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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2021

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the transition period from

 

To

 

 

Commission file number: 000-31203

 

NET 1 UEPS TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

 

Florida

 

 

 

98-0171860

(State or other jurisdiction

 

(IRS Employer

of incorporation or organization)

 

 

 

Identification No.)

 

 

President Place, 4 Floor, Cnr. Jan Smuts Avenue and Bolton Road,

Rosebank, Johannesburg, 2196, South Africa

(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code: 27-11-343-2000

 

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 

 

Title of each class

Trading Symbol(s)

Name of each exchange

on which registered

Common stock, par value $0.001 per share

UEPS

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒ NO ☐

 

 


 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (check one):

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO

 

As of February 7, 2022 (the latest practicable date), 57,687,092 shares of the registrant’s common stock, par value $0.001 per share, net of treasury shares, were outstanding.

 

 


 

 

Form 10-Q

NET 1 UEPS TECHNOLOGIES, INC

Table of Contents

 

 

 

Page No.

PART I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

Unaudited Condensed Consolidated Balance Sheets as of December 31, 2021 and June 30, 2021

2

 

Unaudited Condensed Consolidated Statements of Operations for the three and six months ended December 31, 2021 and 2020

3

 

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended December 31, 2021 and 2020

4

 

Unaudited Condensed Consolidated Statement of Changes in Equity for the three and six months ended December 31, 2021 and 2020

5

 

Unaudited Condensed Consolidated Statements of Cash Flows for the three and six months ended December 31, 2021 and 2020

7

 

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

39

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

55

Item 4.

Controls and Procedures

56

Part II. OTHER INFORMATION

 

Item 1A.

Risk Factors

57

Item 6.

Exhibits

58

Signatures

 

59

EXHIBIT 10.41

 

 

EXHIBIT 10.42

 

 

EXHIBIT 10.43

 

 

EXHIBIT 10.44

 

 

EXHIBIT 10.45

 

 

EXHIBIT 10.46

 

 

EXHIBIT 10.47

 

 

EXHIBIT 10.48

 

 

 

 

 

1


 

Part I. Financial information

Item 1. Financial Statements

NET 1 UEPS TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Balance Sheets

 

 

 

 

 

December 31,

 

June 30,

 

 

 

 

 

 

2021

 

2021(A)

 

 

 

 

 

 

(In thousands, except share data)

 

 

 

 

 

ASSETS

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

$

182,356

 

$

198,572

 

Restricted cash related to ATM funding and credit facilities (Note 8)

 

57,788

 

 

25,193

 

Accounts receivable, net and other receivables (Note 2)

 

20,701

 

 

26,583

 

Finance loans receivable, net (Note 2)

 

21,571

 

 

21,142

 

Inventory (Note 3)

 

20,005

 

 

22,361

 

 

Total current assets before settlement assets

 

302,421

 

 

293,851

 

 

 

Settlement assets

 

369

 

 

466

 

 

 

 

Total current assets

 

302,790

 

 

294,317

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - December: $34,643 June: $38,535

 

5,389

 

 

7,492

OPERATING LEASE RIGHT-OF-USE (Note 16)

 

3,611

 

 

4,519

EQUITY-ACCOUNTED INVESTMENTS (Note 5)

 

7,217

 

 

10,004

GOODWILL (Note 6)

 

26,239

 

 

29,153

INTANGIBLE ASSETS, NET (Note 6)

 

288

 

 

357

DEFERRED INCOME TAXES

 

868

 

 

622

OTHER LONG-TERM ASSETS, including reinsurance assets (Note 5 and 7)

 

77,821

 

 

81,866

TOTAL ASSETS

 

424,223

 

 

428,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Short-term credit facilities for ATM funding (Note 8)

 

47,960

 

 

14,245

 

Accounts payable

 

3,539

 

 

7,113

 

Other payables (Note 9)

 

30,248

 

 

27,588

 

Operating lease liability - current (Note 16)

 

2,516

 

 

2,822

 

Income taxes payable

 

271

 

 

256

 

 

Total current liabilities before settlement obligations

 

84,534

 

 

52,024

 

 

 

Settlement obligations

 

369

 

 

466

 

 

 

 

Total current liabilities

 

84,903

 

 

52,490

DEFERRED INCOME TAXES

 

10,402

 

 

10,415

OPERATING LEASE LIABILITY - LONG TERM (Note 16)

 

1,281

 

 

1,890

OTHER LONG-TERM LIABILITIES, including insurance policy liabilities (Note 7)

 

2,391

 

 

2,576

TOTAL LIABILITIES

 

98,977

 

 

67,371

REDEEMABLE COMMON STOCK

 

84,979

 

 

84,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

COMMON STOCK (Note 10)

 

 

 

 

 

 

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

 

 

 

 

 

 

Issued and outstanding shares, net of treasury - December: 57,657,172 June: 56,716,620

 

80

 

 

80

PREFERRED STOCK

 

 

 

 

 

 

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

 

 

 

 

 

 

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

 

-

 

 

-

ADDITIONAL PAID-IN-CAPITAL

 

303,804

 

 

301,959

TREASURY SHARES, AT COST: December: 24,891,292 June: 24,891,292

 

(286,951)

 

 

(286,951)

ACCUMULATED OTHER COMPREHENSIVE LOSS (Note 11)

 

(157,879)

 

 

(145,721)

RETAINED EARNINGS

 

381,213

 

 

406,613

TOTAL NET1 EQUITY

 

240,267

 

 

275,980

NON-CONTROLLING INTEREST

 

-

 

 

-

TOTAL EQUITY

 

240,267

 

 

275,980

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS’ EQUITY

$

424,223

 

$

428,330

 

 

 

 

 

 

 

 

 

 

 

 

(A) – Derived from audited financial statements

 

See Notes to Unaudited Condensed Consolidated Financial Statements

 

2


 

 

NET 1 UEPS TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Operations

 

 

 

 

 

 

 

Three months ended

 

 

Six months ended

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

 

 

 

 

 

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

(In thousands, except per share data)

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUE (Note 15)

 

$

31,114

 

$

32,305

 

$

65,618

 

$

67,441

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold, IT processing, servicing and support

 

 

20,580

 

 

24,339

 

 

44,787

 

 

50,799

 

Selling, general and administration

 

 

17,746

 

 

22,097

 

 

38,188

 

 

40,625

 

Depreciation and amortization

 

 

726

 

 

1,074

 

 

1,621

 

 

1,997

 

Transaction costs related to Connect Group acquisition

 

 

1,489

 

 

-

 

 

1,674

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING LOSS

 

 

(9,427)

 

 

(15,205)

 

 

(20,652)

 

 

(25,980)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHANGE IN FAIR VALUE OF EQUITY SECURITIES (Note 4 and 5)

 

 

-

 

 

15,128

 

 

-

 

 

15,128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNREALIZED LOSS RELATED TO FAIR VALUE ADJUSTMENT TO CURRENCY OPTIONS (Note 4)

 

 

2,429

 

 

-

 

 

2,429

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS ON DISPOSAL OF EQUITY-ACCOUNTED INVESTMENT (Note 5)

 

 

-

 

 

13

 

 

-

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST INCOME

 

 

313

 

 

717

 

 

702

 

 

1,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

765

 

 

677

 

 

1,581

 

 

1,424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS BEFORE INCOME TAX EXPENSE

 

 

(12,308)

 

 

(50)

 

 

(23,960)

 

 

(10,961)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE (Note 18)

 

 

98

 

 

3,468

 

 

284

 

 

2,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS BEFORE LOSS FROM EQUITY-ACCOUNTED INVESTMENTS

 

 

(12,406)

 

 

(3,518)

 

 

(24,244)

 

 

(13,339)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS FROM EQUITY-ACCOUNTED INVESTMENTS (Note 5)

 

 

-

 

 

(1,016)

 

 

(1,156)

 

 

(20,153)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS ATTRIBUTABLE TO NET1

 

$

(12,406)

 

$

(4,534)

 

$

(25,400)

 

$

(33,492)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share, in United States dollars (Note 13):

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss attributable to Net1 shareholders

 

$

(0.22)

 

$

(0.08)

 

$

(0.44)

 

$

(0.59)

Diluted loss attributable to Net1 shareholders

 

$

(0.22)

 

$

(0.08)

 

$

(0.44)

 

$

(0.59)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to Unaudited Condensed Consolidated Financial Statements

 

3


 

 

NET 1 UEPS TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income

 

 

 

 

 

 

 

Three months ended

 

 

Six months ended

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

 

 

 

 

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

(In thousands)

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(12,406)

 

$

(4,534)

 

$

(25,400)

 

$

(33,492)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income, net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

Movement in foreign currency translation reserve

 

(5,601)

 

 

20,003

 

 

(11,514)

 

 

26,145

 

Movement in foreign currency translation reserve related to equity-accounted investments

 

-

 

 

-

 

 

(644)

 

 

1,688

 

 

 

Total other comprehensive (loss) income, net of taxes

 

(5,601)

 

 

20,003

 

 

(12,158)

 

 

27,833

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (loss) income

 

(18,007)

 

 

15,469

 

 

(37,558)

 

 

(5,659)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (loss) income attributable to Net1

$

(18,007)

 

$

15,469

 

$

(37,558)

 

$

(5,659)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to Unaudited Condensed Consolidated Financial Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4


 

 

NET 1 UEPS TECHNOLOGIES, INC.

Unaudited Condensed Consolidated Statements of Changes in Equity

 

Net 1 UEPS Technologies, Inc. Shareholders

 

 

 

 

 

 

 

 

Number of Shares

 

Amount

 

Number of Treasury Shares

 

Treasury Shares

 

Number of shares, net of treasury

 

Additional Paid-In Capital

 

Retained Earnings

 

Accumulated other comprehensive loss

 

Total Net1 Equity

 

Non-controlling Interest

 

Total

 

Redeemable common stock

 

 

For the three months ended December 31, 2020 (dollar amounts in thousands)

 

Balance – October 1, 2020

81,530,017

$

80

 

(24,891,292)

$

(286,951)

 

56,638,725

$

301,946

$

415,712

$

(161,245)

$

269,542

$

-

$

269,542

$

84,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation charge (Note 12)

 

 

 

 

 

 

 

 

-

 

246

 

 

 

 

 

246

 

 

 

246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reversal of stock-based compensation charge (Note 12)

(30,000)

 

 

 

 

 

 

 

(30,000)

 

(14)

 

 

 

 

 

(14)

 

 

 

(14)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

-