Exhibit 99.1

Net 1 Reports Fourth Quarter and Year End 2021 Results

JOHANNESBURG, September 13, 2021 - Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS; JSE: NT1) today released results for the fourth quarter and year ended June 30, 2021.

 

Financial Highlights:

  • Net increase of approximately 23,000 EasyPay Everywhere (EPE) account holders during Q4 2021, and an additional 61,000 - combined - in July and August of 2021;
  • Non-cash increase of $23.4 million in Q4 2021, before tax effect, in the fair value of investment in MobiKwik;
  • At June 30, 2021, unrestricted cash of $199 million and no debt;
  • Revenue of $34.5 million in Q4 2021, an increase of 20% from Q3 2021;
  • Operating loss of $(13.6) million in Q4 2021;
  • GAAP EPS of $0.03 and Fundamental EPS loss of $(0.18) in Q4 2021; and
  • Adjusted EBITDA loss of $8.2 million in Q4 2021, a $4.6 million improvement from Q3 2021 following the closure of IPG.

"Fiscal Year 2021 was a challenging year for Net 1, South Africa and the global economy - but it has also been a productive period for the company," said Chris Meyer, Group CEO of Net 1. "Our core purpose is to improve people's lives by bringing financial inclusion to South Africa's underserved consumers and helping small businesses access the financial services they need to prosper. We believe we have the right team, strategy, technology and operations in place to position the Company to effectively serve the large addressable market in South Africa and provide growth for all stakeholders."

Summary Financial Metrics

 

 

Q4 2021

 

Q4 2020

 

Q3 2021

 

Q4 '21 vs

Q4 '20

 

Q4 '21 vs

Q3 '21

 

Q4 '21 vs

Q4 '20

 

Q4 '21 vs

Q3 '21

 

 

 

 

(as

restated)(1)

 

 

 

 

 

 

(All figures in USD '000s except per share data)

USD '000's

(except per share data)

 

% change in USD

 

% change in ZAR

Revenue

34,517

 

24,551

 

28,828

 

41%

 

20%

 

15%

 

13%

GAAP operating loss

(13,600)

 

(13,180)

 

(14,292)

 

3%

 

(5%)

 

(15%)

 

(10%)

Adjusted EBITDA (loss)(2)

(8,208)

 

(11,868)

 

(12,823)

 

(31%)

 

(36%)

 

(43%)

 

(39%)

GAAP earnings (loss) per share ($)

0.03

 

(0.68)

 

(0.11)

 

nm

 

nm

 

nm

 

nm

Fundamental loss per share ($)(2)

(0.18)

 

(0.21)

 

(0.24)

 

(14%)

 

(25%)

 

(30%)

 

(29%)

Fully-diluted shares outstanding ('000's)

56,937

 

57,119

 

56,921

 

(0%)

 

0%

 

nm

 

nm

Average period USD/ ZAR exchange

rate

14.17

 

17.28

 

14.96

 

(18%)

 

(5%)

 

nm

 

nm


 

 

F2021

 

F2020

 

F2021 vs

F2020

 

F2021 vs

F2020

 

 

 

 

(as

restated)(1)

 

 

(All figures in USD '000s except per share data)

USD '000's

(except per share data)

% change

in USD

 

% change

in ZAR

Revenue

130,786

 

144,299

 

(9%)

 

(19%)

GAAP operating loss

(53,872)

 

(44,248)

 

22%

 

9%

Adjusted EBITDA (loss)(2)

(42,907)

 

(29,354)

 

46%

 

31%

GAAP earnings (loss) per share ($)

(0.67)

 

(1.37)

 

(51%)

 

(56%)

 

Continuing

(0.67)

 

(1.70)

 

(61%)

 

(65%)

 

Discontinued

-

 

0.33

 

nm

 

nm

Fundamental loss per share ($)(2)

(0.87)

 

(1.02)

 

(15%)

 

(24%)

Fully-diluted shares outstanding ('000's)

56,898

 

56,764

 

0%

 

nm

Average period USD/ ZAR exchange rate

15.72

 

17.57

 

(11%)

 

nm



(1) 2020 has been restated to correct an error with respect to the recognition of certain revenue and related cost of goods sold, IT processing, servicing and support. The financial information for the three and twelve months ended June 30, 2020, has been restated with the effect of decreasing revenue by $1.4 million and $6.7 million, respectively. Refer to Note 1 to our audited consolidated financial statements.

(2) 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 income (loss) to fundamental net loss and loss per share.

Business update related to COVID-19 pandemic

Our business has been, and continues to be, impacted by government restrictions and quarantines related to COVID-19. South Africa operates with a five-level COVID-19 alert system, with Level 1 being the least restrictive and Level 5 being the most restrictive. South Africa is currently at adjusted Level 2, and was at adjusted Level 3 until September 12, 2021, which had a limited impact on our businesses during Q4 2021. The South African government commenced its vaccination program in early calendar 2021, with a stated goal of vaccinating 67% of the South African population by the end of the calendar year.

Factors impacting comparability of our Q4 2021 and Q4 2020 results

 Higher revenue: Our revenues increased 15% in ZAR primarily due to higher volume-driven transaction fees lending revenues and hardware sales, which were partially offset by fewer prepaid airtime sales;

 Ongoing operating losses: Operating loss is comparable with Q4 2020, however with different components. Q4 2021 includes a $4.0 million allowance for doubtful loans receivable from equity-accounted investments and no IPG losses, whilst, Q4 2020 operating losses included the effects of pandemic-related government restrictions in South Africa and an inventory adjustment of $1.3 million as well as IPG losses of $4.3 million.

 Non-cash increase in fair value of MobiKwik: We recorded a non-cash fair value gain during Q4 2021 of $23.4 million related to the change in fair value of MobiKwik; and

 Foreign exchange movements: The U.S. dollar was  18.0% weaker against the ZAR during Q4 2021, which impacted our reported results.

Results of Operations by Segment and Liquidity

Processing

Segment revenue, excluding IPG, was $21.2 million in Q4 2021, up  12% compared with Q4 2020 and up  7% compared with Q3 2021 on a constant currency basis. Excluding IPG, segment revenue increased primarily due to an increase in volume-driven transaction fees due to lower trading activity in Q4, 2020, following government-imposed lockdown restrictions, which was partially offset by fewer prepaid airtime sales and a reduction in volume-driven transaction fees. Excluding IPG, Processing's operating loss for Q4 2021, has been impacted by an increase in transaction-based and employee costs, which was partially offset by the lower cost of prepaid airtime sales. Q4 2020 also includes a $1.3 million inventory write-down related to Cell C prepaid airtime. Our operating loss margin (calculated as operating (loss) income divided by revenue) for Q4 2021 and 2020 was  (27.3%) and  (61.6%), respectively. Excluding IPG, our operating loss margin for the Processing segment was  (27.4%) and  (37.6%) during Q4 2021 and 2020, respectively. Excluding the Cell C prepaid airtime write-down, our operating loss and operating loss margin for the Processing segment was $(8.8) million and  (53.6%), respectively, during Q4 2020.

Financial services

Segment revenue was $10.8 million in Q4 2021, up  1% on a constant currency basis compared with both Q4 2020 and Q3 2021. Segment revenue was affected by higher lending revenue, which was partially offset by lower account fees. The increase in operating loss is primarily due to the lower account fee revenue and the increase in insurance-related claims experienced this quarter attributed to the second wave of the pandemic. Our operating loss margin for Q4 2021 and 2020 was  (26.5%) and  (11.6%), respectively.

Technology

Segment revenue was $4.9 million in Q4 2021, up  108%, compared with Q4 2020, and up  129% compared with Q3 2021 on a constant currency basis. Segment revenue increased due to a higher volume of hardware sales from one product line compared to the prior period. The operating loss for Q4 2021 was impacted by various non-trading adjustments. Our operating (loss) income margin for the Technology segment was  (7.3%) and  7.0% for Q4 2021 and 2020, respectively.

Corporate/eliminations

Our corporate expenses for Q4 2021 were higher than Q4 2020 primarily due to an allowance for doubtful loans receivables of $4.0 million, which was partially offset by the net reversal of stock-based compensation charges of $0.5 million.


Cash flow and liquidity

At June 30, 2021, our cash and cash equivalents were $198.6 million and comprised of U.S. dollar-denominated balances of $169.8 million, ZAR-denominated balances of ZAR 0.4 billion ($26.5 million), and other currency deposits, primarily Botswana pula, of $2.3 million, all amounts translated at exchange rates applicable as of June 30, 2021. The decrease in our unrestricted cash balances from June 30, 2020, was primarily due to the payment of Federal income taxes, weak trading activities and an increase in our lending book, which was partially offset by the receipt of the outstanding proceeds related to the sale of our Korean business, receipt of proceeds related to the disposal of our interest in Bank Frick and the receipt of the outstanding loan related to the disposal of our remaining interest in DNI.

Excluding the impact of income taxes, cash used in operating activities during Q4 2021 was impacted by the cash losses incurred by our operations. Capital expenditures for Q4 2021 and 2020 were $0.3 million and $1.4 million, respectively.

Conference Call

We will host a conference call to review these results on September 14, 2021, 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 are now able to pre-register for the September 14, 2021, conference call by navigating to https://www.diamondpass.net/9817456. 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.

EBITDA and adjusted EBITDA

Earnings before interest, tax, depreciation and amortization ("EBITDA") is GAAP operating (loss) income adjusted for depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for costs related to acquisitions and transactions consummated or ultimately not pursued and allowances for doubtful loans to equity-accounted investments.

Fundamental net (loss) income and fundamental (loss) earnings per share

Fundamental net (loss) income and (loss) earnings per share is GAAP net (loss) income and (loss) earnings 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 allowance for doubtful loans to equity-accounted investments, costs related to acquisitions and transactions consummated or ultimately not pursued.

Fundamental net (loss) income and (loss) earnings per share for fiscal 2021 also includes adjustments related to changes in the fair value of equity securities (net of deferred tax), loss on disposal of equity-accounted investments, impairment losses related to our equity-accounted investments and the deferred tax liability reversal related to the impairment of the equity-accounted investment, and fiscal 2020 also includes an termination fee paid to cancel the Bank Frick option, impairment losses related to our equity-accounted investments, the gain related to the disposal of our Korean business, the gain related to the disposal of FIHRST, the loss related to the deconsolidation of CPS, and interest related to SASSA implementation costs refund.

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, loss on disposal of equity-accounted investments, the gain related to the disposal of our Korean business, the gain on disposal of FIHRST, 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 HE(L)PS 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:
Dara Dierks

Managing Director - ICR

Email: net1IR@icrinc.com

Media Relations Contact:

Bridget von Holdt

Co-Market Leader | MD  – BCW

Phone: +27-82-610-0650

Email: Bridget.vonholdt@bcw-global.com



NET 1 UEPS TECHNOLOGIES, INC.

Condensed Consolidated Statements of Operations

 

 

 

Unaudited

 

(A)

 

 

 

Three months ended

 

Year ended

 

 

 

June 30,

 

June 30,

 

 

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

(as

restated)(R)

 

 

 

(as

restated)(R)

 

 

 

(In thousands)

 

(In thousands)

REVENUE

$

34,517

 

$

24,551

 

$

130,786

 

$

144,299

EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold, IT processing, servicing and support

 

22,353

 

 

20,973

 

 

96,248

 

 

102,308

 

Selling, general and administration

 

24,546

 

 

15,762

 

 

84,063

 

 

75,256

 

Depreciation and amortization

 

1,218

 

 

996

 

 

4,347

 

 

4,647

 

Impairment loss

 

-

 

 

-

 

 

-

 

 

6,336

OPERATING LOSS

 

(13,600)

 

 

(13,180)

 

 

(53,872)

 

 

(44,248)

CHANGE IN FAIR VALUE OF EQUITY SECURITIES

 

23,362

 

 

-

 

 

49,304

 

 

-

LOSS ON DISPOSAL OF EQUITY-ACCOUNTED INVESTMENT -

BANK FRICK

 

-

 

 

-

 

 

472

 

 

-

LOSS ON DISPOSAL OF EQUITY-ACCOUNTED INVESTMENT

 

-

 

 

-

 

 

13

 

 

-

GAIN ON DISPOSAL OF FIHRST

 

-

 

 

-

 

 

-

 

 

9,743

LOSS ON DISPOSAL OF DNI

 

-

 

 

1,010

 

 

-

 

 

1,010

LOSS ON DECONSOLIDATION OF CPS

 

-

 

 

7,148

 

 

-

 

 

7,148

TERMINATION FEE PAID TO BANK FRICK

 

-

 

 

17,517

 

 

-

 

 

17,517

INTEREST INCOME

 

482

 

 

790

 

 

2,416

 

 

2,805

INTEREST EXPENSE

 

814

 

 

1,279

 

 

2,982

 

 

7,641

NET INCOME (LOSS) BEFORE INCOME TAX EXPENSE

 

9,430

 

 

(39,344)

 

 

(5,619)

 

 

(65,016)

INCOME TAX EXPENSE

 

3,011

 

 

339

 

 

7,560

 

 

2,656

NET INCOME (LOSS) BEFORE (LOSS) EARNINGS FROM EQUITY-

ACCOUNTED INVESTMENTS

 

6,419

 

 

(39,683)

 

 

(13,179)

 

 

(67,672)

(LOSS) EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS

 

(4,780)

 

 

1,082

 

 

(24,878)

 

 

(29,542)

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

 

1,639

 

 

(38,601)

 

 

(38,057)

 

 

(97,214)

NET INCOME FROM DISCONTINUED OPERATIONS

 

-

 

 

-

 

 

-

 

 

6,402

(LOSS) GAIN FROM DISPOSAL OF DISCONTINUED OPERATION, net

of tax

 

-

 

 

(279)

 

 

-

 

 

12,454

NET INCOME (LOSS)

 

1,639

 

 

(38,880)

 

 

(38,057)

 

 

(78,358)

NET INCOME (LOSS) ATTRIBUTABLE TO NET1

 

1,639

 

 

(38,880)

 

 

(38,057)

 

 

(78,358)

 

Continuing

 

1,639

 

 

(38,601)

 

 

(38,057)

 

 

(97,214)

 

Discontinued

$

-

 

$

(279)

 

$

-

 

$

18,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) per share, in United States dollars:

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) attributable to Net1 shareholders

$

0.03

 

$

(0.68)

 

$

(0.67)

 

$

(1.37)

 

Continuing

$

0.03

 

$

(0.68)

 

$

(0.67)

 

$

(1.70)

 

Discontinued

$

-

 

$

(0.00)

 

$

-

 

$

0.33

Diluted earnings (loss) attributable to Net1 shareholders

$

0.03

 

$

(0.69)

 

$

(0.67)

 

$

(1.37)

 

Continuing

$

0.03

 

$

(0.69)

 

$

(0.67)

 

$

(1.70)

 

Discontinued

$

-

 

$

(0.00)

 

$

-

 

$

0.33

(R) 2020 has been restated to correct an error with respect to the recognition of certain revenue and related cost of goods sold, IT processing, servicing and support. The financial information for the three and twelve months ended June 30, 2020, has been restated with the effect of decreasing revenue by $1.4 million and $6.7 million, respectively.

(A) Derived from audited consolidated financial statements.


 

NET 1 UEPS TECHNOLOGIES, INC.

Consolidated Balance Sheets

 

 

 

 

 

 

(A)

 

(A)

 

 

 

 

 

 

June 30,

 

June 30,

 

 

 

 

 

 

2021

 

2020

 

 

 

 

 

 

(In thousands, except share data)

 

 

 

 

 

ASSETS

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

$

198,572

 

$

217,671

 

Restricted cash

 

25,193

 

 

14,814

 

Accounts receivable, net of allowance of - 2021: $267; 2020: $253 and other receivables

 

26,583

 

 

43,068

 

Finance loans receivable, net of allowance of - 2021: $2,349; 2020: $7,658

 

21,142

 

 

15,879

 

Inventory

 

22,361

 

 

19,860

 

 

Total current assets before settlement assets

 

293,851

 

 

311,292

 

 

 

Settlement assets

 

466

 

 

8,014

 

 

 

 

Total current assets

 

294,317

 

 

319,306

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - 2021: $38,535; 2020: $29,524

 

7,492

 

 

6,656

OPERATING LEASE RIGHT-OF-USE

 

4,519

 

 

5,395

EQUITY-ACCOUNTED INVESTMENTS

 

10,004

 

 

65,836

GOODWILL

 

29,153

 

 

24,169

INTANGIBLE ASSETS, net of accumulated amortization of - 2021: $16,403; 2020: $27,325

 

357

 

 

612

DEFERRED INCOME TAXES

 

622

 

 

358

OTHER LONG-TERM ASSETS, including reinsurance assets

 

81,866

 

 

31,346

TOTAL ASSETS

 

428,330

 

 

453,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Short-term credit facilities for ATM funding

 

14,245

 

 

14,814

 

Accounts payable

 

7,113

 

 

6,287

 

Other payables

 

27,588

 

 

23,779

 

Operating lease liability - current

 

2,822

 

 

2,251

 

Income taxes payable

 

256

 

 

16,157

 

 

Total current liabilities before settlement obligations

 

52,024

 

 

63,288

 

 

 

Settlement obligations

 

466

 

 

8,015

 

 

 

 

Total current liabilities

 

52,490

 

 

71,303

DEFERRED INCOME TAXES

 

10,415

 

 

1,859

OPERATING LEASE LIABILITY - LONG TERM

 

1,890

 

 

3,312

OTHER LONG-TERM LIABILITIES, including insurance policy liabilities

 

2,576

 

 

2,012

TOTAL LIABILITIES

 

67,371

 

 

78,486

COMMITMENTS AND CONTINGENCIES

 

-

 

 

-

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: 2021: $56,716,620; 2020: $57,118,925

 

80

 

 

80

PREFERRED STOCK

 

 

 

 

 

 

Authorized shares: 50,000,000 with $0.001 par value;

 

 

 

 

 

 

Issued and outstanding shares, net of treasury: 2021: -; 2020: -

 

-

 

 

-

ADDITIONAL PAID-IN-CAPITAL

 

301,959

 

 

301,489

TREASURY SHARES, AT COST: 2021: $24,891,292; 2020: $24,891,292

 

(286,951)

 

 

(286,951)

ACCUMULATED OTHER COMPREHENSIVE LOSS

 

(145,721)

 

 

(169,075)

RETAINED EARNINGS

 

406,613

 

 

444,670

TOTAL NET1 EQUITY

 

275,980

 

 

290,213

NON-CONTROLLING INTEREST

 

-

 

 

-

TOTAL EQUITY

 

275,980

 

 

290,213

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS' EQUITY

$

428,330

 

$

453,678

(A) Derived from audited consolidated financial statements.

NET 1 UEPS TECHNOLOGIES, INC.

Consolidated Statements of Cash Flows

 

 

 

Unaudited

 

(A)

 

 

 

Three months ended

 

Year ended

 

 

 

June 30,

 

June 30,

 

 

 

2021

 

2020

 

2021

 

2020

 

 

 

(In thousands)

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

1,639

 

$

(38,880)

 

$

(38,057)

 

$

(78,358)

 

Depreciation and amortization

 

1,218

 

 

996

 

 

4,347

 

 

13,299

 

Impairment loss

 

-

 

 

-

 

 

-

 

 

6,336

 

Movement in allowance for doubtful accounts receivable

 

(803)

 

 

383

 

 

110

 

 

743

 

Loss (Earnings) from equity-accounted investments

 

4,780

 

 

(1,082)

 

 

24,878

 

 

29,542

 

Movement in allowance for doubtful loans

 

4,000

 

 

316

 

 

4,739

 

 

1,035

 

Inventory net realizable value adjustment

 

-

 

 

1,298

 

 

-

 

 

1,298

 

Change in fair value of equity securities

 

(23,362)

 

 

-

 

 

(49,304)

 

 

-

 

Fair value adjustment related to financial liabilities

 

(361)

 

 

413

 

 

840

 

 

(340)

 

Interest payable

 

45

 

 

3

 

 

(1)

 

 

1,758

 

Loss on disposal of equity-accounted investment - Bank Frick

 

-

 

 

-

 

 

472

 

 

-

 

Loss on disposal of equity-accounted investment

 

-

 

 

-

 

 

13

 

 

-

 

Gain on disposal of Net1 Korea

 

-

 

 

279

 

 

-

 

 

(12,454)

 

Gain on disposal of FIHRST

 

-

 

 

-

 

 

-

 

 

(9,743)

 

Loss on deconsolidation of CPS

 

-

 

 

7,148

 

 

-

 

 

7,148

 

Loss on disposal of equity-accounted investment - DNI

 

-

 

 

1,010

 

 

-

 

 

1,010

 

(Profit) Loss on disposal of property, plant and equipment

 

(120)

 

 

(32)

 

 

480

 

 

(127)

 

Stock-based compensation charge, net

 

(532)

 

 

558

 

 

344

 

 

1,728

 

Dividends received from equity accounted investments

 

69

 

 

1,424

 

 

194

 

 

3,549

 

(Increase) Decrease in accounts receivable and finance loans receivable

 

(479)

 

 

(4,879)

 

 

3,751

 

 

8,818

 

(Increase) Decrease in inventory

 

(1,363)

 

 

(1,292)

 

 

1,279

 

 

(19,328)

 

Increase (Decrease) in accounts payable and other payables

 

4,058

 

 

4,521

 

 

(335)

 

 

(139)

 

Decrease in taxes payable

 

(1,712)

 

 

(340)

 

 

(17,210)

 

 

(1,427)

 

Increase (Decrease) in deferred taxes

 

4,665

 

 

225

 

 

5,089

 

 

(393)

 

 

Net cash used in operating activities

 

(8,258)

 

 

(27,931)

 

 

(58,371)

 

 

(46,045)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(338)

 

 

(1,445)

 

 

(4,285)

 

 

(5,938)

Proceeds from disposal of property, plant and equipment

 

226

 

 

216

 

 

571

 

 

578

Proceeds from disposal of equity-accounted investment - Bank Frick

 

-

 

 

-

 

 

18,568

 

 

-

Proceeds from disposal of Net1 Korea, net of cash disposed

 

-

 

 

-

 

 

20,114

 

 

192,619

Transaction costs paid related to disposal of Net1 Korea

 

-

 

 

-

 

 

-

 

 

(7,458)

Proceeds from disposal of DNI as equity-accounted investment

 

-

 

 

42,477

 

 

6,010

 

 

42,477

Transaction costs paid related to disposal of DNI as equity-accounted investment

 

-

 

 

(1,010)

 

 

-

 

 

(1,010)

Proceeds from disposal of FIHRST, net of cash disposed

 

-

 

 

-

 

 

-

 

 

10,895

Deconsolidation of CPS - cash disposed

 

-

 

 

(328)

 

 

-

 

 

(328)

Investment in equity-accounted investments

 

-

 

 

-

 

 

-

 

 

(2,500)

Loan to equity-accounted investment

 

-

 

 

(519)

 

 

(1,238)

 

 

(1,230)

Repayment of loans by equity-accounted investments

 

-

 

 

-

 

 

134

 

 

4,268

Net change in settlement assets

 

1,711

 

 

18

 

 

7,901

 

 

(9,256)

 

Net cash provided by investing activities

 

1,599

 

 

39,409

 

 

47,775

 

 

223,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

Proceeds from bank overdraft

 

98,324

 

 

104,490

 

 

360,083

 

 

689,763

Repayment of bank overdraft

 

(97,137)

 

 

(142,682)

 

 

(365,440)

 

 

(747,935)

Proceeds from issue of shares

 

-

 

 

-

 

 

53

 

 

-

Proceeds from disgorgement of shareholders' short-swing profits

 

-

 

 

-

 

 

124

 

 

-

Long-term borrowings utilized

 

-

 

 

-

 

 

-

 

 

14,798

Repayment of long-term borrowings

 

-

 

 

(3,190)

 

 

-

 

 

(14,503)

Guarantee fee

 

-

 

 

-

 

 

-

 

 

(148)

Finance lease capital repayments

 

-

 

 

-

 

 

-

 

 

(69)

Net change in settlement obligations

 

(1,711)

 

 

(18)

 

 

(7,901)

 

 

9,256

 

Net cash used in financing activities

 

(524)

 

 

(41,400)

 

 

(13,081)

 

 

(48,838)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

4,118

 

 

1,747

 

 

14,957

 

 

(17,260)

Net decrease in cash, cash equivalents and restricted cash

 

(3,065)

 

 

(28,175)

 

 

(8,720)

 

 

110,974

Cash, cash equivalents and restricted cash - beginning of period

 

226,830

 

 

260,660

 

 

232,485

 

 

121,511

Cash, cash equivalents and restricted cash - end of period

$

223,765

 

$

232,485

 

$

223,765

 

$

232,485

(A) Derived from audited consolidated financial statements.

Net 1 UEPS Technologies, Inc.

Attachment A

Operating segment revenue, operating (loss) income and operating (loss) margin:

Three months ended June 30, 2021 and 2020 and March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change - actual

Change -

constant

exchange rate(1)

 

 

 

 

 

 

 

 

Q4 '21

 

Q4 '20

 

Q3 '21

Q4 '21

vs

Q4 '20

Q4 '21

vs

Q3 '21

Q4 '21

vs

Q4 '20

Q4 '21

vs

Q3 '21

Key segmental data, in '000, except

margins

 

 

 

(as

restated)(A)

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Processing

 

$

21,192

 

$

16,391

 

$

18,747

29%

13%

6%

7%

 

 

All Other

 

 

21,192

 

 

15,470

 

 

18,741

37%

13%

12%

7%

 

 

IPG

 

 

-

 

 

921

 

 

6

nm

nm

nm

nm

 

Financial services

 

 

10,830

 

 

8,751

 

 

10,192

24%

6%

1%

1%

 

Technology

 

 

4,905

 

 

1,932

 

 

2,026

154%

142%

108%

129%

 

 

 

Subtotal: Operating segments

 

 

36,927

 

 

27,074

 

 

30,965

36%

19%

12%

13%

 

 

 

Intersegment eliminations

 

 

(2,410)

 

 

(2,523)

 

 

(2,137)

(4%)

13%

(22%)

7%

 

 

 

 

Consolidated revenue

 

$

34,517

 

$

24,551

 

$

28,828

41%

20%

15%

13%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Processing

 

$

(5,785)

 

$

(10,089)

 

$

(10,816)

(43%)

(47%)

(53%)

(49%)

 

 

All Other

 

 

(5,809)

 

 

(5,809)

 

 

(7,484)

-

(22%)

(18%)

(26%)

 

 

IPG

 

 

24

 

 

(4,280)

 

 

(3,332)

nm

nm

nm

nm

 

Financial services

 

 

(2,875)

 

 

(1,016)

 

 

(2,111)

183%

36%

132%

29%

 

Technology

 

 

(357)

 

 

136

 

 

131

nm

nm

nm

nm

 

 

 

Subtotal: Operating segments

 

 

(9,017)

 

 

(10,969)

 

 

(12,796)

(18%)

(30%)

(33%)

(33%)

 

 

 

Corporate/Eliminations

 

 

(4,583)

 

 

(2,211)

 

 

(1,496)

107%

206%

70%

190%

 

 

 

 

 

Consolidated operating loss

 

$

(13,600)

 

$

(13,180)

 

$

(14,292)

3%

(5%)

(15%)

(10%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income margin (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Processing

 

 

(27.3%)

 

 

(61.6%)

 

 

(57.7%)

 

 

 

 

 

 

IPG

 

 

(27.4%)

 

 

(37.6%)

 

 

(39.9%)

 

 

 

 

 

 

All Other

 

 

-

 

 

(464.7%)

 

 

nm

 

 

 

 

 

Financial services

 

 

(26.5%)

 

 

(11.6%)

 

 

(20.7%)

 

 

 

 

 

Technology

 

 

(7.3%)

 

 

7.0%

 

 

6.5%

 

 

 

 

 

 

 

Consolidated operating margin

 

 

(39.4%)

 

 

(53.7%)

 

 

(49.6%)

 

 

 

 

(A) - 2020 has been restated to correct an error with respect to the recognition of certain revenue and related cost of goods sold, IT processing, servicing and support.

(1) - This information shows what the change in these items would have been if the USD/ ZAR exchange rate that prevailed during Q4 2021 also prevailed during Q4 2020 and Q3 2021.


Twelve months ended June 30, 2021 and 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change -

actual

Change -

constant

exchange

rate(1)

 

 

 

 

 

 

 

 

F2021

 

F2020

 

F2021

vs

F2020

F2021

vs

F2020

Key segmental data, in '000, except margins

 

 

 

(as

restated)(A)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

Processing

 

$

82,435

 

$

91,786

 

(10%)

(20%)

 

 

All other

 

 

80,742

 

 

88,476

 

(9%)

(18%)

 

 

IPG

 

 

1,693

 

 

3,310

 

(49%)

(54%)

 

Financial services

 

 

38,996

 

 

46,870

 

(17%)

(26%)

 

Technology

 

 

17,751

 

 

18,071

 

(2%)

(12%)

 

 

 

Subtotal: Operating segments

 

 

139,182

 

 

156,727

 

(11%)

(21%)

 

 

 

Intersegment eliminations

 

 

(8,396)

 

 

(12,428)

 

(32%)

(40%)

 

 

 

 

Consolidated revenue

 

 

130,786

 

 

144,299

 

(9%)

(19%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income:

 

 

 

 

 

 

 

 

 

 

Processing

 

$

(34,283)

 

$

(33,836)

 

1%

(9%)

 

 

IPG

 

 

(23,556)

 

 

(21,488)

 

10%

nm

 

 

All other

 

 

(10,727)

 

 

(12,348)

 

(13%)

nm

 

Financial services

 

 

(8,429)

 

 

(3,621)

 

133%

108%

 

Technology

 

 

2,627

 

 

2,815

 

(7%)

(17%)

 

 

 

Subtotal: Operating segments

 

 

(40,085)

 

 

(34,642)

 

16%

4%

 

 

 

Corporate/Eliminations

 

 

(13,787)

 

 

(9,606)

 

44%

28%

 

 

 

 

 

Consolidated operating loss

 

 

(53,872)

 

 

(44,248)

 

22%

9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income margin (%)

 

 

 

 

 

 

 

 

 

 

Processing

 

 

(41.6%)

 

 

(36.9%)

 

 

 

 

 

All other

 

 

(29.2%)

 

 

(24.3%)

 

 

 

 

 

IPG

 

 

(633.6%)

 

 

(373.1%)

 

 

 

 

Financial services

 

 

(21.6%)

 

 

(7.7%)

 

 

 

 

Technology

 

 

14.8%

 

 

15.6%

 

 

 

 

 

 

Consolidated operating margin

 

 

(41.2%)

 

 

(30.7%)

 

 

 

(A) - 2020 has been restated to correct an error with respect to the recognition of certain revenue and related cost of goods sold, IT processing, servicing and support.

(1) - This information shows what the change in these items would have been if the USD/ ZAR exchange rate that prevailed during fiscal 2021 also prevailed during fiscal 2020.


(Loss) Earnings from equity-accounted investments:

The table below presents the (loss) earnings from our equity-accounted investments:

 

 

 

Q4 2021

 

 

Q4 2020

 

%

change

 

 

F2021

 

 

F2020

 

%

change

Finbond

$

(1,742)

 

$

1,349

 

nm

 

$

(22,009)

 

$

1,840

 

nm

 

Share of net (loss) income

 

(1,742)

 

 

1,349

 

nm

 

 

(4,359)

 

 

1,840

 

nm

 

Impairment

 

-

 

 

-

 

nm

 

 

(17,650)

 

 

-

 

nm

Bank Frick

 

-

 

 

651

 

nm

 

 

1,156

 

 

(17,273)

 

nm

 

Share of net income

 

-

 

 

651

 

nm

 

 

1,156

 

 

1,421

 

(19%)

 

Amortization of intangible assets, net of deferred tax

 

-

 

 

-

 

nm

 

 

-

 

 

(433)

 

nm

 

Impairment

 

-

 

 

-

 

nm

 

 

-

 

 

(18,261)

 

nm

DNI

 

-

 

 

-

 

nm

 

 

-

 

 

(9,744)

 

nm

 

Share of net income

 

-

 

 

-

 

nm

 

 

-

 

 

4,676

 

nm

 

Amortization of intangible assets, net of deferred tax

 

-

 

 

-

 

nm

 

 

-

 

 

(1,350)

 

nm

 

Impairment

 

-

 

 

-

 

nm

 

 

-

 

 

(13,070)

 

nm

Other

 

(3,038)

 

 

(918)

 

231%

 

 

(4,025)

 

 

(4,365)

 

(8%)

 

Share of net loss

 

(92)

 

 

(918)

 

(90%)

 

 

(531)

 

 

(1,865)

 

(72%)

 

Impairment

 

(2,946)

 

 

-

 

nm

 

 

(3,494)

 

 

(2,500)

 

40%

 

(Loss) Earnings from equity-accounted investments

$

(4,780)

 

$

1,082

 

nm

 

$

(24,878)

 

$

(29,542)

 

(16%)



Net 1 UEPS Technologies, Inc.

Attachment B

Reconciliation of GAAP operating loss to EBITDA (loss) and adjusted EBITDA (loss):

Three months ended June, 30, 2021 and 2021, and March 31, 2021; and twelve months ended June 30, 2021 and 2020

 

 

 

 

 

 

 

 

 

 

Year ended June 30,

 

 

 

 

 

 

 

Q4 2021

 

Q4 2020

 

Q3 2021

 

2021

 

2020

Operating loss - GAAP

(13,600)

 

(13,180)

 

(14,292)

 

(53,872)

 

(44,248)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

1,218

 

996

 

1,132

 

4,347

 

4,647

 

Impairment loss

-

 

-

 

-

 

-

 

6,336

 

 

Negative EBITDA

(12,382)

 

(12,184)

 

(13,160)

 

(49,525)

 

(33,265)

 

 

 

Allowance for doubtful loans receivables from equity-accounted investments

4,000

 

316

 

-

 

4,739

 

1,035

 

 

 

Transaction costs

174

 

-

 

337

 

1,879

 

2,876

 

 

 

 

Adjusted EBITDA loss

(8,208)

 

(11,868)

 

(12,823)

 

(42,907)

 

(29,354)

Reconciliation of GAAP net income (loss) and earnings (loss) per share, basic, to fundamental net loss and loss per share, basic:

Three months ended June 30, 2021 and 2020

 

Net income (loss)

(USD '000)

 

E(L)PS, basic

(USD)

 

Net income (loss)

(ZAR '000)

 

E(L)PS, basic

(ZAR)

 

2021

 

2020

 

2021

 

2020

 

2021

 

2020

 

2021

 

2020

GAAP

1,639

 

(38,880)

 

0.03

 

(0.68)

 

23,223

 

(671,885)

 

0.41

 

(11.76)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of equity

securities, net

(18,456)

 

-

 

 

 

 

 

(261,497)

 

-

 

 

 

 

Allowance for doubtful EMI loans

receivable

4,000

 

316

 

 

 

 

 

56,675

 

5,461

 

 

 

 

Impairment of equity method

investment

2,946

 

-

 

 

 

 

 

41,741

 

-

 

 

 

 

Stock-based compensation charge

(532)

 

558

 

 

 

 

 

(7,538)

 

9,643

 

 

 

 

Transaction costs

174

 

-

 

 

 

 

 

2,465

 

-

 

 

 

 

Intangible asset amortization, net

70

 

58

 

 

 

 

 

990

 

990

 

 

 

 

Termination fee paid to cancel Bank

Frick option

-

 

17,517

 

 

 

 

 

-

 

302,711

 

 

 

 

Loss on deconsolidation of CPS

-

 

7,148

 

 

 

 

 

-

 

123,525

 

 

 

 

Loss on sale of DNI

-

 

1,010

 

 

 

 

 

-

 

17,454

 

 

 

 

Interest related to SASSA implementation costs refund

-

 

298

 

 

 

 

 

-

 

5,156

 

 

 

 

Fundamental

(10,159)

 

(11,975)

 

(0.18)

 

(0.21)

 

(143,941)

 

(206,945)

 

(2.54)

 

(3.62)



Twelve months ended June 30, 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

(38,057)

 

(78,358)

 

(0.67)

 

(1.38)

 

(598,111)

 

(1,376,640)

 

(10.54)

 

(24.25)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of equity

securities, net

(38,950)

 

-

 

 

 

 

 

(612,149)

 

-

 

 

 

 

Impairment of equity method

investments

21,144

 

32,084

 

 

 

 

 

327,140

 

563,672

 

 

 

 

Allowance for doubtful EMI loans

receivable

4,739

 

1,035

 

 

 

 

 

74,479

 

18,184

 

 

 

 

Transaction costs

1,879

 

2,876

 

 

 

 

 

29,531

 

50,527

 

 

 

 

Reversal of deferred taxes related to

impairment of equity method

investment

(1,353)

 

-

 

 

 

 

 

(22,633)

 

-

 

 

 

 

Loss on disposal of equity-accounted investment - Bank Frick

472

 

-

 

 

 

 

 

7,418

 

-

 

 

 

 

Stock-based compensation charge

344

 

2,607

 

 

 

 

 

5,406

 

45,801

 

 

 

 

Intangible asset amortization, net

253

 

3,805

 

 

 

 

 

3,961

 

66,835

 

 

 

 

Loss on sale of equity method

investment

13

 

-

 

 

 

 

 

204

 

-

 

 

 

 

Termination fee paid to cancel Bank

Frick option

-

 

(17,517)

 

 

 

 

 

-

 

(307,749)

 

 

 

 

Gain on discontinued operation

-

 

(12,454)

 

 

 

 

 

-

 

(218,799)

 

 

 

 

Gain on disposal of FIHRST

-

 

(9,743)

 

 

 

 

 

-

 

(171,171)

 

 

 

 

Loss on deconsolidation of CPS

-

 

7,148

 

 

 

 

 

-

 

125,580

 

 

 

 

Impairment loss

-

 

6,336

 

 

 

 

 

-

 

111,314

 

 

 

 

Intangible asset amortization, net

related to equity accounted

investments

-

 

1,783

 

 

 

 

 

-

 

31,325

 

 

 

 

Interest related to SASSA

implementation costs refund

-

 

1,361

 

 

 

 

 

-

 

23,909

 

 

 

 

Loss on sale of DNI

-

 

1,010

 

 

 

 

 

-

 

17,744

 

 

 

 

Fundamental

(49,516)

 

(58,027)

 

(0.87)

 

(1.02)

 

(784,754)

 

(1,019,468)

 

(13.82)

 

(17.96)



Net 1 UEPS Technologies, Inc.

Attachment C

Reconciliation of net income (loss) used to calculate earnings (loss) per share basic and diluted and headline loss per share basic and diluted:

Three months ended June 30, 2021 and 2020

 

 

2021

 

2020

 

 

 

 

 

Net income (loss) (USD'000)

1,639

 

(38,880)

Adjustments:

 

 

 

 

Impairment of equity method investments

2,946

 

-

 

Loss on deconsolidation of CPS

-

 

7,148

 

Loss on sale of DNI

-

 

1,010

 

Profit on sale of property, plant and equipment

(120)

 

(32)

 

Tax effects on above

34

 

9

 

 

 

 

 

Net income (loss) used to calculate headline loss (USD'000)

4,499

 

(30,745)

Weighted average number of shares used to calculate net earnings (loss) per share basic loss and headline

earnings (loss) per share basic loss ('000)

56,678

 

57,119

Weighted average number of shares used to calculate net loss per share diluted (earnings) loss and

headline (earnings) loss per share diluted loss ('000)

56,937

 

57,119

 

 

 

 

 

Headline earnings (loss) per share:

 

 

 

 

Basic, in USD

0.08

 

(0.54)

 

Diluted, in USD

0.08

 

(0.54)

Twelve months ended June 30, 2021 and 2020

 

 

2021

 

2020

 

 

 

 

 

Net loss (USD'000)

(38,057)

 

(78,358)

Adjustments:

 

 

 

 

Impairment of equity method investments

21,144

 

33,831

 

Loss on disposal of equity-accounted investment - Bank Frick

430

 

-

 

Gain on disposal of discontinued operation

-

 

(12,454)

 

Gain on disposal of FIHRST

-

 

(9,743)

 

Impairment loss

-

 

6,336

 

Loss on deconsolidation of CPS

-

 

7,148

 

Loss on sale of DNI

-

 

1,010

 

Loss (Profit) on sale of property, plant and equipment

480

 

(127)

 

Tax effects on above

(134)

 

36

 

 

 

 

 

Net loss used to calculate headline loss (USD'000)

(16,137)

 

(52,321)

Weighted average number of shares used to calculate net loss per share basic loss and headline loss per

share basic loss ('000)

56,765

 

56,764

Weighted average number of shares used to calculate net loss per share diluted loss and headline loss per

share diluted loss ('000)

56,898

 

56,764

 

 

 

 

 

Headline loss per share:

 

 

 

 

Basic, in USD

(0.28)

 

(0.92)

 

Diluted, in USD

(0.28)

 

(0.92)

Calculation of the denominator for headline diluted loss per share

 

 

 

Q4 2021

 

Q4 2020

 

F2021

 

F2020

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding and unvested restricted

shares expected to vest under GAAP

56,678

 

57,119

 

56,765

 

56,764

 

Effect of dilutive securities under GAAP

259

 

-

 

133

 

-

 

 

Denominator for headline diluted loss per share

56,937

 

57,119

 

56,898

 

56,764



Weighted average number of shares used to calculate headline diluted earnings (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 earnings (loss) per share because we do not use the two-class method to calculate headline diluted (earnings) loss per share.



The following information was filed by Net 1 Ueps Technologies Inc (UEPS) on Monday, September 13, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Net 1 Ueps Technologies Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Net 1 Ueps Technologies Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account