Earnings call transcript Q4 2023

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Matt Chesler

Hello, everyone, and welcome to the Lesaka Technologies Fiscal Fourth Quarter 2023 Webcast and Conference Call.

As a reminder, the webcast is being recorded and the presentation can be accessed through the webcast link as well as dialing into the zoom conference call dial-in numbers provided. Management will address any questions you may during the Q&A session after prepared remarks.

For those joining us via webcast live, you can ask your questions by raising your hand button in zoom, and for those joining via the zoom teleconference line, you cannot ask your questions live.

The webcast link, zoom conference call dial-in numbers, as well as our press release and supplementary investor presentation are available on our Investor Relations website at ir.lesakatech.com.

Form the its filed Lesaka XX-K U.S. after Additionally, XXXX, also available close yesterday, our is XX, September website. market on which Investor Relations

reminder, contained uncertainties in associated we call, Form XX-K and to during forward-looking risks making our at a and the look language statements, you I statements. will cautionary the with regarding forward-looking ask As be this

Also, results under dollars, in as U.S. a domestic filer in the U.S. United States, we report GAAP.

such African we note that our our currency rand is and African it South as South important to in However, analyze is performance operational the rand.

which results In non-GAAP. this discuss of our will investors' presentation, in the assists we in business. our South underlying trends African rand, This understanding is

the accompanies metrics as be will As affected the the currency financial by South you this provide In all U.S. the in and appendix. between African presentation the call, the know, rand. results we that can in dollars significantly fluctuations reported dollar company's U.S.

which for quick of Group the the then financial Kola, CEO strategic Division, produced Lesaka, June you Lesaka, against welcome presentation of three year the Meyer, Heilbron, delivered a our third CEO look Chris a of Connect months Division, team will Q&A, a Chris provide fiscal the Naeem discussion excellent and of of results will any overview has an at we before XX, have. questions XXXX, profitability; agenda: with Now, then the the which quarter conclude of progress Lesaka's start taking highlights provide an update review for and where will Consumer a may for fourth XXXX; today's on of ended key will consecutive opens up its of quarter present will performance outlook EBITDA Mali, with and of CFO, CEO Group an an Lesaka update objectives; Southern results; the Merchant of Lincoln Merchant set on Head Steve Division, has Africa, performance

over call turn to Chris. to like the now I'd

Chris Meyer

morning XXXX welcome conference to our Good quarter and and fourth and webcast earnings afternoon, good call.

to ending Connect transformative have Division Excellent Kazang on the was moving strongly in The quarter growth fourth by third onto the we businesses, the our and for division, turnaround the Lesaka. consumer a profitability in year where and of strong executed strategy and was quarter Merchant we delivered front consecutive a the driven foot. are

positioning has the at Lesaka, I our would It Connect significant and focused results. leading change merchants to build the XX the Lesaka, financial acquisition of year like African announced contextualize to a to undoubtedly been Fintech delivering Southern ago, and months Group positive us of Only we platform underserved consumers. these finalization as rebranding so inclusion on

These to results June, delighted XX this our of demonstrate environment. the for the our XXXX, importantly, robust resilience XX increasingly months results of challenging I'm report today business, operating especially also only and the not they on to place business, services. our set of but light resilience the in value And of the more

tireless over our from asked period, this dedication our whom have of further we underpins deal a The success. employees, great

them help previously enhance services in daily financial our efficiencies, capital merchants that operational access de-risk working providing quick their and to them to positively to and solutions communities. businesses microloans or whether help beneficiaries are their products lives, impacting So grant giving and underserved

merchants that this happened the across improving We period. of has service during offerings Southern are lives evidence are much financial Africa. delivering short holistic And tangible our and consumers

seeing for or who of all the incomes. power in inflation, effects not failures, South the are have consumer been and load escalating corresponding impact interest it high Now, high Inflation their merchant is Africans called rates, has South as shedding, customers and in negative increases monthly Africa. felt of debilitating

rates interest fourth start year, past with increased in African XXXX. the The And consecutive X.X% six particularly Bank six adding interest the occasions the on to over months, risen during of have last quarter, power cuts the blackouts rapidly Reserve since XX-hour-per-day a FY rates experienced. South further regularly

merchant of must the customers. and consumer We challenges our negative on recognize cumulative effect these

So our on for has We been and a with revenue environment, of our FY with we the first in revenue group-adjusted year guidance have ago. a many and EBITDA milestones. as group-adjusted EBITDA Lesaka guidance. line a issued And year also XXXX trading despite group falling guidance this delivered tougher-than-expected exceeding guidance

businesses genuinely But the ordinary to they business. was teams the as of happen the our has integrations remarkable. achieved been continuing of just while deliver And in bring Connect growth before, short I've Lesaka. course don't the in of by to said acquisition The transformational performance have the together, Group for put nothing work and

reported, multiple Connect projected XX.Xx previously using to implied As acquisition Connect's of at XXXX the enterprise EBITDA time the value approximately FY was EBITDA. Group the that's we February

XX% has approximately acquisition become Connect Notably, adjusted this with segment approximately merchant case, Xx, FY the enterprise the the Connect contributing to FY investment and surpassed Group merchant XXXX has of segment EBITDA effective in value EBITDA XXXX. adjusted multiple,

small solutions vision in to our merchants and providing fintech leading So Southern build Africa consumers to and remains. cash the digital

On clients. in broaden Africa provide in the And to offering existing that our M&A serving positioning. product acquisitions South this our existing includes front, will we our scale enhance market or will continue to that built-on evaluate opportunities offering

merchant business. Our is primarily our focus M&A in

performance perspective, successfully profitability. from of a consumer consecutive achieving have quarters three turned We division around the

focused transformed on but fundamentally also the do, to And have trajectory. have division still into the a are we work customer We business. we right firmly oriented sales

balances, focus managing increasing for our perspective, is with Lesaka debt flexibility sheet our key a at lenders our significant growth. providing to position balance a play with levers cash From this numerous progress our for Reducing restructuring our this. as capacity have made well through greater year facilities, as achieve we in debt

million activities compared operating continue XXXX. million in $X.X which QX, provided in operating by flows in cash operating at XXX million Our $X.X net to XXX with net cash of cash QX million, used by ZAR is activities to ZAR reported improve

which the in the some XX have our to assets regard we We of agreement to of utilize million, settle share a to consideration repurchase with for intend a in Finbond interest non-core in made debt. approximately progress our of signing realization partially ZAR cash

buyback is conditions close approval, share subject December, to in including The certain XXXX. precedent, and Finbond expected is shareholder to

continue further to perspective, sheet some merchants. broke our ZAR billion We improve our on of We asset ratios which we operational non-core payments, behalf of disposals, on barriers and balance year. completed. this focus including XX an our VAS should debt supplier strength processed over other when From products, new

use X that more increased our platform to than year-on-year supplier in FY number, Within billion ZAR XXXX. the payments almost of XXX%

vaults derive X from our billion evidencing to the Supporting merchants they ZAR over immediately deposited into we in digitalize to merchants growth value XXXX, Our to XXX in FY in cash capital over lent access and ZAR period. billion ability these capital. this this this, over working our cash provide

formal the We market great successfully Vaults informal well-received. Advance Pay market. solutions out that are of continue solutions informal to examples are for market to solutions, market-leading Kazang and how innovate tweaking market often formal the being and integrate Kazang rolled we

was Money process. during in demonstrating EasyPay the formal been how to introduced have Market the integration our able market year, teams collaborate this

an fully merchant to this our generating integrated Merchant Our Recycler to as alternative our business interest, been where vaults Connect transferred been proposition and has it into Division, significant for new our customers. Cash is has ATM

in These short X.X Division, to demonstrate billion, the XXXX. of underserved and impact wrote Consumer micro-insurance on just real policies new In or our extended and account microloans, inclusion members. FY financial XXX,XXX we ZAR over Lesaka's holders figures previously tangible XXX,XXX community

this dynamics understand Africa's We of beneficiaries to that having of deepen needs our market, our and capabilities we in offerings us impact data better continue the across South not only and enhanced growing that to distribution, understanding base. service customer the products, invested the have of are our allow

where were completely XX months are a trajectory different on As ago. we result, from we a

To to enable and reiterate, merchants is grow the Africa's and grant our of vision improve to at small beneficiaries. compete lives South to Lesaka

impact evidence having daily across we are the business merchant our of customers. seeing are our significant of lives the and consumer on We that

into choose often leading is the is of the in launching at in insights we and we on markets sectors contradictory. exciting datasets participate, available what and is South and are informal Africa. is the our Lesaka project market, and very available of data utilizing empirical brink player this an in There to readily little unique township a which the end

thought We space this leadership market, this and of to understanding hard our aim QX definitions to at market servicing our combined at and consistency footprint quarterly with bring leaders thought in with drive market With to better segment. and in 'XX are work order to we relevant other targeting this release statistics results. in size are extensive

Lesaka since transformation has XXXX. a undergone remarkable

with turnaround and and our different Our and level opportunity integration. discussions clear vastly stakeholders at operation than other a investors are and Board and now, on growth focus the rather with

significant several on delivered investors communicated strategy milestones. as achieved the has and to Lesaka

of the As results guidance is a due growth in stronger year ready VAS our than today for The to the revenue primarily excellent. group, our been for XXXX exciting growth business. FY Kazang and the Card have of journey. the We've for our expected Lesaka exceeded stage

considering an In in was increased operating period. slower swing XX-month process year-on-year, our guidance, revenue challenging were despite than XX% EBITDA full which of account our results forecast, of encouraging, level, restructuring very our majority the consumer whilst the the division, environment. growth for was At especially was near midpoint the the

quarter improvement I'm rates inclusion in Connect year, the quarterly Group by for The with of hugely an each a the the revenue in this year skewed increase and reflecting but year-on-year growth by continued full performance, our are encouraged EBITDA.

delivered of XXXX. are which aggregate results a acquired statement, operating ZAR detail our a the FY improved presentation. million in loss Naeem And improvement of for charge operating XXX income over account FY loss in for of has million impairment from Adjusting later ZAR approximately for we in UEPS will have million XXXX turnaround QX the address of the to a the income, to the proud the We million amortization which and in XXX XXX for in of especially income year. ZAR XXX excess intangibles an in ZAR the to business, of

Steve to hand would excellent that, With of I you the our over performance take Merchant through to to like Division.

Steve Heilbron

has the integrating organization. the been the the in all but and it's as the acquisition and changes of Kazang the both and first have been to planned, We've challenging full and remarkable. year teams way businesses an rewarding just work together which completed wider successfully into aspects the as worked our do Group, adapted Connect Lesaka Seldom

the trading and and underpinned At there transition South a acquisition, Africa. the difficult culture has said which teams, we values was close alignment through seen leadership a in between us of the environment time the has of

revenues. shareholders The Kazang performance particularly Connect exposure spoke value the continually operations sectors and base Lesaka of and Kazang with about and that received have have environment for the surpassed to brought Connect case increasingly Lesaka their market diversity The Chris and operating different challenging given have investment, assumptions, earlier. to

to like With significant covering see as Lesaka's I'd numbers, the position reliance our and us for taking to product the informal African in on cash traditional and the comprehensive opportunity opens and briefly recap Merchant shift the the into the in to from in Division. us rapid informal formal markets, the cash what digital opportunities digital, getting and shift disrupt Before ways allows formal both to we place. that benefit the portfolio incumbents unique transacting and and This markets. is up currently pioneer markets economy of South both

take on turnaround learn the street. are needs rely merchants, and quickly, getting We to the risks, being product innovative and quick onto We times of responsive and adaptable. our development calculated

competitive markets. group these instilling we success across culture as the are this fight We in for

competitor considered is the Chris earlier, we Critical are the any merchants. our for have strategy to Fintech our offering As formidable a metric. holistic mentioned space we key in across

a We and is solution our have product an differentiator. but numerous individual significant durable competitors basis, holistic on

sector business pain and and solutions critical SME need economic African their South the points. to critical We resolve the grow, assist have which achieve is always that through we to compete growth, we to merchants and said these providing issues

offer merchant suite As daily a merchants' cash unique attract to our comprehensive systems for approach trading, to and a supplier that growth holistic this solutions and VAS access disruptive. digitization, is vaults and to stores, industry-leading difference management, to customers we company, to and business technologies, meaningful administration. make From product capital immediate payment payment quick a and risk Fintech opportunities,

continuing entrench our to will by extend value. as markets position ourselves in to and our the offering a partner real and We informal and embed by merchants formal MSME

both to informal four and merchants. offer now primary We solutions formal

and their higher Our for products proprietary to We they driving merchants. need. utilize customer volumes adoption in increased infrastructure of merchants what portfolio of our sales offer results customers

instant or We linked settlement. whilst a which products, provide tap payments merchants wallet from suppliers, digital bill pay, providing and sell can card payments, with swipes to they a POS via many pay take device customer make VAS

also able access smart device. are Merchants to funding via vault the a and

VAS with growth have a of XX% us, relationship with to our devices, starts Kazang VAS merchants For our them all offering, our and convert more of store deeper then key as partnership wallets, Advance. device This flow. our more more Lesaka, to utilizing product be Kazang device. merchants, Pay example, This than By and usually value is also products, Kazang strategy. stickiness by followed more way which in drives a more merchants with in merchant that can to Pay increases

VAS QX. Our year-on-year particularly despite has for seen to load we QX a shedding and XX% in QX compared throughput the XXXX in and of XX% increase witnessed growth increase months that the during in XX XXXX,

comprehensive Our set to product stores. development team with to a continues product customers and their into provide attract merchants innovate

X% XX% XXXX compared the approximately saw QX margin devices. XX,XXX transfers our significantly. and low a increased estate in basis, From to XX past product quarterly QX mix in in for a QX comparative we we have device On VAS FY significant money change with months by sales, to perspective, in a reducing

negligible our a our we to of Adjusting the QX. While VAS saw gross merchants' the for pleasing on saw profit transfers, despite X% line the loss in in increase increasing was due in It's with growth trading substantial of we quarter. to money throughput throughput impact during X%. hours this, an show primarily in on hugely bottom earned retraction

two significant we merchants beverage South in to in During devices QX support payments to supplier Africa. QX, companies number to at order of installed informal a major

major we initiated. QX'XX, that and appropriate This sure devices. pattern into the volumes of devices making up occurrence During business cleaning in the on-boarding these on when sub-economical QX and partnerships processing expected focused are and an removing are is Kazang

acquiring continue we the card in our In our throughput. excellent growth and business, estate

growth X% devices to Our POS the devices a frictionless we we our XX,XXX demonstrates market. XX% increased confident quarter-on-quarter in to expanding QX growth devices a growth to 'XX. process in representing of devices share compared continue will and and installed robust POS VAS market the year-on-year This are informal converting

'XX X% the disruption 'XX, QX 'XX we throughput XX%. which business inflationary extension reduced QX to and to credit FY conditions perspective, hours FY up saw versus was and throughput 'XX In increase a versus by was XX%, trading in QX, From QX pressures QX economy. compared through with criteria challenging as load up in 'XX a interest pullback quarter. saw in we credit the to higher our merchant We credit in our response due the shedding a and the in slight tightened rate in impacted

This in QX down resulted million year-end, in XXX March, million disbursements in from XXX ZAR to reducing ZAR at XXX our compared XXX at to million with ZAR QX, book XX ZAR XXXX. credit million marginally loan

utility to extended XX value book Vault and and offering. during market Kazang and FY credit from In growth XXXX have the our in a XX% customers, credit our merchant in customers receive XX% Cash demonstrating of Continued funds penetration our seen our 'XX, in disbursements. FY we innovation within year-on-year hours, Pay the $X and delivering billion over our

are the near By data at of interest or cycle and we downward shows inflation many an recent top the trend. rate encouraging accounts,

anticipate favorable we operating and thus environment of in such, our merchants more trading credit resumption for As our and business. growth a a

pressures Our year-on-year have exposed We cash load consumer shedding, year-on-year. the increased increase and X% performance pleasing severely. throughput vaults similarly digitization primarily and saw number SME impacted in to formal cash business on of interest our an vaults rates cash despite by put a market, more X% which the vaults, or being in

put merchants profile the and cash in day, enhance in significantly We is bank immediately in and busy into a working on efficiencies. to form capital. merchants' Over the operating vaults our $XXX effectively of their store and our our risk deposited is million available trading

entrenching solution this enable extend we and informal difference in grow. lives, As our compete our making into anticipate ability real a the market, them to we to merchants'

has opportunity. through a been profit Enterprise important is EasyPay year. is and it switching terms retail relatively in solution and Our this bill which this small growth partners, in Solution, formal Market market the strategically in merchant overall offers business, the payments under Whilst of pressure VAS,

in exciting in to We investing is we development are unlock believe an future. what its order

a Overall, and significant currently growth exciting but innovations the we it been environment that profitability development have our challenging some with underlying headwinds, We trends remain has encouraged cycle. intact. are in

agility In long-term this to Fintech enabled success. environment, innovation critical are and

We our the market continue strength, are in and innovation the fortunate which enhance to client financial installed position large base a have drive across skill can and to positioning. we

increased good environment on result and and impact growth. delivered economic the our Division excellent merchants load and of their shedding quarter a the year-on-year challenging customers, fourth the Merchant revenue Considering

and and Chris they their the outperform although growing have rates. I case, Connect both are businesses base at to mentioned, different Kazang acquisition As continue

am challenges, merchants' credit cycle, Notwithstanding and by our QX. VAS Despite quarter. fourth the growth we the mix changes, numerous Merchant X% in still the load our encouraged continued product I disrupting customers, revenue to significantly result still facing Division grow. the increased reported efforts, to on tightening pressure compared managed for shedding sales

On Connect was the pre-existing an impacted by growth within an EBITDA that, grew annual more million, basis, perspective, division. negatively for the on to XXXX From $XXX XX% merchant QX year. than revenues but XX%, our grew by QX Group X%

an been has it excellent conclusion, for Merchant Division. year the In

proposition integrated into the the operations underpin continue going stickier Lesaka the and in and our relationships to merchants of have trajectory strong resulting informal Connect growth on growth to We will continued business our and Kazang successfully overall formal that the deeper, value forward. rate with

us merchants' focus ability the and opportunity compete our overall lies to growth that excited grow. to are as about before on We we continue

I'd and over through Lincoln Consumer the take hand to you to like strategy. to results Division

Lincoln Mali

Steve. you, and morning everyone. Thank Good afternoon,

consumer our situation. contextualize to want I

of on figures. Africa. in high monthly reported grant ahead you inflation subject Their in many inflation, have expenditures been know, to South As social we beneficiaries cases the focus

cover their one to on grant customers and their feed often essentials rely to Our households monthly just going families. keep

As to led their focus of significant This and product of financial resources this needs servicing strides exclusively the market, strategy. design, network, XXX% the only as and making on understanding has channels. possible the as service our institution dedicate end through focused execution our our fit-for-purpose we to distribution effectively in of

adjusted XXXX second ZAR have XX breaking have on ZAR improvement quarter consecutive year been a of adjusted in for consumer quarter of and EBITDA from basis an division. in recorded three XX profitability. story the Financial quarters Quarter X we After the X. segment X was quarter, million continued EBITDA up million, increasing even

year million XXX segment a of reported For XXXX, of we EBITDA a ZAR to adjusted year financial in ZAR XX XXXX. loss compared financial million

swing proud of immensely challenge million This ZAR us, in XXX almost year incredible of consumer in team for EBITDA was what the one achieved. I'm has and an

quarter a group, The encouraging made. we've financial can growth which with As this quarter XXXX, of has X, XXXX revenue the started compared we take XXXX is X% X progress confident I'm from positive the of evidence year contributor and results. to further momentum into XX% to

reduced growth off this taken robust results. being achieved it are base, in have environment, that, a yielding as clearly the Given operating demonstrates is already difficult that we well actions a as that cost greatly

the in optimization have cost predictability numbers. With consistency lever effectively and complete, we more our

off base. a X.X quarter growth net EPE million focused close EPE account through increases representing active cost XX% We also revenue basis. XXXX We jaws widening grow an stable the every account customers, of cross-sell should and initiatives. with are as We base see year the now financial on we on growth

the this EBITDA recipients. expected XX% the Approximately for cohort has reason which X% on year, consumer short and division been in been has net Growth our primary basis are of than permanent guidance. a grant falling or slower for core the million X.X

the noting from rate. significant the In worth the to stemming evidencing the gross account initiatives our in various unpacking that base on ground quarter, our for account EPE it fourth is strategic improvement the progress EPE net permanent showed lift activations growth, growth

closure in X% approximately account XX,XXX by than achieved impacted fourth year base permanent normal to in routine XX,XXX of this, higher EPE in approximately result XXXX. the to that account We of net growth XXXX. an increase a activations Adjusting for fourth gross in accounts. quarter approximately showed quarter churn XX,XXX was third quarter, compared account related The financial dormant the the the

in South to a overall XX% focus churn churn which rate largely XX% to grant Customer natural business, our market. mortality. beneficiary attributable major is and with market, and attrition the children grant the in our in turning remains Africa's per in beneficiary Churn around XX line averages is annum

permanent a leadership grant base our is priority Growing account strategic our and for sales recipient teams.

increased sales enhance marketing We initiatives promote of in on-boarding and activations, growth, our to investments systems, and have customer continued and improved financial focused switching, reducing account-based on engagement friction on to initiatives including lift growth and experience budget, incentives with and our convenience, rate to SASSA several incentives their force year customer in active programs. support branch renewal repositioning XXXX, with

support year this started opening number the momentum year financial a anticipate with XXXX. days to being numbers, some financial initiatives, program SASSA very we've and achieved. support of robust record internal this account Encouragingly, difficulties through our including EPE current We Outreach

we EasyPay our We loan up our our we've X,XXX holders In competitors. account six product to a to offer grant recipients uptake of value continued in our the ZAR repayment structure loan and a as repayable tailor over most business, maximum terms a with from months. improvement seen distinct of

our credit prescribed offers conditions, the product no is costs significantly easy and best terms repayment This interest than customers for and charges are those understand. Credit cheaper simple market National to and under Our Act. profiles, in

customers value ratio the Our by loss loans, demonstrated borrowers these percentage low loans. renewing highly as regularly and their of high

least us get and risk. months, six and into default at value to managing every our borrowing over patterns real turning book continue providing our loan our our insights customers With allowing real customers' to we rates,

complete applications instant branch can online of Voice continue channels, a to approval without where recent loan with visiting with customer and We improve experience the addition branch USSD customers

they smartphone. functionality not phones, already used given which a do by have transaction that customer base, are feature on facilitates USSD our

XX base to EasyPay penetration micro-insurance XX% just our expectations, exceed to with continued ago. policies account months have now at our compared Our XX%

benefits, an being upgraded delivered compared financial year significant Upskilling with XXXX cross-selling XX,XXX in policies increase. improve our new financial their XXXX, written and sales capabilities XXX,XXX in impressive platforms to to XXX% year have technology force

ratio XX% compared an the with The book's at quality approximately collection of to this XX%. market remains end premium excellent, of average a of industry

Our in per insurance approximately of product months XX XXXX financial to has ZAR XX our an ago. in and grant year performance month ZAR for per XX quarter customers compared success regular resulted loan improvement ARPU month X

see we of conclusion, share the and of In and to beyond. trend XXXX we extending are Africa. our quickly well-placed fruit, improvement expand continual distribution and are all in technology market products, South our bearing to sustainably and improvements through The the grant market

colleagues are setting For performance Division, and office, been see amazing EBITDA year growth my financial the and short and I South remarkable, the our financial has hugely it nothing the motivating post of been year tone the for how year. us from switching XXXX. an XXXX Consumer into African customers in Whilst returning to is to has rewarding

next the momentum the Consumer year years. over prospect challenge, the the Division for enthusiasm this I'm our the With about and built excited with people taking on the which few are

take who through would sheet I like hand Naeem in now, detail. over the to balance more to will you and statement income

Naeem Kola

you, Lincoln. Thank

As of achievements. a Chris it year has said, great been

ago. out against We set delivered what have XX we just months

As for the my met year. revenue colleagues we guidance EBITDA earlier, our our and discussed exceeded

a turnaround and from restructure the reminder, in as division, Given well Kazang the United States. the performance.\As domestic and in the high overall, Connect, the a is integration challenging consumer a growth Lesaka and process environment, trading the robust filer as

GAAP. U.S. the under dollars U.S. in results our report We

rand, in presentation, our African In currency discuss this our non-GAAP. rand. which such, African operational as will we South we is and our results is in analyze South rand, South However, performance African

the This understanding trends assists underlying in investors' our business. of

presentation can translating U.S. in dollar by African reflected rand African As South applicable amounts the Amounts dollar be you by dollar know, rate. results significantly currency U.S. and fluctuations the affected exchange the South the U.S. calculated this rand. using in our ZAR are reported between

dollar rates convert an presented average our annual We amounts annual rate exchange presented. from and our quarterly convert U.S. use quarterly average to ZAR, performance exchange to to

in As of amounts amount agree presented a quarterly annual ZAR. result, to presented may sum the in the our not ZAR

Connect the for XXXX. pre-existing the and Group Lesaka quarter, XXXX case QX the full for includes was as QX

to from explanation comparison. However, no XXXX Connect XX like-for-like QX the longer comparison XXXX XXXX only QX necessary. all exact From be not is will next Group and versus Thus, the XXXX. our results the includes be QX April comparisons like-for-like, the will slide XX an quarter results, June

Looking at quarter, the XX% ZAR of the the a FY X.X 'XX. reported to for up Group quarter, QX for we compared consolidated Income Statement billion Group Revenue fourth

adjusting comparative revenues the quarter, FY are to up full QX if 'XX QX FY XX% include However, Connect for revenues to 'XX. compared

the dollars, U.S. $XXX against million XX% QX Revenue for which reported $XXX weakness of consolidated reflective XXXX, to compared is up U.S. the Group quarter, X% In in million was the ZAR the in to dollar over demonstrated to the related merchant a impairment financial business period. The significant including ZAR pre-existing operating loss million. narrowing the by non-cash of charge million, a turnaround of is XXX ZAR XXX

our impairment important has the terminal that, The ZAR fourth our is It to distribution this to cash flow impact business, being on reported no business. XXX relates UEPS in impairment loss million quarter Lesaka. note

for and of of to intangibles. material business merchant related million acquired XX Further, business. QX ZAR amortization the million ZAR a our is not amortization contributor UEPS overall Depreciation to includes XXXX XXX

reflects amortization a asset acquired treatment acquired the which reminder, both is accounting non-cash assets, a non-operational and for As accounting charge.

of operating of quarter-on-quarter million million, XX non-cash adjustment non-operating million amortization improved XX% ZAR acquired given to ZAR the Adjusting items for in to which a fourth which In XX item. share income the quarter XXX%. X.XX, non-repeatable increase than greater 'XX. be and for share compares and ZAR fourth this Fundamental of the the ZAR quarter would income one-off, of of the is a quarter, of the for PPA FY for impairment compared view, quarter intangibles the excludes management's XXX ZAR measure, third which for per operating loss million, the appropriate loss is XX amortization, items, earnings per

a loss for the financial ZAR has from the loss narrowing ZAR Execution group ZAR of million revenue X.X in operating billion for our past 'XX. over XXX in to performance of year, consolidated ZAR billion the XXXX, of X.X of billion. for revenue with was Lesaka's guidance, ZAR The X.X loss FY transformational XXX been million a XX 'XX months which FY Group's to FY exceeding upper end

and rand 'XX. of intangibles, related includes Depreciation XXX amortization for of ZAR in the FY acquired million 'XX, XXX million to amortization compared ZAR for the XXX ZAR ZAR XX million million FY included to

increased to Africa million predominantly by to South funded April million rate given acquisition in impacted expense ZAR in FY 'XX. the interest due Net our interest position in expense Connect in the 'XX, ZAR higher with repo of was XX in 'XX debt. debt FY XXXX also part in from was The the FY XXX increase

before Net million net tax net for improvement amortization 'XX, the to a million, FY loss tax. reported for narrowed to compared million a for in narrowed ZAR the million impairment loss, intangibles Adjusting before XXX ZAR XXXX. XXX representing have ZAR of net XXX XXX loss would the and to acquired FY of loss ZAR loss the for

non-operating approximately per in ZAR XXX Fundamental XXX loss, XXX improved adjusting million year for the million non-cash of charge of the have excess improvement X FY X.XX, operating items, ZAR for we loss operating of and XX% to of delivered of ZAR components excludes share which the Unpacking income ZAR the million the to compared and ZAR intangibles for aggregate over million, the acquired amortization which statement. to in year, accounts impairment for if loss income of XXX ZAR 'XX.

of intangibles delivered impairment account XX in million of operating the income, XXX For million QX XXX have statement together for acquired adjusting ZAR after charge ZAR the non-cash to for ZAR improvement million the ZAR we loss operations approximately to XXXX. million, and amortization the which of of quarter, XXX

was our the Consolidated of X.X ZAR billion of group to ZAR revenue exceeded the upper billion. revenue which year billion X.X X.X for ZAR guidance, end

delivered which XXX million loss a million ZAR business 'XX. EBITDA, XXX to XXX ZAR This 'XX, was for Over EBITDA, XXX within the turnaround XX in of XXX is group-adjusted FY in reporting the ZAR market ZAR million compares last guidance reported FY our for million to million. months, a of ZAR group-adjusted result which mid-range the

the Merchant approximately ZAR contributed above Division segment-adjusted in the XXX a Business Merchant At year Division Merchant which June to million. XXXX, of of Pre-existing the came guidance million a reported level, market EBITDA. ZAR of financial for Divisional segment-adjusted X% XXX EBITDA

XXXX, financial for The segment-adjusted in Division ZAR Consumer the compared June The reported XX EBITDA million including XXX segment-adjusted Division, three the to year quarters the positive million million XXXX. consecutive EBITDA. financial a ZAR of XXX the June segment-adjusted ZAR included EBITDA Consumer business, ATM which turnaround loss year contributed

For in grew grew ZAR by revenues the the Merchant like-for-like revenues, billion, X% our reported growth to financial achieved cost XX% a XX% QX quarter, a Division Group Consumer XX% more X.X which on from by clearly QX execution reduced Division demonstrates driven turnaround. by off XXXX basis The the compared Connect It year. revenue the base. consistent achieving for to than and XXXX, of

QX reported Division compared on basis ZAR segment-adjusted QX. XXX EBITDA ZAR like-for-like Merchant XXX The to a million million in in million XXXX reported a ZAR of XXX and

year financial EBITDA three pre-existing The revenue merchant XX to to Group The EBITDA relative including included million the the grow. as Division, segment-adjusted ZAR business, contribution quarters for from Merchant declined, and the positive contributed XXXX, our EBITDA. Division Connect the Consumer of of June consecutive continue segment-adjusted has ATM which businesses

have at the income turnaround income-before-tax I level. operating an addressed and financial

also quarters. evident revenue in over eight our turnaround successfully past a progress on the demonstrating financial in executing momentum In is turnaround continued quarterly and plan group-adjusted our on addition, Lesaka's basis,

deliberate Overall, group hugely an Both Consumer with during in quarterly the quarter the in by despite in environment improvement challenging and period. our operating are continued delivering this we been and year are EBITDA and quarterly our Merchant robust Divisions cost performance, we growth, the each the increase base. XX-month containing reflecting the encouraged have revenue

excludes by per to cash FY positive fourth activities the ZAR XXXX, loss 'XX. continued saw compared XXX QX of provided XXX momentum in for by of cash non-operating quarter QX per operating Fundamental million activities improved cash of million we net compared XX% From a the in which quarter to in used XXXX. flow items, perspective, achieving share, X.XX net share ZAR operating ZAR

book paid, it of business funding. of our we EBITDA movement net operations, this generated cash. generated our Looking how million working XXX cash tax cash generated operating cash in items to cash paid, in ZAR capital related with interest activities We operating further cash from to conversion before appropriate as business per operations, define at and statement compares our flow utilized loan an the flow and from indicator consider

within ZAR through investments and increase of million six three to realized arrangements. three XX In QX Bulk usually million, XXXX, an purchases XXX are we months. ZAR short-term generated funded months in short-term funding VAS

opportunistic this us, further by adding of scale, VAS is our benefits For the business. in is driven nature, profitability to

the Bulk prior the approximately sold for the effect outflow CapEx million ZAR VAS of an cash, positive financial of bulk before to June cumulatively of purchases compared released XXXX. million over VAS three business quarter. ZAR cash XXX down Adjusting purchases, the of quarters to flow over generated in has the the XXX quarter million XXX ZAR

In ZAR in ZAR our capital. million capital throughput that approximately merchant small. relatively growth working card are XXX We in requires X business, additional every million working requirements estimate

calculated improved based date. Our EBITDA results adjusted to X.Xx short-term VAS The fourth year, purchases XXXX. EBITDA annualized on a to is debt bulk divided for annualized 'XX funding debt by FY X.Xx as for group-adjusted of has and quarter the to net group-adjusted ratio of in as at EBITDA QX XXXX compared specific is net annualized the QX

As Chris of new pleased with arrangements. very are we mentioned our conclusion earlier, funding the

In addition, basis our ratio. improvement principle basis points, on the XX and EBITDA reduce net to of G the on our H in in have by debt margin agreed facilities lenders to

We 'XX. conclude FY QX on to expect during this

a H. margin result and a Reducing EBITDA our in the below strategic objective reduction in will ZAR million X.Xx, XXX to remains for the net of debt facilities on this a debt net we If group. ratio achieve G further

FY expenditure QX in to 'XX Capital ZAR amounted million. XX

the As we merchant growth-related remains division. and previously this in mainly highlighted,

slide, IRR delivers strong amounts the invested. our out set on a growth we on believe CapEx As

the execution In XXXX consistently evidence years. conclusion, QX the performance our of robust the communicated is strategy of last over have we successful two in

delivering this execution, We another are about will on and continue optimistic FY focus positive 'XX. for performance

With Chris, to now who outlook. would address to the that, will over group's like I hand back

Chris Meyer

Thank Naeem. you,

EBITDA I to our and would 'XX. 'XX out QX set guidance now for FY like and revenue

this for a level and divisional XXXX. at FY be group not level guidance at providing We year will a for EBITDA, as did we

on So billion XX% XX% ZAR for group-adjusted between ZAR for expect billion. a At to XXX between of anticipate a within level, rate This and FY million be EBITDA XXXX, deliver a revenue we growth and FY rate ZAR growth we XXX range a XX% XX.X XX.X to XXXX. XXXX. FY to implies XX% million, of to implying ZAR

divisional to and means and level, EBITDA This at expect that we over the a grow XX%, grow consumer between XXX% the XXXX. in merchant division-adjusted XX% FY EBITDA to division-adjusted

of and ZAR QX a a billion, QX compared growth ZAR revenue X% expect X%, between be billion XX%, we to XXXX. represents to X.XX growth XX% and rate quarter-on-quarter and group X.X of compared XXXX. XXXX, year-on-year to between For This QX between

and X% ZAR ZAR growth to We anticipate for XXX rate between be a between group-adjusted QX XXXX. X%, million year-on-year and between XXX% growth of rate quarter-on-quarter and XXX EBITDA is This and million of XXX%. a

PPA We of any first will impact the believe our income important before Lesaka. and amortization non-core in growth of milestone changes the investments, in tax, XXXX, another positive FY the trajectory quarter of turn in our marking excluding

medium growth given the I per We position our the over market and achievable rate annum a approximately anticipate term. our growth of achievable to and targets trends. is to as see outline would XX% secular medium-term like what we XX% that revenue

lead improvement group-adjusted to are that gradual of same per period. would These and achieve in surpass. are to challenging this to the growth numbers margins, XX% over annum XX% a to ourselves we EBITDA very EBITDA exciting Assuming

in and As exceptional is we performance deliver we believe positioned continue account our to innovate in coming Division, grow the the the Merchant years. to over base start that to Lesaka Consumer Division

include does business be impact Our acquisition any opportunities we outlook not of evaluating. potential may provided the

XX, you I for to you thank questions would this fourth stage. and for quarter XXXX. attending ask our presentation results like So to at the of you have the period invite ending any June annual

Matt Chesler

Zoom, Q&A can session. ways Thank two are you, Chris. We're now going you to there participate. From open up the

to the bottom live your use The a called and to alert which this your of on is so to and at the icon, be called queue that you want the operator on. Clicking into hand first question, placed screen. you'll is raise be ask will

mute going you're note, Just you're until to on called be on.

is someone run then in well, text well. you Q&A into participate take here second The call. which if to today's note from the if the team use Q&A we is allow way and widget, IR as asked time question. constraint, will to from as questions type your to a there back the you We'll on to not get just But will question in

we a moment and build that, to pause for the now begin With queue.

a from Theodore live to The It's going to be first question going question. here be Research. is Hills O'Neill Litchfield

Theodore O'Neill

employed that the throughput if grew than. grew the could good the economic On talking devices could shows dynamics -- dynamics about the for the lower payments, My Slide the me chart, the of particularly value-added the deployed similarly, supplier given wonder with XX, the the XX%, while question I through and on me so Steve. look revenue works. just was for how this? congratulations XX% quarter, and and headwinds. on services XX%, If I you help first drivers. while it acquiring it is just the you, on you card throughput grew devices Thank was talk

Steve Heilbron

first growing, XX,XXX. devices think we to devices We represents we XX,XXX. went VAS about to when from is and to strategy grow growth. Our talk the out I That put the terminal, XX,XXX say our so we XX%

processing. then devices those is activate strategy into to Our card

off we odd fact is to to XX,XXX, that So roughly prior a devices. card we the devices, when into were refer grew we XX,XXX that VAS where processing of able convert number the devices to

grew devices card in we we So, to base the summary, VAS XX%, by base, within were able XX%. the that but increase by acquiring

Theodore O'Neill

you. Thank it. is explains for next And Naeem. question That my

that will how you you think target dynamics get target, for Your of mind to would that to do number? to a for if not, debt or date net do the EBITDA have in get that about you when you X.Xx,

Naeem Kola

you Thank the for question.

over us for are because our specific in plans point the there mentioned, key our time. achieve, terms we reduce part a saving in it's X.Xx on $XXX cash of of the G of period debt, to is quite so as of debt generation an Facility as and of is this optimizing are target hoping that think additional meaningful target terms we our I of to near-term H, us our reduction interest costs. and gives The

QX, or by we QX indicate looking, FY get be our that to 'XX. should will level and that We targets

Theodore O'Neill

you questions. very That much. my Thank completes

Matt Chesler

question The is from Starke Stanley. from RMB next James live Morgan

James Starke

afternoon, Thanks few Good I've the got gentlemen. a opportunity. for questions.

are one the on Lincoln for two regarding and first I Steve I've then Merchant think got Division, the the or side. consumer for

just you if view around could some perhaps Merchant -- you us the ? momentum color, from give Steve, On Division, how the

Steve Heilbron

if the not question. you hear can sure on lost I'm end. it We've your Yes.

James Starke

you Can me? Hi. hear

Steve Heilbron

hear you. we can Yes,

James Starke

some so Yes, devices, VAS of sort of maintain Right. color if for rollout. around acquiring the perspective, the outlook Steve card is tempo first you and can a tempo from question this

high-level the regarding Can sense impact of a reference adaptation in give quite is level shedding, got shedding. client you to? has the was presentation, one us load particularly a of you feel where load segment. to one other The of your made Throughout the

of or you how some Perhaps that clients that Clearly, take to worked can post rapidly. opportunity office able Then far quite events clients Are sort color resilience? or some cope are you the Stage and build see on is you how you comfortably the can to X do the us on dislodge may your there mentioned with past. of unfolding we Lincoln, give in for Stage office. Where think with actually they that the those on are potentially consumer X? post have

Steve Heilbron

Great.

think, all, for I the growth merchant for year me of EBITDA XX% between first say ahead. and We of somewhere an division - that So let XX%.

said XX% more year Having would it that. that, very think just to Our by grew of in XX%. by merchant of be closer division which EBITDA expectation important revenue grew that its remember north also completed to and than the upper end the it's I a it its

growth So, again, strong is growth. very this top of on

XX% just north is that tempered had growth, more also XX% the year and, some regard. expected were the XX%, one-off there us in to Let that we've that items therefore, than gave that me say which of in

and in Pay that that, said have rollout conversion the VAS products. we continue devices fairly of course, platform of Now, targets of to to having Kazang additional then, broader and terms aggressive the

been the always off spin has philosophy to our core. Remember,

a had from Kazang Kazang So, was in VAS, advance for and Pay of spin-off or Pay. our a then Kazang other Pay was Advance spin-off words, VAS we the deposit business spin-off and

obviously off much base a today. bigger these were So, growing

devices. back go at We're now had acquiring XX,XXX. XX,XXX card if year, So you a we

the We a smaller off have it's and, strong bigger a because percentage growth targets likewise, off off it's XX,XXX. but that, base

trends again, is XX% remind I to the that answering, perspective. growth excess started number me that by a closer XX% XX% let is EBITDA growth of those and, said, that in expectation towards And, end. off you prior of growth of the our I as All off a XX% growth underpin year from

FY for QX 'XX also momentum supports in in device actually strong momentum continued Our terms of rollout.

Chris Meyer

The shedding. second load question, was Steve,

that? You touch on want to

Steve Heilbron

to question we is on shedding, there up said what services comfortable of testing. Stage say quarter have on Yes, financial a than question we've find have last it's load getting let I the are merchants we Having than difficult with. but start 'XX to me that more XX merchants FY say first answer. load beyond incredibly of when if where And, you I'd that, observed we more day, so a all, also the mean, resilient. then shedding. in comfortable be not But very market asked are X and let a me start periods disruption consecutive, is was that, our sessions our to that three me we hours,

more on about despite narrative to IMT, talk hours specific up of periods for that commentary that we than you ignore our our that VAS throughput if IMTs, X%. grew a still sustained X give we and in the quarter, level see fact there's You'll XX day, a we and by

So It traders' to and sustained to level we for our but that well, not it trade. able us there's level But in answer sustainable, become it consumers. is it's used also X merchants. Anything I a is sustainable to. affects It ability incredibly -- from impacts down, we've think disruptive I X, were no specifically, question nature grow. uncomfortable X to period think is question a the level situation, of an your that even adaptive showed our

Chris Meyer

Lincoln, questions around the post office?

Lincoln Mali

you, Matt. Thank

logistics view, us, consumers is grant timing company and affecting the at last the think But cash choice, two of the alternatives. and a recipients human quite badly, there's customer-orientated pain a to for to we've lot level, there. changing business the organization. for spent probably a And a of a make of I there the point sales-focused because and from opportunity years are look out to is post at suffering perfect, problems an business office

are able to is ready to we've both in to alternative done Now, we out be a marketing, visibility social And media, in a what of our in the viable and customers. these lot to invest radio, offer market.

our we've incentivized quite bring staff to able and board. customers be Secondly, them more trained on well to

wants attractive that to feel this that grant that's have the to them service. our we've an can is them and so network and customers, can customers organization that see branch Thirdly, changed give that look

We something able on or for our very, transact in for ATM to be towards proposition, to that POS when very also to ATMs, incentives at to accounts. they shift also be us, positive that's including got value able any have that's device us. pricing customers with and us can or customers transact We've any open sure make re-looked our

thing to last more I'll say see days and some record and the momentum, starting to in these greater us, starting of sales to the already coming And that that, see first is months. two customers we're we're first months, the some two in we're starting for see towards

is going to post having. think do advantage we be office take So the some are able challenges that of of that to the we

because the to are outreaches. customers. got is to any to we to almost can these they larger and go SASSA and out a those that's able a advantage reach be SASSA to that to to sell at But another an I is level, of for creating all And sales able present pitch present environment us where think in one financial teams institutions giving what are be customers, force we've able

James Starke

Thank you.

Matt Chesler

now questions the submitted go Thank the would and box. via very to of I chat that were much. like you to some online

from at that particularly submitted on use would investors same question in? share is Sharma Riley, buyback, topic tax question should the the who first is cash when regarding the additional an for asked And rate Raj come there Finbond that's The what B. about proceeds. the

two be a single just great. could combine we those if in answer, So that would

Chris Meyer

like Naeem, to you would take?

Naeem Kola

XXXX. Chris November expecting it approvals the the come shareholder to Both those as some come $X.X rates. We're Raj, questions? is in the you. on shareholder Finbond in process, we're And of to through at flow December million, XXXX Thank to approvals. around final this, to subject flow has million about XX current and in expecting as around cash we've touched Yes. ZAR mentioned, Thanks terms about

position the terms on Finbond cash of In at expecting to tax on any moment. the the not pay flow, the tax we're realization

Matt Chesler

topic update Next give question a, different a assets. the the potential an a of you is us on also give can MobiKwik on you non-core from us Can questioner, listing?

Chris Meyer

Naeem, you well? want do to take as that

Naeem Kola

Sure.

close So, in look, company. our investment, I think of maintain the terms we relationships MobiKwik with fairly

What with very of on them. continues have performance robust. of been calls delivering to those can We I have specific be There's business plans and is the growth. that, plans say the they monthly

think did as the it's market, I IPO especially under Indian market, stock pressure. well known, come the

an quite well is do Indian to flow, they as on that with activity want at We cash I are before critical founders And our some seeing positive is what think the profitable them have most for they But time market. opportune shareholders, with looking the a few the be IPO. would profitable performance MobiKwik, cash on IPO. they the renewed as flow quarters stock discussions to based launch of together the of

anything the expecting eminent, at opportunity. not think founders the we're looking and is in I of they're So process but this constantly right thinking the

Matt Chesler

to Moving question. on the next

for driven guidance XXXX, program? current by cash profit expansion? Lesaka's in the Particularly, is allow share revenue and an With repurchase will the for increase the what -- XXXX transition flow to gains forecast

Chris Meyer

come portion but we Matt, it. don't, address question, I small hopefully a think missed please of I'll I the And back. if

said EBITDA expect our range growth that So the as We medium of medium be would growth our I years see be two XX%. to terms sort between in into of to XX% we growth we XX%. translate in three should beyond earlier, expectations, so said, expectation, of term of to And as revenue XX% to revenue, FY 'XX. term as that which

growth growth to our business, terms specifically for is pertains In investing can it priority, business. describe a that our and within I that, as as of if use of cash is, buybacks, as

that growth exciting us. And, path also we've touched important on journey. in is an of We have, point of the an aspect our front growth M&A

and of combination organic growth. a So, inorganic

then And at spoke to secondly, Naeem this length.

get in We we target core EBITDA of Naeem below a are as strategy. getting savings can costs. to net prioritizing again importance interest a if X.Xx, our our meaningful the And, terms reduction mentioned there's debt of us near-term for there, debt of because

must But very over XX We're bankers an of the that next to principle be see to the in is three expect our recent And coming-in that in priorities. we've with see agreed next additional happy this within bps that quarter. sight one X% our quarters. reduction we

Matt Chesler

Thank submitted Chris, why elaborate to I'd us more was to turning like Anchor on Thordsen ask Sven concluding remarks. growth that to for so low? you, back Securities you one question it please before throughput particularly the asks issues, was EasyPay from

Chris Meyer

Steve, it. take

Steve Heilbron

of the didn't I get question. quite the end

Matt Chesler

issues throughput, a bit elaborate within questioners little question around you to thinking? The on and which EasyPay. words, the Do our want flat issues was just in

Steve Heilbron

Sure.

So, the about as quite EasyPay excited platform that of we in we're future business. are narrative, the covered reinvesting we in our and

to technology. we business. business some in in FY some issues reinvest extent to function you're are lost the fact what the 'XX you that So we compare some FY of is seeing a the when struggled to have of that The with 'XX of need

also key billers. We lost some

and A but at in are the us expecting same lot growth both year addressed of the time terms for bill we in right payment has reinvesting platform. we're of been VAS, and the now, ahead that

of question. perspective of some of the and think So developing behind to our your addressing areas tech, billers, answer the stabilizing, also it a that a been from really -- all stabling case sits product I reason our that has innovation the

Matt Chesler

Chris, M&A are your front? question, to and is medium What seeing the on over plans term are One you additional near regards mergers acquisitions? with the what

Chris Meyer

does important M&A an our overall element form have we before, as So, of said strategy.

our consumers informal is in leading we ambition country. mergers economy activity. further M&A be that the groups focused and Fintech inorganic an believe element will and do of on through And the Our build in or platform low-income the to that achieved in

division. in looking customer actively to opportunities merchant add for customer see evaluating in scale, base, proposition we to and particular, or services. our build continuously opportunities In additional being or functionality see additional mainly as adding so this And terms of add are our we numbers, our where we to

the we more services consumer to have where division growth our think organic our opportunity layer this driven, for we probably I the see more is but important. merchant in would in division merchants, feel

them, layering that which as merchants, services and so It with goes deeply for we become entrenched their in help our in compete, to of the is them entrenching building, grow Steve core said. ourselves strategy those business, business and

So, continuously looking at opportunities.

for will Our in at point mantra I on any to this opportunities. say, needs time. M&A. place number when of work continuously disciplined we so metrics. in high is bar at have But do we extremely on we as us a It an And look

Matt Chesler

over Yes, to the question-and-answer conclude open. for that concluding so I'd before the session, Chris call could remarks like to and it wrap-up market we turn this

to time get for that you your reach ensure you For remarks. are Chris, directly to, to have out who concluding those answered. will to you we to of over have submitted not we questions questions that did

Chris Meyer

Matt, for joining thank everybody you. thanks and Thank you much, very us.

XXXX has year As we transformative said, a Lesaka. for been

of for extremely intangibles ZAR the UEPS growth. is almost of by the year positioned are million the we required and in business adjustment in the We operating XXX million improvement and in Lesaka we've XXX over on after spoke that income proud income to. last before illustrated for that ZAR turnaround net achieved, amortization tax impairment of the

and are to Our focused FY Thank 'XX fully our on you. guidance. is exciting, market delivering opportunity we

Lesaka (LSAK) 13 Sep 232023 Q4 Earnings call transcript