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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 |
- | - | - | 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 |
|||||
|
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.
3 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
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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.
