Exhibit 99.1

Net 1 files 2019 Form 10-K with SEC and cures Nasdaq delinquency

JOHANNESBURG, October 25, 2019 - Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS; JSE: NT1) today announced that it has filed its Annual Report on Form 10-K with the United States Securities and Exchange Commission for the year ended June 30, 2019. Filing of the Form 10-K cures the Nasdaq delinquency reported on October 3, 2019. We do not need to file a plan of compliance with Nasdaq and believe that we are now in compliance with Nasdaq's continued listing requirements.

Final results amended as a result of September 30, 2019 Supreme Court ruling:

Our preliminary results released on September 26, 2019, have been updated for the impact of the Supreme Court ruling on September 30, 2019. The Supreme Court ruling declined our subsidiary, Cash Paymaster Services (Pty) Ltd's ("CPS"), appeal of the refund of ZAR 317.0 million plus interest to the South Africa Social Security Agency ("SASSA") related to the recovery of additional implementation costs incurred by CPS during the beneficiary re-registration process in fiscal 2012 and 2013. CPS is liable to repay SASSA ZAR 317.0 million, plus interest from June 2014 to date of payment. As a result, we recorded the liability at June 30, 2019, of $34.0 million (ZAR 479.4 million, translated at exchange rates applicable as of June 30, 2019, comprising a revenue refund of $19.7 million (ZAR 277.6 million), accrued interest of $11.4 million (ZAR 161.0 million), unclaimed indirect taxes of $2.8 million (ZAR 39.4 million) and estimated costs of $0.1 million (ZAR 1.4 million)). 

Below is a summary of the changes to our audited consolidated financial statements for Q4 2019 and full year 2019, as a result of the liability recorded compared with our preliminary results ("Prelim") reported on September 26, 2019:

 

Q4 2019

 

F2019

Final

Prelim

Mvt

Final

Prelim

Mvt

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

 

 

 

 

 

 

Revenue

51,472

71,181

(19,709)

 

360,990

380,699

(19,709)

GAAP operating (loss) income

(49,646)

(15,607)

(34,039)

 

(113,508)

(79,469)

(34,039)

Adjusted (negative) EBITDA(1)

(749)

(749)

-

 

(12,621)

(12,621)

-

GAAP net (loss) income

(183,694)

(149,655)

(34,039)

 

(307,618)

(273,579)

(34,039)

Fundamental (loss) earnings (1)

(173,128)

(139,089)

(34,039)

 

(256,906)

(222,867)

(34,039)

GAAP (loss) earnings per share ($)

(3.23)

(2.63)

(0.60)

 

(5.42)

(4.82)

(0.60)

Fundamental (loss) earnings per share ($)(1)

(3.05)

(2.45)

(0.60)

 

(4.53)

(3.93)

(0.60)

Headline (loss) earnings per share ($)(1)

(3.11)

(2.51)

(0.60)

 

(4.98)

(4.38)

(0.60)

(1) Adjusted negative EBITDA and fundamental (loss) earnings per share are non-GAAP measures and are described below under "Use of Non-GAAP Measures". See Attachment B for a reconciliation of GAAP operating (loss) income to negative EBITDA and Adjusted negative EBITDA, and GAAP net (loss) income to fundamental net (loss) income and (loss) earnings per share. See Attachment C for a reconciliation of net (loss) income used to calculate (loss) earnings per share basic and diluted and headline (loss) earnings per share basic and diluted

We reiterate our fiscal 2020 guidance for adjusted EBITDA of at least $16 million using a constant currency base of ZAR 14.27/$1, driven by growth in South Korea and South Africa, and reduced losses from our IPG business.

Summary Financial Metrics

 

Three months ended June 30,

 

2019

2018
As restated(1)

% change
in USD

% change
in ZAR

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

 

 

 

Revenue

51,472

149,194

(65%)

(57%)

GAAP operating (loss) income

(49,646)

10,072

nm

nm

Adjusted (negative) EBITDA(2)

(749)

24,301

nm

nm

GAAP (loss) earnings per share ($)

(3.23)

0.05

nm

nm

Continuing

(3.23)

0.10

nm

nm

Discontinued

-

(0.05)

nm

nm

Fundamental (loss) earnings per share ($)(2)

(3.05)

0.22

nm

nm

Fully-diluted shares outstanding ('000's)

56,804

56,816

(0%)

 

Average period USD/ ZAR exchange rate

14.29

11.45

25%

 

Non-cash adjustments included (before tax impact):

140,827

12,834

997%

 

Allowance for doubtful finance loans receivables

1,148

1,798

(36%)

 

Change in fair value of equity securities

125,360

5,370

2,234%

 

Loss on disposal of DNI

631

-

nm

 

Loss on acquisition of DNI

-

4,614

nm

 

Impairment loss

6,429

1,052

494%

 

Impairment of Cedar Cell note

7,439

-

nm

 

 


 

Fiscal year ended June 30,

 

2019

2018

As restated(1)

% change
in USD

% change
in ZAR

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

 

 

 

Revenue

360,990

612,889

(41%)

(34%)

GAAP operating (loss) income

(113,508)

58,949

nm

nm

Adjusted (negative) EBITDA(2)

(12,621)

127,155

nm

nm

GAAP (loss) earnings per share ($)

(5.42)

1.13

nm

nm

Continuing

(5.40)

1.09

nm

nm

Discontinued

(0.02)

0.04

nm

nm

Fundamental (loss) earnings per share ($)(2)

(4.53)

2.00

nm

nm

Fully-diluted shares outstanding ('000's)

56,778

56,858

(0%)

 

Average period USD/ ZAR exchange rate

14.27

12.70

12%

 

Non-cash adjustments included (before tax impact):

238,554

6,416

3,618%

 

Allowance for doubtful finance loans receivables

32,786

13,358

145%

 

Change in fair value of equity securities

167,459

(32,473)

nm

 

Loss on disposal of DNI

5,771

-

nm

 

Loss on acquisition of DNI

-

4,614

nm

 

Impairment loss

19,745

20,917

(6%)

 

Impairment of Cedar Cell note

12,793

-

nm

 

(1) 2018 restated to correct an error identified by its equity method investment - Finbond Group Limited. The financial information for the three months and year ended June 30, 2018, have been restated with the effect of decreasing GAAP net (loss) income by $0.1 million, respectively. GAAP (loss) earnings per share were unaffected.

(2) Adjusted negative EBITDA, fundamental loss (earnings), fundamental (loss) earnings per share and headline (loss) earnings per share are non-GAAP measures and are described below under "Use of Non-GAAP Measures-negative EBITDA and Adjusted negative EBITDA, and -Fundamental net (loss) income and fundamental (loss) earnings per share." See Attachment B for a reconciliation of GAAP operating (loss) income to negative EBITDA and Adjusted negative EBITDA, and GAAP net (loss) income to fundamental net (loss) income and (loss) earnings per share.

Factors impacting comparability of our Q4 2019 and Q4 2018 results

  • Decline in revenue: Our revenues declined 57% in ZAR primarily due to the expiration of our SASSA contract, the reversal of revenue of $19.7 million (ZAR 277.6 million) following the September 2019 Supreme Court ruling, the significant decline in EPE account numbers driven by SASSA's auto-migration of accounts to SAPO, and a reduction in EPE-related financial and value-added services and transaction fees due to a smaller customer base;
  • Increase in operating losses: Lower revenue, coupled with a high-fixed cost infrastructure, additional costs recorded related to the September 2019 Supreme Court ruling of $14.3 million (ZAR 201.8 million), ongoing IPG operating losses, and a goodwill impairment resulted in an operating loss. We also incurred $1.0 million in retrenchment costs during Q4 2019;
  • Non-cash losses, impairments and fair-value adjustments: We incurred a $0.6 million non-cash loss on disposal of an 8% interest in DNI, a goodwill impairment loss of $6.2 million, a fair value adjustment loss of $125.4 million for Cell C and a $7.4 million impairment of our Cedar Cell note;
  • Implementation costs to be refunded to SASSA of $34.0 million: We recorded an accrual of $34.0 million related to the September 2019 Supreme Court ruling comprising a revenue refund of $19.7 million (ZAR 277.6 million), accrued interest of $11.4 million (ZAR 161.0 million), unclaimed indirect taxes of $2.8 million (ZAR 39.4 million) and estimated costs of $0.1 million (ZAR 1.4 million)); and
  • Adverse foreign exchange movements: The U.S. dollar appreciated 23% against the ZAR and 10% against the KRW during Q4 2019, which adversely impacted our reported results.

Results of Operations by Segment and Liquidity

South African transaction processing

Segment revenue was $18.9 million in Q4 2019, down 63% on a constant currency basis compared with Q4 2018 but up from $17.4 million in Q3 2019. The year-over-year decrease in segment revenue and operating income was primarily due to the substantial decrease in the number of SASSA grant recipients paid under our SASSA contract as the contract ended at the end of Q1 2019. Our revenue and operating income were also adversely impacted by the significant reduction in the number of SASSA grant recipients with SASSA-branded Grindrod cards linked to Grindrod bank accounts as well as a lower number of EPE accounts in Q2 2019. These decreases in revenue and operating income were partially offset by higher transaction revenue as a result of increased usage of our ATMs. Operating income for this operating segment for Q4 2019 included retrenchment costs of $1.0 million (ZAR 14.3 million). Our operating (loss) income margin for Q4 2019 and 2018 was (13.1%) and 6.7%, respectively. Excluding restructuring costs, the operating loss margin for Q4 2019 and Q3 2019 was (7.5%) and (57.5%) respectively.


International transaction processing

Segment revenue was $36.4 million in Q4 2019, down 16% compared with Q4 2018 but up from $34.4 million in Q3 2019. Segment revenue was lower during Q4 2019, primarily due to a contraction in IPG transactions processed, specifically meaningfully lower crypto-exchange and China processing activity, and modestly lower KSNET revenue as a result of lower transaction values processed. Operating income during Q4 2019 was higher compared to fiscal 2018 due to an improved contribution from KSNET, primarily as a result of a lower depreciation expense, and partially offset by the decrease in IPG revenues. Operating income margin for Q4 2019 and 2018, and Q3 2019 was 6.1%, 4.8%, and 5.6% respectively.

Financial inclusion and applied technologies

Segment revenue was $17.4 million in Q4 2019, down 59% compared with Q4 2018 in constant currency and Q3 2019 revenue (excluding DNI) of $18.8 million. Segment revenue decreased primarily due to fewer prepaid airtime and value-added services sales, lower lending and insurance revenue, and a decrease in inter-segment revenues. Operating income was significantly lower than Q4 2018, primarily due to lower revenue generation and higher expenses incurred to maintain and expand our financial service infrastructure. Operating (loss) income for this operating segment for Q4 2019 includes a goodwill impairment of $6.2 million. Operating (loss) income margin for Q4 2019 and 2018 was (61.2%) and 25.5%, respectively. Excluding the goodwill impairment, segment operating loss and margin for Q4 2019 were ($4.5) million and (26.0%), respectively, and excluding DNI and retrenchment costs, segment operating loss and margin for Q3, 2019 were ($3.3) million and (17.8%), respectively.

Corporate/eliminations

Our corporate expenses increased primarily due to the accrual of $14.3 million related to the September 2019 Supreme Court ruling, higher non-employee director expenses, transaction-related expenditures and external service provider fees, partially offset by a reversal of stock compensation charge of $1.8 million related to stock options and restricted stock forfeited.

Cash flow, liquidity and consideration of going concern

At June 30, 2019, our cash and cash equivalents were $46.1 million and comprised of KRW-denominated balances of KRW 30.1 billion ($26.1 million), ZAR-denominated balances of ZAR 184.3 million ($13.1 million), U.S. dollar-denominated balances of $2.4 million, and other currency deposits, primarily Botswana pula, of $4.5 million, all amounts translated at exchange rates applicable as of June 30, 2019. The decrease in our unrestricted cash balances from June 30, 2018, was primarily due to significantly weaker trading activities, scheduled debt repayments, dividend payments to non-controlling interests and capital expenditures, which was partially offset by cash dividends received from DNI and a decrease in our South African lending book.

Excluding the impact of interest received, interest paid under our South Africa debt and taxes, the decrease in cash provided is primarily due to significantly weaker trading activity during fiscal 2019 compared to 2018. Capital expenditures for Q4 2019 and 2018 were $2.1 million and $1.8 million, respectively, and primarily relate to the acquisition of additional ATMs in South Africa. We made an unscheduled South African debt facility payment of $1.0 million (ZAR 15 million) and settled our outstanding South African long-term borrowings in full.

Use of Non-GAAP Measures

US 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 directly comparable GAAP measures. The presentation of negative EBITDA, adjusted negative 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

(Loss) Earnings before interest, tax, depreciation and amortization ("EBITDA") is GAAP operating (loss) income adjusted for depreciation and amortization and, if applicable, impairment losses. Adjusted EBITDA is EBITDA adjusted for costs related to acquisitions and transactions consummated or ultimately not pursued, retrenchment costs incurred, and in fiscal 2019, the accrual of $34.0 million related to the September 2019 Supreme Court ruling, and in fiscal 2018, the non-cash re-measurement loss related to the acquisition of DNI, an allowance for doubtful Mastertrading working capital finance loans receivable, a refund of indirect taxes in Korea, and (loss) profits realized on the sale of a business.

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), the amortization of intangible assets (net of deferred taxes) related to equity-accounted investments, stock-based compensation charges and reversals, the amortization of South African and South Korean debt facility fees and unusual non-recurring items, including impairment losses, costs related to acquisitions and transactions consummated or ultimately not pursued.


Fundamental net (loss) income and (loss) earnings per share for fiscal 2019 also includes an adjustment for the loss incurred on the disposal of DNI, retrenchment costs incurred, accretion of interest related to the DNI contingent consideration, and for the non-controlling interest portion of the amortization of intangible assets (net of deferred taxes). Fundamental net income and earnings per share for fiscal 2018 also includes adjustments for an allowance for doubtful working capital finance receivables, the non-cash re-measurement loss related to the acquisition of DNI, refund of indirect taxes in Korea, the impact of changes in tax laws in the U.S and a gain realized on the sale of XeoHealth.

We provide earnings guidance only on a non-GAAP basis and do not provide a reconciliation of forward-looking fundamental (loss) earnings per share guidance to the most directly comparable GAAP financial measures because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, the amounts of which, based on past experience, could be material.

Management believes that the EBITDA, adjusted EBITDA, fundamental net (loss) income and (loss) earnings per share metric enhances 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 loss and (profit) loss on sale of property, plant and equipment and the re-measurement loss on the acquisition of DNI. 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 provider of transaction processing services, financial inclusion products and services and secure payment technology. Net1 operates market-leading payment processors in South Africa and the Republic of Korea. Net1 offers debit, credit and prepaid processing and issuing services for all major payment networks. In South Africa, Net1 provides innovative low-cost financial inclusion products, including banking, lending and insurance and through DNI is a leading distributor of mobile subscriber starter packs for Cell C, a South African mobile network operator. Net1 leverages its strategic equity investments in Finbond and Bank Frick (both regulated banks), and Cell C to introduce products to new customers and geographies.

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 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:
Dhruv Chopra

Group Vice President, Investor Relations

Phone: +1 917-767-6722

Email: dchopra@net1.com

Media Relations Contact:

Bridget von Holdt

Business Director - BCW

Phone: +27-82-610-0650
Email: bridget.vonholdt@bm-africa.com



NET 1 UEPS TECHNOLOGIES, INC.

Consolidated Statements of Operations

 

 

 

 

    Unaudited    

(1)

    Three months ended    

Year ended

 

 

June 30,

 

 

June 30,

 

 

2019

 

2018

(As restated)(R)

 

 

2019

 

2018

(As restated)(R)

 

(In thousands, except per share data)

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

REVENUE

$

51,472

$

149,194

 

$

360,990

$

612,889

EXPENSE

 

 

 

 

 

 

 

 

 

Cost of goods sold, IT processing, servicing and support

 

41,668

 

78,030

 

 

215,348

 

304,536

Selling, general and administration

 

46,380

 

51,586

 

 

202,056

 

193,003

Depreciation and amortization

 

6,821

 

8,454

 

 

37,349

 

35,484

Impairment loss

 

6,249

 

1,052

 

 

19,745

 

20,917

OPERATING (LOSS) INCOME

 

(49,646)

 

10,072

 

 

(113,508)

 

58,949

CHANGE IN FAIR VALUE OF EQUITY SECURITIES

 

(125,360)

 

(5,370)

 

 

(167,459)

 

32,473

LOSS ON DISPOSAL OF DNI

 

631

 

-

 

 

5,771

 

-

INTEREST INCOME

 

1,289

 

2,982

 

 

7,229

 

17,885

INTEREST EXPENSE

 

1,694

 

2,069

 

 

10,724

 

8,941

IMPAIRMENT OF CEDAR CELLULAR NOTE

 

7,439

 

-

 

 

12,793

 

-

(LOSS) INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE

 

(183,481)

 

5,615

 

 

(303,026)

 

100,366

INCOME TAX (BENEFIT) EXPENSE

 

2,023

 

8,840

 

 

3,725

 

48,597

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

 

(185,504)

 

(3,225)

 

 

(306,751)

 

51,769

EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS

 

1,820

 

4,208

 

 

1,482

 

11,597

NET (LOSS) INCOME

 

(183,684)

 

983

 

 

(305,269)

 

63,366

Continuing

 

(183,684)

 

3,794

 

 

(307,959)

 

60,975

Discontinued

 

-

 

(2,811)

 

 

2,690

 

2,391

LESS (ADD) NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST

 

10

 

(1,783)

 

 

2,349

 

(880)

Continuing

 

10

 

(1,783)

 

 

(1,352)

 

(880)

Discontinued

 

-

 

-

 

 

3,701

 

-

NET (LOSS) INCOME ATTRIBUTABLE TO NET1

$

(183,694)

 

2,766

 

 

(307,618)

 

64,246

Continuing

 

(183,694)

 

5,577

 

 

(306,607)

 

61,855

Discontinued

 

-

$

(2,811)

 

$

(1,011)

$

2,391

Net (loss) income per share, in U.S. dollars

 

 

 

 

 

 

 

 

 

Basic (loss) earnings attributable to Net1 shareholders

 

(3.23)

 

0.05

 

 

(5.42)

 

1.13

Continuing

 

(3.23)

 

0.10

 

 

(5.40)

 

1.09

Discontinued

 

-

 

(0.05)

 

 

(0.02)

 

0.04

Diluted (loss) earnings attributable to Net1 shareholders

 

(3.23)

 

0.05

 

 

(5.42)

 

1.13

Continuing

 

(3.23)

 

0.10

 

 

(5.40)

 

1.09

Discontinued

 

-

 

(0.05)

 

 

(0.02)

 

0.04


(R) Certain amounts have been restated to correct an insignificant misstatement.
(1) Derived from audited consolidated financial statements.



NET 1 UEPS TECHNOLOGIES, INC.

Consolidated Balance Sheets

 

(A)

 

(A) (R)

 

June 30,

 

June 30,

 

2019

 

2018

 

(In thousands, except share data)

ASSETS

CURRENT ASSETS

 

 

 

 

 

Cash and cash equivalents

$

46,065

 

$

87,075

Restricted cash

 

75,446

 

 

-

Pre-funded social welfare grants receivable

 

-

 

 

2,965

Accounts receivable, net of allowance of - 2019: $1,241; 2018: $1,101 and other receivables

 

72,494

 

 

93,448

Finance loans receivable, net of allowance of - 2019: $9,291; 2018: $16,403

 

30,631

 

 

61,463

Inventory

 

7,535

 

 

10,361

Current assets of discontinued operation

 

-

 

 

22,482

Total current assets before settlement assets

 

232,171

 

 

277,794

Settlement assets

 

63,479

 

 

149,047

Total current assets

 

295,650

 

 

426,841

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - 2019: $117,866; 2018: $126,026

 

18,554

 

 

25,737

EQUITY-ACCOUNTED INVESTMENTS

 

151,116

 

 

86,016

GOODWILL

 

149,387

 

 

169,079

INTANGIBLE ASSETS, net of accumulated amortization of - 2019: $127,100; 2018: $121,466

 

11,889

 

 

27,129

DEFERRED INCOME TAXES

 

2,151

 

 

4,776

OTHER LONG-TERM ASSETS, including reinsurance assets

 

44,189

 

 

235,032

LONG-TERM ASSETS OF DISCONTINUED OPERATION

 

-

 

 

242,704

TOTAL ASSETS

 

672,936

 

 

1,217,314

 

 

 

 

 

 

LIABILITIES

CURRENT LIABILITIES

 

 

 

 

 

Short-term credit facilities for ATM funding

 

75,446

 

 

-

Short-term credit facilities

 

9,544

 

 

-

Accounts payable

 

17,005

 

 

21,106

Other payables

 

66,449

 

 

41,645

Current portion of long-term borrowings

 

-

 

 

44,079

Income taxes payable

 

6,223

 

 

5,742

Current liabilities of discontinued operation

 

-

 

 

20,914

Total current liabilities before settlement obligations

 

174,667

 

 

133,486

Settlement obligations

 

63,479

 

 

149,047

Total current liabilities

 

238,146

 

 

282,533

DEFERRED INCOME TAXES

 

4,682

 

 

16,067

LONG-TERM BORROWINGS

 

-

 

 

5,469

OTHER LONG-TERM LIABILITIES, including insurance policy liabilities

 

3,007

 

 

30,289

LONG-TERM LIABILITIES OF DISCONTINUED OPERATION

 

-

 

 

38,387

TOTAL LIABILITIES

 

245,835

 

 

372,745

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

 

 

REDEEMABLE COMMON STOCK

 

107,672

 

 

107,672

 

 

 

 

 

 

EQUITY

COMMON STOCK

 

 

 

 

 

Authorized: 200,000,000 with $0.001 par value;

 

 

 

 

 

Issued and outstanding shares, net of treasury - 2019: 56,568,425; 2018: 56,685,925

 

80

 

 

80

PREFERRED STOCK

 

 

 

 

 

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

 

 

 

 

 

Issued and outstanding shares, net of treasury: June: -; June: -

 

-

 

 

-

ADDITIONAL PAID-IN-CAPITAL

 

276,997

 

 

276,201

TREASURY SHARES, AT COST: 2019: 24,891,292; 2018: 24,891,292

 

(286,951)

 

 

(286,951)

ACCUMULATED OTHER COMPREHENSIVE LOSS

 

(199,273)

 

 

(184,538)

RETAINED EARNINGS

 

528,576

 

 

836,194

TOTAL NET1 EQUITY

 

319,429

 

 

640,986

NON-CONTROLLING INTEREST

 

-

 

 

95,911

TOTAL EQUITY

 

319,429

 

 

736,897

 

 

 

 

 

 

TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS' EQUITY

$

672,936

 

$

1,217,314

 

 

 

 

 

 

(R) Certain amounts have been restated to correct an insignificant misstatement.

(A) Derived from audited consolidated financial statements.




NET 1 UEPS TECHNOLOGIES, INC.

Condensed Consolidated Statements of Cash Flows

Unaudited
June 30,
Three months ended
(A)
Year ended
June 30,

 

 

 

 2019

 

2018(R)

(as restated)

 

 

 2019

 

2018(R)

(as restated)

 

 

(In thousands)

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Net (loss) income

$

(183,684)

$

983

 

$

(305,269)

$

63,366

Depreciation and amortization

 

6,821

 

8,454

 

 

37,349

 

35,484

Impairment loss

 

6,249

 

1,052

 

 

19,745

 

20,917

Allowance for doubtful accounts receivable charged

 

1,148

 

1,798

 

 

32,786

 

13,358

Earnings from equity-accounted investments

 

(1,820)

 

(4,208)

 

 

(1,482)

 

(11,597)

Interest on Cedar Cellular note

 

(447)

 

(626)

 

 

(2,397)

 

(1,395)

Impairment of Cedar Cellular note

 

7,439

 

-

 

 

12,793

 

-

Change in fair value of equity securities

 

125,360

 

5,370

 

 

167,459

 

(32,473)

SASSA implementation costs to be refunded

 

34,039

 

-

 

 

34,039

 

-

Fair value adjustments and foreign currency re-measurements

 

(18)

 

623

 

 

73

 

414

Interest payable

 

(57)

 

118

 

 

237

 

(146)

Facility fee amortized

 

115

 

122

 

 

321

 

589

Loss (Profit) on disposal of business

 

631

 

-

 

 

5,771

 

(463)

Loss on fair value of DNI

 

-

 

4,614

 

 

-

 

4,614

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

 

(73)

 

(31)

 

 

(486)

 

40

Stock compensation charge, net of forfeitures

 

(1,279)

 

597

 

 

393

 

2,607

Dividends received from equity accounted investments

 

864

 

-

 

 

1,318

 

4,111

Decrease (Increase) in accounts and finance loans receivable, and pre-funded grants receivable

 

5,130

 

20,170

 

 

11,663

 

17,732

Decrease (Increase) in inventory

 

430

 

255

 

 

4,042

 

(2,521)

(Decrease) Increase in accounts payable and other payables

 

(3,199)

 

4,820

 

 

(14,538)

 

10,595

Increase (Decrease) in taxes payable

 

1,286

 

(6,954)

 

 

3,428

 

1,137

(Decrease) Increase in deferred taxes

 

(482)

 

(2,316)

 

 

(11,705)

 

5,936

Net cash (used in) provided by operating activities

 

(1,547)

 

34,841

 

 

(4,460)

 

132,305

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(2,136)

 

(1,848)

 

 

(9,416)

 

(9,649)

Proceeds from disposal of property, plant and equipment

 

264

 

83

 

 

1,045

 

658

Acquisition of intangible assets

 

-

 

-

 

 

(1,384)

 

-

Investment in equity of equity-accounted investments

 

-

 

(1,000)

 

 

(2,989)

 

(133,335)

Disposal of DNI

 

-

 

-

 

 

(2,114)

 

-

Investment in MobiKwik

 

-

 

-

 

 

(1,056)

 

-

Repayment of loans by equity-accounted investments

 

1,029

 

9,180

 

 

1,029

 

9,180

Proceeds on return of investment

 

-

 

-

 

 

284

 

-

Investment in Cell C

 

-

 

-

 

 

-

 

(151,003)

Loans to equity-accounted investments

 

-

 

-

 

 

-

 

(10,635)

Acquisition of held to maturity investment

 

-

 

-

 

 

-

 

(9,000)

Acquisitions, net of cash acquired

 

 

 

(6,202)

 

 

-

 

(6,202)

Other investing activities, net

 

-

 

(207)

 

 

-

 

(61)

Net change in settlement assets

 

2,198

 

210,405

 

 

79,077

 

490,795

Net cash provided by investing activities

 

1,355

 

210,411

 

 

64,476

 

180,748

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Proceeds from bank overdraft

 

238,229

 

2,528

 

 

822,754

 

44,900

Repayment of bank overdraft

 

(238,146)

 

(5,932)

 

 

(740,969)

 

(62,925)

Repayment of long-term borrowings

 

(1,047)

 

(16,095)

 

 

(37,357)

 

(77,062)

Long-term borrowings utilized

 

-

 

-

 

 

14,613

 

113,157

Dividends paid to non-controlling interest

 

(19)

 

-

 

 

(4,104)

 

-

Payment of guarantee fee

 

-

 

-

 

 

(394)

 

(754)

Acquisition of non-controlling interests

 

(180)

 

-

 

 

(180)

 

-

Net change in settlement obligations

 

(2,198)

 

(210,405)

 

 

(79,077)

 

(490,795)

Net cash used in financing activities

 

(3,361)

 

(229,904)

 

 

(24,714)

 

(473,479)

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

2,126

 

(12,466)

 

 

(3,845)

 

(7,977)

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(1,427)

 

2,882

 

 

31,457

 

(168,403)

Cash, cash equivalents and restricted cash - beginning

 

122,938

 

87,172

 

 

90,054

 

258,457

Cash, cash equivalents and restricted cash - end of period (1)

$

121,511

$

90,054

 

$

121,511

$

90,054


Cash, cash equivalents and restricted cash – end of year for the year ended June 30, 2018, includes $2,979 related to DNI.
(R) Certain amounts have been restated to correct an insignificant misstatement.
(A) Derived from audited consolidated financial statements.
        (1) Cash, cash equivalents and restricted cash as of June 30, 2019, includes restricted cash of approximately $75.4 million related to cash withdrawn from our various debt facilities to fund ATMs. This cash may only be used to fund ATMs and is considered restricted as to use and therefore is classified as restricted cash.



Net 1 UEPS Technologies, Inc.

Attachment A

Operating segment revenue, operating income and operating margin:

Three months ended June 30, 2019 and 2018 and March 31, 2019

 

 

 

 

 

 

Change - actual

Change - constant exchange rate(1)

Key segmental data, in '000, except margins

Q4 '19

 

Q4 '18

 

Q3 '19

Q4 '19

vs

Q4'18

Q4 '19

vs

Q3 '19

Q4 '19

vs

Q4'18

Q4 '19

vs

Q3 '19

Revenue:

 

 

 

 

 

 

 

 

 

South African transaction processing 

$18,945

 

$63,954

 

$17,374

(70%)

9%

(63%)

10%

International transaction processing.

36,399

 

43,580

 

34,358

(16%)

6%

4%

7%

Financial inclusion and applied technologies 

17,573

 

53,888

 

36,650

(67%)

(52%)

(59%)

(52%)

Continuing..............

17,573

 

53,888

 

18,808

(67%)

(7%)

(59%)

(6%)

Discontinued.............

-

 

-

 

17,842

nm

nm

nm

nm

Subtotal: Operating segments.

72,917

 

161,422

 

88,382

(55%)

(17%)

(44%)

(17%)

Intersegment eliminations and revenue refund 

(21,445)

 

(12,228)

 

(1,898)

75%

1,030%

119%

1,039%

Consolidated revenue...

51,472

 

149,194

 

86,484

(65%)

(40%)

(57%)

(40%)

Continuing........

51,472

 

149,194

 

68,642

(65%)

(25%)

(57%)

(24%)

Discontinued.......

$-

 

$-

 

$17,842

nm

nm

nm

nm

 

 

 

 

 

 

 

 

 

 

Operating (loss) income:

 

 

 

 

 

 

 

 

 

South African transaction processing 

($2,474)

 

$4,275

 

($12,954)

nm

(81%)

nm

(81%)

International transaction processing.

2,209

 

2,089

 

1,909

6%

16%

32%

17%

Financial inclusion and applied technologies 

(10,749)

 

13,747

 

3,227

nm

nm

nm

nm

Continuing..............

(10,749)

 

13,747

 

(4,911)

nm

119%

nm

121%

Discontinued.............

-

 

-

 

8,138

nm

nm

nm

nm

Subtotal: Operating segments.

(11,014)

 

20,111

 

(7,818)

nm

41%

nm

42%

Corporate/Eliminations.....

(38,632)

 

(10,039)

 

(13,865)

285%

179%

380%

181%

Continuing..............

(38,632)

 

(5,425)

 

(6,399)

612%

504%

789%

509%

Discontinued.............

-

 

(4,614)

 

(7,466)

nm

nm

nm

nm

Consolidated operating (loss) income 

(49,646)

 

10,072

 

(21,683)

nm

129%

nm

131%

Continuing........

(49,646)

 

14,686

 

(22,355)

nm

122%

nm

124%

Discontinued.......

$-

 

($4,614)

 

$672

nm

nm

nm

nm

 

 

 

 

 

 

 

 

 

 

Operating (loss) income margin (%)

 

 

 

 

 

 

 

 

 

South African transaction processing 

(13.1%)

 

6.7%

 

(74.6%)

 

 

 

 

International transaction processing.

6.1%

 

4.8%

 

5.6%

 

 

 

 

Financial inclusion and applied technologies 

(61.2%)

 

25.5%

 

8.8%

 

 

 

 

Continuing..............

(61.2%)

 

25.5%

 

(26.1%)

 

 

 

 

Discontinued.............

nm

 

nm

 

45.6%

 

 

 

 

Consolidated operating margin 

(96.5%)

 

6.8%

 

(25.1%)

 

 

 

 

Continuing...........

(96.5%)

 

9.8%

 

(32.6%)

 

 

 

 

Discontinued.........

nm

 

nm

 

3.8%

 

 

 

 



(1)
- This information shows what the change in these items would have been if the USD/ ZAR exchange rate that prevailed during Q4 2019 also prevailed during Q4 2018 and Q3 2019.


Fiscal year ended June 30, 2019 and 2018

 

 

 

 

 

Change - actual

Change - constant exchange rate(1)

Key segmental data, in '000, except margins

F2019

 

F2018

 

F2019

vs

F2018

F2019

vs

F2018

Revenue:

 

 

 

 

 

 

South African transaction processing.............

$96,038

 

$268,047

 

(64%)

(60%)

International transaction processing..............

148,268

 

180,027

 

(18%)

(7%)

Financial inclusion and applied technologies........

146,184

 

221,906

 

(34%)

(26%)

Continuing............................

89,847

 

221,906

 

(60%)

(54%)

Discontinued..........................

56,337

 

-

 

nm

nm

Subtotal: Operating segments..............

390,490

 

669,980

 

(42%)

(34%)

Intersegment eliminations and revenue refund...

(29,500)

 

(57,091)

 

(48%)

(42%)

Consolidated revenue................

360,990

 

612,889

 

(41%)

(34%)

Continuing......................

304,653

 

612,889

 

(50%)

(44%)

Discontinued....................

$56,337

 

$0

 

nm

nm

 

 

 

 

 

 

 

Operating (loss) income:

 

 

 

 

 

 

South African transaction processing.............

($30,771)

 

$42,796

 

nm

nm

International transaction processing..............

2,837

 

(12,478)

 

nm

nm

Financial inclusion and applied technologies........

(14,758)

 

55,372

 

nm

nm

Continuing............................

(39,158)

 

55,372

 

nm

nm

Discontinued..........................

24,400

 

-

 

nm

nm

Subtotal: Operating segments..............

(42,692)

 

85,690

 

nm

nm

Corporate/Eliminations..................

(70,816)

 

(26,741)

 

165%

198%

Continuing........................

(58,097)

 

(22,127)

 

163%

195%

Discontinued......................

(12,719)

 

(4,614)

 

176%

210%

Consolidated operating (loss) income.....

(113,508)

 

58,949

 

nm

nm

Continuing......................

(125,189)

 

63,563

 

nm

nm

Discontinued....................

$11,681

 

($4,614)

 

nm

nm

 

 

 

 

 

 

 

Operating (loss) income margin (%)

 

 

 

 

 

 

South African transaction processing.............

(32.0%)

 

16.0%

 

 

 

International transaction processing..............

1.9%

 

(6.9%)

 

 

 

Financial inclusion and applied technologies........

(10.1%)

 

25.0%

 

 

 

Continuing..........................

(43.6%)

 

25.0%

 

 

 

Discontinued.........................

43.3%

 

nm

 

 

 

Consolidated operating margin 

(31.4%)

 

9.6%

 

 

 

Continuing........................

(41.1%)

 

9.6%

 

 

 

Discontinued......................

20.7%

 

nm

 

 

 

(1) - This information shows what the change in these items would have been if the USD/ ZAR exchange rate that prevailed during fiscal 2019 also prevailed during fiscal 2018.

(Loss) Earnings from equity-accounted investments:

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

 

Q4 2019

 

Q4 2018(R)

 

% change

F2019

 

F2018(R)

 

% change

Bank Frick................

$353

 

($1,581)

 

nm

($1,542)

 

($606)

 

154%

Share of net income.......

493

 

(1,033)

 

nm

1,109

 

201

 

452%

Amortization of intangible assets, net of deferred tax 

(140)

 

(144)

 

(3%)

(567)

 

(403)

 

41%

Other.................

-

 

(404)

 

nm

(2,084)

 

(404)

 

416%

DNI(1)..................

865

 

1,803

 

(52%)

865

 

7,005

 

(88%)

Share of net income.......

1,380

 

2,642

 

(48%)

1,380

 

9,510

 

(85%)

Amortization of intangible assets, net of deferred tax 

(515)

 

(839)

 

(39%)

(515)

 

(2,505)

 

(79%)

Finbond(2)

953

 

4,093

 

(77%)

2,828

 

5,194

 

(46%)

Other....................

(351)

 

(107)

 

nm

(669)

 

4

 

nm

 Earnings from equity-accounted investments 
 $1,820
 
 $4,208
   (57%)    $1,482  
 $11,597
   (87%)

(R) Finbond results have been restated to correct a misstatement.
(1) DNI was included as an equity-accounted investment from August 1, 2017 until June 30, 2018, the date upon which we obtained control and commenced consolidation of DNI, and then again from March 31, 2019. DNI is included in our Financial inclusion and applied technologies operating segment from the acquisition date.
(2) Finbond is listed on the Johannesburg Stock Exchange and reports its six-month results during our first quarter and its annual results during our fourth quarter and we record those results in our results during those quarters.


Net 1 UEPS Technologies, Inc.

Attachment B

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

Three months and year ended June 30, 2019 and 2018

 

Three months ended

June 30,

 

Year ended

June 30,

 

2019

2018

 

2019

2018

 

 

 

 

 

 

Operating (loss) income - GAAP..............................

(49,646)

10,072

 

(113,508)

58,949

 

 

 

 

 

 

Depreciation and amortization..............................

6,821

8,454

 

37,349

35,484

Impairment loss........................................

6,249

1,052

 

19,745

20,917

(Negative) EBITDA..................................

(36,576)

19,578

 

(56,414)

115,350

Impact of accrual of implementation costs to be refunded to SASSA 

34,039

-

 

34,039

-

Retrenchment costs.................................

1,026

-

 

6,269

-

Transaction costs..................................

762

109

 

3,485

2,396

Refund of Korean indirect taxes........................

-

-

 

-

(2,545)

Loss resulting from acquisition of DNI

-

4,614

 

-

4,614

Non-recurring Mastertrading allowance for doubtful accounts.....

-

-

 

-

7,803

(Loss) Profit on disposal of subsidiary....................

-

-

 

-

(463)

Adjusted (negative) EBITDA.......................

(749)

24,301

 

(12,621)

127,155

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

Three months ended June 30, 2019 and 2018

 

Net (loss) income

(USD'000)

(L)EPS,

basic

(USD)

 

Net (loss) income

(ZAR'000)

(L)EPS,

basic

(ZAR)

 

2019

2018

2019

2018

 

2019

2018

2019

2018

 

 

 

 

 

 

 

 

 

 

GAAP....................

(183,694)

2,766

(3.23)

0.05

 

(2,624,695)

31,660

(46.21)

0.55

 

 

 

 

 

 

 

 

 

 

Impairment loss...........

6,249

1,052

 

 

 

89,288

14,442

 

 

Loss on disposal of DNI......

631

-

 

 

 

9,016

-

 

 

Intangible asset amortization, net 

2,785

2,261

 

 

 

39,807

25,883

 

 

Retrenchment costs, net......

739

-

 

 

 

10,621

-

 

 

Stock-based compensation charge 

(1,370)

597

 

 

 

(19,575)

6,833

 

 

Transaction costs...........

762

189

 

 

 

10,888

2,163

 

 

Intangible asset amortization, net related to equity accounted investments 

655

983

 

 

 

9,359

11,251

 

 

Facility fees for debt........

115

122

 

 

 

1,643

1,396

 

 

Loss on resulting from acquisition of DNI 

-

4,614

 

 

 

 

63,332

 

 

Fundamental.........

(173,128)

12,584

(3.05)

0.22

 

(2,473,648)

156,960

(43.55)

2.76



Fiscal year ended June 30, 2019 and 2018

 

Net (loss) income

(USD'000)

(L)EPS,

basic

(USD)

 

Net (loss) income

(ZAR'000)

(L)EPS,

basic

(ZAR)

 

2019

2018

2019

2018

 

2019

2018

2019

2018

 

 

 

 

 

 

 

 

 

 

GAAP.................

(307,618)

64,246

(5.42)

1.13

 

(4,389,554)

815,610

(77.34)

14.36

 

 

 

 

 

 

 

 

 

 

Intangible asset amortization, net 

16,290

9,385

 

 

 

232,452

119,126

 

 

Impairment loss.........

19,745

20,917

 

 

 

281,751

265,543

 

 

Loss on disposal of DNI...

5,771

-

 

 

 

82,349

-

 

 

Retrenchment costs, net....

4,514

-

 

 

 

63,708

-

 

 

Intangible asset amortization, net related to non-controlling interest 

(2,737)

-

 

 

 

(39,054)

-

 

 

Transaction costs........

3,485

2,239

 

 

 

49,727

28,424

 

 

Accreted interest on DNI contingent consideration 

1,848

 

 

 

 

26,360

 

 

 

Stock-based compensation charge 

393

2,607

 

 

 

5,608

33,096

 

 

Intangible asset amortization, net related to equity accounted investments 

1,082

2,908

 

 

 

15,439

36,917

 

 

Facility fees for debt......

321

589

 

 

 

4,580

7,477

 

 

Non-recurring Mastertrading allowance for doubtful accounts 

-

7,803

 

 

 

-

99,060

 

 

Loss resulting from acquisition of DNI

-

4,614

 

 

 

-

63,332

 

 

Refund related to litigation finalized in Korea, net 

-

(1,985)

 

 

 

-

(25,200)

 

 

Change in US tax rate.....

-

860

 

 

 

-

10,918

 

 

Profit on disposal of

subsidiary.............

-

(463)

 

 

 

-

(5,878)

 

 

Fundamental......

(256,906)

113,720

(4.53)

2.00

 

(3,666,634)

1,448,425

(64.60)

25.50



Net 1 UEPS Technologies, Inc.

Attachment C

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

Three months ended June 30, 2019 and 2018

 

2019

 

2018

 

 

 

 

Net (loss) income (USD'000)........................................

(183,694)

 

2,766

Adjustments:...................................................

 

 

 

Impairment loss..............................................

6,249

 

1,052

Loss resulting from acquisition of DNI

631

 

-

Loss on acquisition of DNI.......................................

 

 

4,614

Profit on sale of property, plant and equipment..........................

(73)

 

(31)

Tax effects on above...........................................

20

 

9

 

 

 

 

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

(176,867)

 

8,410

 

 

 

 

Weighted average number of shares used to calculate net income per share basic (loss) earnings and headline (loss) earnings per share basic (loss) earnings ('000)             

56,804

 

56,773

 

 

 

 

Weighted average number of shares used to calculate net income per share diluted (loss) earnings and headline (loss) earnings per share diluted (loss) earnings ('000)             

56,804

 

56,816

 

 

 

 

Headline (loss) earnings per share:....................................

 

 

 

Basic, in USD................................................

(3.11)

 

0.15

Diluted, in USD..............................................

(3.11)

 

0.15

Fiscal year ended June 30, 2019 and 2018

 

2019

 

2018

 

 

 

 

Net (loss) income (USD'000)........................................

(307,618)

 

64,246

Adjustments:...................................................

 

 

 

Impairment loss..............................................

19,745

 

20,917

Loss (Profit) on sale of business....................................

5,771

 

(463)

Loss resulting from acquisition of DNI

-

 

4,614

Profit on sale of property, plant and equipment..........................

(486)

 

40

Tax effects on above...........................................

136

 

(11)

 

 

 

 

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

(282,452)

 

89,343

 

 

 

 

Weighted average number of shares used to calculate net income per share basic (loss) earnings and headline (loss) earnings per share basic (loss) earnings ('000)             

56,760

 

56,807

 

 

 

 

Weighted average number of shares used to calculate net income per share diluted (loss) earnings and headline (loss) earnings per share diluted (loss) earnings ('000)             

56,778

 

56,858

 

 

 

 

Headline (loss) earnings per share:....................................

 

 

 

Basic, in USD................................................

(4.98)

 

1.57

Diluted, in USD..............................................

(4.97)

 

1.57

Calculation of the denominator for headline diluted (loss) earnings per share

 

Q4 '19

 

Q4 '18

 

F2019

 

F2018

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP 

56,804

 

56,773

 

56,760

 

56,807

Effect of dilutive securities under GAAP..............

-

 

43

 

18

 

51

Denominator for headline diluted (loss) earnings per share.

56,804

 

56,816

 

56,778

 

56,858

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



The following information was filed by Net 1 Ueps Technologies Inc (UEPS) on Friday, October 25, 2019 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.

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