Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS; JSE: NT1) today
released results for the second fiscal quarter ended December 31,
2021.
Highlights:
- Continued momentum in Easy Pay
Everywhere (“EPE”), ending the quarter with just under 1.1
million EPE accounts as of December 31, 2021;
- At December 31, 2021, unrestricted
cash of $182.4 million;
- Revenue of $31.1 million, a
decrease of 4% from Q2 2021;
- 38% recovery in operating loss to
$(9.4) million in Q2 2022, reflecting the direct cost reductions in
our Consumer business;
- GAAP EPS of $(0.22) and Fundamental
EPS of $(0.13); and
- 42% improvement in adjusted EBITDA
loss to $(7.1) million, underpinned by the turnaround in our
Consumer business.
“I am pleased with the progress we made in Q2,
towards our strategic goal of returning our consumer financial
services business to breakeven and then profitability as soon as
possible. During the quarter we continued to grow active accounts,
improved average revenue per customer and delivered on our cost
savings initiatives. We have seen this positive momentum translate
into a marked improvement in the operational performance of our
consumer business compared to Q1.” said Chris Meyer, Group CEO of
Net1. “We are looking forward to finalizing the Connect Group
acquisition in Q3, which will transform our Merchant business, once
all the regulatory approvals are in place. We also made key
enhancements to our management team, positioning us with the right
leadership to successfully execute our long-term growth strategy
and advance our key initiatives. However, we know there is still a
lot more work to be done as we continue our journey of building the
leading South African FinTech platform for underserved consumers
and merchants.”
Summary Financial Metrics
Three months ended
|
|
Three months ended |
|
|
|
|
|
|
|
|
|
|
Dec 31, 2021 |
|
Dec 31, 2020 |
|
Sep 30, 2021 |
|
Q2 ’22 vs Q2 ’21 |
|
Q2 ’22 vs Q1 ’22 |
|
Q2 ’22 vs Q2 ’21 |
|
Q2 ’22 vs Q1 ’22 |
(All figures in
USD ‘000s except per share data) |
USD ‘000’s (except per share
data) |
|
% change in USD |
|
% change in ZAR |
Revenue |
31,114 |
|
|
32,305 |
|
|
34,504 |
|
|
(4 |
%) |
|
(10 |
%) |
|
(4 |
%) |
|
(5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
loss |
(9,427 |
) |
|
(15,205 |
) |
|
(11,225 |
) |
|
(38 |
%) |
|
(16 |
%) |
|
(38 |
%) |
|
(12 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(loss)(1) |
(7,059 |
) |
|
(12,132 |
) |
|
(10,087 |
) |
|
(42 |
%) |
|
(30 |
%) |
|
(42 |
%) |
|
(26 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP (loss)
earnings per share ($) |
(0.22 |
) |
|
(0.08 |
) |
|
(0.23 |
) |
|
171 |
% |
|
(5 |
%) |
|
170 |
% |
|
(0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fundamental loss
per share ($)(1) |
(0.13 |
) |
|
(0.23 |
) |
|
(0.22 |
) |
|
(43 |
%) |
|
(41 |
%) |
|
(44 |
%) |
|
(38 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully-diluted
shares outstanding (‘000’s) |
57,204 |
|
|
56,641 |
|
|
56,809 |
|
|
1 |
% |
|
1 |
% |
|
nm |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average period
USD/ ZAR exchange rate |
15.38 |
|
|
15.47 |
|
|
14.61 |
|
|
(1 |
%) |
|
5 |
% |
|
nm |
|
|
nm |
|
Six months ended
|
|
Six months ended December 31, |
|
F2022 vs F2021 |
|
F2022 vs F2021 |
|
|
2021 |
|
|
2020 |
|
|
|
(All figures in
USD ‘000s except per share data) |
USD ‘000’s (except per share
data) |
% change in USD |
|
% change in ZAR |
Revenue |
65,618 |
|
|
67,441 |
|
|
(3 |
%) |
|
(9 |
%) |
|
|
|
|
|
|
|
|
|
GAAP operating
loss |
(20,652 |
) |
|
(25,980 |
) |
|
(21 |
%) |
|
(25 |
%) |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(loss)(1) |
(17,146 |
) |
|
(21,876 |
) |
|
(22 |
%) |
|
(26 |
%) |
|
|
|
|
|
|
|
|
|
GAAP loss per
share ($) |
(0.45 |
) |
|
(0.59 |
) |
|
(24 |
%) |
|
(29 |
%) |
|
|
|
|
|
|
|
|
|
Fundamental loss
per share ($)(1) |
(0.35 |
) |
|
(0.45 |
) |
|
(22 |
%) |
|
(27 |
%) |
|
|
|
|
|
|
|
|
|
Fully-diluted
shares outstanding (‘000’s) |
57,093 |
|
|
56,880 |
|
|
0 |
% |
|
nm |
|
|
|
|
|
|
|
|
|
|
Average period
USD/ ZAR exchange rate |
15.47 |
|
|
16.47 |
|
|
(6 |
%) |
|
nm |
|
(1) Adjusted EBITDA (loss), fundamental loss and
fundamental loss per share are non-GAAP measures and are described
below under “Use of Non-GAAP Measures—EBITDA and Adjusted EBITDA,
and —Fundamental net (loss) income and fundamental (loss) earnings
per share.” See Attachment B for a reconciliation of GAAP operating
loss to EBITDA (loss) and Adjusted EBITDA (loss), and GAAP net loss
to fundamental net loss and loss per share.
Factors impacting comparability of our
Q2 2022 and Q2 2021 results
- Lower revenue: Our
revenues decreased 4% in ZAR primarily due to lower hardware sales
as a result of the global chip shortage and fewer prepaid airtime
sales. The benefit of the increase in active accounts was offset by
lower ATM transactions as the number of active ATMs decreased as we
go through a relocation process;
- Lower operating
losses: Operating losses decreased, delivering an
improvement of 38% in ZAR compared with the prior period primarily
due to the closure of IPG and the implementation of various cost
reduction initiatives in our Consumer business;
- Significant transaction
costs: We expensed $1.5 million of transaction costs
related to the Connect Group acquisition; and
- Foreign exchange
movements: The U.S. dollar was 1% stronger against the ZAR
during Q2 2022, which impacted our reported results.
Results of Operations by Segment and
Liquidity
During November 2021, our chief operating
decision maker (“CODM”) changed our operating and internal
reporting structures following the establishment of a new
management team and our decision to focus primarily on the South
African market. Our CODM has decided to analyze our operating
performance primarily based on operational lines which group
financial services provided to customers (consumers) into the
Consumer operating segment and goods and services provided to
corporate and other juristic entities into the Merchant operating
segment.
Consumer
Segment revenue was $16.6 million in Q2 2022, up
2% compared with Q2 2021, and up 2% compared with Q1 2022 on a
constant currency basis. Segment revenue increased primarily due to
higher insurance revenue and moderately higher account holder fees,
which was partially offset by moderately lower lending revenue and
lower ATM transaction volumes. Segment EBITDA loss has decreased
primarily due to the implementation of various cost reduction
initiatives, which was partially offset by an increase in
insurance-related claims experience and an increase in our
allowance for doubtful finance loans receivable recorded during the
second quarter of fiscal 2022 following strong loan originations in
December 2021. Our EBITDA loss margin (calculated as EBITDA loss
divided by revenue) for Q2 2022 and 2021 was (27.4%) and (32.1%),
respectively.
Merchant
Segment revenue was $14.1 million in Q2 2022,
down 8% compared with Q2 2021 and down 13% compared to Q1 2022 on a
constant currency basis. Segment revenue decreased due to fewer
hardware sales as a result of the global chip shortage and fewer
prepaid airtime sales, which was partially offset by higher
processing fees. The decrease in segment EBITDA is primarily due to
the lower revenue. The decrease in segment EBITDA is primarily due
to fewer sales. Our EBITDA margin for Q2 2022 and 2021 was 5.6% and
8.1%, respectively.
Other
Other includes the activities of IPG in fiscal
2021 and our other business outside South Africa.
Segment revenue decreased due to lower revenue
following the closure of IPG in fiscal 2021. We recorded an EBITDA
contribution during Q2 2022 following the closure of our
loss-making activities performed through IPG. Our EBITDA (loss)
margin for the Other segment was 31.1% and (494.2%) during Q2 2022
and 2021, respectively.
Corporate/Eliminations
Our corporate expenses generally include
acquisition-related intangible asset amortization; expenses
incurred related to corporate actions; expenditure related to
compliance with the Sarbanes-Oxley Act of 2002; non-employee
directors’ fees; certain employee and executive bonuses;
stock-based compensation; legal fees; audit fees; directors and
officer’s insurance premiums; elimination entries and from fiscal
2022 our group CEO’s compensation.
Our corporate expenses for fiscal 2022 decreased
compared with fiscal 2021 due to the inclusion of an allowance on
doubtful loans receivable from equity-accounted investments of $0.7
million created during the second quarter of fiscal 2021. Our
corporate expenses for fiscal 2022 includes transaction related
expenses of $1.5 million (ZAR 22.9 million) related to the Connect
Group acquisition. We expect to incur additional expenses related
to the Connect Group transaction in the third quarter of fiscal
2022.
Cash flow and liquidity
At December 31, 2021, our cash and cash
equivalents were $182.4 million and comprised of U.S.
dollar-denominated balances of $159.4 million, ZAR-denominated
balances of ZAR 0.3 billion ($21.0 million), and other currency
deposits, primarily Botswana pula, of $2.0 million, all amounts
translated at exchange rates applicable as of December 31, 2021.
The decrease in our unrestricted cash balances from June 30, 2021,
was primarily due to growth in our financial loans receivable book
in December 2021, and utilization of cash reserves to fund our
operations, partially offset by the receipt of $7.5 million related
to the sale of Bank Frick in fiscal 2021.
Excluding the impact of income taxes, our cash
used in operating activities during the first quarter of fiscal
2022 was impacted by the utilization of cash to grow our financial
loans receivable book in December 2021, but partially offset by
lower cash losses incurred by the majority of our continuing
operations. Capital expenditures for Q2 2022 and 2021 were $0.2
million and $3.0 million, respectively.
Conference Call
Net1 will host a conference call to review these
results on February 10, 2022, at 8:00 a.m. Eastern Time. To
participate in the call, dial 1-508-924-4326 (US and Canada),
0333-300-1418 (U.K. only) or 010-201-6800 (South Africa only) ten
minutes prior to the start of the call. Callers should request
“Net1 call” upon dial-in. The call will also be webcast on the Net1
homepage, www.net1.com. Please click on the webcast link at least
ten minutes prior to the call. A webcast of the call will be
available for replay on the Net1 website.
Participants can pre-register for the
February 10, 2022, conference call by navigating to
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=4585301&linkSecurityString=825dd9610
Participants utilizing this pre-registration service will
receive their dial-in number upon registration.
Use of Non-GAAP Measures
U.S. securities laws require that when we
publish any non-GAAP measures, we disclose the reason for using
these non-GAAP measures and provide reconciliations to the most
directly comparable GAAP measures. The presentation of EBITDA,
adjusted EBITDA, fundamental net (loss) income and fundamental
(loss) earnings per share and headline (loss) earnings per share
are non-GAAP measures.
Operating income before depreciation and amortization
and adjusted EBITDA
Operating income before depreciation and
amortization is GAAP operating (loss) income adjusted for
depreciation and amortization. Adjusted EBITDA is earnings before
interest, tax, depreciation and amortization (“EBITDA”), adjusted
for unusual non-recurring items, costs related to acquisitions and
transactions consummated or ultimately not pursued.
Fundamental net loss and fundamental loss per
share
Fundamental net loss and loss per share is GAAP
net loss and loss per share adjusted for the amortization of
acquisition-related intangible assets (net of deferred taxes),
stock-based compensation charges, and unusual non-recurring items,
including costs related to acquisitions and transactions
consummated or ultimately not pursued.
Fundamental net loss and loss per share for
fiscal 2022 also includes an adjustment for to an unrealized loss
related to fair value adjustments in respect of currency
options.
Fundamental net loss and loss per share for
fiscal 2021 also includes adjustments related to changes in the
fair value of equity securities, impairment losses related to an
equity-accounted investment and the deferred tax liability reversal
related to the impairment of the equity-accounted investment, an
allowance for doubtful loans to equity-accounted investments and a
loss on disposal of an equity-accounted investment.
Management believes that the EBITDA, adjusted
EBITDA, fundamental net (loss) income and (loss) earnings per share
metrics enhance its own evaluation, as well as an investor’s
understanding, of our financial performance. Attachment B presents
the reconciliation between GAAP operating income and EBITDA and
adjusted EBITDA; and GAAP net (loss) income and (loss) earnings per
share and fundamental net (loss) income and (loss) earnings per
share.
Headline (loss) earnings per share
(“H(L)EPS”)
The inclusion of H(L)EPS in this press release
is a requirement of our listing on the JSE. H(L)EPS basic and
diluted is calculated using net (loss) income which has been
determined based on GAAP. Accordingly, this may differ to the
headline (loss) earnings per share calculation of other companies
listed on the JSE as these companies may report their financial
results under a different financial reporting framework, including
but not limited to, International Financial Reporting
Standards.
H(L)EPS basic and diluted is calculated as GAAP
net (loss) income adjusted for the impairment losses related to our
equity-accounted investments and (profit) loss on sale of property,
plant and equipment. Attachment C presents the reconciliation
between our net (loss) income used to calculate (loss) earnings per
share basic and diluted and H(L)EPS basic and diluted and the
calculation of the denominator for headline diluted (loss) earnings
per share.
About Net1
Net1 is a leading financial technology company
that utilizes its proprietary banking and payment technology to
deliver on its mission of financial inclusion through the
distribution of low-cost financial and value-added services to
underserved consumers and small businesses in Southern Africa,
which represents a significant segment of these economies. The
Company also provides transaction processing services, including
being a payment processor and bill payment platform in South
Africa. Net1 leverages its strategic investments to further expand
its product offerings or to enter new markets.
Net1 has a primary listing on NASDAQ (NasdaqGS:
UEPS) and a secondary listing on the Johannesburg Stock Exchange
(JSE: NT1). Visit www.net1.com for additional information about
Net1.
Forward-Looking Statements
This announcement contains forward-looking
statements that involve known and unknown risks and uncertainties.
A discussion of various factors that may cause our actual results,
levels of activity, performance or achievements to differ
materially from those expressed in such forward-looking statements
are included in our filings with the Securities and Exchange
Commission. We undertake no obligation to revise any of these
statements to reflect future events.
Investor Relations Contact:Partner – ICR Email:
net1IR@icrinc.com
Media Relations Contact:Bridget von
HoldtCo-Market Leader | MD – BCWPhone: +27-82-610-0650Email:
Bridget.vonholdt@bcw-global.com
NET 1 UEPS TECHNOLOGIES,
INC. |
Unaudited Condensed Consolidated Statements of
Operations |
|
|
|
Unaudited |
|
Unaudited |
|
|
|
Three months ended |
|
Six months ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
(In thousands) |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE |
|
$ |
31,114 |
|
|
$ |
32,305 |
|
|
$ |
65,618 |
|
|
$ |
67,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold, IT processing, servicing and support |
|
|
20,580 |
|
|
|
24,339 |
|
|
|
44,787 |
|
|
|
50,799 |
|
|
Selling, general
and administration |
|
|
17,746 |
|
|
|
22,097 |
|
|
|
38,188 |
|
|
|
40,625 |
|
|
Depreciation and
amortization |
|
|
726 |
|
|
|
1,074 |
|
|
|
1,621 |
|
|
|
1,997 |
|
|
Transaction costs
related to Connect Group acquisition |
|
|
1,489 |
|
|
|
- |
|
|
|
1,674 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
LOSS |
|
|
(9,427 |
) |
|
|
(15,205 |
) |
|
|
(20,652 |
) |
|
|
(25,980 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANGE IN FAIR
VALUE OF EQUITY SECURITIES |
|
|
- |
|
|
|
15,128 |
|
|
|
- |
|
|
|
15,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNREALIZED LOSS
RELATED TO FAIR VALUE ADJUSTMENT TO CURRENCY OPTIONS |
|
|
2,429 |
|
|
|
- |
|
|
|
2,429 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS ON DISPOSAL
OF EQUITY-ACCOUNTED INVESTMENT |
|
|
- |
|
|
|
13 |
|
|
|
- |
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME |
|
|
313 |
|
|
|
717 |
|
|
|
702 |
|
|
|
1,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
765 |
|
|
|
677 |
|
|
|
1,581 |
|
|
|
1,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME
TAX EXPENSE |
|
|
(12,308 |
) |
|
|
(50 |
) |
|
|
(23,960 |
) |
|
|
(10,961 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX
EXPENSE |
|
|
98 |
|
|
|
3,468 |
|
|
|
284 |
|
|
|
2,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS BEFORE
LOSS FROM EQUITY-ACCOUNTED INVESTMENTS |
|
|
(12,406 |
) |
|
|
(3,518 |
) |
|
|
(24,244 |
) |
|
|
(13,339 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM
EQUITY-ACCOUNTED INVESTMENTS |
|
|
- |
|
|
|
(1,016 |
) |
|
|
(1,156 |
) |
|
|
(20,153 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
ATTRIBUTABLE TO NET1 |
|
|
(12,406 |
) |
|
|
(4,534 |
) |
|
|
(25,400 |
) |
|
|
(33,492 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share, in United States dollars: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss
attributable to Net1 shareholders |
|
$ |
(0.22 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.59 |
) |
Diluted loss
attributable to Net1 shareholders |
|
$ |
(0.22 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.59 |
) |
NET 1 UEPS TECHNOLOGIES, INC. |
Unaudited Consolidated Balance Sheets |
|
|
|
|
|
|
Unaudited |
|
(A) |
|
|
|
|
|
|
December 31, |
|
June 30, |
|
|
|
|
|
|
2021 |
|
2021 |
|
|
|
|
|
|
(In thousands, except share data) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
182,356 |
|
|
$ |
198,572 |
|
|
Restricted
cash |
|
57,788 |
|
|
|
25,193 |
|
|
Accounts
receivable, net of allowance of - December: $424; June: $267 and
other receivables |
|
20,701 |
|
|
|
26,583 |
|
|
Finance loans
receivable, net of allowance of - December: $2,397; June:
$2,349 |
|
21,571 |
|
|
|
21,142 |
|
|
Inventory |
|
20,005 |
|
|
|
22,361 |
|
|
|
Total current
assets before settlement assets |
|
302,421 |
|
|
|
293,851 |
|
|
|
|
Settlement
assets |
|
369 |
|
|
|
466 |
|
|
|
|
|
Total current assets |
|
302,790 |
|
|
|
294,317 |
|
PROPERTY, PLANT
AND EQUIPMENT, net of accumulated depreciation of - December:
$34,643; June: $38,535 |
|
5,389 |
|
|
|
7,492 |
|
OPERATING LEASE
RIGHT-OF-USE |
|
3,611 |
|
|
|
4,519 |
|
EQUITY-ACCOUNTED
INVESTMENTS |
|
7,217 |
|
|
|
10,004 |
|
GOODWILL |
|
26,239 |
|
|
|
29,153 |
|
INTANGIBLE ASSETS,
net of accumulated amortization of - December: $14,757; June:
$16,403 |
|
288 |
|
|
|
357 |
|
DEFERRED INCOME
TAXES |
|
868 |
|
|
|
622 |
|
OTHER LONG-TERM
ASSETS, including reinsurance assets |
|
77,821 |
|
|
|
81,866 |
|
TOTAL
ASSETS |
|
424,223 |
|
|
|
428,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Short-term credit
facilities for ATM funding |
|
47,960 |
|
|
|
14,245 |
|
|
Accounts
payable |
|
3,539 |
|
|
|
7,113 |
|
|
Other
payables |
|
30,248 |
|
|
|
27,588 |
|
|
Operating lease
liability - current |
|
2,516 |
|
|
|
2,822 |
|
|
Income taxes
payable |
|
271 |
|
|
|
256 |
|
|
|
Total current
liabilities before settlement obligations |
|
84,534 |
|
|
|
52,024 |
|
|
|
|
Settlement
obligations |
|
369 |
|
|
|
466 |
|
|
|
|
|
Total current
liabilities |
|
84,903 |
|
|
|
52,490 |
|
DEFERRED INCOME
TAXES |
|
10,402 |
|
|
|
10,415 |
|
OPERATING LEASE
LIABILITY - LONG TERM |
|
1,281 |
|
|
|
1,890 |
|
OTHER LONG-TERM
LIABILITIES, including insurance policy liabilities |
|
2,391 |
|
|
|
2,576 |
|
TOTAL
LIABILITIES |
|
98,977 |
|
|
|
67,371 |
|
REDEEMABLE COMMON
STOCK |
|
84,979 |
|
|
|
84,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
NET1 EQUITY: |
|
|
|
|
|
COMMON STOCK |
|
|
|
|
|
|
Authorized:
200,000,000 with $0.001 par value; |
|
|
|
|
|
|
Issued and
outstanding shares, net of treasury: December: $57,657,172; June:
$56,716,620 |
|
80 |
|
|
|
80 |
|
PREFERRED
STOCK |
|
|
|
|
|
|
Authorized shares:
50,000,000 with $0.001 par value; |
|
|
|
|
|
|
Issued and
outstanding shares, net of treasury: December: -; June: - |
|
- |
|
|
|
- |
|
ADDITIONAL
PAID-IN-CAPITAL |
|
303,804 |
|
|
|
301,959 |
|
TREASURY SHARES,
AT COST: December: $24,891,292; June: $24,891,292 |
|
(286,951 |
) |
|
|
(286,951 |
) |
ACCUMULATED OTHER
COMPREHENSIVE LOSS |
|
(157,879 |
) |
|
|
(145,721 |
) |
RETAINED
EARNINGS |
|
381,213 |
|
|
|
406,613 |
|
TOTAL NET1
EQUITY |
|
240,267 |
|
|
|
275,980 |
|
NON-CONTROLLING
INTEREST |
|
- |
|
|
|
- |
|
TOTAL
EQUITY |
|
240,267 |
|
|
|
275,980 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS’
EQUITY |
$ |
424,223 |
|
|
$ |
428,330 |
|
(A) Derived from audited consolidated financial statements.
NET 1 UEPS TECHNOLOGIES,
INC. |
Unaudited Condensed Consolidated Statements of Cash
Flows |
|
|
|
Unaudited |
|
Unaudited |
|
|
|
Three months ended |
|
Six months ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
(In thousands) |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(12,406 |
) |
|
$ |
(4,534 |
) |
|
$ |
(25,400 |
) |
|
$ |
(33,492 |
) |
|
Depreciation and
amortization |
|
726 |
|
|
|
1,074 |
|
|
|
1,621 |
|
|
|
1,997 |
|
|
Impairment
loss |
|
85 |
|
|
|
- |
|
|
|
225 |
|
|
|
- |
|
|
Movement in
allowance for doubtful accounts receivable |
|
740 |
|
|
|
100 |
|
|
|
1,126 |
|
|
|
614 |
|
|
Loss from
equity-accounted investments |
|
- |
|
|
|
1,016 |
|
|
|
1,156 |
|
|
|
20,153 |
|
|
Movement in
allowance for doubtful loans |
|
- |
|
|
|
661 |
|
|
|
- |
|
|
|
739 |
|
|
Change in fair
value of equity securities |
|
- |
|
|
|
(15,128 |
) |
|
|
- |
|
|
|
(15,128 |
) |
|
Fair value
adjustment related to financial liabilities |
|
(234 |
) |
|
|
790 |
|
|
|
(324 |
) |
|
|
1,676 |
|
|
Unrealized loss
related to fair value adjustment to currency options |
|
2,429 |
|
|
|
- |
|
|
|
2,429 |
|
|
|
- |
|
|
Interest
payable |
|
(113 |
) |
|
|
42 |
|
|
|
(102 |
) |
|
|
(21 |
) |
|
Loss on disposal
of equity-accounted investment |
|
- |
|
|
|
13 |
|
|
|
- |
|
|
|
13 |
|
|
Profit on disposal
of property, plant and equipment |
|
(1,356 |
) |
|
|
752 |
|
|
|
(1,521 |
) |
|
|
742 |
|
|
Stock-based
compensation charge |
|
788 |
|
|
|
232 |
|
|
|
1,097 |
|
|
|
631 |
|
|
Dividends received
from equity-accounted investments |
|
- |
|
|
|
68 |
|
|
|
137 |
|
|
|
125 |
|
|
(Increase)
Decrease in accounts receivable and finance loans receivable |
|
(3,467 |
) |
|
|
6,559 |
|
|
|
(2,279 |
) |
|
|
(1,556 |
) |
|
(Increase)
Decrease in inventory |
|
(1,429 |
) |
|
|
(145 |
) |
|
|
154 |
|
|
|
2,214 |
|
|
Increase
(Decrease) in accounts payable and other payables |
|
676 |
|
|
|
(3,084 |
) |
|
|
245 |
|
|
|
(3,499 |
) |
|
(Decrease)
Increase in taxes payable |
|
(245 |
) |
|
|
(421 |
) |
|
|
49 |
|
|
|
(15,338 |
) |
|
Increase
(Decrease) in deferred taxes |
|
21 |
|
|
|
26 |
|
|
|
(346 |
) |
|
|
(1,729 |
) |
|
|
Net cash used in operating activities |
|
(13,785 |
) |
|
|
(11,979 |
) |
|
|
(21,733 |
) |
|
|
(41,859 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities |
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures |
|
(189 |
) |
|
|
(3,023 |
) |
|
|
(887 |
) |
|
|
(3,298 |
) |
Proceeds from
disposal of property, plant and equipment |
|
1,760 |
|
|
|
75 |
|
|
|
1,991 |
|
|
|
91 |
|
Proceeds from
disposal of equity-accounted investment - Bank Frick |
|
7,500 |
|
|
|
- |
|
|
|
7,500 |
|
|
|
- |
|
Proceeds from
disposal of Net1 Korea, net of cash disposed |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20,114 |
|
Proceeds from
disposal of DNI as equity-accounted investment |
|
- |
|
|
|
5,681 |
|
|
|
- |
|
|
|
6,010 |
|
Loan to
equity-accounted investment |
|
- |
|
|
|
(1,160 |
) |
|
|
- |
|
|
|
(1,238 |
) |
Net change in
settlement assets |
|
97 |
|
|
|
1,377 |
|
|
|
97 |
|
|
|
5,445 |
|
|
Net cash
(used in) provided by investing activities |
|
9,168 |
|
|
|
3,084 |
|
|
|
8,701 |
|
|
|
27,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from financing activities |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from bank
overdraft |
|
172,445 |
|
|
|
137,333 |
|
|
|
311,350 |
|
|
|
206,479 |
|
Repayment of bank
overdraft |
|
(172,768 |
) |
|
|
(88,258 |
) |
|
|
(271,676 |
) |
|
|
(165,108 |
) |
Proceeds from
issue of shares |
|
739 |
|
|
|
18 |
|
|
|
739 |
|
|
|
18 |
|
Proceeds from
disgorgement of shareholders' short-swing profits |
|
- |
|
|
|
26 |
|
|
|
- |
|
|
|
124 |
|
Net change in
settlement obligations |
|
(97 |
) |
|
|
(1,377 |
) |
|
|
(97 |
) |
|
|
(5,445 |
) |
|
Net cash
provided by (used in) financing activities |
|
319 |
|
|
|
47,742 |
|
|
|
40,316 |
|
|
|
36,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash |
|
(5,979 |
) |
|
|
12,296 |
|
|
|
(10,905 |
) |
|
|
13,102 |
|
Net
increase (decrease) in cash, cash equivalents and restricted
cash |
|
(10,277 |
) |
|
|
51,143 |
|
|
|
16,379 |
|
|
|
34,569 |
|
Cash, cash
equivalents and restricted cash – beginning of period |
|
250,421 |
|
|
|
215,911 |
|
|
|
223,765 |
|
|
|
232,485 |
|
Cash, cash
equivalents and restricted cash – end of period |
$ |
240,144 |
|
|
$ |
267,054 |
|
|
$ |
240,144 |
|
|
$ |
267,054 |
|
Net 1 UEPS Technologies, Inc.
Attachment A
Operating segment revenue, operating
(loss) income and operating (loss) margin:
Three months ended December 31, 2021 and
2020 and June 30, 2021
|
|
|
|
|
|
|
|
Three months ended |
Change - actual |
Change – constant exchange
rate(1) |
|
|
|
|
|
|
|
|
Dec 31, 2021 |
|
Dec 31, 2020 |
|
Sep 30, 2021 |
Q2 '22 vs Q2
'21 |
Q2 '22 vs Q1
'22 |
Q2 '22 vs Q2
'21 |
Q2 '22 vs Q1
'22 |
Key segmental data, in ’000, except margins |
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
$ |
16,639 |
|
|
$ |
16,259 |
|
|
$ |
17,164 |
|
2 |
% |
(3 |
%) |
2 |
% |
2 |
% |
|
Merchant |
|
|
14,102 |
|
|
|
15,206 |
|
|
|
17,072 |
|
(7 |
%) |
(17 |
%) |
(8 |
%) |
(13 |
%) |
|
Other |
|
|
396 |
|
|
|
878 |
|
|
|
427 |
|
(55 |
%) |
(7 |
%) |
(55 |
%) |
(2 |
%) |
|
|
|
Subtotal:
Operating segments |
|
|
31,137 |
|
|
|
32,343 |
|
|
|
34,663 |
|
(4 |
%) |
(10 |
%) |
(4 |
%) |
(5 |
%) |
|
|
|
Intersegment
eliminations |
|
|
(23 |
) |
|
|
(38 |
) |
|
|
(159 |
) |
(39 |
%) |
(86 |
%) |
(40 |
%) |
(85 |
%) |
|
|
|
|
Consolidated revenue |
|
$ |
31,114 |
|
|
$ |
32,305 |
|
|
$ |
34,504 |
|
(4 |
%) |
(10 |
%) |
(4 |
%) |
(5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
$ |
(4,551 |
) |
|
$ |
(5,214 |
) |
|
$ |
(9,454 |
) |
(13 |
%) |
(52 |
%) |
(13 |
%) |
(49 |
%) |
|
Merchant |
|
|
795 |
|
|
|
1,227 |
|
|
|
1,885 |
|
(35 |
%) |
(58 |
%) |
(36 |
%) |
(56 |
%) |
|
Other |
|
|
123 |
|
|
|
(4,339 |
) |
|
|
143 |
|
nm |
|
(14 |
%) |
nm |
|
(9 |
%) |
|
|
Subtotal:
Operating segments |
|
|
(3,633 |
) |
|
|
(8,326 |
) |
|
|
(7,426 |
) |
(56 |
%) |
(51 |
%) |
(57 |
%) |
(49 |
%) |
|
|
Corporate/Eliminations |
|
|
(4,235 |
) |
|
|
(4,743 |
) |
|
|
(1,980 |
) |
(11 |
%) |
114 |
% |
(11 |
%) |
125 |
% |
|
|
|
Segment Adjusted
EBITDA |
|
|
(7,868 |
) |
|
|
(13,069 |
) |
|
|
(9,406 |
) |
(40 |
%) |
(16 |
%) |
nm |
|
nm |
|
|
|
|
|
Less: Lease
adjustments |
|
|
833 |
|
|
|
1,062 |
|
|
|
924 |
|
(22 |
%) |
(10 |
%) |
nm |
|
nm |
|
|
|
|
|
Less: Depreciation
and amortization |
|
|
726 |
|
|
|
1,074 |
|
|
|
895 |
|
(32 |
%) |
(19 |
%) |
nm |
|
nm |
|
|
|
|
|
|
Consolidated operating loss |
|
$ |
(9,427 |
) |
|
$ |
(15,205 |
) |
|
$ |
(11,225 |
) |
(38 |
%) |
(16 |
%) |
(38 |
%) |
(12 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
(loss) margin (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
(27.4 |
%) |
|
|
(32.1 |
%) |
|
|
(55.1 |
%) |
|
|
|
|
|
Merchant |
|
|
5.6 |
% |
|
|
8.1 |
% |
|
|
11.0 |
% |
|
|
|
|
|
Other |
|
|
31.1 |
% |
|
|
(494.2 |
%) |
|
|
33.5 |
% |
|
|
|
|
|
|
Consolidated EBITDA (loss) margin |
|
|
(30.3 |
%) |
|
|
(47.1 |
%) |
|
|
(32.5 |
%) |
|
|
|
|
(1) – This information shows
what the change in these items would have been if the USD/ ZAR
exchange rate that prevailed during Q2 2022 also prevailed during
Q2 2021 and Q1 2022.
Six months ended December 31, 2021 and
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change - actual |
Change – constant exchange
rate(1) |
|
|
|
|
|
|
|
|
Six months ended December
31, |
|
F2021
vsF2020 |
F2021 vs
F2020 |
Key segmental data, in ’000, except margins |
|
2021 |
|
2020 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Consumer |
|
$ |
33,803 |
|
|
$ |
31,631 |
|
|
7 |
% |
0 |
% |
|
Merchant |
|
|
31,174 |
|
|
|
33,452 |
|
|
(7 |
%) |
(12 |
%) |
|
Other |
|
|
823 |
|
|
|
2,434 |
|
|
(66 |
%) |
(68 |
%) |
|
|
|
Subtotal:
Operating segments |
|
|
65,800 |
|
|
|
67,517 |
|
|
(3 |
%) |
(8 |
%) |
|
|
|
Intersegment
eliminations |
|
|
(182 |
) |
|
|
(76 |
) |
|
139 |
% |
125 |
% |
|
|
|
|
Consolidated revenue |
|
$ |
65,618 |
|
|
$ |
67,441 |
|
|
(3 |
%) |
(9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
(loss) income: |
|
|
|
|
|
|
|
|
|
|
Consumer |
|
$ |
(14,005 |
) |
|
$ |
(11,785 |
) |
|
19 |
% |
12 |
% |
|
Merchant |
|
|
2,680 |
|
|
|
4,198 |
|
|
(36 |
%) |
(40 |
%) |
|
Other |
|
|
266 |
|
|
|
(6,970 |
) |
|
nm |
|
nm |
|
|
|
Subtotal:
Operating segments |
|
|
(11,059 |
) |
|
|
(14,557 |
) |
|
(24 |
%) |
(29 |
%) |
|
|
Corporate/Eliminations |
|
|
(6,215 |
) |
|
|
(7,539 |
) |
|
(18 |
%) |
(23 |
%) |
|
|
|
Segment Adjusted
EBITDA |
|
|
(17,274 |
) |
|
|
(22,096 |
) |
|
(22 |
%) |
nm |
|
|
|
|
|
Less: Lease
adjustments |
|
|
1,757 |
|
|
|
1,887 |
|
|
(7 |
%) |
nm |
|
|
|
|
|
Less: Depreciation
and amortization |
|
|
1,621 |
|
|
|
1,997 |
|
|
(19 |
%) |
nm |
|
|
|
|
|
|
Consolidated operating loss |
|
$ |
(20,652 |
) |
|
$ |
(25,980 |
) |
|
(21 |
%) |
(25 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
(loss) margin (%) |
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
(41.4 |
%) |
|
|
(37.3 |
%) |
|
|
|
|
Merchant |
|
|
8.6 |
% |
|
|
12.5 |
% |
|
|
|
|
Other |
|
|
32.3 |
% |
|
|
(286.4 |
%) |
|
|
|
|
|
Consolidated EBITDA (loss) margin |
|
|
(31.5 |
%) |
|
|
(38.5 |
%) |
|
|
|
(1) – This information shows
what the change in these items would have been if the USD/ ZAR
exchange rate that prevailed during the first half of fiscal 2022
also prevailed during the first half of fiscal 2021.
(Loss) Earnings from equity-accounted
investments:
The table below presents the relative loss
(earnings) from our equity-accounted investments:
|
|
Three months ended December 31, |
|
|
|
|
Six months ended December 31, |
|
|
|
|
|
2021 |
|
|
2020 |
|
|
% change |
|
|
2021 |
|
|
|
2020 |
|
|
% change |
Bank Frick |
|
- |
|
|
498 |
|
|
nm |
|
|
- |
|
|
|
979 |
|
|
nm |
|
|
Share of net income |
|
- |
|
|
498 |
|
|
nm |
|
|
- |
|
|
|
979 |
|
|
nm |
|
Finbond |
|
- |
|
|
(806 |
) |
|
nm |
|
|
(1,156 |
) |
|
|
(20,267 |
) |
|
(94 |
%) |
|
Share of net loss |
|
- |
|
|
- |
|
|
nm |
|
|
(1,156 |
) |
|
|
(2,617 |
) |
|
(56 |
%) |
|
Impairment |
|
- |
|
|
(806 |
) |
|
nm |
|
|
- |
|
|
|
(17,650 |
) |
|
nm |
|
Other |
|
- |
|
|
(708 |
) |
|
nm |
|
|
- |
|
|
|
(865 |
) |
|
nm |
|
|
Share of net loss |
|
- |
|
|
(160 |
) |
|
nm |
|
|
- |
|
|
|
(317 |
) |
|
nm |
|
|
Impairment |
|
- |
|
|
(548 |
) |
|
nm |
|
|
- |
|
|
|
(548 |
) |
|
nm |
|
|
Loss from equity-accounted investments |
$ |
- |
|
$ |
(1,016 |
) |
|
nm |
|
$ |
(1,156 |
) |
|
$ |
(20,153 |
) |
|
(94 |
%) |
Net 1 UEPS Technologies,
Inc.
Attachment B
Reconciliation of GAAP operating loss to
EBITDA loss and adjusted EBITDA loss:
Three and six months ended December 31,
2021 and 2020
|
|
|
|
|
Three months ended December 31, |
|
Six months ended December 31, |
|
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Operating
loss - GAAP |
(9,427 |
) |
|
(15,205 |
) |
|
(20,652 |
) |
|
(25,980 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
726 |
|
|
1,074 |
|
|
1,621 |
|
|
1,997 |
|
|
|
Operating loss
before depreciation and amortization |
(8,701 |
) |
|
(14,131 |
) |
|
(19,031 |
) |
|
(23,983 |
) |
|
|
|
Transaction
costs |
1,642 |
|
|
1,339 |
|
|
1,885 |
|
|
1,368 |
|
|
|
|
|
Adjusted EBITDA
loss |
(7,059 |
) |
|
(12,131 |
) |
|
(17,146 |
) |
|
(21,876 |
) |
Reconciliation of GAAP net loss and loss
per share, basic, to fundamental net loss and loss per share,
basic:
Three months ended December 31, 2021 and
2020
|
Net (loss) income(USD '000) |
|
(L)PS, basic (USD) |
|
Net (loss) income(ZAR '000) |
|
(L)PS, basic (ZAR) |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
GAAP |
(12,406 |
) |
|
(4,534 |
) |
|
(0.22 |
) |
|
(0.08 |
) |
|
(190,804 |
) |
|
(70,120 |
) |
|
(3.34 |
) |
|
(1.23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss related to
fair value adjustment to currency options |
2,429 |
|
|
- |
|
|
|
|
|
|
37,358 |
|
|
- |
|
|
|
|
|
Transaction costs |
1,642 |
|
|
1,339 |
|
|
|
|
|
|
25,254 |
|
|
20,708 |
|
|
|
|
|
Stock-based compensation
charge |
788 |
|
|
232 |
|
|
|
|
|
|
12,119 |
|
|
3,588 |
|
|
|
|
|
Intangible asset amortization,
net |
12 |
|
|
64 |
|
|
|
|
|
|
184 |
|
|
990 |
|
|
|
|
|
Change in fair value of equity
securities, net |
- |
|
|
(11,951 |
) |
|
|
|
|
|
- |
|
|
(184,828 |
) |
|
|
|
|
Impairment of equity method
investment |
- |
|
|
1,354 |
|
|
|
|
|
|
- |
|
|
19,850 |
|
|
|
|
|
Allowance for doubtful EMI
loans receivable |
- |
|
|
661 |
|
|
|
|
|
|
- |
|
|
10,223 |
|
|
|
|
|
Loss on disposal of
equity-accounted investment |
- |
|
|
13 |
|
|
|
|
|
|
- |
|
|
201 |
|
|
|
|
|
Fundamental |
(7,535 |
) |
|
(12,822 |
) |
|
(0.13 |
) |
|
(0.23 |
) |
|
(115,889 |
) |
|
(199,388 |
) |
|
(2.03 |
) |
|
(3.52 |
) |
Six months ended December 31, 2021 and
2020
|
Net (loss) income (USD '000) |
|
(L) EPS, basic (USD) |
|
Net (loss) income (ZAR '000) |
|
(L)EPS, basic (ZAR) |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
GAAP |
(25,400 |
) |
|
(33,492 |
) |
|
(0.44 |
) |
|
(0.59 |
) |
|
(380,361 |
) |
|
(551,529 |
) |
|
(6.66 |
) |
|
(9.70 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss related to
fair value adjustment to currency options |
2,429 |
|
|
- |
|
|
|
|
|
|
36,374 |
|
|
- |
|
|
|
|
|
Transaction costs |
1,885 |
|
|
1,369 |
|
|
|
|
|
|
28,228 |
|
|
22,544 |
|
|
|
|
|
Stock-based compensation
charge |
1,097 |
|
|
631 |
|
|
|
|
|
|
16,427 |
|
|
10,391 |
|
|
|
|
|
Intangible asset amortization,
net |
25 |
|
|
121 |
|
|
|
|
|
|
367 |
|
|
1,980 |
|
|
|
|
|
Impairment of equity method
investments |
- |
|
|
18,198 |
|
|
|
|
|
|
- |
|
|
301,579 |
|
|
|
|
|
Change in fair value of equity
securities, net |
- |
|
|
(11,951 |
) |
|
|
|
|
|
- |
|
|
(196,805 |
) |
|
|
|
|
Reversal of deferred taxes
related to impairment of equity method investment |
- |
|
|
(1,353 |
) |
|
|
|
|
|
- |
|
|
(22,633 |
) |
|
|
|
|
Allowance for doubtful EMI
loans receivable |
- |
|
|
739 |
|
|
|
|
|
|
- |
|
|
12,169 |
|
|
|
|
|
Loss on disposal of
equity-accounted investment |
- |
|
|
13 |
|
|
|
|
|
|
- |
|
|
214 |
|
|
|
|
|
Fundamental |
(19,964 |
) |
|
(25,725 |
) |
|
(0.35 |
) |
|
(0.45 |
) |
|
(298,965 |
) |
|
(422,090 |
) |
|
(5.24 |
) |
|
(7.42 |
) |
Net 1 UEPS Technologies, Inc.
Attachment C
Reconciliation of net loss used to
calculate loss per share basic and diluted and headline loss per
share basic and diluted:
Three months ended December 31, 2021 and
2020
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
Net loss
(USD’000) |
(12,406 |
) |
|
(4,534 |
) |
|
Adjustments: |
|
|
|
|
|
Impairment of equity method
investments |
- |
|
|
1,354 |
|
|
|
Impairment loss |
85 |
|
|
- |
|
|
|
(Profit) Loss on sale of
property, plant and equipment |
(1,356 |
) |
|
752 |
|
|
|
Tax effects on above |
380 |
|
|
(211 |
) |
|
|
|
|
|
|
|
Net loss used to
calculate headline loss (USD’000) |
(13,297 |
) |
|
(2,626 |
) |
|
|
|
|
|
|
|
Weighted average
number of shares used to calculate net loss per share basic loss
and headline loss per share basic loss (‘000) |
57,204 |
|
|
56,641 |
|
|
|
|
|
|
|
|
Weighted average
number of shares used to calculate net loss per share diluted loss
and headline loss per share diluted loss (‘000) |
57,204 |
|
|
56,641 |
|
|
|
|
|
|
|
|
Headline loss per
share: |
|
|
|
|
|
Basic, in USD |
(0.23 |
) |
|
(0.05 |
) |
|
|
Diluted, in USD |
(0.23 |
) |
|
(0.05 |
) |
|
Six months ended December 31, 2021 and
2020
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
Net loss
(USD’000) |
(25,400 |
) |
|
(33,492 |
) |
|
Adjustments: |
|
|
|
|
|
Impairment of equity method
investments |
- |
|
|
18,198 |
|
|
|
Impairment loss |
225 |
|
|
- |
|
|
|
(Profit) Loss on sale of
property, plant and equipment |
(1,356 |
) |
|
742 |
|
|
|
Tax effects on above |
380 |
|
|
(1,561 |
) |
|
|
|
|
|
|
|
Net loss used to
calculate headline loss (USD’000) |
(26,151 |
) |
|
(16,100 |
) |
|
|
|
|
|
|
|
Weighted average
number of shares used to calculate net loss per share basic loss
and headline loss per share basic loss (‘000) |
57,093 |
|
|
56,880 |
|
|
|
|
|
|
|
|
Weighted average
number of shares used to calculate net loss per share diluted loss
and headline loss per share diluted loss (‘000) |
57,093 |
|
|
56,880 |
|
|
|
|
|
|
|
|
Headline loss per
share: |
|
|
|
|
|
Basic, in USD |
(0.46 |
) |
|
(0.28 |
) |
|
|
Diluted, in USD |
(0.46 |
) |
|
(0.28 |
) |
|
Calculation of the denominator for headline diluted loss
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
weighted-average common shares outstanding and unvested restricted
shares expected to vest under GAAP |
57,204 |
|
56,641 |
|
57,093 |
|
|
56,880 |
|
|
|
|
Denominator for headline
diluted loss per share |
57,204 |
|
56,641 |
|
57,093 |
|
|
56,880 |
|
|
Weighted average number of shares used to
calculate headline diluted loss per share represents the
denominator for basic weighted-average common shares outstanding
and unvested restricted shares expected to vest plus the effect of
dilutive securities under GAAP. We use this number of fully-diluted
shares outstanding to calculate headline diluted loss per share
because we do not use the two-class method to calculate headline
diluted loss per share.
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