Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | May. 04, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | NET 1 UEPS TECHNOLOGIES INC | |
Entity Central Index Key | 1,041,514 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 45,636,435 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 | [1] |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 123,269 | $ 117,583 | |
Pre-funded social welfare grants receivable (Note 3) | 1,560 | 2,306 | |
Accounts receivable, net of allowances of - March: $3,538; June: $1,956 (Note 1) | 111,637 | 121,335 | |
Finance loans receivable, net of allowances of - March: $4,587; June: $4,227 | 43,596 | 40,373 | |
Inventory (Note 4) | 11,555 | 12,979 | |
Deferred income taxes | 5,777 | 7,298 | |
Total current assets before settlement assets | 297,394 | 301,874 | |
Settlement assets (Note 5) | 484,535 | 661,916 | |
Total current assets | 781,929 | 963,790 | |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - March: $106,200; June: $94,014 | 56,110 | 52,320 | |
EQUITY-ACCOUNTED INVESTMENTS | 11,259 | 14,329 | |
GOODWILL (Note 7) | 163,338 | 166,437 | |
INTANGIBLE ASSETS, net (Note 7) | 41,870 | 47,124 | |
OTHER LONG-TERM ASSETS, including reinsurance assets (Note 1, Note 6 and Note 8) | 49,299 | 42,430 | |
TOTAL ASSETS | 1,103,805 | 1,286,430 | |
CURRENT LIABILITIES | |||
Accounts payable | 14,880 | 21,453 | |
Other payables | 44,748 | 45,595 | |
Current portion of long-term borrowings (Note 10) | 8,752 | 8,863 | |
Income taxes payable | 7,940 | 6,287 | |
Total current liabilities before settlement obligations | 76,320 | 82,198 | |
Settlement obligations (Note 5) | 484,535 | 661,916 | |
Total current liabilities | 560,855 | 744,114 | |
DEFERRED INCOME TAXES | 9,407 | 10,564 | |
LONG-TERM BORROWINGS (Note 10) | 52,269 | 50,762 | |
OTHER LONG-TERM LIABILITIES, including insurance policy liabilities (Note 8) | 1,708 | 2,205 | |
TOTAL LIABILITIES | $ 624,239 | $ 807,645 | |
COMMITMENTS AND CONTINGENCIES (Note 18) | |||
EQUITY | |||
COMMON STOCK (Note 11) Authorized: 200,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury - March: 45,636,435; June: 46,679,565 | $ 64 | $ 64 | |
PREFERRED STOCK Authorized shares: 50,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury: March: -; June: - | |||
ADDITIONAL PAID-IN-CAPITAL | $ 224,347 | $ 213,896 | |
TREASURY SHARES, AT COST: March: 20,135,140; June: 18,057,228 | (238,432) | (214,520) | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | (184,382) | (139,181) | |
RETAINED EARNINGS | 675,966 | 617,868 | |
TOTAL NET1 EQUITY | 477,563 | 478,127 | |
NON-CONTROLLING INTEREST | 2,003 | 658 | |
TOTAL EQUITY | 479,566 | 478,785 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,103,805 | $ 1,286,430 | |
[1] | Derived from audited financial statements |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $ 3,538 | $ 1,956 |
Finance loans receivable, allowances | 4,587 | 4,227 |
Property, plant and equipment, accumulated depreciation | $ 106,200 | $ 94,014 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 45,636,435 | 46,679,565 |
Common stock, shares outstanding | 45,636,435 | 46,679,565 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Treasury shares, shares outstanding | 20,135,140 | 18,057,228 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Consolidated Statements Of Operations [Abstract] | ||||
REVENUE | $ 134,736 | $ 151,121 | $ 439,490 | $ 461,693 |
EXPENSE | ||||
Cost of goods sold, IT processing, servicing and support | 63,266 | 71,094 | 219,316 | 217,274 |
Selling, general and administration | 35,998 | 38,001 | 108,007 | 118,122 |
Depreciation and amortization | 9,281 | 10,060 | 29,982 | 30,391 |
OPERATING INCOME | 26,191 | 31,966 | 82,185 | 95,906 |
INTEREST INCOME | 3,345 | 4,211 | 11,284 | 11,888 |
INTEREST EXPENSE | 852 | 941 | 2,880 | 3,360 |
INCOME BEFORE INCOME TAX EXPENSE | 28,684 | 35,236 | 90,589 | 104,434 |
INCOME TAX EXPENSE (Note 17) | 9,816 | 10,305 | 31,306 | 32,156 |
NET INCOME BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 18,868 | 24,931 | 59,283 | 72,278 |
EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 2 | 65 | 578 | 233 |
NET INCOME | 18,870 | 24,996 | 59,861 | 72,511 |
LESS NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 450 | 638 | 1,763 | 1,690 |
NET INCOME ATTRIBUTABLE TO NET1 | $ 18,420 | $ 24,358 | $ 58,098 | $ 70,821 |
Net income per share, in U.S. dollars (Note 14) | ||||
Basic earnings attributable to Net1 shareholders | $ 0.40 | $ 0.52 | $ 1.24 | $ 1.51 |
Diluted earnings attributable to Net1 shareholders | $ 0.40 | $ 0.52 | $ 1.23 | $ 1.51 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income | $ 18,870 | $ 24,996 | $ 59,861 | $ 72,511 |
Other comprehensive income (loss) | ||||
Net unrealized income on asset available for sale, net of tax | 642 | 648 | 692 | 422 |
Movement in foreign currency translation reserve | 14,359 | (11,596) | (46,297) | (49,182) |
Total other comprehensive income (loss), net of taxes | 15,001 | (10,948) | (45,605) | (48,760) |
Comprehensive income | 33,871 | 14,048 | 14,256 | 23,751 |
Less comprehensive income attributable to non-controlling interest | (509) | (601) | (1,359) | (1,604) |
Comprehensive income attributable to Net1 | $ 33,362 | $ 13,447 | $ 12,897 | $ 22,147 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement Of Changes In Equity - 9 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Common And Treasury Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total Net1 Equity [Member] | Non-Controlling Interest [Member] | Total | |
Balance, Number of Shares at Jun. 30, 2015 | 64,736,793 | 46,679,565 | (18,057,228) | |||||||
Balance at Jun. 30, 2015 | $ 64 | $ (214,520) | $ 213,896 | $ 617,868 | $ (139,181) | $ 478,127 | $ 658 | $ 478,785 | [1] | |
Repurchase of common stock (Note 11) | $ (23,912) | (23,912) | $ (23,912) | |||||||
Repurchase of common stock (Note 11), Number of Treasury Shares | (2,077,912) | (2,077,912) | (2,077,912) | |||||||
Restricted stock granted (Note 13), Number of Shares | 319,492 | 319,492 | ||||||||
Exercise of stock option (Note 13) | 3,762 | 3,762 | $ 3,762 | |||||||
Exercise of stock option (Note 13), Number of Shares | 323,645 | 323,645 | 323,645 | |||||||
Stock-based compensation charge (Note 13) | 2,645 | 2,645 | $ 2,645 | |||||||
Income tax benefit from vested stock awards | 67 | 67 | 67 | |||||||
Issue of Smart Life shares | 14 | 14 | (14) | |||||||
T24 acquisition (Note 2) | 3,963 | 3,963 | 3,963 | |||||||
T24 acquisition (Note 2), shares | 391,645 | 391,645 | ||||||||
Net income | 58,098 | 58,098 | 1,763 | 59,861 | ||||||
Other comprehensive loss (Note 12) | (45,201) | (45,201) | (404) | (45,605) | ||||||
Balance at Mar. 31, 2016 | $ 64 | $ (238,432) | $ 224,347 | $ 675,966 | $ (184,382) | $ 477,563 | $ 2,003 | $ 479,566 | ||
Balance, Number of Shares at Mar. 31, 2016 | 65,771,575 | 45,636,435 | (20,135,140) | 45,636,435 | ||||||
[1] | Derived from audited financial statements |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||||
Net income | $ 18,870 | $ 24,996 | $ 59,861 | $ 72,511 |
Depreciation and amortization | 9,281 | 10,060 | 29,982 | 30,391 |
Earnings from equity-accounted investments | (2) | (65) | (578) | (233) |
Fair value adjustments | (2,387) | (449) | 613 | (270) |
Interest payable | 343 | (23) | 1,697 | 1,276 |
Profit on disposal of property, plant and equipment | (29) | (64) | (113) | (295) |
Gain on fair value of T24 (Note 2) | (1,909) | (1,909) | ||
Stock-based compensation charge | 954 | 731 | 2,645 | 2,682 |
Facility fee amortized | 34 | 36 | 103 | 170 |
Decrease (Increase) in accounts receivable, pre-funded social welfare grants receivable and finance loans receivable | 15,914 | 3,379 | (15,211) | 5,534 |
Increase in inventory | (340) | (26) | (495) | (2,771) |
Increase (Decrease) in accounts payable and other payables | 4,009 | 4,735 | 1,563 | (7,654) |
Increase in taxes payable | 4,479 | 7,465 | 3,444 | 4,113 |
Decrease in deferred taxes | (19) | (1,467) | (256) | (2,025) |
Net cash provided by operating activities | 49,198 | 49,308 | 81,346 | 103,429 |
Cash flows from investing activities | ||||
Capital expenditures | (8,053) | (6,307) | (28,698) | (24,822) |
Proceeds from disposal of property, plant and equipment | 136 | 163 | 753 | 777 |
Acquisition of available for sale securities | (8,900) | (8,900) | ||
Acquisitions of T24, net of cash acquired (Note 2) | (1,666) | (1,666) | ||
Proceeds from sale of business (Note 15) | 1,895 | |||
Other investing activities (Note 6) | (5) | (5) | (29) | |
Net change in settlement assets | (130,782) | (188,315) | 112,047 | 10,283 |
Net cash (used in) provided by investing activities | (149,270) | (194,459) | 73,531 | (11,896) |
Cash flows from financing activities | ||||
Acquisition of treasury stock (Note 11) | (12,726) | (23,912) | (9,151) | |
Proceeds from issue of common stock | 791 | 3,762 | 1,780 | |
Long-term borrowings utilized | 798 | 2,976 | ||
Repayment of long-term borrowings (Note 10) | 676 | 2,107 | (14,128) | |
Sale of equity to non-controlling interest (Note 11) | 1,407 | |||
Dividends paid to non-controlling interest | (1,024) | (1,024) | ||
Net change in settlement obligations | 130,782 | 188,315 | (112,047) | (10,283) |
Net cash provided by (used in) financing activities | 118,732 | 188,880 | (130,090) | (28,423) |
Effect of exchange rate changes on cash | 3,192 | (3,708) | (19,101) | (10,780) |
Net increase in cash and cash equivalents | 21,852 | 40,021 | 5,686 | 52,330 |
Cash and cash equivalents - beginning of period | 101,417 | 70,981 | 117,583 | 58,672 |
Cash and cash equivalents - end of period | $ 123,269 | $ 111,002 | $ 123,269 | $ 111,002 |
Basis Of Presentation And Summa
Basis Of Presentation And Summary Of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2016 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Summary Of Significant Accounting Policies | 1. Basis of Presentation and Summary of Significant Accounting Policies Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements include all majority-owned subsidiaries over which the Company exercises control and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the rules and regulations of the United States Securities and Exchange Commission for quarterly reports on Form 10-Q and include all of the information and disclosures required for interim financial reporting. The results of operations for the three and nine months ended March 31, 2016 and 2015, are not necessarily indicative of the results for the full year. The Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the financial statements, accounting policies and financial notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2015. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair representation of financial results for the interim periods presented. During the three months ended March 31, 2016, the Company identified a balance sheet misclassification between current assets and long-term assets of approximately $ 27.4 27.4 References to the "Company" refer to Net1 and its consolidated subsidiaries, unless the context otherwise requires. References to Net1 are references solely to Net 1 UEPS Technologies, Inc. Recent accounting pronouncements adopted There were no accounting pronouncements adopted during the three months ended March 31, 2016. Recent accounting pronouncements not yet adopted as of March 31, 2016 In May 2014, the FASB issued guidance regarding Revenue from Contracts with Customers . This guidance requires an entity to recognize revenue when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance was effective for the Company beginning July 1, 2017, however this date has been extended as per subsequent guidance issued by the FASB. Early adoption is not permitted. The Company expects that this guidance may have a material impact on its financial statements and is currently evaluating the impact of this guidance on its financial statements on adoption. In August 2015, the FASB issued guidance regarding Revenue from Contracts with Customers, Deferral of the Effective Date . This guidance defers the required implementation date specified in Revenue from Contracts with Customers to December 2017. Public companies may elect to adopt the standard along the original timeline. The Company expects that this guidance will may a material impact on its financial statements and is currently evaluating the impact of this guidance on its financial statements on adoption. In August 2014, the FASB issued guidance regarding Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern . This guidance requires an entity to perform interim and annual assessments of its ability to continue as a going concern within one year of the date that its financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. The guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In February 2015, the FASB issued guidance regarding Amendments to the Consolidation Analysis . This guidance amends both the variable interest entity and voting interest entity consolidation models. The requirement to assess an entity under a different consolidation model may change previous consolidation conclusions. The guidance is effective for the Company beginning July 1, 2016. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In July 2015, the FASB issued guidance regarding Simplifying the Measurement of Inventory . This guidance requires entities to measure most inventory "at the lower of cost and net realizable value," thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market (market in this context is defined as one of three different measures). The guidance will not apply to inventories that are measured by using either the last-in, first-out ("LIFO") method or the retail inventory method ("RIM"). The guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In November 2015, the FASB issued guidance regarding Balance Sheet Classification of Deferred Taxes . This guidance requires that deferred tax liabilities and assets are to be classified as non-current in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. This guidance is effective for the Company beginning July 1, 2017, with early adoption permitted on a prospective or retrospective basis. The Company is currently assessing the impact of this guidance on its financial statements disclosures. In January 2016, the FASB issued guidance regarding Recognition and Measurement of Financial Assets and Financial Liabilities . The guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. In addition, the guidance clarifies the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. This guidance is effective for the Company beginning July 1, 2018, and early adoption is not permitted, with certain exceptions. The amendments are required to be applied by means of a cumulative-effect adjustment on the balance sheet as of the beginning of the fiscal year of adoption. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In February 2016, the FASB issued guidance regarding Leases . The guidance increases transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet. The amendments to current lease guidance includes the recognition of assets and liabilities by lessees for those leases currently classified as operating leases. The guidance also requires disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for the Company beginning July 1, 2019. Early adoption is permitted. The Company expects that this guidance may have a material impact on its financial statements and is currently evaluating the impact of this guidance on its financial statements on adoption. In March 2016, the FASB issued guidance regarding Investments — Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting . The guidance simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. Consequently, 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 would be added to the current basis of the investor's previously held interest and the equity method would be applied subsequently from the date on which the investor obtains the ability to exercise significant influence over the investee. The guidance further requires that unrealized holding gains or losses in accumulated other comprehensive income related to an available for sale security that becomes eligible for the equity method be recognized in earnings as of the date on which the investment qualifies for the equity method. This guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In March 2016, the FASB issued guidance regarding Improvements to Employee Share-Based Payment Accounting . The guidance simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. |
Acquisition
Acquisition | 9 Months Ended |
Mar. 31, 2016 | |
Acquisition [Abstract] | |
Acquisition | 2. Acquisition Transact24 Limited On January 20, 2016, the Company acquired the remaining 56 3.0 391,645 4.0 44 The Company elected to settle part of the purchase price in shares in order to appropriately align the T24 management team with the Company and its global strategy. The parties have agreed that 50 50 The preliminary purchase price allocation, translated at the foreign exchange rates applicable on the date of acquisition, is provided in the table below: Cash and cash equivalents $ 1,334 Accounts receivable 2,356 Property, plant and equipment, net 154 Deferred tax assets 1,070 Intangible assets 4,430 Goodwill (Note 7) 6,095 Accounts payables and other payables (1,898 ) Deferred tax liabilities (1,107 ) Fair value of T24 on acquisition 12,434 Less: gain on fair value of T24 (1,908 ) Less: carrying value of equity-accounted investment at the acquisition date (3,563 ) Total purchase price $ 6,963 The preliminary purchase price allocation is based on management estimates as of March 31, 2016, and may be adjusted up to one year following the closing of the acquisition. The Company expects to finalize the purchase price allocation on or before June 30, 2016. Pro forma results of operations have not been presented because the effect of the T24 acquisition, individually and in the aggregate, was not material to the Company's results of operations. During each of the three and nine months ended March 31, 2016, the Company incurred acquisition-related expenditure of $ 0.1 2.0 0.3 |
Pre-Funded Social Welfare Grant
Pre-Funded Social Welfare Grants Receivable | 9 Months Ended |
Mar. 31, 2016 | |
Pre-Funded Social Welfare Grants Receivable [Abstract] | |
Pre-Funded Social Welfare Grants Receivable | 3. Pre-funded social welfare grants receivable Pre-funded social welfare grants receivable represents amounts pre-funded by the Company to certain merchants participating in the merchant acquiring system. The April 2016 payment service commenced on April 1, 2016, but the Company pre-funded certain merchants participating in the merchant acquiring system on the last two |
Inventory
Inventory | 9 Months Ended |
Mar. 31, 2016 | |
Inventory [Abstract] | |
Inventory | 4. Inventory The Company's inventory comprised the following category as of March 31, 2016 and June 30, 2015. March 31, June 30, 2016 2015 Finished goods $ 11,555 $ 12,979 $ 11,555 $ 12,979 |
Settlement Assets And Settlemen
Settlement Assets And Settlement Obligations | 9 Months Ended |
Mar. 31, 2016 | |
Settlement Assets And Settlement Obligations [Abstract] | |
Settlement Assets And Settlement Obligations | 5. Settlement assets and settlement obligations Settlement assets comprise (1) cash received from the South African government that the Company holds pending disbursement to recipient beneficiaries of social welfare grants and (2) cash received from customers on whose behalf the Company processes payroll payments that the Company will disburse to customer employees, payroll-related payees and other payees designated by the customer. Settlement obligations comprise (1) amounts that the Company is obligated to disburse to recipient beneficiaries of social welfare grants, and (2) amounts that the Company is obligated to pay to customer employees, payroll-related payees and other payees designated by the customer. The balances at each reporting date may vary widely depending on the timing of the receipts and payments of these assets and obligations. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 6. 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 seeks to reduce its exposure to currencies other than the South African Rand ("ZAR") through a policy of matching, to the extent possible, assets and liabilities denominated in those currencies. In addition, the Company uses financial instruments in order to economically hedge its exposure to exchange rate and interest rate fluctuations arising from its operations. The Company is also exposed to equity price and liquidity risks as well as credit risks. Currency exchange risk The Company is subject to currency exchange risk because it purchases inventories that it is required to settle in other currencies, primarily the euro and U.S. dollar. The Company has used forward contracts in order to limit its exposure in these transactions to fluctuations in exchange rates between the ZAR, on the one hand, and the U.S. dollar and the euro, on the other hand. Translation risk Translation risk relates to the risk that the Company's results of operations will vary significantly as the U.S. dollar is its reporting currency, but it earns most of its revenues and incurs most of its expenses in ZAR. The U.S. dollar to ZAR exchange rate has fluctuated significantly over the past three years. As exchange rates are outside the Company's control, there can be no assurance that future fluctuations will not adversely affect the Company's results of operations and financial condition. Interest rate risk As a result of its normal borrowing and leasing activities, the Company's operating results are exposed to fluctuations in interest rates, which it manages primarily through regular financing activities. The Company generally maintains limited investment in cash equivalents and has occasionally invested in marketable securities. Credit risk Credit risk relates to the risk of loss that the Company would incur as a result of non-performance by counterparties. The Company maintains credit risk policies with regard to its counterparties to minimize overall credit risk. These policies include an evaluation of a potential counterparty's financial condition, credit rating, and other credit criteria and risk mitigation tools as the Company's management deems appropriate. With respect to credit risk on financial instruments, the Company maintains a policy of entering into such transactions only with South African and European financial institutions that have a credit rating of BBB or better, as determined by credit rating agencies such as Standard & Poor's, Moody's and Fitch Ratings. UEPS-based microlending credit risk The Company is exposed to credit risk in its UEPS-based microlending activities, which provides unsecured short-term loans to qualifying customers. The Company manages this risk by performing an affordability test for each prospective customer and assigns a "creditworthiness score", which takes into account a variety of factors such as other debts and total expenditures on normal household and lifestyle expenses. Equity price and liquidity risk Equity price risk relates to the risk of loss that the Company would incur as a result of the volatility in the exchange-traded price of equity securities that it holds and the risk that it may not be able to liquidate these securities. The market price of these securities may fluctuate for a variety of reasons, consequently, the amount the Company may obtain in a subsequent sale of these securities may significantly differ from the reported market value. Liquidity risk relates to the risk of loss that the Company would incur as a result of the lack of liquidity on the exchange on which these securities are listed. The Company may not be able to sell some or all of these securities at one time, or over an extended period of time without influencing the exchange traded price, or at all. Financial instruments The following section describes the valuation methodologies the Company uses to measure its significant financial assets and liabilities at fair value. In general, and where applicable, the Company uses quoted prices in active markets for identical assets or liabilities to determine fair value. This pricing methodology applies to Level 1 investments. If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, then the Company uses quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable either directly or indirectly. These investments are included in Level 2 investments. In circumstances in which inputs are generally unobservable, values typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. Investments valued using such techniques are included in Level 3 investments. Asset measured at fair value using significant unobservable inputs – investment in Finbond Group Limited ("Finbond") The Company's Level 3 asset represents an investment of 197,522,435 40,733,723 8.9 26 The fair value of these securities as of March 31, 2016, represented approximately 1 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 BBB or better. The Company uses quoted prices in active markets for similar assets and liabilities to determine fair value (Level 2). The Company has no derivatives that require fair value measurement under Level 1 or 3 of the fair value hierarchy. The Company's outstanding foreign exchange contracts are as follows: As of March 31, 2016 Fair market Notional amount Strike price value price Maturity EUR 820,758 ZAR 15.6514 ZAR 16.8311 April 20, 2016 EUR 757,096 ZAR 15.7501 ZAR 16.9456 May 20, 2016 EUR 739,848 ZAR 15.8548 ZAR 17.0664 June 20, 2016 EUR 573,765 ZAR 15.9587 ZAR 17.1860 July 20, 2016 EUR 554,495 ZAR 16.0643 ZAR 17.3062 August 19, 2016 EUR 465,711 ZAR 16.1798 ZAR 17.4344 September 20, 2016 EUR 393,675 ZAR 16.2911 ZAR 17.5576 October 20, 2016 EUR 302,369 ZAR 16.4085 ZAR 17.6921 November 21, 2016 As of June 30, 2015 Fair market Notional amount Strike price value price Maturity EUR 526,263.00 ZAR 15.1145 ZAR 13.6275 July 20, 2015 EUR 526,263.00 ZAR 15.2025 ZAR 13.7062 August 20, 2015 EUR 526,263.00 ZAR 15.2944 ZAR 13.7898 September 21, 2015 EUR 526,263.00 ZAR 15.3809 ZAR 13.8683 October 20, 2015 EUR 509,516.00 ZAR 15.4728 ZAR 13.9540 November 20, 2015 EUR 529,865.00 ZAR 15.5654 ZAR 14.0397 December 21, 2015 EUR 526,663.00 ZAR 15.6625 ZAR 14.1239 January 20, 2016 The following table presents the Company's assets measured at fair value on a recurring basis as of March 31, 2016, according to the fair value hierarchy: Quoted price in active Significant markets for other Significant identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total Assets Related to insurance business (included in other long-term assets): Cash and cash equivalents $ 525 $ - $ - $ 525 Investment in Finbond (available for sale assets included in other long-term assets) - - 16,249 16,249 Foreign exchange contracts - 380 - 380 Other - 1,048 - 1,048 Total assets at fair value $ 525 $ 1,428 $ 16,249 $ 18,202 The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2015, according to the fair value hierarchy: Quoted price in active Significant markets for other Significant identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total Assets Related to insurance business (included in other long-term assets): Cash and cash equivalents $ 1,640 $ - $ - $ 1,640 Investment in Finbond (available for sale assets included in other long-term assets) - - 7,488 7,488 Other - 1,259 - 1,259 Total assets at fair value $ 1,640 $ 1,259 $ 7,488 $ 10,387 Liabilities Foreign exchange contracts $ - $ 452 $ - $ 452 Total liabilities at fair value $ - $ 452 $ - $ 452 Changes in the Company's investment in Finbond (Level 3 that are measured at fair value on a recurring basis) were insignificant during the three and nine months ended March 31, 2016 and 2015, respectively. There have been no 3 Assets and liabilities measured at fair value on a nonrecurring basis The Company measures its assets at fair value on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. The Company has no liabilities that are measured at fair value on a nonrecurring basis. The Company reviews the carrying values of its assets when events and circumstances warrant and considers all available evidence in evaluating when declines in fair value are other-than-temporary. The fair values of the Company's assets are determined 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 assets exceeds its fair value and the excess is determined to be other-than-temporary. The Company has not recorded any impairment charges during the reporting periods presented herein. |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 9 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Goodwill And Intangible Assets, Net | 7. Goodwill and intangible assets, net Goodwill Summarized below is the movement in the carrying value of goodwill for the nine months ended March 31, 2016: Accumulated Carrying Gross value impairment value Balance as of June 30, 2015 $ 166,437 $ - $ 166,437 Acquisition (Note 2) 6,095 - 6,095 Foreign currency adjustment (1) (9,194 ) - (9,194 ) Balance as of March 31, 2016 $ 163,338 $ - $ 163,338 (1) The foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Korean won, and the U.S. dollar on the carrying value. Goodwill associated with the acquisition of T24 represents the excess of cost over the fair value of acquired net assets. The goodwill is not deductible for tax purposes. See Note 2 for the allocation of the purchase price to the fair value of acquired net assets. T24 has been allocated to the Company's International transaction processing operating segment. Goodwill has been allocated to the Company's reportable segments as follows: South Financial African International inclusion and transaction transaction applied Carrying processing processing technologies value Balance as of June 30, 2015 $ 24,579 $ 115,519 $ 26,339 $ 166,437 Acquisition (Note 2) - 6,095 - 6,095 Foreign currency adjustment (1) (4,221 ) (1,444) (3,529 ) (9,194 ) Balance as of March 31, 2016 $ 20,358 $ 120,170 $ 22,810 $ 163,338 (1) The foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Korean won, and the U.S. dollar on the carrying value. Intangible assets, net T24 intangible assets acquired Summarized below is the fair value of the T24 intangible assets acquired, translated at the exchange rate applicable as of January 20, 2016, and the weighted-average amortization period of the intangible assets: Weighted- Fair value average as of amortization January 20, period (in 2016 years) Finite-lived intangible asset: Customer relationships $ 3,350 5 Software and unpatented technology $ 1,080 3 On acquisition, the Company recognized a deferred tax liability of approximately $ 1.1 Carrying value and amortization of intangible assets Summarized below is the carrying value and accumulated amortization of the intangible assets as of March 31, 2016 and June 30, 2015: As of March 31, 2016 As of June 30, 2015 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships (1) . $ 88,141 $ (49,325 ) $ 38,816 $ 88,109 $ (45,312 ) $ 42,797 Software and unpatented technology (1) 29,756 (28,766 ) 990 29,964 (28,323 ) 1,641 FTS patent 2,583 (2,583 ) - 3,119 (3,119 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks 5,644 (3,580 ) 2,064 6,094 (3,408 ) 2,686 Total finite-lived intangible assets $ 130,630 $ (88,760 ) $ 41,870 $ 131,792 $ (84,668 ) $ 47,124 (1) Includes the customer relationships and software and unpatented technology acquired as part of the T24 acquisition in January 2016. Aggregate amortization expense on the finite-lived intangible assets for the three months ended March 31, 2016 and 2015, was approximately $ 2.3 3.6 8.2 11.3 Future estimated annual amortization expense for the next five fiscal years and thereafter, assuming exchange rates that prevailed on March 31, 2016, 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. 2016 $ 10,972 2017 9,283 2018 9,281 2019 8,793 2020 8,437 Thereafter $ 3,493 |
Reinsurance Assets And Policy H
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 9 Months Ended |
Mar. 31, 2016 | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 8. Reinsurance assets and policy holder liabilities under insurance and investment contracts Reinsurance assets and policy holder liabilities under insurance contracts Summarized below is the movement in reinsurance assets and policy holder liabilities under insurance contracts during the nine months ended March 31, 2016: Reinsurance Insurance assets (1) contracts (2) Balance as of June 30, 2015 $ 183 $ (567 ) Increase in policy holder benefits under insurance contracts 65 (304 ) Claims and policyholders' benefits under insurance contracts (46 ) 109 Foreign currency adjustment (3) (32 ) 98 Balance as of March 31, 2016 $ 170 $ (664 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) The foreign currency adjustment represents the effects of the fluctuations between 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. Policyholders' liabilities under insurance contracts are derived from actual claims submitted which had not been settled as of March 31, 2016 and June 30, 2015, respectively, and represents management's estimate of the net present value of future claims and benefits under existing insurance contracts, offset by probable future premiums to be received (net of expected service cost). Assets and policy holder liabilities under investment contracts Summarized below is the movement in assets and policy holder liabilities under investment contracts during the nine months ended March 31, 2016: Investment Assets (1) contracts (2) Balance as of June 30, 2015 $ 593 $ (593 ) Increase in policy holder benefits under investment contracts 34 (34 ) Foreign currency adjustment (3) (102 ) 102 Balance as of March 31, 2016 $ 525 $ (525 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. The Company does not offer any investment products with guarantees related to capital or returns. |
Short-Term Credit Facility
Short-Term Credit Facility | 9 Months Ended |
Mar. 31, 2016 | |
Short-Term Credit Facility [Abstract] | |
Short-Term Credit Facility | 9. Short-term credit facility The Company's short-term credit facilities are described in Note 12 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2015. South Africa The Company's short-term South African credit facility with Nedbank Limited comprises an overdraft facility of up to ZAR 50 150 9.35 137.1 9.2 139.6 11.4 Korea The Company had not utilized any of its KRW 10 8.8 3.56 January 2017 |
Long-Term Borrowings
Long-Term Borrowings | 9 Months Ended |
Mar. 31, 2016 | |
Long-Term Borrowings [Abstract] | |
Long-Term Borrowings | 10. Long-term borrowings The Company's Korean senior secured loan facility is described in Note 13 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2015. The current carrying value as of March 31, 2016, is $ 61.0 4.75 On April 29, 2016, the Company made a scheduled principal payment of $ 8.8 Interest expense incurred during the three months ended March 31, 2016 and 2015, was $ 0.7 0.8 2.1 2.2 0.04 0.1 0.2 |
Capital Structure
Capital Structure | 9 Months Ended |
Mar. 31, 2016 | |
Capital Structure [Abstract] | |
Capital Structure | 11. Capital structure The following table presents reconciliation between the number of shares, net of treasury, presented in the unaudited condensed consolidated statement of changes in equity during the nine months ended March 31, 2016 and 2015, respectively, and the number of shares, net of treasury, excluding non-vested equity shares that have not vested during the nine months ended March 31, 2016 and 2015, respectively: March 31, March 31, 2016 2015 Number of shares, net of treasury: Statement of changes in equity 45,636,435 46,607,153 Less: Non-vested equity shares that have not vested (Note 13) (589,447 ) (341,529 ) Number of shares, net of treasury excluding non-vested equity shares that have not vested 45,046,988 46,265,624 Common stock repurchases and transaction with non-controlling interests On February 3, 2016, the Company's Board of Directors approved the replenishment of its share repurchase authorization to repurchase up to an aggregate of $ 100 1,328,699 12.7 2,077,912 23.9 On August 27, 2014, the Company entered into a Subscription and Sale of Shares Agreement with Business Venture Investments No 1567 Proprietary Limited (RF) ("BVI"), one of the Company's BEE partners, in preparation for any new potential SASSA tender. Pursuant to the agreement: (i) the Company repurchased BVI's remaining 1,837,432 97.4 9.2 12.5 15.0 1.4 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 12. Accumulated other comprehensive loss The table below presents the change in accumulated other comprehensive (loss) income per component during the nine months ended March 31, 2016: Nine months ended March 31, 2016 Accumulated net unrealized Accumulated income on foreign asset currency available for translation sale, net of reserve tax Total Balance as of June 30, 2015 $ (140,221 ) $ 1,040 $ (139,181 ) Movement in foreign currency translation reserve (45,893 ) - (45,893 ) Unrealized gain on asset available for sale, net of tax of $ 159 - 692 692 Balance as of March 31, 2016 $ (186,114 ) $ 1,732 $ (184,382 ) There were no |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 13. Stock-based compensation Stock option and restricted stock activity Options The following table summarizes stock option activity for the nine months ended March 31, 2016 and 2015: Weighted Weighted average Weighted average remaining Aggregate average exercise contractual intrinsic grant date Number of price term value fair value shares ($) (in years) ($' ) ($) Outstanding – June 30, 2015 2,401,169 15.34 4.74 11,516 Exercised (323,645 ) 11.62 2,669 Outstanding – March 31, 2016 2,077,524 15.92 3.89 654 Outstanding – June 30, 2014 2,710,392 14.16 5.38 3,909 Granted under Plan: August 2014 464,410 11.23 10.00 2,113 4.55 Exercised (748,633 ) 8.64 3,750 Outstanding – March 31, 2015 2,426,169 15.30 4.99 4,570 No 250 no The table below presents the range of assumptions used to value options granted during the nine months ended March 31, 2016 and 2015: Nine months ended March 31, 2016 2015 Expected volatility n/a 60 % Expected dividends n/a 0 % Expected life (in years) n/a 3 Risk-free rate n/a 1.0 % There were no The following table presents stock options vested and expecting to vest as of March 31, 2016: Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Vested and expecting to vest – March 31, 2016 2,077,524 15.92 3.89 654 These options have an exercise price range of $ 7.35 24.46 The following table presents stock options that are exercisable as of March 31, 2016: Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Exercisable – March 31, 2016 1,692,952 17.17 2.91 516 No 373,435 330,967 No 0.8 60,000 3.8 323,645 1.8 176,395 572,238 336,584 Restricted stock The following table summarizes restricted stock activity for the nine months ended March 31, 2016 and 2015: Number of Weighted shares of average grant restricted date fair value stock ($' ) Non-vested – June 30, 2015 341,529 1,759 Granted – August 2015 319,492 6,406 Vested – August 2015 (71,574 ) 1,435 Non-vested – March 31, 2016 589,447 7,622 Non-vested – June 30, 2014 385,778 3,534 Granted – August 2014 141,707 581 Granted – November 2014 71,530 229 Vested – August 2014 (74,152 ) 828 Vested – February 2015 (183,334 ) 2,400 Non-vested – March 31, 2015 341,529 1,759 The August 2015 grants comprise 301,537 17,955 One-third of the shares will vest if the Company achieves 2018 Fundamental EPS of $ 2.88 Two-thirds of the shares will vest if the Company achieves 2018 Fundamental EPS of $ 3.30 All of the shares will vest if the Company achieves 2018 Fundamental EPS of $ 3.76 At levels of 2018 Fundamental EPS greater than $ 2.88 3.76 3.30 The August 2014 grants comprise 127,626 14,081 127,626 71,530 19.41 30 20 11.23 The 127,626 and 71,530 shares of restricted stock are effectively forward starting knock-in barrier options with a strike price of zero In scenarios where the shares do not vest, the final vested value at maturity is zero. In scenarios where vesting occurs, the final vested value on maturity is the share price on vesting date. The value of the grant is the average of the discounted vested values. The Company used an expected volatility of 76.01 three 1.27 63.73 three 1.21 30 No shares of restricted stock vested during the three months ended March 31, 2016. The fair value of restricted stock vesting during the three months ended March 31, 2015, was $ 2.4 1.4 3.2 Stock-based compensation charge and unrecognized compensation cost The Company has recorded a stock-based compensation charge of $1.0 million and $0.7 million, respectively, during the three months ended March 31, 2016 and 2015, which comprised: Allocated to cost of goods sold, IT Allocated to processing, selling, general Total servicing and and charge support administration Three months ended March 31, 2016 Stock-based compensation charge $ 954 $ - $ 954 Total – three months ended March 31, 2016 $ 954 $ - $ 954 Three months ended March 31, 2015 Stock-based compensation charge $ 731 $ - $ 731 Total – three months ended March 31, 2015 $ 731 $ - $ 731 The Company has recorded a stock-based compensation charge of $2.6 million and $2.7 million, respectively, during the nine months ended March 31, 2016 and 2015, which comprised: Allocated to cost of goods sold, IT Allocated to processing, selling, general Total servicing and and charge support administration Nine months ended March 31, 2016 Stock-based compensation charge $ 2,645 $ - $ 2,645 Total –nine months ended March 31, 2016 $ 2,645 $ - $ 2,645 Nine months ended March 31, 2015 Stock-based compensation charge $ 2,682 $ - $ 2,682 Total –nine months ended March 31, 2015 $ 2,682 $ - $ 2,682 The stock-based compensation charges have been allocated to selling, general and administration based on the allocation of the cash compensation paid to the employees. As of March 31, 2016, the total unrecognized compensation cost related to stock options was approximately $ 1.1 two 2.0 two As of March 31, 2016 and June 30, 2015, respectively, the Company has recorded a deferred tax asset of approximately $ 1.7 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 14. Earnings per share Basic earnings per share include shares of restricted stock that meet the definition of a participating security because these shares are eligible to receive non-forfeitable dividend equivalents at the same rate as common stock. Basic earnings per share have been calculated using the two-class method and basic earnings per share for the three and nine months ended March 31, 2016 and 2015, reflects only undistributed earnings. The computation below of basic earnings per share excludes the net income attributable to shares of unvested restricted stock (participating non-vested restricted stock) from the numerator and excludes the dilutive impact of these unvested shares of restricted stock from the denominator. Diluted earnings per share have been calculated to give effect to the number of shares of additional common stock that would have been outstanding if the potential dilutive instruments had been issued in each period. Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method and are not considered to be participating securities as the stock options do not contain non-forfeitable dividend rights. The calculation of diluted earnings per share includes the dilutive effect of a portion of the restricted stock granted to employees in February 2012, August 2013, August 2014, November 2014 and August 2015 as these shares of restricted stock are considered contingently returnable shares for the purposes of the diluted earnings per share calculation and the vesting conditions in respect of a portion of the restricted stock had been satisfied. The vesting conditions for awards made in August 2015 are discussed in Note 13 and the vesting conditions for all other awards are discussed in Note 18 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2015. The following table presents net income attributable to Net1 (income from continuing operations) and the share data used in the basic and diluted earnings per share computations using the two-class method: Three months ended Nine months ended March 31, March 31, 2016 2015 2016 2015 (in thousands except percent (in thousands except percent and and per share data) per share data) Numerator: Net income attributable to Net1 $ 18,420 $ 24,358 $ 58,098 $ 70,821 Undistributed earnings 18,420 24,358 58,098 70,821 Percent allocated to common shareholders (Calculation 1) 99 % 99 % 99 % 99 % Numerator for earnings per share: basic and diluted $ 18,158 $ 24,102 $ 57,334 $ 70,011 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 45,683 46,071 46,171 46,235 Effect of dilutive securities: Stock options 89 178 288 137 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 45,772 46,249 46,459 46,372 Earnings per share: Basic $ 0.40 $ 0.52 $ 1.24 $ 1.51 Diluted $ 0.40 $ 0.52 $ 1.23 $ 1.51 (Calculation 1) Basic weighted-average common shares outstanding (A) 45,683 46,071 46,171 46,235 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 46,341 46,561 46,786 46,770 Percent allocated to common shareholders (A) / (B) 99 % 99 % 99 % 99 % Options to purchase 1,041,938 11.23 24.46 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 15. Supplemental cash flow information The following table presents supplemental cash flow disclosures for the three and nine months ended March 31, 2016 and 2015: Three months ended Nine months ended March 31, March 31, 2016 2015 2016 2015 Cash received from interest $ 3,341 $ 4,200 $ 11,262 $ 11,940 Cash paid for interest $ 813 $ 915 $ 2,864 $ 3,328 Cash paid for income taxes $ 4,052 $ 3,086 $ 28,374 $ 28,639 As discussed in Note 2, on January 20, 2016, the Company issued 391,645 shares of its common stock with an aggregate issue date fair value of approximately $4.0 million as part consideration for the Company's 56% interest in T24. As discussed in Note 13, during the nine months ended March 31, 2015, employees exercised stock options through the delivery 336,584 13.93 The sale of the Company's NUETS business is described in Note 19 to its audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2015. The Company received cash sale proceeds of $ 1.9 |
Operating Segments
Operating Segments | 9 Months Ended |
Mar. 31, 2016 | |
Operating Segments [Abstract] | |
Operating Segments | 16. Operating segments The Company discloses segment information as reflected in the management information systems reports that its chief operating decision maker uses in making decisions and to report certain entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets or reports material revenues. A description of the Company's operating segments is contained in Note 23 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2015. The reconciliation of the reportable segments revenue to revenue from external customers for the three months ended March 31, 2016 and 2015, respectively, is as follows: Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 50,594 $ 5,621 $ 44,973 International transaction processing 40,588 - 40,588 Financial inclusion and applied technologies 54,286 5,111 49,175 Total for the three months ended March 31, 2016 145,468 10,732 134,736 South African transaction processing 57,999 5,359 52,640 International transaction processing 38,311 - 38,311 Financial inclusion and applied technologies 66,830 6,660 60,170 Total for the three months ended March 31, 2015 $ 163,140 $ 12,019 $ 151,121 The reconciliation of the reportable segments revenue to revenue from external customers for the nine months ended March 31, 2016 and 2015, respectively, is as follows: Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 158,997 $ 12,598 $ 146,399 International transaction processing 122,653 - 122,653 Financial inclusion and applied technologies 187,332 16,894 170,438 Total for the nine months ended March 31, 2016 468,982 29,492 439,490 South African transaction processing 176,678 15,917 160,761 International transaction processing 121,981 - 121,981 Financial inclusion and applied technologies 199,558 20,607 178,951 Total for the nine months ended March 31, 2015 $ 498,217 $ 36,524 $ 461,693 The Company does not allocate interest income, interest expense or income tax expense to its reportable segments. The Company evaluates segment performance based on segment operating income before acquisition-related intangible asset amortization which represents operating income before acquisition-related intangible asset amortization and allocation of expenses allocated to Corporate/Eliminations, all under GAAP. The reconciliation of the reportable segments measure of profit or loss to income before income taxes for the three and nine months ended March 31, 2016 and 2015, respectively, is as follows: Three months ended Nine months ended March 31, March 31, 2016 2015 2016 2015 Reportable segments measure of profit or loss $ 29,415 $ 37,703 $ 95,862 $ 112,751 Operating income: Corporate/Eliminations (3,224 ) (5,737 ) (13,677 ) (16,845 ) Interest income 3,345 4,211 11,284 11,888 Interest expense (852 ) (941 ) (2,880 ) (3,360 ) Income before income taxes $ 28,684 $ 35,236 $ 90,589 $ 104,434 The following tables summarize segment information which is prepared in accordance with GAAP for the three and nine months ended March 31, 2016 and 2015: Three months ended Nine months ended March 31, March 31, 2016 2015 2016 2015 Revenues South African transaction processing $ 50,594 $ 57,999 $ 158,997 $ 176,678 International transaction processing 40,588 38,311 122,653 121,981 Financial inclusion and applied technologies 54,286 66,830 187,332 199,558 Total 145,468 163,140 468,982 498,217 Operating income (loss) South African transaction processing 13,133 13,218 38,724 39,740 International transaction processing 4,813 6,579 15,596 19,671 Financial inclusion and applied technologies 11,469 17,906 41,542 53,340 Subtotal: Operating segments 29,415 37,703 95,862 112,751 Corporate/Eliminations (3,224 ) (5,737 ) (13,677 ) (16,845 ) Total 26,191 31,966 82,185 95,906 Depreciation and amortization South African transaction processing 1,463 1,726 4,858 5,271 International transaction processing 5,232 4,560 15,991 13,224 Financial inclusion and applied technologies 272 207 844 589 Subtotal: Operating segments 6,967 6,493 21,693 19,084 Corporate/Eliminations 2,314 3,567 8,289 11,307 Total 9,281 10,060 29,982 30,391 Expenditures for long-lived assets South African transaction processing 926 1,514 3,469 3,678 International transaction processing 6,864 4,561 23,107 20,167 Financial inclusion and applied technologies 263 232 2,122 977 Subtotal: Operating segments 8,053 6,307 28,698 24,822 Corporate/Eliminations - - - - Total $ 8,053 $ 6,307 $ 28,698 $ 24,822 The segment information as reviewed by the chief operating decision maker does not include a measure of segment assets per segment as all of the significant assets are used in the operations of all, rather than any one, of the segments. The Company does not have dedicated assets assigned to a particular operating segment. Accordingly, it is not meaningful to attempt an arbitrary allocation and segment asset allocation is therefore not presented. It is impractical to disclose revenues from external customers for each product and service or each group of similar products and services. |
Income Tax
Income Tax | 9 Months Ended |
Mar. 31, 2016 | |
Income Tax [Abstract] | |
Income Tax | 17. Income tax Income tax in interim periods For the purposes of interim financial reporting, the Company determines the appropriate income tax provision by first applying the effective tax rate expected to be applicable for the full fiscal year to ordinary income. This amount is then adjusted for the tax effect of significant unusual or extraordinary items, for instance, changes in tax law, valuation allowances and non-deductible transaction-related expenses that are reported separately, and have an impact on the tax charge. The cumulative effect of any change in the enacted tax rate, if and when applicable, on the opening balance of deferred tax assets and liabilities is also included in the tax charge as a discrete event in the interim period in which the enactment date occurs. For the three and nine months ended March 31, 2016, the tax charge was calculated using the expected effective tax rate for the year. The Company's effective tax rate for the three and nine months ended March 31, 2016, was 34.2 34.6 The Company's effective tax rate for the three and nine months ended March 31, 2015, was 29.2 30.8 Uncertain tax positions There were no changes to the Company's unrecognized tax benefits during the three months ended March 31, 2016. The Company increased its unrecognized tax benefits by approximately $ 0.2 0.3 The Company does not expect changes related to its unrecognized tax benefits will have a significant impact on its results of operations or financial position in the next 12 months. As of March 31, 2016 and June 30, 2015, the Company has unrecognized tax benefits of $ 1.9 2.3 |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 18. Commitments and contingencies Guarantees The South African Revenue Service and certain of the Company's customers, suppliers and other business partners have asked the Company to provide them with guarantees, including standby letters of credit, issued by a South African bank. The Company is required to procure these guarantees for these third parties to operate its business. Nedbank has issued guarantees to these third parties amounting to ZAR 128.4 8.7 128.4 8.7 0.4 2.0 The Company has not recognized any obligation related to these counter-guarantees in its consolidated balance sheet as of March 31, 2016 and June 30, 2015. The maximum potential amount that the Company could pay under these guarantees is ZAR 128.4 8.7 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 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. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent events Acquisition of Masterpayment AG In early April 2016, the Company acquired a 60 10.0 5,000 The purchase price allocation has not been finalized, as management has not yet analyzed in detail the assets acquired and liabilities assumed. The Company expects to finalize the purchase price allocation on or before September 30, 2016. Pro forma results of operations have not been presented because the effect of the Masterpayment acquisition, individually and in the aggregate, was not material to the Company's results of operations. The Company has incurred transaction-related expenditures of approximately $ 0.1 Transaction with the International Finance Corporation and certain funds managed by IFC Asset Management Company Subscription Agreement On April 11, 2016, the Company entered into a Subscription Agreement (the "Subscription Agreement") with International Finance Corporation, IFC African, Latin American and Caribbean Fund, LP, IFC Financial Institutions Growth Fund, LP, and Africa Capitalization Fund, Ltd. (collectively, the "IFC Investors"). Under the Subscription Agreement, the Investors have agreed to purchase, and the Company has agreed to sell, in the aggregate, approximately 9.98 0.001 10.79 107.7 Policy Agreement The Company has entered into a Policy Agreement with the IFC Investors (the "Policy Agreement") that becomes effective on the closing under the Subscription Agreement. The material terms of the Policy Agreement are described below. Board Rights For so long as the IFC Investors in aggregate beneficially own shares representing at least 5 2.5 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. Put Option Each Investor will have the right, upon the occurrence of specified triggering events, to require the Company to repurchase all of the shares of its common stock purchased by the IFC Investors pursuant to the Subscription Agreement (or upon exercise of their preemptive rights discussed below). Events triggering this put right relate to (1) the Company being the subject of a governmental complaint alleging, a court judgment finding or an indictment alleging that the Company (a) engaged in specified corrupt, fraudulent, coercive, collusive or obstructive practices; (b) entered into transactions with targets of economic sanctions; or (c) failed to operate its business in compliance with anti-money laundering and anti-terrorism laws; or (2) the Company rejecting a bona fide offer to acquire all of its outstanding Common Stock at a time when it has in place or implements a shareholder rights plan, or adopting a shareholder rights plan triggered by a beneficial ownership threshold of less than twenty 60 Preemptive Rights For so long as the IFC Investors hold in aggregate 5 |
Basis Of Presentation And Sum27
Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Mar. 31, 2016 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Recent Accounting Pronouncements, Adopted | Recent accounting pronouncements adopted There were no accounting pronouncements adopted during the three months ended March 31, 2016. |
Recent Accounting Pronouncements, Not Yet Adopted | Recent accounting pronouncements not yet adopted as of March 31, 2016 In May 2014, the FASB issued guidance regarding Revenue from Contracts with Customers . This guidance requires an entity to recognize revenue when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance was effective for the Company beginning July 1, 2017, however this date has been extended as per subsequent guidance issued by the FASB. Early adoption is not permitted. The Company expects that this guidance may have a material impact on its financial statements and is currently evaluating the impact of this guidance on its financial statements on adoption. In August 2015, the FASB issued guidance regarding Revenue from Contracts with Customers, Deferral of the Effective Date . This guidance defers the required implementation date specified in Revenue from Contracts with Customers to December 2017. Public companies may elect to adopt the standard along the original timeline. The Company expects that this guidance will may a material impact on its financial statements and is currently evaluating the impact of this guidance on its financial statements on adoption. In August 2014, the FASB issued guidance regarding Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern . This guidance requires an entity to perform interim and annual assessments of its ability to continue as a going concern within one year of the date that its financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. The guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In February 2015, the FASB issued guidance regarding Amendments to the Consolidation Analysis . This guidance amends both the variable interest entity and voting interest entity consolidation models. The requirement to assess an entity under a different consolidation model may change previous consolidation conclusions. The guidance is effective for the Company beginning July 1, 2016. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In July 2015, the FASB issued guidance regarding Simplifying the Measurement of Inventory . This guidance requires entities to measure most inventory "at the lower of cost and net realizable value," thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market (market in this context is defined as one of three different measures). The guidance will not apply to inventories that are measured by using either the last-in, first-out ("LIFO") method or the retail inventory method ("RIM"). The guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In November 2015, the FASB issued guidance regarding Balance Sheet Classification of Deferred Taxes . This guidance requires that deferred tax liabilities and assets are to be classified as non-current in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. This guidance is effective for the Company beginning July 1, 2017, with early adoption permitted on a prospective or retrospective basis. The Company is currently assessing the impact of this guidance on its financial statements disclosures. In January 2016, the FASB issued guidance regarding Recognition and Measurement of Financial Assets and Financial Liabilities . The guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. In addition, the guidance clarifies the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. This guidance is effective for the Company beginning July 1, 2018, and early adoption is not permitted, with certain exceptions. The amendments are required to be applied by means of a cumulative-effect adjustment on the balance sheet as of the beginning of the fiscal year of adoption. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In February 2016, the FASB issued guidance regarding Leases . The guidance increases transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet. The amendments to current lease guidance includes the recognition of assets and liabilities by lessees for those leases currently classified as operating leases. The guidance also requires disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for the Company beginning July 1, 2019. Early adoption is permitted. The Company expects that this guidance may have a material impact on its financial statements and is currently evaluating the impact of this guidance on its financial statements on adoption. In March 2016, the FASB issued guidance regarding Investments — Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting . The guidance simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. Consequently, 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 would be added to the current basis of the investor's previously held interest and the equity method would be applied subsequently from the date on which the investor obtains the ability to exercise significant influence over the investee. The guidance further requires that unrealized holding gains or losses in accumulated other comprehensive income related to an available for sale security that becomes eligible for the equity method be recognized in earnings as of the date on which the investment qualifies for the equity method. This guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In March 2016, the FASB issued guidance regarding Improvements to Employee Share-Based Payment Accounting . The guidance simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Transact24 Limited [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Preliminary Purchase Price Allocation Translated At Applicable Foreign Exchange Rate | Cash and cash equivalents $ 1,334 Accounts receivable 2,356 Property, plant and equipment, net 154 Deferred tax assets 1,070 Intangible assets 4,430 Goodwill (Note 7) 6,095 Accounts payables and other payables (1,898 ) Deferred tax liabilities (1,107 ) Fair value of T24 on acquisition 12,434 Less: gain on fair value of T24 (1,908 ) Less: carrying value of equity-accounted investment at the acquisition date (3,563 ) Total purchase price $ 6,963 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Inventory [Abstract] | |
Schedule Of Inventory By Categories | March 31, June 30, 2016 2015 Finished goods $ 11,555 $ 12,979 $ 11,555 $ 12,979 |
Fair Value Of Financial Instr30
Fair Value Of Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Outstanding Foreign Exchange Contracts | As of March 31, 2016 Fair market Notional amount Strike price value price Maturity EUR 820,758 ZAR 15.6514 ZAR 16.8311 April 20, 2016 EUR 757,096 ZAR 15.7501 ZAR 16.9456 May 20, 2016 EUR 739,848 ZAR 15.8548 ZAR 17.0664 June 20, 2016 EUR 573,765 ZAR 15.9587 ZAR 17.1860 July 20, 2016 EUR 554,495 ZAR 16.0643 ZAR 17.3062 August 19, 2016 EUR 465,711 ZAR 16.1798 ZAR 17.4344 September 20, 2016 EUR 393,675 ZAR 16.2911 ZAR 17.5576 October 20, 2016 EUR 302,369 ZAR 16.4085 ZAR 17.6921 November 21, 2016 As of June 30, 2015 Fair market Notional amount Strike price value price Maturity EUR 526,263.00 ZAR 15.1145 ZAR 13.6275 July 20, 2015 EUR 526,263.00 ZAR 15.2025 ZAR 13.7062 August 20, 2015 EUR 526,263.00 ZAR 15.2944 ZAR 13.7898 September 21, 2015 EUR 526,263.00 ZAR 15.3809 ZAR 13.8683 October 20, 2015 EUR 509,516.00 ZAR 15.4728 ZAR 13.9540 November 20, 2015 EUR 529,865.00 ZAR 15.5654 ZAR 14.0397 December 21, 2015 EUR 526,663.00 ZAR 15.6625 ZAR 14.1239 January 20, 2016 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | The following table presents the Company's assets measured at fair value on a recurring basis as of March 31, 2016, according to the fair value hierarchy: Quoted price in active Significant markets for other Significant identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total Assets Related to insurance business (included in other long-term assets): Cash and cash equivalents $ 525 $ - $ - $ 525 Investment in Finbond (available for sale assets included in other long-term assets) - - 16,249 16,249 Foreign exchange contracts - 380 - 380 Other - 1,048 - 1,048 Total assets at fair value $ 525 $ 1,428 $ 16,249 $ 18,202 The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2015, according to the fair value hierarchy: Quoted price in active Significant markets for other Significant identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total Assets Related to insurance business (included in other long-term assets): Cash and cash equivalents $ 1,640 $ - $ - $ 1,640 Investment in Finbond (available for sale assets included in other long-term assets) - - 7,488 7,488 Other - 1,259 - 1,259 Total assets at fair value $ 1,640 $ 1,259 $ 7,488 $ 10,387 Liabilities Foreign exchange contracts $ - $ 452 $ - $ 452 Total liabilities at fair value $ - $ 452 $ - $ 452 |
Goodwill And Intangible Asset31
Goodwill And Intangible Assets, Net (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Carrying Value Of Goodwill | Accumulated Carrying Gross value impairment value Balance as of June 30, 2015 $ 166,437 $ - $ 166,437 Acquisition (Note 2) 6,095 - 6,095 Foreign currency adjustment (1) (9,194 ) - (9,194 ) Balance as of March 31, 2016 $ 163,338 $ - $ 163,338 (1) The foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Korean won, and the U.S. dollar on the carrying value. |
Goodwill Allocated To Reportable Segments | South Financial African International inclusion and transaction transaction applied Carrying processing processing technologies value Balance as of June 30, 2015 $ 24,579 $ 115,519 $ 26,339 $ 166,437 Acquisition (Note 2) - 6,095 - 6,095 Foreign currency adjustment (1) (4,221 ) (1,444) (3,529 ) (9,194 ) Balance as of March 31, 2016 $ 20,358 $ 120,170 $ 22,810 $ 163,338 (1) The foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Korean won, and the U.S. dollar on the carrying value. |
Fair Value Of Intangible Assets Acquired | Weighted- Fair value average as of amortization January 20, period (in 2016 years) Finite-lived intangible asset: Customer relationships $ 3,350 5 Software and unpatented technology $ 1,080 3 |
Carrying Value And Accumulated Amortization Of Intangible Assets | As of March 31, 2016 As of June 30, 2015 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships (1) . $ 88,141 $ (49,325 ) $ 38,816 $ 88,109 $ (45,312 ) $ 42,797 Software and unpatented technology (1) 29,756 (28,766 ) 990 29,964 (28,323 ) 1,641 FTS patent 2,583 (2,583 ) - 3,119 (3,119 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks 5,644 (3,580 ) 2,064 6,094 (3,408 ) 2,686 Total finite-lived intangible assets $ 130,630 $ (88,760 ) $ 41,870 $ 131,792 $ (84,668 ) $ 47,124 (1) Includes the customer relationships and software and unpatented technology acquired as part of the T24 acquisition in January 2016. |
Future Estimated Annual Amortization Expense | 2016 $ 10,972 2017 9,283 2018 9,281 2019 8,793 2020 8,437 Thereafter $ 3,493 |
Reinsurance Assets And Policy32
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Summary Of The Movement In Reinsurance Assets And Policy Holder Liabilities Under Insurance Contracts | Summarized below is the movement in reinsurance assets and policy holder liabilities under insurance contracts during the nine months ended March 31, 2016: Reinsurance Insurance assets (1) contracts (2) Balance as of June 30, 2015 $ 183 $ (567 ) Increase in policy holder benefits under insurance contracts 65 (304 ) Claims and policyholders' benefits under insurance contracts (46 ) 109 Foreign currency adjustment (3) (32 ) 98 Balance as of March 31, 2016 $ 170 $ (664 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. |
Summary Of Movement In Assets And Policy Holder Liabilities Under Investment Contracts | Summarized below is the movement in assets and policy holder liabilities under investment contracts during the nine months ended March 31, 2016: Investment Assets (1) contracts (2) Balance as of June 30, 2015 $ 593 $ (593 ) Increase in policy holder benefits under investment contracts . 34 (34 ) Foreign currency adjustment (3) (102 ) 102 Balance as of March 31, 2016 $ 525 $ (525 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. |
Capital Structure (Tables)
Capital Structure (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Capital Structure [Abstract] | |
Number Of Shares, Net Of Treasury | March 31, March 31, 2016 2015 Number of shares, net of treasury: Statement of changes in equity 45,636,435 46,607,153 Less: Non-vested equity shares that have not vested (Note 13) (589,447 ) (341,529 ) Number of shares, net of treasury excluding non-vested equity shares that have not vested 45,046,988 46,265,624 |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Changes In Accumulated Other Comprehensive (Loss) Income | Nine months ended March 31, 2016 Accumulated net unrealized Accumulated income on foreign asset currency available for translation sale, net of reserve tax Total Balance as of June 30, 2015 $ (140,221 ) $ 1,040 $ (139,181 ) Movement in foreign currency translation reserve (45,893 ) - (45,893 ) Unrealized gain on asset available for sale, net of tax of $ 159 - 692 692 Balance as of March 31, 2016 $ (186,114 ) $ 1,732 $ (184,382 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Summarized Stock Option Activity | Weighted Weighted average Weighted average remaining Aggregate average exercise contractual intrinsic grant date Number of price term value fair value shares ($) (in years) ($' ) ($) Outstanding – June 30, 2015 2,401,169 15.34 4.74 11,516 Exercised (323,645 ) 11.62 2,669 Outstanding – March 31, 2016 2,077,524 15.92 3.89 654 Outstanding – June 30, 2014 2,710,392 14.16 5.38 3,909 Granted under Plan: August 2014 464,410 11.23 10.00 2,113 4.55 Exercised (748,633 ) 8.64 3,750 Outstanding – March 31, 2015 2,426,169 15.30 4.99 4,570 Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Vested and expecting to vest – March 31, 2016 2,077,524 15.92 3.89 654 Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Exercisable – March 31, 2016 1,692,952 17.17 2.91 516 |
Range Of Assumptions Used To Value Options Granted | Nine months ended March 31, 2016 2015 Expected volatility n/a 60 % Expected dividends n/a 0 % Expected life (in years) n/a 3 Risk-free rate n/a 1.0 % |
Restricted Stock Activity | Number of Weighted shares of average grant restricted date fair value stock ($' ) Non-vested – June 30, 2015 341,529 1,759 Granted – August 2015 319,492 6,406 Vested – August 2015 (71,574 ) 1,435 Non-vested – March 31, 2016 589,447 7,622 Non-vested – June 30, 2014 385,778 3,534 Granted – August 2014 141,707 581 Granted – November 2014 71,530 229 Vested – August 2014 (74,152 ) 828 Vested – February 2015 (183,334 ) 2,400 Non-vested – March 31, 2015 341,529 1,759 |
Recorded Net Stock Compensation Charge | Allocated to cost of goods sold, IT Allocated to processing, selling, general Total servicing and and charge support administration Three months ended March 31, 2016 Stock-based compensation charge $ 954 $ - $ 954 Total – three months ended March 31, 2016 $ 954 $ - $ 954 Three months ended March 31, 2015 Stock-based compensation charge $ 731 $ - $ 731 Total – three months ended March 31, 2015 $ 731 $ - $ 731 Allocated to cost of goods sold, IT Allocated to processing, selling, general Total servicing and and charge support administration Nine months ended March 31, 2016 Stock-based compensation charge $ 2,645 $ - $ 2,645 Total –nine months ended March 31, 2016 $ 2,645 $ - $ 2,645 Nine months ended March 31, 2015 Stock-based compensation charge $ 2,682 $ - $ 2,682 Total –nine months ended March 31, 2015 $ 2,682 $ - $ 2,682 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations | Three months ended Nine months ended March 31, March 31, 2016 2015 2016 2015 (in thousands except percent (in thousands except percent and and per share data) per share data) Numerator: Net income attributable to Net1 $ 18,420 $ 24,358 $ 58,098 $ 70,821 Undistributed earnings 18,420 24,358 58,098 70,821 Percent allocated to common shareholders (Calculation 1) 99 % 99 % 99 % 99 % Numerator for earnings per share: basic and diluted $ 18,158 $ 24,102 $ 57,334 $ 70,011 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 45,683 46,071 46,171 46,235 Effect of dilutive securities: Stock options 89 178 288 137 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 45,772 46,249 46,459 46,372 Earnings per share: Basic $ 0.40 $ 0.52 $ 1.24 $ 1.51 Diluted $ 0.40 $ 0.52 $ 1.23 $ 1.51 (Calculation 1) Basic weighted-average common shares outstanding (A) 45,683 46,071 46,171 46,235 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 46,341 46,561 46,786 46,770 Percent allocated to common shareholders (A) / (B) 99 % 99 % 99 % 99 % |
Supplemental Cash Flow Inform37
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Disclosures | Three months ended Nine months ended March 31, March 31, 2016 2015 2016 2015 Cash received from interest $ 3,341 $ 4,200 $ 11,262 $ 11,940 Cash paid for interest $ 813 $ 915 $ 2,864 $ 3,328 Cash paid for income taxes $ 4,052 $ 3,086 $ 28,374 $ 28,639 |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Operating Segments [Abstract] | |
Reconciliation Of Reportable Segments Revenue | The reconciliation of the reportable segments revenue to revenue from external customers for the three months ended March 31, 2016 and 2015, respectively, is as follows: Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 50,594 $ 5,621 $ 44,973 International transaction processing 40,588 - 40,588 Financial inclusion and applied technologies 54,286 5,111 49,175 Total for the three months ended March 31, 2016 145,468 10,732 134,736 South African transaction processing 57,999 5,359 52,640 International transaction processing 38,311 - 38,311 Financial inclusion and applied technologies 66,830 6,660 60,170 Total for the three months ended March 31, 2015 $ 163,140 $ 12,019 $ 151,121 The reconciliation of the reportable segments revenue to revenue from external customers for the nine months ended March 31, 2016 and 2015, respectively, is as follows: Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 158,997 $ 12,598 $ 146,399 International transaction processing 122,653 - 122,653 Financial inclusion and applied technologies 187,332 16,894 170,438 Total for the nine months ended March 31, 2016 468,982 29,492 439,490 South African transaction processing 176,678 15,917 160,761 International transaction processing 121,981 - 121,981 Financial inclusion and applied technologies 199,558 20,607 178,951 Total for the nine months ended March 31, 2015 $ 498,217 $ 36,524 $ 461,693 |
Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income | Three months ended Nine months ended March 31, March 31, 2016 2015 2016 2015 Reportable segments measure of profit or loss $ 29,415 $ 37,703 $ 95,862 $ 112,751 Operating income: Corporate/Eliminations (3,224 ) (5,737 ) (13,677 ) (16,845 ) Interest income 3,345 4,211 11,284 11,888 Interest expense (852 ) (941 ) (2,880 ) (3,360 ) Income before income taxes $ 28,684 $ 35,236 $ 90,589 $ 104,434 |
Summary Of Segment Information | Three months ended Nine months ended March 31, March 31, 2016 2015 2016 2015 Revenues South African transaction processing $ 50,594 $ 57,999 $ 158,997 $ 176,678 International transaction processing 40,588 38,311 122,653 121,981 Financial inclusion and applied technologies 54,286 66,830 187,332 199,558 Total 145,468 163,140 468,982 498,217 Operating income (loss) South African transaction processing 13,133 13,218 38,724 39,740 International transaction processing 4,813 6,579 15,596 19,671 Financial inclusion and applied technologies 11,469 17,906 41,542 53,340 Subtotal: Operating segments 29,415 37,703 95,862 112,751 Corporate/Eliminations (3,224 ) (5,737 ) (13,677 ) (16,845 ) Total 26,191 31,966 82,185 95,906 Depreciation and amortization South African transaction processing 1,463 1,726 4,858 5,271 International transaction processing 5,232 4,560 15,991 13,224 Financial inclusion and applied technologies 272 207 844 589 Subtotal: Operating segments 6,967 6,493 21,693 19,084 Corporate/Eliminations 2,314 3,567 8,289 11,307 Total 9,281 10,060 29,982 30,391 Expenditures for long-lived assets South African transaction processing 926 1,514 3,469 3,678 International transaction processing 6,864 4,561 23,107 20,167 Financial inclusion and applied technologies 263 232 2,122 977 Subtotal: Operating segments 8,053 6,307 28,698 24,822 Corporate/Eliminations - - - - Total $ 8,053 $ 6,307 $ 28,698 $ 24,822 |
Basis Of Presentation And Sum39
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Decrease in accounts receivable | $ 27.4 |
Increase in other long-term assets | $ 27.4 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - Transact24 Limited [Member] - USD ($) $ in Millions | Jan. 20, 2016 | Mar. 31, 2016 | Mar. 31, 2016 | May. 31, 2015 |
Business Acquisition [Line Items] | ||||
Percentage acquired in acquisition | 56.00% | 44.00% | ||
Business acquisition, cost of acquired entity | $ 3 | |||
Value of shares issued in acquisition | $ 4 | |||
Shares issued in acquisition | 391,645 | |||
Business acquisition, acquisition-related expenditure | $ 0.1 | $ 0.1 | ||
Business acquisition, contributed revenue | 2 | |||
Business acquisition, contributed net income | $ 0.3 | |||
After June 30, 2016 [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of shares issued restricted to resale | 50.00% | |||
After June 30, 2017 [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of shares issued restricted to resale | 50.00% |
Acquisition (Schedule Of Prelim
Acquisition (Schedule Of Preliminary Purchase Price Allocation Translated At Applicable Foreign Exchange Rate) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jan. 20, 2016 | Jun. 30, 2015 | [1] |
Business Acquisition [Line Items] | ||||
Goodwill (Note 7) | $ 163,338 | $ 166,437 | ||
Deferred tax liabilities | $ (1,100) | |||
Transact24 Limited [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 1,334 | |||
Accounts receivable | 2,356 | |||
Property, plant and equipment, net | 154 | |||
Deferred tax assets | 1,070 | |||
Intangible assets | 4,430 | |||
Goodwill (Note 7) | 6,095 | |||
Account payables and other payables | (1,898) | |||
Deferred tax liabilities | (1,107) | |||
Fair value of T24 on acquisition | 12,434 | |||
Less: gain on fair value of T24 | (1,908) | |||
Less: carrying value of equity-accounted investment at the acquisition date | (3,563) | |||
Total purchase price | $ 6,963 | |||
[1] | Derived from audited financial statements |
Pre-Funded Social Welfare Gra42
Pre-Funded Social Welfare Grants Receivable (Narrative) (Details) | 9 Months Ended |
Mar. 31, 2016 | |
Pre-Funded Social Welfare Grants Receivable [Abstract] | |
Pre-funded merchant acquiring system period | 2 days |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventory By Categories) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 | |
Inventory [Abstract] | |||
Finished goods | $ 11,555 | $ 12,979 | |
Inventory | $ 11,555 | $ 12,979 | [1] |
[1] | Derived from audited financial statements |
Fair Value Of Financial Instr44
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Derivatives, Fair Value [Line Items] | ||||||
Years of significant fluctuation of US Dollar to ZAR exchange rate | 3 years | |||||
Percentage of total assets represented by acquisition of share capital. | 1.00% | 1.00% | ||||
Transfers in or out of Level 3 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Impairment charges | $ 0 | $ 0 | ||||
Finbond [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Equity method investment, shares | 197,522,435 | 197,522,435 | ||||
Equity method investment, additional shares | 40,733,723 | 40,733,723 | ||||
Equity method investment, additional shares acquisition value | $ 8,900 | $ 8,900 | ||||
Equity method investment, ownership percentage | 26.00% | 26.00% |
Fair Value Of Financial Instr45
Fair Value Of Financial Instruments (Outstanding Foreign Exchange Contracts) (Details) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2016EUR (€)ZAR / item | Jun. 30, 2015EUR (€)ZAR / item | Mar. 31, 2016ZAR / shares | Jun. 30, 2015ZAR / shares | |
Foreign Exchange Contract 1 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 820,758 | € 526,263 | ||
Strike price | ZAR / item | 15.6514 | 15.1145 | ||
Fair market value price | ZAR / shares | ZAR 16.8311 | ZAR 13.6275 | ||
Maturity | Apr. 20, 2016 | Jul. 20, 2015 | ||
Foreign Exchange Contract 2 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 757,096 | € 526,263 | ||
Strike price | ZAR / item | 15.7501 | 15.2025 | ||
Fair market value price | ZAR / shares | 16.9456 | 13.7062 | ||
Maturity | May 20, 2016 | Aug. 20, 2015 | ||
Foreign Exchange Contract 3 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 739,848 | € 526,263 | ||
Strike price | ZAR / item | 15.8548 | 15.2944 | ||
Fair market value price | ZAR / shares | 17.0664 | 13.7898 | ||
Maturity | Jun. 20, 2016 | Sep. 21, 2015 | ||
Foreign Exchange Contract 4 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 573,765 | € 526,263 | ||
Strike price | ZAR / item | 15.9587 | 15.3809 | ||
Fair market value price | ZAR / shares | 17.1860 | 13.8683 | ||
Maturity | Jul. 20, 2016 | Oct. 20, 2015 | ||
Foreign Exchange Contract 5 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 554,495 | € 509,516 | ||
Strike price | ZAR / item | 16.0643 | 15.4728 | ||
Fair market value price | ZAR / shares | 17.3062 | 13.9540 | ||
Maturity | Aug. 19, 2016 | Nov. 20, 2015 | ||
Foreign Exchange Contract 6 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 465,711 | € 529,865 | ||
Strike price | ZAR / item | 16.1798 | 15.5654 | ||
Fair market value price | ZAR / shares | 17.4344 | 14.0397 | ||
Maturity | Sep. 20, 2016 | Dec. 21, 2015 | ||
Foreign Exchange Contract 7 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 393,675 | € 526,663 | ||
Strike price | ZAR / item | 16.2911 | 15.6625 | ||
Fair market value price | ZAR / shares | 17.5576 | ZAR 14.1239 | ||
Maturity | Oct. 20, 2016 | Jan. 20, 2016 | ||
Foreign Exchange Contract 8 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 302,369 | |||
Strike price | ZAR / item | 16.4085 | |||
Fair market value price | ZAR / shares | ZAR 17.6921 | |||
Maturity | Nov. 21, 2016 |
Fair Value Of Financial Instr46
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 525 | $ 1,640 |
Investments in Finbond (available for sale assets included in other long-term assets) | 16,249 | 7,488 |
Foreign exchange contracts | 380 | |
Other | 1,048 | 1,259 |
Total assets at fair value | 18,202 | 10,387 |
Foreign exchange contracts | 452 | |
Total liabilities at fair value | 452 | |
Quoted Price In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 525 | 1,640 |
Total assets at fair value | 525 | 1,640 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange contracts | 380 | |
Other | 1,048 | 1,259 |
Total assets at fair value | 1,428 | 1,259 |
Foreign exchange contracts | 452 | |
Total liabilities at fair value | 452 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in Finbond (available for sale assets included in other long-term assets) | 16,249 | 7,488 |
Total assets at fair value | $ 16,249 | $ 7,488 |
Goodwill And Intangible Asset47
Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jan. 20, 2016 | |
Goodwill And Intangible Assets, Net [Abstract] | |||||
Deferred tax liabilities | $ 1.1 | ||||
Amortization expense | $ 2.3 | $ 3.6 | $ 8.2 | $ 11.3 |
Goodwill And Intangible Asset48
Goodwill And Intangible Assets, Net (Carrying Value Of Goodwill) (Details) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016USD ($) | ||
Goodwill And Intangible Assets, Net [Abstract] | ||
Gross value, Beginning Balance | $ 166,437 | |
Gross value, Acquisition (Note 2) | 6,095 | |
Gross value, Foreign currency adjustment | (9,194) | [1] |
Gross value, Ending Balance | 163,338 | |
Carrying value, Beginning Balance | 166,437 | [2] |
Carrying value, Acquisition (Note 2) | 6,095 | |
Carrying value, Foreign currency adjustment | (9,194) | [1] |
Carrying value, Ending Balance | $ 163,338 | |
[1] | The foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Korean won, and the U.S. dollar on the carrying value. | |
[2] | Derived from audited financial statements |
Goodwill And Intangible Asset49
Goodwill And Intangible Assets, Net (Goodwill Allocated To Reportable Segments) (Details) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016USD ($) | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | $ 166,437 | [1] |
Carrying value, Acquisition (Note 2) | 6,095 | |
Carrying value, Foreign currency adjustment | (9,194) | [2] |
Carrying value, Ending Balance | 163,338 | |
South African Transaction Processing [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | $ 24,579 | |
Carrying value, Acquisition (Note 2) | ||
Carrying value, Foreign currency adjustment | $ (4,221) | [2] |
Carrying value, Ending Balance | 20,358 | |
International Transaction Processing [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 115,519 | |
Carrying value, Acquisition (Note 2) | 6,095 | |
Carrying value, Foreign currency adjustment | (1,444) | [2] |
Carrying value, Ending Balance | 120,170 | |
Financial Inclusion And Applied Technologies [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | $ 26,339 | |
Carrying value, Acquisition (Note 2) | ||
Carrying value, Foreign currency adjustment | $ (3,529) | [2] |
Carrying value, Ending Balance | $ 22,810 | |
[1] | Derived from audited financial statements | |
[2] | The foreign currency adjustment represents the effects of the fluctuations between the South African rand and the Korean won, and the U.S. dollar on the carrying value. |
Goodwill And Intangible Asset50
Goodwill And Intangible Assets, Net (Fair Value Of Intangible Assets Acquired) (Details) $ in Thousands | Jan. 20, 2016USD ($) |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Fair value as of acquisition date | $ 3,350 |
Weighted-Average Amortization period (in years) | 5 years |
Software And Unpatented Technology [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Fair value as of acquisition date | $ 1,080 |
Weighted-Average Amortization period (in years) | 3 years |
Goodwill And Intangible Asset51
Goodwill And Intangible Assets, Net (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 | ||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying value | $ 130,630 | $ 131,792 | ||
Accumulated amortization | (88,760) | (84,668) | ||
Net carrying value | 41,870 | 47,124 | [1] | |
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying value | [2] | 88,141 | 88,109 | |
Accumulated amortization | [2] | (49,325) | (45,312) | |
Net carrying value | [2] | 38,816 | 42,797 | |
Software And Unpatented Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying value | [2] | 29,756 | 29,964 | |
Accumulated amortization | [2] | (28,766) | (28,323) | |
Net carrying value | [2] | 990 | 1,641 | |
FTS Patent [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying value | 2,583 | 3,119 | ||
Accumulated amortization | (2,583) | (3,119) | ||
Exclusive Licenses [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying value | 4,506 | 4,506 | ||
Accumulated amortization | (4,506) | (4,506) | ||
Trademarks [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying value | 5,644 | 6,094 | ||
Accumulated amortization | (3,580) | (3,408) | ||
Net carrying value | $ 2,064 | $ 2,686 | ||
[1] | Derived from audited financial statements | |||
[2] | Includes the customer relationships and software and unpatented technology acquired as part of the T24 acquisition in January 2016. |
Goodwill And Intangible Asset52
Goodwill And Intangible Assets, Net (Future Estimated Annual Amortization Expense) (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Goodwill And Intangible Assets, Net [Abstract] | |
2,016 | $ 10,972 |
2,017 | 9,283 |
2,018 | 9,281 |
2,019 | 8,793 |
2,020 | 8,437 |
Thereafter | $ 3,493 |
Reinsurance Assets And Policy53
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Summary Of The Movement In Reinsurance Assets And Policy Holder Liabilities Under Insurance Contracts) (Details) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016USD ($) | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Reinsurance assets, Beginning Balance | $ 183 | [1] |
Reinsurance assets, Increase in policy holder benefits under insurance contracts | 65 | [1] |
Reinsurance assets, Claims and policyholders' benefits under insurance contracts | (46) | [1] |
Reinsurance assets, Foreign currency adjustment | (32) | [1],[2] |
Reinsurance assets, Ending Balance | 170 | [1] |
Insurance contracts, Beginning Balance | (567) | [3] |
Insurance contracts, Increase in policy holder benefits under insurance contracts | (304) | [3] |
Insurance contracts, Claims and policyholders' benefits under insurance contracts | 109 | [3] |
Insurance contracts, Foreign currency adjustment | 98 | [2],[3] |
Insurance contracts, Ending Balance | $ (664) | [3] |
[1] | Included in other long-term assets. | |
[2] | The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. | |
[3] | Included in other long-term liabilities. |
Reinsurance Assets And Policy54
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Summary Of Movement In Assets And Policy Holder Liabilities Under Investment Contracts) (Details) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016USD ($) | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Assets, Beginning Balance | $ 593 | [1] |
Assets, Increase in policy holder benefits under investment contracts | 34 | [1] |
Assets, Foreign currency adjustment | (102) | [1],[2] |
Assets, Ending Balance | 525 | [1] |
Investment contracts, Beginning Balance | (593) | [3] |
Investment contracts, Increase in policy holder benefits under investment contracts | (34) | [3] |
Investment contracts, Foreign currency adjustment | 102 | [2],[3] |
Investment contracts, Ending Balance | $ (525) | [3] |
[1] | Included in other long-term assets. | |
[2] | The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. | |
[3] | Included in other long-term liabilities. |
Short-Term Credit Facility (Nar
Short-Term Credit Facility (Narrative) (Details) ZAR in Millions, $ in Millions, â‚© in Billions | 9 Months Ended | |||||
Mar. 31, 2016KRW (â‚©) | Mar. 31, 2016ZAR | Mar. 31, 2016USD ($) | Jun. 30, 2015KRW (â‚©) | Jun. 30, 2015ZAR | Jun. 30, 2015USD ($) | |
South African Credit Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Maximum borrowing capacity | ZAR 150 | |||||
Amount utilized | 137.1 | $ 9.2 | ZAR 139.6 | $ 11.4 | ||
Bank Overdrafts Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Maximum borrowing capacity | ZAR 50 | |||||
Short term interest rate | 9.35% | 9.35% | 9.35% | |||
South Korea, Hana Bank Overdraft Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Maximum borrowing capacity | â‚© 10 | $ 8.8 | â‚© 10 | |||
Expiration date | Jan. 1, 2017 | |||||
Short term interest rate | 3.56% | 3.56% | 3.56% |
Long-Term Borrowings (Narrative
Long-Term Borrowings (Narrative) (Details) - USD ($) $ in Thousands | Apr. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Long-Term Borrowings [Abstract] | |||||
Interest rate on credit facility | 4.75% | 4.75% | |||
Interest expense | $ 700 | $ 800 | $ 2,100 | $ 2,200 | |
Amortization of fees, prepaid facility | 40 | $ 40 | 100 | $ 200 | |
Principal repayment | $ 8,800 | ||||
Long-term borrowings | $ 61,000 | $ 61,000 |
Capital Structure (Narrative) (
Capital Structure (Narrative) (Details) $ in Thousands, ZAR in Millions | Feb. 03, 2016USD ($) | Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($)shares | Mar. 31, 2016ZARshares | Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($)shares | Mar. 31, 2016USD ($) |
Number of common stock shares repurchased | shares | 1,328,699 | 0 | 2,077,912 | 2,077,912 | 0 | ||
Purchase price of common stock | $ 12,700 | $ 0 | $ 23,900 | $ 0 | |||
Cost of common stock repurchased | $ 23,912 | ||||||
Maximum [Member] | |||||||
Cost of common stock repurchased | $ 100,000 | ||||||
Business Venture Investment [Member] | |||||||
Number of common stock shares repurchased | shares | 1,837,432 | 1,837,432 | |||||
Cost of common stock repurchased | ZAR 97.4 | $ 9,200 | |||||
Percentage of ordinary shares oustanding after subscription | 12.50% | 12.50% | |||||
Subscription of shares, value | ZAR 15 | $ 1,400 |
Capital Structure (Schedule Of
Capital Structure (Schedule Of Number Of Shares, Net Of Treasury) (Details) - shares | Mar. 31, 2016 | Mar. 31, 2015 |
Capital Structure [Abstract] | ||
Number of shares, net of treasury | 45,636,435 | 46,607,153 |
Less: Non-vested equity shares that have not vested (Note 13) | (589,447) | (341,529) |
Number of shares, net of treasury excluding non-vested equity shares that have not vested | 45,046,988 | 46,265,624 |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Loss (Changes In Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | [1] | $ (139,181) | |||
Movement in foreign currency translation reserve | (45,893) | ||||
Unrealized gain on asset available for sale, net of tax of $159 | $ 642 | $ 648 | 692 | $ 422 | |
Ending Balance | (184,382) | (184,382) | |||
Reclassification from accumulated other comprehensive (loss) income | 0 | $ 0 | 0 | $ 0 | |
Other comprehensive income (loss), available-for-sale securities, tax | 159 | ||||
Accumulated Foreign Currency Translation Reserve [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (140,221) | ||||
Movement in foreign currency translation reserve | (45,893) | ||||
Ending Balance | (186,114) | (186,114) | |||
Accumulated Net Unrealized Income On Asset Available For Sale, Net Of Tax [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 1,040 | ||||
Unrealized gain on asset available for sale, net of tax of $159 | 692 | ||||
Ending Balance | $ 1,732 | $ 1,732 | |||
[1] | Derived from audited financial statements |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | Sep. 09, 2014 | Aug. 27, 2014 | Aug. 31, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, number of shares | 464,410 | |||||||||||
Exercisable stock options | 0 | 373,435 | 330,967 | |||||||||
Stock-based compensation charge | $ 954,000 | $ 731,000 | $ 2,645,000 | $ 2,682,000 | ||||||||
Share-based compensation, number of shares exercised | 0 | 0 | 323,645 | 748,633 | ||||||||
Forfeitures, Number of shares | 0 | 0 | 0 | 0 | 0 | |||||||
Deferred tax asset | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | |||||||||
Exercised of stock option, shares | $ 572,238 | $ 3,762,000 | ||||||||||
Common stock, shares issued | 336,584 | 45,636,435 | 336,584 | 45,636,435 | 336,584 | 46,679,565 | ||||||
Risk-free rate | 1.00% | |||||||||||
Expected volatility | 60.00% | |||||||||||
Expected life (in years) | 3 years | |||||||||||
Period of trading days to the trigger events | 30 days | |||||||||||
Expected volatility calculation term | 250 days | |||||||||||
Percentage increase of common stock price on market | 20.00% | |||||||||||
Closing price, per share | $ 11.23 | $ 19.41 | ||||||||||
Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, number of shares | 0 | 0 | ||||||||||
Proceeds from exercise of stock options | $ 800,000 | $ 3,800,000 | $ 1,800,000 | |||||||||
Share-based compensation, number of shares exercised | 60,000 | 323,645 | 176,395 | |||||||||
Unrecognized compensation cost | $ 1,100,000 | $ 1,100,000 | ||||||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | |||||||||||
Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, number of shares | 319,492 | 71,530 | 141,707 | |||||||||
Fair value of restricted stock vested | $ 2,400,000 | $ 1,400,000 | $ 3,200,000 | |||||||||
Unrecognized compensation cost | $ 2,000,000 | $ 2,000,000 | ||||||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | |||||||||||
Expected volatility calculation term | 30 days | |||||||||||
Strike price | $ 0 | |||||||||||
Restricted Stock [Member] | Non-employee Directors [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, number of shares | 17,955 | 71,530 | 14,081 | |||||||||
Risk-free rate | 1.21% | |||||||||||
Expected volatility | 63.73% | |||||||||||
Expected life (in years) | 3 years | |||||||||||
Restricted Stock [Member] | Employees [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, number of shares | 301,537 | 127,626 | 127,626 | |||||||||
Risk-free rate | 1.27% | |||||||||||
Expected volatility | 76.01% | |||||||||||
Expected life (in years) | 3 years | |||||||||||
Restricted Stock [Member] | One-Third Shares Vest 2018 Fundamental EPS [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fundamental EPS, to be achieved | $ 2.88 | |||||||||||
Restricted Stock [Member] | Two-Thirds Shares Vest 2018 Fundamental EPS [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fundamental EPS, to be achieved | 3.30 | |||||||||||
Restricted Stock [Member] | All Shares Vest 2018 Fundamental EPS [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fundamental EPS, to be achieved | 3.76 | |||||||||||
2018 Fundamental EPS [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fundamental EPS, linear interpolation | 3.30 | |||||||||||
Maximum [Member] | 2018 Fundamental EPS [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fundamental EPS | 3.76 | |||||||||||
Minimum [Member] | 2018 Fundamental EPS [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fundamental EPS | $ 2.88 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summarized Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Aug. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock-Based Compensation [Abstract] | |||||||||
Outstanding, Number of shares, Beginning Balance | 2,401,169 | 2,710,392 | 2,710,392 | ||||||
Exercised, Number of shares | 0 | 0 | (323,645) | (748,633) | |||||
Granted, Number of Shares of Restricted Stock | 464,410 | ||||||||
Forfeitures, Number of shares | 0 | 0 | 0 | 0 | 0 | ||||
Outstanding, Number of shares, Ending Balance | 2,077,524 | 2,426,169 | 2,077,524 | 2,426,169 | 2,401,169 | 2,710,392 | |||
Exercisable, Number of Shares | 1,692,952 | 1,692,952 | |||||||
Vested and expecting to vest, Number of shares | 2,077,524 | 2,077,524 | |||||||
Outstanding, Weighted average exercise price, Beginning Balance | $ 15.34 | $ 14.16 | $ 14.16 | ||||||
Exercised, Weighted average exercise price | 11.62 | 8.64 | |||||||
Granted under Plan, Weighted average exercise price | 11.23 | ||||||||
Outstanding, Weighted average exercise price, Ending Balance | $ 15.92 | $ 15.30 | 15.92 | $ 15.30 | $ 15.34 | $ 14.16 | |||
Exercisable, Weighted average exercise price | 17.17 | 17.17 | |||||||
Vested and expecting to vest, Weighted average exercise price | $ 15.92 | $ 15.92 | |||||||
Granted under Plan, Weighted Average Remaining Contractual Term (in years) | 10 years | ||||||||
Options granted under plan, Weighted average remaining contractual term | 3 years 10 months 21 days | 4 years 11 months 27 days | 4 years 8 months 27 days | 5 years 4 months 17 days | |||||
Exercisable, Weighted Average Remaining Contractual Term (in years) | 2 years 10 months 28 days | ||||||||
Vested and expecting to vest, Weighted Average Remaining Contractual Term (in years) | 3 years 10 months 21 days | ||||||||
Outstanding, Aggregate Intrinsic Value, Beginning Balance | $ 11,516 | $ 3,909 | $ 3,909 | ||||||
Exercised, Aggregate Intrinsic Value | 2,669 | 3,750 | |||||||
Granted under Plan, Aggregate Intrinsic Value | $ 2,113 | 2,113 | |||||||
Outstanding, Aggregate Intrinsic Value, Ending Balance | $ 654 | $ 4,570 | 654 | $ 4,570 | $ 11,516 | $ 3,909 | |||
Exercisable, Aggregate Intrinsic Value | 516 | 516 | |||||||
Vested and expecting to vest, Aggregate Intrinsic Value | $ 654 | $ 654 | |||||||
Granted under Plan: August 2014, Weighted Average Grant Date Fair Value | $ 4.55 | ||||||||
Options exercise price range, lower limit | $ 7.35 | ||||||||
Options exercise price range, upper limit | $ 24.46 |
Stock-Based Compensation (Range
Stock-Based Compensation (Range Of Assumptions Used To Value Options Granted) (Details) | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 60.00% | |
Expected dividends | 0.00% | |
Expected life (in years) | 3 years | |
Risk-free rate | 1.00% |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||||
Aug. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, Number of Shares of Restricted Stock | 464,410 | |||||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 589,447 | 341,529 | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 341,529 | 385,778 | ||||
Granted, Number of Shares of Restricted Stock | 319,492 | 71,530 | 141,707 | |||
Vested, Number of Shares of Restricted Stock | (71,574) | (183,334) | (74,152) | |||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 589,447 | 341,529 | ||||
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 1,759 | $ 3,534 | ||||
Granted, Weighted Average Grant Date Fair Value | $ 6,406 | $ 229 | $ 581 | |||
Vested, Weighted Average Grant Date Fair Value | $ 1,435 | $ 2,400 | $ 828 | |||
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 7,622 | $ 1,759 |
Stock-Based Compensation (Recor
Stock-Based Compensation (Recorded Net Stock Compensation Charge) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation charge | $ 954 | $ 731 | $ 2,645 | $ 2,682 |
Total | $ 954 | $ 731 | 2,645 | 2,682 |
Allocated To Cost Of Goods Sold, IT Processing, Servicing And Support [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation charge | ||||
Total | ||||
Allocated To Selling, General And Administration [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation charge | $ 954 | $ 731 | 2,645 | 2,682 |
Total | $ 954 | $ 731 | $ 2,645 | $ 2,682 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) | 9 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Options exercise price range, lower limit | $ 7.35 |
Options exercise price range, upper limit | $ 24.46 |
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 | shares | 1,041,938 |
Options exercise price range, lower limit | $ 11.23 |
Options exercise price range, upper limit | $ 24.46 |
Earnings Per Share (Income From
Earnings Per Share (Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Net1 | $ 18,420 | $ 24,358 | $ 58,098 | $ 70,821 |
Undistributed earnings | $ 18,420 | $ 24,358 | $ 58,098 | $ 70,821 |
Percent allocated to common shareholders (Calculation 1) | 99.00% | 99.00% | 99.00% | 99.00% |
Numerator for earnings per share: basic and diluted | $ 18,158 | $ 24,102 | $ 57,334 | $ 70,011 |
Denominator for basic earnings per share: weighted-average common shares outstanding | 45,683 | 46,071 | 46,171 | 46,235 |
Effect of dilutive securities: Stock options | 89 | 178 | 288 | 137 |
Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion | 45,772 | 46,249 | 46,459 | 46,372 |
Earnings per share: Basic | $ 0.40 | $ 0.52 | $ 1.24 | $ 1.51 |
Earnings per share: Diluted | $ 0.40 | $ 0.52 | $ 1.23 | $ 1.51 |
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) | 46,341 | 46,561 | 46,786 | 46,770 |
Supplemental Cash Flow Inform67
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 20, 2016 | Jul. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2016 | Jun. 30, 2015 | May. 31, 2015 | Sep. 09, 2014 |
Common stock, shares issued | 336,584 | 45,636,435 | 46,679,565 | 336,584 | |||
Closing price, per share | $ 13.93 | ||||||
Proceeds from sale of business | $ 1,900 | $ 1,895 | |||||
Transact24 Limited [Member] | |||||||
Shares issued in acquisition | 391,645 | ||||||
Value of shares issued in acquisition | $ 4,000 | ||||||
Percentage acquired in acquisition | 56.00% | 44.00% |
Supplemental Cash Flow Inform68
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | ||||
Cash received from interest | $ 3,341 | $ 4,200 | $ 11,262 | $ 11,940 |
Cash paid for interest | 813 | 915 | 2,864 | 3,328 |
Cash paid for income taxes | $ 4,052 | $ 3,086 | $ 28,374 | $ 28,639 |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of Reportable Segments Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 134,736 | $ 151,121 | $ 439,490 | $ 461,693 |
South African Transaction Processing [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 44,973 | 52,640 | 146,399 | 160,761 |
International Transaction Processing [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 40,588 | 38,311 | 122,653 | 121,981 |
Financial Inclusion And Applied Technologies [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 49,175 | 60,170 | 170,438 | 178,951 |
Reportable Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 145,468 | 163,140 | 468,982 | 498,217 |
Reportable Segment [Member] | South African Transaction Processing [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 50,594 | 57,999 | 158,997 | 176,678 |
Reportable Segment [Member] | International Transaction Processing [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 40,588 | 38,311 | 122,653 | 121,981 |
Reportable Segment [Member] | Financial Inclusion And Applied Technologies [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 54,286 | 66,830 | 187,332 | 199,558 |
Inter-Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | (10,732) | (12,019) | (29,492) | (36,524) |
Inter-Segment [Member] | South African Transaction Processing [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | (5,621) | (5,359) | (12,598) | (15,917) |
Inter-Segment [Member] | Financial Inclusion And Applied Technologies [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ (5,111) | $ (6,660) | $ (16,894) | $ (20,607) |
Operating Segments (Reconcili70
Operating Segments (Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating Income (Loss) | $ 26,191 | $ 31,966 | $ 82,185 | $ 95,906 |
Interest income | 3,345 | 4,211 | 11,284 | 11,888 |
Interest expense | (852) | (941) | (2,880) | (3,360) |
Income before income taxes | 28,684 | 35,236 | 90,589 | 104,434 |
Reportable Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating Income (Loss) | 29,415 | 37,703 | 95,862 | 112,751 |
Corporate/Eliminations [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating Income (Loss) | $ (3,224) | $ (5,737) | $ (13,677) | $ (16,845) |
Operating Segments (Summary Of
Operating Segments (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 134,736 | $ 151,121 | $ 439,490 | $ 461,693 |
Operating income (loss) | 26,191 | 31,966 | 82,185 | 95,906 |
Depreciation and amortization | 9,281 | 10,060 | 29,982 | 30,391 |
Expenditures for long-lived assets | 8,053 | 6,307 | 28,698 | 24,822 |
Reportable Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 145,468 | 163,140 | 468,982 | 498,217 |
Operating income (loss) | 29,415 | 37,703 | 95,862 | 112,751 |
Depreciation and amortization | 6,967 | 6,493 | 21,693 | 19,084 |
Expenditures for long-lived assets | 8,053 | 6,307 | 28,698 | 24,822 |
Corporate/Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | (3,224) | (5,737) | (13,677) | (16,845) |
Depreciation and amortization | 2,314 | 3,567 | 8,289 | 11,307 |
South African Transaction Processing [Member] | Reportable Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 50,594 | 57,999 | 158,997 | 176,678 |
Operating income (loss) | 13,133 | 13,218 | 38,724 | 39,740 |
Depreciation and amortization | 1,463 | 1,726 | 4,858 | 5,271 |
Expenditures for long-lived assets | 926 | 1,514 | 3,469 | 3,678 |
International Transaction Processing [Member] | Reportable Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 40,588 | 38,311 | 122,653 | 121,981 |
Operating income (loss) | 4,813 | 6,579 | 15,596 | 19,671 |
Depreciation and amortization | 5,232 | 4,560 | 15,991 | 13,224 |
Expenditures for long-lived assets | 6,864 | 4,561 | 23,107 | 20,167 |
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 54,286 | 66,830 | 187,332 | 199,558 |
Operating income (loss) | 11,469 | 17,906 | 41,542 | 53,340 |
Depreciation and amortization | 272 | 207 | 844 | 589 |
Expenditures for long-lived assets | $ 263 | $ 232 | $ 2,122 | $ 977 |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Income Tax [Abstract] | |||||
Effective tax rate | 34.20% | 29.20% | 34.60% | 30.80% | |
Unrecognized tax benefit | $ 1.9 | $ 1.9 | $ 2.3 | ||
Increase in unrecognized tax benefits | 0.2 | ||||
Accrued interest related to uncertain tax positions | $ 0.3 | $ 0.3 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) ZAR in Millions, $ in Millions | Mar. 31, 2016ZAR | Mar. 31, 2016USD ($) |
Guarantor Obligations [Line Items] | ||
Maximum payment amount under guarantee | ZAR 128.4 | $ 8.7 |
Payment Guarantee [Member] | Minimum [Member] | ||
Guarantor Obligations [Line Items] | ||
Charge rate | 0.40% | 0.40% |
Payment Guarantee [Member] | Maximum [Member] | ||
Guarantor Obligations [Line Items] | ||
Charge rate | 2.00% | 2.00% |
Nedbank [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee amount | ZAR 128.4 | $ 8.7 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ / shares in Units, shares in Thousands, $ in Millions | Apr. 11, 2016USD ($)$ / sharesshares | Apr. 30, 2016USD ($)item | Mar. 31, 2016$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares |
Subsequent Event [Line Items] | |||||
Common stock, par value | $ 0.001 | $ 0.001 | |||
Common stock, price per share | $ 13.93 | ||||
Subsequent Event [Member] | Subscription Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of common stock shares, issued | shares | 9,980 | ||||
Common stock, par value | $ 0.001 | ||||
Common stock, price per share | $ 10.79 | ||||
Gross proceeds from transaction | $ | $ 107.7 | ||||
Subsequent Event [Member] | Policy Agreement [Member] | Put Option [Member] | |||||
Subsequent Event [Line Items] | |||||
Percentage of ownership to adopt a shareholder rights plan | 20.00% | ||||
Number of trading days preceding the triggering event | 60 days | ||||
Subsequent Event [Member] | Policy Agreement [Member] | Board Rights [Member] | Minimum [Member] | |||||
Subsequent Event [Line Items] | |||||
Percentage of common stock ownership for the right to nominate one director | 5.00% | ||||
Percentage of common stock ownership for the right to appoint an observer | 2.50% | ||||
Subsequent Event [Member] | Policy Agreement [Member] | Preemptive Rights [Member] | |||||
Subsequent Event [Line Items] | |||||
Percentage of ownership for the right to purchase pro-rata shares | 5.00% | ||||
Subsequent Event [Member] | Masterpayment AG [Member] | |||||
Subsequent Event [Line Items] | |||||
Percentage acquired in acquisition | 60.00% | ||||
Business acquisition, cost of acquired entity | $ | $ 10 | ||||
Number of registered merchants | item | 5,000 | ||||
Business acquisition, transaction-related expenditures | $ | $ 0.1 |