Lesaka (LSAK)

Dara Dierks IR
Chris Meyer Group CEO
Lincoln Mali South African CEO
Alex Smith CFO
Raj Sharma B. Riley
Call transcript
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Good day, ladies and gentlemen, and welcome to the Net 1 Q2 2022 Earnings Call. All participants will be in listen-only mode. There will be an opportunity to ask questions later during the conference. [Operator Instructions] I would now like to hand the conference over to Dara Dierks. Please go ahead.

Dara Dierks

Operator. you, Thank second our earnings call. Welcome quarter to XXXX Group me Alex Mali; Lincoln are Smith, Meyer, today Chris CEO; South and With CFO. African CEO; and

on at Our Investor release and investor are press supplementary Relations ir.netX.com. available website presentation our

As cautionary forward-looking We you African and will and results making analyze our will with statements of and in non-GAAP. contained statements. during in our a of at which we press regarding I to rand business. forward-looking trends the our understanding our uncertainties the South operations this risks reminder look in we rand, be call, to our discuss language ask Form Also XX-Q investors in the of underlying is results release associated assist

be between Chris currency the provide by Lincoln And go quarter. through can the As with an the significantly the affected the Alex South then will on African dollar rand. African you update of fluctuations know second will South the start an will results update and call the company’s strategy, U.S. finally, of the on turnaround operations. results

have a we’ll over I With Chris. session. turn the that Following call would like to that, to Q&A

Chris Meyer

the see for Delivery on for to thank transformation long-term these into NetX ahead. we of call stay like Thank African morning, good good business joining afternoon successful repositioning on becoming full of each on capturing four quarter growth today. focus the to are second a platform. leading will the FinTech to you management to focused enable service opportunity all pillars that and the team for and us critical On today’s Dara, I’d our earnings you call, pillars key South

strategic our services into June an to in possible and the thereafter. the imperative soon breakeven business profitability transformation and consumer our by returning have we I will discuss update made consumer the as service on towards as Firstly, financial financial provide early progress XXXX, business, in then

in I’d the on the and level opportunity, you high entity on a the relationships merged platform. will our provide acquisition we to our in update the making to highlight Africa key recap thirdly, strengthen Group work are through of South I’ll stakeholders. transforming are Secondly, like And into we lastly, with And take doing Connect a provide. progress will the I organization important world-class

revenue will are have average I’m deliver progress and these. So, all more manifesting which encouraged three each a is on, services key benefits. the optimization at of measuring. few the of the detail performance to points. increasing of some focused the by are customer, financial of the our in a accounts, we consumer levers turnaround per seeing cost I’d indicators we are like of growth active to in But we Each make which level, started Lincoln performance business, in give high you on

in active trained Firstly, took account to more active becoming to approach active EPE force newly X.X our sales increased winning We customers. a customers numbers with just new the million under communities. proactive

into very is EPE as see launched empowering the that positive sales also example, portal. to are can to transforming our force that account grant this to an online move for And the account. want same online based takes an grant to banking time, and direction. at assisted online SASSA their And recipients register who paper in their process a for the a right new we step recipients new minutes. for portal with a a register recently through Existing grants being a the help grants, tool As registration an are we communities as and right result, process weeks and go take the EPE

investing our the of This the they Secondly, with launch new $X.XX penetration are an a in ARPU. and a have share on better we focus to our deliver already for. products our into and market which our bigger our of our target important has efforts products, winning gap are into understanding looking ARPU. of slightly performed ARPU into the the book of customers’ ahead customers focus of highlighted growth type book. positive have two area existing in is for signups. a We already Cross-selling XX% loan wallets, delivered

review This accreditations we trained existing low our in base. insurance actively business at in actions cost strong book And base, which Progress the the on cross-sell can employees showing and taken the be during numbers. seen direct services the on improvement of profitability into EBITDA, We last now Spring. control returning and is on a all cost cost lever the the in which operating However, needle an with control, can quarter opportunity overall a our NetX in near-term. the the penetration fully of presents lever we to our launched to to a remains reported pursuant follow, the our QX most loss around XX% with business. financial Project our in optimization clearly touching QX, the XX%. And in our products in in moves leverage

is of over the capacity African the cost Spring just some represent or cost $XX.X cost base and the a reductions to in our consumer as of more consumer distribution provide financial update benefits to freeing an annualized include have well we the Alex call, in the on XXX on the Lincoln On excess will operations communicated further Spring and as of annual Project the and would will bottomline. reductions the the deliver financial up realized Project XX% million a color South targeted restructuring of rationalization provide targeted services cost services investments the basis, million in business. through will Now later to-date, for on network. of savings turnaround cost detailed business rand

XXXX. by we business Given our targets levers, consumer towards continue to our June progress breakeven on these financial work the for services reaching

those discuss the acquisition. Group briefly to the might is for Our NetX the rationale regarding who for it topic new second help acquisition. to And Connect are

As our the South for million formal The becoming transform leading and competitively NetX’s we Connect business, combined MSMEs, leap Group to Group Africa. back offers able which underserved is XXX,XXX main platform we With last in a Connect year, informal opportunity. to in X.X forward transformational positioning the the believe, large acquisition, MSMEs this growing the entity merchant journey acquisition FinTech announced products base. be to November the represents address to a four will we in its customer the and

value prepaid a Kazang. services added First, branded platform

competition fourthly, and solutions platform provide Connect digitized to on the And capital turn performing South Connect. deliver BXB usual concluded approval agreements strategy approvals, transaction footprint will as part respective and a next and been and whole, form In with people. platform. growth we been is Pay. further in-line cash And requires topic, which my to digitized the enabling building set The and the Botswana. moving a segment building branded merchant the financing management a about with combination Second, a forward Connect importantly, closed, other third, provider a transaction our of on world-class highly Namibia, of payment to a believe Africa, the is growth for results, Kazang acquiring transaction group Connect and Card now Group closing solution We platform have to branded branded planned Capital combined firstly provided Cash we subject information aspirations. reminder, competition closing with conditions. in And the precedents, of has merchants is authorities the condition and Connect. But supply like Group our broadening the expectations. I’d to will third lodged us to customary our is subject a Group feel as the The is our entity. obtain world-class on to transaction regulatory Connect merchants talented process

vision where environment say vision an of with thirdly, looks place pleased need can on and on is And CTO. X, understands to and where entrepreneur tech of XX our who clear begin proven Basie our And role winning to three over their strategy And delivering is brings that will people NetX. Basie on in new I our strategy. Kok, goal focused group knows all new and now Secondly, years leadership March Kola, largely a who a what to We XXXX, talented his NetX this at everyone CFO, aligned, is Naeem financial I’m welcome to a of experience highly these. deliver like. want outperform. on they team role and technology

consumer distribution, will to his of risk new a We be NetX head to Accounting in this take be Capital, Officer. And Alex and and Simphiwe am week, Denzel shortly that sales on I Karabo I head of also he how time next our financial new have also of wanted will Landie and services, dedication our head as express thrilled and commitment compliance our Group for to staying Human place. thank Mothibi, Pakathi.

these enhancements, our who With and growth an executing strategic plans built advancing initiatives. exceptional our will stay laser have focused we team on

Our fourth relationships. is last and stakeholder pillar improving

We SASSA at through a engagements regular both national, relationship continue constructive local and to our build with provincial level.

social QX our of we providing have made a to services. grant in joint with together mentioned number submission of specific Grindrod SASSA results, I As banks one become a to payments

We outcome the this also of waiting on government from for the announcement tender.

efforts as positioning for evidences national growing Furthermore, of us on supplier by to government is the future now participation to joint Grindrod. this officially our in with financial bid of Moneyline NetX building South However, digitize with importance relationship assets. trust community the to grand And the database system in course, relationship registered safeguard key strength is rather level of treasury our Africa. their them paramount payment choose insurance, customer. at building A us is in they ensure stakeholder a

branded As some lives in-line tanks a we purpose the we people’s part our communities blankets, of with in freshwater sponsored improving of wheelchairs, initiatives, in which of and operate. number CSI core of our large

strategy visibility broaden Taken NetX’s are opportunities. of to together, an these our growth increase our part partnerships important and

a over before I turn also so, segment just Lincoln, to call the highlight like would change our I to the in business. way we And

previous the move business manage and the We to segmenting and segmentation technology away way operate, on we the financial the decided to have analyze processing services of business. from based

services business-to-business group to Lincoln? division. This and the additional made in segment And I’ll later Group merchant other to the segment, We fiscal decision our our segment words reflected consumer consumer included in all now close the the Alex and business-to-consumer. in will corporates, is with reports operating The the customers, colleague in consumer The financial And provided have our business remarks. words, and other i.e., Lincoln services to to Mali. provided QX segment my into services therefore goods change that, be will following merchant provide over Connect segment all in will hand the operating financial his group business merchant. of acquisition. will color

Lincoln Mali

everyone. Thank the time so afternoon, good Chris. and you, you much Thank afforded us. Good morning you have for

in a cost unpacking increase business thereafter. profitability gaining June we’re mentioned, focusing are optimization. soon we behind some active time of first Chris target that quarter. to our details fundamentally three to returning business I’d per I’ll on like XXXX As do some the in on. given growth two. and I in as accounts, have ARPU be way revenue looking explain Chris to user, focus the as actually to accounts this for. understanding ARPUs we’re possible results and the already what consumer what the we’ve levers drive and Growth by and customers doing average seen also to will the we’ve use the increase we of mentioned of pay had In on to active better order rethink focus

relationship sure with Our to with choose better able with one, business team have do right serve we we right trust sales and that empowered be and choice the need trust us, to by a Two, to them. build deeper need us they that customers our are make tools to them. customers to the ensure of

our distribution Thirdly, needs for type to wallet, have ultimately the service of their higher are and the of products bigger looking to in customers better understand footprint ARPUs. they right and a communities. share lastly, drive their And

customers program understanding training well the as at fiscal their we well a force our products, customer a meant massive as deeper them sales our quarter, relationship, intent needs. to as better to second sales So gain with up-skill how teaching NetX undertook nationally our of to improve on acumen. all This connect of as better to beginning a

to newly up by consultant, trained force have by insurance performing, XXXX. on requires that exercise. representatives we fiscal we by We so can how the sales XXX product improve by the number This of XXXX, its our to To so see sales of started sales quarter in two our actual trained training own far. from accredited better performance. force two that about followed accreditation sales successfully measurement province XXX brands, the increased were own understand in The is fiscal quarter metrics XX% an has

our at culture, refocus starting We’re can journey, the to sales teams. still an early from stage emerge we our of but see

newly efforts to and interacted trust. new customers products. our took of Our -- better communities needs, with relationships with Simphiwe on sales the deeper gap and the focus financial of bode into the a services sales two This head building communities relationships place our in for identify their and understand trained their stay allowed streets in consumer their of us force our in sales Spearheaded to their market by and teams our customers. Pakathi, distribution, to new

lower new product, In for level two. the low the XXXX, type. around and competitively market. One. was quarter insurance by a the The also This enrollments This accompanied cover account EPE value is XX,XXX account This in currently product. rand, to product cost On has in brand expectations XXXX, with to increase contractual membership during entry very the previously insurable November called pilot. and rebranded first of is new of product up rebranding launch a with successful [Indiscernible] we been Light, premium above five Smart priced, rebranded fee now was performing standalone growth the a also November pay increase an XX,XXX re-launched we

order inception, showing of that launched issued around great of right to current to in month. XX% and on loan appropriate branches The also our continue maximum optimum product we own loans we which In of this quarter since mile. that in our for ensure our areas, to last better also is month rand two. period X,XXX to are were communities, the we footprint issued product, revising Lastly, loan ensure is amount with we XXX traction one also and with their brand one service in number customers the catchment a have that productivity

relocated higher of are this the regional closer were process to with hours and better identified a ensure foot strategically each ATMs A where During ATM of XX partners, we securing our through being deliver customers underperforming to framework quarter, are, already prime to developed that number closed the operating visibility, was branches higher placed assess traffic. these to with location they to branches in of access underperforming and relocated. are strategic volumes to longer together sites. Working have ATMs retail from

the example, ATMs December. XX For hypotheses in an an installation of we XX target and ATM into Express group, found that robbery. a launched, became increased located our for ATMs ATMs that recently We commenced in into branches

in available There with the X.X efforts withdrawals three active put account as will trends over X,XXX to and opening, utilization. now remove the work XX% stream with color The December has million new branches As is partnership mentioned on EPE do XX a grew end of of quarter Light $X.XX. of contributed to gross and EPE loans the we’ve that quarter. decision after for from saw activation or to nationally are two Chris we’ve A direct results under growing dedicated community. activation average these relocate taken insurance ARPU ATMs retail XX% into of previous in-line months place holders on account them customers EPE we deposits At activation result, accelerating just and On our and the Express are rates basis, in to all activations which to account deposits. XXXX, account from in withdrawals focusing of outlets initiatives account reached, months to renewed a to active customers various improving retailers been with of starting quarter. emphasis retailers a has growth. to second target the XXX,XXX enrollments and enrollments points. deliver accounts cross-selling A All over earlier. till slightly contributed our our With products last ahead to their already new driving are improve now allow on

to Now products. our coming other

new with capital very quarter up performance of an put pay-off issued reapply The and around outstanding quarter-on-quarter, XXX,XXX existing new a penetration, The a good loans book to million. were with XXX with with on in measures a of of X%. clients at loan balance of XXX remains loss book of capital new to for loans the value our XX% ratio evidenced loan where trend reduce loans repeat churn place borrowing book around results the of with a basis. the showing loan regular loans delivering value a million, Our XX% ending notable

over noted vetting they It’s afford credit emphasize must to have important loan still XXX,XXX that undergo healthy. customers book loans borrowers the these new borrowers. loan to undergo repeat remains current ensure repeat that do We the that can and are on our and process book

and opportunity are in-line earlier, regulated Credit strongly must our X,XXX that $XXX our insurance is training place to mentioned National through We is why rand by have be and This a the Chris about loan because is us competitively heart an book how that loans our full Act straightforward lending customers execute want to underserved longer at and our advantage, low account easy of that of base. provides This the believe got averaging work National amount being of period the has been consumer we six ongoing awareness, lending in and target Credit our the understand, society. all our much repaid XX%. offer comes And it also easy because of is of us. or maximum to by borrowed, below we is had space levels sections possible the and period products every where way competitive processes We in most financial transparent, is. extensive month, with the at of the with engagements about repayment case, positive. the they is priced the in with In very much this that the offering are as take understand, model ensure employee maximum to we’ve how we’re overwhelmingly feedback inclusion those from disclosure strategy cross-selling When how to months. regulator. active our are XX% on made penetration We this the by

we two, quarter over During did new X,XXX policies. write

Finally, optimization. lever Spring, last Project of the cost on

busy conclude labor CCMA, invited Mediation our process, to a on are of Commission body, The deliver this estimated XXXX. million employees, excess been with is lead in cost seen rand the for rand project quarter, the million a accounts, second shutdown to they create costs payment insurance an with $X.X delivered are on minimize services the arbitration Arbitration process loans is to XXX we’ve or fixed annualized initiatives. taxable which Project and this and by basis. progress Unfortunately, The March challenging announced January, to on as our $XX.X products. we We in process much Section savings South business in we a We consumer tried in recently underpinned Conciliation financial to having reduction financial XXX our as pleased million sells that has started Spring services business as that direct execution on XX.X embarked or we our on early speak. a business the combined in mobile African unit true and impact will and cost

during We times savings These remaining the seen million our difficult on about XXX are quarters. realized we or two million $X.X over realize rand are to XX.X employees targeting these have million for quarter already that and visible leaders adversely and this morale support customers keep affected. they have ensure deserve. serving and engaging and the whilst employees them But response, is in our more certainly to we giving more we’re as counseling their been cost

hardware the into business or This due global terminal new BXB. impacted shortage. the Moving supply our merchant the to chip by delayed in was negatively NUETS business sales

strong, order. payment for remains devices demand continued customers key with product support the However, from for

merchant quarters our with and the over ordered, it drive worked have delivered We expect I next a business. devices two rebound which suppliers be in will the outstanding to

on acquisition will broader In all to group, excited matching services across I’d progressing our turnaround to about integrate with well. what value recap I Connect like this as added the very business have for and model We’re that about combined a the the overall our platforms. track with of business potential we’re initiatives Group mean spoken opening the the door closing, consumer

merchant side, moving transformative is expectation. Group the with the On being ahead the requirements process finalized in-line of in Connect regulatory acquisition with

is you my of during as this XXXX. reaching Our goal towards hand to breakeven empathy tough give now choices colleague times, make June financial compassion financial responsibility this lead our in services picture over to we consumer and these with Alex during difficult time to quarter. by for Alex? I the

Alex Smith

everybody. good and day, Lincoln, you, Thank

metrics let’s Now details our the to turn the of for quarter. financial

each they our referring highlighted our acquisition we Chris of segment. the new wanted out our to customers comprise release the press in and results at are group Group financial label and section as with the segments split quarter. nature to are the The Consumer second our fiscal merchant of it looking serve XX-Q -- When talking show we second as of more will financial segmental segment. in as to Firstly, will I while units business what payments. operating comprise change merchant services point to decided beginning the into been now merchant will disclosure earlier, earnings quarter Connect order the we’ve details business units two of operations. the We’ve consumer to in form the part in the the the manage in our business, disclosed

update financial the the to on quarter. for Moving

broadly basis, was offset a chain business, quarter X% rand delays a same merchant currency also the prior second weaker constant which terms. XX.X Our the result levels On our to decrease the our U.S. the in million, shortage. during dollar financial against slightly performance On services year-over-year. performance due total for the reported was chip a partially X% by to in XXXX supply similar primarily a as U.S. year-over-year year. characterized continued was period quarter was dollar by quarter fiscal The a down on global which was compared of turnaround the in revenue basis, the consumer was normalized delivery business, total of in revenue for the

on year-on-year So segments. processing let’s in the bit with quarterly was revenue main which dollar a I’ll the unpack our focusing business, was merchant this from increase the performance commission X% start payment performance which up Revenue business terms. value little detail was of bill up driver by more the year-on-year EasyPay volumes fees sales. in with down number of prepaid our the low underpinned in strong and on XX% an airtime X% year-on-year, in electricity and earned

due was However, from decrease performance in shortage sales of which to devices. revenue the by products XX% offset impacted this technology terminal chip global a

delays expect the in to third received. a and We rebound have but fourth revenue, led committed orders, to which have in once we the stock delay delivery quarters is

with the revenue underpinned quarters. because and X%. through in translated loans of down XXX loans up the into year-on-year, On a strong loan a value million, on a year capital to Despite to performance at increase from by the new in profitability these focused moderately the December flow compared fees. new book majority the business rand business the were the This $XX.X issued following was to is This XX% consumer to insurance during was of December issued XX, and revenue XXXX higher rand account holder our expected a of slightly loans revenue ago, return side, million consumer X% of year efforts million by XXX in year. the the quarter lending in

pay options. of fiscal statement point respect million In quarter This to making the effective our loss rate execution infrastructure. income for XX% loss $X.X acquisition, for basis entered $X.X into savings and boosted rand current anticipation million a currency Connect Both optimization an required through. loss is million. of stronger EBITDA was the our Group currency year to adjustment in our of we’ve IPG On largely XX.X quarter a year-on-year fair in business the of closing have fix an unrealized and rand which coming by from loss of accounting XXXX. Spring were to improved QX in obligations. period the one, transaction, cost or Of segment, the to The the charge of value a a mobile end, million million hedged of the consumer meet hedge currency XX. starting GAAP, profitability our main versus cost dollar cash, front, resulting the has been amount this of improvement Included a this loss and $XXX allocated by profitability adjusted of a reported constant linked as drivers disclosure XX closure we estimated each our prior see marked-to-market Project we’re of of the the million to on benefits related the the these quarter be $XXX million XX% must for initiatives at $X.X in the loss of the improved XXXX. $XX.X in initiatives of And XX% non-cash EBITDA to hedges to

June have has balance this Finbond first of at investments, results on our various our investment no quarter, we our reports any fourth and Mobikwik this In We to hold continue sheet during respect Finbond in our hold investment face to are million. currently positive conditions, optimistic progress our being the Turning at impact in to launch planned with in-line but on the valuation of quarters. in XXXX. in making market unfavorable $X.X calendar postponed their They They are the able achieved during B&PO fundraise. of business. expanding million XXXX IPO their $XX our

Label the about hold to the the our renewal in noted are Selsey of achieving value. and We continue investment recapitalization We of prospects their no in of by telecoms respect at this. cautionary Blue optimistic

to XXXX inventory At X% end The hold cash unrestricted growth had the our We of by the of denominated around million unrestricted decrease our in Bank end million, book due reserves XXXX. down balances. to about and the per December to in total share, receivable US were was represents in balances cash million within C the XX% $X.XX. the continue $XXX.X partially operations and June financial balances loans XX, of $XXX.X $XXX.X of we utilization in offset from at our cash XXXX. XXXX, value our primarily net current cash fiscal sale airtime the our year dollar asset total. Frick $X.X of $XX.X the Cell from million And of receipt fund December of $X.XX of to of million out that related

million into in call quarter the to Our our Q&A we’d operational the like With burn of our respect amounted portion included for book. you. you working around Thank of investment the Operator, for capital of that $XX.X cash to to million, being over back turn $X.X which principally call. lending


first Instructions] you. Raj of from ahead. Thank is B. go Please [Operator Sharma Our Riley. question

Raj Sharma

morning. a good question. I Hello, had

just just churn X.X that could also Light you talk figure accounts? the And number EPE in the touch the million. Can gave numbers kind you’re EPE in the about in If you accounts, of churn the Has substantial upon of there quarter? X.X the the including under million. been you if last

Chris Meyer

cover your question. I’ll all and Hi of make it. Raj. Thank just try you for sure I

of still active terms million does Light customers. firstly, million, relatively under accounts X.X in active the include It’s accounts. So X.X EPE the just small

that contribution relatively number. in low. numbers included we have is the So But still

are is In churn book. like cause this and understanding that, really terms closer the we on it. getting it what say, working still customer to trying of understand experience really activity I and as think and churn, behavior, is, There root I to customer say We I’d we’re and in learning. still

be two what So we for we’re of quarters, so able learning, of strategy you now, us we clearer trends. like But you and are of feel you about yet can look will early that. you really some will, with confidence behind like. have sort we got giving it give it’s a if new that Thank we a quite sense I sense and of we’ve start of ready understand and days, trends, sense really you. think that when to we this hope and believe don’t

Raj Sharma

what recovery was the didn’t would have sales next you a the that the shortages. is on been impact merchant chip two on have then delays I of sure. Thank could And group next quarters? would the you on much And the my How equipment? group to mean, you. the Yes, the understand reiterate you in sales see question because trying if the merchant I’m sales. what is

Chris Meyer

The POS impact the devices Look, we Raj. since what are, that the impact. been to number the that’s that they that quantify the exactly quite were sales devices, POS bit these selling, Hi are on it’s lumpy. quarter-on-quarter, nature difficult of because is always a primarily

we order committed in is had Obviously, think that committed and a book thing away. -- hasn’t expecting publicity we’re have the we meeting book come have a have we’ve had have of one suppliers we gone that But seen, that through obligations I the from around in the I customers. been to terms order chip and of plenty orders around we we’ve that QX shortage commitments our there’s strong confidence that from think the QX. our

making and around contract meet certainly expectations were next that sure quarters. of our over in regular we orders fulfill we couple those so the And

Raj Sharma

Got the it. are acquisition, I still that timeline? about end approvals And left? are a ask of QX? by talk you. the what close the Connect if And expecting could then Group you remaining could you Are Thank

Chris Meyer

is is Thanks, along expected. I we We that was and timeframes previously communicated Raj. as feel the our Yes, largely unchanged. saying timeline the moving earlier transaction in

should late we yes, our sort sort so is And guidance where of that of close. feel the around March transaction

timeframes the surprise. or closing we in Now, at concern commission of and midst along competition and in requirements that no cause have had with approval, key are the it’s this the to commission process moving the that anticipated, point, for is again we we and competition

main the The the I competition and timeframes approval expected. end commission are receive as place for us to we’re requirement is all the moving get in done think March. to by and of So hoping that

Raj Sharma

Got it. you. Thank

account for us quarters? your couple the into would into quarters? it of one be those next what the SASSA account, account expect accounts, account, ongoing gross new question But are we I the recalibrating on new in to of materials two know growth you Lincoln adds a could the going next give the Just great new sense sales as should all force. last And extensively acquiring about the efforts that hear for efforts was that talk

Chris Meyer

tremendously that’s business early oriented my the We feel days. feel organization. to it’s the in Raj, sales, quarters sales to as saying, data We’ve we go got driven were about of upon. going we excited shift really two on mind, into

We have our base. understanding tremendous focus really on getting said, out improving we our processes, training our staff as the and into customer communities

or early estimations it’s a progress with call too to steady delighted the trend growth. But we’ve this it state at even and we’re make made. just give a predictions on point around we try feel account let’s or So

be be, us. would appeal with patient my So

We ahead. are working steam full

everything the as them as share and you. as those into this turnaround we’ll Thank business have getting you. of wanting and emerge, trends to said possible giving We’re out with be as to breakeven we quickly

Raj Sharma

Great, you my questions so Thank again. I’ll offline. thank much. you take


It seems I for questions have lines. [Operator we to to Dara like comments. the Instructions] back on no further hand closing would

Chris Meyer

reduced sharing to committed And in really South it’s and the remain levers wanted business acquisition, like FinTech I’d just consumers the if to And emphasizing a underserved just, and Dara, forward on then towards around I increased and and by we of for this excited conclude transformation African we remain services financial journey three our building we customer on of those our may, leading look future Chris, to ARPU deliver merchants. about more goal the to platform to progress through turning I calls. cost. ultimately that

interest on business. the very you you. us for thank our in so and the everybody thank and you And to Operator call much, joining for Thank


you you. Thank today. for Ladies us. joining gentlemen this that and for conference Thank concludes

lines. your disconnect now may You