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Financial Highlights

The following selected historical consolidated financial data should be read together with Item 7-"Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 8-"Financial Statements and Supplementary Data."

The following selected historical financial data as of June 30, 2017 and 2016, and for the three years ended June 30, 2017 have been derived from our consolidated financial statements included elsewhere in this Annual Report on Form 10-K. The selected historical consolidated financial data presented below as of June 30, 2015, 2014 and 2013 and for the years ended June 30, 2014 and 2013, have been derived from our consolidated financial statements, which are not included herein.

The selected historical financial data as of each date and for each period presented have been prepared in accordance with U.S. GAAP. These historical results are not necessarily indicative of results to be expected in any future period.

Consolidated Statements of Operations Data

(in thousands, except per share data)

 

Year Ended June 30

 

2017

2016

2015

20141

20131

Revenue

$610,066 $590,749 $625,979 $581,656 $452,147

Cost of goods sold, IT processing, servicing and support

292,383 290,101 297,856 260,232 196,834

Selling, general and administrative2

179,262 145,886 158,919 168,072 191,552

Equity instruments granted pursuant to BEE
transactions3

- - - 11,268 -

Depreciation and amortization

41,378 40,394 40,685 40,286 40,599

Operating income

97,043 114,368 128,519 101,798 23,162

Interest income

20,897 15,292 16,355 14,817 12,083

Interest expense

3,484 3,423 4,456 7,473 7,966

Income before income taxes

114,456 126,237 140,418 109,142 27,279
Income tax expense 42,472 42,080 44,136 39,379 14,656

Net income attributable to Net1

72,954 82,454 94,735 70,111 12,977

Income from continuing
operations per share:

         

Basic

$1.34 $1.72 $2.03 $1.51 $0.28

Diluted

$1.33 $1.71 $2.02 $1.50 $0.28

 

1 Includes revenue and implementation costs related to our SASSA contract from April 2012. In addition, 2014 includes recovery of $26.6 million of implementation costs from SASSA
2 Includes a separation payment of $8.0 million paid to our former chief executive officer in 2017.
Includes a non-cash charge of approximately $11.3 million in 2014 related to common stock issued in a BEE transaction.

Additional Operating Data:

(in thousands, except percentages)

 

Year ended June 30,

 

20171

20161

20151

20141

20131

Cash flows provided by operating activities

$97,161 $116,552 $135,258 $37,145 $55,917

Cash flows used in investing activities

$114,071 $5,756 $80,783 $9,237 $457,875

Cash flows provided by (used in) financing activities

$40,469 $13,645 $16,784 $(25,781) $399,657

Operating income margin

16% 19% 21% 18% 5%

 

1 Cash flows used in investing activities include movements in settlement assets and cash flows provided by (used in) financing activities include movement in settlement liabilities.
2 Fiscal 2017 operating income margin was 18% before the separation payment of $8.0 million paid to our former chief executive officer.

Consolidated Balance Sheet Data:

(in thousands)

 

As of June 30,

 

2017

2016

2015

2014

2013

Cash and cash equivalents

$258,457 $223,644 $117,583 $58,672 $53,665

Total current assets before settlement assets

465,735 386,998 301,874 259,591 169,059

Goodwill

188,833 179,478 166,437 186,576 175,806

Intangible assets

38,764 48,556 47,124 68,514 77,257

Total assets

1,450,756 1,263,500 1,316,956 1,363,375 1,302,662

Total current liabilities before settlement obligations

80,859 65,486 82,198 81,823 76,859

Total long-term debt

7,501 43,134 50,762 62,388 66,632

Total equity

$708,007 $603,220 $478,785 $441,748 $339,969

 

 

More about Financial Highlights

  • Management's Discussion

    The following discussion and analysis should be read in conjunction with Item 6—"Selected Financial Data" and Item 8—"Financial Statements and Supplementary Data." of the form 10K.
  • Risk Factors

    Our operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock.
  • Research & Development

    During fiscal 2016, 2015 and 2014, we incurred research and development expenditures of $2.3 million, $2.4 million and $2.2 million, respectively.
  • Employees

    As of June 30, 2016, we had 5,701 employees. On a segmental basis, 241 employees were part of our management, 2,571 were employed in South African transaction processing, 310 were employed in International transaction processing, and 2,576 were employed in Financial inclusion and applied technologies and corporate/eliminations activities.
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