0001562762-21-000021.txt : 20210204 0001562762-21-000021.hdr.sgml : 20210204 20210204161513 ACCESSION NUMBER: 0001562762-21-000021 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 126 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210204 DATE AS OF CHANGE: 20210204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NET 1 UEPS TECHNOLOGIES INC CENTRAL INDEX KEY: 0001041514 STANDARD INDUSTRIAL CLASSIFICATION: FUNCTIONS RELATED TO DEPOSITORY BANKING, NEC [6099] IRS NUMBER: 980171860 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-31203 FILM NUMBER: 21591305 BUSINESS ADDRESS: STREET 1: 4TH FLOOR, PRESIDENT PLACE STREET 2: CNR. JAN SMUTS & BOLTON CITY: ROSEBANK, JOHANNESBURG STATE: T3 ZIP: 00000 BUSINESS PHONE: 27 11 343 2000 MAIL ADDRESS: STREET 1: 4TH FLOOR, PRESIDENT PLACE STREET 2: CNR. JAN SMUTS & BOLTON CITY: ROSEBANK, JOHANNESBURG STATE: T3 ZIP: 00000 10-Q 1 form10q.htm FORM 10-Q
0.001500000000.00100010415140Accelerated FilerQ2200000000--06-302021falseYesYesP1Y
Derived from audited financial statements.
Certain amounts have been restated to correct the misstatement discussed in Note 1.
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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, 2020

 

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 2, 2021 (the latest practicable date), 56,614,559 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, 2020 and June 30, 2020

2

 

Unaudited Condensed Consolidated Statements of Operations for the three and six months ended December 31, 2020 and 2019 (as restated)

3

 

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended December 31, 2020 and 2019

4

 

Unaudited Condensed Consolidated Statement of Changes in Equity for the three and six months ended December 31, 2020 and 2019

5

 

Unaudited Condensed Consolidated Statements of Cash Flows for the three and six months ended December 31, 2020 and 2019

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

57

Item 4.

Controls and Procedures

57

Part II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

58

Item 6.

Exhibits

58

Signatures

 

58

EXHIBIT 10.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1


 

Part I. Financial information

Item 1. Financial Statements

NET 1 UEPS TECHNOLOGIES, INC

Unaudited Condensed Consolidated Balance Sheets

 

 

 

 

 

 

December 31,

 

June 30,

 

 

 

 

 

 

2020

 

2020(A)

 

 

 

 

 

 

(In thousands, except share data)

 

 

 

 

 

ASSETS

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

$

206,251

 

$

217,671

 

Restricted cash related to ATM funding (Note 9)

 

60,803

 

 

14,814

 

Accounts receivable, net and other receivables (Note 3)

 

24,447

 

 

43,068

 

Finance loans receivable, net (Note 3)

 

21,620

 

 

15,879

 

Inventory (Note 4)

 

20,939

 

 

19,860

 

 

Total current assets before settlement assets

 

334,060

 

 

311,292

 

 

 

Settlement assets

 

2,814

 

 

8,014

 

 

 

 

Total current assets

 

336,874

 

 

319,306

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - December: $35,954 June: $29,524

 

8,687

 

 

6,656

OPERATING LEASE RIGHT-OF-USE (Note 17)

 

5,112

 

 

5,395

EQUITY-ACCOUNTED INVESTMENTS (Note 6)

 

53,126

 

 

65,836

GOODWILL (Note 7)

 

28,455

 

 

24,169

INTANGIBLE ASSETS, NET (Note 7)

 

536

 

 

612

DEFERRED INCOME TAXES

 

281

 

 

358

OTHER LONG-TERM ASSETS, including reinsurance assets (Note 6 and 8)

 

43,907

 

 

31,346

TOTAL ASSETS

 

476,978

 

 

453,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Short-term credit facilities for ATM funding (Note 9)

 

60,803

 

 

14,814

 

Accounts payable

 

6,109

 

 

6,287

 

Other payables (Note 10)

 

25,066

 

 

23,779

 

Operating lease liability - current (Note 17)

 

2,585

 

 

2,251

 

Income taxes payable

 

984

 

 

16,157

 

 

Total current liabilities before settlement obligations

 

95,547

 

 

63,288

 

 

 

Settlement obligations

 

2,814

 

 

8,015

 

 

 

 

Total current liabilities

 

98,361

 

 

71,303

DEFERRED INCOME TAXES

 

3,262

 

 

1,859

OPERATING LEASE LIABILITY - LONG TERM (Note 17)

 

2,715

 

 

3,312

OTHER LONG-TERM LIABILITIES, including insurance policy liabilities (Note 8)

 

2,400

 

 

2,012

TOTAL LIABILITIES

 

106,738

 

 

78,486

REDEEMABLE COMMON STOCK

 

84,979

 

 

84,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

COMMON STOCK (Note 11)

 

 

 

 

 

 

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

 

 

 

 

 

 

Issued and outstanding shares, net of treasury - December: 56,614,559 June: 57,118,925

 

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

 

302,196

 

 

301,489

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

 

(286,951)

 

 

(286,951)

ACCUMULATED OTHER COMPREHENSIVE LOSS (Note 12)

 

(141,242)

 

 

(169,075)

RETAINED EARNINGS

 

411,178

 

 

444,670

TOTAL NET1 EQUITY

 

285,261

 

 

290,213

NON-CONTROLLING INTEREST

 

-

 

 

-

TOTAL EQUITY

 

285,261

 

 

290,213

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS’ EQUITY

$

476,978

 

$

453,678

 

 

 

 

 

 

 

 

 

 

 

 

(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,

 

 

 

 

 

 

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

(as restated)(A)

 

 

 

(as restated)(A)

 

 

 

 

 

 

 

 

(In thousands, except per share data)

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUE (Note 16)

 

$

32,305

 

$

38,918

 

$

67,441

 

$

85,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold, IT processing, servicing and support

 

 

24,339

 

 

26,746

 

 

50,799

 

 

57,452

 

Selling, general and administration

 

 

22,097

 

 

21,418

 

 

40,625

 

 

42,040

 

Depreciation and amortization

 

 

1,074

 

 

1,174

 

 

1,997

 

 

2,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING LOSS

 

 

(15,205)

 

 

(10,420)

 

 

(25,980)

 

 

(16,856)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHANGE IN FAIR VALUE OF EQUITY SECURITIES (Note 5 and 6)

 

 

15,128

 

 

-

 

 

15,128

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAIN ON DISPOSAL OF FIHRST (Note 2)

 

 

-

 

 

9,743

 

 

-

 

 

9,743

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS ON DISPOSAL OF EQUITY-ACCOUNTED INVESTMENT (Note 6)

 

 

13

 

 

-

 

 

13

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST INCOME

 

 

717

 

 

1,082

 

 

1,328

 

 

1,445

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

677

 

 

3,129

 

 

1,424

 

 

4,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAX EXPENSE

 

 

(50)

 

 

(2,724)

 

 

(10,961)

 

 

(10,144)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE (Note 19)

 

 

3,468

 

 

707

 

 

2,378

 

 

1,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(3,518)

 

 

(3,431)

 

 

(13,339)

 

 

(11,821)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(LOSS) INCOME FROM EQUITY-ACCOUNTED INVESTMENTS (Note 6)

 

 

(1,016)

 

 

506

 

 

(20,153)

 

 

1,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS FROM CONTINUING OPERATIONS

 

 

(4,534)

 

 

(2,925)

 

 

(33,492)

 

 

(10,252)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME FROM DISCONTINUED OPERATIONS (Note 21)

 

 

-

 

 

2,720

 

 

-

 

 

5,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

 

(4,534)

 

 

(205)

 

 

(33,492)

 

 

(4,597)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME ATTRIBUTABLE TO NET1

 

 

(4,534)

 

 

(205)

 

 

(33,492)

 

 

(4,597)

 

Continuing

 

 

(4,534)

 

 

(2,925)

 

 

(33,492)

 

 

(10,252)

 

Discontinued

 

$

-

 

$

2,720

 

$

-

 

$

5,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) earnings per share, in United States dollars (Note 14):

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss) earnings attributable to Net1 shareholders

 

$

(0.08)

 

$

-

 

$

(0.59)

 

$

(0.08)

 

Continuing

 

$

(0.08)

 

$

(0.05)

 

$

(0.59)

 

$

(0.18)

 

Discontinued

 

$

-

 

$

0.05

 

$

-

 

$

0.10

Diluted (loss) earnings attributable to Net1 shareholders

 

$

(0.08)

 

$

-

 

$

(0.59)

 

$

(0.08)

 

Continuing

 

$

(0.08)

 

$

(0.05)

 

$

(0.59)

 

$

(0.18)

 

Discontinued

 

$

-

 

$

0.05

 

$

-

 

$

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A) Certain amounts have been restated to correct the misstatement discussed in Note 1.

 

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,

 

 

 

 

 

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

(In thousands)

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(4,534)

 

$

(205)

 

$

(33,492)

 

$

(4,597)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

Movement in foreign currency translation reserve

 

20,003

 

 

19,114

 

 

26,145

 

 

1,029

 

Release of foreign currency translation reserve related to disposal of FIHRST

 

-

 

 

1,578

 

 

-

 

 

1,578

 

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

 

-

 

 

(491)

 

 

1,688

 

 

2,227