employees of Connect pursuant to the Sale Agreement. The award includes an equalization mechanism to maintain a return of $ 7.50 per share of restricted stock upon vesting through the issue of restricted stock units. The conversion of restricted stock units to shares cannot exceed 50% under the terms of the award. Upon joining the Company, each of Messrs. Meyer and Lincoln C. Mali, were entitled to receive an award of shares of restricted stock which were subject to them purchasing an agreed value of shares (“matching awards”) in the market during a prescribed period of time. However, these executives were unable to purchase shares in the market during that period due to a Company-imposed insider-trading restriction placed on them. On November 15, 2021, the Company amended the terms of these awards in order to put the executives into an economically equivalent position, as follows: (i) assume that the executives would have purchased their agreed allocation within their first 30 days post commencement of employment had they not been embargoed; (ii) require the executives to fulfill their agreed allocations within a short period following release of the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2021; (iii) to the extent that the price per share actually paid is greater than the 30-day volume-weighted average price (“VWAP”) in their respective first months of employment, award the executives a top-up (“top up awards”) which amounts to the after-tax difference between (a) number of shares purchased at the 30-day VWAP in their respective first months of employment and (b) number of shares purchased at the actual share price paid. The top-up will be settled as follows: (a) 55% in shares of the Company’s common stock and (b) 45%, at the election of the executive, as either shares of the Company’s common stock or cash. The top up awards were not subject to any vesting conditions and vested immediately; and (iv) adjust the initial matching awards to the aggregate number of shares acquired in terms of (ii) and (iii). The matching awards vest ratably over a period of three years commencing on the first anniversary of the grant of the matching awards. The executives acquired shares during November and December 2021, and the Company granted the executives 326,158 matching awards and 71,647 top up awards. In May 2022, the Company amended the terms of these awards to change the vesting dates from when the shares were acquired in November and December 2021 to the anniversary of the executive’s date of joining the Company. The shares continue to vest ratably over three years on the applicable vesting date. Effective January 1, 2022, the Company agreed to grant an advisor shares in lieu of cash for services provided to the Company during a contract term that will expire on December 31, 2022. The contract may be terminated early if certain agreed events occur. The advisor has agreed to receive 6,481 shares of the Company’s common stock per month as payment for services rendered and is not entitled to receive additional shares if the contract is terminated early due to the occurrence of the agreed events. The 6,481 shares granted per month was calculated using an agreed monthly fee of $ 35,000 divided by the Company’s closing market price on January 3, 2022, on the Nasdaq Global Select Market. The Company and the advisor have agreed that the Company will issue the shares to the advisor, in arrears, on a quarterly basis and that the shares may not be transferred until the earlier of December 31, 2022, or the occurrence of the agreed event. During the year ended June 30, 2022, the Company recorded a stock-based compensation charge of $ 0.2 million and included the issuance of 38,886 shares of common stock in its issued and outstanding share count. The May 2021 grants comprise 158,734 shares of restricted stock awarded to executive officers that are subject to a market condition (related to share price performance) and time-based vesting, and 95,826 shares of restricted stock awarded to employees, including 77,040 shares of restricted stock awarded to Mr. Mali, our Chief Executive Officer: Southern Africa, that are subject to time-based vesting. 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. Awards vested During the years ended June 30, 2022, 2021 and 2020, respectively, 133,508, 244,500 and 18,908 shares of restricted stock with time-based vesting conditions vested. 17. Stock-based compensation (continued) Stock option and restricted stock activity (continued) Restricted stock (continued) Awards vested (continued) The 133,508 shares of restricted stock that vested during the year ended June 30, 2022, includes the 71,647 top up awards referred to above and 29,919 shares of restricted stock that vested following the change in vesting date to the anniversary of the executive’s date of joining the Company. In connection with the Company’s former chief executive officer’s separation, the Company agreed to accelerate the vesting of 66,800 shares of restricted stock which were granted in February 2020, and which were subject to time-based vesting. These shares of restricted stock vested on September 30, 2020. On March 1, 2018, 22,817 shares of restricted stock with time-based vesting conditions were granted to our chief financial officer at the time and this award vested in two tranches, of which 11,408 vested on March 1, 2020. The Company’s Board of Directors accelerated the vesting of 7,500 shares of restricted stock to an executive officer upon the disposal of Net1 Korea. Awards forfeited During the year ended June 30, 2022, 30,000 shares of restricted stock were forfeited by an executive officer as the market condition (related to share price performance) was not achieved and the 75,542 shares of restricted stock were forfeited by employees following termination of their employment. The 644,200 shares of restricted stock that were forfeited during the year ended June 30, 2021, includes 475,200 shares of restricted stock forfeited by the Company’s former chief executive officer upon his separation from the Company. The 30,000 shares were forfeited by an executive officer as the market condition (related to share price performance) was not achieved. During the year ended June 30, 2020, employees forfeited 17,500 shares of restricted stock upon termination and 7,500 shares (50% of the origi |
Income Tax
Income Tax | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax [Abstract] | |
Income Tax | 18. INCOME TAX Income tax provision The table below presents the components of (loss) income before income taxes for the years ended June 30, 2022, 2021 and 2020: 2022 2021 2020 South Africa $ ( 31,266) $ ( 30,825) $ ( 26,230) United States ( 8,509) ( 6,686) ( 8,984) Liechtenstein ( 509) ( 810) ( 17,519) Other 384 32,702 ( 12,283) Loss before income taxes $ ( 39,900) $ ( 5,619) $ ( 65,016) Presented below is the provision for income taxes by location of the taxing jurisdiction for the years ended June 30, 2022, 2021 and 2020: 2022 2021 2020 Current income tax expense (benefit) $ 2,309 $ 859 $ 1,652 South Africa 2,309 866 1,552 United States - ( 75) 12 Other - 68 88 Deferred taxation (benefit) charge ( 2,044) 6,691 932 South Africa ( 2,154) ( 2,039) 653 United States - 9,136 - Other 110 ( 406) 279 Foreign tax credits generated – United States 62 10 72 Income tax provision $ 327 $ 7,560 $ 2,656 There were no changes to the enacted tax rates in the years ended June 30, 2022, 2021 and 2020. The South African corporate income tax rate is expected to reduce from 28% to 27% from July 1, 2022, however, the change in the income tax rate had not been enacted as of June 30, 2022 (and has still not been enacted as of the date of this report), and accordingly all deferred taxes assets and liabilities related to the Company’s South African operations are still recorded using the enacted corporate income tax rate of 28%. The Company’s current income tax expense for the year ended June 30, 2022, was higher than the previous year due to the acquisition of Connect, which is profitable and generates taxable income. 18. INCOME TAX (continued) Income tax provision (continued) During the years ended June 30, 2022, 2021 and 2020, the Company incurred net operating losses through certain of 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 deferred tax benefit for the year ended June 30, 2022, includes the deferred tax benefit related to amortization of intangible assets acquired in the Connect transaction. 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 24) and the sale of DNI (refer to Note 9) but utilized capital loss carryforwards to reduce the capital gains on these transactions to zero ($ 0). A reconciliation of income taxes, calculated at the fully-distributed South African income tax rate to the Company’s effective tax rate, for the years ended June 30, 2022, 2021 and 2020, is as follows: 2022 2021 2020 Income taxes at fully-distributed South African tax rates 28.00 % 28.00 % 28.00 % Movement in valuation allowance ( 22.05) % ( 250.16) % 1.64 % Non-deductible items ( 6.59) % ( 58.40) % ( 10.38) % Foreign tax rate differential 0.02 % 51.21 % ( 4.17) % Capital gains differential 0.11 % 93.03 % ( 1.59) % Prior year adjustments 0.01 % 1.77 % ( 0.01) % Release from FCTR ( 0.33) % - - ( 14.65) % Subpart F inclusions - - - - ( 2.85) % Foreign tax credits - - - - ( 0.08) % Taxation on deemed dividends in the United States - - - - - - Transition Tax - - - - - - Income tax provision ( 0.83) % ( 134.55) % ( 4.09) % Percentages included in the 2022, 2021 and 2020 columns in the reconciliation of income taxes presented above are impacted by the loss incurred by the Company during the year ended June 30, 2022, 2021 and 2020. For instance, for the year ended June 30, 2022, the income tax provision of $ 0.3 million represents ( 0.83%) multiplied by the net loss before tax of $( 39,900). Movement in the valuation allowance for the year ended June 30, 2022, includes allowances created related to net operating losses incurred during the year. Non-deductible items for the year ended June 30, 2022, includes the transaction costs related to the acquisition of Connect. Movement in the valuation allowance for the year ended June 30, 2021, includes allowances created related to net operating losses incurred during the year. Non-deductible items for the year ended June 30, 2021, includes the impact of the allowance for doubtful loans to equity-accounted investments created. The foreign tax rate differential relates primarily to the difference between the fully-distributed South African income tax rate and the rate used ( 21%) to measure the deferred tax liability created related to the fair adjustment to the Company’s investment in MobiKwik (refer to Note 9). The capital gains differential for the year ended June 30, 2021, represents the impact of the reversal of the deferred tax liability related to one of the Company’s equity-accounted investments following its impairment (refer to Note 9). Movement in the valuation allowance for the year ended June 30, 2020, includes allowances created related to net operating losses incurred during the year and valuation allowances created for a deferred tax asset recorded related to the deconsolidation 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 15) that are not deductible for tax purposes. Non-deductible items for the year ended June 30, 2020, includes the option termination fee paid and the goodwill impairment loss recognized. 18. Income tax (continued) Deferred tax assets and liabilities Deferred income taxes reflect the temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The primary components of the temporary differences that gave rise to the Company’s deferred tax assets and liabilities as of June 30, and their classification, were as follows: June 30, June 30, 2022 2021 Total deferred tax assets Capital losses related to investments $ 42,587 $ 47,518 Net operating loss carryforwards 40,384 36,329 Foreign tax credits 32,671 32,737 Provisions and accruals 3,163 2,123 FTS patent 95 163 Other 2,063 654 Total deferred tax assets before valuation allowance 120,963 119,524 Valuation allowances ( 117,101) ( 118,777) Total deferred tax assets, net of valuation allowance 3,862 747 Total deferred tax liabilities: Intangible assets 43,876 100 Investments 10,354 10,354 Other 67 87 Total deferred tax liabilities 54,297 10,541 Reported as Long-term deferred tax assets 3,776 622 Long-term deferred tax liabilities 54,211 10,415 Net deferred income tax liabilities $ 50,435 $ 9,793 Increase in total net deferred income tax liabilities Capital losses related to investments Capital losses as of June 30, 2022 and 2021, comprises the capital loss arising from the difference between the amount paid for Cell C in August 2017 and the its fair value as of the respective year end, of $ 0.0 million, and difference between the amount paid for CPS in 2004 and the its fair value as of the respective year end, of $ 0.0 million. The change in capital losses related to investments relates primarily to the impact of currency changes between the South Africa Rand against the United States dollar. Net operating loss carryforwards Net operating loss carryforwards have increased due to losses incurred by certain of the Company’s subsidiaries and the impact of currency changes between the South Africa Rand against the United States dollar, which was partially offset by net operating losses carryforwards forfeited following the substantial liquidation of certain of the Company’s subsidiaries. Intangibles assets Intangible assets increased during the year ended June 30, 2022, as a result of the recognition of intangibles assets related to the acquisition of Connect (refer to Note 3). Investments Investment increased during the year ended June 30, 2021, primarily as a result of the fair value adjustments to the carrying value of MobiKwik (refer to Note 9). 18. Income tax (continued) Deferred tax assets and liabilities (continued) Decrease in valuation allowance (continued) At June 30, 2022, the Company had deferred tax assets of $ 3.9 million (2021: $ 0.7 million), net of the valuation allowance. Management believes, based on the weight of available positive and negative evidence it is more likely than not that the Company will realize the benefits of these deductible differences, net of the valuation allowance. However, the amount of the deferred tax asset considered realizable could be adjusted in the future if estimates of taxable income are revised. At June 30, 2022, the Company had a valuation allowance of $ 117.1 million (2021: $ 118.8 million) to reduce its deferred tax assets to estimated realizable value. The movement in the valuation allowance for the years ended June 30, 2022 and 2021, is presented below: Total Capital losses related to investments Net operating loss carry-forwards Foreign tax credits Other July 1, 2020 $ 106,433 $ 36,721 $ 32,273 $ 32,799 $ 4,640 Charged to statement of operations 16,376 3,532 13,264 - ( 420) Reversed to statement of operations ( 14,840) - ( 13,687) ( 62) ( 1,091) Utilized ( 1,422) - ( 135) - ( 1,287) Foreign currency adjustment 12,230 7,265 4,555 - 410 June 30, 2021 118,777 47,518 36,270 32,737 2,252 Charged to statement of operations 8,119 195 7,647 - 277 Reversed to statement of operations ( 301) - ( 167) ( 66) ( 68) Utilized ( 1) - ( 1) - - Foreign currency adjustment ( 9,493) ( 5,126) ( 4,097) - ( 270) June 30, 2022 $ 117,101 $ 42,587 $ 39,652 $ 32,671 $ 2,191 Net operating loss carryforwards and foreign tax credits United States Net operating loss generated are carried forward indefinitely, but the loss carryforward that may be used against future taxable income is limited to 80% of taxable income before the net operating loss deduction. In March 2020, the Coronavirus Aid, Relief and Economic Security Act (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, 2022, Lesaka had net operating loss carryforwards that will expire, if unused, as follows: Year of expiration U.S. net operating loss carry forwards 2024 $ 775 Lesaka had no net unused foreign tax credits that are more likely than not to be realized as of June 30, 2022 and 2021, respectively. Uncertain tax positions As of June 30, 2022 and 2021, the Company had no unrecognized tax benefits which would impact the Company’s effective tax rate. The Company files income tax returns mainly in South Africa, Germany, Hong Kong, India, Malta, the United Kingdom, Botswana and in the U.S. federal jurisdiction. As of June 30, 2022, the Company’s South African subsidiaries are no longer subject to income tax examination by the South African Revenue Service for periods before June 30, 2018. The Company is subject to income tax in other jurisdictions outside South Africa, none of which are individually material to its financial position, statement of cash flows, or results of operations. The Company does not expect the change related to unrecognized tax benefits will have a significant impact on its results of operations or financial position in the next 12 months. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Jun. 30, 2022 | |
(Loss) Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | 19. (Loss) Earnings per share The Company has issued redeemable common stock (refer to Note 14) which is redeemable at an amount other than fair value. Redemption of a class of common stock at other than fair value increases or decreases the carrying amount of the redeemable common stock and is reflected in basic earnings per share using the two-class method. There were no redemptions of common stock, or adjustments to the carrying value of the redeemable common stock during the years ended June 30, 2022, 2021 and 2020. Accordingly, the two-class method presented below does not include the impact of any redemption. Basic (loss) earnings per share include shares of restricted stock that meet the definition of a participating security because these shares are eligible to receive non-forfeitable dividend equivalents at the same rate as common stock. Basic (loss) earnings per share has been calculated using the two-class method and basic (loss) earnings per share for the years ended June 30, 2022, 2021 and 2020 , 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 potential 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 not contain non-forfeitable dividend rights. The calculation of diluted (loss) earnings per share includes the dilutive effect of a portion of the restricted stock granted to employees during the current and previous fiscal periods as these shares of restricted stock are considered contingently returnable shares for the purposes of the diluted (loss) earnings per share calculation and the vesting conditions in respect of a portion of the restricted stock had been satisfied. The vesting conditions are discussed in Note 17. The Company has excluded employee stock options to purchase 191,448 shares of common stock from the calculation of diluted loss per share during the year ended June 30, 2022, because the effect would be antidilutive. 19. (Loss) Earnings per share (continued) The following table presents net (loss) income attributable to Lesaka and the share data used in the basic and diluted (loss) earnings per share computations using the two-class method for the years ended June 30, 2022, 2021 and 2020: 2022 2021 2020 (in thousands except percent and per share data) Numerator: Net loss attributable to Lesaka $ ( 43,876) $ ( 38,057) $ ( 78,358) Undistributed (loss) earnings ( 43,876) ( 38,057) ( 78,358) Continuing ( 43,876) ( 38,057) ( 97,214) Discontinued $ - $ - $ 18,856 Percent allocated to common shareholders (Calculation 1) 98% 99% 98% Numerator for (loss) earnings per share: basic and diluted $ ( 43,006) $ ( 37,825) $ ( 76,827) Continuing ( 43,006) ( 37,825) ( 95,315) Discontinued $ - $ - $ 18,488 Denominator Denominator for basic (loss) earnings per share: weighted-average common shares outstanding 57,207 56,332 56,003 Effect of dilutive securities: Stock options - 259 - Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion 57,207 56,591 56,003 (Loss) Earnings per share: Basic $ ( 0.75) $ ( 0.67) $ ( 1.37) Continuing $ ( 0.75) $ ( 0.67) $ ( 1.70) Discontinued $ - $ - $ 0.33 Diluted $ ( 0.75) $ ( 0.67) $ ( 1.37) Continuing $ ( 0.75) $ ( 0.67) $ ( 1.70) Discontinued $ - $ - $ 0.33 (Calculation 1) Basic weighted-average common shares outstanding (A) 57,207 56,332 56,003 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 58,364 56,678 57,119 Percent allocated to common shareholders (A) / (B) 98% 99% 98% Options to purchase 186,999, 282,832 and 1,331,651 shares of the Company’s common stock at prices ranging from $ 6.20 to $ 11.23 (2022), $ 6.20 to $ 11.23 (2021) and $ 3.07 to $ 11.23 (2020) per share were outstanding during the year ended June 30, 2022, 2021 and 2020, 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 February 3, 2032, were still outstanding as of June 30, 2022. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 20. Supplemental cash flow information The following table presents supplemental cash flow disclosures for the years ended June 30, 2022, 2021 and 2020: 2022 2021 2020 Cash received from interest $ 2,065 $ 2,222 $ 3,057 Cash paid for interest $ 5,817 $ 3,056 $ 6,050 Cash paid for income taxes $ 1,138 $ 16,608 $ 5,001 20. Supplemental cash flow information (continued) 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 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. Cash, cash equivalents and restricted cash also includes cash in certain bank accounts that have been ceded to Nedbank. As this cash has been pledged and ceded it may not be drawn and is considered restricted as to use and therefore is classified as restricted cash as well. Refer to Note 12 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, 2022, 2021 and 2020: 2022 2021 2020 Continuing $ 43,940 $ 198,572 $ 217,671 Restricted cash 60,860 25,193 14,814 Cash, cash equivalents and restricted cash $ 104,800 $ 223,765 $ 232,485 Leases The following table presents supplemental cash flow disclosure related to leases for the years ended June 30, 2022, 2021 and 2020: 2022 2021 2020 Cash paid related to lease liabilities Operating cash flows from operating leases $ 3,971 $ 4,050 $ 3,603 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 6,054 $ 3,000 $ 2,974 |
Operating Segments
Operating Segments | 12 Months Ended |
Jun. 30, 2022 | |
Operating Segments [Abstract] | |
Operating Segments | 21. Operating segments Change to internal reporting structure and restatement of previously reported information During November 2021, the Company’s chief operating decision maker changed the Company’s operating and internal reporting structures following the establishment of a new management team and the Company’s decision to focus primarily on the South African market. The chief operating decision maker has decided to analyze the Company’s operating performance primarily based on operational lines which group financial services provided to customers (consumers) into the Consumer operating segment and goods and services provided to corporate and other juristic entities into the Merchant operating segment. Reallocation of certain activities among operating segments During the second quarter of fiscal 2022, the Company reorganized its operating segments by combining financial services provided to consumers (primarily individuals) from the Financial services operating segment with processing activities provided for customers within the Consumer operating segment, and by allocating processing activities performed for merchants (primarily corporate and juristic customers) from the Processing operating segment to the Merchant operating segment. Sales of hardware and licenses to customers (primarily corporate entities) included in the Technology operating segment have been allocated to the Merchant operating segment. Lastly, processing activities performed outside of South Africa have been allocated from the Processing operating segment to the Other operating segment. Segment results for the year ended June 30, 2022, reflect these changes to the operating segments. Previously reported information has been restated. 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, and the countries in which the entity holds material assets or reports material revenues. The Company currently has three reportable segments: Consumer, Merchant and Other. Consumer and Merchant operate mainly within South Africa and certain of the Company’s current and legacy activities outside of South Africa have been allocated to our Other operating segment. The Company’s reportable segments offer different products and services and require different resources and marketing strategies but share the Company’s assets. 21. Operating segments (continued) Operating segments (continued) The Consumer segment includes activities related to the provision of financial services to customers, including a bank account, loans and insurance products. The Company charges monthly administration fees for all bank accounts. Customers that have a bank account managed by the Company are issued cards that can be utilized to withdraw funds at an ATM or to transact at a merchant point of sale device (“POS”). The Company earns processing fees from transactions processed for these customers. The Company also earns fees on transactions performed by other banks’ customers utilizing its ATM or POS. The Company provides short-term loans to customers in South Africa for which it earns initiation and monthly service fees. The Company writes life insurance contracts, primarily funeral-benefit policies, and policy holders pay the Company a monthly insurance premium. The Merchant segment includes activities related to the provision of goods and services provided to corporate and other juristic entities. The Company earns fees from processing activities performed for its customers and revenue generated from the distribution of prepaid airtime. The Company provides cash management and payment services to merchant customers through a digital vault (safe asset) which is located at the customer’s premises and through which the Company is able to provide the services which generate processing fee revenue. The Company provides its customers with transaction processing services that involve the collection, transmittal and retrieval of all transaction data. This segment also includes sales of hardware and licenses to customers. Hardware includes the sale of POS devices, SIM cards and other consumables which can occur on an ad hoc basis. Licenses include the right to use certain technology developed by the Company. During the year ended June 30, 2020, this operating segment incurred a goodwill impairment loss of $ 5.6 million (refer to Note 10). The Other segment includes our operations outside South Africa and IPG’s processing activities for the applicable period through to the year ended June 30, 2021. 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 Bank Frick option (refer to Note 9) during the year ended June 30, 2020, has been allocated to corporate/ elimination. 21. Operating segments (continued) Operating segments (continued) The reconciliation of the reportable segment’s revenue to revenue from external customers for the years ended June 30, 2022, 2021 and 2020, respectively, is as follows: Revenue Reportable Segment Inter-segment From external customers Consumer $ 65,932 $ - $ 65,932 Merchant 155,366 384 154,982 Other 1,695 - 1,695 Total for the year ended June 30, 2022 $ 222,993 $ 384 $ 222,609 Consumer $ 66,149 $ - $ 66,149 Merchant 61,478 159 61,319 Other 3,318 - 3,318 Total for the year ended June 30, 2021 $ 130,945 $ 159 $ 130,786 Consumer $ 70,998 $ - $ 70,998 Merchant 68,659 399 68,260 Other 5,041 - 5,041 Total for the year ended June 30, 2020 $ 144,698 $ 399 $ 144,299 The Company evaluates segment performance based on segment earnings before interest, tax, depreciation and amortization (“EBITDA”), adjusted for items mentioned in the next sentence (“Segment Adjusted EBITDA”). The Company does not allocate depreciation and amortization, impairment of goodwill or other intangible assets, certain lease charges (“Lease adjustments”), non-recurring items (including gains or losses on disposal of investments, fair value adjustments to equity securities, fair value adjustments to currency options), interest income, interest expense, income tax expense or loss from equity-accounted investments to its reportable segments. The Lease adjustments reflect lease charges excluded from the calculation of Segment Adjusted EBITDA and are therefore reported as a reconciling item to reconcile the reportable segments’ Segment Adjusted EBITDA to the Company’s loss before income tax expense. 21. Operating segments (continued) Operating segments (continued) The reconciliation of the reportable segments’ measures of profit or loss to income before income taxes for the years ended June 30, 2022, 2021 and 2020, respectively, is as follows: 2022 2021 2020 Reportable segments measure of profit or loss $ ( 10,424) $ ( 31,949) $ ( 20,828) Operating loss: Corporate/Eliminations ( 18,241) ( 13,428) ( 8,773) Lease adjustments ( 3,955) ( 4,148) ( 3,664) Depreciation and amortization ( 7,575) ( 4,347) ( 4,647) Impairment loss - - ( 6,336) Gain related to fair value adjustment to currency options 3,691 - - Gain on disposal of equity securities 720 - - Loss on disposal of equity-accounted investment (Note 9) ( 376) ( 13) Change in fair value of equity securities (Note 3) - 49,304 - Loss on disposal of equity-accounted investment - Bank Frick (Note 9) - ( 472) Gain on disposal of FIHRST (Note 3) - - 9,743 Loss on disposal of DNI interest as an equity method investment (Note 3) - - ( 1,010) Loss on deconsolidation of CPS (Note 3) - - ( 7,148) Termination fee to cancel Bank Frick option - - ( 17,517) Interest income 2,089 2,416 2,805 Interest expense ( 5,829) ( 2,982) ( 7,641) Loss before income taxes $ ( 39,900) $ ( 5,619) $ ( 65,016) The following tables summarize segment information for the years ended June 30, 2022, 2021 and 2020: 2022 2021 2020 Reportable segment revenue Consumer $ 65,932 $ 66,149 $ 70,998 Merchant 155,366 61,478 68,659 Other 1,695 3,318 5,041 Total reportable segment revenue 222,993 130,945 144,698 Segment Adjusted EBITDA Consumer (1) ( 22,232) ( 26,303) ( 13,989) Merchant 11,305 4,728 5,176 Other 503 ( 10,374) ( 12,015) Total Segment Adjusted EBITDA ( 10,424) ( 31,949) ( 20,828) Corporate/Eliminations ( 18,241) ( 13,428) ( 8,773) Subtotal ( 28,665) ( 45,377) ( 29,601) Less: Lease adjustments 3,955 4,148 3,664 Less: Depreciation and amortization 7,575 4,347 4,647 Total operating loss ( 40,195) ( 53,872) ( 44,248) Depreciation and amortization Consumer 1,660 3,071 3,220 Merchant 2,128 795 534 Other 58 122 502 Subtotal: Operating segments 3,846 3,988 4,256 Corporate/Eliminations 3,729 359 391 Total 7,575 4,347 4,647 Expenditures for long-lived assets Consumer 1,712 3,433 2,540 Merchant 2,811 829 1,193 Other 35 23 702 Subtotal: Operating segments 4,558 4,285 4,435 Corporate/Eliminations - - - Total $ 4,558 $ 4,285 $ 4,435 (1) Consumer Segment Adjusted EBITDA for the year ended June 30, 2022, includes reorganization costs of $ 5.9 million (refer also Note 1). 21. Operating segments (continued) Operating segments (continued) The segment information as reviewed by the chief operating decision maker does not include a measure of segment assets per segment as all of the significant assets are used in the operations of all, rather than any one, of the segments. The Company does not have dedicated assets assigned to a particular operating segment. Accordingly, it is not meaningful to attempt an arbitrary allocation and segment asset allocation is therefore not presented. Long-lived assets based on their geographic location as of June 30, 2022, 2021 and 2020, are presented in the table below: Long-lived assets 2022 2021 2020 South Africa $ 359,725 $ 50,754 $ 68,521 Liechtenstein - investment in Bank Frick (Note 9) - - 29,739 India - investment in MobiKwik (Note 9) 76,297 76,297 26,993 Rest of world 2,811 6,962 9,119 Total $ 438,833 $ 134,013 $ 134,372 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 22. Commitments and contingencies Capital commitments As of June 30, 2022 and 2021, the Company had outstanding capital commitments of approximately $ 0.03 million and $ 0.3 million, respectively. Purchase obligations As of June 30, 2022 and 2021, the Company had purchase obligations totaling $ 11.0 million and $ 2.5 million, respectively. The purchase obligations as of June 30, 2022, primarily relate to POS devices, components for safe assets and inventory that will be delivered to the Company and sold to customers in the second half of calendar 2022. 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 South African banks. The Company is required to procure these guarantees for these third parties to operate its business. Nedbank has issued guarantees to these third parties amounting to ZAR 92.1 million ($ 5.7 million, translated at exchange rates applicable as of June 30, 2022) thereby utilizing part of the Company’s short-term facilities. The Company pays commission of between 0.4% per annum to 1.82% per annum of the face value of these guarantees and does not recover any of the commission from third parties. RMB has issued guarantees to these third parties amounting to ZAR 5.1 million ($ 0.3 million, translated at exchange rates applicable as of June 30, 2022) thereby utilizing part of the Company’s short-term facilities. The Company has not recognized any obligation related to these guarantees in its consolidated balance sheet as of June 30, 2022. The maximum potential amount that the Company could pay under these guarantees is ZAR 97.2 million ($ 6.0 million, translated at exchange rates applicable as of June 30, 2022). As discussed in Note 12, the Company has ceded and pledged certain bank accounts to Nedbank as security for these guarantees with an aggregate value of ZAR 155.1 million ($ 9.5 million translated at exchange rates applicable as of June 30, 2022). The guarantees have reduced the amount available under its indirect and derivative facilities in the Company’s short-term credit facility described in Note 12. 22. Commitments and contingencies (continued) Contingencies The Company is subject to a variety of insignificant claims and suits that arise from time to time in the ordinary course of business. Management currently believes that the resolution of these other matters, individually or in the aggregate, will not have a material adverse impact on the Company’s financial position, results of operations or cash flows. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 23. Related party transactions VCP Agreement On March 22, 2022, Lesaka and Lesaka SA entered into a Securities Purchase Agreement (the “VCP Agreement”) with Value Capital Partners Proprietary Limited (“VCP”) whereby VCP will procure that one or more funds under its management (the “Purchasing Funds”) will subscribe for, and Lesaka will have the obligation to issue and sell to the Purchasing Funds, ZAR 350.0 million of common stock of Lesaka if (i) an event of default occurs under Facility G or Facility H, (ii) Lesaka SA fails to pay all outstanding amounts in respect of Facility H on the maturity date of such facility, or (iii) the market capitalization of Lesaka on the Nasdaq Capital Market (based on the closing price on such exchange) falls and remains below the U.S. dollar equivalent of ZAR 2.6 billion on more than one day. The VCP Agreement contains customary representations and warranties from Lesaka and VCP and covenants from Lesaka and Lesaka SA. In connection with the VCP Agreement, Lesaka SA agreed to pay VCP a commitment fee in an amount equal to ZAR 5.25 million. Additionally, Lesaka, Lesaka SA and VCP entered into a Step-In Rights Letter on March 22, 2022 with RMB, which provides RMB with step in rights to perform the obligations or enforce the rights of Lesaka and Lesaka SA under the VCP Agreement to the extent that Lesaka and Lesaka SA fail to do so and do not remedy such failure within two business days of notice of such failure. Disgorgement proceeds from VCP in fiscal 2021 In late September 2020, Value Capital Partners (Pty) Ltd (“VCP”), a significant shareholder, notified the Company that it would make payment to the Company related to the disgorgement of short-swing profits from the purchase of common stock by VCP pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended and the Company’s insider trading policy. The Company recognized these proceeds as a capital contribution from shareholders and recorded an increase of $ 0.1 million, net of taxes of $ 0.02 million, to additional paid-in capital in its consolidated statement of changes in equity for the year ended June 30, 2021. The gross proceeds of $ 0.12 million are recorded within cash flows from financing activities in the Company’s consolidated statement of cash flow for the year ended June 30, 2021. |
Dispositions And Discontinued O
Dispositions And Discontinued Operations | 12 Months Ended |
Jun. 30, 2022 | |
Dispositions And Discontinued Operations [Abstract] | |
Dispositions And Discontinued Operations | 24. DISPOSITIONS AND Discontinued operation S Dispositions 2020 Dispositions 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 limited 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 March 1, 2020, and had no continued involvement going forward. KSNET was acquired in October 2010, and was a profitable and cash generative business, but operated autonomously and in a more developed economy, with limited overlap with the Company’s other activities. The Company also believed that the intrinsic value of KSNET was not appropriately reflected in the Company’s overall valuation. The Company’s board of directors commenced a strategic review of its various businesses and investments during calendar 2019, 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 shareholder returns. 24. DISPOSITIONS AND Discontinued operation S (continued) Dispositions (continued) 2020 Dispositions (continued) March 2020 disposal of KSNET (continued) 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 10) 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 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 15) 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 paid related to the disposal of Net1 Korea (refer to Note 18). The Company also agreed that the purchaser withhold potential 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 amounts, on behalf of Net1 BV, to the South Korean tax authorities. Net1 BV commenced a process to claim a refund from the South Korean tax authorities of the potential amount withheld and received this amount of approximately $ 20.1 million (KRW 23.8 billion) in September 2020. The Company included the expected amount to be refunded in the caption Accounts receivable, net and other receivables in its consolidated balance sheet as of June 30, 2020. (2) Transaction costs include expenses incurred by the Company of $ 7.5 million directly related to the disposal of Net1 Korea and paid 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. 24. DISPOSITIONS AND DISCONTINUED OPERATIONS (continued) Dispositions (continued) 2020 Dispositions (continued) 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 liability 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 million). 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 12 . The table below presents the impact of the deconsolidation of FIHRST and the calculation of the net gain recognized on deconsolidation: FIHRST December 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 10) 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 15) 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 was utilized as a result of the disposal of FIHRST and, therefore, the equivalent portion of the valuation allowance created was released. May 2020 deconsolidation 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 adopted a resolution to put CPS into business rescue under South African law and 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 business rescue process could have led to either a compromise with creditors and a continuation of CPS’ business or the liquidation of CPS. The Company had no means of exercising any control over CPS or the business rescue process because the Company has ceded control of CPS to the business rescue practitioners on the commencement of the business rescue process. The business rescue practitioners are independent third parties and controlled CPS through the business rescue process. The Company no longer controls CPS and therefore it determined to deconsolidate CPS. 24. DISPOSITIONS AND DISCONTINUED OPERATIONS Dispositions (continued) 2020 Dispositions (continued) May 2020 deconsolidation of CPS (continued) As a practical matter, the Company deconsolidated CPS as of May 31, 2020. The Company does not believe that the utilization of this date, compared to May 18, 2020, has had a significant impact on its consolidated financial statements. CPS was subsequently placed into provisional liquidation by the High Court on October 16, 2020. The Company provided accounting, tax and general administrative services to CPS while it was in business rescue and continues to provide these services during the liquidation process. In addition, the Company had an arrangement with CPS to rent certain bespoke payment vehicles from CPS, and it was expected that this arrangement would continue while CPS was in business rescue. These vehicles largely comprise the fleet of customized mobile ATMs used to deliver a service to rural communities. The value of these arrangements was not significant and was determined on an arms-length basis. On October 15, 2020, the Company purchased the bespoke vehicles from CPS for an arms-length price of ZAR 50.0 million (approximately $ 3.0 million, translated at the applicable exchange rate) to use in its mobile ATM business. The table below presents the impact of the deconsolidation of CPS and 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 10) - Deferred income taxes assets (Note 18) - Accounts payable ( 238) Other payables ( 33,160) Released from accumulated other comprehensive income – foreign currency translation reserve (Note 15) 32,451 Gain 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 wrote these amounts off as it did not believe that they were 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. The 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. Discontinued operations Discontinued operations – Net1 Korea and DNI The Company determined that Net1 Korea should be classified as discontinued operations because the disposal of its controlling interest in this business represented a strategic shift 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 are described above. The gain related to the disposal of Net1 Korea is presented above. 24. DISPOSITIONS AND DISCONTINUED OPERATIONS Discontinued operations Discontinued operations – Net1 Korea and DNI 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, were allocated to the Company’s international transaction processing operating segment prior to the re-segmentation of the Company’s operating segments during the years ended June 30, 2022 and 2021. Net1 Korea did not have any equity method investments or any non-controlling interests. Net1 Korea is not included in the operating segments presented in Note 21 because it is a discontinued operation and the disclosure in Note 21 only presents operating segment information for continuing operations. The Company disposed of its controlling interest in DNI-4PL (Pty) Ltd (“DNI”) in March 2019, and determined that DNI should be classified as a discontinued operation for fiscal 2019 and comparative periods. The Company retained a continuing involvement in DNI through its 38% interest in DNI following the March 2019, transaction. 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 nine months ended March 31, 2020, refer to Note 9. Refer to Note 9 for the dividends received from DNI and accounted for under the equity method during the year ended June 30, 2020. The table below presents certain major captions to the Company’s consolidated statement of operations and consolidated statement of cash flows for the year ended June 30, 2020, that have not been separately presented on those statements related to the presentation of Net1 Korea as a discontinued operation: 2020 Total (Net1 Korea) Consolidated statement of operations Discontinued: Revenue $ 85,375 Cost of goods sold, IT processing, servicing and support 37,377 Selling, general and administration 30,562 Depreciation and amortization 8,652 Impairment loss - Operating income 8,784 Interest income 678 Interest expense 106 Net income before tax 9,356 Income tax expense 2,954 Net income before earnings from equity-accounted investments 6,402 Earnings from equity-accounted investments - Net income from discontinued operations $ 6,402 Consolidated statement of cash flows Discontinued: Total net cash provided by operating activities $ 3,758 Total net cash provided by (used) in investing activities $ 1,524 |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Policy) | 12 Months Ended |
Jun. 30, 2022 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Description of Business | Description of Business Lesaka Technologies, Inc. (“Lesaka” and collectively with its consolidated subsidiaries, the “Company”), formerly named Net 1 UEPS Technologies, Inc., was incorporated in the State of Florida on May 8, 1997. The Company is a provider of financial technology, or fintech, products and services, primarily in South Africa and neighboring countries, to unbanked and underbanked consumers, and fintech solutions for merchants operating in formal and informal markets. The Company provides cash management and digitization services and card acquiring to merchants, and has developed and provides secure transaction technology solutions and services, and offers transaction processing, including bill payment and value-added services (including prepaid airtime and electricity products) and financial solutions to its customers. |
Basis Of Presentation | Basis of presentation The accompanying consolidated financial statements include subsidiaries over which Lesaka exercises control and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). |
Reorganization Charge - Financial Services Restructuring | Reorganization charge - financial services restructuring The Company has incurred significant losses since its contract to distribute social grants expired in September 2018. A strategic imperative for the Company is to return its South African consumer business to a breakeven position and then profitability as soon as possible. As part of a cost optimization review completed in late calendar 2021, the Company performed a review of its labor structure and determined that a number of its defined employee roles would need to be terminated due to redundancy. The Company embarked on a retrenchment process pursuant to Section 189A of the South African Labour Relations Act (“Labour Act”) on January 10, 2022. The Company incurred cash costs of approximately $ 6.7 million (ZAR 103.4 million) during the third quarter of fiscal 2022, principally consisting of severance and related payments and the payment of unutilized leave days. The Company recorded an expense of $ 5.9 million in the caption reorganization costs in the Company’s consolidated statement of operations for the year ended June 30, 2022. The primary difference between the reorganization charge amount and the total cash paid relates to leave pay which was accrued in prior periods. |
July 2021 Civil Unrest In South Africa | July 2021 civil unrest in South Africa Two of South Africa’s nine provinces experienced significant civil unrest in July 2021 resulting in mass looting, loss of life, disruption of transport and supply routes, and widespread destruction of property. In total 337 South Africans lost their lives in the unrest – fortunately none of the Company’s employees were injured or harmed. There was widespread damage to bank and ATM infrastructure in the affected provinces. In total approximately 1,800 ATMs and 300 branches were damaged across the industry, and the Banking Association of South Africa (“BASA”), estimates that total damage to banking infrastructure amounted to ZAR 1.6 billion. The South African Special Risks Insurance Association (“SASRIA”), a public enterprise and a non-life insurance company that provides coverage for damage caused by special risks such as politically motivated malicious acts, riots, strikes, terrorism and public disorders, estimates that the total damage to property across South Africa will be between ZAR 19.0 billion and ZAR 20.0 billion. The Company suffered damage at 19 of its branches and to 173 ATMs. The disruption and related closure of branches also impacted the Company’s efforts to grow EPE customer numbers. The Company also saw an impact on transaction volumes through its ATMs with July 2021 volumes 13% lower than June 2021, and August 2021 3% lower than July 2021. The Company’s insurance claims to recover the cost to repair and replace its branches and ATMs have been met in full, with the Company receiving ZAR 38.6 million from SASRIA during the year ended June 30, 2022. As a result of the disruption to ATM coverage and availability, BASA and the South Africa’s banks agreed that the fee which customers pay to utilize other banks’ ATMs would be waived for August and September 2021. The Company lost transaction fee revenue of approximately ZAR 6.0 million ($ 0.4 million) during the year ended June 30, 2022, as a result of this decision. |
Impact Of Events In Russia And Ukraine | Impact of events involving Russia and Ukraine The Company does not expect its operations to be significantly impacted by events unfolding in the Ukraine. The Company believes that these events may adversely impact South African gross domestic product and rates of inflation as a result of the recent increases in crude oil prices, which is likely to impact economic activity in South Africa and therefore indirectly affect the Company. It may also lead to higher input prices for certain of the goods and services the Company procures. |
Impact Of COVID-19 On The Company's Business | Impact of COVID-19 on the Company’s business The Company’s business has previously been impacted by government restrictions and quarantines related to COVID-19. South Africa operates with a five-level COVID-19 alert system, with Level 1 being the least restrictive and Level 5 being the most restrictive. South Africa operated at Level 3 during most of the first quarter of fiscal 2022, and primarily at adjusted Level 1 until the restrictions ceased to be in operation on April 4, 2022. These restrictions had a limited impact on the Company’s businesses. South Africa is currently subject to limited COVID-19 restrictions following the lifting of the National State of Disaster in South Africa on April 5, 2022. These restrictions are also expected to have a limited impact on the Company’s business . The broader implications of COVID-19 on the Company’s results of operations and overall financial performance continue to remain uncertain. While the Company has not incurred significant disruptions thus far from the COVID-19 outbreak, apart from the two months in April and May 2020 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 any further outbreak, actions that may be taken by governmental authorities, the impact on the Company’s customers and other factors. The Company will continue to evaluate the nature and extent of the impact on its business, consolidated results of operations, and financial condition. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Jun. 30, 2022 | |
Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of consolidation The financial statements of entities which are controlled by Lesaka, referred to as subsidiaries, are consolidated. Inter-company accounts and transactions are eliminated upon consolidation. The Company, if it is the primary beneficiary, consolidates entities which are considered to be variable interest entities (“VIE”). The primary beneficiary is considered to be the entity that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. No entities were required to be consolidated as a result of these requirements during the years ended June 30, 2022, 2021 and 2020. |
Business Combinations | Business combinations The Company accounts for its business acquisitions under the acquisition method of accounting. The total value of the consideration paid for acquisitions is allocated to the underlying net assets acquired, based on their respective estimated fair values. The Company uses a number of valuation methods to determine the fair value of assets and liabilities acquired, including discounted cash flows, external market values, valuations on recent transactions or a combination thereof, and believes that it uses the most appropriate measure or a combination of measures to value each asset or liability. The Company recognizes measurement-period adjustments in the reporting period in which the adjustment amounts are determined. |
Use Of Estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Translation Of Foreign Currencies | Translation of foreign currencies The primary functional currency of the consolidated entities is the South African Rand (“ZAR”) and the Company’s 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 income in total equity. The Company releases the foreign currency translation reserve included in accumulated other comprehensive income attributable to a foreign entity upon sale or complete, or substantially complete, liquidation of the investment in that foreign entity and includes the release in the gain or loss reported related to the sale or liquidation of the foreign entity. Foreign exchange transactions are translated at the spot rate ruling at the date of the transaction. Monetary items are translated at the closing spot rate at the balance sheet date. Transactional gains and losses are recognized in selling, general and administration expense on the Company’s consolidated statement of operations for the period. |
Cash, Cash Equivalents And Restricted Cash | Cash, cash equivalents and restricted cash Cash and cash equivalents include cash on hand and funds deposited in bank accounts with financial institutions that are liquid, unrestricted and readily available. Cash that is restricted as to use is classified as restricted cash and includes cash in certain bank accounts that have been ceded to Nedbank Limited (“Nedbank”) as well as cash drawn under the Company’s borrowings and used to fund its ATMs, refer to Note 12. |
Allowance For Doubtful Accounts Receivable | Allowance for doubtful accounts receivable Allowance for doubtful finance loans receivable The Company regularly reviews the ageing of outstanding amounts due from borrowers and adjusts the allowance based on management’s estimate of the recoverability of the finance loans receivable. The Company writes off microlending finance loans receivable and related service fees and interest if a borrower is in arrears with repayments for more than three months or dies. The Company writes off merchant and working capital finance receivables and related fees when it is evident that reasonable recovery procedures, including where deemed necessary, formal legal action, have failed. Allowance for doubtful accounts receivable A specific provision is established where it is considered likely that all or a portion of the amount due from customers renting safe assets, point of sale (“POS”) equipment, receiving support and maintenance or transaction services or purchasing licenses or SIM 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: Safe assets 8 years Computer equipment 3 to 8 years Office equipment 2 to 10 years Vehicles 3 to 8 years Furniture and fittings 3 to 10 years The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in income. |
Leases | Leases The Company determines whether an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets (“ROU”), operating lease liability - current, and operating lease liability – long term in its consolidated balance sheets. The Company does not have any significant finance leases as of June 30, 2022 and 2021, respectively, but its policy is to include finance leases in property and equipment, other payables, and other long-term liabilities in its consolidated 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 obligation 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 uses 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 prepayments 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 payments is recognized on a straight-line basis over the lease term. Leases (continued) 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 over 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 the operations of the company. Under the equity method, the Company initially records the investment at cost and thereafter adjusts the carrying value of the investment to recognize its proportional share of the equity-accounted company’s net income or loss. In addition, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee is added to the current basis of the Company’s previously held interest and the equity method would be applied subsequently from the date on which the Company obtains the ability to exercise significant influence over the investee. The Company releases a pro rata portion of the foreign currency translation reserve related to an equity-accounted investment that is included in accumulated other comprehensive income to earnings upon the sale of a portion of its ownership interest in the equity-accounted investment. The release of the pro rata portion of the foreign currency translation reserve is included in the measurement of the gain or loss on sale of a portion of the Company’s ownership interest in the equity-accounted investment. The Company does not recognize cumulative losses in excess of its investment or loans in an equity-accounted investment except if it has an obligation to provide additional financial support. Dividends received from an equity-accounted investment reduce the carrying value of the Company’s investment. The Company has elected to classify distributions received from equity method investees using the nature of the distribution approach. This election requires the Company to evaluate each distribution received on the basis of the source of the payment and classify the distribution as either operating cash inflows or investing cash inflows. The Company reviews its equity-accounted investments for impairment whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price of an acquired enterprise over the fair values of the identifiable assets acquired and liabilities assumed. The Company tests for impairment of goodwill on an annual basis and at any other time if events or circumstances change that would more likely than not reduce the fair value of the reporting unit’s goodwill below its carrying amount. Circumstances that could trigger an impairment test include but are not limited to: a significant adverse change in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; and results of testing for recoverability of a significant asset group within a reporting unit. If goodwill is allocated to a reporting unit and the carrying amount of the reporting unit exceeds the fair value of that reporting unit, an impairment loss is recorded in the statement of operations. Measurement of the fair value of a reporting unit is based on one or more of the following fair value measures: the amount at which the unit as a whole could be bought or sold in a current transaction between willing parties; present value techniques of estimated future cash flows; or valuation techniques based on multiples of earnings or revenue, or a similar performance measure. |
Intangible Assets | Intangible assets Intangible assets are shown at cost less accumulated amortization. Intangible assets are amortized over the following useful lives: Customer relationships 1 to 15 years Software, integrated platform and unpatented technology 3 to 10 years FTS patent 10 years Exclusive licenses 7 years Brands and trademarks 3 to 20 years Intangible assets are periodically evaluated for recoverability, and those evaluations take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists. |
Debt And Equity Securities | Debt and equity securities Debt securities The Company is required to classify all applicable debt securities as either trading securities, available for sale or held to maturity upon investment in the security. Trading Debt securities acquired by the Company which it intends to sell in the short-term are classified as trading securities and are initially measured at fair value. These debt securities are subsequently measured at fair value and realized and unrealized gains and losses from these trading securities are included in the Company’s consolidated statement of operations. Classification of a debt security as a trading security is not precluded simply because the Company does not intend to sell the security in the short term. The Company had no debt securities that were classified as trading securities as of June 30, 2022 and 2021, 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 classified them as trading securities or if it does not have the ability or positive intent to hold the debt security until maturity. The Company is required to make an election to account for these debt securities as available for sale. These available for sale debt securities are initially measured at fair value. These debt securities are subsequently measured at fair value with unrealized gains and losses from available for sale investments in debt securities reported as a separate component of accumulated other comprehensive income, net of deferred income taxes, in shareholders’ equity. The Company had no debt securities that were classified as available for sale securities as of June 30, 2022 and 2021, respectively. Held to maturity Debt securities acquired by the Company which it has the ability and the positive intent to hold to maturity are classified as held to maturity debt securities. The Company is required to make an election to classify these debt securities as held to maturity and these securities are carried at amortized cost. The amortized cost of held to maturity debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest received from the held to maturity security together with this amortization is included in interest income in the Company’s consolidated statement of operations. The Company had a held to maturity security as of June 30, 2022 and 2021, respectively, refer to Note 4. 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 securities 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 portion, which is measured as the difference between the debt security’s cost basis and its current fair value, is recognized in other comprehensive income, net of applicable taxes. Debt and equity securities (continued) Equity securities Equity securities are measured at fair value. Changes in the fair value of equity securities are recorded in the Company’s consolidated statement of operations within the caption titled “change in fair value of equity securities”. The Company may elect to measure equity securities without readily determinable fair values at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer (“cost minus changes in observable prices equity securities”). There were no changes in the fair value of the Company’s cost minus changes in observable prices equity securities during the year ended June 30, 2022 and 2020, respectively. Changes in the fair value of the Company’s cost minus changes in observable prices equity securities during the year ended June 30, 2021, are discussed in Note 9. The Company performs a qualitative assessment on a quarterly basis and recognizes an impairment loss if there are sufficient indicators that the fair value of the equity security is less than its carrying value. |
Policy Reserves And Liabilities | Policy reserves and liabilities Reserves for policy benefits and claims payable The Company determines its reserves for policy benefits under its life insurance products using a model which estimates claims incurred that have not been reported and total present value of disability claims-in-payment at the balance sheet date. This model allows for best estimate assumptions based on experience (where sufficient) plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The best estimate assumptions include (i) mortality and morbidity assumptions reflecting the company’s most recent experience and (ii) claim reporting delays reflecting Company specific and industry experience. Most of the disability claims-in-payment reserve is reinsured and the reported values were based on the reserve held by the relevant reinsurer. The values of matured guaranteed endowments are increased by late payment interest (net of the asset management fee and allowance for tax on investment income). Deposits on investment contracts For the Company’s interest-sensitive life contracts, liabilities approximate the policyholder’s account value. |
Reinsurance Contracts Held | Reinsurance contracts held The Company enters into reinsurance contracts with reinsurers under which the Company is compensated for the entire amount or a portion of losses arising on one 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-term balances due from reinsurers (classified within Accounts receivable, net and other receivables) as well as long-term receivables (classified within other long-term assets) that are dependent on the expected claims and benefits arising under the related reinsurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance contract. Reinsurance assets are assessed for impairment at each balance sheet date. If there is reliable objective evidence that amounts due may not be recoverable, the Company reduces the carrying amount of the reinsurance asset to its recoverable amount and recognizes that impairment loss in its consolidated statement of operations. Reinsurance premiums are recognized when due for payment under each reinsurance contract. |
Redeemable Common Stock | Redeemable common stock Common stock that is redeemable (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder, or (3) upon the occurrence of an event that is not solely within the control of Company is presented outside of total Lesaka equity (i.e. permanent equity). Redeemable common stock is initially recognized at issuance date fair value and the Company does not adjust the issuance date fair value if redemption is not probable. The Company re-measures the redeemable common stock to the maximum redemption amount at the balance sheet date once redemption is probable. Reduction in the carrying amount of the redeemable common stock is only appropriate to the extent that the Company has previously recorded increases in the carrying amount of the redeemable equity instrument as the redeemable common stock may be not be carried at an amount that is less 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 Telecom products and services The Company purchases airtime for resale to customers and acts as a principal in these transactions. The Company recognizes revenue as the airtime is delivered to the customer. Processing fees The Company earns processing fees from transactions processed for its customers. The Company provides its customers with transaction processing services that involve the collection, transmittal and retrieval of all transaction data in exchange for consideration upon completion of the transaction. In certain instances, the Company also provides a funds collection and settlement service for its customers. The Company also provides customers with cash management and digitization services which enables its merchant customers to deposit cash into digital vaults (safe assets) operated by the Company, after which the funds are then electronically accessible by customers to either transfer to their nominated bank account or to pay certain pre-selected suppliers. The Company considers each of these services as a single performance obligation. The Company’s contracts specify a transaction price for services provided. Processing revenue fluctuates based on the type and the volume of transactions processed. Revenue is recognized on the completion of the processed transaction. Customers that have a bank account managed by the Company are issued cards that can be utilized to withdraw funds at an ATM or to transact at a merchant point of sale device (“POS”). The Company earns processing fees from transactions processed for these customers. The Company’s contracts specify a transaction price for each service provided (for instance, ATM withdrawal, balance enquiry, etc.). Processing revenue fluctuates based on the type and volume of transactions performed by the customer. Revenue is recognized on the completion of the processed transaction. The Company, as a transaction processor and in the capacity of an agent, facilitates the delivery value added services (“VAS”) to its customers (including prepaid airtime, prepaid electricity and gaming vouchers) and earns a commission once these services are delivered to the customer. Revenue from these transactions fluctuates based on the volume of VAS services distributed. Account holder fees The Company provides bank accounts to customers and this service is underwritten by a regulated banking institution because the Company is not a bank. The Company charges its customers a fixed monthly bank account administration fee for all active bank accounts regardless of whether the account holder has transacted or not. The Company recognizes account holder fees on a monthly basis on all active bank accounts. Revenue from account holders’ fees fluctuates based on the number of active bank accounts. Lending revenue The Company provides short-term loans to customers (consumers) in South Africa and charges up-front initiation fees and monthly service fees. Initiation fees are recognized using the effective interest rate method, which requires the utilization of the rate of return implicit in the loan, that is, the contractual interest rate adjusted for any net deferred loan fees or costs, premium, or discount existing at the origination or acquisition of the loan. Monthly service fee revenue is recognized under the contractual terms of the loan. The monthly service fee amount is fixed upon initiation and does not change over the term of the loan. Interest earned from customers The Company provides short-term loans to merchants in South Africa and levies interest on the amount lent. The Company does not charge these customers up-front initiation fees or monthly service fees. Interest earned from customers is recognized using the effective interest rate method, which requires the utilization of the rate of return implicit in the loan, that is, the contractual interest rate adjusted for any net deferred loan fees or costs, premium, or discount existing at the origination or acquisition of the loan. The interest rate included in the contract with the customer generally changes with changes to benchmark rates of interest set by the South African Reserve Bank. Revenue recognition (continued) Nature of products and services (continued) Technology products The Company supplies hardware and licenses for its customers to use the Company’s technology. Hardware includes the sale of POS devices, SIM cards and other consumables which can occur on an ad hoc basis. The Company recognizes revenue from hardware at the transaction price specified in the contract as the hardware is delivered to the customer. Licenses include the right to use certain technology developed by the Company and the associated revenue is recognized ratably over the license period. Insurance revenue The Company writes life insurance contracts, and policy holders pay the Company a monthly insurance premium at the beginning of each month. Premium revenue is recognized on a monthly basis net of policy lapses. Policy lapses are provided for on the basis of expected non-payment of policy premiums. Accounts Receivable, Contract Assets and Contract Liabilities The Company recognizes accounts receivable when its right to consideration under its contracts with customers becomes unconditional. The Company has no contract assets or contract liabilities. |
Research And Development Expenditure | Research and development expenditure Research and development expenditure is charged to net income in the period in which it is incurred. During the years ended June 30, 2022, 2021 and 2020, the Company incurred research and development expenditures of $ 0.5 million, $ 0.3 million and $ 1.6 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 feasibility and completion of software development is generally short with immaterial amounts of development costs incurred during this period. Costs in respect of the development of software for the Company’s internal use are expensed as incurred, except to the extent that these costs are incurred during the application development stage. All other costs including those incurred in the project development and post-implementation stages are expensed as incurred. |
Income Taxes | Income taxes The Company provides for income taxes using the asset and liability method. This approach recognizes the amount of taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequence of events recognized in the financial statements and tax returns. Deferred income taxes are adjusted to reflect the effects of changes in tax laws or enacted tax rates. The Company measured its South African income taxes and deferred income taxes for the years ended June 30, 2022, 2021 and 2020, using the enacted statutory tax rate in South Africa of 28%. In establishing the appropriate deferred tax asset valuation allowances, the Company assesses the realizability of its deferred tax assets, and based on all available evidence, both positive and negative, determines whether it is more likely than not that the deferred tax assets or a portion thereof will be realized. Reserves for uncertain tax positions are recognized in the financial statements for positions which are not considered more likely than not of being sustained based on the technical merits of the position on audit by the tax authorities. For positions that meet the more likely than not standard, the measurement of the tax benefit recognized in the financial statements is based upon the largest amount of tax benefit that, in management’s judgement, is greater than 50% likely of being realized based on a cumulative probability assessment of the possible 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 method and records U.S. inclusions in taxable income related to global intangible low taxed income (“GILTI”) as a current-period expense when incurred. |
Stock-based Compensation | Stock-based compensation Stock-based compensation represents the cost related to stock-based awards granted. The Company measures equity-based stock-based compensation cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. In respect of awards with only service conditions that have a graded vesting schedule, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. The forfeiture rate is estimated using historical trends of the number of awards forfeited prior to vesting. The expense is recorded in the statement of operations and classified based on the recipients’ respective functions. The Company records deferred tax assets for awards that result in deductions on the Company’s income tax returns, based on the amount of compensation cost recognized and the Company’s statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company’s income tax return are recorded in income tax expense in the consolidated statement of operations. |
Equity Instruments Issued To Third Parties | Equity instruments issued to third parties Equity instruments issued to third parties represents the cost related to equity instruments granted. The Company measures this cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. The forfeiture rate is estimated based on the Company’s expectation of the number of awards that will be forfeited prior to vesting. The Company records deferred tax assets for equity instrument awards that result in deductions on the Company’s income tax returns, based on the amount of equity instrument cost recognized and the Company’s statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company’s income tax return are recorded in the statement of operations. |
Settlement Assets And Settlement Obligations | Settlement assets and settlement obligations The Company provides customers with cash management and digitization services which enable its merchant customers to deposit cash into digital vaults (safe assets) operated by the Company, after which the funds are then electronically accessible by customers to either transfer to their nominated bank account or to pay certain pre-selected suppliers. Settlement assets comprise (1) cash received from merchant customers from cash deposits into the Company’s safe assets, which are then electronically accessible by customers to either transfer to their nominated bank account or to pay certain pre-selected suppliers, (2) cash received from credit card companies (as well as other types of payment services) which have business relationships with merchants selling goods and services that are the Company’s customers and on whose behalf it processes the transactions between various parties, and (3), up until the sale of FIHRST, refer to Note 24, cash received from customers on whose behalf the Company processes payroll payments that the Company will disburse to customer employees, payroll-related payees and other payees designated by the customer. Settlement obligations comprise (1) amounts that the Company is obligated to disburse to merchant customers or to their nominated pre-selected suppliers, (2) amounts that the Company is obligated to disburse to merchants selling goods and services 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, and (3), 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. The balances at each reporting date may vary widely depending on the timing of the receipts and payments of these assets and obligations. |
Recent Accounting Pronouncements Adopted | Recent accounting pronouncements adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued guidance regarding Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement. The guidance modifies the disclosure requirements related to fair value measurement. The guidance became effective for the Company beginning July 1, 2021. The adoption of this guidance did not have a material impact on the Company’s financial statements or its footnote disclosures Recent accounting pronouncements adopted (continued) 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 guidance 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. The guidance became effective for the Company beginning July 1, 2021. The adoption of this guidance did not have a material impact on the Company’s financial statements or its footnote disclosures. |
Recent Accounting Pronouncements Not Yet Adopted As Of June 30, 2021 | Recent accounting pronouncements not yet adopted as of June 30, 2022 In June 2016, the FASB issued guidance regarding Measurement of Credit Losses on Financial Instruments . The guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans, and other financial instruments, an entity is required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses, which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for the Company beginning July 1, 2023. 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 material. 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 Reporting 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); Leases (ASC 842); Financial Instruments — Credit Losses (ASC 326); and Intangibles — Goodwill and Other (ASC 350). The guidance defers the adoption date of guidance regarding Measurement of Credit Losses on Financial Instruments by the Company from July 1, 2020 to July 1, 2023. 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 material. In October 2021, the FASB issued guidance which amends guidance in Business Combinations (Topic 805) regarding the recognition and measurement of contract assets and liabilities in a business combination. These items are recognized at fair value on acquisition under current guidance. The new guidance requires an acquiring entity to apply guidance in Revenue Recognition (Topic 606) to recognize and measure contract assets and contract liabilities in a business combination. This guidance is effective for the Company beginning July 1, 2022. 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 material. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Significant Accounting Policies [Abstract] | |
Schedule Of Property, Plant And Equipment Expected Economic Lives | Safe assets 8 years Computer equipment 3 to 8 years Office equipment 2 to 10 years Vehicles 3 to 8 years Furniture and fittings 3 to 10 years |
Schedule Of Intangible Assets Useful Lives | Customer relationships 1 to 15 years Software, integrated platform and unpatented technology 3 to 10 years FTS patent 10 years Exclusive licenses 7 years Brands and trademarks 3 to 20 years |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule Of Cash Paid Net Of Cash Received Related To Acquisition | 2022 Total cash paid $ 240,582 Less: cash acquired 38,423 Total cash paid, net of cash received (1) $ 202,159 (1) – represents the cash paid, net of cash acquired, to acquire a controlling interest in the Connect. |
Schedule Of Preliminary Purchase Price Allocation | Connect April 2022 Cash and cash equivalents $ 38,423 Accounts receivable 24,032 Finance loans receivable 15,706 Inventory 11,431 Property, plant and equipment 20,872 Operating lease right of use asset 753 Equity-accounted investment 73 Goodwill 153,693 Intangible assets 179,484 Deferred income taxes assets 2,284 Short term facilities ( 16,903) Accounts payable ( 27,914) Other payables ( 4,793) Operating lease liability – current ( 434) Current portion of long – term borrowings - Income taxes payable ( 982) Deferred income taxes liabilities ( 50,255) Operating lease liability - long-term ( 319) Long-term borrowings ( 86,960) Settlement assets 13,561 Settlement liabilities ( 12,875) Fair value of assets and liabilities on acquisition $ 258,877 |
Summary Of Fair Value Of 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, 2022: Connect – integrated platform $ 142,981 10 Connect – customer relationships 20,516 8 Connect –brands $ 15,987 10 |
Schedule Of Pro Forma Revenue, Net Income And Per Share Information | Unaudited Year ended June 30, 2022 2021 Revenue $ 509,727 $ 424,704 Net loss $ ( 56,232) $ ( 68,367) |
Accounts Receivable, Net And _2
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net [Abstract] | |
Schedule Of Accounts Receivable, Net And Other Receivables | June 30, June 30, 2022 2021 Accounts receivable, trade, net $ 13,904 $ 10,493 Accounts receivable, trade, gross 14,413 10,760 Allowance for doubtful accounts receivable, end of period 509 267 Beginning of period 267 253 Reversed to statement of operations ( 133) ( 182) Charged to statement of operations 779 232 Utilized ( 154) ( 59) Foreign currency adjustment ( 250) 23 Current portion of amount outstanding related to sale of interest in Bank Frick (Note 9) - 7,500 Loans provided to Carbon, net of allowance: 2022: $ 3,000; 2021: $ 3,000 - - Current portion of total held to maturity investments - - Investment in 7.625% of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625% notes - - Other receivables 14,994 8,590 Total accounts receivable, net $ 28,898 $ 26,583 |
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 assets held by Cedar Cellular, namely, Cedar Cellular’s investment in Cell C. (2) The cost basis is zero ($ 0.0 million). |
Schedule Of Finance Loans Receivable, Net | June 30, June 30, 2022 2021 Microlending finance loans receivable, net $ 20,058 $ 21,142 Microlending finance loans receivable, gross 21,452 23,491 Allowance for doubtful finance loans receivable, end of period 1,394 2,349 Beginning of period 2,349 1,858 Reversed to statement of operations ( 805) ( 1,004) Charged to statement of operations 1,268 2,060 Utilized ( 1,179) ( 967) Foreign currency adjustment ( 239) 402 Merchant finance loans receivable, net 13,834 - Merchant finance loans receivable, gross 14,131 - Allowance for doubtful finance loans receivable, end of period 297 - Beginning of period - - Charged to statement of operations 442 - Utilized - - Foreign currency adjustment ( 145) - Working capital finance loans receivable, net - - Working capital finance loans receivable, gross - - Allowance for doubtful finance loans receivable, end of period - - Beginning of period - 5,800 Utilized - ( 5,800) Total finance loans receivable, net $ 33,892 $ 21,142 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Inventory [Abstract] | |
Schedule Of Inventory | June 30, June 30, 2022 2021 Raw materials $ 2,446 $ - Work in progress 147 - Finished goods 31,633 22,361 $ 34,226 $ 22,361 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
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 ("WACC"): Between 16% and 24% over the period of the forecast Long-term growth rate: 3% ( 3% as of June 30, 2021) Marketability discount: 10% Minority discount: 15% Net adjusted external debt - June 30, 2022: (1) ZAR 13.5 billion ($ 0.8 billion), no lease liabilities included Net adjusted external debt - June 30, 2021: (2) ZAR 11.2 billion ($ 0.8 billion), no lease liabilities included (1) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2022. (2) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2021. |
Schedule Of Impact On Carrying Value Of Cell C Investment | Sensitivity for fair value of Cell C investment 1.9% increase (A) 3.2% decrease (A) WACC rate $ - $ 431 EBITDA margin $ 28 $ - |
Schedule Of Outstanding Foreign Exchange Contracts | Notional amount ('000) Strike price Fair market Maturity EUR 5.7 USD 1.1911 USD 1.1859 July 02, 2021 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | 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) 371 - - 371 Fixed maturity investments (included in cash and cash equivalents) 1,196 - - 1,196 Total assets at fair value $ 1,567 $ - $ - $ 1,567 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) 381 - - 381 Fixed maturity investments (included in cash and cash equivalents) 3,158 - - 3,158 Total assets at fair value $ 3,539 $ - $ - $ 3,539 |
Carrying Value Of Assets And Liabilities Measured On Recurring Basis | Carrying value Assets Balance as of June 30, 2021 $ - Foreign currency adjustment (1) - Balance as of June 30, 2022 $ - (1) The foreign currency adjustment represents the effects of the fluctuations of the South African rand against the U.S. dollar on the carrying value. Carrying value Assets Balance as at June 30, 2020 $ - Foreign currency adjustment (1) - Balance as of June 30, 2021 $ - (1) The foreign currency adjustment represents the effects of the fluctuations of the South African rand against the U.S. dollar on the carrying value. |
Property, Plant And Equipment_2
Property, Plant And Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant And Equipment, Net [Abstract] | |
Summary Of Cost, Accumulated Depreciation And Carrying Amount Of Property, Plant And Equipment | June 30, June 30, 2022 2021 Cost Safe assets $ 16,275 $ - Computer equipment 32,814 33,476 Furniture and office equipment 7,549 7,492 Motor vehicles 3,195 5,059 Plant and machinery 15 - $ 59,848 $ 46,027 Accumulated depreciation: Safe assets 939 - Computer equipment 26,420 29,662 Furniture and office equipment 6,060 6,587 Motor vehicles 1,829 2,286 Plant and machinery 1 - $ 35,249 $ 38,535 Carrying amount: Safe assets 15,336 - Computer equipment 6,394 3,814 Furniture and office equipment 1,489 905 Motor vehicles 1,366 2,773 Plant and machinery 14 - $ 24,599 $ 7,492 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Supplemental Balance Sheet Disclosure Related To Right-of-use Assets And Operating Leases Liabilities | June 30, June 30, 2022 2021 Right-of-use assets obtained in exchange for lease obligations Weighted average remaining lease term (years) 2.14 2.77 Weighted average discount rate 9.3 % 9.6 % Maturities of operating lease liabilities 2023 $ 2,896 2024 1,979 2025 1,228 2026 987 2027 1,004 Thereafter 1,725 Total undiscounted operating lease liabilities 9,819 Less imputed interest 2,494 Total operating lease liabilities, included in 7,325 Operating lease liability - current 2,498 Operating lease liability - long-term $ 4,827 |
Equity-Accounted Investments _2
Equity-Accounted Investments And Other Long-Term Assets (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Ownership Percentage Of Equity-Accounted Investments | June 30, June 30, 2022 2021 Finbond Group Limited (“Finbond”) 29 % 31 % Sandulela Technology Proprietary Limited ("Sandulela") 49 % - % Carbon 25 % 25 % SmartSwitch Namibia (Pty) Ltd (“SmartSwitch Namibia”) 50 % 50 % |
Summary Of Movement In Equity-Accounted Investments | Finbond Bank Frick Other (1) Total Investment in equity Balance as of June 30, 2020 $ 30,876 $ 29,739 $ 4,601 $ 65,216 Stock-based compensation ( 25) - - ( 25) Comprehensive (loss) income: ( 23,976) 1,156 ( 4,025) ( 26,845) Other comprehensive income ( 1,967) - - ( 1,967) Equity accounted (loss) earnings ( 22,009) 1,156 ( 4,025) ( 24,878) Share of net income (loss) ( 4,359) 1,156 ( 531) ( 3,734) Impairment ( 17,650) - ( 3,494) ( 21,144) Dividends received - - ( 194) ( 194) Sale of Bank Frick and Walletdoc - ( 32,892) ( 13) ( 32,905) Foreign currency adjustment (2) 2,947 1,997 ( 187) 4,757 Balance as of June 30, 2021 9,822 - 182 10,004 Stock-based compensation 14 - - 14 Comprehensive (loss) income: ( 2,426) - 16 ( 2,410) Other comprehensive income 1,239 - - 1,239 Equity accounted (loss) earnings ( 3,665) - 16 ( 3,649) Share of net income (loss) ( 3,665) - 16 ( 3,649) Dividends received - - ( 155) ( 155) Sale of shares in equity-accounted investment ( 630) - - ( 630) Equity-accounted investment acquired in business combination (Note 3) - - 74 74 Foreign currency adjustment (2) ( 1,020) - ( 16) ( 1,036) Balance as of June 30, 2022 $ 5,760 $ - $ 101 $ 5,861 Investment in loans: Balance as of June 30, 2020 $ - $ - $ 620 $ 620 Loans repaid - - ( 134) ( 134) Loans granted - - 1,238 1,238 Allowance for doubtful loans - - ( 1,738) ( 1,738) Foreign currency adjustment (2) - - 14 14 Balance as of June 30, 2021 - - - - Foreign currency adjustment (2) - - - - Balance as of June 30, 2022 $ - $ - $ - $ - Equity Loans Total Carrying amount as of : June 30, 2021 $ 10,004 $ - $ 10,004 June 30, 2022 $ 5,861 $ - $ 5,861 (1) Includes Carbon, Sandulela, SmartSwitch Namibia, V2 and Walletdoc; (2) The foreign currency adjustment represents the effects of the fluctuations of the Swiss franc, ZAR, Nigerian naira and Namibian dollar, against the U.S. dollar on the carrying value. 9. Equity-accounted investments and other long-term assets (continued) |
Summary Financial Information Of Equity-Accounted Investments | Finbond (1) Bank Frick (2) DNI Other (3) Balance sheet, as of February 28 June 30 June 30 Various Current assets (4) 2022 $ n/a $ n/a $ n/a $ 25,160 2021 n/a n/a n/a 24,151 Long-term assets 2022 300,253 n/a n/a 4,934 2021 278,941 n/a n/a 5,013 Current liabilities (4) 2022 n/a n/a n/a 28,025 2021 n/a n/a n/a 27,002 Long-term liabilities 2022 234,154 n/a n/a 5,733 2021 200,622 n/a n/a 5,734 Non-controlling interest 2022 11,781 n/a n/a - 2021 13,090 - n/a - Statement of operations, for the period ended February 28 June 30 (2) June 30 (5) Various Revenue 2022 80,656 n/a n/a 4,100 2021 95,847 35,641 n/a 6,420 2020 161,378 37,864 68,983 7,842 Operating income (loss) 2022 ( 21,017) n/a n/a 323 2021 ( 18,980) 3,860 n/a ( 2,406) 2020 17,483 4,815 24,563 ( 5,064) Income (loss) from continuing operations 2022 ( 18,379) n/a n/a 182 2021 ( 15,466) 3,303 n/a ( 2,534) 2020 14,449 4,053 17,092 ( 5,116) Net income (loss) 2022 ( 16,432) n/a n/a 182 2021 ( 17,889) 3,303 n/a ( 2,534) 2020 $ 6,433 $ 4,053 $ 15,772 $ ( 5,014) (1) Finbond balances included were derived from its publicly available information and presented for its years ended February; (2) Bank Frick disposed of in February 2021. Statement of operations information for Bank Frick is for the period from July 1, 2020 to January 31, 2021, and the full twelve months for fiscal 2020. (3) Includes Carbon, SmartSwitch Namibia, Sandulela, Revix, Walletdoc and V2, as appropriate. Balance sheet information for Carbon, Sandulela, and SmartSwitch Namibia is as of June 30, 2022 and 2021, 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 28/29 (as appropriate); (4) Bank Frick and Finbond are banks and do not present current and long-term assets and liabilities. All assets and liabilities of these two entities are included under the long-term caption; (5) Statement of operations information for DNI is for the period from July 1, 2019 to March 31, 2020. 9. Equity-accounted investments and other long-term assets (continued) |
Summary Of Other Long-Term Asset | June 30, June 30, 2022 2021 Total equity investments $ 76,297 $ 76,297 Investment in 10% (2021: 11%) of MobiKwik (1) 76,297 76,297 Investment in 15% of Cell C, at fair value (Note 6) - - Investment in 87.50% of CPS (Note 24) (1)(2) - - Total held to maturity investments - - Investment in 7.625% of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625% notes (3) - - Long-term portion of amount due related to sale of interest in Bank Frick (4) - 3,890 Policy holder assets under investment contracts (Note 11) 371 381 Reinsurance assets under insurance contracts (Note 11) 1,424 1,298 Total other long-term assets $ 78,092 $ 81,866 (1) The Company determined that MobiKwik and CPS do not have readily determinable fair values and therefore elected to record these investments 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. (2) On October 16, 2020, the High Court of South Africa, Gauteng Division, Pretoria ordered that CPS be placed into liquidation. (3) The note is included in accounts receivable, net and other receivables as of June 30, 2022 (refer to Note 4). (4) Long-term portion of amount due related to sale of interest in Bank Frick represents the amount that was due by the purchaser in July 2022, but was actually received in May 2022. |
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 $ 49,304 $ - $ 76,297 Investment in CPS - - - - Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26,993 $ 49,304 $ - $ 76,297 Cost basis Unrealized holding Unrealized holding Carrying gains losses value Equity securities: Investment in MobiKwik $ 26,993 $ 49,304 $ - $ 76,297 Investment in CPS Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26,993 $ 49,304 $ - $ 76,297 |
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 assets held by Cedar Cellular, namely, Cedar Cellular’s investment in Cell C. (2) The cost basis is zero ($ 0.0 million). |
Finbond Group Limited [Member] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Year ended June 30 2022 Loss on disposal of Finbond shares: Consideration received in cash $ 865 Less: carrying value of Finbond shares sold ( 630) Less: release of foreign currency translation reserve from accumulated other comprehensive loss ( 620) Add: release of stock-based compensation charge related to equity-accounted investment 9 Loss on sale of Finbond shares $ ( 376) |
Disposal Of DNI On April 1, 2020 [Member] | |
Schedule Of Calculation Of Gain (Loss) On Disposal | April 1 2020 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) |
Disposal Of Bank Frick on February 3, 2021 [Member] | |
Schedule Of Calculation Of Gain (Loss) On Disposal | February 2021 Loss on sale of Bank Frick: Consideration received in cash on February 3, 2021 $ 18,600 Consideration received with note on February 3, 2021, refer to (Note 4) 11,400 Less: transaction costs ( 42) Less: carrying value of Bank Frick ( 32,892) Add: release of foreign currency translation reserve from accumulated other comprehensive loss 2,462 Loss on sale of Bank Frick (1) $ ( 472) (1) The Company did not pay taxes related to the sale of Bank Frick because the base cost of its investment exceeded the sales consideration received. The Company does not believe that it will be able to utilize any capital loss, if any, generated because Net1 LI does not own any other capital assets and has since been deregistered. |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets, Net (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
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, 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 Liquidation of subsidiaries (2) ( 26,629) 26,629 - Foreign currency adjustment (1) 6,384 ( 1,400) 4,984 Balance as of June 30, 2021 42,949 ( 13,796) 29,153 Acquisition of Connect (Note 3) (3) 153,693 - 153,693 Foreign currency adjustment (1) ( 21,166) 977 ( 20,189) Balance as of June 30, 2022 $ 175,476 $ ( 12,819) $ 162,657 (1) – The foreign currency adjustment represents the effects of the fluctuations between the South African Rand and the Euro, against the U.S. dollar on the carrying value. (2) – The Company deconsolidated the goodwill and accumulated impairment related to entities it substantially liquidated during the year ended June 30, 2021. (3) – Represents goodwill arising from the acquisition of Connect and translated at the foreign exchange rate applicable on the date the transaction became effective. This goodwill has been allocated to the merchant reportable operating segment |
Goodwill Allocated To Reportable Segments | Consumer Merchant Other Carrying value Balance as of July 1, 2019 $ - $ 36,659 $ 657 $ 37,316 Impairment loss - ( 5,589) - ( 5,589) Disposal of FIHRST (Note 3) - ( 599) - ( 599) Foreign currency adjustment (1) - ( 6,959) - ( 6,959) Balance as of June 30, 2020 - 23,512 657 24,169 Liquidation of subsidiaries - - - - Foreign currency adjustment (1) - 4,984 - 4,984 Balance as of June 30, 2021 - 28,496 657 29,153 Acquisition of Connect - 153,693 - 153,693 Foreign currency adjustment (1) - ( 20,189) - ( 20,189) Balance as of June 30, 2022 $ - $ 162,000 $ 657 $ 162,657 (1) – The foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Euro, against the U.S. dollar on the carrying value. |
Carrying Value And Accumulated Amortization Of Intangible Assets | As of June 30, 2022 As of June 30, 2021 Gross carrying value Accumulated amortization Net carrying value Gross carrying value Accumulated amortization Net carrying value Finite-lived intangible assets: Customer relationships (1) $ 26,937 $ ( 9,140) $ 17,797 $ 10,340 $ ( 10,340) $ - Software, integrated platform and unpatented technology (1) 127,785 ( 3,075) 124,710 1,726 ( 1,726) - FTS patent 2,352 ( 2,352) - 2,679 ( 2,679) - Brands and trademarks (1) 16,018 ( 1,823) 14,195 2,015 ( 1,658) 357 Total finite-lived intangible assets $ 173,092 $ ( 16,390) 156,702 $ 16,760 $ ( 16,403) $ 357 (1) 2022 balances include the intangible assets acquired as part of the Connect acquisition in April 2022. |
Future Estimated Annual Amortization Expense | Fiscal 2023 $ 16,515 Fiscal 2024 16,516 Fiscal 2025 16,518 Fiscal 2026 16,518 Fiscal 2027 16,455 Thereafter 74,180 Total future estimated annual amortization expense $ 156,702 |
Assets And Policyholder Liabi_2
Assets And Policyholder Liabilities Under Insurance And Investment Contracts (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
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, 2020 $ 1,006 $ ( 1,370) Increase in policy holder benefits under insurance contracts 711 8,032 Claims and policyholders’ benefits under insurance contracts ( 632) ( 8,383) Foreign currency adjustment (3) 213 ( 290) Balance as of June 30, 2021 1,298 ( 2,011) Increase in policy holder benefits under insurance contracts 2,087 ( 9,540) Claims and policyholders’ benefits under insurance contracts ( 1,782) 9,336 Foreign currency adjustment (3) ( 179) 260 Balance as of June 30, 2022 $ 1,424 $ ( 1,955) (1) Included in other long-term assets (refer to Note 9); (2) Included in other long-term liabilities; (3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar. |
Summary Of Movement In Assets And Policyholder Liabilities Under Investment Contracts | Assets (1) Investment contracts (2) Balance as of July 1, 2020 $ 490 $ ( 490) Increase in policy holder benefits under investment contracts 13 ( 13) Claims and decrease in policyholders’ benefits under investment contracts ( 227) 227 Foreign currency adjustment (3) 105 ( 105) Balance as of June 30, 2021 381 ( 381) Increase in policy holder benefits under investment contracts 16 ( 16) Foreign currency adjustment (3) ( 26) 48 Balance as of June 30, 2022 $ 371 $ ( 349) (1) Included in other long-term assets (refer to Note 9); (2) Included in other long-term liabilities; (3) Represents the effects of the fluctuations of the ZAR against the U.S. dollar. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Borrowings [Abstract] | |
Summary Of Short-Term Credit Facilities | RMB RMB RMB Nedbank Facility E Indirect Connect Facilities Total Short-term facilities available as of June 30, 2022 $ 85,941 $ 8,287 $ 15,221 $ 9,610 $ 119,059 Overdraft - - 15,221 - 15,221 Overdraft restricted as to use for ATM funding only 85,941 - - - 85,941 Indirect and derivative facilities - 8,287 - 9,610 17,897 Movement in utilized overdraft facilities: Balance as of June 30, 2020 14,756 - - 58 14,814 Utilized 340,655 - - 19,428 360,083 Repaid ( 346,187) - - ( 19,253) ( 365,440) Foreign currency adjustment (1) 5,021 - - ( 233) 4,788 Balance as of June 30, 2021 (2) 14,245 - - - 14,245 Restricted as to use for ATM funding only 14,245 - - - 14,245 No restrictions as to use - - - - - Facilities acquired in transaction - - 16,903 - 16,903 Utilized 563,588 - 5,929 1,345 570,862 Repaid ( 517,948) - ( 6,189) ( 1,322) ( 525,459) Foreign currency adjustment (1) ( 8,547) - ( 1,763) ( 23) ( 10,333) Balance as of June 30, 2022 51,338 - 14,880 - 66,218 Restricted as to use for ATM funding only 51,338 - - - 51,338 No restrictions as to use - - 14,880 - 14,880 Interest rate as of June 30, 2022 (%) (3) 8.2500 8.2500 - Movement in utilized indirect and derivative facilities: Balance as of June 30, 2020 - - - 5,398 5,398 Utilized - - - 4,009 4,009 Foreign currency adjustment (1) - - - 1,540 1,540 Balance as of June 30, 2021 - - - 10,947 10,947 Guarantees cancelled - - - ( 4,240) ( 4,240) Utilized - 336 - - 336 Foreign currency adjustment (1) - ( 23) - ( 1,053) ( 1,076) Balance as of June 30, 2022 $ - $ 313 $ - $ 5,654 $ 5,967 (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. (2) As of June 30, 2021, there was $ 0.2 million offset against the Nedbank overdraft facilities. (3) Facility E and Connect facility interest set at prime, Nedbank interest rate set at prime less 1.15%. |
Summary Of Long-Term Borrowings | Facilities G & H A&B K2020 Asset backed Total Included in current $ - $ - $ - $ - $ - Included in long-term - - - - - Opening balance as of June 30, 2021 - - - - - Facilities utilized 77,069 - 472 1,310 78,851 Facilities acquired in transaction - 72,318 9,772 4,870 86,960 Facilities repaid ( 4,492) - ( 933) ( 156) ( 5,581) Non-refundable fees paid ( 1,307) - - - ( 1,307) Non-refundable fees amortized 196 18 37 - 251 Foreign currency adjustment (1) ( 8,112) ( 7,864) ( 1,002) ( 550) ( 17,528) Closing balance as of June 30, 2022 63,354 64,472 8,346 5,474 141,646 Included in current - 4,604 - 2,200 6,804 Included in long-term 63,354 59,868 8,346 3,274 134,842 Unamortized fees ( 976) ( 322) 35 - ( 1,263) Due within 2 years 64,330 4,603 8,311 2,338 79,582 Due within 3 years - 6,139 - 907 7,046 Due within 4 years - 9,975 - 29 10,004 Due within 5 years $ - $ 39,473 $ - $ - $ 39,473 Interest rates as of June 30, 2022 (%): 7.0 - 8.0 8.75 8.75 9.00 Base rate (%) 5.00 5.00 5.00 8.25 Margin (%) Varies 3.75 1.25 0.75 Footnote number (2)(3) (4) (5) (6) (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. (2) Interest on Facility G is calculated based on the 3-month JIBAR in effect from time to time plus a margin of (i) 3.00% per annum until January 13, 2023; and then (ii) from January 14, 2023, (x) 2.50% per annum if the Facility G balance outstanding is less than or equal to ZAR 250.0 million, or (y) 3.00% per annum if the Facility G balance is between ZAR 250.0 million to ZAR 450.0 million, or (z) 3.50% per annum if the Facility G balance is greater than ZAR 450.0 million. The interest rate shall increase by a further 2.00% per annum in the event of default (as defined in the Loan Documents). (3) Interest on Facility H is calculated based on JIBAR in effect from time to time plus a margin of 2.00% per annum which increases by a further 2.00% per annum in the event of default (as defined in the Loan Documents). (4) Interest on Facility A and Facility B is calculated based on JIBAR plus a margin, of approximately 3.75%, in effect from time to time. (5) Interest is charged at prime plus 1.25% per annum on the utilized balance. (6) Interest is charged at prime plus 1.00% per annum on the utilized balance. |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Other Payables [Abstract] | |
Schedule Of Other Payables | June 30, June 30, 2022 2021 Accruals $ 9,948 $ 7,501 Provisions 7,365 5,343 Payroll-related payables 1,306 884 Participating merchants' settlement obligation 114 137 Value-added tax payable 845 435 Vendor consideration due to sellers of Connect (Note 3) 1,459 - Other 13,325 13,288 $ 34,362 $ 27,588 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Common Stock [Abstract] | |
Schedule Of Number Of Shares, Net Of Treasury | 2022 2021 2020 Number of shares, net of treasury: Statement of changes in equity – common stock 62,324,321 56,716,620 57,118,925 Less: Non-vested equity shares that have not vested as of end of year (Note 17) 2,385,267 384,560 1,115,500 Number of shares, net of treasury excluding non-vested equity shares that have not vested 59,939,054 56,332,060 56,003,425 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive (Loss) Income [Abstract] | |
Change In Accumulated Other Comprehensive (Loss) Income Per Component | Accumulated foreign currency translation reserve Total Balance as of July 1, 2019 $ ( 195,812) $ ( 195,812) Release of foreign currency translation reserve: deconsolidation of CPS (Note 24) 32,451 32,451 Release of foreign currency translation reserve: disposal of Net1 Korea (Note 24) 14,228 14,228 Release of foreign currency translation reserve: disposal of DNI interest as an equity method investment (Note 9) 11,323 11,323 Release of foreign currency translation reserve: disposal of FIHRST (Note 24) 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 July 1, 2020 ( 169,075) ( 169,075) Release of foreign currency translation reserve: the disposal of Bank Frick (Note 9) ( 2,462) ( 2,462) Release of foreign currency translation reserve: liquidation of subsidiaries 605 605 Movement in foreign currency translation reserve related to equity-accounted investment ( 1,967) ( 1,967) Movement in foreign currency translation reserve 27,178 27,178 Balance as of July 1, 2021 ( 145,721) ( 145,721) Release of foreign currency translation reserve: disposal of Finbond equity securities (Note 9) 587 587 Release of foreign currency translation reserve: liquidation of subsidiaries 468 468 Movement in foreign currency translation reserve related to equity-accounted investment 1,239 1,239 Movement in foreign currency translation reserve ( 25,413) ( 25,413) Balance as of June 30, 2022 $ ( 168,840) $ ( 168,840) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Revenue [Abstract] | |
Revenue Disaggregated By Major Revenue Streams | Consumer Merchant Other Total Processing fees $ 28,982 $ 54,057 $ 1,695 $ 84,734 South Africa 28,982 48,305 - 77,287 Rest of world - 5,752 1,695 7,447 Technology products 277 25,891 - 26,168 South Africa 277 25,826 - 26,103 Rest of world - 65 - 65 Telecom products and services - 69,603 - 69,603 Lending revenue 21,573 - - 21,573 Interest from customers - 1,121 - 1,121 Insurance revenue 8,530 - - 8,530 Account holder fees 5,838 - - 5,838 Other 732 4,310 - 5,042 South Africa 732 4,259 - 4,991 Rest of world - 51 - 51 Total revenue, derived from the following geographic locations 65,932 154,982 1,695 222,609 South Africa 65,932 149,114 - 215,046 Rest of world $ - $ 5,868 $ 1,695 $ 7,563 Consumer Merchant Other Total Processing fees $ 32,042 $ 27,960 $ 3,318 $ 63,320 South Africa 32,042 27,960 - 60,002 Rest of world - - 3,318 3,318 Technology products 331 18,683 - 19,014 Telecom products and services - 13,422 - 13,422 Lending revenue 20,672 - - 20,672 Insurance revenue 6,605 - - 6,605 Account holder fees 5,342 - - 5,342 Other 1,157 1,254 - 2,411 Total revenue, derived from the following geographic locations 66,149 61,319 3,318 130,786 South Africa 66,149 61,319 - 127,468 Rest of world $ - $ - $ 3,318 $ 3,318 Consumer Merchant Other Total Processing fees $ 30,978 $ 24,876 $ 5,041 $ 60,895 South Africa 30,978 24,876 - 55,854 Rest of world - - 5,041 5,041 Technology products - 18,261 - 18,261 Telecom products and services - 22,631 - 22,631 Lending revenue 19,955 - - 19,955 Insurance revenue 5,212 - - 5,212 Account holder fees 12,628 - - 12,628 Other 2,225 2,492 - 4,717 Total revenue, derived from the following geographic locations 70,998 68,260 5,041 144,299 South Africa 70,998 68,260 - 139,258 Rest of world $ - $ - $ 5,041 $ 5,041 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Stock-Based Compensation [Abstract] | |
Summarized Stock Option Activity | 2022 2021 2020 Expected volatility 50 % 62 % 57 % Expected dividends 0 % 0 % 0 % Expected life (in years) 3 3 3 Risk-free rate 1.61 % 0.19 % 1.57 % |
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 ($) Outstanding - July 1, 2019 864,579 7.81 7.05 - 2.62 Granted – October 2019 561,000 3.07 10.00 676 1.20 Forfeited ( 93,928) 7.50 2.81 Outstanding - June 30, 2020 1,331,651 5.83 7.56 - 2.01 Granted – August 2020 150,000 3.50 3.00 166 1.11 Granted – November 2020 560,000 3.01 10.00 691 1.23 Exercised ( 17,335) 3.07 - 35 - Forfeited ( 729,484) 6.65 2.24 Outstanding - June 30, 2021 1,294,832 3.93 7.68 1,624 1.45 Granted – February 2022 137,620 4.87 10.00 235 1.71 Exercised ( 249,521) 3.05 - 470 - Forfeited ( 256,706) 4.53 1.69 Outstanding - June 30, 2022 926,225 4.14 6.60 1,249 1.60 Number of shares Weighted average exercise price ($) Weighted average remaining contractual term (in years) Aggregate intrinsic value ($’000) Vested and expecting to vest - June 30, 2022 926,225 4.14 6.60 1,249 Number of shares Weighted average exercise price ($) Weighted average remaining contractual term (in years) Aggregate intrinsic value ($’000) Exercisable - June 30, 2022 380,674 5.00 5.46 163 |
Restricted Stock Activity | Number of shares of restricted stock Weighted average grant date fair value ($’000) Non-vested – July 1, 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 Granted – May 2021 254,560 1,035 Total vested ( 311,300) ( 1,037) Vested – August 2020 ( 244,500) 812 Vested – September 2020 - accelerated vesting ( 66,800) 225 Total forfeitures ( 674,200) 2,690 Forfeitures - employee terminations ( 644,200) 2,542 Forfeitures – September 2018 awards with market conditions ( 30,000) 148 Non-vested – June 30, 2021 384,560 1,123 Total granted 2,168,110 11,097 Granted – July 2021 234,608 963 Granted – August 2021 44,986 192 Granted – November and December 2021 326,158 1,766 Granted – December 2021 50,300 269 Granted – February 2022 29,920 146 Granted – March 2022 207,859 1,097 Granted – April 2022 1,250,486 6,540 Granted – May 2022 23,793 124 Total granted and vested - November and December 2021 - - Granted - November and December 2021 71,647 393 Vested - November and December 2021 ( 71,647) ( 393) Total vested ( 61,861) 306 Total forfeitures ( 105,542) 542 Forfeitures - employee terminations ( 75,542) 382 Forfeitures – September 2018 awards with market conditions ( 30,000) 160 Non-vested – June 30, 2022 2,385,267 11,879 |
Recorded Net Stock Compensation Charge | Total charge Allocated to IT processing, servicing and support Allocated to selling, general and administration Year ended June 30, 2022 Stock-based compensation charge $ 3,082 $ - $ 3,082 Reversal of stock compensation charge related to stock options and restricted stock forfeited ( 120) - ( 120) Total - year ended June 30, 2022 $ 2,962 $ - $ 2,962 Year ended June 30, 2021 Stock-based compensation charge $ 1,430 $ - $ 1,430 Reversal of stock compensation charge related to stock options and restricted stock forfeited ( 1,086) - ( 1,086) Total - year ended June 30, 2021 $ 344 $ - $ 344 Year 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 - year ended June 30, 2020 $ 1,728 $ - $ 1,728 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax [Abstract] | |
Components Of Income Before Income Taxes | 2022 2021 2020 South Africa $ ( 31,266) $ ( 30,825) $ ( 26,230) United States ( 8,509) ( 6,686) ( 8,984) Liechtenstein ( 509) ( 810) ( 17,519) Other 384 32,702 ( 12,283) Loss before income taxes $ ( 39,900) $ ( 5,619) $ ( 65,016) |
Provision For Income Taxes By Location Of Taxing Jurisdiction | 2022 2021 2020 Current income tax expense (benefit) $ 2,309 $ 859 $ 1,652 South Africa 2,309 866 1,552 United States - ( 75) 12 Other - 68 88 Deferred taxation (benefit) charge ( 2,044) 6,691 932 South Africa ( 2,154) ( 2,039) 653 United States - 9,136 - Other 110 ( 406) 279 Foreign tax credits generated – United States 62 10 72 Income tax provision $ 327 $ 7,560 $ 2,656 |
Reconciliation Of Income Taxes | 2022 2021 2020 Income taxes at fully-distributed South African tax rates 28.00 % 28.00 % 28.00 % Movement in valuation allowance ( 22.05) % ( 250.16) % 1.64 % Non-deductible items ( 6.59) % ( 58.40) % ( 10.38) % Foreign tax rate differential 0.02 % 51.21 % ( 4.17) % Capital gains differential 0.11 % 93.03 % ( 1.59) % Prior year adjustments 0.01 % 1.77 % ( 0.01) % Release from FCTR ( 0.33) % - - ( 14.65) % Subpart F inclusions - - - - ( 2.85) % Foreign tax credits - - - - ( 0.08) % Taxation on deemed dividends in the United States - - - - - - Transition Tax - - - - - - Income tax provision ( 0.83) % ( 134.55) % ( 4.09) % |
Schedule Of Deferred Tax Assets And Liabilities | June 30, June 30, 2022 2021 Total deferred tax assets Capital losses related to investments $ 42,587 $ 47,518 Net operating loss carryforwards 40,384 36,329 Foreign tax credits 32,671 32,737 Provisions and accruals 3,163 2,123 FTS patent 95 163 Other 2,063 654 Total deferred tax assets before valuation allowance 120,963 119,524 Valuation allowances ( 117,101) ( 118,777) Total deferred tax assets, net of valuation allowance 3,862 747 Total deferred tax liabilities: Intangible assets 43,876 100 Investments 10,354 10,354 Other 67 87 Total deferred tax liabilities 54,297 10,541 Reported as Long-term deferred tax assets 3,776 622 Long-term deferred tax liabilities 54,211 10,415 Net deferred income tax liabilities $ 50,435 $ 9,793 |
Movement In Valuation Allowance | Total Capital losses related to investments Net operating loss carry-forwards Foreign tax credits Other July 1, 2020 $ 106,433 $ 36,721 $ 32,273 $ 32,799 $ 4,640 Charged to statement of operations 16,376 3,532 13,264 - ( 420) Reversed to statement of operations ( 14,840) - ( 13,687) ( 62) ( 1,091) Utilized ( 1,422) - ( 135) - ( 1,287) Foreign currency adjustment 12,230 7,265 4,555 - 410 June 30, 2021 118,777 47,518 36,270 32,737 2,252 Charged to statement of operations 8,119 195 7,647 - 277 Reversed to statement of operations ( 301) - ( 167) ( 66) ( 68) Utilized ( 1) - ( 1) - - Foreign currency adjustment ( 9,493) ( 5,126) ( 4,097) - ( 270) June 30, 2022 $ 117,101 $ 42,587 $ 39,652 $ 32,671 $ 2,191 |
Schedule Of Net Operating Loss Carryforwards | Year of expiration U.S. net operating loss carry forwards 2024 $ 775 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
(Loss) Earnings Per Share [Abstract] | |
Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations | 2022 2021 2020 (in thousands except percent and per share data) Numerator: Net loss attributable to Lesaka $ ( 43,876) $ ( 38,057) $ ( 78,358) Undistributed (loss) earnings ( 43,876) ( 38,057) ( 78,358) Continuing ( 43,876) ( 38,057) ( 97,214) Discontinued $ - $ - $ 18,856 Percent allocated to common shareholders (Calculation 1) 98% 99% 98% Numerator for (loss) earnings per share: basic and diluted $ ( 43,006) $ ( 37,825) $ ( 76,827) Continuing ( 43,006) ( 37,825) ( 95,315) Discontinued $ - $ - $ 18,488 Denominator Denominator for basic (loss) earnings per share: weighted-average common shares outstanding 57,207 56,332 56,003 Effect of dilutive securities: Stock options - 259 - Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion 57,207 56,591 56,003 (Loss) Earnings per share: Basic $ ( 0.75) $ ( 0.67) $ ( 1.37) Continuing $ ( 0.75) $ ( 0.67) $ ( 1.70) Discontinued $ - $ - $ 0.33 Diluted $ ( 0.75) $ ( 0.67) $ ( 1.37) Continuing $ ( 0.75) $ ( 0.67) $ ( 1.70) Discontinued $ - $ - $ 0.33 (Calculation 1) Basic weighted-average common shares outstanding (A) 57,207 56,332 56,003 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 58,364 56,678 57,119 Percent allocated to common shareholders (A) / (B) 98% 99% 98% |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Disclosures | 2022 2021 2020 Cash received from interest $ 2,065 $ 2,222 $ 3,057 Cash paid for interest $ 5,817 $ 3,056 $ 6,050 Cash paid for income taxes $ 1,138 $ 16,608 $ 5,001 |
Schedule Of Disaggregation Of Cash, Cash Equivalents And Restricted Cash | 2022 2021 2020 Continuing $ 43,940 $ 198,572 $ 217,671 Restricted cash 60,860 25,193 14,814 Cash, cash equivalents and restricted cash $ 104,800 $ 223,765 $ 232,485 |
Supplemental Cash Flow Disclosure Related To Leases | 2022 2021 2020 Cash paid related to lease liabilities Operating cash flows from operating leases $ 3,971 $ 4,050 $ 3,603 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 6,054 $ 3,000 $ 2,974 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Operating Segments [Abstract] | |
Reconciliation Of Reportable Segments Revenue | Revenue Reportable Segment Inter-segment From external customers Consumer $ 65,932 $ - $ 65,932 Merchant 155,366 384 154,982 Other 1,695 - 1,695 Total for the year ended June 30, 2022 $ 222,993 $ 384 $ 222,609 Consumer $ 66,149 $ - $ 66,149 Merchant 61,478 159 61,319 Other 3,318 - 3,318 Total for the year ended June 30, 2021 $ 130,945 $ 159 $ 130,786 Consumer $ 70,998 $ - $ 70,998 Merchant 68,659 399 68,260 Other 5,041 - 5,041 Total for the year ended June 30, 2020 $ 144,698 $ 399 $ 144,299 |
Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income | 2022 2021 2020 Reportable segments measure of profit or loss $ ( 10,424) $ ( 31,949) $ ( 20,828) Operating loss: Corporate/Eliminations ( 18,241) ( 13,428) ( 8,773) Lease adjustments ( 3,955) ( 4,148) ( 3,664) Depreciation and amortization ( 7,575) ( 4,347) ( 4,647) Impairment loss - - ( 6,336) Gain related to fair value adjustment to currency options 3,691 - - Gain on disposal of equity securities 720 - - Loss on disposal of equity-accounted investment (Note 9) ( 376) ( 13) Change in fair value of equity securities (Note 3) - 49,304 - Loss on disposal of equity-accounted investment - Bank Frick (Note 9) - ( 472) Gain on disposal of FIHRST (Note 3) - - 9,743 Loss on disposal of DNI interest as an equity method investment (Note 3) - - ( 1,010) Loss on deconsolidation of CPS (Note 3) - - ( 7,148) Termination fee to cancel Bank Frick option - - ( 17,517) Interest income 2,089 2,416 2,805 Interest expense ( 5,829) ( 2,982) ( 7,641) Loss before income taxes $ ( 39,900) $ ( 5,619) $ ( 65,016) |
Summary Of Segment Information | 2022 2021 2020 Reportable segment revenue Consumer $ 65,932 $ 66,149 $ 70,998 Merchant 155,366 61,478 68,659 Other 1,695 3,318 5,041 Total reportable segment revenue 222,993 130,945 144,698 Segment Adjusted EBITDA Consumer (1) ( 22,232) ( 26,303) ( 13,989) Merchant 11,305 4,728 5,176 Other 503 ( 10,374) ( 12,015) Total Segment Adjusted EBITDA ( 10,424) ( 31,949) ( 20,828) Corporate/Eliminations ( 18,241) ( 13,428) ( 8,773) Subtotal ( 28,665) ( 45,377) ( 29,601) Less: Lease adjustments 3,955 4,148 3,664 Less: Depreciation and amortization 7,575 4,347 4,647 Total operating loss ( 40,195) ( 53,872) ( 44,248) Depreciation and amortization Consumer 1,660 3,071 3,220 Merchant 2,128 795 534 Other 58 122 502 Subtotal: Operating segments 3,846 3,988 4,256 Corporate/Eliminations 3,729 359 391 Total 7,575 4,347 4,647 Expenditures for long-lived assets Consumer 1,712 3,433 2,540 Merchant 2,811 829 1,193 Other 35 23 702 Subtotal: Operating segments 4,558 4,285 4,435 Corporate/Eliminations - - - Total $ 4,558 $ 4,285 $ 4,435 (1) Consumer Segment Adjusted EBITDA for the year ended June 30, 2022, includes reorganization costs of $ 5.9 million (refer also Note 1). |
Long-Lived Assets Based On Geographical Location | Long-lived assets 2022 2021 2020 South Africa $ 359,725 $ 50,754 $ 68,521 Liechtenstein - investment in Bank Frick (Note 9) - - 29,739 India - investment in MobiKwik (Note 9) 76,297 76,297 26,993 Rest of world 2,811 6,962 9,119 Total $ 438,833 $ 134,013 $ 134,372 |
Dispositions And Discontinued_2
Dispositions And Discontinued Operations (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule Of Major Captions That Have Not Been Separately Presented On Related To Discontinued Operation | 2020 Total (Net1 Korea) Consolidated statement of operations Discontinued: Revenue $ 85,375 Cost of goods sold, IT processing, servicing and support 37,377 Selling, general and administration 30,562 Depreciation and amortization 8,652 Impairment loss - Operating income 8,784 Interest income 678 Interest expense 106 Net income before tax 9,356 Income tax expense 2,954 Net income before earnings from equity-accounted investments 6,402 Earnings from equity-accounted investments - Net income from discontinued operations $ 6,402 Consolidated statement of cash flows Discontinued: Total net cash provided by operating activities $ 3,758 Total net cash provided by (used) in investing activities $ 1,524 |
Ksnet [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 10) 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 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 15) 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 paid related to the disposal of Net1 Korea (refer to Note 18). The Company also agreed that the purchaser withhold potential 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 amounts, on behalf of Net1 BV, to the South Korean tax authorities. Net1 BV commenced a process to claim a refund from the South Korean tax authorities of the potential amount withheld and received this amount of approximately $ 20.1 million (KRW 23.8 billion) in September 2020. The Company included the expected amount to be refunded in the caption Accounts receivable, net and other receivables in its consolidated balance sheet as of June 30, 2020. (2) Transaction costs include expenses incurred by the Company of $ 7.5 million directly related to the disposal of Net1 Korea and paid 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. |
FIHRST [Member] | |
Impact Of Deconsolidation And Calculation Of Net Gain Recognized On Deconsolidation | FIHRST December 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 10) 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 15) 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 was utilized as a result of the disposal of FIHRST and, therefore, the equivalent portion of the valuation allowance created was released. |
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 10) - Deferred income taxes assets (Note 18) - Accounts payable ( 238) Other payables ( 33,160) Released from accumulated other comprehensive income – foreign currency translation reserve (Note 15) 32,451 Gain 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 wrote these amounts off as it did not believe that they were 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. The 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. |
Description Of Business And B_3
Description Of Business And Basis Of Presentation (Narrative) (Details) $ in Thousands, R in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Aug. 31, 2021 | Jul. 31, 2021 Item | Mar. 31, 2022 USD ($) | Mar. 31, 2022 ZAR (R) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 ZAR (R) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||
Proceeds from insurance settlements | R | R 38.6 | |||||||
Reorganization costs | $ | $ 6,025 | $ 0 | $ 0 | |||||
South Africa [Member] | ||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||
Retrenchment costs | $ 6,700 | R 103.4 | ||||||
Reorganization costs | $ | 5,900 | |||||||
South Africa [Member] | July 2021 Civil Unrest In South Africa [Member] | ||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||
Number of ATMs suffered damage | Item | 173 | |||||||
Number of branches suffered damage | Item | 19 | |||||||
Decrease in ATMs transaction volumes, percent | 3% | 13% | ||||||
Lost transaction fee revenue | $ 400 | R 6 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Research and development expenditures | $ 0.5 | $ 0.3 | $ 1.6 |
Statutory income tax rate | 28% | 28% | 28% |
South Africa [Member] | |||
Statutory income tax rate | 28% | 28% | 28% |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule Of Property, Plant And Equipment Expected Economic Lives) (Details) | 12 Months Ended |
Jun. 30, 2022 | |
Safe Assets [Member] | |
Property, Plant and Equipment Useful Life | 8 years |
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 |
Motor Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Life | 3 years |
Motor 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 |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule Of Intangible Assets Useful Lives) (Details) | 12 Months Ended |
Jun. 30, 2022 | |
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, Integrated Platform And Unpatented Technology [Member] | Minimum [Member] | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 3 years |
Software, Integrated Platform And Unpatented Technology [Member] | Maximum [Member] | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 10 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 |
Brands And Trademarks [Member] | Minimum [Member] | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 3 years |
Brands And Trademarks [Member] | Maximum [Member] | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 20 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ / shares in Units, $ in Thousands, R in Millions | 3 Months Ended | 12 Months Ended | |||||
Apr. 14, 2022 USD ($) Item $ / shares shares | Apr. 14, 2022 ZAR (R) Item shares | Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | Apr. 14, 2022 ZAR (R) | |
Business Acquisition [Line Items] | |||||||
Payment for the subscription agreements in cash | $ 0 | $ 0 | $ 2,500 | ||||
Other long-term liabilities | $ 2,466 | 2,466 | $ 2,576 | ||||
Total cash paid | 240,582 | ||||||
Maximum borrowing capacity | 119,059 | 119,059 | |||||
Connect [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 179,484 | ||||||
Acquisition related costs | 6,000 | ||||||
Deferred tax liabilities related to acquisition of intangible assets | 50,300 | $ 50,300 | |||||
Business combination consideration transferred amount | 258,900 | R 3,800 | |||||
Total cash paid | 240,600 | 3,500 | |||||
Contingent consideration | 1,600 | R 23.8 | |||||
Shares issued in business combination | $ 16,700 | R 241.9 | |||||
Business acquisition number of issuable number of shares | shares | 3,185,079 | 3,185,079 | |||||
Numerator for calculation for business acquisition, amount | R | R 350 | ||||||
Denominator for calculation for business acquisition, per share | $ / shares | $ 7.50 | ||||||
Exchange rate | 14.65165 | 14.65165 | |||||
Revenue since the closing of the acquisitions | 86,200 | ||||||
Net loss since the closing of the acquisition | $ 3,200 | ||||||
Closing price, per share | $ / shares | $ 5.23 | ||||||
Business acquisition, implementation period | 24 months | ||||||
Number of tranches | Item | 3 | 3 | |||||
Connect [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
ESOP equal to value of company issued shares, percent | 5% | 5% | |||||
ESOP equal to value of company issued shares, shares | shares | 3,000,000 | 3,000,000 | |||||
Connect [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
ESOP equal to value of company issued shares, percent | 3% | 3% | |||||
ESOP equal to value of company issued shares, shares | shares | 1,800,000 | 1,800,000 | |||||
Connect [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite lived Intangible Assets Acquired1 | $ 20,516 | ||||||
Sale Agreement [Member] | Connect [Member] | RMB Member [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Maximum borrowing capacity | R | R 2,400 | ||||||
Sale Agreement [Member] | Connect [Member] | RMB Member [Member] | Financing Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Maximum borrowing capacity | R | 1,100 | ||||||
Sale Agreement [Member] | Connect [Member] | RMB Member [Member] | Financing Agreements CCMS RMB [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Maximum borrowing capacity | R | 1,300 | ||||||
Sale Agreement [Member] | Connect [Member] | RMB Member [Member] | CCMS New Debt [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Maximum borrowing capacity | R | R 250 |
Acquisitions (Schedule Of Cash
Acquisitions (Schedule Of Cash Paid Net Of Cash Received Related To AcquisitionI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Business Acquisition [Line Items] | |||
Total cash paid | $ 240,582 | ||
Less: cash acquired | 38,423 | ||
Total cash paid, net of cash received | $ 202,159 | $ 0 | $ 0 |
Acquisitions (Schedule Of Preli
Acquisitions (Schedule Of Preliminary Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Apr. 14, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 162,657 | $ 29,153 | $ 24,169 | $ 37,316 | |
Connect [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 38,423 | ||||
Accounts receivable | 24,032 | ||||
Finance loans receivable | 15,706 | ||||
Inventory | 11,431 | ||||
Property, plant and equipment | 20,872 | ||||
Operating lease right of use asset | 753 | ||||
Equity-accounted investment | 73 | ||||
Goodwill | 153,693 | ||||
Intangible assets | 179,484 | ||||
Deferred income taxes assets | 2,284 | ||||
Short term facilities | (16,903) | ||||
Accounts payable | (27,914) | ||||
Other payables | (4,793) | ||||
Operating lease liability - current | (434) | ||||
Current portion of long-term borrowings | 0 | ||||
Income taxes payable | (982) | ||||
Deferred income taxes liabilities | (50,255) | ||||
Operating lease liability - long-term | (319) | ||||
Long-term borrowings | (86,960) | ||||
Settlement assets | 13,561 | ||||
Settlement liabilities | (12,875) | ||||
Fair value of assets and liabilities on acquisition | $ 258,877 |
Acquisitions (Summary Of Fair V
Acquisitions (Summary Of Fair Value Of Intangible Assets Acquired And Weighted-Average Amortization Period) (Details) - Connect [Member] $ in Thousands | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Software And Unpatented Technology [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Fair value as of acquisition date, finite lived intangible assets | $ 142,981 |
Weighted-average amortization period (in years) | 10 years |
Customer Relationships [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Fair value as of acquisition date, finite lived intangible assets | $ 20,516 |
Weighted-average amortization period (in years) | 8 years |
Brands [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Fair value as of acquisition date, finite lived intangible assets | $ 15,987 |
Weighted-average amortization period (in years) | 10 years |
Acquisitions (Schedule Of Pro F
Acquisitions (Schedule Of Pro Forma Revenue, Net Income And Per Share Information) (Details) - Connect [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Business Acquisition [Line Items] | ||
Revenue | $ 509,727 | $ 424,704 |
Net loss | $ (56,232) | $ (68,367) |
Accounts Receivable, Net And _3
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2022 | Oct. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Feb. 03, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds from disposal of equity method investments (Note 9) | $ 865,000 | |||||
Interest income | 2,089,000 | $ 2,416,000 | $ 2,805,000 | |||
Working capital finance loans receivable, net | 0 | 0 | ||||
Cedar Cellular Investment1 Ltd [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest income | $ 0 | 0 | 0 | |||
Investment In Cedar Cellular Investment One [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Equity ownership percentage | 7.625% | |||||
Investment In Cedar Cellular Investment One [Member] | Notes8.625 Percent [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Debt instrument stated interest rate | 8.625% | |||||
Bank Frick [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds from disposal of equity method investments (Note 9) | $ 3,900,000 | $ 7,500,000 | $ 11,390,000 | 18,568,000 | 0 | |
Consideration received in cash | $ 15,000,000 | |||||
Trade Accounts Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Remaining receivable amount | 28,898,000 | 26,583,000 | ||||
Accounts receivable, trade, gross | 14,413,000 | 10,760,000 | ||||
Other receivables | $ 14,994,000 | $ 8,590,000 | ||||
Microlending Finance [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan book, ZAR term, percent | 4% | |||||
Gross loan allowance provision book, percent | 6.50% | 10% | ||||
Carbon Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, trade, gross | $ 3,000,000 | |||||
Allowance for doubtful loans receivable | $ 3,000,000 | |||||
Notes Receivable One [Member] | Investment In Cedar Cellular Investment One [Member] | Cedar Cellular Investment1 Ltd [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value of investment in a note | $ 0 | $ 0 | ||||
Receivable, interest rate | 24.82% | 24.82% | ||||
Transactions-Switching Funds [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other receivables | $ 3,300,000 |
Accounts Receivable, Net And _4
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net (Schedule Of Accounts Receivable, Net And Other Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Investment In Cedar Cellular Investment One [Member] | Notes8.625 Percent [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest rate | 8.625% | |
Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, trade, net | $ 13,904 | $ 10,493 |
Accounts receivable, trade, gross | 14,413 | 10,760 |
Allowance for doubtful accounts receivable, end of period | 509 | 267 |
Beginning of year | 267 | 253 |
Reversed to statement of operations | (133) | (182) |
Charged to statement of operations | 779 | 232 |
Utilized | (154) | (59) |
Foreign currency adjustment | (250) | 23 |
Current portion of amount outstanding related to sale of remaining interest in Bank Frick (Note 8) | 0 | 7,500 |
Other receivables | 14,994 | 8,590 |
Total accounts receivable, net | 28,898 | 26,583 |
Accounts Receivable [Member] | Held To Maturity Investments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, trade, gross | 0 | 0 |
Accounts Receivable [Member] | Investment In Cedar Cellular Investment One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, trade, gross | 0 | 0 |
Carbon [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan receivable allowance | 3,000 | 3,000 |
Carbon [Member] | Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan provided | $ 0 | $ 0 |
Cedar Cellular Investment1 Ltd [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Equity ownership percentage | 7.625% | 7.625% |
Cedar Cellular Investment1 Ltd [Member] | Notes8.625 Percent [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest rate | 8.625% | 8.625% |
Accounts Receivable, Net And _5
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net (Summary Of Contractual Maturity Of Investment) (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net [Abstract] | |
Due in one year or less | $ 0 |
Due in one year through five years | 0 |
Due in five years through ten years | 0 |
Due after ten years | 0 |
Total, Cost basis | 0 |
Due in one year or less, Estimated fair value | 0 |
Due in one year through five years, Estimated fair value | 0 |
Due in five years through ten years, Estimated fair value | 0 |
Due after ten years, Estimated fair value | 0 |
Total, Estimated fair value | $ 0 |
Accounts Receivable, Net And _6
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, 2022 | Jun. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance loans receivable, net | $ 33,892 | $ 21,142 |
Total accounts receivable, net | 33,892 | 21,142 |
Microlending Finance Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance loans receivable, net | 20,058 | 21,142 |
Receivable, gross | 21,452 | 23,491 |
Allowance for doubtful finance loans receivable, end of period | 1,394 | 2,349 |
Beginning of period | 2,349 | 1,858 |
Reversed to statement of operations | (805) | (1,004) |
Charged to statement of operations | 1,268 | 2,060 |
Utilized | (1,179) | (967) |
Foreign currency adjustment | (239) | 402 |
Merchant Finance Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance loans receivable, net | 13,834 | 0 |
Receivable, gross | 14,131 | 0 |
Allowance for doubtful finance loans receivable, end of period | 297 | 0 |
Beginning of period | 0 | 0 |
Charged to statement of operations | 442 | 0 |
Utilized | 0 | 0 |
Foreign currency adjustment | (145) | 0 |
Working Capital Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance loans receivable, net | 0 | 0 |
Receivable, gross | 0 | 0 |
Allowance for doubtful finance loans receivable, end of period | 0 | 0 |
Beginning of period | 0 | 5,800 |
Utilized | $ 0 | $ (5,800) |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2022 | |
Inventory [Line Items] | |||
Finished goods | $ 22,361 | $ 31,633 | |
Loss related to airtime inventory | 0 | $ 1,298 | |
Airtime Inventory Subject To Sale Restrictions [Member] | |||
Inventory [Line Items] | |||
Finished goods | $ 16,500 | $ 13,700 |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Inventory [Abstract] | ||
Raw materials | $ 2,446 | $ 0 |
Work in progress | 147 | 0 |
Finished goods | 31,633 | 22,361 |
Inventory | $ 34,226 | $ 22,361 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) Item shares | Jun. 30, 2021 USD ($) shares | |
Derivatives, Fair Value [Line Items] | ||||
Outstanding foreign exchange contracts | Item | 0 | |||
Transfers into or out of Level 3 | $ 0 | $ 0 | ||
Foreign currency transaction realized gain | 3,700,000 | |||
Net gain related to fair value adjustment to currency options | 6,100,000 | |||
(Gain) Loss related to fair value adjustment to currency options | $ 2,400,000 | $ 2,400,000 | ||
Nonrecurring [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Liabilities measured at fair value | 0 | |||
Cell C [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Investment amount owned | $ 0 | $ 0 | ||
Equity method investment, percentage of ownership interest | 0% | |||
Cell C [Member] | Minimum [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Increase decrease in weighted average cost of capital | (3.20%) | |||
Cell C [Member] | Maximum [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Increase decrease in weighted average cost of capital | 1.90% | |||
Cell C [Member] | Class A [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Investment shares owned | shares | 75,000,000 | 75,000,000 |
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) - Cell C [Member] R in Billions, $ in Billions | 12 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 ZAR (R) | Jun. 30, 2021 ZAR (R) | |
Net adjusted external debt | $ 0.8 | $ 0.8 | R 13.5 | R 11.2 |
Weighted Average Cost of Capital (WACC) Rate [Member] | Minimum [Member] | ||||
Investment fair value measurement inputs | 16% | |||
Weighted Average Cost of Capital (WACC) Rate [Member] | Maximum [Member] | ||||
Investment fair value measurement inputs | 24% | |||
Long Term Growth Rate [Member] | ||||
Investment fair value measurement inputs | 3% | 3% | ||
Marketability Discount [Member] | ||||
Investment fair value measurement inputs | 10% | |||
Minority Discount [Member] | ||||
Investment fair value measurement inputs | 15% |
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, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Percentage increase not impacting investment value | 1% |
Percentage decrease not impacting investment value | 1% |
Percentage increase impacting investment value | 1.90% |
Percentage decrease impacting investment value | 3.20% |
1.9% 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 |
1.9% Increase [Member] | EBITDA Multiple [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Sensitivity for fair value of Cell C investment | 28 |
3.2% 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 | 431 |
3.2% 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 (Schedule Of Outstanding Foreign Exchange Contracts) (Details) - Foreign Exchange Contract [Member] | Jun. 30, 2021 EUR (€) $ / Unit |
Derivatives, Fair Value [Line Items] | |
Notional amount | € | € 5,700 |
Strike price | 1.1911 |
Fair market | 1.1859 |
Fair Value Of Financial Instr_7
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
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 | $ 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) | 371 | 381 | |
Fixed maturity investments (included in cash and cash equivalents) | 1,196 | 3,158 | |
Total assets at fair value | 1,567 | 3,539 | |
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) | 371 | 381 | |
Fixed maturity investments (included in cash and cash equivalents) | 1,196 | 3,158 | |
Total assets at fair value | 1,567 | 3,539 | |
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 | $ 0 |
Fair Value Of Financial Instr_8
Fair Value Of Financial Instruments (Carrying Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Liabilities | |||
Foreign currency adjustment | $ 466 | $ (840) | $ 340 |
Recurring [Member] | |||
Assets | |||
Beginning balance, Carrying value | 3,539 | ||
Ending balance, Carrying value | 1,567 | 3,539 | |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | |||
Assets | |||
Beginning balance, Carrying value | 0 | 0 | |
Foreign currency adjustment | 0 | 0 | |
Ending balance, Carrying value | $ 0 | $ 0 | $ 0 |
Property, Plant And Equipment_3
Property, Plant And Equipment, Net (Summary Of Cost, Accumulated Depreciation And Carrying Amount Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Property Plant And Equipment [Line Items] | ||
Cost | $ 59,848 | $ 46,027 |
Accumulated depreciation | 35,249 | 38,535 |
Carrying amount | 24,599 | 7,492 |
Safe Assets [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 16,275 | 0 |
Accumulated depreciation | 939 | 0 |
Carrying amount | 15,336 | 0 |
Computer Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 32,814 | 33,476 |
Accumulated depreciation | 26,420 | 29,662 |
Carrying amount | 6,394 | 3,814 |
Furniture And Office Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 7,549 | 7,492 |
Accumulated depreciation | 6,060 | 6,587 |
Carrying amount | 1,489 | 905 |
Motor Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 3,195 | 5,059 |
Accumulated depreciation | 1,829 | 2,286 |
Carrying amount | 1,366 | 2,773 |
Plant And Machinery [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 15 | 0 |
Accumulated depreciation | 1 | 0 |
Carrying amount | $ 14 | $ 0 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease payments | $ 3,971 | $ 4,050 | $ 3,603 |
Short-term Leasing Arrangements [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expense | $ 4,900 | $ 4,100 | $ 4,200 |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating leases remaining lease term | 1 year | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating leases remaining lease term | 6 years | ||
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, 2022 | Jun. 30, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Weighted average remaining lease term (years) | 2 years 1 month 20 days | 2 years 9 months 7 days |
Weighted average discount rate | 9.30% | 9.60% |
2023 | $ 2,896 | |
2024 | 1,979 | |
2025 | 1,228 | |
2026 | 987 | |
2027 | 1,004 | |
Thereafter | 1,725 | |
Total undiscounted operating lease liabilities | 9,819 | |
Less imputed interest | 2,494 | |
Total operating lease liabilities, included in | 7,325 | |
Operating lease liability - current | 2,498 | $ 2,822 |
Operating lease liability - long-term | $ 4,827 | $ 1,890 |
Leases (Supplemental Balance _2
Leases (Supplemental Balance Sheet Disclosure Related To Right-of-use Assets And Operating Leases Liabilities) (Alternate) (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
Total undiscounted operating lease liabilities | $ 9,819 |
Less imputed interest | 2,494 |
Total operating lease liabilities, included in | $ 7,325 |
Equity-Accounted Investments _3
Equity-Accounted Investments And Other Long-Term Assets (Narrative) (Details) R / shares in Units, $ / shares in Units, SFr in Millions, R in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Feb. 03, 2021 USD ($) | Apr. 15, 2020 CHF (SFr) | Apr. 15, 2020 USD ($) | Apr. 13, 2020 CHF (SFr) | Apr. 13, 2020 USD ($) | Apr. 01, 2020 USD ($) Item shares | Apr. 01, 2020 ZAR (R) Item shares | Mar. 31, 2020 USD ($) | Oct. 02, 2019 CHF (SFr) | Oct. 02, 2019 USD ($) | Aug. 02, 2017 USD ($) shares | Aug. 02, 2017 ZAR (R) shares | Feb. 28, 2022 USD ($) | Oct. 31, 2021 shares | Jun. 30, 2021 USD ($) shares | Mar. 31, 2021 USD ($) | Nov. 30, 2020 USD ($) | Oct. 31, 2020 USD ($) | May 31, 2019 USD ($) shares | May 31, 2019 ZAR (R) shares | Jun. 30, 2017 USD ($) | Aug. 31, 2016 USD ($) | Jun. 30, 2021 USD ($) shares | Dec. 31, 2020 USD ($) $ / shares | Sep. 30, 2020 USD ($) Item $ / shares | Mar. 31, 2020 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) shares | Jun. 30, 2020 USD ($) | Jun. 30, 2022 ZAR (R) R / shares shares | Apr. 22, 2021 USD ($) | Mar. 31, 2021 R / shares | Nov. 30, 2020 R / shares | Apr. 09, 2020 | Feb. 29, 2020 | Jan. 31, 2020 USD ($) | Aug. 31, 2019 USD ($) | Jun. 30, 2019 | |
Market value of holding | $ 10,004,000 | $ 10,004,000 | $ 5,861,000 | $ 10,004,000 | |||||||||||||||||||||||||||||||||||
Aggregate purchase price of shares in cash | 0 | 0 | $ 2,500,000 | ||||||||||||||||||||||||||||||||||||
Change in fair value of equity securities | 0 | 49,304,000 | 0 | ||||||||||||||||||||||||||||||||||||
Equity Method Investment Realized Gain Loss On Disposal | $ (376,000) | $ (13,000) | 0 | ||||||||||||||||||||||||||||||||||||
Bank Frick [Member] | |||||||||||||||||||||||||||||||||||||||
Fair value of consideration received | $ 15,000,000 | ||||||||||||||||||||||||||||||||||||||
Amount payable to terminate all existing arrangements and settle all liabilities | 3,600,000 | ||||||||||||||||||||||||||||||||||||||
Transaction costs incurred | 40,000 | ||||||||||||||||||||||||||||||||||||||
Consideration amount from disposal of discontinued operation including liabilities | 18,600,000 | ||||||||||||||||||||||||||||||||||||||
Receivable On July 15, 2022 [Member] | Bank Frick [Member] | |||||||||||||||||||||||||||||||||||||||
Fair value of consideration received | 7,500,000 | ||||||||||||||||||||||||||||||||||||||
Receivable On October 30, 2021 [Member] | Bank Frick [Member] | |||||||||||||||||||||||||||||||||||||||
Fair value of consideration received | 3,900,000 | ||||||||||||||||||||||||||||||||||||||
DNI [Member] | |||||||||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 27% | 30% | |||||||||||||||||||||||||||||||||||||
Impairment loss on equity method investment | $ 11,500,000 | $ 1,600,000 | 13,100,000 | ||||||||||||||||||||||||||||||||||||
Impairment loss included in accumulated other comprehensive loss | $ 11,300,000 | ||||||||||||||||||||||||||||||||||||||
Finbond [Member] | |||||||||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 31.47% | 31.47% | 29.31% | 31.47% | 29.31% | ||||||||||||||||||||||||||||||||||
Investment shares owned | shares | 245,979,903 | 245,979,903 | |||||||||||||||||||||||||||||||||||||
Number of shares sold | shares | 22,841,030 | ||||||||||||||||||||||||||||||||||||||
Impairment loss on equity method investment | $ 800,000 | $ 16,800,000 | $ 17,700,000 | ||||||||||||||||||||||||||||||||||||
Market value of holding | $ 7,500,000 | R 123,000 | |||||||||||||||||||||||||||||||||||||
Share price per share | (per share) | $ 0.99 | $ 1.04 | R 0.50 | ||||||||||||||||||||||||||||||||||||
Number of shareholders that own approximately 90% of issued and outstanding shares | Item | 3 | ||||||||||||||||||||||||||||||||||||||
Liquidity discount | 15% | 1,500% | |||||||||||||||||||||||||||||||||||||
Percentage of issued and outstanding shares owned by three shareholders | 9,000% | ||||||||||||||||||||||||||||||||||||||
Equity Method Investment Realized Gain Loss On Disposal | 400,000 | ||||||||||||||||||||||||||||||||||||||
V2 [Member] | |||||||||||||||||||||||||||||||||||||||
Impairment loss on equity method investment | $ 2,500,000 | $ 500,000 | |||||||||||||||||||||||||||||||||||||
Business acquisition amount contributed | $ 5,000,000 | $ 5,000,000 | 5,000,000 | $ 1,300,000 | $ 1,300,000 | ||||||||||||||||||||||||||||||||||
Working capital facility | 5,000,000 | 5,000,000 | $ 1,500,000 | 5,000,000 | |||||||||||||||||||||||||||||||||||
Fair value of consideration received | $ 1 | ||||||||||||||||||||||||||||||||||||||
Amount drawn from working capital facility grant | $ 1,000,000 | 500,000 | |||||||||||||||||||||||||||||||||||||
Allowance for doubtful loans receivable | $ 1,500,000 | ||||||||||||||||||||||||||||||||||||||
Cell C [Member] | |||||||||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 15% | 15% | |||||||||||||||||||||||||||||||||||||
Investment amount owned | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||||||||||||
Cell C [Member] | Class A [Member] | |||||||||||||||||||||||||||||||||||||||
Investment shares owned | shares | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | ||||||||||||||||||||||||||||||||||
CPS [Member] | |||||||||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 87.50% | 87.50% | 87.50% | 87.50% | 87.50% | ||||||||||||||||||||||||||||||||||
Cedar Cellular [Member] | |||||||||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 7.625% | 7.625% | 7.625% | 7.625% | 7.625% | ||||||||||||||||||||||||||||||||||
Mobikwik [Member] | |||||||||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 11% | 11% | 10% | 11% | 10% | ||||||||||||||||||||||||||||||||||
Investment amount owned | $ 52,900,000 | $ 27,000,000 | $ 42,100,000 | $ 52,900,000 | $ 76,300,000 | ||||||||||||||||||||||||||||||||||
Share price per share | R / shares | R 245.50 | R 170.33 | R 135.54 | ||||||||||||||||||||||||||||||||||||
Aggregate purchase price of shares in cash | $ 10,600,000 | $ 15,000,000 | $ 1,100,000 | ||||||||||||||||||||||||||||||||||||
Change in fair value of equity securities | $ 24,000,000 | $ 10,800,000 | $ 15,100,000 | 49,300,000 | |||||||||||||||||||||||||||||||||||
Mobikwik [Member] | I P O [Member] | |||||||||||||||||||||||||||||||||||||||
Shares issued in conversion | shares | 6,215,620 | ||||||||||||||||||||||||||||||||||||||
Mobikwik [Member] | Convertible Preferred Stock [Member] | I P O [Member] | |||||||||||||||||||||||||||||||||||||||
Compulsorily Convertible Cumulative Preference Shares | shares | 310,781 | ||||||||||||||||||||||||||||||||||||||
Mobikwik [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||
Equity investment acquisition period | 24 months | ||||||||||||||||||||||||||||||||||||||
Mobikwik [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||
Market value of holding | $ 40,000,000 | ||||||||||||||||||||||||||||||||||||||
Carbon [Member] | |||||||||||||||||||||||||||||||||||||||
Investment amount owned | 0 | ||||||||||||||||||||||||||||||||||||||
Impairment loss on equity method investment | $ 2,900,000 | ||||||||||||||||||||||||||||||||||||||
Market value of holding | $ 0 | ||||||||||||||||||||||||||||||||||||||
Revix [Member] | |||||||||||||||||||||||||||||||||||||||
Investment amount owned | $ 0 | ||||||||||||||||||||||||||||||||||||||
Fair value of consideration received | 700,000 | ||||||||||||||||||||||||||||||||||||||
Equity Method Investment Realized Gain Loss On Disposal | $ 700,000 | ||||||||||||||||||||||||||||||||||||||
Bank Frick [Member] | |||||||||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 35% | 35% | |||||||||||||||||||||||||||||||||||||
Bank Frick [Member] | |||||||||||||||||||||||||||||||||||||||
Percentage of ownership interest | 35% | 35% | 35% | 35% | |||||||||||||||||||||||||||||||||||
Equity acquisition amount under purchase agreement | SFr 46.4 | $ 46,500,000 | |||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
Impairment loss on equity method investment | $ 18,300,000 | ||||||||||||||||||||||||||||||||||||||
Bank Frick [Member] | Termination Agreement [Member] | Net1 Holdings LI AG [Member] | |||||||||||||||||||||||||||||||||||||||
Percentage of ownership interest | 35% | ||||||||||||||||||||||||||||||||||||||
Lesaka [Member] | DNI [Member] | Sale Of Remaining Interest in DNI [Member] | Call Option [Member] | |||||||||||||||||||||||||||||||||||||||
Number of shares sold | shares | 3,508,455 | 3,508,455 | 30,394,765 | 30,394,765 | |||||||||||||||||||||||||||||||||||
Cash consideration received on transaction | $ 5,500,000 | R 99.2 | |||||||||||||||||||||||||||||||||||||
Option strike price used to calculate the strike price for 27% retained interest | $ 158,000,000 | R 2,827 | |||||||||||||||||||||||||||||||||||||
Option strike price on 27% of retained interest | $ 48,000,000 | R 859.3 | |||||||||||||||||||||||||||||||||||||
Minimum smaller denominations a call options can be split, percent | 20% | 20% | |||||||||||||||||||||||||||||||||||||
Lesaka [Member] | DNI [Member] | Minimum [Member] | Sale Of Remaining Interest in DNI [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% | |||||||||||||||||||||||||||||||||||||
Lesaka [Member] | Finbond [Member] | |||||||||||||||||||||||||||||||||||||||
Equity-accounted investments, ownership percentage | 29.31% | 29.31% | |||||||||||||||||||||||||||||||||||||
Lesaka [Member] | Cell C [Member] | Class A [Member] | |||||||||||||||||||||||||||||||||||||||
Investment shares owned | shares | 75,000,000 | 75,000,000 | |||||||||||||||||||||||||||||||||||||
Aggregate purchase price of shares in cash | $ 151,000,000 | R 2,000 | |||||||||||||||||||||||||||||||||||||
Lesaka [Member] | MIC [Member] | Unsecured Notes Payable [Member] | |||||||||||||||||||||||||||||||||||||||
Estimated debt transaction costs | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||
Lesaka [Member] | MIC [Member] | Sale Of Remaining Interest in DNI [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 | |||||||||||||||||||||||||||||||||||||
Lesaka [Member] | MIC [Member] | Sale Of Remaining Interest in DNI [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% | |||||||||||||||||||||||||||||||||||||
Notes receivable obtained in exchange for shares sold to DNI | R | R 99.2 | ||||||||||||||||||||||||||||||||||||||
Number of equal installment payments | Item | 18 | 18 | |||||||||||||||||||||||||||||||||||||
Fixed interest rate on notes payable | 7.25% | 7.25% | |||||||||||||||||||||||||||||||||||||
Periodic principal payment amount | $ 300,000 | R 5.5 | |||||||||||||||||||||||||||||||||||||
Interest rate used to determine the present value | 6.63% | 6.63% | |||||||||||||||||||||||||||||||||||||
Lesaka [Member] | MIC [Member] | Sale Of Remaining Interest in DNI [Member] | Unsecured Notes Payable [Member] | JIBAR [Member] | |||||||||||||||||||||||||||||||||||||||
Debt instrument variable interest rate | 6.33% | 6.33% | |||||||||||||||||||||||||||||||||||||
Lesaka [Member] | Bank Frick [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||
Return on equity, price to book ratio | 0.7 | ||||||||||||||||||||||||||||||||||||||
Lesaka [Member] | Bank Frick [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||
Return on equity, price to book ratio | 4.7 | ||||||||||||||||||||||||||||||||||||||
Frick Family Foundation [Member] | Bank Frick [Member] | |||||||||||||||||||||||||||||||||||||||
Termination fee paid to the Frick Family to cancel option | SFr 17 | $ 17,500,000 | |||||||||||||||||||||||||||||||||||||
Fair value of consideration received | $ 30,000,000 | ||||||||||||||||||||||||||||||||||||||
Percentage of retained equity ownership interest disposed | 35% |
Equity-Accounted Investments _4
Equity-Accounted Investments And Other Long-Term Assets (Ownership Percentage Of Equity-Accounted Investments) (Details) | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2020 | Feb. 29, 2020 | Jun. 30, 2019 |
Finbond Group Limited [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity-accounted investments, ownership percentage | 29.31% | 31.47% | |||
Sanduela Technology Proprietary Limited [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity-accounted investments, ownership percentage | 49% | 0% | |||
Carbon Tech Limited ("Carbon"), formerly OneFi Limited [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity-accounted investments, ownership percentage | 25% | 25% | |||
Smartswitch Namibia Pty Ltd [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity-accounted investments, ownership percentage | 50% | 50% | |||
Bank Frick [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity-accounted investments, ownership percentage | 35% | ||||
DNI [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity-accounted investments, ownership percentage | 27% | 30% |
Equity-Accounted Investments _5
Equity-Accounted Investments And Other Long-Term Assets (Schedule Of Calculation Of Gain (Loss) On Disposal) (Details) - USD ($) | 12 Months Ended | ||||
Feb. 03, 2021 | Apr. 01, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Long Lived Assets Held For Sale Line Items [Line Items] | |||||
Loss on disposal of equity-accounted investment (Note 9) | $ (376,000) | $ (13,000) | $ 0 | ||
Finbond Group Limited [Member] | |||||
Long Lived Assets Held For Sale Line Items [Line Items] | |||||
Consideration received in cash | 865,000 | ||||
Less: equity-method interest sold (Note 10) | 630,000 | ||||
Less: release of foreign currency translation reserve from accumulated other comprehensive loss | (620,000) | ||||
Add: release of stock-based compensation charge related to equity-accounted investment | 9,000 | ||||
Gain (loss) on sale before tax | $ (376,000) | ||||
Disposal Of Bank Frick on February 3, 2021 [Member] | |||||
Long Lived Assets Held For Sale Line Items [Line Items] | |||||
Less: transaction costs | $ (42,000) | ||||
Less: carrying value | (32,892,000) | ||||
Less: release of foreign currency translation reserve from accumulated other comprehensive loss | 2,462,000 | ||||
Gain (loss) on sale before tax | (472,000) | ||||
Disposal Of Bank Frick on February 3, 2021 [Member] | Cash [Member] | |||||
Long Lived Assets Held For Sale Line Items [Line Items] | |||||
Consideration received in cash | 18,600,000 | ||||
Disposal Of Bank Frick on February 3, 2021 [Member] | Notes Receivable [Member] | |||||
Long Lived Assets Held For Sale Line Items [Line Items] | |||||
Consideration received in cash | $ 11,400,000 | ||||
Disposal Of DNI On April 1, 2020 [Member] | |||||
Long Lived Assets Held For Sale Line Items [Line Items] | |||||
Gain (loss) on sale before tax | $ 0 | ||||
DNI [Member] | Asset Held-for-sale or Disposed of by Sale [Member] | Lesaka [Member] | |||||
Long Lived Assets Held For Sale Line Items [Line Items] | |||||
Less: transaction costs | (1,010,000) | ||||
Less: carrying value | (36,508,000) | ||||
Less: release of foreign currency translation reserve from accumulated other comprehensive loss | (11,323,000) | ||||
Gain (loss) on sale before tax | (1,010,000) | ||||
Disposal Group, Including Discontinued Operation, Accrued Income Tax Payable | 2,475,000 | ||||
Utilization of capital loss carryforwards | (2,475,000) | ||||
Gain (loss) on disposal after tax | (1,010,000) | ||||
DNI [Member] | Asset Held-for-sale or Disposed of by Sale [Member] | Cash [Member] | Lesaka [Member] | |||||
Long Lived Assets Held For Sale Line Items [Line Items] | |||||
Consideration received in cash | $ 42,477,000 | ||||
Investment shares owned | 26,886,310 | ||||
DNI [Member] | Asset Held-for-sale or Disposed of by Sale [Member] | Notes Receivable [Member] | Cash [Member] | Lesaka [Member] | |||||
Long Lived Assets Held For Sale Line Items [Line Items] | |||||
Consideration received in cash | $ 5,354,000 | ||||
Investment shares owned | 3,508,455 |
Equity-Accounted Investments _6
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Movement In Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Balance | $ 275,980 | $ 290,213 | $ 317,342 |
Net (loss) income | (43,876) | (38,057) | (78,358) |
Balance | 234,920 | 275,980 | 290,213 |
Balance at beginning of period | 67,371 | ||
Loans granted | 0 | 1,238 | 1,230 |
Balance at end of period | 342,216 | 67,371 | |
Equity-accounted Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Impairment | (21,144) | ||
Finbond [Member] | Equity-accounted Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Impairment | (17,650) | ||
Bank Frick [Member] | Equity-accounted Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Impairment | 0 | ||
Other [Member] | Equity-accounted Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Impairment | (3,494) | ||
Equity-accounted Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Balance | 10,004 | 65,216 | |
Stock-based compensation | 14 | (25) | |
Comprehensive (loss) income | (2,410) | (26,845) | |
Other comprehensive income | 1,239 | (1,967) | |
Net (loss) income | (3,649) | (24,878) | |
Share of net income (loss) (Note 1) | (3,649) | (3,734) | |
Dividends received | (155) | (194) | |
Sale of Bank Frick and Walletdoc | (32,905) | ||
Sale of shares in equity-accounted investment | (630) | ||
Equity-accounted investment acquired in business combination (Note 3) | 74 | ||
Foreign currency adjustment | (1,036) | 4,757 | |
Balance | 5,861 | 10,004 | 65,216 |
Balance at beginning of period | 0 | 620 | |
Loans repaid | (134) | ||
Loans granted | 1,238 | ||
Allowance for doubtful loans | (1,738) | ||
Foreign currency adjustment | 0 | 14 | |
Balance at end of period | 0 | 0 | 620 |
Equity-accounted Investees [Member] | Finbond [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Balance | 9,822 | 30,876 | |
Stock-based compensation | 14 | (25) | |
Comprehensive (loss) income | (2,426) | (23,976) | |
Other comprehensive income | 1,239 | (1,967) | |
Net (loss) income | (3,665) | (22,009) | |
Share of net income (loss) (Note 1) | (3,665) | (4,359) | |
Dividends received | 0 | 0 | |
Sale of Bank Frick and Walletdoc | 0 | ||
Sale of shares in equity-accounted investment | (630) | ||
Equity-accounted investment acquired in business combination (Note 3) | 0 | ||
Foreign currency adjustment | (1,020) | 2,947 | |
Balance | 5,760 | 9,822 | 30,876 |
Balance at beginning of period | 0 | 0 | |
Loans repaid | 0 | ||
Loans granted | 0 | ||
Allowance for doubtful loans | 0 | ||
Foreign currency adjustment | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 |
Equity-accounted Investees [Member] | Bank Frick [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Balance | 0 | 29,739 | |
Stock-based compensation | 0 | 0 | |
Comprehensive (loss) income | 0 | 1,156 | |
Other comprehensive income | 0 | 0 | |
Net (loss) income | 0 | 1,156 | |
Share of net income (loss) (Note 1) | 0 | 1,156 | |
Dividends received | 0 | 0 | |
Sale of Bank Frick and Walletdoc | (32,892) | ||
Sale of shares in equity-accounted investment | 0 | ||
Equity-accounted investment acquired in business combination (Note 3) | 0 | ||
Foreign currency adjustment | 0 | 1,997 | |
Balance | 0 | 0 | 29,739 |
Balance at beginning of period | 0 | 0 | |
Loans repaid | 0 | ||
Loans granted | 0 | ||
Allowance for doubtful loans | 0 | ||
Foreign currency adjustment | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 |
Equity-accounted Investees [Member] | Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Balance | 182 | 4,601 | |
Stock-based compensation | 0 | 0 | |
Comprehensive (loss) income | 16 | (4,025) | |
Other comprehensive income | 0 | 0 | |
Net (loss) income | 16 | (4,025) | |
Share of net income (loss) (Note 1) | 16 | (531) | |
Dividends received | (155) | (194) | |
Sale of Bank Frick and Walletdoc | (13) | ||
Sale of shares in equity-accounted investment | 0 | ||
Equity-accounted investment acquired in business combination (Note 3) | 74 | ||
Foreign currency adjustment | (16) | (187) | |
Balance | 101 | 182 | 4,601 |
Balance at beginning of period | 0 | 620 | |
Loans repaid | (134) | ||
Loans granted | 1,238 | ||
Allowance for doubtful loans | (1,738) | ||
Foreign currency adjustment | 0 | 14 | |
Balance at end of period | $ 0 | $ 0 | $ 620 |
Equity-Accounted Investments _7
Equity-Accounted Investments And Other Long-Term Assets (Carrying Amount Of Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Schedule of Equity Method Investments [Line Items] | ||||
Equity | $ 234,920 | $ 275,980 | $ 290,213 | $ 317,342 |
Loans | 342,216 | 67,371 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 656,565 | 428,330 | ||
Equity-accounted Investees [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity | 5,861 | 10,004 | 65,216 | |
Loans | 0 | 0 | $ 620 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 5,861 | $ 10,004 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Balance sheet, as of | |||
Current assets | $ 217,732 | $ 294,317 | |
Current liabilities | 145,870 | 52,490 | |
Non-controlling interest | 0 | 0 | |
Statement of operations, for the period ended | |||
Revenue | 222,609 | 130,786 | $ 144,299 |
Operating (loss) income | (40,195) | (53,872) | (44,248) |
Income (loss) from continuing operations | (43,876) | (38,057) | (97,214) |
Net (loss) income | (43,876) | (38,057) | (78,358) |
Finbond [Member] | |||
Balance sheet, as of | |||
Long-term assets | 300,253 | 278,941 | |
Long-term liabilities | 234,154 | 200,622 | |
Non-controlling interest | 11,781 | 13,090 | |
Statement of operations, for the period ended | |||
Revenue | 80,656 | 95,847 | 161,378 |
Operating (loss) income | (21,017) | (18,980) | 17,483 |
Income (loss) from continuing operations | (18,379) | (15,466) | 14,449 |
Net (loss) income | (16,432) | (17,889) | 6,433 |
Bank Frick [Member] | |||
Statement of operations, for the period ended | |||
Revenue | 35,641 | 37,864 | |
Operating (loss) income | 3,860 | 4,815 | |
Income (loss) from continuing operations | 3,303 | 4,053 | |
Net (loss) income | 3,303 | 4,053 | |
DNI [Member] | |||
Statement of operations, for the period ended | |||
Revenue | 68,983 | ||
Operating (loss) income | 24,563 | ||
Income (loss) from continuing operations | 17,092 | ||
Net (loss) income | 15,772 | ||
Other [Member] | |||
Balance sheet, as of | |||
Current assets | 25,160 | 24,151 | |
Long-term assets | 4,934 | 5,013 | |
Current liabilities | 28,025 | 27,002 | |
Long-term liabilities | 5,733 | 5,734 | |
Non-controlling interest | 0 | 0 | |
Statement of operations, for the period ended | |||
Revenue | 4,100 | 6,420 | 7,842 |
Operating (loss) income | 323 | (2,406) | (5,064) |
Income (loss) from continuing operations | 182 | (2,534) | (5,116) |
Net (loss) income | $ 182 | $ (2,534) | $ (5,014) |
Equity-Accounted Investments _9
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Other Long-Term Asset) (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Total equity investments | $ 76,297,000 | $ 76,297,000 |
Total held to maturity investments | 0 | 0 |
Policy holder assets under investment contracts (Note 12) | 371,000 | 381,000 |
Reinsurance assets under insurance contracts (Note 12) | 1,424,000 | 1,298,000 |
Total other long-term assets | 78,092,000 | 81,866,000 |
Bank Frick [Member] | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Long-term portion of amount due from sale of interest | 0 | 3,890 |
Mobikwik [Member] | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Total equity investments | $ 76,297,000 | $ 76,297,000 |
Equity-accounted investments, ownership percentage | 10% | 11% |
Cell C [Member] | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Total equity investments | $ 0 | $ 0 |
Equity-accounted investments, ownership percentage | 15% | |
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] | ||
Total held to maturity investments | $ 0 | $ 0 |
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% |
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 ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | $ 26,993,000 | $ 26,993,000 |
Unrealized holding gains | 49,304,000 | 49,304 |
Unrealized holding losses | 0 | 0 |
Carrying value | 76,297,000 | 76,297,000 |
Mobikwik [Member] | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | 26,993,000 | 26,993,000 |
Unrealized holding gains | 49,304,000 | 49,304 |
Unrealized holding losses | 0 | 0 |
Carrying value | 76,297,000 | 76,297,000 |
CPS [Member] | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | 0 | |
Unrealized holding gains | 0 | |
Unrealized holding losses | 0 | |
Carrying value | 0 | |
Cedar Cellular [Member] | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | 0 | 0 |
Unrealized holding gains | 0 | 0 |
Unrealized holding losses | 0 | 0 |
Carrying value | $ 0 | $ 0 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets [Line Items] | ||||
Impairment of goodwill | $ 0 | $ 0 | $ 5,589,000 | |
Impairment loss of indefinite-lived intangible assets | 0 | 0 | 0 | |
Amortization expense | $ 3,800,000 | $ 400,000 | $ 300,000 | |
Maltese e-money License [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Impairment loss of indefinite-lived intangible assets | $ 700,000 | |||
South African Transaction Processing [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Impairment of goodwill | $ 5,600,000 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets, Net (Summary Of Movement In Carrying Value Of Goodwill) (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Gross value, Beginning Balance | $ 42,949,000 | $ 63,194,000 | $ 72,473,000 | |
Gross value, Impairment loss | 0 | |||
Gross value, Disposal of FIHRST (Note 23) | (599,000) | |||
Gross value, Deconsolidation of CPS (Note 23) | (1,346,000) | |||
Gross value, Liquidation of subsidiaries | (26,629,000) | |||
Gross value, Acquisition of Connect Group (Note 3) | 153,693,000 | |||
Gross value, Foreign currency adjustment | (21,166,000) | 6,384,000 | (7,334,000) | |
Gross value, Ending Balance | 175,476,000 | 42,949,000 | 63,194,000 | |
Accumulated impairment, Beginning Balance | (13,796,000) | (39,025,000) | (35,157,000) | |
Accumulated impairment, Impairment loss | 0 | 0 | (5,589,000) | |
Accumulated impairment, Disposal of FIHRST (Note 23) | 0 | |||
Accumulated impairment, Deconsolidation of CPS (Note 3) | 1,346,000 | |||
Accumulated impairment, Liquidation of subsidiaries | 26,629,000 | |||
Accumulated impairment, Foreign currency adjustment | 977,000 | (1,400,000) | 375,000 | |
Accumulated impairment, Ending Balance | (12,819,000) | (13,796,000) | (39,025,000) | |
Carrying value, Beginning Balance | $ 37,316,000 | |||
Carrying value, Impairment loss | (5,589,000) | |||
Carrying value, Disposal of FIHRST (Note 23) | 0 | 599,000 | ||
Carrying value, Deconsolidation of CPS (Note 23) | 0 | |||
Carrying value, Acquisition of Connect Group (Note 3) | 153,693,000 | |||
Carrying value, Liquidation of subsidiaries | 0 | |||
Accumulated impairment, Acquisition of Connect Group (Note 3) | 0 | |||
Carrying value, Foreign currency adjustment | (20,189,000) | 4,984,000 | (6,959,000) | |
Carrying value, Ending Balance | $ 162,657,000 | $ 29,153,000 | $ 24,169,000 | $ 37,316,000 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets, Net (Goodwill Allocated To Reportable Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill [Line Items] | |||
Carrying value, Beginning Balance | $ 29,153 | $ 24,169 | $ 37,316 |
Carrying value, Impairment loss | (5,589) | ||
Carrying value, Disposal of FIHRST (Note 23) | 0 | (599) | |
Carrying value, Acquisition of Connect Group (Note 3) | 153,693 | ||
Carrying value, Foreign currency adjustment | (20,189) | 4,984 | (6,959) |
Carrying value, Ending Balance | 162,657 | 29,153 | 24,169 |
Consumer [Member] | |||
Goodwill [Line Items] | |||
Carrying value, Beginning Balance | 0 | 0 | 0 |
Carrying value, Impairment loss | 0 | ||
Carrying value, Disposal of FIHRST (Note 23) | 0 | 0 | |
Carrying value, Acquisition of Connect Group (Note 3) | 0 | ||
Carrying value, Foreign currency adjustment | 0 | 0 | 0 |
Carrying value, Ending Balance | 0 | 0 | 0 |
Merchant [Member] | |||
Goodwill [Line Items] | |||
Carrying value, Beginning Balance | 28,496 | 23,512 | 36,659 |
Carrying value, Impairment loss | (5,589) | ||
Carrying value, Disposal of FIHRST (Note 23) | 0 | (599) | |
Carrying value, Acquisition of Connect Group (Note 3) | 153,693 | ||
Carrying value, Foreign currency adjustment | (20,189) | 4,984 | (6,959) |
Carrying value, Ending Balance | 162,000 | 28,496 | 23,512 |
Other [Member] | |||
Goodwill [Line Items] | |||
Carrying value, Beginning Balance | 657 | 657 | 657 |
Carrying value, Impairment loss | 0 | ||
Carrying value, Disposal of FIHRST (Note 23) | 0 | 0 | |
Carrying value, Acquisition of Connect Group (Note 3) | 0 | ||
Carrying value, Foreign currency adjustment | 0 | 0 | 0 |
Carrying value, Ending Balance | $ 657 | $ 657 | $ 657 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets, Net (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross carrying value | $ 173,092 | $ 16,760 |
Accumulated amortization | (16,390) | (16,403) |
Total future estimated amortization expense | 156,702 | 357 |
Total intangible assets, Net carrying value | 156,702 | 357 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross carrying value | 26,937 | 10,340 |
Accumulated amortization | (9,140) | (10,340) |
Total future estimated amortization expense | 17,797 | 0 |
Software, Integrated Platform And Unpatented Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross carrying value | 127,785 | 1,726 |
Accumulated amortization | (3,075) | (1,726) |
Total future estimated amortization expense | 124,710 | 0 |
FTS Patent [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross carrying value | 2,352 | 2,679 |
Accumulated amortization | (2,352) | (2,679) |
Total future estimated amortization expense | 0 | 0 |
Brands And Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross carrying value | 16,018 | 2,015 |
Accumulated amortization | (1,823) | (1,658) |
Total future estimated amortization expense | $ 14,195 | $ 357 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets, Net (Future Estimated Annual Amortization Expense) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Goodwill And Intangible Assets, Net [Abstract] | ||
Fiscal 2023 | $ 16,515 | |
Fiscal 2024 | 16,516 | |
Fiscal 2025 | 16,518 | |
Fiscal 2026 | 16,518 | |
Fiscal 2027 | 16,455 | |
Thereafter | 74,180 | |
Total future estimated amortization expense | $ 156,702 | $ 357 |
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, 2022 | Jun. 30, 2021 | |
Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Reinsurance assets, Beginning Balance | $ 1,298 | $ 1,006 |
Reinsurance assets, Increase in policyholder benefits under insurance contracts | 2,087 | 711 |
Reinsurance assets, Claims and policyholders' benefits under insurance contracts | (1,782) | (632) |
Reinsurance assets, Foreign currency adjustment | (179) | 213 |
Reinsurance assets, Ending Balance | 1,424 | 1,298 |
Insurance contracts, Beginning Balance | (2,011) | (1,370) |
Insurance contracts, Increase in policyholder benefits under insurance contracts | (9,540) | 8,032 |
Insurance contracts, Claims and policyholders' benefits under insurance contracts | 9,336 | 8,383 |
Insurance contracts, Foreign currency adjustment | 260 | (290) |
Insurance contracts, Ending Balance | $ (1,955) | $ (2,011) |
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, 2022 | Jun. 30, 2021 | |
Assets And Policyholder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Assets, Beginning Balance | $ 381 | $ 490 |
Assets, Increase in policyholder benefits under investment contracts | 16 | 13 |
Assets, Claims and policyholders' benefits under investment contracts | 227 | |
Assets, Foreign currency adjustment | (26) | 105 |
Assets, Ending Balance | 371 | 381 |
Investment contracts, Beginning Balance | (381) | (490) |
Investment contracts, Increase in policy holder benefits under investment contracts | (16) | (13) |
Investment contracts, Claims and decrease in policyholders' benefits under investment contracts | 227 | |
Investment contracts, Foreign currency adjustment | 48 | (105) |
Investment contracts, Ending Balance | $ (349) | $ (381) |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | 12 Months Ended | |||||||||||||||||||||||||||||||
Jul. 22, 2022 | Jul. 01, 2022 ZAR (R) | Mar. 22, 2022 ZAR (R) | Jun. 01, 2021 ZAR (R) | Mar. 31, 2020 USD ($) | Sep. 04, 2019 USD ($) | Sep. 04, 2019 ZAR (R) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 ZAR (R) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | Jun. 30, 2020 ZAR (R) | Nov. 30, 2022 ZAR (R) | Sep. 06, 2022 ZAR (R) | Jun. 30, 2022 ZAR (R) | Apr. 14, 2022 ZAR (R) | Jan. 24, 2022 ZAR (R) | Aug. 02, 2021 USD ($) | Aug. 02, 2021 ZAR (R) | Aug. 01, 2021 USD ($) | Aug. 01, 2021 ZAR (R) | Jun. 30, 2021 ZAR (R) | May 31, 2021 ZAR (R) | Nov. 02, 2020 ZAR (R) | Nov. 01, 2020 ZAR (R) | Sep. 04, 2019 ZAR (R) | Feb. 04, 2019 USD ($) | Sep. 26, 2018 USD ($) | Sep. 26, 2018 ZAR (R) | Sep. 14, 2018 USD ($) | Mar. 08, 2018 ZAR (R) | Jul. 21, 2017 ZAR (R) | |
Maximum borrowing capacity | $ | $ 119,059,000 | |||||||||||||||||||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 150,000,000 | |||||||||||||||||||||||||||||||
Debt interest expense | $ | $ 200,000 | |||||||||||||||||||||||||||||||
Commitment fee per annum payable on monthly unutilized amount | 1.50% | 1.50% | ||||||||||||||||||||||||||||||
Unsecured Limited Guarantee Amount | 10,000,000 | |||||||||||||||||||||||||||||||
South Africa [Member] | Long-term Debt [Member] | ||||||||||||||||||||||||||||||||
Interest expense incurred | $ | $ 2,300,000 | $ 0 | $ 600,000 | |||||||||||||||||||||||||||||
Prepaid credit facility fees | $ | 200,000 | 0 | 0 | |||||||||||||||||||||||||||||
Amended July 2017 [Member] | Amendment [Member] | South Africa [Member] | Facility F [Member] | Lesaka [Member] | Long-term Debt [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 17,300,000 | R 300,000,000 | ||||||||||||||||||||||||||||||
Non-refundable structuring fee | $ 100,000 | R 2,200,000 | ||||||||||||||||||||||||||||||
Amended July 2017 [Member] | Amendment [Member] | South Africa [Member] | First Senior Facility F [Member] | Lesaka [Member] | Long-term Debt [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 220,000,000 | |||||||||||||||||||||||||||||||
Amended July 2017 [Member] | Amendment [Member] | South Africa [Member] | Second Senior Facility F [Member] | Lesaka [Member] | Long-term Debt [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 80,000,000 | |||||||||||||||||||||||||||||||
Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ | 85,941,000 | |||||||||||||||||||||||||||||||
JIBAR [Member] | Amended July 2017 [Member] | Amendment [Member] | South Africa [Member] | Facility F [Member] | Lesaka [Member] | Long-term Debt [Member] | ||||||||||||||||||||||||||||||||
Debt instrument variable interest rate | 5.50% | 5.50% | ||||||||||||||||||||||||||||||
Overdraft Facility [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ | 15,221,000 | |||||||||||||||||||||||||||||||
Amount utilized | $ | 66,218,000 | 14,245,000 | 14,814 | |||||||||||||||||||||||||||||
Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||||||||||||||||||||||||||
Amount utilized | $ | 51,338,000 | 14,245,000 | ||||||||||||||||||||||||||||||
CCMS Facilities [Member] | ||||||||||||||||||||||||||||||||
Non-refundable structuring fee | R 5,500,000 | |||||||||||||||||||||||||||||||
CCMS Facilities [Member] | Facility A [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 700,000,000 | |||||||||||||||||||||||||||||||
CCMS Facilities [Member] | Facility B [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 350,000,000 | |||||||||||||||||||||||||||||||
CCMS Facilities [Member] | Asset Backed Facility [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 70,700,000 | |||||||||||||||||||||||||||||||
CCMS Facilities [Member] | Overdraft Facility [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 248,000,000 | |||||||||||||||||||||||||||||||
CCMS Facilities [Member] | Overdraft Facility [Member] | Scenario Forecast [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 205,000,000 | |||||||||||||||||||||||||||||||
Indirect And Derivative Facilities [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ | 17,897,000 | |||||||||||||||||||||||||||||||
Amount utilized | $ | 5,967,000 | 10,947,000 | $ 5,398,000 | |||||||||||||||||||||||||||||
Nedbank Limited [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||
Bank guarantee cancelled amount | R 60,000,000 | |||||||||||||||||||||||||||||||
Release cash held pledged in bank | R 60,000,000 | |||||||||||||||||||||||||||||||
Nedbank Limited [Member] | South African Credit Facility [Member] | South Africa [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ | 200,000 | |||||||||||||||||||||||||||||||
Nedbank Limited [Member] | South African Credit Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | South Africa [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 9,500,000 | 155,100,000 | ||||||||||||||||||||||||||||||
Nedbank Limited [Member] | South African Credit Facility [Member] | Nedbank Short-Term Credit Facility [Member] | South Africa [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 9,600,000 | 156,600,000 | ||||||||||||||||||||||||||||||
Total overdraft facilities withdrawn | $ | 200,000 | |||||||||||||||||||||||||||||||
Net of total overdraft facilities withdrawn | $ | 0 | |||||||||||||||||||||||||||||||
Bank guarantee cancelled amount | 15,000,000 | R 250,000,000 | ||||||||||||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | South Africa [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 250,000,000 | |||||||||||||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | Indirect And Derivative Facilities [Member] | South Africa [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 9,600,000 | 156,600,000 | R 156,600,000 | |||||||||||||||||||||||||||||
Amount utilized | $ 5,700,000 | $ 10,900,000 | 92,100,000 | R 156,600,000 | ||||||||||||||||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | Indirect And Derivative Facilities [Member] | Amendment [Member] | South Africa [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 157,000,000 | R 159,000,000 | R 159,000,000 | R 150,000,000 | ||||||||||||||||||||||||||||
Credit facility settled in full and cancelled | R 50,000,000 | |||||||||||||||||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | Renewed [Member] | United States [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ | $ 20,000,000 | $ 10,000,000 | ||||||||||||||||||||||||||||||
Credit facility settled in full and cancelled | $ | $ 20,000,000 | |||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | RMB Member [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||
Guarantee amount | R 28,000,000 | |||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Facility G [Member] | Long-term Debt [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 750,000,000 | 768,975,000 | R 750,000,000 | |||||||||||||||||||||||||||||
Non-refundable origination fee | 11,250,000 | |||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Facility H [Member] | Long-term Debt [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 350,000,000 | |||||||||||||||||||||||||||||||
Non-refundable origination fee | 5,250,000 | |||||||||||||||||||||||||||||||
Benchmark of market capitalization under facility agreement | R 3,250,000,000 | |||||||||||||||||||||||||||||||
Asset cover ratio | 5 | 5 | ||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Facility H [Member] | Long-term Debt [Member] | Facility Agreement Scenario 1 [Member] | ||||||||||||||||||||||||||||||||
Minimum group cash balance | 225,000,000 | |||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Facility H [Member] | Long-term Debt [Member] | Facility Agreement Scenario 2 [Member] | ||||||||||||||||||||||||||||||||
Minimum group cash balance reduction | R 80,000,000 | |||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Facility H [Member] | Long-term Debt [Member] | Facility Agreement Scenario 3 [Member] | ||||||||||||||||||||||||||||||||
Minimum group cash balance | R 340,000,000 | |||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Maximum [Member] | Facility H [Member] | Long-term Debt [Member] | Facility Agreement Scenario 2 [Member] | ||||||||||||||||||||||||||||||||
Minimum group cash balance | R 350,000,000 | |||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Minimum [Member] | Facility H [Member] | Long-term Debt [Member] | Facility Agreement Scenario 2 [Member] | ||||||||||||||||||||||||||||||||
Minimum group cash balance | R 300,000,000 | |||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Amendment [Member] | South Africa [Member] | Facility D [Member] | Lesaka [Member] | Long-term Debt [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | R 210,000,000 | |||||||||||||||||||||||||||||||
Credit facility settled in full and cancelled | R 210,000,000 | |||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | Lesaka [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 92,100,000 | R 1,500,000,000 | ||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Amended July 2017 [Member] | Amendment [Member] | South Africa [Member] | Lesaka [Member] | Long-term Debt [Member] | ||||||||||||||||||||||||||||||||
Long-term borrowings | R 1,250,000,000 | |||||||||||||||||||||||||||||||
Credit facility settled in full and cancelled | R 1,250,000,000 | |||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | JIBAR [Member] | Facility G [Member] | Long-term Debt [Member] | ||||||||||||||||||||||||||||||||
Debt instrument variable interest rate | 5% | 5% | ||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Overdraft Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 85,900,000 | R 1,400,000 | ||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Overdraft Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | Lesaka [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 73,700,000 | R 1,200,000,000 | ||||||||||||||||||||||||||||||
Percentage repayment of overdraft facility amount utilized | 90% | 90% | ||||||||||||||||||||||||||||||
Amount utilized | $ 51,300,000 | 800,000,000 | ||||||||||||||||||||||||||||||
Credit facility expiration period | 25 days | 25 days | ||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Overdraft Facility [Member] | Prime Rate [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | ||||||||||||||||||||||||||||||||
Debt instrument variable interest rate | 8.25% | 8.25% | ||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Overdraft Facility [Member] | Prime Rate [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||
Debt instrument variable interest rate | 9% | |||||||||||||||||||||||||||||||
RMB Loan Facilities [Member] | Indirect Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 8,300,000 | R 135,000,000 | ||||||||||||||||||||||||||||||
Total overdraft facilities withdrawn | $ 300,000 | R 5,100,000 |
Borrowings (Summary Of Short-Te
Borrowings (Summary Of Short-Term Credit Facilities) (Details) R in Millions | 12 Months Ended | |||||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | Jun. 30, 2022 ZAR (R) | Feb. 04, 2019 USD ($) | Sep. 14, 2018 USD ($) | |
Short-term Debt [Line Items] | ||||||
Short-term facility available | $ 119,059,000 | |||||
Utilized | 570,862,000 | $ 360,083,000 | $ 689,763,000 | |||
Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 85,941,000 | |||||
Overdraft Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 15,221,000 | |||||
Beginning Balance | 14,245,000 | 14,814 | ||||
Facilities acquired in transaction | 16,903,000 | |||||
Utilized | 570,862,000 | 360,083,000 | ||||
Repaid | (525,459,000) | (365,440,000) | ||||
Foreign currency adjustment | (10,333,000) | 4,788,000 | ||||
Ending Balance | 66,218,000 | 14,245,000 | 14,814 | |||
Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Beginning Balance | 14,245,000 | |||||
Ending Balance | 51,338,000 | 14,245,000 | ||||
Overdraft Facility [Member] | No Restrictions As To Use [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Beginning Balance | 0 | |||||
Ending Balance | 14,880,000 | 0 | ||||
Indirect And Derivative Facilities [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 17,897,000 | |||||
Beginning Balance | 10,947,000 | 5,398,000 | ||||
Guarantees cancelled | (4,240,000) | |||||
Utilized | 336,000 | 4,009,000 | ||||
Foreign currency adjustment | (1,076,000) | 1,540,000 | ||||
Ending Balance | 5,967,000 | 10,947,000 | 5,398,000 | |||
RMB Facility E [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 85,941,000 | |||||
RMB Facility E [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 85,941,000 | |||||
RMB Facility E [Member] | Overdraft Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 0 | |||||
Beginning Balance | 14,245,000 | 14,756,000 | ||||
Facilities acquired in transaction | 0 | |||||
Utilized | 563,588,000 | 340,655,000 | ||||
Repaid | (517,948,000) | (346,187,000) | ||||
Foreign currency adjustment | (8,547,000) | 5,021,000 | ||||
Ending Balance | $ 51,338,000 | 14,245,000 | 14,756,000 | |||
Interest rate | 8.25% | 8.25% | ||||
RMB Facility E [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Beginning Balance | $ 14,245,000 | |||||
Ending Balance | 51,338,000 | 14,245,000 | ||||
RMB Facility E [Member] | Overdraft Facility [Member] | No Restrictions As To Use [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Beginning Balance | 0 | |||||
Ending Balance | 0 | 0 | ||||
RMB Facility E [Member] | Indirect And Derivative Facilities [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 0 | |||||
Beginning Balance | 0 | 0 | ||||
Guarantees cancelled | 0 | |||||
Utilized | 0 | 0 | ||||
Foreign currency adjustment | 0 | 0 | ||||
Ending Balance | 0 | 0 | 0 | |||
RMB Indirect [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 8,287,000 | |||||
RMB Indirect [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 0 | |||||
RMB Indirect [Member] | Overdraft Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 0 | |||||
Beginning Balance | 0 | 0 | ||||
Facilities acquired in transaction | 0 | |||||
Utilized | 0 | 0 | ||||
Repaid | 0 | 0 | ||||
Foreign currency adjustment | 0 | 0 | ||||
Ending Balance | 0 | 0 | 0 | |||
RMB Indirect [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Beginning Balance | 0 | |||||
Ending Balance | 0 | 0 | ||||
RMB Indirect [Member] | Overdraft Facility [Member] | No Restrictions As To Use [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Beginning Balance | 0 | |||||
Ending Balance | 0 | 0 | ||||
RMB Indirect [Member] | Indirect And Derivative Facilities [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 8,287,000 | |||||
Beginning Balance | 0 | 0 | ||||
Guarantees cancelled | 0 | |||||
Utilized | 336,000 | 0 | ||||
Foreign currency adjustment | (23,000) | 0 | ||||
Ending Balance | 313,000 | 0 | 0 | |||
RMB Connect [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 15,221,000 | |||||
RMB Connect [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 0 | |||||
RMB Connect [Member] | Overdraft Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 15,221,000 | |||||
Beginning Balance | 0 | 0 | ||||
Facilities acquired in transaction | 16,903,000 | |||||
Utilized | 5,929,000 | 0 | ||||
Repaid | (6,189,000) | 0 | ||||
Foreign currency adjustment | (1,763,000) | 0 | ||||
Ending Balance | $ 14,880,000 | 0 | 0 | |||
Interest rate | 8.25% | 8.25% | ||||
RMB Connect [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Beginning Balance | $ 0 | |||||
Ending Balance | 0 | 0 | ||||
RMB Connect [Member] | Overdraft Facility [Member] | No Restrictions As To Use [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Beginning Balance | 0 | |||||
Ending Balance | 14,880,000 | 0 | ||||
RMB Connect [Member] | Indirect And Derivative Facilities [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 0 | |||||
Beginning Balance | 0 | 0 | ||||
Guarantees cancelled | 0 | |||||
Utilized | 0 | 0 | ||||
Foreign currency adjustment | 0 | 0 | ||||
Ending Balance | 0 | 0 | 0 | |||
Nedbank Facilities [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 9,610,000 | |||||
Nedbank Facilities [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 0 | |||||
Nedbank Facilities [Member] | Overdraft Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 0 | |||||
Beginning Balance | 0 | 58,000 | ||||
Facilities acquired in transaction | 0 | |||||
Utilized | 1,345,000 | 19,428,000 | ||||
Repaid | (1,322,000) | (19,253,000) | ||||
Foreign currency adjustment | (23,000) | (233,000) | ||||
Ending Balance | $ 0 | 0 | 58,000 | |||
Interest rate | 0% | 0% | ||||
Nedbank Facilities [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Beginning Balance | $ 0 | |||||
Ending Balance | 0 | 0 | ||||
Nedbank Facilities [Member] | Overdraft Facility [Member] | No Restrictions As To Use [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Beginning Balance | 0 | |||||
Ending Balance | 0 | 0 | ||||
Nedbank Facilities [Member] | Indirect And Derivative Facilities [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | 9,610,000 | |||||
Beginning Balance | 10,947,000 | 5,398,000 | ||||
Guarantees cancelled | (4,240,000) | |||||
Utilized | 0 | 4,009,000 | ||||
Foreign currency adjustment | (1,053,000) | 1,540,000 | ||||
Ending Balance | $ 5,654,000 | 10,947,000 | $ 5,398,000 | |||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | R | R 250 | |||||
South Africa [Member] | Nedbank Facilities [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Total overdraft facilities withdrawn | $ 200,000 | |||||
South Africa [Member] | Nedbank Facilities [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | Prime Rate [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Margin | 1.15% | |||||
United States [Member] | Bank Frick [Member] | Renewed [Member] | Overdraft Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term facility available | $ 20,000,000 | $ 10,000,000 |
Borrowings (Summary Of Long-Ter
Borrowings (Summary Of Long-Term Borrowings) (Details) $ in Thousands, R in Millions | 12 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 ZAR (R) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | |
Debt Instrument [Line Items] | ||||
Included in current | $ 6,804 | $ 0 | ||
Long-term borrowings | 134,842 | 0 | ||
Beginning Balance | 0 | |||
Utilized | 78,851 | 0 | $ 14,798 | |
Facilities acquired in transaction | 86,960 | |||
Repaid | (5,581) | 0 | $ (14,503) | |
Non-refundable fees paid | (1,307) | |||
Non-refundable Fees amortized | 251 | |||
Foreign currency adjustment | (17,528) | |||
Ending Balance | 141,646 | 0 | ||
Unamortized fees | (1,263) | |||
Due within 2 years | 79,582 | |||
Due within 3 years | 7,046 | |||
Due within 4 years | 10,004 | |||
Due within 5 years | 39,473 | |||
G & H Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Included in current | 0 | 0 | ||
Long-term borrowings | 63,354 | 0 | ||
Beginning Balance | 0 | |||
Utilized | 77,069 | |||
Facilities acquired in transaction | 0 | |||
Repaid | (4,492) | |||
Non-refundable fees paid | (1,307) | |||
Non-refundable Fees amortized | 196 | |||
Foreign currency adjustment | (8,112) | |||
Ending Balance | 63,354 | 0 | ||
Unamortized fees | (976) | |||
Due within 2 years | 64,330 | |||
Due within 3 years | 0 | |||
Due within 4 years | 0 | |||
Due within 5 years | $ 0 | |||
Base rate | 5% | |||
G & H Facilities [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rates | 8% | |||
G & H Facilities [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rates | 7% | |||
A & B Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Included in current | $ 4,604 | 0 | ||
Long-term borrowings | 59,868 | 0 | ||
Beginning Balance | 0 | |||
Utilized | 0 | |||
Facilities acquired in transaction | 72,318 | |||
Repaid | 0 | |||
Non-refundable fees paid | 0 | |||
Non-refundable Fees amortized | 18 | |||
Foreign currency adjustment | (7,864) | |||
Ending Balance | 64,472 | 0 | ||
Unamortized fees | (322) | |||
Due within 2 years | 4,603 | |||
Due within 3 years | 6,139 | |||
Due within 4 years | 9,975 | |||
Due within 5 years | $ 39,473 | |||
Interest rates | 8.75% | |||
Base rate | 5% | |||
A & B Facilities [Member] | JIBAR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument variable interest rate | 3.75% | 3.75% | ||
K2020 Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Included in current | $ 0 | 0 | ||
Long-term borrowings | 8,346 | 0 | ||
Beginning Balance | 0 | |||
Utilized | 472 | |||
Facilities acquired in transaction | 9,772 | |||
Repaid | (933) | |||
Non-refundable fees paid | 0 | |||
Non-refundable Fees amortized | 37 | |||
Foreign currency adjustment | (1,002) | |||
Ending Balance | 8,346 | 0 | ||
Unamortized fees | 35 | |||
Due within 2 years | 8,311 | |||
Due within 3 years | 0 | |||
Due within 4 years | 0 | |||
Due within 5 years | $ 0 | |||
Interest rates | 8.75% | |||
Base rate | 5% | |||
K2020 Facilities [Member] | JIBAR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument variable interest rate | 1.25% | 1.25% | ||
K2020 Facilities [Member] | Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument variable interest rate | 1.25% | 1.25% | ||
Asset Backed Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Included in current | $ 2,200 | 0 | ||
Long-term borrowings | 3,274 | 0 | ||
Beginning Balance | 0 | |||
Utilized | 1,310 | |||
Facilities acquired in transaction | 4,870 | |||
Repaid | (156) | |||
Non-refundable fees paid | 0 | |||
Non-refundable Fees amortized | 0 | |||
Foreign currency adjustment | (550) | |||
Ending Balance | 5,474 | $ 0 | ||
Unamortized fees | 0 | |||
Due within 2 years | 2,338 | |||
Due within 3 years | 907 | |||
Due within 4 years | 29 | |||
Due within 5 years | $ 0 | |||
Interest rates | 9% | |||
Base rate | 8.25% | |||
Asset Backed Facility [Member] | JIBAR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument variable interest rate | 0.75% | 0.75% | ||
Asset Backed Facility [Member] | Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument variable interest rate | 1% | 1% | ||
Facility G [Member] | JIBAR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument variable interest rate | 3% | 3% | ||
Facility G [Member] | JIBAR [Member] | Scenario x [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument variable interest rate | 2.50% | 2.50% | ||
Facility G [Member] | JIBAR [Member] | Scenario y [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument variable interest rate | 3% | 3% | ||
Facility G [Member] | JIBAR [Member] | Scenario z [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument variable interest rate | 3.50% | 3.50% | ||
Facility G [Member] | JIBAR [Member] | In Event Of Default [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument variable interest rate | 2% | 2% | ||
Facility G [Member] | Maximum [Member] | JIBAR [Member] | Scenario x [Member] | ||||
Debt Instrument [Line Items] | ||||
Ending Balance | R | R 250 | |||
Facility G [Member] | Maximum [Member] | JIBAR [Member] | Scenario y [Member] | ||||
Debt Instrument [Line Items] | ||||
Ending Balance | R | 450 | |||
Facility G [Member] | Minimum [Member] | JIBAR [Member] | Scenario y [Member] | ||||
Debt Instrument [Line Items] | ||||
Ending Balance | R | 250 | |||
Facility G [Member] | Minimum [Member] | JIBAR [Member] | Scenario z [Member] | ||||
Debt Instrument [Line Items] | ||||
Ending Balance | R | R 450 | |||
Facility H [Member] | JIBAR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument variable interest rate | 2% | 2% | ||
Facility H [Member] | JIBAR [Member] | In Event Of Default [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument variable interest rate | 2% | 2% |
Other Payables (Schedule Of Oth
Other Payables (Schedule Of Other Payables) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Other Payables [Abstract] | ||
Accruals | $ 9,948 | $ 7,501 |
Provisions | 7,365 | 5,343 |
Payroll-related payables | 1,306 | 884 |
Participating merchants settlement obligation | 114 | 137 |
Value-added tax payable | 845 | 435 |
Vendor consideration due to sellers of Connect (Note 3) | 1,459 | 0 |
Other | 13,325 | 13,288 |
Other payables, total | $ 34,362 | $ 27,588 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Aug. 19, 2022 | May 19, 2020 | Apr. 11, 2016 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Feb. 05, 2020 | |
Class Of Stock [Line Items] | |||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||
Reclassified to additional paid in capital from redeemable common stock | $ 5.6 | ||||||
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] | Subsequent Event [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Number of shares sold | 514,376 | ||||||
IFC Investors [Member] | Minimum [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Percentage of common stock ownership for right to nominate one director | 5% | ||||||
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% | ||||||
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] | Subscription Agreement [Member] | Redeemable Common Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Number of shares sold | 9,980,000 | ||||||
IFC Investors [Member] | Put Option [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Percentage of ownership to adopt shareholder rights plan | 20% | ||||||
Number of trading days preceding triggering event | 60 days | ||||||
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Common Stock [Abstract] | |||
Statement of changes in equity - common stock | 62,324,321 | 56,716,620 | 57,118,925 |
Less: Non-vested equity shares that have not vested as of end of year (Note 17) | 2,385,267 | 384,560 | 1,115,500 |
Number of shares, net of treasury excluding non-vested equity shares that have not vested | 59,939,054 | 56,332,060 | 56,003,425 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Bank Frick [Member] | |||
Reclassification from accumulated other comprehensive (loss) income | $ 2,500 | ||
CPS [Member] | |||
Reclassification from accumulated other comprehensive (loss) income | $ 32,500 | ||
Net1 Korea [Member] | |||
Reclassification from accumulated other comprehensive (loss) income | 14,200 | ||
FIHRST [Member] | |||
Reclassification from accumulated other comprehensive (loss) income | 1,600 | ||
DNI Interest as an Equity Method Investment [Member] | |||
Reclassification from accumulated other comprehensive (loss) income | $ 11,300 | ||
Liquidation of Subsidiaries [Member] | |||
Reclassification from accumulated other comprehensive (loss) income | $ 600 | ||
Finbond Group Limited [Member] | |||
Reclassification from accumulated other comprehensive (loss) income | $ 600 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income (Change In Accumulated Other Comprehensive (Loss) Income Per Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (145,721) | $ (169,075) | $ (195,812) |
Movement in foreign currency translation reserve related to equity accounted investment | 1,239 | (1,967) | 2,227 |
Movement in foreign currency translation reserve | (25,413) | 27,178 | (35,070) |
Ending Balance | (168,840) | (145,721) | (169,075) |
CPS [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of foreign currency translation reserve related to disposal/liquidation | 32,451 | ||
Net1 Korea [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of foreign currency translation reserve related to disposal/liquidation | 0 | 0 | 14,228 |
DNI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of foreign currency translation reserve related to disposal/liquidation | 0 | 0 | 11,323 |
FIHRST [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of foreign currency translation reserve related to disposal/liquidation | 0 | 0 | 1,578 |
Bank Frick [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of foreign currency translation reserve related to disposal/liquidation | 0 | (2,462) | 0 |
Liquidation of Subsidiaries [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of foreign currency translation reserve related to disposal/liquidation | 468 | 605 | 0 |
Finbond Group Limited [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of foreign currency translation reserve related to disposal/liquidation | 587 | ||
Accumulated Foreign Currency Translation Reserve [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (145,721) | (169,075) | (195,812) |
Movement in foreign currency translation reserve related to equity accounted investment | 1,239 | (1,967) | 2,227 |
Movement in foreign currency translation reserve | (25,413) | 27,178 | (35,070) |
Ending Balance | (168,840) | (145,721) | (169,075) |
Accumulated Foreign Currency Translation Reserve [Member] | CPS [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of foreign currency translation reserve related to disposal/liquidation | 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/liquidation | 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 disposal/liquidation | 11,323 | ||
Accumulated Foreign Currency Translation Reserve [Member] | FIHRST [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of foreign currency translation reserve related to disposal/liquidation | $ 1,578 | ||
Accumulated Foreign Currency Translation Reserve [Member] | Bank Frick [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of foreign currency translation reserve related to disposal/liquidation | (2,462) | ||
Accumulated Foreign Currency Translation Reserve [Member] | Liquidation of Subsidiaries [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of foreign currency translation reserve related to disposal/liquidation | 468 | $ 605 | |
Accumulated Foreign Currency Translation Reserve [Member] | Finbond Group Limited [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of foreign currency translation reserve related to disposal/liquidation | $ 587 |
Revenue (Revenue Disaggregated
Revenue (Revenue Disaggregated By Major Revenue Streams) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 222,609 | $ 130,786 | $ 144,299 |
Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 65,932 | 66,149 | 70,998 |
Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 154,982 | 61,319 | 68,260 |
All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,695 | 3,318 | 5,041 |
Processing Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 84,734 | 63,320 | 60,895 |
Processing Fees [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 28,982 | 32,042 | 30,978 |
Processing Fees [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 54,057 | 27,960 | 24,876 |
Processing Fees [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,695 | 3,318 | 5,041 |
Telecom Products And Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 69,603 | 13,422 | 22,631 |
Telecom Products And Services [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Telecom Products And Services [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 69,603 | 13,422 | 22,631 |
Telecom Products And Services [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Account Holder Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 5,838 | 5,342 | 12,628 |
Account Holder Fees [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 5,838 | 5,342 | 12,628 |
Account Holder Fees [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Account Holder Fees [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Lending Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 21,573 | 20,672 | 19,955 |
Lending Revenue [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 21,573 | 20,672 | 19,955 |
Lending Revenue [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Lending Revenue [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Technology Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 26,168 | 19,014 | 18,261 |
Technology Products [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 277 | 331 | 0 |
Technology Products [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 25,891 | 18,683 | 18,261 |
Technology Products [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Interest From Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,121 | ||
Interest From Customers [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | ||
Interest From Customers [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,121 | ||
Interest From Customers [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | ||
Insurance Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,530 | 6,605 | 5,212 |
Insurance Revenue [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,530 | 6,605 | 5,212 |
Insurance Revenue [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Insurance Revenue [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 5,042 | 2,411 | 4,717 |
Other [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 732 | 1,157 | 2,225 |
Other [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,310 | 1,254 | 2,492 |
Other [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
South Africa [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 215,046 | 127,468 | 139,258 |
South Africa [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 65,932 | 66,149 | 70,998 |
South Africa [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 149,114 | 61,319 | 68,260 |
South Africa [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
South Africa [Member] | Processing Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 77,287 | 60,002 | 55,854 |
South Africa [Member] | Processing Fees [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 28,982 | 32,042 | 30,978 |
South Africa [Member] | Processing Fees [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 48,305 | 27,960 | 24,876 |
South Africa [Member] | Processing Fees [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
South Africa [Member] | Technology Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 26,103 | ||
South Africa [Member] | Technology Products [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 277 | ||
South Africa [Member] | Technology Products [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 25,826 | ||
South Africa [Member] | Technology Products [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | ||
South Africa [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,991 | ||
South Africa [Member] | Other [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 732 | ||
South Africa [Member] | Other [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,259 | ||
South Africa [Member] | Other [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | ||
Rest Of World [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 7,563 | 3,318 | 5,041 |
Rest Of World [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Rest Of World [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 5,868 | 0 | 0 |
Rest Of World [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,695 | 3,318 | 5,041 |
Rest Of World [Member] | Processing Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 7,447 | 3,318 | 5,041 |
Rest Of World [Member] | Processing Fees [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Rest Of World [Member] | Processing Fees [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 5,752 | 0 | 0 |
Rest Of World [Member] | Processing Fees [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,695 | $ 3,318 | $ 5,041 |
Rest Of World [Member] | Technology Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 65 | ||
Rest Of World [Member] | Technology Products [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | ||
Rest Of World [Member] | Technology Products [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 65 | ||
Rest Of World [Member] | Technology Products [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | ||
Rest Of World [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 51 | ||
Rest Of World [Member] | Other [Member] | Consumer Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | ||
Rest Of World [Member] | Other [Member] | Merchant Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 51 | ||
Rest Of World [Member] | Other [Member] | All Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Apr. 14, 2022 | Mar. 01, 2022 | Aug. 05, 2020 | Mar. 01, 2020 | Sep. 07, 2018 | Mar. 01, 2018 | Aug. 23, 2017 | May 31, 2022 | Apr. 30, 2022 | Feb. 28, 2022 | Dec. 31, 2021 | Aug. 31, 2021 | Jul. 31, 2021 | May 31, 2021 | Feb. 29, 2020 | Sep. 30, 2018 | Aug. 31, 2017 | Dec. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of stock options awarded | 137,620 | 560,000 | 561,000 | ||||||||||||||||||||
Stock options granted exercise price | $ 4.14 | $ 3.93 | $ 5.83 | $ 7.81 | |||||||||||||||||||
Forfeitures, Number of shares | 256,706 | 729,484 | 93,928 | ||||||||||||||||||||
Options exercise price range, lower limit | $ 3.01 | ||||||||||||||||||||||
Options exercise price range, upper limit | $ 11.23 | ||||||||||||||||||||||
Stock-based compensation charge, net | $ 2,962,000 | $ 344,000 | $ 1,728,000 | ||||||||||||||||||||
Deferred tax asset related to stock-based compensation | 300,000 | 100,000 | |||||||||||||||||||||
Share-based compensation deferred tax asset valuation allowance | $ 300,000 | 100,000 | |||||||||||||||||||||
Exercisable, Number of Shares | 380,674 | ||||||||||||||||||||||
Proceeds from exercise of stock options | $ 759,000 | $ 53,000 | $ 0 | ||||||||||||||||||||
Share-based compensation, number of shares exercised | 249,521 | 17,335 | |||||||||||||||||||||
Exercised of stock options, shares | $ 760,000 | $ 53,000 | |||||||||||||||||||||
Number of share awards expected to vest | 926,225 | ||||||||||||||||||||||
Connect [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Closing price, per share | $ 5.23 | ||||||||||||||||||||||
Executive Officers [Member] | September 2018 [Member] | Market And Time-based Vesting [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Performance target, per share | $ 23 | ||||||||||||||||||||||
Share based compensation number of stock awarded | 148,000 | ||||||||||||||||||||||
Non-Employee Directors [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of stock options awarded | 150,000 | ||||||||||||||||||||||
Stock options granted exercise price | $ 3.50 | ||||||||||||||||||||||
Employees [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Exercisable, Number of Shares | 376,348 | 331,833 | 170,335 | ||||||||||||||||||||
Proceeds from exercise of stock options | $ 800,000 | $ 500,000 | |||||||||||||||||||||
Share-based compensation, number of shares exercised | 249,521 | 17,335 | 0 | ||||||||||||||||||||
Share based compensation number of stock award forfeited | 256,706 | 729,484 | 93,928 | ||||||||||||||||||||
Former Chief Executive Officer [Member] | Termination [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Forfeitures, Number of shares | 250,034 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Expected volatility calculation term | 750 days | ||||||||||||||||||||||
Expected volatility | 50% | 62% | 57% | ||||||||||||||||||||
Expected life (in years) | 3 years | 3 years | 3 years | ||||||||||||||||||||
Risk-free rate | 1.61% | 0.19% | 1.57% | ||||||||||||||||||||
Unrecognized compensation cost | $ 400,000 | ||||||||||||||||||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | ||||||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of stock options awarded | 2,168,110 | 254,560 | 568,000 | ||||||||||||||||||||
Vested number of shares of restricted stock | 61,861 | 311,300 | 18,908 | ||||||||||||||||||||
Forfeitures, Number of shares | 105,542 | 674,200 | 17,500 | ||||||||||||||||||||
Unrecognized compensation cost | $ 10,400,000 | ||||||||||||||||||||||
Unrecognized compensation cost, expected recognition period, years | 3 years | ||||||||||||||||||||||
Fair value of restricted stock vested | $ 400,000 | $ 1,000,000 | $ 100,000 | ||||||||||||||||||||
Share based compensation number of stock award forfeited | 644,200 | ||||||||||||||||||||||
Period of assumed purchased allocation | 30 days | ||||||||||||||||||||||
Volume-weighted average price period | 30 days | ||||||||||||||||||||||
Percent of top-up settled in shares of common stock | 55% | ||||||||||||||||||||||
Percent of election of executive | 45% | ||||||||||||||||||||||
Number of shares issued for service | 6,481 | ||||||||||||||||||||||
Monthly fee dividend | $ 35,000 | ||||||||||||||||||||||
Allocated Share Based Compensation Expense | $ 200,000 | ||||||||||||||||||||||
Shares issued during period | 38,886 | ||||||||||||||||||||||
Restricted Stock [Member] | Time-Based Vesting [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Vested number of shares of restricted stock | 133,508 | 244,500 | 18,908 | ||||||||||||||||||||
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 days | ||||||||||||||||||||||
Expected volatility | 37.40% | ||||||||||||||||||||||
Restricted Stock [Member] | August 2017 [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Expected volatility | 44% | ||||||||||||||||||||||
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% | ||||||||||||||||||||||
Restricted Stock [Member] | February 2020 [Member] | 100% Vest [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Vesting percentage | 14% | ||||||||||||||||||||||
Restricted Stock [Member] | November And December 2021 [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of stock options awarded | 326,158 | ||||||||||||||||||||||
Vested number of shares of restricted stock | 71,647 | ||||||||||||||||||||||
Restricted Stock [Member] | Employee Terminations [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Forfeitures, Number of shares | 75,542 | 644,200 | |||||||||||||||||||||
Restricted Stock [Member] | September 2020 - Accelerated Vesting [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Vested number of shares of restricted stock | 66,800 | ||||||||||||||||||||||
Forfeitures, Number of shares | 30,000 | ||||||||||||||||||||||
Restricted Stock [Member] | September 2018 Award With Market Conditions [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Forfeitures, Number of shares | 30,000 | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [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 | 30,000 | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | Matching [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of stock options awarded | 326,158 | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | Top-Up [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of stock options awarded | 71,647 | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | Time-Based Vesting [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Vested number of shares of restricted stock | 29,919 | ||||||||||||||||||||||
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] | Subject To Time Based Vesting And Continued Service [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based compensation number of stock awarded | 207,859 | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | September 2018 [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Percentage of increase target price | 55% | ||||||||||||||||||||||
Closing price, per share | $ 6.20 | ||||||||||||||||||||||
Share based compensation number of stock award forfeited | 88,000 | 30,000 | |||||||||||||||||||||
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% | ||||||||||||||||||||||
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% | ||||||||||||||||||||||
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% | ||||||||||||||||||||||
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% | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2017 [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Strike price | $ 0 | ||||||||||||||||||||||
Percentage of increase target price | 35% | ||||||||||||||||||||||
Closing price, per share | $ 9.38 | ||||||||||||||||||||||
Share based compensation number of stock awarded | 210,000 | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2017 [Member] | Market Conditions Were Not Achieved [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Performance target, per share | 23 | ||||||||||||||||||||||
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% | ||||||||||||||||||||||
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% | ||||||||||||||||||||||
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% | ||||||||||||||||||||||
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% | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | February 2020 [Member] | Termination [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of shares forfeited | 374,400 | ||||||||||||||||||||||
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] | 50% Vest [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Vesting percentage | 50% | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | February 2020 [Member] | 100% Vest [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Vesting percentage | 100% | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | February 2020 [Member] | Return On Average Net Equity Of Less Than 8% [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Vested number of shares of restricted stock | 0 | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | November And December 2021 [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 | 158,734 | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | November And December 2021 [Member] | Prior To First Anniversary Of Grant Date [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Vesting percentage | 0% | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | November And December 2021 [Member] | Fiscal 2022, Stock Price As of June 30, 2022 [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Closing price, per share | $ 4.71 | ||||||||||||||||||||||
Vesting percentage | 33% | ||||||||||||||||||||||
Multiplier used to determine target stock price per share related to appreciation levels | 1.2 | ||||||||||||||||||||||
Minimum target stock price related to appreciation levels | $ 5.65 | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | November And December 2021 [Member] | Fiscal 2023, Stock Price As of June 30, 2023 [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Closing price, per share | $ 4.71 | ||||||||||||||||||||||
Vesting percentage | 67% | ||||||||||||||||||||||
Multiplier used to determine target stock price per share related to appreciation levels | 1.44 | ||||||||||||||||||||||
Minimum target stock price related to appreciation levels | $ 6.78 | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | November And December 2021 [Member] | Fiscal 2024, Stock Price As of June 30, 2024 [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Closing price, per share | $ 4.71 | ||||||||||||||||||||||
Vesting percentage | 100% | ||||||||||||||||||||||
Multiplier used to determine target stock price per share related to appreciation levels | 1.728 | ||||||||||||||||||||||
Minimum target stock price related to appreciation levels | $ 8.14 | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | November And December 2021 [Member] | Time-based And Market Condition Vesting [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Closing price, per share | $ 4.71 | ||||||||||||||||||||||
Expected volatility | 61.60% | ||||||||||||||||||||||
Share based compensation number of stock awarded | 158,734 | ||||||||||||||||||||||
Period of trading days to the trigger events | 30 days | ||||||||||||||||||||||
Percentage of stock price appreciation as vesting condition | 20% | ||||||||||||||||||||||
Restricted Stock [Member] | Executive Officers [Member] | July 2021 [Member] | Time-based And Market Condition Vesting [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based compensation, vesting period | 3 years | ||||||||||||||||||||||
Expected volatility | 61.60% | ||||||||||||||||||||||
Share based compensation number of stock awarded | 58,652 | ||||||||||||||||||||||
Restricted Stock [Member] | Employees [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based compensation number of stock awarded | 1,250,486 | ||||||||||||||||||||||
Equalization mechanism, return per share | $ 7.50 | ||||||||||||||||||||||
Maximum conversion rate of shares, percent | 50% | ||||||||||||||||||||||
Maximum of shares from conversion | 625,243 | ||||||||||||||||||||||
Restricted Stock [Member] | Employees [Member] | Connect [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based compensation number of stock awarded | 1,250,486 | ||||||||||||||||||||||
Equalization mechanism, return per share | $ 7.50 | ||||||||||||||||||||||
Maximum conversion rate of shares, percent | 50% | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Restricted Stock [Member] | Employees [Member] | Time-Based Vesting [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based compensation number of stock awarded | 23,793 | 29,920 | 50,300 | 44,986 | |||||||||||||||||||
Restricted Stock [Member] | Employees [Member] | November And December 2021 [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 | 95,826 | ||||||||||||||||||||||
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 | 11,408 | ||||||||||||||||||||||
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] | |||||||||||||||||||||||
Share based compensation number of stock awarded | 22,817 | ||||||||||||||||||||||
Restricted Stock [Member] | Former Chief Executive Officer [Member] | Termination [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based compensation number of stock award forfeited | 475,200 | ||||||||||||||||||||||
Restricted Stock [Member] | Former Chief Executive Officer [Member] | August 2017 [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of shares forfeited | 150,000 | ||||||||||||||||||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | Subject To Time Based Vesting And Continued Service [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based compensation, vesting period | 3 years | ||||||||||||||||||||||
Performance target, per share | $ 8.14 | ||||||||||||||||||||||
Share based compensation number of stock awarded | 117,304 | ||||||||||||||||||||||
Number of share awards expected to vest | 58,652 | ||||||||||||||||||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | November And December 2021 [Member] | Market And Time-based Vesting [Member] | South Africa [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based compensation number of stock awarded | 77,040 | ||||||||||||||||||||||
Stock Appreciation Rights S A R S [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based compensation number of stock awarded | 0 | ||||||||||||||||||||||
Minimum [Member] | Employees [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Strike price | $ 3.01 | ||||||||||||||||||||||
Minimum [Member] | Former Chief Executive Officer [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Strike price | $ 6.20 | ||||||||||||||||||||||
Minimum [Member] | Restricted Stock [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based compensation, vesting period | 3 years | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Maximum [Member] | Employees [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Strike price | 11.23 | ||||||||||||||||||||||
Maximum [Member] | Former Chief Executive Officer [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Strike price | $ 11.23 | ||||||||||||||||||||||
Maximum [Member] | Restricted Stock [Member] | August 2017 [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Risk-free rate | 1.657% | ||||||||||||||||||||||
Maximum [Member] | Restricted Stock [Member] | Executive Officers [Member] | 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 |
Stock-Based Compensation (Range
Stock-Based Compensation (Range Of Assumptions Used To Value Options Granted) (Details) - Stock Options [Member] | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 50% | 62% | 57% |
Expected dividends | 0% | 0% | 0% |
Expected life (in years) | 3 years | 3 years | 3 years |
Risk-free rate | 1.61% | 0.19% | 1.57% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summarized Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding, Number of shares, Beginning Balance | 1,294,832 | 1,331,651 | 864,579 | |
Granted, Number of shares | 137,620 | 560,000 | 561,000 | |
Exercised | (249,521) | (17,335) | ||
Forfeitures, Number of shares | (256,706) | (729,484) | (93,928) | |
Outstanding, Number of shares, Ending Balance | 926,225 | 1,294,832 | 1,331,651 | 864,579 |
Exercisable, Number of Shares | 380,674 | |||
Vested and expected to vest, Number of shares | 926,225 | |||
Outstanding, Weighted average exercise price, Beginning Balance | $ 3.93 | $ 5.83 | $ 7.81 | |
Granted, Weighted average exercise price | 4.87 | 3.07 | ||
Exercised, Weighted average exercise price | 3.05 | 3.07 | ||
Forfeitures, Weighted average exercise price | 4.53 | 6.65 | 7.50 | |
Outstanding, Weighted average exercise price, Ending Balance | 4.14 | $ 3.93 | $ 5.83 | $ 7.81 |
Exercisable, Weighted average exercise price | 5 | |||
Vested and expected to vest, Weighted average exercise price | $ 4.14 | |||
Outstanding, Weighted average remaining contractual term (in years) | 6 years 7 months 6 days | 7 years 8 months 4 days | 7 years 6 months 21 days | 7 years 18 days |
Granted, Weighted average remaining contractual term (in years) | 10 years | 10 years | ||
Exercisable, Weighted average remaining contractual term (in years) | 5 years 5 months 15 days | |||
Vested and expected to vest, Weighted average remaining contractual term (in years) | 6 years 7 months 6 days | |||
Outstanding, Aggregate intrinsic value, Beginning Balance | $ 1,624 | |||
Granted, Aggregate intrinsic value | 235 | $ 676 | ||
Vested and expecting to vest, Aggregate intrinsic value | 1,249 | |||
Exercised, Aggregate intrinsic value | 470 | $ 35 | ||
Exercisable, Aggregate intrinsic value | 163 | |||
Outstanding, Aggregate intrinsic value, Ending Balance | $ 1,249 | $ 1,624 | ||
Outstanding, Weighted average grant date fair value, Beginning Balance | $ 1.45 | $ 2.01 | $ 2.62 | |
Granted, Weighted average grant date fair value | 1.71 | 1.20 | ||
Forfeitures, Weighted average grant date fair value | 1.69 | 2.24 | 2.81 | |
Outstanding, Weighted average grant date fair value, Ending Balance | $ 1.60 | $ 1.45 | $ 2.01 | $ 2.62 |
August 2020 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Number of shares | 150,000 | |||
Granted, Weighted average exercise price | $ 3.50 | |||
Granted, Weighted average remaining contractual term (in years) | 3 years | |||
Granted, Aggregate intrinsic value | $ 166 | |||
Granted, Weighted average grant date fair value | $ 1.11 | |||
November 2020 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Number of shares | 560,000 | |||
Granted, Weighted average exercise price | $ 3.01 | |||
Granted, Weighted average remaining contractual term (in years) | 10 years | |||
Granted, Aggregate intrinsic value | $ 691 | |||
Granted, Weighted average grant date fair value | $ 1.23 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 384,560 | 1,115,500 | |
Granted, Number of Shares of Restricted Stock | 137,620 | 560,000 | 561,000 |
Forfeitures, Number of Shares of Restricted Stock | (256,706) | (729,484) | (93,928) |
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 2,385,267 | 384,560 | 1,115,500 |
August 2020 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 150,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 384,560 | 1,115,500 | 583,908 |
Granted, Number of Shares of Restricted Stock | 2,168,110 | 254,560 | 568,000 |
Vested, Number of Shares of Restricted Stock | (61,861) | (311,300) | (18,908) |
Forfeitures, Number of Shares of Restricted Stock | (105,542) | (674,200) | (17,500) |
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 2,385,267 | 384,560 | 1,115,500 |
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 1,123 | $ 5,354 | $ 3,410 |
Granted, Weighted Average Grant Date Fair Value | 11,097 | 1,035 | 2,300 |
Vested, Weighted Average Grant Date Fair Value | 306 | (1,037) | 70 |
Forfeitures, Weighted Average Grant Date Fair Value | 542 | 2,690 | 65 |
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 11,879 | $ 1,123 | $ 5,354 |
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 | ||
Restricted Stock [Member] | August 2020 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested, Number of Shares of Restricted Stock | (244,500) | ||
Vested, Weighted Average Grant Date Fair Value | $ 812 | ||
Restricted Stock [Member] | September 2020 - Accelerated Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested, Number of Shares of Restricted Stock | (66,800) | ||
Forfeitures, Number of Shares of Restricted Stock | (30,000) | ||
Vested, Weighted Average Grant Date Fair Value | $ 225 | ||
Forfeitures, Weighted Average Grant Date Fair Value | $ 148 | ||
Restricted Stock [Member] | Employee Terminations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Forfeitures, Number of Shares of Restricted Stock | (75,542) | (644,200) | |
Forfeitures, Weighted Average Grant Date Fair Value | $ 382 | $ 2,542 | |
Restricted Stock [Member] | July 2021 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 234,608 | ||
Granted, Weighted Average Grant Date Fair Value | $ 963 | ||
Restricted Stock [Member] | August 2021 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 44,986 | ||
Granted, Weighted Average Grant Date Fair Value | $ 192 | ||
Restricted Stock [Member] | November And December 2021 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 326,158 | ||
Vested, Number of Shares of Restricted Stock | (71,647) | ||
Granted, Weighted Average Grant Date Fair Value | $ 1,766 | ||
Restricted Stock [Member] | December 2021 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 50,300 | ||
Granted, Weighted Average Grant Date Fair Value | $ 269 | ||
Restricted Stock [Member] | February 2022 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 29,920 | ||
Granted, Weighted Average Grant Date Fair Value | $ 146 | ||
Restricted Stock [Member] | March 2022 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 207,859 | ||
Granted, Weighted Average Grant Date Fair Value | $ 1,097 | ||
Restricted Stock [Member] | April 2022 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 1,250,486 | ||
Granted, Weighted Average Grant Date Fair Value | $ 6,540 | ||
Restricted Stock [Member] | May 2022 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 23,793 | ||
Granted, Weighted Average Grant Date Fair Value | $ 124 | ||
Restricted Stock [Member] | November And December 2021 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Shares of Restricted Stock | 71,647 | ||
Vested, Number of Shares of Restricted Stock | (71,647) | ||
Granted, Weighted Average Grant Date Fair Value | $ 393 | ||
Vested, Weighted Average Grant Date Fair Value | $ (393) | ||
Restricted Stock [Member] | September 2018 Award With Market Conditions [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Forfeitures, Number of Shares of Restricted Stock | (30,000) | ||
Forfeitures, Weighted Average Grant Date Fair Value | $ 160 |
Stock-Based Compensation (Recor
Stock-Based Compensation (Recorded Net Stock Compensation Charge) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation charge | $ 3,082,000 | $ 1,430,000 | $ 1,873,000 |
Reversal of stock compensation charge related to stock options and restricted stock forfeited | (120,000) | (1,086,000) | (145,000) |
Total | 2,962,000 | 344,000 | 1,728,000 |
Allocated To IT Processing, Servicing And Support [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation charge | 0 | 0 | 0 |
Reversal of stock compensation charge related to stock options and restricted stock forfeited | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Allocated To Selling, General And Administration [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation charge | 3,082,000 | 1,430,000 | 1,873,000 |
Reversal of stock compensation charge related to stock options and restricted stock forfeited | (120,000) | (1,086,000) | (145,000) |
Total | $ 2,962,000 | $ 344,000 | $ 1,728,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Jul. 01, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Valuation Allowance [Line Items] | ||||
Statutory income tax rate | 28% | 28% | 28% | |
Unrecognized tax benefit | $ 0 | $ 0 | ||
Income tax expense | 327,000 | 7,560,000 | $ 2,656,000 | |
Loss before income taxes | (39,900,000) | (5,619,000) | (65,016,000) | |
Foreign tax credits generated-United States | 62,000 | 10,000 | 72,000 | |
Capital gains related to disposal of FIHRST and sale of DNI reduced by utilizing capital loss carryforwards | $ 0 | |||
Deferred tax assets | 3,862,000 | 747,000 | ||
Unused foreign tax credits | $ 0 | $ 0 | ||
Effective tax rate | (0.83%) | (134.55%) | (4.09%) | |
Changes in enacted tax rate | $ 0 | $ 0 | $ 0 | |
Valuation allowance | $ 117,101,000 | $ 118,777,000 | ||
South Africa [Member] | ||||
Valuation Allowance [Line Items] | ||||
Statutory income tax rate | 28% | 28% | 28% | |
Loss before income taxes | $ (31,266,000) | $ (30,825,000) | $ (26,230,000) | |
Tax rate used to measure deferred tax liability | 21% | |||
South Africa [Member] | Subsequent Event [Member] | ||||
Valuation Allowance [Line Items] | ||||
Statutory income tax rate | 27% | |||
Cell C [Member] | ||||
Valuation Allowance [Line Items] | ||||
Fair value of investment | 0 | $ 0 | ||
CPS [Member] | ||||
Valuation Allowance [Line Items] | ||||
Fair value of investment | $ 0 | $ 0 |
Income Taxes (Components Of (Lo
Income Taxes (Components Of (Loss) Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax [Line Items] | |||
Loss before income taxes | $ (39,900) | $ (5,619) | $ (65,016) |
South Africa [Member] | |||
Income Tax [Line Items] | |||
Loss before income taxes | (31,266) | (30,825) | (26,230) |
United States [Member] | |||
Income Tax [Line Items] | |||
Loss before income taxes | (8,509) | (6,686) | (8,984) |
Liechtenstein [Member] | |||
Income Tax [Line Items] | |||
Loss before income taxes | (509) | (810) | (17,519) |
Other Income Tax Segment [Member] | |||
Income Tax [Line Items] | |||
Loss before income taxes | $ 384 | $ 32,702 | $ (12,283) |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes By Location Of Taxing Jurisdiction) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax [Line Items] | |||
Current income tax expense (benefit) | $ 2,309 | $ 859 | $ 1,652 |
Deferred taxation (benefit) charge | (2,044) | 6,691 | 932 |
Foreign tax credits generated-United States | 62 | 10 | 72 |
Income tax provision | 327 | 7,560 | 2,656 |
South Africa [Member] | |||
Income Tax [Line Items] | |||
Current income tax expense (benefit) | 2,309 | 866 | 1,552 |
Deferred taxation (benefit) charge | (2,154) | (2,039) | 653 |
United States [Member] | |||
Income Tax [Line Items] | |||
Current income tax expense (benefit) | 0 | (75) | 12 |
Deferred taxation (benefit) charge | 0 | 9,136 | 0 |
Other Income Tax Segment [Member] | |||
Income Tax [Line Items] | |||
Current income tax expense (benefit) | 0 | 68 | 88 |
Deferred taxation (benefit) charge | $ 110 | $ (406) | $ 279 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Taxes) (Details) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
Statutory income tax rate | 28% | 28% | 28% |
Movement in valuation allowance | (22.05%) | (250.16%) | 1.64% |
Non-deductible items | (6.59%) | (58.40%) | (10.38%) |
Foreign tax rate differential | 0.02% | 51.21% | (4.17%) |
Capital gains differential | 0.11% | 93.03% | (1.59%) |
Prior year adjustments | 0.01% | 1.77% | (0.01%) |
Release from FCTR | (0.33%) | 0% | (14.65%) |
Subpart F Inclusions | 0% | 0% | (2.85%) |
Foreign tax credits | 0% | 0% | (0.08%) |
Taxation on deemed dividends in the United States | 0% | 0% | 0% |
Transition Tax | 0% | 0% | 0% |
Income tax provision | (0.83%) | (134.55%) | (4.09%) |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Income Tax [Abstract] | ||
Capital losses related to investments | $ 42,587 | $ 47,518 |
Net operating loss carryforwards | 40,384 | 36,329 |
Foreign tax credits | 32,671 | 32,737 |
Provisions and accruals | 3,163 | 2,123 |
FTS patent | 95 | 163 |
Other | 2,063 | 654 |
Total deferred tax assets before valuation allowance | 120,963 | 119,524 |
Valuation allowances | (117,101) | (118,777) |
Total deferred tax assets, net of valuation allowance | 3,862 | 747 |
Intangible assets | 43,876 | 100 |
Investments | 10,354 | 10,354 |
Other | 67 | 87 |
Total deferred tax liabilities | 54,297 | 10,541 |
Long-term deferred tax assets | 3,776 | 622 |
Long-term deferred tax liabilities | 54,211 | 10,415 |
Net deferred income tax liabilities | $ 50,435 | $ 9,793 |
Income Taxes (Movement In Valua
Income Taxes (Movement In Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | $ 118,777 | $ 106,433 |
Charged to statement of operations | 8,119 | 16,376 |
Reversed to statement of operations | (301) | (14,840) |
Utilized | (1) | (1,422) |
Foreign currency adjustment | (9,493) | 12,230 |
Valuation Allowances, Balance, Ending Balance | 117,101 | 118,777 |
Capital Losses Related To Investments [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 47,518 | 36,721 |
Charged to statement of operations | 195 | 3,532 |
Reversed to statement of operations | 0 | 0 |
Utilized | 0 | 0 |
Foreign currency adjustment | (5,126) | 7,265 |
Valuation Allowances, Balance, Ending Balance | 42,587 | 47,518 |
Net Operating Loss Carry-forwards [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 36,270 | 32,273 |
Charged to statement of operations | 7,647 | 13,264 |
Reversed to statement of operations | (167) | (13,687) |
Utilized | (1) | (135) |
Foreign currency adjustment | (4,097) | 4,555 |
Valuation Allowances, Balance, Ending Balance | 39,652 | 36,270 |
Foreign Tax Credits [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 32,737 | 32,799 |
Charged to statement of operations | 0 | 0 |
Reversed to statement of operations | (66) | (62) |
Utilized | 0 | 0 |
Foreign currency adjustment | 0 | 0 |
Valuation Allowances, Balance, Ending Balance | 32,671 | 32,737 |
Other [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 2,252 | 4,640 |
Charged to statement of operations | 277 | (420) |
Reversed to statement of operations | (68) | (1,091) |
Utilized | 0 | (1,287) |
Foreign currency adjustment | (270) | 410 |
Valuation Allowances, Balance, Ending Balance | $ 2,191 | $ 2,252 |
Income Taxes (Schedule Of Net O
Income Taxes (Schedule Of Net Operating Loss Carryforwards) (Details) - Tax Year 2024 [Member] $ in Thousands | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Year of expiration | 2024 |
US net operating loss carry forwards | $ 775 |
(Loss) Earnings Per Share (Narr
(Loss) Earnings Per Share (Narrative) (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options exercise price range, lower limit | $ 3.01 | ||
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 | 191,448 | ||
Securities excluded from computation of earnings per share, where exercise price greater than average market price | 186,999 | 282,832 | 1,331,651 |
Options exercise price range, lower limit | $ 6.20 | $ 6.20 | $ 3.07 |
Options exercise price range, upper limit | $ 11.23 | $ 11.23 | $ 11.23 |
(Loss) Earnings Per Share (Inco
(Loss) Earnings Per Share (Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net loss attributable to Lesaka | $ (43,876) | $ (38,057) | $ (78,358) |
Undistributed (loss) earnings | $ (43,876) | $ (38,057) | $ (78,358) |
Percent allocated to common shareholders (Calculation 1) | 98% | 99% | 98% |
Numerator for (loss) earnings per share: basic and diluted | $ (43,006) | $ (37,825) | $ (76,827) |
Continuing | (43,006) | (37,825) | (95,315) |
Discontinued | $ 0 | $ 0 | $ 18,488 |
Denominator for basic (loss) earnings per share: weighted-average common shares outstanding | 57,207,000 | 56,332,000 | 56,003,000 |
Stock options | 0 | 259,000 | 0 |
Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assuming conversion | 57,207,000 | 56,591,000 | 56,003,000 |
(Loss) Earnings per share: Basic | $ (0.75) | $ (0.67) | $ (1.37) |
Continuing | (0.75) | (0.67) | (1.70) |
Discontinued | 0 | 0 | 0.33 |
(Loss) Earnings per share: Diluted | (0.75) | (0.67) | (1.37) |
Continuing | (0.75) | (0.67) | (1.70) |
Discontinued | $ 0 | $ 0 | $ 0.33 |
Basic weighted-average common shares outstanding | 57,207,000 | 56,332,000 | 56,003,000 |
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest | 58,364 | 56,678 | 57,119 |
Continuing [Member] | |||
Undistributed (loss) earnings | $ (43,876) | $ (38,057) | $ (97,214) |
Discontinued [Member] | |||
Undistributed (loss) earnings | $ 0 | $ 0 | $ 18,856 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash received from interest | $ 2,065 | $ 2,222 | $ 3,057 |
Cash paid for interest | 5,817 | 3,056 | 6,050 |
Cash paid for income taxes | $ 1,138 | $ 16,608 | $ 5,001 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Cash And Cash Equivalents [Line Items] | ||||
Restricted cash | $ 60,860 | $ 25,193 | $ 14,814 | |
Cash, cash equivalents and restricted cash | 104,800 | 223,765 | 232,485 | $ 121,511 |
Continuing [Member] | ||||
Cash And Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 43,940 | $ 198,572 | $ 217,671 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information (Supplemental Cash Flow Disclosure Related To Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid related to lease liabilities: Operating cash flows from operating leases | $ 3,971 | $ 4,050 | $ 3,603 |
Right-of-use assets obtained in exchange for lease obligations: Operating leases | $ 6,054 | $ 3,000 | $ 2,974 |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | |||
Impairment of goodwill | $ 0 | $ 0 | $ 5,589,000 |
Termination fee to cancel Bank Frick option | $ 0 | $ 0 | 17,517,000 |
Inter-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Termination fee to cancel Bank Frick option | 17,500,000 | ||
Processing [Member] | |||
Segment Reporting Information [Line Items] | |||
Impairment of goodwill | $ 5,600,000 |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of Reportable Segments Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ 222,609 | $ 130,786 | $ 144,299 |
Consumer Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 65,932 | 66,149 | 70,998 |
Merchant Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 154,982 | 61,319 | 68,260 |
All Other Segments [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 1,695 | 3,318 | 5,041 |
Reportable Segment, After Corporate/Eliminations [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 144,299 | ||
Reportable Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 222,993 | 130,945 | 144,698 |
Reportable Segment [Member] | Consumer Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 65,932 | 66,149 | 70,998 |
Reportable Segment [Member] | Merchant Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 155,366 | 61,478 | 68,659 |
Reportable Segment [Member] | All Other Segments [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 1,695 | 3,318 | 5,041 |
Reportable Segment [Member] | Reportable Segment, After Corporate/Eliminations [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 144,698 | ||
Inter-Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | (384) | (159) | |
Inter-Segment [Member] | Consumer Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 0 | 0 | 0 |
Inter-Segment [Member] | Merchant Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | (384) | (159) | (399) |
Inter-Segment [Member] | All Other Segments [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ 0 | $ 0 | 0 |
Inter-Segment [Member] | Reportable Segment, After Corporate/Eliminations [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ (399) |
Operating Segments (Reconcili_2
Operating Segments (Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating loss | $ (40,195) | $ (53,872) | $ (44,248) |
Lease adjustments | (3,955) | (4,148) | (3,664) |
Depreciation and amortization | (7,575) | (4,347) | (4,647) |
Impairment loss | 0 | 0 | (6,336) |
Gain related to fair value adjustment to currency options | 3,691 | 0 | 0 |
Gain on disposal on equity securities | 720 | 0 | 0 |
Loss on disposal of equity-accounted investment (Note 9) | (376) | (13) | 0 |
Change in fair value of equity securities (Note 3) | 0 | 49,304 | 0 |
Termination fee to cancel Bank Frick option | 0 | 0 | (17,517) |
Interest income | 2,089 | 2,416 | 2,805 |
Interest expense | (5,829) | (2,982) | (7,641) |
Loss before income taxes | (39,900) | (5,619) | (65,016) |
Bank Frick [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Gain (loss) on disposal/deconsolidation | 0 | (472) | 0 |
FIHRST [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Gain (loss) on disposal/deconsolidation | 0 | 0 | 9,743 |
DNI [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Gain (loss) on disposal/deconsolidation | 0 | 0 | (1,010) |
CPS [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Gain (loss) on disposal/deconsolidation | 0 | 0 | (7,148) |
Reportable Segment [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating loss | (10,424) | (31,949) | (20,828) |
Depreciation and amortization | (3,846) | (3,988) | (4,256) |
Consolidation Eliminations [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating loss | (18,241) | (13,428) | (8,773) |
Depreciation and amortization | $ 3,729 | $ 359 | $ 391 |
Operating Segments (Summary Of
Operating Segments (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 222,609 | $ 130,786 | $ 144,299 |
Adjusted EBITDA | (28,665) | (45,377) | (29,601) |
Lease adjustments | 3,955 | 4,148 | 3,664 |
Operating loss | (40,195) | (53,872) | (44,248) |
Depreciation and amortization | 7,575 | 4,347 | 4,647 |
Expenditures for long-lived assets | 4,558 | 4,285 | 4,435 |
Reportable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 222,993 | 130,945 | 144,698 |
Adjusted EBITDA | (10,424) | (31,949) | (20,828) |
Operating loss | (10,424) | (31,949) | (20,828) |
Depreciation and amortization | 3,846 | 3,988 | 4,256 |
Expenditures for long-lived assets | 4,558 | 4,285 | 4,435 |
Consolidation Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | (18,241) | (13,428) | (8,773) |
Operating loss | (18,241) | (13,428) | (8,773) |
Depreciation and amortization | (3,729) | (359) | (391) |
Expenditures for long-lived assets | 0 | 0 | 0 |
Consumer Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 65,932 | 66,149 | 70,998 |
Consumer Segment [Member] | Reportable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 65,932 | 66,149 | 70,998 |
Adjusted EBITDA | (22,232) | (26,303) | (13,989) |
Depreciation and amortization | 1,660 | 3,071 | 3,220 |
Expenditures for long-lived assets | 1,712 | 3,433 | 2,540 |
Consumer Segment [Member] | Reportable Segment [Member] | Retrenchment Costs [Member] | |||
Segment Reporting Information [Line Items] | |||
Retrenchment costs | 5,900 | ||
Merchant Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 154,982 | 61,319 | 68,260 |
Merchant Segment [Member] | Reportable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 155,366 | 61,478 | 68,659 |
Adjusted EBITDA | 11,305 | 4,728 | 5,176 |
Depreciation and amortization | 2,128 | 795 | 534 |
Expenditures for long-lived assets | 2,811 | 829 | 1,193 |
All Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,695 | 3,318 | 5,041 |
All Other Segments [Member] | Reportable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,695 | 3,318 | 5,041 |
Adjusted EBITDA | 503 | (10,374) | (12,015) |
Depreciation and amortization | 58 | 122 | 502 |
Expenditures for long-lived assets | $ 35 | $ 23 | $ 702 |
Operating Segments (Long-Lived
Operating Segments (Long-Lived Assets Based On Geographical Location) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | $ 438,833 | $ 134,013 | $ 134,372 |
South Africa [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 359,725 | 50,754 | 68,521 |
Liechtenstein - investment in Bank Frick (Note 9) | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 0 | 0 | 29,739 |
India - investment in MobiKwik (Note 9) | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 76,297 | 76,297 | 26,993 |
Rest Of World [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | $ 2,811 | $ 6,962 | $ 9,119 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands, R in Millions | Jun. 30, 2022 USD ($) | Jun. 30, 2022 ZAR (R) | Jun. 30, 2021 USD ($) |
Guarantor Obligations [Line Items] | |||
Outstanding capital commitments | $ 30 | $ 300 | |
Purchase obligations | 11,000 | $ 2,500 | |
Nedbank [Member] | Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee amount | $ 5,700 | R 92.1 | |
Nedbank [Member] | Guarantee [Member] | Minimum [Member] | |||
Guarantor Obligations [Line Items] | |||
Commission charge rate | 0.40% | 0.40% | |
Nedbank [Member] | Guarantee [Member] | Maximum [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee amount | $ 6,000 | R 97.2 | |
Commission charge rate | 1.82% | 1.82% | |
Nedbank [Member] | Ceded And Pledged Bank Accounts As Security [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee amount | $ 9,500 | R 155.1 | |
RMB Member [Member] | Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee amount | $ 300 | R 5.1 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) $ in Thousands, R in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 22, 2022 USD ($) | Sep. 30, 2020 USD ($) | Jun. 30, 2022 USD ($) | Mar. 22, 2022 ZAR (R) | |
VCP Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Market capitalization benchmark amount | R | R 2,600 | |||
Commitment fee amount | $ 5,250 | |||
VCP Agreement [Member] | Common Stock [Member] | ||||
Related Party Transaction [Line Items] | ||||
Value of shares obligated to Iisue from agreement | R | R 350 | |||
VCP [Member] | ||||
Related Party Transaction [Line Items] | ||||
Disgorgement proceeds recorded as an increase to additional paid-in capital | $ 100 | |||
Related party transaction tax on capital contribution from shareholders | $ 20 | |||
Disgorgement proceeds received from related party | $ 120 |
Dispositions And Discontinued_3
Dispositions And Discontinued Operations (Narrative) (Details) $ in Thousands, R in Millions | 1 Months Ended | ||||||
Oct. 15, 2020 USD ($) | Oct. 15, 2020 ZAR (R) | May 31, 2019 | Mar. 31, 2019 | Mar. 01, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2019 ZAR (R) | |
DNI [Member] | Discontinued [Member] | Transaction To Sell 8% [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Percentage of ownership interest prior to disposal | 38% | ||||||
Percentage of ownership interest after disposal | 30% | ||||||
Percentage of ownership interest sold in business | 8% | ||||||
FIHRST [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consideration amount from disposal of discontinued operation | $ 10,900 | R 159.7 | |||||
FIHRST [Member] | Discontinued [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consideration amount from disposal of discontinued operation | $ 11,749 | ||||||
Net1 Korea [Member] | Discontinued [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consideration amount from disposal of discontinued operation | $ 237,220 | ||||||
CPS [Member] | Discontinued [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Related party transaction, arms length, amount | $ 3,000 | R 50 |
Dispositions And Discontinued_4
Dispositions And Discontinued Operations (Schedule Of Major Captions That Have Not Been Separately Presented On Related To Discontinued Operation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 01, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income from discontinued operations | $ 0 | $ 0 | $ 6,402 | |
Net1 Korea [Member] | Discontinued [Member] | ||||
Revenue | 85,375 | |||
Cost of goods sold, IT processing, servicing and support | 37,377 | |||
Selling, general and administration | 30,562 | |||
Depreciation and amortization | 8,652 | |||
Impairment loss | 0 | |||
Operating income | 8,784 | |||
Interest income | 678 | |||
Interest expense | 106 | |||
Net income before tax | 9,356 | |||
Income tax expense | 2,954 | |||
Net income before earnings from equity-accounted investments | 6,402 | |||
Earnings from equity-accounted investments | 0 | |||
Net income from discontinued operations | $ 12,454 | 6,402 | ||
Total net cash provided by operating activities | 3,758 | |||
Total net cash provided by (used) in investing activities | $ 1,524 |
Dispositions And Discontinued_5
Dispositions And Discontinued Operations (Impact Of Deconsolidation And Calculation Of Net Loss Recognized On Deconsolidation) (Details) $ in Thousands, ₩ in Millions, R in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Mar. 01, 2022 KRW (₩) | Mar. 01, 2022 USD ($) | May 31, 2020 USD ($) | Sep. 30, 2020 KRW (₩) | Sep. 30, 2020 USD ($) | Dec. 31, 2019 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | Mar. 01, 2020 USD ($) | Dec. 31, 2019 ZAR (R) | |
Less: carrying value, comprising | $ 0 | $ 0 | |||||||||
Settlement assets | 15,916 | 466 | |||||||||
Settlement liabilities | (15,276) | (466) | |||||||||
Gain (loss) recognized on disposal, after tax | 0 | 0 | $ 6,402 | ||||||||
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 10) | 107,964 | ||||||||||
Intangible assets, net | 4,655 | ||||||||||
Deferred income taxes assets (Note 18) | 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) | ||||||||||
Long-term debt | (335) | ||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 15) | $ 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 recognized on disposal, before tax | 27,733 | ||||||||||
Gain (loss) recognized on disposal, after tax | 12,454 | 6,402 | |||||||||
Transaction costs incurred directly related to the disposal | 7,500 | ||||||||||
Transaction costs related to non-refundable securities transfer tax | ₩ 1,400 | 1,200 | |||||||||
Capital gains taxes withheld from purchase price by purchaser | 23,800 | $ 19,900 | ₩ 23,800 | $ 20,100 | |||||||
Total tax withholding from purchase price by purchaser | ₩ | ₩ 21.1 | ||||||||||
FIHRST [Member] | |||||||||||
Fair value of consideration received | $ 10,900 | R 159.7 | |||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 15) | 0 | 0 | (1,578) | ||||||||
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 | ||||||||||
Less: carrying value, comprising | 1,870 | ||||||||||
Cash and cash equivalents | 854 | ||||||||||
Accounts receivable, net | 367 | ||||||||||
Property, plant and equipment, net | 64 | ||||||||||
Goodwill (Note 10) | 599 | ||||||||||
Intangible assets, net | 30 | ||||||||||
Deferred income taxes assets (Note 18) | 42 | ||||||||||
Accounts payable | (7) | ||||||||||
Other payables | (1,437) | ||||||||||
Income taxes payable | (220) | ||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 15) | 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 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 15) | $ 0 | $ 0 | (11,323) | ||||||||
CPS [Member] | |||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 15) | $ (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 | ||||||||||
Deferred income taxes assets (Note 18) | 0 | ||||||||||
Accounts payable | (238) | ||||||||||
Other payables | (33,160) | ||||||||||
Released from accumulated other comprehensive income - foreign currency translation reserve (Note 15) | 32,451 | ||||||||||
Intercompany accounts written off/ provided for | 7,216 | ||||||||||
Taxes related to gain recognized on disposal | 0 | ||||||||||
Gain 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) |