Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2019 | Nov. 04, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | NET 1 UEPS TECHNOLOGIES INC | |
Entity Central Index Key | 0001041514 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --06-30 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | UEPS | |
Security Exchange Name | NASDAQ | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 56,568,425 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | [1] |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 41,976 | $ 46,065 | |
Restricted cash (Note 9) | 68,823 | 75,446 | |
Accounts receivable, net and other receivables (Note 2) | 71,280 | 72,494 | |
Finance loans receivable, net (Note 2) | 29,776 | 30,631 | |
Inventory (Note 3) | 19,059 | 7,535 | |
Total current assets before settlement assets | 230,914 | 232,171 | |
Settlement assets (Note 4) | 73,635 | 63,479 | |
Total current assets | 304,549 | 295,650 | |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - September: 114,153; June: $117,866 | 17,324 | 18,554 | |
OPERATING LEASE RIGHT-OF-USE ASSETS (Note 17) | 5,757 | ||
EQUITY-ACCOUNTED INVESTMENTS (Note 6) | 146,833 | 151,116 | |
GOODWILL (Note 7) | 142,800 | 149,387 | |
INTANGIBLE ASSETS, net (Note 7) | 9,561 | 11,889 | |
DEFERRED INCOME TAXES | 2,287 | 2,151 | |
OTHER LONG-TERM ASSETS, including reinsurance assets (Note 5 and Note 6) | 42,001 | 44,189 | |
TOTAL ASSETS | 671,112 | 672,936 | |
CURRENT LIABILITIES | |||
Short-term credit facilities for ATM funding (Note 9) | 68,823 | 75,446 | |
Short-term credit facilities (Note 9) | 10,256 | 9,544 | |
Accounts payable | 13,771 | 17,005 | |
Other payables (Note 10) | 61,498 | 66,449 | |
Operating lease right-of-use lease liability - current (Note 17) | 4,493 | ||
Current portion of long-term borrowings (Note 9) | 14,510 | ||
Income taxes payable | 7,260 | 6,223 | |
Total current liabilities before settlement obligations | 180,611 | 174,667 | |
Settlement obligations (Note 4) | 73,635 | 63,479 | |
Total current liabilities | 254,246 | 238,146 | |
DEFERRED INCOME TAXES | 4,580 | 4,682 | |
RIGHT-OF-USE OPERATING LEASE LIABILTY - LONG-TERM (Note 17) | 1,439 | ||
OTHER LONG-TERM LIABILITIES, including insurance policy liabilities (Note 6) | 3,047 | 3,007 | |
TOTAL LIABILITIES | 263,312 | 245,835 | |
COMMITMENTS AND CONTINGENCIES (Note 20) | |||
REDEEMABLE COMMON STOCK | 107,672 | 107,672 | |
EQUITY | |||
COMMON STOCK (Note 11) Authorized: 200,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury - September: 56,568,425; June: 56,568,425 | 80 | 80 | |
PREFERRED STOCK Authorized shares: 50,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury: September: -; June: - | |||
ADDITIONAL PAID-IN-CAPITAL | 277,455 | 276,997 | |
TREASURY SHARES, AT COST: September: 24,891,292; June: 24,891,292 | (286,951) | (286,951) | |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Note 12) | (214,640) | (199,273) | |
RETAINED EARNINGS | 524,184 | 528,576 | |
TOTAL NET1 EQUITY | 300,128 | 319,429 | |
TOTAL EQUITY | 300,128 | 319,429 | |
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS' EQUITY | $ 671,112 | $ 672,936 | |
[1] | Derived from audited financial statements |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 114,153 | $ 117,866 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 56,568,425 | 56,568,425 |
Common stock, shares outstanding | 56,568,425 | 56,568,425 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Treasury shares, shares outstanding | 24,891,292 | 24,891,292 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | |||
Condensed Consolidated Statements Of Operations [Abstract] | ||||
REVENUE (Note 16) | $ 80,756 | $ 125,884 | [1] | |
EXPENSE | ||||
Cost of goods sold, IT processing, servicing and support | 46,794 | 72,316 | [1] | |
Selling, general and administration | 31,931 | 41,878 | [1] | |
Depreciation and amortization | 4,765 | 10,794 | [1] | |
OPERATING (LOSS) INCOME | (2,734) | 896 | [1] | |
INTEREST INCOME | 651 | 1,876 | [1] | |
INTEREST EXPENSE | 1,355 | 2,759 | [1] | |
(LOSS) INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE | (3,438) | 13 | [1] | |
INCOME TAX EXPENSE (Note 19) | 2,017 | 6,490 | [1] | |
NET LOSS BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | (5,455) | (6,477) | [1] | |
EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 1,063 | 1,373 | [1] | |
NET (LOSS) INCOME | (4,392) | (5,104) | [1] | |
Continuing | (4,392) | (8,743) | [1] | |
Discontinued | [1] | 3,639 | ||
LESS (ADD) NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING | [1] | 95 | ||
Continuing | [1] | (1,598) | ||
Discontinued | [1] | 1,693 | ||
NET (LOSS) INCOME ATTRIBUTABLE TO NET1 | (4,392) | (5,199) | [1] | |
Continuing | $ (4,392) | (7,145) | [1] | |
Discontinued | [1] | $ 1,946 | ||
Net (loss) income per share, in United States dollars: (Note 14) | ||||
Basic (loss) earnings attributable to Net1 shareholders | $ (0.08) | $ (0.09) | [1] | |
Continuing | (0.08) | (0.12) | [1] | |
Discontinued | [1] | 0.03 | ||
Diluted (loss) earnings attributable to Net1 shareholders | (0.08) | (0.09) | [1] | |
Continuing | $ (0.08) | (0.12) | [1] | |
Discontinued | [1] | $ 0.03 | ||
[1] | Refer to Note 21 for discontinued operations disclosures. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net loss | $ (4,392) | $ (5,104) | [1] |
OTHER COMPREHENSIVE (LOSS) INCOME: | |||
Movement in foreign currency translation reserve | (18,085) | (13,322) | |
Movement in foreign currency translation reserve related to equity-accounted investments | 2,718 | 5,430 | |
Total other comprehensive loss, net of taxes | (15,367) | (7,892) | |
Comprehensive loss | (19,759) | (12,996) | |
Add comprehensive loss attributable to non-controlling interest | 2,705 | ||
Comprehensive loss attributable to Net1 | $ (19,759) | $ (10,291) | |
[1] | Refer to Note 21 for discontinued operations disclosures. |
Condensed Consolidated Statem_3
Condensed Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Common And Treasury Stock [Member] | Treasury Stock [Member] | Number Of Shares, Net Of Treasury [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total Net1 Equity [Member] | Non-Controlling Interest [Member] | Total | ||
Balance, Number of Shares at Jun. 30, 2018 | 81,577,217 | (24,891,292) | 56,685,925 | ||||||||
Balance at Jun. 30, 2018 | $ 80 | $ (286,951) | $ 276,201 | $ 837,625 | $ (184,436) | $ 642,519 | $ 95,911 | $ 738,430 | |||
Redeemable Common Stock, Balance at Jun. 30, 2018 | 107,672 | ||||||||||
Restricted stock granted (Note 13), shares | 148,000 | 148,000 | |||||||||
Stock-based compensation charge (Note 13) | 587 | 587 | 587 | ||||||||
Stock based-compensation charge related to equity-accounted investment (Note 6) | 77 | 77 | 77 | ||||||||
Dividends paid to non-controlling interest | (1,729) | (1,729) | |||||||||
Net (loss) income | (5,199) | (5,199) | 95 | (5,104) | [1] | ||||||
Other comprehensive loss (Note 12) | (5,092) | (5,092) | (2,800) | $ (7,892) | |||||||
Balance, Number of Shares at Sep. 30, 2018 | 81,725,217 | (24,891,292) | 56,833,925 | 56,833,925 | |||||||
Balance at Sep. 30, 2018 | $ 80 | $ (286,951) | 276,865 | 832,426 | (189,528) | 632,892 | 91,477 | $ 724,369 | |||
Redeemable Common Stock, Balance at Sep. 30, 2018 | 107,672 | ||||||||||
Balance, Number of Shares at Jun. 30, 2019 | 81,459,717 | (24,891,292) | 56,568,425 | ||||||||
Balance at Jun. 30, 2019 | $ 80 | $ (286,951) | 276,997 | 528,576 | (199,273) | 319,429 | 319,429 | [2] | |||
Redeemable Common Stock, Balance at Jun. 30, 2019 | [2] | 107,672 | |||||||||
Stock-based compensation charge (Note 13) | 387 | 387 | 387 | ||||||||
Stock based-compensation charge related to equity-accounted investment (Note 6) | 71 | 71 | 71 | ||||||||
Net (loss) income | (4,392) | (4,392) | (4,392) | ||||||||
Other comprehensive loss (Note 12) | (15,367) | (15,367) | $ (15,367) | ||||||||
Balance, Number of Shares at Sep. 30, 2019 | 81,459,717 | (24,891,292) | 56,568,425 | 56,568,425 | |||||||
Balance at Sep. 30, 2019 | $ 80 | $ (286,951) | $ 277,455 | $ 524,184 | $ (214,640) | $ 300,128 | $ 0 | $ 300,128 | |||
Redeemable Common Stock, Balance at Sep. 30, 2019 | $ 107,672 | ||||||||||
[1] | Refer to Note 21 for discontinued operations disclosures. | ||||||||||
[2] | Derived from audited financial statements |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | |||
Cash flows from operating activities | ||||
Net loss | $ (4,392) | $ (5,104) | [1] | |
Depreciation and amortization | 4,765 | 10,794 | [1] | |
Allowance for doubtful accounts receivable charged | 512 | 833 | ||
Loss (Earnings) from equity-accounted investments | (1,063) | (1,373) | [1] | |
Interest on Cedar Cell note (Note 6) | (156) | |||
Fair value adjustments and foreign currency re-measurements | 87 | (82) | ||
Interest payable | 632 | 110 | ||
Facility fee amortized | 87 | |||
Profit on disposal of property, plant and equipment | (154) | (127) | ||
Stock-based compensation charge, net (Note 13) | 387 | 587 | ||
Dividends received from equity accounted investments | 1,068 | |||
(Increase) Decrease in accounts receivable, pre-funded social welfare grants receivable and finance loans receivable | (5,666) | 13,463 | ||
(Increase) Decrease in inventory | (12,313) | 2,185 | ||
Decrease in accounts payable and other payables | (3,396) | (9,480) | ||
Increase in taxes payable | 1,288 | 8,354 | ||
Decrease in deferred taxes | (88) | (3,634) | ||
Net cash (used in) provided by operating activities | (18,333) | 16,457 | ||
Cash flows from investing activities | ||||
Capital expenditures | (2,624) | (3,118) | ||
Proceeds from disposal of property, plant and equipment | 213 | 274 | ||
Investment in equity of equity-accounted investments (Note 6) | (1,250) | |||
Repayment of loans by equity-accounted investments (Note 2) | 4,268 | |||
Proceeds on return of investment (Note 6) | 284 | |||
Net change in settlement assets | (13,509) | 75,931 | ||
Net cash (used in) provided by investing activities | (12,902) | 73,371 | ||
Cash flows from financing activities | ||||
Proceeds from bank overdraft (Note 9) | 183,674 | 84,655 | ||
Repayment of bank overdraft (Note 9) | (184,829) | |||
Long-term borrowings utilized (Note 9) | 14,798 | 7,801 | ||
Repayment of long-term borrowings (Note 9) | (10,260) | |||
Payment of guarantee fee (Note 9) | (148) | (136) | ||
Other financing activities | (26) | |||
Dividends paid to non-controlling interest | (1,729) | |||
Net change in settlement obligations | 13,509 | (75,931) | ||
Net cash provided by financing activities | 26,978 | 4,400 | ||
Effect of exchange rate changes on cash | (6,455) | (949) | ||
Net (decrease) increase in cash, cash equivalents and restricted cash | (10,712) | 93,279 | ||
Cash, cash equivalents and restricted cash beginning | 121,511 | 90,054 | ||
Cash, cash equivalents and restricted cash end of period | [2] | $ 110,799 | $ 183,333 | |
[1] | Refer to Note 21 for discontinued operations disclosures. | |||
[2] | Cash, cash equivalents and restricted cash as of September 30, 2019, includes restricted cash of approximately $68.8 million related to cash withdrawn from the Company's various debt facilities to fund ATMs. This cash may only be used to fund ATMs and is considered restricted as to use and therefore is classified as restricted cash. Refer to Note 9 for additional information regarding the Company's facilities. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements Of Cash Flows (Parenthetical) $ in Millions | Sep. 30, 2019USD ($) |
Overdraft Restricted As To Use For ATM Funding Only [Member] | |
Restricted cash | $ 68.8 |
Basis Of Presentation And Summa
Basis Of Presentation And Summary Of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2019 | |
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 months ended September 30, 2019 and 2018, 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, 2019. 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. References to the "Company" refer to Net1 and its consolidated subsidiaries, collectively, unless the context otherwise requires. References to "Net1" are references solely to Net 1 UEPS Technologies, Inc. Consideration of going concern Accounting guidance requires the Company's management to assess whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after its audited consolidated financial statements are issued. The Company's management has identified certain conditions or events, which, considered in the aggregate, could raise substantial doubt about the Company's ability to continue as a going concern including the risk that the Company will be unable to: deliver all or a substantial part of the financial results forecast in its fiscal 2020 budget; retain its existing borrowings and facilities, as described in Note 9, or obtain additional borrowings and facilities on commercially reasonable terms; arrive at a commercial settlement with SASSA, given the September 30, 2019, Supreme Court of Appeal ruling regarding the repayment of the additional implementation costs received back to SASSA (refer Note 10) and the ongoing dispute the Company has with SASSA over fees due for the six-month contract extension period in accordance with National Treasury's recommendation; dispose of all or a portion of its remaining 30% interest in DNI-4PL Contracts Proprietary Limited ("DNI"). DNI's operations are also significantly dependent on Cell C because it is the largest distributor of Cell C starter packs in South Africa. Therefore, the inability of Cell C to continue to operate through the next 12 months could also have an adverse impact on DNI's operations; or dispose of investments in order to realize sufficient cash flows. The Company's management has implemented a number of plans to alleviate the substantial doubt about the Company's ability to continue as a going concern. These plans include disposing of certain non-core assets (refer to Note 3 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2019, for additional information regarding a call option granted to DNI), engaging FT Partners to advise on the KSNET business, and extending its existing borrowings used to fund its ATMs through September 2020. In addition, the Company's management believes it has a number of mitigating actions it can pursue, including (i) limiting the expansion of its microlending finance loans receivable book in South Africa; (ii) implementing further cost cutting measures; (iii) commencing additional asset realizations; (iv) managing our capital expenditures; and (v) accessing alternative sources of capital (including through the issuance of additional shares of its common stock), in order to generate additional liquidity. The Company's management believes that these actions alleviate the substantial doubt referred to above and therefore have concluded that the Company remains a going concern. Recent accounting pronouncements adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued guidance regarding Leases . The guidance increases transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet. The amendments to current lease guidance include the recognition of assets and liabilities by lessees for those leases currently classified as operating leases. The guidance also requires disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance was effective for the Company beginning July 1, 2019. Refer to Note 17 for the impact of the adoption of this guidance on our condensed consolidated financial statements. Recent accounting pronouncements not yet adopted as of September 30, 2019 In June 2016, the FASB issued guidance regarding Measurement of Credit Losses on Financial Instruments . The guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans, and other financial instruments, an entity is required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses, which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for the Company beginning July 1, 2020. Early adoption is permitted beginning July 1, 2019. The Company is currently assessing the impact of this guidance on its financial statements and related disclosures. In August 2018, the FASB issued guidance regarding Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement. The guidance modifies the disclosure requirements related to fair value measurement. This guidance is effective for the Company beginning July 1, 2020. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. |
Accounts Receivable, Net And Ot
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net | 3 Months Ended |
Sep. 30, 2019 | |
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net [Abstract] | |
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net | 2. Accounts receivable, net and other receivables and finance loans receivable, net Accounts receivable, net and other receivables The Company's accounts receivable, net, and other receivables as of September 30, 2019, and June 30, 2019, is presented in the table below: September 30, June 30, 2019 2019 Accounts receivable, trade, net $ 27,106 $ 25,136 Accounts receivable, trade, gross 28,163 26,377 Allowance for doubtful accounts receivable, end of period 1,057 1,241 Beginning of year 1,241 1,101 Reversed to statement of operations (21 ) (24 ) Charged to statement of operations (70 ) 3,296 Utilized (35 ) (3,059 ) Deconsolidated - (38 ) Foreign currency adjustment (58 ) (35 ) Current portion of payments to agents in South Korea amortized over the contract period 13,546 15,543 Payments to agents in South Korea amortized over the contract period. 21,246 25,107 Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 6) 7,700 9,564 Loan provided to Carbon 3,000 3,000 Loan provided to DNI - 4,260 Other receivables 27,628 24,555 Total accounts receivable, net $ 71,280 $ 72,494 The loan provided to DNI was repaid in full in July 2019. Other receivables include prepayments, deposits and other receivables. Finance loans receivable, net The Company's finance loans receivable, net, as of September 30, 2019, and June 30, 2019, is presented in the table below: September 30, June 30, 2019 2019 Microlending finance loans receivable, net $ 19,521 $ 20,981 Microlending finance loans receivable, gross 22,488 24,180 Allowance for doubtful microlending finance loans receivable, end of period 2,967 3,199 Beginning of year 3,199 4,239 Charged to statement of operations 593 28,802 Utilized (597 ) (29,721 ) Foreign currency adjustment (228 ) (121 ) Working capital finance receivable, net 10,255 9,650 Working capital finance receivable, gross 16,346 15,742 Allowance for doubtful working capital finance receivable, end of period 6,091 6,092 Beginning of year 6,092 12,164 Charged to statement of operations 10 712 Utilized - (6,777 ) Foreign currency adjustment (11 ) (7 ) Total finance loans receivable, net $ 29,776 $ 30,631 |
Inventory
Inventory | 3 Months Ended |
Sep. 30, 2019 | |
Inventory [Abstract] | |
Inventory | 3. Inventory The Company's inventory comprised the following categories as of September 30, 2019, and June 30, 2019. September 30, June 30, 2019 2019 Finished goods $ 6,404 $ 7,535 Finished goods subject to sale restrictions 12,655 $ - $ 19,059 $ 7,535 Finished goods subject to sale restrictions represent airtime inventory purchased and held for sale to customers that may only be sold by the Company after March 31, 2020, and only with the express permission of certain South African banks. As discussed in Note 9, the Company obtained additional borrowings from its existing bankers to purchase Cell C airtime from an independent distributor of Cell C airtime. The Company did not pay the vendor for the airtime inventory directly because the parties (the vendor, Cell C, the Company and certain South African banks) agreed that the Company would pay the amount to Cell C to settle amounts payable to Cell C by the vendor in order to inject additional liquidity into Cell C. The Company may not return any unsold airtime inventory to either the vendor or Cell C. The Company agreed to mandatory prepayment terms, which require the Company to use the proceeds from the sale of the airtime inventory to settle certain borrowings. For more information about the amended finance documents, refer to Note 9. |
Settlement Assets And Settlemen
Settlement Assets And Settlement Obligations | 3 Months Ended |
Sep. 30, 2019 | |
Settlement Assets And Settlement Obligations [Abstract] | |
Settlement Assets And Settlement Obligations | 4. Settlement assets and settlement obligations Settlement assets comprise (1) cash received from credit card companies (as well as other types of payment services) which have business relationships with merchants selling goods and services via the internet that are the Company's customers and on whose behalf it processes the transactions between various parties, (2) cash received from customers on whose behalf the Company processes payroll payments that the Company will disburse to customer employees, payroll-related payees and other payees designated by the customer, and (3) cash received from the South African government that the Company holds pending disbursement to recipient cardholders of social welfare grants. Settlement obligations comprise (1) amounts that the Company is obligated to disburse to merchants selling goods and services via the internet that are the Company's customers and on whose behalf it processes the transactions between various parties and settles the funds from the credit card companies to the Company's merchant customers, (2) amounts that the Company is obligated to pay to customer employees, payroll-related payees and other payees designated by the customer, and (3) amounts that the Company is obligated to disburse to recipient cardholders of social welfare grants. The balances at each reporting date may vary widely depending on the timing of the receipts and payments of these assets and obligations. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Sep. 30, 2019 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 5. Fair value of financial instruments Initial recognition and measurement Financial instruments are recognized when the Company becomes a party to the transaction. Initial measurements are at cost, which includes transaction costs. Risk management The Company manages its exposure to currency exchange, translation, interest rate, customer concentration, credit and equity price and liquidity risks as discussed below. Currency exchange risk The Company is subject to currency exchange risk because it purchases inventories that it is required to settle in other currencies, primarily the euro and U.S. dollar. The Company has used forward contracts in order to limit its exposure in these transactions to fluctuations in exchange rates between the South African rand ("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 a significant amount of its revenues and incurs a significant amount of its expenses in ZAR and Korean won ("KRW"). The U.S. dollar to both the ZAR and KRW exchange rates has fluctuated significantly over the past three years. As exchange rates are outside the Company's control, there can be no assurance that future fluctuations will not adversely affect the Company's results of operations and financial condition. Interest rate risk As a result of its normal borrowing and lending activities, the Company's operating results are exposed to fluctuations in interest rates, which it manages primarily through regular financing activities. The Company generally maintains limited investments in cash equivalents and held to maturity investments and has occasionally invested in marketable securities. Credit risk Credit risk relates to the risk of loss that the Company would incur as a result of non-performance by counterparties. The Company maintains credit risk policies with regard to its counterparties to minimize overall credit risk. These policies include an evaluation of a potential counterparty's financial condition, credit rating, and other credit criteria and risk mitigation tools as the Company's management deems appropriate. With respect to credit risk on financial instruments, the Company maintains a policy of entering into such transactions only with South African, South Korean and European financial institutions that have a credit rating of "B" (or its equivalent) or better, as determined by credit rating agencies such as Standard & Poor's, Moody's and Fitch Ratings. Microlending credit risk The Company is exposed to credit risk in its microlending activities, which provide unsecured short-term loans to qualifying customers. The Company manages this risk by performing an affordability test for each prospective customer and assigning a "creditworthiness score", which takes into account a variety of factors such as other debts and total expenditures on normal household and lifestyle expenses. Equity price risk Equity price risk relates to the risk of loss that the Company would incur as a result of the volatility in the exchange-traded price of equity securities that it holds. The market price of these securities may fluctuate for a variety of reasons and, consequently, the amount that the Company may obtain in a subsequent sale of these securities may significantly differ from the reported market value. Equity liquidity risk Liquidity risk relates to the risk of loss that the Company would incur as a result of the lack of liquidity on the exchange on which these securities are listed. The Company may not be able to sell some or all of these securities at one time, or over an extended period of time without influencing the exchange traded price, or at all. Financial instruments 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 would apply 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 would be 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 Cell C The Company's Level 3 asset represents an investment of 75,000,000 0.0 The Company utilized the latest business plan provided by Cell C management for the period ending December 31, 2024, and following key valuation inputs were used as of September 30, 2019 and June 30, 2019: Weighted Average Cost of Capital: Between 15 20 Long term growth rate: 4.0 4.5 Marketability discount: 10.0 % Minority discount: 15.0 % Net adjusted external debt – Sep 2019 (1) : ZAR 14.8 982.7 6.0 Net adjusted external debt – Jun 2019 (2) : ZAR 13.9 987.2 6.4 Deferred tax (incl. assessed tax losses – Sep 2019 (1) : ZAR 2.9 19.1 Deferred tax (incl. assessed tax losses – Jun 2019 (2) : ZAR 2.9 20.6 (1) translated from ZAR to U.S. dollars at exchange rates applicable as of September 30, 2019. (2) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2019. The Company utilized the aforementioned adjusted EV/EBITDA multiple valuation model in order to determine the fair value of the Cell C shares as of September 30, 2018. The primary inputs to the valuation model as of September 30, 2018, were unchanged from June 30, 2018. The primary inputs to the valuation model were Cell C's annualized adjusted EBITDA for the 11 months ended June 30, 2018, of ZAR 3.9 275.8 6.75 8.8 622.3 10 The fair value of Cell C as of September 30, 2019, utilizing the discounted cash flow valuation model developed by the Company is sensitive to the following inputs: (i) the ability of Cell C to achieve the forecasts in their business case; (ii) the weighted average cost of capital ("WACC") rate used; and (iii) the minority and marketability discount used. The utilization of different inputs, or changes to these inputs, may result in a significantly higher or lower fair value measurement. The following table presents the impact on the carrying value of the Company's Cell C investment of a 1.5% increase and 1.5% decrease in the WACC rate and the EBITDA margins used in the Cell C valuation on September 30, 2019, all amounts translated at exchange rates applicable as of September 30, 2019: Sensitivity for fair value of Cell C investment 1.5% increase (A) 1.5% decrease (A) WACC rate $ - $ 4,709 EBITDA margin $ 3,151 $ - (A) the carrying value of the Cell C investment is not impacted by a 1.0% increase or a 1.0%% decrease and therefore the impact of a 1.5% increase and a 1.5% decrease is presented. The fair value of the Cell C shares as of September 30, 2019, represented approximately 0 Liability measured at fair value using significant unobservable inputs – DNI contingent consideration as of September 30, 2018 The salient terms of the Company's investment in DNI are described in Note 3 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2019. Under the terms of its subscription agreements with DNI, the Company agreed to pay to DNI an additional amount of up to ZAR 400.0 28.3 379.6 26.8 373.6 27.2 The amount was settled on March 31, 2019, as described in Note 3 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2019. Derivative transactions - Foreign exchange contracts As part of the Company's risk management strategy, the Company enters into derivative transactions to mitigate exposures to foreign currencies using foreign exchange contracts. These foreign exchange contracts are over-the-counter derivative transactions. Substantially all of the Company's derivative exposures are with counterparties that have long-term credit ratings of "B" (or equivalent) or better. The Company uses quoted prices in active markets for similar assets and liabilities to determine fair value (Level 2). The Company has no derivatives that require fair value measurement under Level 1 or 3 of the fair value hierarchy. The Company had no The following table presents the Company's assets measured at fair value on a recurring basis as of September 30, 2019, according to the fair value hierarchy: Quoted price in Significant active markets other Significant for identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total Assets Investment in Cell C $ - $ - $- $ - Related to insurance business: Cash, cash equivalents and restricted cash (included in other long-term assets) 538 - - 538 Fixed maturity investments (included in cash and cash equivalents) 4,322 - - 4,322 Other - 399 - 399 Total assets at fair value $ 4,860 $ 399 $- $ 5,259 The following table presents the Company's assets measured at fair value on a recurring basis as of June 30, 2019, according to the fair value hierarchy: Quoted price in Significant active markets other Significant for identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total Assets Investment in Cell C $ - $ - $- $ - Related to insurance business: Cash and cash equivalents (included in other long-term assets) 619 - - 619 Fixed maturity investments (included in cash and cash equivalents) 5,201 - - 5,201 Other - 413 - 413 Total assets at fair value $ 5,820 $ 413 $- $ 6,233 There have been no There was no movement in the carrying value of assets measured at fair value on a recurring basis, and categorized within Level 3, during the three months ended September 30, 2019. Summarized below is the movement in the carrying value of assets measured at fair value on a recurring basis, and categorized within Level 3, during the three months ended September 30, 2019: Carrying value Assets Balance as at June 30, 2019 $- Foreign currency adjustment (1) - Balance as of September 30, 2019 $- Summarized below is the movement in the carrying value of assets and liabilities measured at fair value on a recurring basis, and categorized within Level 3, during the three months ended September 30, 2018: Carrying value Assets Balance as at June 30, 2018 $ 172,948 Foreign currency adjustment (5,113 ) Balance as of September 30, 2018 $ 167,835 Liabilities Balance as at June 30, 2018 $ 27,222 Accretion of interest 422 Foreign currency adjustment (1) (805 ) Balance as of September 30, 2018 $ 26,839 (1) The foreign currency adjustment represents the effects of the fluctuations of the South African rand and the U.S. dollar on the carrying value. Assets measured at fair value on a nonrecurring basis We measure equity investments without readily determinable fair values on a nonrecurring basis. The fair values of these investments are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. |
Equity-Accounted Investments An
Equity-Accounted Investments And Other Long-Term Assets | 3 Months Ended |
Sep. 30, 2019 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Equity-Accounted Investments And Other Long-Term Assets | 6. Equity-accounted investments and other long-term assets Refer to Note 9 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2019, for additional information regarding its equity-accounted investments and other long-term assets. Equity-accounted investments The Company's ownership percentage in its equity-accounted investments as of September 30, 2019 and June 30, 2019, was as follows: September June 30, 30, 2019 2019 Bank Frick & Co AG ("Bank Frick") 35 % 35 % DNI 30 % 30 % Finbond Group Limited ("Finbond") 29 % 29 % Carbon Tech Limited ("Carbon"), formerly OneFi Limited 25 % 25 % SmartSwitch Namibia (Pty) Ltd ("SmartSwitch Namibia") 50 % 50 % V2 Limited ("V2") 50 % 50 % Walletdoc Proprietary Limited ("Walletdoc") 20 % 20 % DNI During the three months ended September 30, 2019, the Company recorded earnings from DNI that resulted in the carrying value of DNI exceeding the amount that the Company could receive pursuant to the call option granted to DNI in May 2019. The Company has recorded an impairment loss of $0.3 million which represents the difference between the amount that the Company could receive pursuant to the call option and DNI's carrying value. Bank Frick On October 2, 2019, the Company exercised its option to acquire an additional 35 46.4 46.5 Finbond As of September 30, 2019, the Company owned 268,820,933 29.0 3.34 0.9 59.2 1,148,901 V2 Limited In August 2019, the Company made a further equity contribution of $ 1.3 1.3 5.0 Summarized below is the movement in equity-accounted investments and loans provided to equity-accounted investments during the three months ended September 30, 2019: Bank DNI Frick Finbond Other (1) Total Investment in equity: Balance as of June 30, 2019 $ 61,030 $ 47,240 $ 35,300 $ 7,398 $ 150,968 Acquisition of shares - - 274 1,250 1,524 Stock-based compensation - - 71 - 71 Comprehensive income (loss): 728 (25 ) 2,718 (131 ) 3,290 Other comprehensive income - - 2,227 - 2,227 Equity accounted earnings (loss) 728 (25 ) 491 (131 ) 1,063 Share of net income 1,463 119 491 (131 ) 1,942 Amortization of acquired intangible assets (647 ) (189 ) - - (836 ) Deferred taxes on acquired intangible assets 181 45 - - 226 Dilution resulting from corporate transactions - - - - - Impairment (269 ) - - - (269 ) Dividends received (729 ) - (274 ) (339 ) (1,342 ) Foreign currency adjustment (2) (4,357 ) (868 ) (2,519 ) (71 ) (7,815 ) Balance as of September 30, 2019 $ 56,672 $ 46,347 $ 35,570 $ 8,107 $ 146,696 Investment in loans: Balance as of June 30, 2019 $ - $ - $ - $ 148 $ 148 Foreign currency adjustment (2) - - - (11 ) (11 ) Balance as of September 30, 2019 Equity Loans Total Carrying amount as of: June 30, 2019 $ 150,968 $ 148 151,116 September 30, 2019 $ 146,696 $ 137 $ 146,833 (1) Includes Carbon, SmartSwitch Namibia, V2 and Walletdoc; (2) The foreign currency adjustment represents the effects of the fluctuations of the South African rand, Swiss franc, Nigerian naira and Namibian dollar, and the U.S. dollar on the carrying value. Other long-term assets Summarized below is the breakdown of other long-term assets as of September 30, 2019, and June 30, 2019: September 30, June 30, 2019 2019 Total equity investments $ 26,993 $ 26,993 Investment in 15 - - Investment in 13 26,993 26,993 Total held to maturity investments - - Investment in 7.625 8.625 - - Long-term portion of payments to agents in South Korea amortized over the contract period 7,700 9,564 Policy holder assets under investment contracts (Note 8) 538 619 Reinsurance assets under insurance contracts (Note 8) 1,053 1,163 Other long-term assets 5,717 5,850 Total other long-term assets $ 42,001 $ 44,189 Summarized below are the components of the Company's equity securities without readily determinable fair value and held to maturity investments as of September 30, 2019: Unrealized Unrealized holding holding Carrying Cost basis gains losses value Equity securities: Investment in MobiKwik $ 26,993 $- $- $ 26,993 Held to maturity: Investment in Cedar Cellular notes (A) - - - - Total $ 26,993 $- $- $ 26,993 ( A) The notes have been impaired as discussed in the Note 9 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2019. Summarized below are the components of the Company's equity securities without readily determinable fair value and held to maturity investments as of June 30, 2019: Unrealized Unrealized Carrying Cost basis holding gains holding losses value Equity securities: Investment in MobiKwik $ 26,993 $ - $ - $ 26,993 Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26,993 $ - $ - $ 26,993 No 0.2 Contractual maturities of held to maturity investments Summarized below is the contractual maturity of the Company's held to maturity investment as of September 30, 2019: Estimated Cost fair basis value (1) Due in one year or less $ - $ - Due in one year through five years (2) - - Due in five years through ten years - - Due after ten years - - Total $ - $ - (1) The estimated fair value of the Cedar Cellular note has been calculated utilizing the Company's portion of the security provided to the Company by Cedar Cellular, namely, Cedar Cellular's investment in Cell C. (2) The cost basis is zero ($0.0 million). |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 3 Months Ended |
Sep. 30, 2019 | |
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 three months ended September 30, 2019: Gross Accumulated Carrying value impairment value Balance as of June 30, 2019 $ 184,544 $ (35,157 ) $ 149,387 Foreign currency adjustment (1) (6,880 ) 293 (6,587 ) Balance as of September 30, 2019 $ 177,664 $ (34,864 ) $ 142,800 (1) – the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value. Goodwill 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, 2019 $ 19,208 $ 112,728 $ 17,451 $ 149,387 Foreign currency adjustment (1) (1,365 ) (3,981 ) (1,241 ) (6,587 ) Balance as of September 30, 2019 $ 17,843 $ 108,747 $ 16,210 $ 142,800 (1) – the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value. Intangible assets Carrying value and amortization of intangible assets Summarized below is the carrying value and accumulated amortization of the intangible assets as of September 30, 2019 and June 30, 2019: As of September 30, 2019 As of June 30, 2019 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships $ 93,099 $ (84,972 ) $ 8,127 $ 96,653 ($ 86,285 ) $ 10,368 Software and unpatented technology 30,840 (30,607 ) 233 32,071 (31,829 ) 242 FTS patent 2,527 (2,527 ) - 2,721 (2,721 ) - Trademarks and brands 6,502 (6,042 ) 460 6,772 (6,265 ) 507 Total finite-lived intangible assets 132,968 (124,148 ) 8,820 138,217 (127,100 ) 11,117 Indefinite-lived intangible assets: Financial institution license 741 - 741 772 - 772 Total indefinite-lived intangible assets 741 - 741 772 - 772 Total intangible assets $ 133,709 $ (124,148 ) $ 9,561 $ 138,989 ( 127,100 ) $ 11,889 Aggregate amortization expense on the finite-lived intangible assets for the three months ended September 30, 2019 and 2018, was approximately $ 1.9 6.0 Future estimated annual amortization expense for the next five fiscal years and thereafter, assuming exchange rates that prevailed on September 30, 2019, is presented in the table below. Actual amortization expense in future periods could differ from this estimate as a result of acquisitions, changes in useful lives, exchange rate fluctuations and other relevant factors. Fiscal 2020 $ 7,657 Fiscal 2021 2,691 Fiscal 2022 67 Fiscal 2023 66 Fiscal 2024 66 Thereafter 135 Total future estimated annual amortization expense $ 10,682 |
Reinsurance Assets And Policy H
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 3 Months Ended |
Sep. 30, 2019 | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 8. Reinsurance assets and policyholder liabilities under insurance and investment contracts Reinsurance assets and policyholder liabilities under insurance contracts Summarized below is the movement in reinsurance assets and policyholder liabilities under insurance contracts during the three months ended September 30, 2019: Reinsurance Insurance assets (1) contracts (2) Balance as of June 30, 2019 $ 1,163 $ (1,880 ) Increase in policyholder benefits under insurance contracts 16 (1,502 ) Claims and policyholders' benefits under insurance contracts. (44 ) 1,502 Foreign currency adjustment (3) (82 ) 133 Balance as of September 30, 2019 $ 1,053 $ (1,747 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. The Company has agreements with reinsurance companies in order to limit its losses from large insurance contracts, however, if the reinsurer is unable to meet its obligations, the Company retains the liability. The value of insurance contract liabilities is based on the best estimate assumptions of future experience plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The process of deriving the best estimates assumptions plus prescribed margins includes assumptions related to claim reporting delays (based on average industry experience). Assets and policyholder liabilities under investment contracts Summarized below is the movement in assets and policyholder liabilities under investment contracts during the three months ended September 30, 2019: Assets (1) Investment contracts (2) Balance as of June 30, 2019 $ 619 $ (619 ) Increase in policyholder benefits under investment contracts 6 (6 ) Claims and policyholders' benefits under investment contracts (33 ) 33 Foreign currency adjustment (3) (44 ) 44 Balance as of September 30, 2019 $ 548 $ (548 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. The Company does not offer any investment products with guarantees related to capital or returns. |
Borrowings
Borrowings | 3 Months Ended |
Sep. 30, 2019 | |
Borrowings [Abstract] | |
Borrowings | 9. Borrowings Refer to 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, 2019, for additional information regarding its borrowings. South Africa The amounts below have been translated at exchange rates applicable as of the dates specified. July 2017 Facilities, as amended, comprising a short-term facility and long-term borrowings Short-term facility - Facility E On September 26, 2018, Net1 SA further revised its amended July 2017 Facilities agreement with RMB to include an overdraft facility ("Facility E") of up to ZAR 1.5 106.5 1.2 85.2 September 2019 90 25 0.9 62.6 1.2 10.00 Short-term facility - Facility F On September 4, 2019, Net1 SA further amended its amended July 2017 Facilities agreement with RMB and Nedbank to include an overdraft facility ("Facility F") of up to ZAR 300.0 21.3 220 80 5.50 6.79 0.1 2.2 Nedbank facility, comprising short-term facilities As of September 30, 2019, the aggregate amount of the Company's short-term South African credit facility with Nedbank Limited was ZAR 450.0 29.7 300 19.8 250.0 16.5 50 3.3 150 9.9 As of September 30, 2019, the Company has utilized approximately ZAR 94.4 6.2 53.8 3.6 50.0 93.6 6.2 93.6 6.6 150 United States, a short-term facility On September 14, 2018, the Company renewed its $ 10.0 20.0 4.50 2.09 six 6.7 South Korea, a short-term facility The Company obtained a one 10 8.6 1.98 1.55 Movement in short-term credit facilities Summarized below are the Company's short-term facilities as of September 30, 2019, and the movement in the Company's short-term facilities from as of June 30, 2019 to as of September 30, 2019: United South South Africa States Korea Amended Bank July 2017 Nedbank Frick Hana Total Short-term facilities as of September 30, 2019: $ 79,146 $ 29,680 $ 20,000 $ 8,341 $ 137,167 Overdraft - 3,298 20,000 8,341 31,639 Overdraft restricted as to use for ATM funding only 79,146 16,489 - - 95,635 Indirect and derivative facilities - 9,893 - - 9,893 Movement in utilized overdraft facilities: Balance as of June 30, 2019 69,566 5,880 9,544 - 84,990 Utilized 167,160 15,354 1,160 - 183,674 Repaid (169,802 ) (11,027 ) (4,000 ) - (184,829 ) Foreign currency adjustment (1) (4,327 ) (429 ) - - (4,756 ) Balance as of September 30, 2019 (2) 62,597 9,778 6,704 - 79,079 Restricted as to use for ATM funding only 62,597 6,226 - - 68,823 No restrictions as to use - 3,552 6,704 - 10,256 Movement in utilized indirect and derivative facilities: Balance as of June 30, 2019 - 6,643 - - 6,643 Guarantees cancelled - - - - - Utilized - - - - - Foreign currency adjustment (1) - (473 ) - - (473 ) Balance as of September 30, 2019 $ - $ 6,170 $ - $ - $ 6,170 (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. (2) Nedbank balance as of September 30, 2019, of $9.8 million comprises the net of total overdraft facilities withdrawn of $ 24.4 Movement in long-term borrowings Summarized below is the movement in the Company's long term borrowing from as of June 30, 2019, to as of September 30, 2019: South Africa Amended July 2017 Total Balance as of June 30, 2019, allocated to $ - $ - Current portion of long-term borrowings - - Long-term borrowings - - Utilized 14,798 14,798 Foreign currency adjustment (1) (288 ) (288 ) Balance as of September 30, 2019 14,510 14,510 Current portion of long-term borrowings 14,510 14,510 Long-term borrowings $ - $ - Interest expense incurred under the Company's South African long-term borrowing during the three months ended September 30, 2019 and 2018, was $ 0.6 1.1 0.1 |
Other Payables
Other Payables | 3 Months Ended |
Sep. 30, 2019 | |
Other Payables [Abstract] | |
Other Payables | 10. OTHER PAYABLES Summarized below is the breakdown of other payables as of September 30, 2019 and June 30, 2019: September 30, June 30, 2019 2019 Accrual of implementation costs to be refunded to SASSA $ 32,154 $ 34,039 Accruals 11,417 10,620 Provisions 5,798 6,074 Other 7,578 10,814 Value-added tax payable 3,149 3,234 Payroll-related payables 913 1,113 Participating merchants settlement obligation 489 555 $ 61,498 $ 66,449 Refer to 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, 2019, for additional information regarding Accrual of implementation costs to be refunded to SASSA. As of September 30, 2019, this accrual of $ 32.2 487.5 18.3 277.6 11.2 169.8 2.6 39.4 0.1 1.4 $34.0 479.4 19.7 277.6 11.4 161.0 2.8 39.4 0.1 1.4 Other includes transactions-switching funds payable, deferred income, client deposits and other payables. |
Capital Structure
Capital Structure | 3 Months Ended |
Sep. 30, 2019 | |
Capital Structure [Abstract] | |
Capital Structure | 11. Capital structure The following table presents a reconciliation between the number of shares, net of treasury, presented in the unaudited condensed consolidated statement of changes in equity during the three months ended September 30, 2019 and 2018, respectively, and the number of shares, net of treasury, excluding non-vested equity shares that have not vested during the three months ended September 30, 2019 and 2018, respectively: September 30, September 30, 2019 2018 Number of shares, net of treasury: Statement of changes in equity 56,568,425 56,833,925 Less: Non-vested equity shares that have not vested (Note 14) 583,908 860,817 Number of shares, net of treasury excluding non-vested equity shares that have not vested 55,984,517 55,973,108 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Sep. 30, 2019 | |
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 three months ended September 30, 2019: Three months ended September 30, 2019 Accumulated foreign currency translation reserve Total Balance as of July 1, 2019 (199,273 ) (199,273 ) Movement in foreign currency translation reserve related to equity-accounted investment 2,718 2,718 Movement in foreign currency translation reserve (18,085 ) (18,085 ) Balance as of September 30, 2019 $ (214,640 ) $ (214,640 ) The table below presents the change in accumulated other comprehensive (loss) income per component during the three months ended September 30, 2018: Three months ended September 30, 2018 Accumulated foreign currency translation reserve Total Balance as of July 1, 2018 $ (184,436 ) $ (184,436 ) Movement in foreign currency translation reserve related to equity-accounted investment 5,430 5,430 Movement in foreign currency translation reserve (10,522 ) (10,522 ) Balance as of September 30, 2018 $ (189,528 ) $ (189,528 ) There were no |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 30, 2019 | |
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 three months ended September 30, 2019 and 2018: Weighted Weighted average Weighted average remaining Aggregate average exercise contractual intrinsic grant date Number of price term value fair value shares ($) (in years) ($' ) ($) Outstanding – June 30, 2019 864,579 7.81 7.05 - 2.62 Outstanding – September 30, 2019. 864,579 7.81 6.81 - 2.62 Outstanding – June 30, 2018 809,274 13.99 2.67 370 4.20 Granted – September 2018 600,000 6.20 10.00 1,212 2.02 Forfeitures (200,000 ) 24.46 7.17 Outstanding – September 30, 2018. 1,209,274 8.41 6.59 1,322 2.62 No 600,000 No 200,000 24.46 561,000 3.07 The fair value of each option is estimated on the date of grant using the Cox Ross Rubinstein binomial model that uses the assumptions noted in the following table. The estimated expected volatility is calculated based on the Company's 750 The table below presents the range of assumptions used to value options granted during the three months ended September 30, 2018: Three months ended September 30, 2018 Expected volatility 44 % Expected dividends 0 % Expected life (in years) 3 Risk-free rate 2.75 % The following table presents stock options vested and expected to vest as of September 30, 2019: Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Vested and expected to vest – September 30, 2019. 864,579 7.81 6.81 These options have an exercise price range of $ 6.20 11.23 The following table presents stock options that are exercisable as of September 30, 2019: Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' 000 ) Exercisable – September 30, 2019 523,914 8.86 2.44 - During the three months ended September 30, 2019, 170,335 No Restricted stock The following table summarizes restricted stock activity for the three months ended September 30, 2019 and 2018: Number of Weighted shares of average grant restricted date fair value stock ($' ) Non-vested – June 30, 2019 583,908 3,410 Non-vested – September 30, 2019 583,908 3,410 Non-vested – June 30, 2018 765,411 6,162 Granted – September 2018 148,000 114 Vested – August 2018 (52,594 ) 459 Non-vested – September 30, 2018 860,817 5,785 The September 2018 grants comprise 148,000 52,594 Market Conditions - Restricted Stock Granted in September 2018 The 148,000 shares of restricted stock awarded to executive officers in September 2018 are subject to time-based and performance-based (a market condition) vesting conditions and vest in full only on the date, if any, that the following conditions are satisfied: (1) the price of the Company's common stock must equal or exceed certain agreed VWAP levels (as described below) during a measurement period commencing on the date that it files its Annual Report on Form 10-K for the fiscal year ended 2021 and ending on December 31, 2021 and (2) the recipient is employed by the Company on a full-time basis when the condition in (1) is met. If either of these conditions is not satisfied, then none of the shares of restricted stock will vest and they will be forfeited. The $ 23.00 55 6.20 Below $ 15.00 0 At or above $ 15.00 19.00 33 At or above $ 19.00 23.00 66 At or above $ 23.00 100 The fair value of these shares of restricted stock was calculated using a Monte Carlo simulation of a stochastic volatility process. The choice of a stochastic volatility process as an extension to the standard Black Scholes process was driven by both observations of larger than expected moves in the daily time series for the Company's VWAP price, but also the observation of the strike structure of volatility (i.e. skew and smile) for out-of-the money calls and out-of-the money puts versus at-the-money options for both the Company's stock and NASDAQ futures. In scenarios where the shares do not vest, the final vested value at maturity is zero. In scenarios where vesting occurs, the final vested value on maturity is the share price on vesting date. In its calculation of the fair value of the restricted stock, the Company used an average volatility of 37.4 no three 30 Market Conditions - Restricted Stock Granted in August 2017 The 210,000 23.00 35 9.38 Below $ 15.00 0 At or above $ 15.00 19.00 33 At or above $ 19.00 23.00 66 At or above $ 23.00 100 These 210,000 shares of restricted stock are effectively forward starting knock-in barrier options with multi-strike prices of zero In scenarios where the shares do not vest, the final vested value at maturity is zero. In scenarios where vesting occurs, the final vested value on maturity is the share price on vesting date. The value of the grant is the average of the discounted vested values. The Company used an expected volatility of 44.0 three 1.275 1.657 no 30 Stock-based compensation charge and unrecognized compensation cost The Company recorded a stock-based compensation charge, net during the three months ended September 30, 2019 and 2018 of $0.4 million and $0.6 million respectively, which comprised: Allocated to cost of goods sold, IT Allocated to processing, selling, general Total servicing and and charge support administration Three months ended September 30, 2019 Stock-based compensation charge $ 387 - $ 387 Total – three months ended September 30, 2019. $ 387 - $ 387 Three months ended September 30, 2018 Stock-based compensation charge $ 587 $ - $ 587 Total – three months ended September 30, 2018. $ 587 $ - $ 587 The stock-based compensation charges have been allocated to selling, general and administration based on the allocation of the cash compensation paid to the relevant employees. As of September 30, 2019, the total unrecognized compensation cost related to stock options was approximately $ 0.7 two 1.1 two As of September 30, 2019 and June 30, 2019, respectively, the Company recorded a deferred tax asset of approximately $ 0.3 0.2 |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 3 Months Ended |
Sep. 30, 2019 | |
(Loss) Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | 14. (Loss) Earnings per share The Company has issued redeemable common stock which is redeemable at an amount other than fair value. Redemption of a class of common stock at other than fair value increases or decreases the carrying amount of the redeemable common stock and is reflected in basic earnings per share using the two-class method. There were no Basic (loss) earnings per share include shares of restricted stock that meet the definition of a participating security because these shares are eligible to receive non-forfeitable dividend equivalents at the same rate as common stock. Basic (loss) earnings per share have been calculated using the two-class method and basic (loss) earnings per share for the three months ended September 30, 2019 and 2018, reflects only undistributed earnings. The computation below of basic (loss) earnings per share excludes the net (loss) income attributable to shares of unvested restricted stock (participating non-vested restricted stock) from the numerator and excludes the dilutive impact of these unvested shares of restricted stock from the denominator. Diluted (loss) earnings per share have been calculated to give effect to the number of shares of additional common stock that would have been outstanding if the potential dilutive instruments had been issued in each period. Stock options are included in the calculation of diluted (loss) earnings per share utilizing the treasury stock method and are not considered to be participating securities, as the stock options do not contain non-forfeitable dividend rights. The calculation of diluted (loss) earnings per share includes the dilutive effect of a portion of the restricted stock granted to employees in August 2017, March 2018, May 2018 and September 2018 as these shares of restricted stock are considered contingently returnable shares for the purposes of the diluted earnings per share calculation and the vesting conditions in respect of a portion of the restricted stock had been satisfied. The vesting conditions for awards made in September 2018, March 2018 and August 2017 are discussed in Note 13 above and the vesting conditions for all other awards are discussed in Note 17 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2019. The following table presents net (loss) income attributable to Net1 ((loss) income from continuing operations) and the share data used in the basic and diluted (loss) earnings per share computations using the two-class method: Three months ended September 30, 2019 2018 (in thousands except percent and per share data) Numerator: Net (loss) income attributable to Net1 $ (4,392 ) $ (5,199 ) Undistributed (loss) earnings (4,392 ) (5,199 ) Continuing (4,392 ) (7,145 ) Discontinued $ - $ 1,946 Percent allocated to common shareholders (Calculation 1) 99 % 99 % Numerator for (loss) earnings per share: basic and diluted $ (4,347 ) $ (5,128 ) Continuing (4,347 ) (7,047 ) Discontinued $ - $ 1,919 Denominator: Denominator for basic (loss) earnings per share: weighted-average common shares outstanding 55,985 55,951 Effect of dilutive securities: - Stock options - 50 Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion 55,985 56,001 (Loss) Earnings per share: Basic $ (0.08 ) $ (0.09 ) Continuing ($ 0.08 ) $ (0.12 ) Discontinued $ - $ 0.03 Diluted $ (0.08 ) $ (0.09 ) Continuing ($ 0.08 ) $ (0.12 ) Discontinued $ - $ 0.03 (Calculation 1) Basic weighted-average common shares outstanding (A) 55,985 55,951 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 56,568 56,723 Percent allocated to common shareholders (A) / (B) 99 % 99 % Options to purchase 864,579 6.20 11.23 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Sep. 30, 2019 | |
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 months ended September 30, 2019, and 2018: Three months ended September 30, 2019 2018 Cash received from interest $ 737 $ 2,077 Cash paid for interest $ 813 $ 3,066 Cash paid for income taxes $ 1,883 $ 1,343 Leases The following table presents supplemental cash flow disclosure related to leases for the three months ended September 30, 2019: Three months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 920 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 230 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 16. Revenue recognition Disaggregation of revenue The following table represents our revenue disaggregated by major revenue streams, including reconciliation to operating segments for the three months ended September 30, 2019: Rest of South the Africa Korea world Total South African transaction processing Processing fees $ 15,966 $ - $ - $ 15,966 Other 1,233 - - 1,233 Sub-total 17,199 - - 17,199 International transaction processing Processing fees - 31,197 1,199 32,396 Other - 1,621 - 1,621 Sub-total - 32,818 1,199 34,017 Financial inclusion and applied technologies Telecom products and services 9,294 - - 9,294 Account holder fees 5,260 - - 5,260 Lending revenue 5,154 - - 5,154 Technology products 7,134 - - 7,134 Insurance revenue 1,386 - - 1,386 Other 1,312 - - 1,312 Sub-total 29,540 - - 29,540 $ 46,739 $ 32,818 $ 1,199 $ 80,756 The following table represents our revenue disaggregated by major revenue streams, including reconciliation to operating segments for the three months ended September 30, 2018: Rest of South the Africa Korea world Total South African transaction processing Processing fees $ 30,229 $ - $ - $ 30,229 Welfare benefit distributions fees 3,086 - - 3,086 Other 1,148 - - 1,148 Sub-total 34,463 - - 34,463 International transaction processing Processing fees - 34,589 2,655 37,244 Other - 1,962 181 2,143 Sub-total - 36,551 2,836 39,387 Financial inclusion and applied technologies Telecom products and services 19,147 - - 19,147 Account holder fees 10,605 - - 10,605 Lending revenue 9,977 - - 9,977 Technology products 4,268 - - 4,268 Insurance revenue 2,515 - - 2,515 Other 5,522 - - 5,522 Sub-total 52,034 - - 52,034 $ 86,497 $ 36,551 $ 2,836 $ 125,884 |
Leases
Leases | 3 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 17. Leases The Company elected to adopt the new lease guidance utilizing the modified retrospective approach therefore prior periods were not adjusted. The Company was not required to record a cumulative-effect adjustment to opening retained earnings as of July 1, 2019. The Company applied the package of three practical expedients available, which included the following (i) an entity need not reassess expired or existing contracts are or contain leases (ii) an entity need not reassess the lease classification for any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also elected to not recognize right-of-use assets and lease liabilities for leases with a term of less than twelve months and to account for all components in a lease arrangement as a single combined lease component. The Company has entered into leasing arrangements classified as operating leases under accounting guidance. These leasing arrangements relate primarily to the lease of our corporate head office, administration offices and branch locations through which the Company operates its financial services business in South Africa. The Company's operating leases have a remaining lease term of between one four one The Company's operating lease expense during the three months ended September 30, 2019, was $ 0.9 The following table presents supplemental balance sheet disclosure related to our right-of-use assets and our operating leases liabilities as of September 30, 2019 and July 1, 2019, the date of adoption of the new lease guidance (refer to Note 1): September 30, July 1, 2019 2019 Operating lease right-of-use assets $ 5,757 $ 6,739 Weighted average remaining lease term (years) 2.53 2.51 Weighted average discount rate 9.95 % 9.97 % Maturities of operating lease liabilities 2020 (for September 30, 2019, excluding three month to September 30, 2019) $ 2,643 $ 3,608 2021 2,387 2,395 2022 1,236 1,269 2023 424 454 2024 - - Thereafter - - Total undiscounted operating lease liabilities 6,690 7,726 Less imputed interest 758 842 Total operating lease liabilities, included in 5,932 6,884 Operating lease right-of-use lease liability – current 4,493 5,098 Right-of-use operating lease liability – long-term $ 1,439 $ 1,786 |
Operating Segments
Operating Segments | 3 Months Ended |
Sep. 30, 2019 | |
Operating Segments [Abstract] | |
Operating Segments | 18. 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 21 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2019. As discussed in Note 21, the Company has presented DNI as a discontinued operation. The reconciliation of the reportable segments' revenue to revenue from external customers for the three months ended September 30, 2019 and 2018, is as follows: Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 19,399 $ 2,200 $ 17,199 International transaction processing 34,017 - 34,017 Financial inclusion and applied technologies 30,145 605 29,540 Total for the three months ended September 30, 2019 $ 83,561 $ 2,805 $ 80,756 South African transaction processing $ 37,749 $ 3,286 $ 34,463 International transaction processing 39,387 - 39,387 Financial inclusion and applied technologies 53,206 1,172 52,034 Total for the three months ended September 30, 2018 $ 130,342 $ 4,458 $ 125,884 The Company does not allocate interest income, interest expense or income tax expense to its reportable segments. The Company evaluates segment performance based on segment operating income before acquisition-related intangible asset amortization which represents operating income before acquisition-related intangible asset amortization and allocation of expenses allocated to Corporate/Eliminations, all under GAAP. The reconciliation of the reportable segments' measures of profit or loss to income before income taxes for the three months ended September 30, 2019 and 2018, is as follows: Three months ended September 30, 2019 2018 Reportable segments measure of profit or loss $ 1,906 $ 10,551 Operating income: Corporate/Eliminations (4,640 ) (9,655 ) Interest income 651 1,876 Interest expense (1,355 ) (2,759 ) (Loss) Income before income taxes $ (3,438 ) $ 13 The following tables summarize segment information that is prepared in accordance with GAAP for the three months ended September 30, 2019 and 2018, with the impact of the deconsolidation of DNI included in discontinued operations: Three months ended September 30, 2019 2018 Revenues South African transaction processing $ 19,399 $ 37,749 International transaction processing 34,017 39,387 Financial inclusion and applied technologies 30,145 53,206 Continuing 30,145 34,419 Discontinued - 18,787 Total 83,561 130,342 Continuing 83,561 111,555 Discontinued - 18,787 Operating income (loss) South African transaction processing (3,385 ) (3,513 ) International transaction processing 3,790 2,762 Financial inclusion and applied technologies 1,501 11,302 Continuing 1,501 3,470 Discontinued - 7,832 Subtotal: Operating segments 1,906 10,551 Corporate/Eliminations (4,640 ) (9,655 ) Continuing (4,640 ) (7,005 ) Discontinued - (2,650 ) Total (2,734 ) 896 Continuing (2,734 ) (4,286 ) Discontinued - 5,182 Depreciation and amortization South African transaction processing 661 941 International transaction processing 1,896 3,059 Financial inclusion and applied technologies 384 636 Continuing 384 350 Discontinued - 286 Subtotal: Operating segments 2,941 4,636 Corporate/Eliminations 1,824 6,158 Continuing 1,824 3,508 Discontinued - 2,650 Total 4,765 10,794 Continuing 4,765 7,858 Discontinued - 2,936 Expenditures for long-lived assets South African transaction processing 1,864 1,286 International transaction processing 677 800 Financial inclusion and applied technologies 83 1,032 Continuing 83 893 Discontinued - 139 Subtotal: Operating segments 2,624 3,118 Corporate/Eliminations - - Total 2,624 3,118 Continuing 2,624 2,979 Discontinued $ - $ 139 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. |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 19. 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 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 months ended September 30, 2019, the Company's effective tax rate was impacted by the on-going losses incurred by certain of its South African businesses and the associated valuation allowances created related to the deferred tax assets recognized regarding net operating losses incurred by the Company's South African businesses and non-deductible expenses, including transaction-related expenditure, which was partially offset by tax expense recorded by the Company's profitable businesses in South Africa and South Korea. For the three months ended September 30, 2018, the Company's effective tax rate was significantly higher than the South African statutory rate as a result of a valuation allowance created related to net operating losses of approximately ZAR 223.4 15.1 Uncertain tax positions There were no significant changes in the Company's uncertain tax positions during the three months ended September 30, 2019. As of September 30, 2019, the Company had accrued interest related to uncertain tax positions of approximately $ 0.1 The Company does not expect the 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 September 30, 2019 and June 30, 2019, the Company had unrecognized tax benefits of $ 1.0 0.8 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 20. 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 93.6 6.2 93.6 6.2 0.4 1.94 The Company has not recognized any obligation related to these counter-guarantees in its consolidated balance sheet as of September 30, 2019. The maximum potential amount that the Company could pay under these guarantees is ZAR 93.6 6.2 Contingencies The Company is subject to a variety of insignificant claims and suits that arise from time to time in the ordinary course of business. Management currently believes that the resolution of these other matters, individually or in the aggregate, will not have a material adverse impact on the Company's financial position, results of operations or cash flows. |
Discontinued Operations - DNI
Discontinued Operations - DNI | 3 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations - DNI [Abstract] | |
Discontinued Operations - DNI | 21. Discontinued operation - DNI The Company determined that the disposal of its controlling interest in DNI is a discontinued operation because it represented a strategic shift that will have a major effect on the Company's operations and financial results as a result of the sale of a significant portion of its investment in DNI. Refer to Note 3 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2019, for additional information regarding the deconsolidation of DNI. The table below presents the impact of the deconsolidation of DNI on certain major captions to the Company's unaudited condensed consolidated statement of operations and unaudited condensed consolidated statement of cash flows for three months ended September 30, 2019 and 2018, that have not been separately presented on those statements: DNI Three months ended September 30, 2018 Unaudited condensed consolidated statement of operations Discontinued: Revenue $ 18,787 Cost of goods sold, IT processing, servicing and support 10,211 Selling, general and administration 457 Depreciation and amortization 2,936 Operating income 5,182 Interest income 275 Interest expense 201 Net income before tax 5,256 Income tax expense 1,515 Net income before earnings from equity-accounted investments 3,741 Earnings from equity-accounted investments (1) $ (102 ) Unaudited condensed consolidated statement of cash flows Discontinued: Total net cash (used in) provided by operating activities $ (3,518 ) Total net cash (used in) provided by investing activities (139 ) (1) Earnings from equity-accounted investments for the three months ended September 30, 2018, represents earnings attributed to equity-accounted investment owned by DNI and included in the Company's results as a result of the consolidation of DNI. The Company retained a continuing involvement in DNI through its 30 Three months ended September 30, 2019 Revenue generated from transactions with DNI $ - Expenses incurred related to transactions with DNI $ 2,274 Refer to Note 6 for the dividends received from DNI under the equity method during the three months ended September 30, 2019. |
Basis Of Presentation And Sum_2
Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Sep. 30, 2019 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Unaudited Interim Financial Information | 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 months ended September 30, 2019 and 2018, 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, 2019. 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. References to the "Company" refer to Net1 and its consolidated subsidiaries, collectively, unless the context otherwise requires. References to "Net1" are references solely to Net 1 UEPS Technologies, Inc. |
Consideration Of Going Concern | Consideration of going concern Accounting guidance requires the Company's management to assess whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after its audited consolidated financial statements are issued. The Company's management has identified certain conditions or events, which, considered in the aggregate, could raise substantial doubt about the Company's ability to continue as a going concern including the risk that the Company will be unable to: deliver all or a substantial part of the financial results forecast in its fiscal 2020 budget; retain its existing borrowings and facilities, as described in Note 9, or obtain additional borrowings and facilities on commercially reasonable terms; arrive at a commercial settlement with SASSA, given the September 30, 2019, Supreme Court of Appeal ruling regarding the repayment of the additional implementation costs received back to SASSA (refer Note 10) and the ongoing dispute the Company has with SASSA over fees due for the six-month contract extension period in accordance with National Treasury's recommendation; dispose of all or a portion of its remaining 30% interest in DNI-4PL Contracts Proprietary Limited ("DNI"). DNI's operations are also significantly dependent on Cell C because it is the largest distributor of Cell C starter packs in South Africa. Therefore, the inability of Cell C to continue to operate through the next 12 months could also have an adverse impact on DNI's operations; or dispose of investments in order to realize sufficient cash flows. The Company's management has implemented a number of plans to alleviate the substantial doubt about the Company's ability to continue as a going concern. These plans include disposing of certain non-core assets (refer to Note 3 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2019, for additional information regarding a call option granted to DNI), engaging FT Partners to advise on the KSNET business, and extending its existing borrowings used to fund its ATMs through September 2020. In addition, the Company's management believes it has a number of mitigating actions it can pursue, including (i) limiting the expansion of its microlending finance loans receivable book in South Africa; (ii) implementing further cost cutting measures; (iii) commencing additional asset realizations; (iv) managing our capital expenditures; and (v) accessing alternative sources of capital (including through the issuance of additional shares of its common stock), in order to generate additional liquidity. The Company's management believes that these actions alleviate the substantial doubt referred to above and therefore have concluded that the Company remains a going concern. |
Recent Accounting Pronouncements Adopted | Recent accounting pronouncements adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued guidance regarding Leases . The guidance increases transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet. The amendments to current lease guidance include the recognition of assets and liabilities by lessees for those leases currently classified as operating leases. The guidance also requires disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance was effective for the Company beginning July 1, 2019. Refer to Note 17 for the impact of the adoption of this guidance on our condensed consolidated financial statements. |
Recent Accounting Pronouncements Not Yet Adopted As Of September 30, 2019 | Recent accounting pronouncements not yet adopted as of September 30, 2019 In June 2016, the FASB issued guidance regarding Measurement of Credit Losses on Financial Instruments . The guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans, and other financial instruments, an entity is required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses, which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for the Company beginning July 1, 2020. Early adoption is permitted beginning July 1, 2019. The Company is currently assessing the impact of this guidance on its financial statements and related disclosures. In August 2018, the FASB issued guidance regarding Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement. The guidance modifies the disclosure requirements related to fair value measurement. This guidance is effective for the Company beginning July 1, 2020. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. |
Accounts Receivable, Net And _2
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net [Abstract] | |
Schedule Of Accounts Receivable, Net And Other Receivables | September 30, June 30, 2019 2019 Accounts receivable, trade, net $ 27,106 $ 25,136 Accounts receivable, trade, gross 28,163 26,377 Allowance for doubtful accounts receivable, end of period 1,057 1,241 Beginning of year 1,241 1,101 Reversed to statement of operations (21 ) (24 ) Charged to statement of operations (70 ) 3,296 Utilized (35 ) (3,059 ) Deconsolidated - (38 ) Foreign currency adjustment (58 ) (35 ) Current portion of payments to agents in South Korea amortized over the contract period 13,546 15,543 Payments to agents in South Korea amortized over the contract period. 21,246 25,107 Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 6) 7,700 9,564 Loan provided to Carbon 3,000 3,000 Loan provided to DNI - 4,260 Other receivables 27,628 24,555 Total accounts receivable, net $ 71,280 $ 72,494 |
Schedule Of Finance Loans Receivable, Net | September 30, June 30, 2019 2019 Microlending finance loans receivable, net $ 19,521 $ 20,981 Microlending finance loans receivable, gross 22,488 24,180 Allowance for doubtful microlending finance loans receivable, end of period 2,967 3,199 Beginning of year 3,199 4,239 Charged to statement of operations 593 28,802 Utilized (597 ) (29,721 ) Foreign currency adjustment (228 ) (121 ) Working capital finance receivable, net 10,255 9,650 Working capital finance receivable, gross 16,346 15,742 Allowance for doubtful working capital finance receivable, end of period 6,091 6,092 Beginning of year 6,092 12,164 Charged to statement of operations 10 712 Utilized - (6,777 ) Foreign currency adjustment (11 ) (7 ) Total finance loans receivable, net $ 29,776 $ 30,631 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Inventory [Abstract] | |
Schedule Of Inventory | September 30, June 30, 2019 2019 Finished goods $ 6,404 $ 7,535 Finished goods subject to sale restrictions 12,655 $ - $ 19,059 $ 7,535 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Fair Value Of Financial Instruments [Abstract] | |
Schedule Of Key Valuation Inputs Used To Measure Fair Value Of Investment In Cell C | Weighted Average Cost of Capital: Between 15% and 20% over the period of the forecast Long term growth rate: 4.0% (4.5% as of June 30, 2019) Marketability discount: 10.0 % Minority discount: 15.0 % Net adjusted external debt – Sep 2019 (1) : ZAR 14.8 billion ($982.7 million), includes R6.0 billion of leases liabilities Net adjusted external debt – Jun 2019 (2) : ZAR 13.9 billion ($987.2 million), includes R6.4 billion of leases liabilities Deferred tax (incl. assessed tax losses – Sep 2019 (1) : ZAR 2.9 billion ($19.1 million) Deferred tax (incl. assessed tax losses – Jun 2019 (2) : ZAR 2.9 billion ($20.6 million) (1) translated from ZAR to U.S. dollars at exchange rates applicable as of September 30, 2019. (2) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2019. |
Schedule Of Impact On Carrying Value Of Cell C Investment | Sensitivity for fair value of Cell C investment 1.5% increase (A) 1.5% decrease (A) WACC rate $ - $ 4,709 EBITDA margin $ 3,151 $ - (A) the carrying value of the Cell C investment is not impacted by a 1.0% increase or a 1.0%% decrease and therefore the impact of a 1.5% increase and a 1.5% decrease is presented. |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | Quoted price in Significant active markets other Significant for identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total Assets Investment in Cell C $ - $ - $- $ - Related to insurance business: Cash, cash equivalents and restricted cash (included in other long-term assets) 538 - - 538 Fixed maturity investments (included in cash and cash equivalents) 4,322 - - 4,322 Other - 399 - 399 Total assets at fair value $ 4,860 $ 399 $- $ 5,259 Quoted price in Significant active markets other Significant for identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total Assets Investment in Cell C $ - $ - $- $ - Related to insurance business: Cash and cash equivalents (included in other long-term assets) 619 - - 619 Fixed maturity investments (included in cash and cash equivalents) 5,201 - - 5,201 Other - 413 - 413 Total assets at fair value $ 5,820 $ 413 $- $ 6,233 |
Carrying Value Of Assets And Liabilities Measured On Recurring Basis | Carrying value Assets Balance as at June 30, 2019 $- Foreign currency adjustment (1) - Balance as of September 30, 2019 $- Carrying value Assets Balance as at June 30, 2018 $ 172,948 Foreign currency adjustment (5,113 ) Balance as of September 30, 2018 $ 167,835 Liabilities Balance as at June 30, 2018 $ 27,222 Accretion of interest 422 Foreign currency adjustment (1) (805 ) Balance as of September 30, 2018 $ 26,839 (1) The foreign currency adjustment represents the effects of the fluctuations of the South African rand and the U.S. dollar on the carrying value. |
Equity-Accounted Investments _2
Equity-Accounted Investments And Other Long-Term Assets (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | |
Ownership Percentage Of Equity-Accounted Investments | September June 30, 30, 2019 2019 Bank Frick & Co AG ("Bank Frick") 35 % 35 % DNI 30 % 30 % Finbond Group Limited ("Finbond") 29 % 29 % Carbon Tech Limited ("Carbon"), formerly OneFi Limited 25 % 25 % SmartSwitch Namibia (Pty) Ltd ("SmartSwitch Namibia") 50 % 50 % V2 Limited ("V2") 50 % 50 % Walletdoc Proprietary Limited ("Walletdoc") 20 % 20 % |
Summary Of Movement In Equity-Accounted Investments | Bank DNI Frick Finbond Other (1) Total Investment in equity: Balance as of June 30, 2019 $ 61,030 $ 47,240 $ 35,300 $ 7,398 $ 150,968 Acquisition of shares - - 274 1,250 1,524 Stock-based compensation - - 71 - 71 Comprehensive income (loss): 728 (25 ) 2,718 (131 ) 3,290 Other comprehensive income - - 2,227 - 2,227 Equity accounted earnings (loss) 728 (25 ) 491 (131 ) 1,063 Share of net income 1,463 119 491 (131 ) 1,942 Amortization of acquired intangible assets (647 ) (189 ) - - (836 ) Deferred taxes on acquired intangible assets 181 45 - - 226 Dilution resulting from corporate transactions - - - - - Impairment (269 ) - - - (269 ) Dividends received (729 ) - (274 ) (339 ) (1,342 ) Foreign currency adjustment (2) (4,357 ) (868 ) (2,519 ) (71 ) (7,815 ) Balance as of September 30, 2019 $ 56,672 $ 46,347 $ 35,570 $ 8,107 $ 146,696 Investment in loans: Balance as of June 30, 2019 $ - $ - $ - $ 148 $ 148 Foreign currency adjustment (2) - - - (11 ) (11 ) Balance as of September 30, 2019 $ - $ - $ - $ 137 $ 137 (1) Includes Carbon, SmartSwitch Namibia, V2 and Walletdoc; (2) The foreign currency adjustment represents the effects of the fluctuations of the South African rand, Swiss franc, Nigerian naira and Namibian dollar, and the U.S. dollar on the carrying value. |
Carrying Amount Of Equity-Accounted Investments | Equity Loans Total Carrying amount as of: June 30, 2019 $ 150,968 $ 148 151,116 September 30, 2019 $ 146,696 $ 137 $ 146,833 |
Summary Of Other Long-Term Asset | September 30, June 30, 2019 2019 Total equity investments $ 26,993 $ 26,993 Investment in 15% of Cell C, at fair value (Note 5) - - Investment in 13% of MobiKwik 26,993 26,993 Total held to maturity investments - - Investment in 7.625% of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625% notes - - Long-term portion of payments to agents in South Korea amortized over the contract period 7,700 9,564 Policy holder assets under investment contracts (Note 8) 538 619 Reinsurance assets under insurance contracts (Note 8) 1,053 1,163 Other long-term assets 5,717 5,850 Total other long-term assets $ 42,001 $ 44,189 |
Summary Of Unrealized Gain (Loss) On Investments | Unrealized Unrealized holding holding Carrying Cost basis gains losses value Equity securities: Investment in MobiKwik $ 26,993 $- $- $ 26,993 Held to maturity: Investment in Cedar Cellular notes (A) - - - - Total $ 26,993 $- $- $ 26,993 ( A) The notes have been impaired as discussed in the Note 9 to the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2019. Unrealized Unrealized Carrying Cost basis holding gains holding losses value Equity securities: Investment in MobiKwik $ 26,993 $ - $ - $ 26,993 Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26,993 $ - $ - $ 26,993 |
Summary Of Contractual Maturity Of Investment | Estimated Cost fair basis value (1) Due in one year or less $ - $ - Due in one year through five years (2) - - Due in five years through ten years - - Due after ten years - - Total $ - $ - (1) The estimated fair value of the Cedar Cellular note has been calculated utilizing the Company's portion of the security provided to the Company by Cedar Cellular, namely, Cedar Cellular's investment in Cell C. (2) The cost basis is zero ($0.0 million). |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets, Net (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Summary Of Movement In Carrying Value Of Goodwill | Gross Accumulated Carrying value impairment value Balance as of June 30, 2019 $ 184,544 $ (35,157 ) $ 149,387 Foreign currency adjustment (1) (6,880 ) 293 (6,587 ) Balance as of September 30, 2019 $ 177,664 $ (34,864 ) $ 142,800 (1) – the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value. |
Goodwill Allocated To Reportable Segments | South Financial African International inclusion and transaction transaction applied Carrying processing processing technologies value Balance as of June 30, 2019 $ 19,208 $ 112,728 $ 17,451 $ 149,387 Foreign currency adjustment (1) (1,365 ) (3,981 ) (1,241 ) (6,587 ) Balance as of September 30, 2019 $ 17,843 $ 108,747 $ 16,210 $ 142,800 (1) – the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value. |
Carrying Value And Accumulated Amortization Of Intangible Assets | As of September 30, 2019 As of June 30, 2019 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships $ 93,099 $ (84,972 ) $ 8,127 $ 96,653 ($ 86,285 ) $ 10,368 Software and unpatented technology 30,840 (30,607 ) 233 32,071 (31,829 ) 242 FTS patent 2,527 (2,527 ) - 2,721 (2,721 ) - Trademarks and brands 6,502 (6,042 ) 460 6,772 (6,265 ) 507 Total finite-lived intangible assets 132,968 (124,148 ) 8,820 138,217 (127,100 ) 11,117 Indefinite-lived intangible assets: Financial institution license 741 - 741 772 - 772 Total indefinite-lived intangible assets 741 - 741 772 - 772 Total intangible assets $ 133,709 $ (124,148 ) $ 9,561 $ 138,989 ( 127,100 ) $ 11,889 |
Future Estimated Annual Amortization Expense | Fiscal 2020 $ 7,657 Fiscal 2021 2,691 Fiscal 2022 67 Fiscal 2023 66 Fiscal 2024 66 Thereafter 135 Total future estimated annual amortization expense $ 10,682 |
Reinsurance Assets And Policy_2
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Summary Of The Movement In Reinsurance Assets And Policyholder Liabilities Under Insurance Contracts | Reinsurance Insurance assets (1) contracts (2) Balance as of June 30, 2019 $ 1,163 $ (1,880 ) Increase in policyholder benefits under insurance contracts 16 (1,502 ) Claims and policyholders' benefits under insurance contracts. (44 ) 1,502 Foreign currency adjustment (3) (82 ) 133 Balance as of September 30, 2019 $ 1,053 $ (1,747 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. |
Summary Of Movement In Assets And Policyholder Liabilities Under Investment Contracts | Assets (1) Investment contracts (2) Balance as of June 30, 2019 $ 619 $ (619 ) Increase in policyholder benefits under investment contracts 6 (6 ) Claims and policyholders' benefits under investment contracts (33 ) 33 Foreign currency adjustment (3) (44 ) 44 Balance as of September 30, 2019 $ 548 $ (548 ) (1) Included in other long-term assets. (2) Included in other long-term liabilities. (3) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Borrowings [Abstract] | |
Summary Of Short-Term Credit Facilities | United South South Africa States Korea Amended Bank July 2017 Nedbank Frick Hana Total Short-term facilities as of September 30, 2019: $ 79,146 $ 29,680 $ 20,000 $ 8,341 $ 137,167 Overdraft - 3,298 20,000 8,341 31,639 Overdraft restricted as to use for ATM funding only 79,146 16,489 - - 95,635 Indirect and derivative facilities - 9,893 - - 9,893 Movement in utilized overdraft facilities: Balance as of June 30, 2019 69,566 5,880 9,544 - 84,990 Utilized 167,160 15,354 1,160 - 183,674 Repaid (169,802 ) (11,027 ) (4,000 ) - (184,829 ) Foreign currency adjustment (1) (4,327 ) (429 ) - - (4,756 ) Balance as of September 30, 2019 (2) 62,597 9,778 6,704 - 79,079 Restricted as to use for ATM funding only 62,597 6,226 - - 68,823 No restrictions as to use - 3,552 6,704 - 10,256 Movement in utilized indirect and derivative facilities: Balance as of June 30, 2019 - 6,643 - - 6,643 Guarantees cancelled - - - - - Utilized - - - - - Foreign currency adjustment (1) - (473 ) - - (473 ) Balance as of September 30, 2019 $ - $ 6,170 $ - $ - $ 6,170 (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. (2) Nedbank balance as of September 30, 2019, of $9.8 million comprises the net of total overdraft facilities withdrawn of $24.4 million offset against funds in bank accounts with Nedbank of $14.6 million. |
Summary Of Long-Term Borrowings | South Africa Amended July 2017 Total Balance as of June 30, 2019, allocated to $ - $ - Current portion of long-term borrowings - - Long-term borrowings - - Utilized 14,798 14,798 Foreign currency adjustment (1) (288 ) (288 ) Balance as of September 30, 2019 14,510 14,510 Current portion of long-term borrowings 14,510 14,510 Long-term borrowings $ - $ - |
Other Payables (Tables)
Other Payables (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Other Payables [Abstract] | |
Schedule Of Other Payables | September 30, June 30, 2019 2019 Accrual of implementation costs to be refunded to SASSA $ 32,154 $ 34,039 Accruals 11,417 10,620 Provisions 5,798 6,074 Other 7,578 10,814 Value-added tax payable 3,149 3,234 Payroll-related payables 913 1,113 Participating merchants settlement obligation 489 555 $ 61,498 $ 66,449 |
Capital Structure (Tables)
Capital Structure (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Capital Structure [Abstract] | |
Schedule Of Number Of Shares, Net Of Treasury | September 30, September 30, 2019 2018 Number of shares, net of treasury: Statement of changes in equity 56,568,425 56,833,925 Less: Non-vested equity shares that have not vested (Note 14) 583,908 860,817 Number of shares, net of treasury excluding non-vested equity shares that have not vested 55,984,517 55,973,108 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Change In Accumulated Other Comprehensive (Loss) Income Per Component | Three months ended September 30, 2019 Accumulated foreign currency translation reserve Total Balance as of July 1, 2019 (199,273 ) (199,273 ) Movement in foreign currency translation reserve related to equity-accounted investment 2,718 2,718 Movement in foreign currency translation reserve (18,085 ) (18,085 ) Balance as of September 30, 2019 $ (214,640 ) $ (214,640 ) Three months ended September 30, 2018 Accumulated foreign currency translation reserve Total Balance as of July 1, 2018 $ (184,436 ) $ (184,436 ) Movement in foreign currency translation reserve related to equity-accounted investment 5,430 5,430 Movement in foreign currency translation reserve (10,522 ) (10,522 ) Balance as of September 30, 2018 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
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 ($) (in years) ($' ) ($) Outstanding – June 30, 2019 864,579 7.81 7.05 - 2.62 Outstanding – September 30, 2019. 864,579 7.81 6.81 - 2.62 Outstanding – June 30, 2018 809,274 13.99 2.67 370 4.20 Granted – September 2018 600,000 6.20 10.00 1,212 2.02 Forfeitures (200,000 ) 24.46 7.17 Outstanding – September 30, 2018. 1,209,274 8.41 6.59 1,322 2.62 Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' ) Vested and expected to vest – September 30, 2019. 864,579 7.81 6.81 Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Number of price term value shares ($) (in years) ($' 000 ) Exercisable – September 30, 2019 523,914 8.86 2.44 - |
Range Of Assumptions Used To Value Options Granted | Three months ended September 30, 2018 Expected volatility 44 % Expected dividends 0 % Expected life (in years) 3 Risk-free rate 2.75 % |
Restricted Stock Activity | Number of Weighted shares of average grant restricted date fair value stock ($' ) Non-vested – June 30, 2019 583,908 3,410 Non-vested – September 30, 2019 583,908 3,410 Non-vested – June 30, 2018 765,411 6,162 Granted – September 2018 148,000 114 Vested – August 2018 (52,594 ) 459 Non-vested – September 30, 2018 860,817 5,785 |
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 September 30, 2019 Stock-based compensation charge $ 387 - $ 387 Total – three months ended September 30, 2019. $ 387 - $ 387 Three months ended September 30, 2018 Stock-based compensation charge $ 587 $ - $ 587 Total – three months ended September 30, 2018. $ 587 $ - $ 587 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
(Loss) Earnings Per Share [Abstract] | |
Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations | Three months ended September 30, 2019 2018 (in thousands except percent and per share data) Numerator: Net (loss) income attributable to Net1 $ (4,392 ) $ (5,199 ) Undistributed (loss) earnings (4,392 ) (5,199 ) Continuing (4,392 ) (7,145 ) Discontinued $ - $ 1,946 Percent allocated to common shareholders (Calculation 1) 99 % 99 % Numerator for (loss) earnings per share: basic and diluted $ (4,347 ) $ (5,128 ) Continuing (4,347 ) (7,047 ) Discontinued $ - $ 1,919 Denominator: Denominator for basic (loss) earnings per share: weighted-average common shares outstanding 55,985 55,951 Effect of dilutive securities: - Stock options - 50 Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion 55,985 56,001 (Loss) Earnings per share: Basic $ (0.08 ) $ (0.09 ) Continuing ($ 0.08 ) $ (0.12 ) Discontinued $ - $ 0.03 Diluted $ (0.08 ) $ (0.09 ) Continuing ($ 0.08 ) $ (0.12 ) Discontinued $ - $ 0.03 (Calculation 1) Basic weighted-average common shares outstanding (A) 55,985 55,951 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 56,568 56,723 Percent allocated to common shareholders (A) / (B) 99 % 99 % |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Disclosures | Three months ended September 30, 2019 2018 Cash received from interest $ 737 $ 2,077 Cash paid for interest $ 813 $ 3,066 Cash paid for income taxes $ 1,883 $ 1,343 |
Supplemental Cash Flow Disclosure Related To Leases | Three months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 920 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 230 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Disaggregated By Major Revenue Streams | Rest of South the Africa Korea world Total South African transaction processing Processing fees $ 15,966 $ - $ - $ 15,966 Other 1,233 - - 1,233 Sub-total 17,199 - - 17,199 International transaction processing Processing fees - 31,197 1,199 32,396 Other - 1,621 - 1,621 Sub-total - 32,818 1,199 34,017 Financial inclusion and applied technologies Telecom products and services 9,294 - - 9,294 Account holder fees 5,260 - - 5,260 Lending revenue 5,154 - - 5,154 Technology products 7,134 - - 7,134 Insurance revenue 1,386 - - 1,386 Other 1,312 - - 1,312 Sub-total 29,540 - - 29,540 $ 46,739 $ 32,818 $ 1,199 $ 80,756 Rest of South the Africa Korea world Total South African transaction processing Processing fees $ 30,229 $ - $ - $ 30,229 Welfare benefit distributions fees 3,086 - - 3,086 Other 1,148 - - 1,148 Sub-total 34,463 - - 34,463 International transaction processing Processing fees - 34,589 2,655 37,244 Other - 1,962 181 2,143 Sub-total - 36,551 2,836 39,387 Financial inclusion and applied technologies Telecom products and services 19,147 - - 19,147 Account holder fees 10,605 - - 10,605 Lending revenue 9,977 - - 9,977 Technology products 4,268 - - 4,268 Insurance revenue 2,515 - - 2,515 Other 5,522 - - 5,522 Sub-total 52,034 - - 52,034 $ 86,497 $ 36,551 $ 2,836 $ 125,884 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Supplemental Balance Sheet Disclosure Related To Right-of-use Assets And Operating Leases Liabilities | September 30, July 1, 2019 2019 Operating lease right-of-use assets $ 5,757 $ 6,739 Weighted average remaining lease term (years) 2.53 2.51 Weighted average discount rate 9.95 % 9.97 % Maturities of operating lease liabilities 2020 (for September 30, 2019, excluding three month to September 30, 2019) $ 2,643 $ 3,608 2021 2,387 2,395 2022 1,236 1,269 2023 424 454 2024 - - Thereafter - - Total undiscounted operating lease liabilities 6,690 7,726 Less imputed interest 758 842 Total operating lease liabilities, included in 5,932 6,884 Operating lease right-of-use lease liability – current 4,493 5,098 Right-of-use operating lease liability – long-term $ 1,439 $ 1,786 |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Operating Segments [Abstract] | |
Reconciliation Of Reportable Segments Revenue | Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 19,399 $ 2,200 $ 17,199 International transaction processing 34,017 - 34,017 Financial inclusion and applied technologies 30,145 605 29,540 Total for the three months ended September 30, 2019 $ 83,561 $ 2,805 $ 80,756 South African transaction processing $ 37,749 $ 3,286 $ 34,463 International transaction processing 39,387 - 39,387 Financial inclusion and applied technologies 53,206 1,172 52,034 Total for the three months ended September 30, 2018 $ 130,342 $ 4,458 $ 125,884 |
Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income | Three months ended September 30, 2019 2018 Reportable segments measure of profit or loss $ 1,906 $ 10,551 Operating income: Corporate/Eliminations (4,640 ) (9,655 ) Interest income 651 1,876 Interest expense (1,355 ) (2,759 ) (Loss) Income before income taxes $ (3,438 ) $ 13 |
Summary Of Segment Information | Three months ended September 30, 2019 2018 Revenues South African transaction processing $ 19,399 $ 37,749 International transaction processing 34,017 39,387 Financial inclusion and applied technologies 30,145 53,206 Continuing 30,145 34,419 Discontinued - 18,787 Total 83,561 130,342 Continuing 83,561 111,555 Discontinued - 18,787 Operating income (loss) South African transaction processing (3,385 ) (3,513 ) International transaction processing 3,790 2,762 Financial inclusion and applied technologies 1,501 11,302 Continuing 1,501 3,470 Discontinued - 7,832 Subtotal: Operating segments 1,906 10,551 Corporate/Eliminations (4,640 ) (9,655 ) Continuing (4,640 ) (7,005 ) Discontinued - (2,650 ) Total (2,734 ) 896 Continuing (2,734 ) (4,286 ) Discontinued - 5,182 Depreciation and amortization South African transaction processing 661 941 International transaction processing 1,896 3,059 Financial inclusion and applied technologies 384 636 Continuing 384 350 Discontinued - 286 Subtotal: Operating segments 2,941 4,636 Corporate/Eliminations 1,824 6,158 Continuing 1,824 3,508 Discontinued - 2,650 Total 4,765 10,794 Continuing 4,765 7,858 Discontinued - 2,936 Expenditures for long-lived assets South African transaction processing 1,864 1,286 International transaction processing 677 800 Financial inclusion and applied technologies 83 1,032 Continuing 83 893 Discontinued - 139 Subtotal: Operating segments 2,624 3,118 Corporate/Eliminations - - Total 2,624 3,118 Continuing 2,624 2,979 Discontinued $ - $ 139 |
Discontinued Operations - DNI (
Discontinued Operations - DNI (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations - DNI [Abstract] | |
Impact Of Deconsolidation Of DNI And Calculation Of Net Loss Recognized On Deconsolidation | DNI Three months ended September 30, 2018 Unaudited condensed consolidated statement of operations Discontinued: Revenue $ 18,787 Cost of goods sold, IT processing, servicing and support 10,211 Selling, general and administration 457 Depreciation and amortization 2,936 Operating income 5,182 Interest income 275 Interest expense 201 Net income before tax 5,256 Income tax expense 1,515 Net income before earnings from equity-accounted investments 3,741 Earnings from equity-accounted investments (1) $ (102 ) Unaudited condensed consolidated statement of cash flows Discontinued: Total net cash (used in) provided by operating activities $ (3,518 ) Total net cash (used in) provided by investing activities (139 ) (1) Earnings from equity-accounted investments for the three months ended September 30, 2018, represents earnings attributed to equity-accounted investment owned by DNI and included in the Company's results as a result of the consolidation of DNI. |
Schedule Of Revenues And Expenses After DNI Disposal Transaction | Three months ended September 30, 2019 Revenue generated from transactions with DNI $ - Expenses incurred related to transactions with DNI $ 2,274 |
Accounts Receivable, Net And _3
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net (Schedule Of Accounts Receivable, Net And Other Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 6) | $ 7,700 | $ 9,564 |
Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, trade, net | 27,106 | 25,136 |
Accounts receivable, trade, gross | 28,163 | 26,377 |
Allowance for doubtful accounts receivable, end of year | 1,057 | 1,241 |
Beginning of year | 1,241 | 1,101 |
Reversed to statement of operations | (21) | (24) |
Charged to statement of operations | (70) | 3,296 |
Utilized | (35) | (3,059) |
Deconsolidation | (38) | |
Foreign currency adjustment | (58) | (35) |
Current portion of payments to agents in South Korea amortized over the contract period | 13,546 | 15,543 |
Payments to agents in South Korea amortized over the contract period | 21,246 | 25,107 |
Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 6) | 7,700 | 9,564 |
Other receivables | 27,628 | 24,555 |
Total accounts receivable, net | 71,280 | 72,494 |
Carbon [Member] | Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan provided | 3,000 | 3,000 |
DNI [Member] | Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan provided | $ 4,260 |
Accounts Receivable, Net And _4
Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net (Schedule Of Finance Loans Receivable, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Jun. 30, 2019 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance loans receivable, net | $ 29,776 | $ 30,631 | [1] |
Utilized | (6,777) | ||
Total finance loans receivable, net | 29,776 | 30,631 | |
Microlending Finance Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance loans receivable, net | 19,521 | 20,981 | |
Receivable, gross | 22,488 | 24,180 | |
Allowance for doubtful receivable, end of year | 2,967 | 3,199 | |
Beginning of year | 3,199 | 4,239 | |
Charged to statement of operations | 593 | 28,802 | |
Utilized | (597) | (29,721) | |
Foreign currency adjustment | (228) | (121) | |
Working Capital Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance loans receivable, net | 10,255 | 9,650 | |
Receivable, gross | 16,346 | 15,742 | |
Allowance for doubtful receivable, end of year | 6,091 | 6,092 | |
Beginning of year | 6,092 | 12,164 | |
Charged to statement of operations | 10 | 712 | |
Foreign currency adjustment | $ (11) | $ (7) | |
[1] | Derived from audited financial statements |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | |
Inventory [Abstract] | |||
Finished goods | $ 6,404 | $ 7,535 | |
Finished goods subject to sale restrictions | 12,655 | ||
Inventory | $ 19,059 | $ 7,535 | [1] |
[1] | Derived from audited financial statements |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) R in Millions | 3 Months Ended | ||||||
Sep. 30, 2019USD ($)contractshares | Sep. 30, 2018USD ($) | Jun. 30, 2019USD ($)contract | Sep. 30, 2018ZAR (R) | Sep. 30, 2018USD ($) | Jun. 30, 2018ZAR (R) | Jun. 30, 2018USD ($) | |
Derivatives, Fair Value [Line Items] | |||||||
Other payables | $ 7,578,000 | $ 10,814,000 | |||||
Transfers into or out of Level 3 | $ 0 | $ 0 | |||||
Minimum [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Years of significant fluctuation of US Dollar to ZAR exchange rate | 3 years | ||||||
Foreign Exchange Contracts [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Outstanding foreign exchange contracts | contract | 0 | 0 | |||||
Cell C [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Investment amount owned | $ 0 | $ 0 | |||||
Adjusted EBITDA | R 3,900 | $ 275,800,000 | |||||
EBITDA multiple | 6.75% | 6.75% | |||||
Net external debt | R 8,800 | $ 622,300,000 | |||||
Marketability discount | 10.00% | 10.00% | |||||
Equity method investment, percentage of ownership interest | 0.00% | ||||||
DNI [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Other payables | R 379.6 | $ 26,800,000 | |||||
Long-term liabilities | R 373.6 | $ 27,200,000 | |||||
DNI [Member] | Maximum [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
DNI contingent consideration | R 400 | $ 28,300,000 | |||||
Cell C [Member] | Net1 SA [Member] | Class A [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Investment shares owned | shares | 75,000,000 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Schedule Of Key Valuation Inputs Used To Measure Fair Value Of Investment In Cell C) (Details) - Cell C [Member] $ in Millions, R in Billions | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2019ZAR (R) | Jun. 30, 2019ZAR (R) | Sep. 30, 2019USD ($) | [1] | Jun. 30, 2019USD ($) | [2] | |||
Net adjusted external debt | R 14.8 | [1] | R 13.9 | [2] | $ 982.7 | $ 987.2 | ||
Lease liabilities included in net adjusted external debt | 6 | [1] | 6.4 | [2] | ||||
Deferred tax including assessed tax losses | R 2.9 | [1] | R 2.9 | [2] | $ 19.1 | $ 20.6 | ||
Weighted Average Cost of Capital (WACC) Rate [Member] | Minimum [Member] | ||||||||
Investment fair value measurement inputs | 15.00% | 15.00% | ||||||
Weighted Average Cost of Capital (WACC) Rate [Member] | Maximum [Member] | ||||||||
Investment fair value measurement inputs | 20.00% | 20.00% | ||||||
Long Term Growth Rate [Member] | ||||||||
Investment fair value measurement inputs | 4.00% | 4.50% | ||||||
Marketability Discount [Member] | ||||||||
Investment fair value measurement inputs | 10.00% | 10.00% | ||||||
Minority Discount [Member] | ||||||||
Investment fair value measurement inputs | 15.00% | 15.00% | ||||||
[1] | translated from ZAR to U.S. dollars at exchange rates applicable as of September 30, 2019. | |||||||
[2] | translated from ZAR to U.S. dollars at exchange rates applicable as of June 30, 2019. |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Schedule Of Impact On Carrying Value Of Cell C Investment) (Details) $ in Thousands | Sep. 30, 2019USD ($) | [1] |
1.5% Increase [Member] | EBITDA Multiple [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Sensitivity for fair value of investment, increase (decrease) in valuation based on 1% change | $ 3,151 | |
1.5% Decrease [Member] | Weighted Average Cost of Capital (WACC) Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Sensitivity for fair value of investment, increase (decrease) in valuation based on 1% change | $ 4,709 | |
[1] | the carrying value of the Cell C investment is not impacted by a 1.0% increase or a 1.0%% decrease and therefore the impact of a 1.5% increase and a 1.5% decrease is presented. |
Fair Value Of Financial Instr_6
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash, cash equivalents and restricted cash (included in other long-term assets) | $ 538 | $ 619 | ||
Fixed maturity investments (included in cash and cash equivalents) | 4,322 | 5,201 | ||
Other | 399 | 413 | ||
Total assets at fair value | 5,259 | 6,233 | ||
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, cash equivalents and restricted cash (included in other long-term assets) | 538 | 619 | ||
Fixed maturity investments (included in cash and cash equivalents) | 4,322 | 5,201 | ||
Total assets at fair value | 4,860 | 5,820 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other | 399 | 413 | ||
Total assets at fair value | $ 399 | $ 413 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets at fair value | $ 167,835 | $ 172,948 | ||
Total liabilities at fair value | $ 26,839 | $ 27,222 |
Fair Value Of Financial Instr_7
Fair Value Of Financial Instruments (Carrying Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - Significant Unobservable Inputs (Level 3) [Member] - Recurring [Member] $ in Thousands | 3 Months Ended | |
Sep. 30, 2018USD ($) | ||
Assets | ||
Beginning balance, Carrying value | $ 172,948 | |
Foreign currency adjustment | (5,113) | |
Ending balance, Carrying value | 167,835 | |
Liabilities | ||
Beginning balance, Carrying value | 27,222 | |
Accretion of interest | 422 | |
Foreign currency adjustment | (805) | [1] |
Ending balance, Carrying value | $ 26,839 | |
[1] | The foreign currency adjustment represents the effects of the fluctuations of the South African rand and the U.S. dollar on the carrying value. |
Equity-Accounted Investments _3
Equity-Accounted Investments And Other Long-Term Assets (Narrative) (Details) R / shares in Units, SFr in Millions, R in Billions | Oct. 02, 2019CHF (SFr) | Oct. 02, 2019USD ($) | Aug. 02, 2019shares | Aug. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019ZAR (R)R / sharesshares | Sep. 30, 2019USD ($)shares | Jun. 30, 2019USD ($) | |
Market value of holding | $ 146,833,000 | $ 151,116,000 | [1] | |||||||
Finbond [Member] | ||||||||||
Investment shares owned | shares | 268,820,933 | 268,820,933 | ||||||||
Equity-accounted investments, ownership percentage | 29.00% | 29.00% | 29.00% | |||||||
Market value of holding | R 0.9 | $ 59,200,000 | ||||||||
Share price | R / shares | R 3.34 | |||||||||
Finbond [Member] | Capitalization Share Issue In Lieu Of A Dividend [Member] | ||||||||||
Number of additional shares acquired | shares | 1,148,901 | |||||||||
V2 [Member] | ||||||||||
Equity acquisition amount under purchase agreement | $ 1,300,000 | |||||||||
Equity-accounted investments, ownership percentage | 50.00% | 50.00% | 50.00% | |||||||
Business acquisition amount contributed | 1,300,000 | |||||||||
Working capital facility | $ 5,000,000 | |||||||||
DNI [Member] | ||||||||||
Equity-accounted investments, ownership percentage | 30.00% | 30.00% | 30.00% | |||||||
Cedar Cellular [Member] | 8.625% Notes [Member] | ||||||||||
Equity-accounted investments, ownership percentage | 7.625% | 7.625% | 7.625% | |||||||
Interest rate | 8.625% | 8.625% | 8.625% | |||||||
Cell C [Member] | ||||||||||
Equity-accounted investments, ownership percentage | 15.00% | 15.00% | 15.00% | |||||||
Bank Frick [Member] | Subsequent Event [Member] | ||||||||||
Percentage of ownership interest | 35.00% | 35.00% | ||||||||
Equity acquisition amount under purchase agreement | SFr 46.4 | $ 46,500,000 | ||||||||
Cedar Cellular [Member] | ||||||||||
Interest income recognized | $ 0 | $ 200,000 | ||||||||
[1] | Derived from audited financial statements |
Equity-Accounted Investments _4
Equity-Accounted Investments And Other Long-Term Assets (Ownership Percentage Of Equity-Accounted Investments) (Details) | Sep. 30, 2019 | Jun. 30, 2019 |
Bank Frick [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 35.00% | 35.00% |
DNI [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 30.00% | 30.00% |
Finbond [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 29.00% | 29.00% |
Carbon Tech Limited ("Carbon"), formerly OneFi Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 25.00% | 25.00% |
SmartSwitch Namibia [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 50.00% | 50.00% |
V2 [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 50.00% | 50.00% |
Walletdoc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-accounted investments, ownership percentage | 20.00% | 20.00% |
Equity-Accounted Investments _5
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Movement In Equity-Accounted Investments) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019USD ($) | ||
Investment in equity: | ||
Balance as of, beginning | $ 150,968 | |
Acquisition of shares | 1,524 | |
Stock-based compensation | 71 | |
Comprehensive income (loss): | 3,290 | |
Other comprehensive income | 2,227 | |
Equity accounted earnings (loss) | 1,063 | |
Share of net income | 1,942 | |
Amortization - acquired intangible assets | (836) | |
Deferred taxes - acquired intangible assets | 226 | |
Impairment | (269) | |
Dividends received | (1,342) | |
Foreign currency adjustment | (7,815) | [1] |
Balance as of, ending | 146,696 | |
Investment in loans: | ||
Balance as of, beginning | 148 | |
Foreign currency adjustment | (11) | [1] |
Balance as of, ending | 137 | |
DNI [Member] | ||
Investment in equity: | ||
Balance as of, beginning | 61,030 | |
Comprehensive income (loss): | 728 | |
Equity accounted earnings (loss) | 728 | |
Share of net income | 1,463 | |
Amortization - acquired intangible assets | (647) | |
Deferred taxes - acquired intangible assets | 181 | |
Impairment | (269) | |
Dividends received | (729) | |
Foreign currency adjustment | (4,357) | [1] |
Balance as of, ending | 56,672 | |
Bank Frick [Member] | ||
Investment in equity: | ||
Balance as of, beginning | 47,240 | |
Comprehensive income (loss): | (25) | |
Equity accounted earnings (loss) | (25) | |
Share of net income | 119 | |
Amortization - acquired intangible assets | (189) | |
Deferred taxes - acquired intangible assets | 45 | |
Foreign currency adjustment | (868) | [1] |
Balance as of, ending | 46,347 | |
Finbond [Member] | ||
Investment in equity: | ||
Balance as of, beginning | 35,300 | |
Acquisition of shares | 274 | |
Stock-based compensation | 71 | |
Comprehensive income (loss): | 2,718 | |
Other comprehensive income | 2,227 | |
Equity accounted earnings (loss) | 491 | |
Share of net income | 491 | |
Dividends received | (274) | |
Foreign currency adjustment | (2,519) | [1] |
Balance as of, ending | 35,570 | |
Other [Member] | ||
Investment in equity: | ||
Balance as of, beginning | 7,398 | [2] |
Acquisition of shares | 1,250 | [2] |
Comprehensive income (loss): | (131) | [2] |
Equity accounted earnings (loss) | (131) | [2] |
Share of net income | (131) | [2] |
Dividends received | (339) | [2] |
Foreign currency adjustment | (71) | [1],[2] |
Balance as of, ending | 8,107 | [2] |
Investment in loans: | ||
Balance as of, beginning | 148 | [2] |
Foreign currency adjustment | $ (11) | [1],[2] |
[1] | The foreign currency adjustment represents the effects of the fluctuations of the South African rand, Swiss franc, Nigerian naira and Namibian dollar, and the U.S. dollar on the carrying value. | |
[2] | Includes Carbon, SmartSwitch Namibia, V2 and Walletdoc; |
Equity-Accounted Investments _6
Equity-Accounted Investments And Other Long-Term Assets (Carrying Amount Of Equity-Accounted Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Equity-Accounted Investments And Other Long-Term Assets [Abstract] | ||
Equity | $ 146,696 | $ 150,968 |
Loans | 137 | 148 |
Total | $ 146,833 | $ 151,116 |
Equity-Accounted Investments _7
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Other Long-Term Asset) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | |
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Total equity investments | $ 26,993 | $ 26,993 | |
Long-term portion of payments to agents in South Korea amortized over the contract period | 7,700 | 9,564 | |
Policy holder assets under investment contracts (Note 8) | 538 | 619 | |
Reinsurance assets under insurance contracts (Note 8) | 1,053 | 1,163 | |
Other long-term assets | 5,717 | 5,850 | |
Total other long-term assets | $ 42,001 | $ 44,189 | [1] |
Cell C [Member] | |||
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Equity-accounted investments, ownership percentage | 15.00% | 15.00% | |
MobiKwik [Member] | |||
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Total equity investments | $ 26,993 | $ 26,993 | |
Equity-accounted investments, ownership percentage | 13.00% | 13.00% | |
Cedar Cellular [Member] | 8.625% Notes [Member] | |||
Schedule Of Equity And Held To Maturity Investments [Line Items] | |||
Equity-accounted investments, ownership percentage | 7.625% | 7.625% | |
Interest rate | 8.625% | 8.625% | |
[1] | Derived from audited financial statements |
Equity-Accounted Investments _8
Equity-Accounted Investments And Other Long-Term Assets (Summary Of Unrealized Gain (Loss) On Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Jun. 30, 2019 | |
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | $ 26,993 | $ 26,993 |
Carrying value | 26,993 | 26,993 |
MobiKwik [Member] | ||
Schedule Of Equity And Held To Maturity Investments [Line Items] | ||
Cost basis | 26,993 | 26,993 |
Carrying value | $ 26,993 | $ 26,993 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill And Intangible Assets, Net [Abstract] | ||
Amortization expense | $ 1.9 | $ 6 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets, Net (Summary Of Movement In Carrying Value Of Goodwill) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019USD ($) | ||
Goodwill And Intangible Assets, Net [Abstract] | ||
Gross value, Beginning Balance | $ 184,544 | |
Gross value, Foreign currency adjustment | (6,880) | [1] |
Gross value, Ending Balance | 177,664 | |
Accumulated impairment, Beginning Balance | (35,157) | |
Accumulated impairment, Foreign currency adjustment | 293 | [1] |
Accumulated impairment, Ending Balance | (34,864) | |
Carrying value, Beginning Balance | 149,387 | |
Carrying value, Foreign currency adjustment | (6,587) | [1] |
Carrying value, Ending Balance | $ 142,800 | |
[1] | the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value. |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets, Net (Goodwill Allocated To Reportable Segments) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019USD ($) | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | $ 149,387 | |
Carrying value, Foreign currency adjustment | (6,587) | [1] |
Carrying value, Ending Balance | 142,800 | |
South African Transaction Processing [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 19,208 | |
Carrying value, Foreign currency adjustment | (1,365) | [1] |
Carrying value, Ending Balance | 17,843 | |
International Transaction Processing [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 112,728 | |
Carrying value, Foreign currency adjustment | (3,981) | [1] |
Carrying value, Ending Balance | 108,747 | |
Financial Inclusion And Applied Technologies [Member] | ||
Goodwill [Line Items] | ||
Carrying value, Beginning Balance | 17,451 | |
Carrying value, Foreign currency adjustment | (1,241) | [1] |
Carrying value, Ending Balance | $ 16,210 | |
[1] | the foreign currency adjustment represents the effects of the fluctuations between the South African rand, the Euro and the Korean won, and the U.S. dollar on the carrying value. |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets, Net (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | |
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | $ 132,968 | $ 138,217 | |
Accumulated amortization | (124,148) | (127,100) | |
Total future estimated amortization expense | 8,820 | 11,117 | |
Indefinite-lived intangible assets | 741 | 772 | |
Total intangible assets, Gross carrying value | 133,709 | 138,989 | |
Total intangible assets, Net carrying value | 9,561 | 11,889 | [1] |
Financial Institution License [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 741 | 772 | |
Customer Relationships [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 93,099 | 96,653 | |
Accumulated amortization | (84,972) | (86,285) | |
Total future estimated amortization expense | 8,127 | 10,368 | |
Software And Unpatented Technology [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 30,840 | 32,071 | |
Accumulated amortization | (30,607) | (31,829) | |
Total future estimated amortization expense | 233 | 242 | |
FTS Patent [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 2,527 | 2,721 | |
Accumulated amortization | (2,527) | (2,721) | |
Trademarks And Brands [Member] | |||
Finite-Lived And Infinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross carrying value | 6,502 | 6,772 | |
Accumulated amortization | (6,042) | (6,265) | |
Total future estimated amortization expense | $ 460 | $ 507 | |
[1] | Derived from audited financial statements |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets, Net (Future Estimated Annual Amortization Expense) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Goodwill And Intangible Assets, Net [Abstract] | |
Fiscal 2020 | $ 7,657 |
Fiscal 2021 | 2,691 |
Fiscal 2022 | 67 |
Fiscal 2023 | 66 |
Fiscal 2024 | 66 |
Thereafter | 135 |
Total future estimated amortization expense | $ 10,682 |
Reinsurance Assets And Policyho
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts (Summary Of The Movement In Reinsurance Assets And Policyholder Liabilities Under Insurance Contracts) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019USD ($) | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Reinsurance assets, Beginning Balance | $ 1,163 | [1] |
Reinsurance assets, Increase in policyholder benefits under insurance contracts | 16 | [1] |
Reinsurance assets, Claims and policyholders' benefits under insurance contracts | (44) | [1] |
Reinsurance assets, Foreign currency adjustment | (82) | [1],[2] |
Reinsurance assets, Ending Balance | 1,053 | [1] |
Insurance contracts, Beginning Balance | (1,880) | [3] |
Insurance contracts, Increase in policyholder benefits under insurance contracts | (1,502) | [3] |
Insurance contracts, Claims and policyholders' benefits under insurance contracts | 1,502 | [3] |
Insurance contracts, Foreign currency adjustment | 133 | [2],[3] |
Insurance contracts, Ending Balance | $ (1,747) | [3] |
[1] | Included in other long-term assets. | |
[2] | Represents the effects of the fluctuations between the ZAR and the U.S. dollar. | |
[3] | Included in other long-term liabilities. |
Reinsurance Assets And Policy_3
Reinsurance Assets And Policyholder Liabilities Under Insurance And Investment Contracts (Summary Of Movement In Assets And Policyholder Liabilities Under Investment Contracts) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019USD ($) | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | ||
Assets, Beginning Balance | $ 619 | [1] |
Assets, Increase in policyholder benefits under investment contracts | 6 | [1] |
Assets, Claims and policyholders' benefits under investment contracts | (33) | [1] |
Assets, Foreign currency adjustment | (44) | [1],[2] |
Assets, Ending Balance | 548 | [1] |
Investment contracts, Beginning Balance | (619) | [3] |
Investment contracts, Increase in policy holder benefits under investment contracts | (6) | [3] |
Investment contracts, Claims and policyholders' benefits under investment contracts | 33 | [3] |
Investment contracts, Foreign currency adjustment | 44 | [2],[3] |
Investment contracts, Ending Balance | $ (548) | [3] |
[1] | Included in other long-term assets. | |
[2] | Represents the effects of the fluctuations between the ZAR and the U.S. dollar. | |
[3] | Included in other long-term liabilities. |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) $ in Thousands, R in Millions, â‚© in Billions | Sep. 04, 2019ZAR (R) | Jan. 01, 2019KRW (â‚©) | Sep. 26, 2018ZAR (R) | Sep. 14, 2018USD ($) | Sep. 30, 2019ZAR (R) | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Oct. 01, 2019ZAR (R) | Sep. 30, 2019USD ($) | Sep. 04, 2019USD ($) | Jun. 30, 2019ZAR (R) | Jun. 30, 2019USD ($) | Feb. 04, 2019USD ($) | Jan. 01, 2019USD ($) | Sep. 26, 2018USD ($) | |
Maximum borrowing capacity | $ 137,167 | ||||||||||||||||
South Africa [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
Interest expense incurred | $ 600 | $ 1,100 | |||||||||||||||
South Korea [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
Prepaid credit facility fees | $ 100 | ||||||||||||||||
South African Credit Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | |||||||||||||||||
Credit faility expiration period | 25 days | ||||||||||||||||
Overdraft Facility [Member] | |||||||||||||||||
Maximum borrowing capacity | 31,639 | ||||||||||||||||
Amount utilized | 79,079 | [1] | $ 84,990 | ||||||||||||||
Overdraft Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | |||||||||||||||||
Amount utilized | R 900 | 62,600 | |||||||||||||||
Overdraft Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | |||||||||||||||||
Maximum borrowing capacity | R 1,500 | 1,200 | 85,200 | $ 106,500 | |||||||||||||
Percentage repayment of overdraft facility amount utilized | 90.00% | ||||||||||||||||
Overdraft Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility F [Member] | Net1 SA [Member] | |||||||||||||||||
Maximum borrowing capacity | R 300 | $ 21,300 | |||||||||||||||
Debt instrument interest rate | 5.50% | ||||||||||||||||
Non-refundable structuring fee | 2.2 | $ 100 | |||||||||||||||
Overdraft Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | First Senior Facility F [Member] | Net1 SA [Member] | |||||||||||||||||
Maximum borrowing capacity | R | R 220 | ||||||||||||||||
Overdraft Facility [Member] | Amended July 2017 [Member] | South Africa [Member] | Second Senior Facility F [Member] | Net1 SA [Member] | |||||||||||||||||
Maximum borrowing capacity | R | R 80 | ||||||||||||||||
Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | |||||||||||||||||
Maximum borrowing capacity | 95,635 | ||||||||||||||||
Amount utilized | 68,823 | ||||||||||||||||
Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | South Africa [Member] | Facility E [Member] | Net1 SA [Member] | |||||||||||||||||
Maximum borrowing capacity | R | 1,200 | ||||||||||||||||
Overdraft Facility [Member] | JIBAR [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility F [Member] | Net1 SA [Member] | |||||||||||||||||
Debt instrument interest rate | 6.79% | ||||||||||||||||
Overdraft Facility [Member] | Prime Rate [Member] | Amended July 2017 [Member] | South Africa [Member] | Facility E [Member] | |||||||||||||||||
Debt instrument interest rate | 10.00% | ||||||||||||||||
Indirect And Derivative Facilities [Member] | |||||||||||||||||
Maximum borrowing capacity | 9,893 | ||||||||||||||||
Amount utilized | 6,170 | 6,643 | |||||||||||||||
Nedbank Limited [Member] | South Africa [Member] | |||||||||||||||||
Maximum borrowing capacity | 29,680 | ||||||||||||||||
Nedbank Limited [Member] | Maximum [Member] | South Africa [Member] | Subsequent Event [Member] | |||||||||||||||||
Amount utilized | R | R 50 | ||||||||||||||||
Nedbank Limited [Member] | General Banking Facility [Member] | South Africa [Member] | |||||||||||||||||
Amount utilized | 53.8 | 3,600 | |||||||||||||||
Nedbank Limited [Member] | South African Credit Facility [Member] | South Africa [Member] | |||||||||||||||||
Maximum borrowing capacity | 450 | 29,700 | |||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | South Africa [Member] | |||||||||||||||||
Maximum borrowing capacity | 3,298 | ||||||||||||||||
Amount utilized | 9,778 | [1] | 5,880 | ||||||||||||||
Primary amount, available immediately | 300 | 19,800 | |||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | South Africa [Member] | |||||||||||||||||
Maximum borrowing capacity | 16,489 | ||||||||||||||||
Amount utilized | 94.4 | 6,226 | |||||||||||||||
Primary amount, available immediately | 250 | 16,500 | |||||||||||||||
Nedbank Limited [Member] | Overdraft Facility [Member] | General Banking Facility [Member] | South Africa [Member] | |||||||||||||||||
Primary amount, available immediately | 50 | 3,300 | |||||||||||||||
Nedbank Limited [Member] | Indirect And Derivative Facilities [Member] | South Africa [Member] | |||||||||||||||||
Maximum borrowing capacity | 9,893 | ||||||||||||||||
Amount utilized | 6,170 | 6,643 | |||||||||||||||
Nedbank Limited [Member] | Indirect And Derivative Facilities [Member] | Nedbank Short-Term Credit Facility [Member] | South Africa [Member] | |||||||||||||||||
Amount utilized | 93.6 | 6,200 | R 93.6 | 6,600 | |||||||||||||
Primary amount, available immediately | R 150 | 9,900 | |||||||||||||||
Bank Frick [Member] | United States [Member] | |||||||||||||||||
Maximum borrowing capacity | 20,000 | ||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | United States [Member] | |||||||||||||||||
Maximum borrowing capacity | 20,000 | $ 20,000 | |||||||||||||||
Amount utilized | 6,704 | [1] | 9,544 | ||||||||||||||
Termination written notice | 42 days | ||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | Renewed [Member] | United States [Member] | |||||||||||||||||
Maximum borrowing capacity | $ 10,000 | ||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | United States [Member] | |||||||||||||||||
Maximum borrowing capacity | |||||||||||||||||
Amount utilized | |||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | LIBOR [Member] | Renewed [Member] | United States [Member] | |||||||||||||||||
Debt instrument interest rate | 2.09% | ||||||||||||||||
Bank Frick [Member] | Overdraft Facility [Member] | 3-month US dollar LIBOR Rate [Member] | Renewed [Member] | United States [Member] | |||||||||||||||||
Debt instrument variable interest rate | 4.50% | ||||||||||||||||
Bank Frick [Member] | Indirect And Derivative Facilities [Member] | United States [Member] | |||||||||||||||||
Maximum borrowing capacity | |||||||||||||||||
Amount utilized | |||||||||||||||||
Hana Bank [Member] | South Korea [Member] | |||||||||||||||||
Maximum borrowing capacity | 8,341 | ||||||||||||||||
Hana Bank [Member] | Overdraft Facility [Member] | South Korea [Member] | |||||||||||||||||
Maximum borrowing capacity | â‚© 10 | $ 8,341 | $ 8,600 | ||||||||||||||
Credit faility expiration period | 1 year | ||||||||||||||||
Hana Bank [Member] | Overdraft Facility [Member] | 3-month CD Rate [Member] | South Korea [Member] | |||||||||||||||||
Debt instrument interest rate | 1.98% | ||||||||||||||||
Hana Bank [Member] | Overdraft Facility [Member] | CD Rates [Member] | South Korea [Member] | |||||||||||||||||
Debt instrument interest rate | 1.55% | ||||||||||||||||
[1] | Nedbank balance as of September 30, 2019, of $9.8 million comprises the net of total overdraft facilities withdrawn of $24.4 million offset against funds in bank accounts with Nedbank of $14.6 million. |
Borrowings (Summary Of Short-Te
Borrowings (Summary Of Short-Term Credit Facilities) (Details) $ in Thousands, R in Millions, â‚© in Billions | 3 Months Ended | |||||||
Sep. 30, 2019ZAR (R) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Feb. 04, 2019USD ($) | Jan. 01, 2019KRW (â‚©) | Jan. 01, 2019USD ($) | Sep. 14, 2018USD ($) | ||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | $ 137,167 | |||||||
Utilized | 183,674 | $ 84,655 | ||||||
Overdraft Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 31,639 | |||||||
Balance as of June 30, 2019 | 84,990 | |||||||
Utilized | 183,674 | |||||||
Repaid | (184,829) | |||||||
Foreign currency adjustment | [1] | (4,756) | ||||||
Balance as of September 30, 2019 | [2] | 79,079 | ||||||
Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 95,635 | |||||||
Balance as of September 30, 2019 | 68,823 | |||||||
Overdraft Facility [Member] | No Restrictions As To Use [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of September 30, 2019 | 10,256 | |||||||
Indirect And Derivative Facilities [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 9,893 | |||||||
Balance as of June 30, 2019 | 6,643 | |||||||
Foreign currency adjustment | [1] | (473) | ||||||
Balance as of September 30, 2019 | 6,170 | |||||||
South Africa [Member] | Amended July 2017 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 79,146 | |||||||
South Africa [Member] | Amended July 2017 [Member] | Overdraft Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | ||||||||
Balance as of June 30, 2019 | 69,566 | |||||||
Utilized | 167,160 | |||||||
Repaid | (169,802) | |||||||
Foreign currency adjustment | [1] | (4,327) | ||||||
Balance as of September 30, 2019 | [2] | 62,597 | ||||||
South Africa [Member] | Amended July 2017 [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 79,146 | |||||||
Balance as of September 30, 2019 | 62,597 | |||||||
South Africa [Member] | Amended July 2017 [Member] | Overdraft Facility [Member] | No Restrictions As To Use [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of September 30, 2019 | ||||||||
South Africa [Member] | Amended July 2017 [Member] | Indirect And Derivative Facilities [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | ||||||||
Balance as of June 30, 2019 | ||||||||
Guarantees cancelled | ||||||||
Utilized | ||||||||
Foreign currency adjustment | [1] | |||||||
Balance as of September 30, 2019 | ||||||||
South Africa [Member] | Nedbank Limited [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 29,680 | |||||||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 3,298 | |||||||
Balance as of June 30, 2019 | 5,880 | |||||||
Utilized | 15,354 | |||||||
Repaid | (11,027) | |||||||
Foreign currency adjustment | [1] | (429) | ||||||
Balance as of September 30, 2019 | [2] | 9,778 | ||||||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 16,489 | |||||||
Balance as of September 30, 2019 | R 94.4 | 6,226 | ||||||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | No Restrictions As To Use [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of September 30, 2019 | 3,552 | |||||||
South Africa [Member] | Nedbank Limited [Member] | Overdraft Facility [Member] | Nedbank Short-Term Credit Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Total overdraft facilities withdrawn | 24,400 | |||||||
South Africa [Member] | Nedbank Limited [Member] | Indirect And Derivative Facilities [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 9,893 | |||||||
Balance as of June 30, 2019 | 6,643 | |||||||
Guarantees cancelled | ||||||||
Utilized | ||||||||
Foreign currency adjustment | [1] | (473) | ||||||
Balance as of September 30, 2019 | 6,170 | |||||||
South Africa [Member] | Nedbank Limited [Member] | Indirect And Derivative Facilities [Member] | Nedbank Short-Term Credit Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of June 30, 2019 | 93.6 | 6,600 | ||||||
Balance as of September 30, 2019 | R 93.6 | 6,200 | ||||||
United States [Member] | Bank Frick [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 20,000 | |||||||
United States [Member] | Bank Frick [Member] | Overdraft Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 20,000 | $ 20,000 | ||||||
Balance as of June 30, 2019 | 9,544 | |||||||
Utilized | 1,160 | |||||||
Repaid | (4,000) | |||||||
Foreign currency adjustment | [1] | |||||||
Balance as of September 30, 2019 | [2] | 6,704 | ||||||
United States [Member] | Bank Frick [Member] | Overdraft Facility [Member] | Overdraft Restricted As To Use For ATM Funding Only [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | ||||||||
Balance as of September 30, 2019 | ||||||||
United States [Member] | Bank Frick [Member] | Overdraft Facility [Member] | No Restrictions As To Use [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Balance as of September 30, 2019 | 6,704 | |||||||
United States [Member] | Bank Frick [Member] | Indirect And Derivative Facilities [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | ||||||||
Balance as of June 30, 2019 | ||||||||
Guarantees cancelled | ||||||||
Utilized | ||||||||
Foreign currency adjustment | [1] | |||||||
Balance as of September 30, 2019 | ||||||||
United States [Member] | Bank Frick [Member] | Renewed [Member] | Overdraft Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | $ 10,000 | |||||||
South Korea [Member] | Hana Bank [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | 8,341 | |||||||
South Korea [Member] | Hana Bank [Member] | Overdraft Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term facility available | $ 8,341 | â‚© 10 | $ 8,600 | |||||
[1] | Represents the effects of the fluctuations between the ZAR and the U.S. dollar. | |||||||
[2] | Nedbank balance as of September 30, 2019, of $9.8 million comprises the net of total overdraft facilities withdrawn of $24.4 million offset against funds in bank accounts with Nedbank of $14.6 million. |
Borrowings (Summary Of Long-Ter
Borrowings (Summary Of Long-Term Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | |
Debt Instrument [Line Items] | |||
Current portion of long-term borrowings | $ 14,510 | ||
Utilized | 14,798 | $ 7,801 | |
Foreign currency adjustment | (288) | ||
Ending Balance | 14,510 | ||
Amended July 2017 [Member] | South Africa [Member] | |||
Debt Instrument [Line Items] | |||
Current portion of long-term borrowings | 14,510 | ||
Long-term borrowings | |||
Beginning Balance | |||
Utilized | 14,798 | ||
Foreign currency adjustment | (288) | ||
Ending Balance | $ 14,510 |
Other Payables (Narrative) (Det
Other Payables (Narrative) (Details) $ in Thousands, R in Millions | Sep. 30, 2019ZAR (R) | Sep. 30, 2019USD ($) | Jun. 30, 2019ZAR (R) | Jun. 30, 2019USD ($) |
Other Payables [Abstract] | ||||
Total amount recorded as payable to SASSA related to implementation costs to be refunded | R 487.5 | $ 32,154 | R 479.4 | $ 34,039 |
Revenue refund portion of the total amount payable to SASSA | 277.6 | 18,300 | 277.6 | 19,700 |
Accrued interest included in total amount payable to SASSA | 169.8 | 11,200 | 161 | 11,400 |
Unclaimed indirect taxes | 39.4 | 2,600 | 39.4 | 2,800 |
Estimated cost payable amount included in the total amount payable to SASSA | R 1.4 | $ 100 | R 1.4 | $ 100 |
Other Payables (Schedule Of Oth
Other Payables (Schedule Of Other Payables) (Details) $ in Thousands, R in Millions | Sep. 30, 2019ZAR (R) | Sep. 30, 2019USD ($) | Jun. 30, 2019ZAR (R) | Jun. 30, 2019USD ($) | |
Other Payables [Abstract] | |||||
Accrual of implementation costs to be refunded to SASSA | R 487.5 | $ 32,154 | R 479.4 | $ 34,039 | |
Accruals | 11,417 | 10,620 | |||
Provisions | 5,798 | 6,074 | |||
Other | 7,578 | 10,814 | |||
Value-added tax payable | 3,149 | 3,234 | |||
Payroll-related payables | 913 | 1,113 | |||
Participating merchants settlement obligation | 489 | 555 | |||
Other payables, total | $ 61,498 | $ 66,449 | [1] | ||
[1] | Derived from audited financial statements |
Capital Structure (Schedule Of
Capital Structure (Schedule Of Number Of Shares, Net Of Treasury) (Details) - shares | Sep. 30, 2019 | Sep. 30, 2018 |
Capital Structure [Abstract] | ||
Number of shares, net of treasury: Statement of changes in equity | 56,568,425 | 56,833,925 |
Less: Non-vested equity shares that have not vested (Note 14) | 583,908 | 860,817 |
Number of shares, net of treasury excluding non-vested equity shares that have not vested | 55,984,517 | 55,973,108 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Loss [Abstract] | ||
Reclassification from accumulated other comprehensive (loss) income | $ 0 | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Change In Accumulated Other Comprehensive (Loss) Income Per Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (199,273) | [1] | $ (184,436) |
Movement in foreign currency translation reserve related to equity accounted investment | 2,718 | 5,430 | |
Movement in foreign currency translation reserve | (18,085) | (10,522) | |
Ending Balance | (214,640) | (189,528) | |
Accumulated Foreign Currency Translation Reserve [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (199,273) | (184,436) | |
Movement in foreign currency translation reserve related to equity accounted investment | 2,718 | 5,430 | |
Movement in foreign currency translation reserve | (18,085) | (10,522) | |
Ending Balance | $ (214,640) | $ (189,528) | |
[1] | Derived from audited financial statements |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | Oct. 14, 2019 | Sep. 07, 2018 | Aug. 23, 2017 | Sep. 30, 2018 | Aug. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of stock options awarded | 600,000 | |||||||
Deferred tax asset related to stock-based compensation | $ 300,000 | $ 200,000 | ||||||
Executive Officers [Member] | August 2017 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance target, per share | $ 23 | |||||||
Percentage of increase target price | 35.00% | |||||||
Closing price, per share | $ 9.38 | |||||||
Employees [Member] | Subsequent Event [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of stock options awarded | 561,000 | |||||||
Strike price | $ 3.07 | |||||||
Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of stock options awarded | 0 | |||||||
Expected volatility calculation term | 750 days | |||||||
Exercisable stock options | 170,335 | 0 | ||||||
Options exercise price range, lower limit | $ 6.20 | |||||||
Options exercise price range, upper limit | $ 11.23 | |||||||
Expected volatility | 44.00% | |||||||
Expected life (in years) | 3 years | |||||||
Risk-free rate | 2.75% | |||||||
Unrecognized compensation cost | $ 700,000 | |||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | |||||||
Stock Options [Member] | Executive Officers [Member] | August 2008 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Strike price | $ 24.46 | |||||||
Stock Options [Member] | Executive Officers And Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of stock options awarded | 600,000 | |||||||
Stock Options [Member] | Executive Officers And Employees [Member] | August 2008 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of stock options awarded | 200,000 | |||||||
Stock Options [Member] | Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares forfeited | 0 | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of stock options awarded | 148,000 | |||||||
Vested number of shares of restricted stock | 52,594 | |||||||
Unrecognized compensation cost | $ 1,100,000 | |||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | |||||||
Restricted Stock [Member] | September 2018 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expected volatility calculation term | 30 days | |||||||
Expected volatility | 37.40% | |||||||
Expected life (in years) | 3 years | |||||||
Future dividends | $ 0 | |||||||
Restricted Stock [Member] | September 2018 [Member] | Below $15 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 0.00% | |||||||
Restricted Stock [Member] | September 2018 [Member] | At or above $15 and below $19 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 33.00% | |||||||
Restricted Stock [Member] | September 2018 [Member] | At or above $19 and below $23 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 66.00% | |||||||
Restricted Stock [Member] | September 2018 [Member] | At or above $23 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 100.00% | |||||||
Restricted Stock [Member] | August 2017 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Strike price | $ 0 | |||||||
Expected volatility calculation term | 30 days | |||||||
Expected volatility | 44.00% | |||||||
Expected life (in years) | 3 years | |||||||
Future dividends | $ 0 | |||||||
Restricted Stock [Member] | August 2017 [Member] | Below $15 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 0.00% | |||||||
Restricted Stock [Member] | August 2017 [Member] | At or above $15 and below $19 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 33.00% | |||||||
Restricted Stock [Member] | August 2017 [Member] | At or above $19 and below $23 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 66.00% | |||||||
Restricted Stock [Member] | August 2017 [Member] | At or above $23 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 100.00% | |||||||
Restricted Stock [Member] | Executive Officers [Member] | September 2018 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of stock options awarded | 148,000 | |||||||
Performance target, per share | $ 23 | |||||||
Percentage of increase target price | 55.00% | |||||||
Closing price, per share | $ 6.20 | |||||||
Restricted Stock [Member] | Executive Officers [Member] | August 2017 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based compensation number of stock awarded | 210,000 | |||||||
Restricted Stock [Member] | Non-Employee Directors [Member] | September 2018 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vested number of shares of restricted stock | 52,594 | |||||||
Minimum [Member] | Restricted Stock [Member] | September 2018 [Member] | At or above $15 and below $19 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance target, per share | $ 15 | |||||||
Minimum [Member] | Restricted Stock [Member] | September 2018 [Member] | At or above $19 and below $23 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance target, per share | 19 | |||||||
Minimum [Member] | Restricted Stock [Member] | September 2018 [Member] | At or above $23 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance target, per share | $ 23 | |||||||
Minimum [Member] | Restricted Stock [Member] | August 2017 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Risk-free rate | 1.275% | |||||||
Minimum [Member] | Restricted Stock [Member] | August 2017 [Member] | At or above $15 and below $19 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance target, per share | $ 15 | |||||||
Minimum [Member] | Restricted Stock [Member] | August 2017 [Member] | At or above $19 and below $23 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance target, per share | 19 | |||||||
Minimum [Member] | Restricted Stock [Member] | August 2017 [Member] | At or above $23 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance target, per share | 23 | |||||||
Maximum [Member] | Restricted Stock [Member] | September 2018 [Member] | Below $15 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance target, per share | 15 | |||||||
Maximum [Member] | Restricted Stock [Member] | September 2018 [Member] | At or above $15 and below $19 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance target, per share | 19 | |||||||
Maximum [Member] | Restricted Stock [Member] | September 2018 [Member] | At or above $19 and below $23 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance target, per share | $ 23 | |||||||
Maximum [Member] | Restricted Stock [Member] | August 2017 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Risk-free rate | 1.657% | |||||||
Maximum [Member] | Restricted Stock [Member] | August 2017 [Member] | Below $15 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance target, per share | $ 15 | |||||||
Maximum [Member] | Restricted Stock [Member] | August 2017 [Member] | At or above $15 and below $19 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance target, per share | 19 | |||||||
Maximum [Member] | Restricted Stock [Member] | August 2017 [Member] | At or above $19 and below $23 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance target, per share | $ 23 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summarized Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock-Based Compensation [Abstract] | ||||
Outstanding, Number of shares, Beginning Balance | 864,579 | 809,274 | 809,274 | |
Granted, Number of shares | 600,000 | |||
Forfeitures, Number of shares | (200,000) | |||
Outstanding, Number of shares, Ending Balance | 864,579 | 1,209,274 | 864,579 | 809,274 |
Exercisable, Number of Shares | 523,914 | |||
Vested and expected to vest, Number of shares | 864,579 | |||
Outstanding, Weighted average exercise price, Beginning Balance | $ 7.81 | $ 13.99 | $ 13.99 | |
Granted, Weighted average exercise price | 6.20 | |||
Forfeitures, Weighted average exercise price | 24.46 | |||
Outstanding, Weighted average exercise price, Ending Balance | 7.81 | $ 8.41 | $ 7.81 | $ 13.99 |
Exercisable, Weighted average exercise price | 8.86 | |||
Vested and expected to vest, Weighted average exercise price | $ 7.81 | |||
Outstanding, Weighted average remaining contractual term (in years) | 6 years 9 months 22 days | 6 years 7 months 2 days | 7 years 18 days | 2 years 8 months 1 day |
Granted, Weighted average remaining contractual term (in years) | 10 years | |||
Exercisable, Weighted average remaining contractual term (in years) | 2 years 5 months 9 days | |||
Vested and expected to vest, Weighted average remaining contractual term (in years) | 6 years 9 months 22 days | |||
Outstanding, Aggregate intrinsic value, Beginning Balance | $ 370 | $ 370 | ||
Granted, Aggregate intrinsic value | 1,212 | |||
Outstanding, Aggregate intrinsic value, Ending Balance | $ 1,322 | $ 370 | ||
Outstanding, Weighted average grant date fair value, Beginning Balance | $ 2.62 | $ 4.20 | $ 4.20 | |
Granted, Weighted average grant date fair value | 2.02 | |||
Forfeitures, Weighted average grant date fair value | 7.17 | |||
Outstanding, Weighted average grant date fair value, Ending Balance | $ 2.62 | $ 2.62 | $ 2.62 | $ 4.20 |
Stock-Based Compensation (Range
Stock-Based Compensation (Range Of Assumptions Used To Value Options Granted) (Details) - Stock Options [Member] | 3 Months Ended |
Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 44.00% |
Expected dividends | 0.00% |
Expected life (in years) | 3 years |
Risk-free rate | 2.75% |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Number of Shares of Restricted Stock | 600,000 | |
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 583,908 | 860,817 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 583,908 | 765,411 |
Granted, Number of Shares of Restricted Stock | 148,000 | |
Vested, Number of Shares of Restricted Stock | (52,594) | |
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 583,908 | 860,817 |
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 3,410 | $ 6,162 |
Granted, Weighted Average Grant Date Fair Value | 114 | |
Vested, Weighted Average Grant Date Fair Value | 459 | |
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 3,410 | $ 5,785 |
Stock-Based Compensation (Recor
Stock-Based Compensation (Recorded Net Stock Compensation Charge) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation charge | $ 387 | $ 587 |
Total | 387 | 587 |
Allocated To Selling, General And Administration [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation charge | 387 | 587 |
Total | $ 387 | $ 587 |
(Loss) Earnings Per Share (Narr
(Loss) Earnings Per Share (Narrative) (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Redemptions of common stock or adjustments to redeemable common stock | $ 0 | $ 0 |
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 | 864,579 | |
Options exercise price range, lower limit | $ 6.20 | |
Options exercise price range, upper limit | $ 11.23 |
(Loss) Earnings Per Share (Inco
(Loss) Earnings Per Share (Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | |||
Net (loss) income attributable to Net1 | $ (4,392) | $ (5,199) | [1] | |
Undistributed (loss) earnings | $ (4,392) | $ (5,199) | ||
Percent allocated to common shareholders (Calculation 1) | 99.00% | 99.00% | ||
Numerator for (loss) earnings per share: basic and diluted | $ (4,347) | $ (5,128) | ||
Continuing | $ (4,347) | (7,047) | ||
Discontinued | $ 1,919 | |||
Denominator for basic (loss) earnings per share: weighted-average common shares outstanding | 55,985 | 55,951 | ||
Effect of dilutive securities: Stock options | 50 | |||
Denominator for diluted (loss) earnings per share: adjusted weighted average common shares outstanding and assumed conversion | 55,985 | 56,001 | ||
(Loss) Earnings per share: Basic | $ (0.08) | $ (0.09) | [1] | |
Continuing | (0.08) | (0.12) | [1] | |
Discontinued | [1] | 0.03 | ||
(Loss) Earnings per share: Diluted | (0.08) | (0.09) | [1] | |
Continuing | $ (0.08) | (0.12) | [1] | |
Discontinued | [1] | $ 0.03 | ||
Basic weighted-average common shares outstanding (A) | 55,985 | 55,951 | ||
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) | 56,568 | 56,723 | ||
Continuing [Member] | ||||
Undistributed (loss) earnings | $ (4,392) | $ (7,145) | ||
Discontinued [Member] | ||||
Undistributed (loss) earnings | $ 1,946 | |||
[1] | Refer to Note 21 for discontinued operations disclosures. |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash received from interest | $ 737 | $ 2,077 |
Cash paid for interest | 813 | 3,066 |
Cash paid for income taxes | $ 1,883 | $ 1,343 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Supplemental Cash Flow Disclosure Related To Leases) (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Supplemental Cash Flow Information [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases | $ 920 |
Right-of-use assets obtained in exchange for lease obligations: Operating leases | $ 230 |
Revenue Recognition (Revenue Di
Revenue Recognition (Revenue Disaggregated By Major Revenue Streams) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 80,756 | $ 125,884 | [1] |
South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 17,199 | 34,463 | |
International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 34,017 | 39,387 | |
Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 29,540 | 52,034 | |
Processing Fees [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 15,966 | 30,229 | |
Processing Fees [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 32,396 | 37,244 | |
Welfare Benefit Distribution Fees [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 3,086 | ||
Telecom Products And Services [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 9,294 | 19,147 | |
Account Holder Fees [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,260 | 10,605 | |
Lending Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,154 | 9,977 | |
Technology Products [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 7,134 | 4,268 | |
Insurance Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,386 | 2,515 | |
Other [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,233 | 1,148 | |
Other [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,621 | 2,143 | |
Other [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,312 | 5,522 | |
South Africa [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 46,739 | 86,497 | |
South Africa [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 17,199 | 34,463 | |
South Africa [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 29,540 | 52,034 | |
South Africa [Member] | Processing Fees [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 15,966 | 30,229 | |
South Africa [Member] | Welfare Benefit Distribution Fees [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 3,086 | ||
South Africa [Member] | Telecom Products And Services [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 9,294 | 19,147 | |
South Africa [Member] | Account Holder Fees [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,260 | 10,605 | |
South Africa [Member] | Lending Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,154 | 9,977 | |
South Africa [Member] | Technology Products [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 7,134 | 4,268 | |
South Africa [Member] | Insurance Revenue [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,386 | 2,515 | |
South Africa [Member] | Other [Member] | South African Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,233 | 1,148 | |
South Africa [Member] | Other [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,312 | 5,522 | |
South Korea [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 32,818 | 36,551 | |
South Korea [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 32,818 | 36,551 | |
South Korea [Member] | Processing Fees [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 31,197 | 34,589 | |
South Korea [Member] | Other [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,621 | 1,962 | |
Rest Of World [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,199 | 2,836 | |
Rest Of World [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,199 | 2,836 | |
Rest Of World [Member] | Processing Fees [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,199 | 2,655 | |
Rest Of World [Member] | Other [Member] | International Transaction Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 181 | ||
[1] | Refer to Note 21 for discontinued operations disclosures. |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2019 | Jul. 01, 2019 | |
Operating leases have a remaining lease term | 2 years 6 months 11 days | 2 years 6 months 4 days |
Operating lease expense | $ 0.9 | |
Minimum [Member] | ||
Operating leases have a remaining lease term | 1 year | |
Maximum [Member] | ||
Operating leases have a remaining lease term | 4 years | |
Financial Services Business [Member] | Maximum [Member] | ||
Operating lease term | 1 year |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Disclosure Related To Right-of-use Assets And Operating Leases Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jul. 01, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Operating lease right-of-use assets | $ 5,757 | $ 6,739 |
Weighted average remaining lease term (years) | 2 years 6 months 11 days | 2 years 6 months 4 days |
Weighted average discount rate | 9.95% | 9.97% |
2020 (for September 30, 2019, excluding three month to September 30, 2019) | $ 2,643 | $ 3,608 |
2021 | 2,387 | 2,395 |
2022 | 1,236 | 1,269 |
2023 | 424 | 454 |
Total undiscounted operating lease liabilities | 6,690 | 7,726 |
Less imputed interest | 758 | 842 |
Total operating lease liabilities, included in | 5,932 | 6,884 |
Operating lease right-of-use lease liability - current | 4,493 | 5,098 |
Right-of-use operating lease liability - long-term | $ 1,439 | $ 1,786 |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of Reportable Segments Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ 80,756 | $ 125,884 | [1] |
South African Transaction Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 17,199 | 34,463 | |
International Transaction Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 34,017 | 39,387 | |
Financial Inclusion And Applied Technologies [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 29,540 | 52,034 | |
Reportable Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 83,561 | 130,342 | |
Reportable Segment [Member] | South African Transaction Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 19,399 | 37,749 | |
Reportable Segment [Member] | International Transaction Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 34,017 | 39,387 | |
Reportable Segment [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 30,145 | 53,206 | |
Inter-Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | (2,805) | (4,458) | |
Inter-Segment [Member] | South African Transaction Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | (2,200) | (3,286) | |
Inter-Segment [Member] | Financial Inclusion And Applied Technologies [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ (605) | $ (1,172) | |
[1] | Refer to Note 21 for discontinued operations disclosures. |
Operating Segments (Reconcili_2
Operating Segments (Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating (loss) income | $ (2,734) | $ 896 | [1] |
Interest income | 651 | 1,876 | [1] |
Interest expense | (1,355) | (2,759) | [1] |
(Loss) Income before income taxes | (3,438) | 13 | [1] |
Reportable Segment [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating (loss) income | 1,906 | 10,551 | |
Corporate/Eliminations [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating (loss) income | $ (4,640) | $ (9,655) | |
[1] | Refer to Note 21 for discontinued operations disclosures. |
Operating Segments (Summary Of
Operating Segments (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Segment Reporting Information [Line Items] | |||
Revenues | $ 80,756 | $ 125,884 | [1] |
Operating (loss) income | (2,734) | 896 | [1] |
Depreciation and amortization | 4,765 | 10,794 | [1] |
Expenditures for long-lived assets | 2,624 | 3,118 | |
Continuing [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | (2,734) | (4,286) | |
Depreciation and amortization | 4,765 | 7,858 | |
Expenditures for long-lived assets | 2,624 | 2,979 | |
Discontinued [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | 5,182 | ||
Depreciation and amortization | 2,936 | ||
Expenditures for long-lived assets | 139 | ||
Reportable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 83,561 | 130,342 | |
Operating (loss) income | 1,906 | 10,551 | |
Depreciation and amortization | 2,941 | 4,636 | |
Expenditures for long-lived assets | 2,624 | 3,118 | |
Reportable Segment [Member] | Continuing [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 83,561 | 111,555 | |
Reportable Segment [Member] | Discontinued [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 18,787 | ||
Corporate/Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | (4,640) | (9,655) | |
Depreciation and amortization | (1,824) | (6,158) | |
Expenditures for long-lived assets | |||
Corporate/Eliminations [Member] | Continuing [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | (4,640) | (7,005) | |
Depreciation and amortization | (1,824) | (3,508) | |
Corporate/Eliminations [Member] | Discontinued [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | (2,650) | ||
Depreciation and amortization | (2,650) | ||
South African Transaction Processing [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 17,199 | 34,463 | |
South African Transaction Processing [Member] | Reportable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 19,399 | 37,749 | |
Operating (loss) income | (3,385) | (3,513) | |
Depreciation and amortization | 661 | 941 | |
Expenditures for long-lived assets | 1,864 | 1,286 | |
International Transaction Processing [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 34,017 | 39,387 | |
International Transaction Processing [Member] | Reportable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 34,017 | 39,387 | |
Operating (loss) income | 3,790 | 2,762 | |
Depreciation and amortization | 1,896 | 3,059 | |
Expenditures for long-lived assets | 677 | 800 | |
Financial Inclusion And Applied Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 29,540 | 52,034 | |
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 30,145 | 53,206 | |
Operating (loss) income | 1,501 | 11,302 | |
Depreciation and amortization | 384 | 636 | |
Expenditures for long-lived assets | 83 | 1,032 | |
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | Continuing [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 30,145 | 34,419 | |
Operating (loss) income | 1,501 | 3,470 | |
Depreciation and amortization | 384 | 350 | |
Expenditures for long-lived assets | $ 83 | 893 | |
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | Discontinued [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 18,787 | ||
Operating (loss) income | 7,832 | ||
Depreciation and amortization | 286 | ||
Expenditures for long-lived assets | $ 139 | ||
[1] | Refer to Note 21 for discontinued operations disclosures. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) R in Millions, $ in Millions | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2018ZAR (R) | Sep. 30, 2018USD ($) |
Valuation Allowance [Line Items] | ||||
Accrued interest related to uncertain tax positions | $ 0.1 | |||
Unrecognized tax benefit | $ 1 | $ 0.8 | ||
CPS [Member] | ||||
Valuation Allowance [Line Items] | ||||
Valuation allowance related to net operating losses | R 223.4 | $ 15.1 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) R in Millions, $ in Millions | Sep. 30, 2019ZAR (R) | Sep. 30, 2019USD ($) |
Guarantor Obligations [Line Items] | ||
Maximum payment amount under guarantee | R 93.6 | $ 6.2 |
Payment Guarantee [Member] | Minimum [Member] | ||
Guarantor Obligations [Line Items] | ||
Commission Charge rate | 0.40% | 0.40% |
Payment Guarantee [Member] | Maximum [Member] | ||
Guarantor Obligations [Line Items] | ||
Commission Charge rate | 1.94% | 1.94% |
Nedbank [Member] | Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee amount | R 93.6 | $ 6.2 |
Nedbank [Member] | Unsecured Counter Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee amount | R 93.6 | $ 6.2 |
Discontinued Operations - DNI_2
Discontinued Operations - DNI (Narrative) (Details) | 3 Months Ended |
Sep. 30, 2019 | |
DNI [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Percentage of ownership interest prior to disposal | 30.00% |
Discontinued Operations - DNI_3
Discontinued Operations - DNI (Impact Of Deconsolidation Of DNI On Statement Of Operations And Statement Of Cash Flows) (Details) - DNI [Member] $ in Thousands | 3 Months Ended | |
Sep. 30, 2018USD ($) | ||
Revenue | $ 18,787 | |
Cost of goods sold, IT processing, servicing and support | 10,211 | |
Selling, general and administration | 457 | |
Depreciation and amortization | 2,936 | |
Operating income | 5,182 | |
Interest income | 275 | |
Interest expense | 201 | |
Net income before tax | 5,256 | |
Income tax expense | 1,515 | |
Net income before earnings from equity-accounted investments | 3,741 | [1] |
Earnings from equity-accounted investments | (102) | [1] |
Total net cash (used in) provided by operating activities | (3,518) | |
Total net cash (used in) provided by investing activities | $ (139) | |
[1] | Earnings from equity-accounted investments for the three months ended September 30, 2018, represents earnings attributed to equity-accounted investment owned by DNI and included in the Company's results as a result of the consolidation of DNI. |
Discontinued Operations - DNI_4
Discontinued Operations - DNI (Schedule Of Revenues And Expenses After DNI Disposal Transaction) (Details) - DNI [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue generated from transactions with DNI | $ 18,787 | |
Expenses incurred related to transactions with DNI | $ 2,274 |