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Net 1 UEPS Technologies, Inc. Reports Third Quarter 2014 Results
- Revenue and Fundamental EPS of $138 million and $0.47, a constant currency increase of 60% and 1,070% respectively;
Actualizado el 8 de mayo, 2014 - 22.05hs.
JOHANNESBURG, SOUTH AFRICA -- (Marketwired) -- 05/08/14 -- Net 1 UEPS Technologies Inc. (NASDAQ: UEPS)(JSE: NT1) today released results for the third quarter of fiscal 2014.
Summary Financial Metrics
Three months ended March 31,
---------------------------------------
% change % change
2014 2013 in USD in ZAR
---------------------------------------
(All figures in USD '000s except per
share data)
Revenue 138,126 111,141 24% 60%
GAAP net income (loss) 17,182 (4,681) nm nm
Fundamental net income (1) 21,688 2,362 818% 1,079%
GAAP earnings (loss) per share ($) 0.38 (0.10) nm nm
Fundamental earnings per share ($)
(1) 0.47 0.05 840% 1,070%
Fully-diluted shares outstanding
('000's) 45,954 45,597 1%
Average period USD/ ZAR exchange rate 10.87 8.47 28%
Nine months ended March 31,
--------------------------------------
% change % change
2014 2013 in USD in ZAR
--------------------------------------
(All figures in USD '000s except per
share data)
Revenue 398,903 334,265 19% 46%
GAAP net income 41,527 4,692 785% 986%
Fundamental net income (1) 57,009 21,897 160% 220%
GAAP earnings per share ($) 0.91 0.10 781% 981%
Fundamental earnings per share ($) (1) 1.25 0.48 160% 218%
Fully-diluted shares outstanding
('000's) 45,997 45,593 1%
Average period USD/ ZAR exchange rate 10.38 8.46 23%
(1) Fundamental net income and earnings per share are non-GAAP measures and
are described below under "Use of Non-GAAP Measures - Fundamental net income
and fundamental earnings per share." See Attachment B for a reconciliation
of GAAP net income (loss) to fundamental net income and earnings (loss) per
share.
Factors impacting comparability of our Q3 2014 and Q3 2013 results
-- Unfavorable impact from the strengthening of the US dollar against the
ZAR: The US dollar appreciated by 28% against the ZAR during Q3 2014,
which negatively impacted our reported results;
-- SASSA implementation complete: Our SASSA contract implementation is
complete. We incurred implementation-related expenditure, including
smart card costs, of approximately $20.6 million during Q3 2013;
-- Increased contribution by KSNET: Our results were positively impacted by
growth in our Korean operations;
-- Growth in financial services: The year-over-year expansion of our
financial services offering during Q3 2014, resulted in higher revenue
and operating income from UEPS-based lending;
-- Ad hoc hardware sales in fiscal 2014: We sold more terminals and cards
during Q3 2014 as a result of ad hoc orders received from our customers;
-- Higher revenue resulting from an increase in low-margin prepaid airtime
and electricity sales: Our revenue has increased as a result of the
growth of our prepaid airtime offering during Q3 2014, which has lower
margins compared with our other South African businesses;
-- Lower US government investigation-related and US lawsuit expenses: We
incurred lower US government investigation-related expenses during Q3
2014 compared to during 2013, which was partially offset by an increase
in US lawsuit-related expenses; and
-- Fiscal 2013 bad debt provision: In fiscal 2013 we provided $2.3 million
related to the expired NUETS Iraqi customer contracts.
Comments and Outlook
"I am delighted with the quality of our third quarter performance," said Dr. Serge Belamant, Chairman and CEO of Net1. "Despite the many distractions faced by the Company during the last two years, our staff members have maintained focus and, once again, demonstrated our ability to deliver sterling results under adverse circumstances. I commend all of those Net1 employees who remain loyal and committed to ensure we deliver the highest level of service and continue to expand our business activities in physical and virtual payment technologies, both locally and internationally."
"We believe that the publication of any new SASSA tender may take some time and we are ready to propose an enhanced version of our current UEPS/EMV solution, which would continue to provide SASSA with the business functionality which they described in detail during the legal processes. We are proud that our technology has already saved the public purse in excess of ZAR 3 billion ($286 million) per annum, with the removal of more than a million invalid grants. In the mean time, we will continue to optimize our cost structures and focus on the marketing of our complementary and supplementary products in order to diversify our business and enhance our profitability," he concluded.
"We expect the momentum from the execution of our strategy to continue driving top and bottom line growth," said Herman Kotze, Chief Financial Officer of Net1. "For fiscal 2014, we now expect fundamental earnings per share of at least $1.90, assuming a constant currency base of ZAR 8.71/$1. The share count assumption in our guidance includes the 4.4 million shares that were issued as part of our BEE transaction on April 16, 2014," he concluded.
South African Constitutional Court remedy related to SASSA tender
On April 17, 2014, the South African Constitutional Court ruled on the appropriate remedy following its declaration on November 29, 2013, that the tender process followed by the South African Social Security Agency, or SASSA, in awarding a contract to us was constitutionally invalid. The declaration of invalidity of our contract was upheld, but suspended until a new tender is awarded, or for the remainder of the existing contract period if no tender is awarded. SASSA is required to initiate a new tender process within 30 days of the Court's ruling and any award must be for a period of five years. If a new tender is not awarded, the declaration of invalidity of our current contract will be further suspended until the completion of the five-year period for which the contract was originally awarded.
Implementation of December 2013 BEE transaction
On April 16, 2014 we implemented our Relationship Agreements with our BEE partners, concluded during December 2013, and we have accordingly issued 4,400,000 shares to the BEE partners.
Under the Relationship Agreements, we issued 4,100,000 shares of our common stock to Business Venture Investments 1567 Proprietary Limited (RF) and 300,000 shares to Born Free Investments 272 Proprietary Limited at a price of ZAR 60.00 per share. In order to facilitate the transactions, one of our wholly owned subsidiaries lent the funds to the BEE partners to effect the purchase of the BEE shares.
Results of Operations by Segment and Liquidity
Our operating metrics will be updated and posted on our website (www.net1.com).
South African transaction-based activities
Segment revenue was $64.9 million in Q3 2014, up 10% compared with Q3 2013 in USD and up 41% on a constant currency basis. In ZAR, increase in segment revenue was primarily due to more low-margin transaction fees generated from beneficiaries using the South African National Payment System, incremental prepaid airtime sales driven by the rollout of our prepaid airtime product, and reflects the elimination of inter-company transactions. Segment operating income margin was 17% and (7)%, respectively, and increased primarily due to the absence of SASSA implementation costs in Q3 2014. Excluding amortization of acquisition-related intangibles, Q3 2014 segment operating income margin was 19% compared with (5) % in Q3 2013.
International transaction-based activities
KSNET contributes the majority of our revenues and operating income in this segment. Segment revenue was $34.9 million in Q3 2014, up 6% compared with Q3 2013 in USD and 36% on a constant currency basis. Revenue increased primarily due to KSNET's revenue growth during Q3 2014 and was partially offset by the expiration and non-renewal of NUETS' contract with its Iraqi customer in Q3 2013. Operating income during Q3 2014 was higher due to increase in revenue contribution from KSNET and due to the NUETS Iraqi customer bad debt provision in fiscal 2013, but partially offset by ongoing losses related to our XeoHealth launch in the United States and at Net1 Virtual Card, as well as ongoing competition in the Korean marketplace. Excluding the amortization of intangibles, Q3 2014 operating income margin was 13% compared to 6% during Q3 2013.
Smart card accounts
Segment revenue was $10.6 million in Q3 2014, up 23% compared with Q3 2013 in USD and 57% on a constant currency basis driven exclusively by the increase in the number of smart card accounts. Segment operating income margin from providing smart card accounts for each of Q3 2014 and 2013 was 29% and 28%, respectively.
Financial services
UEPS-based lending contributes the majority of the revenue and operating income in this segment. Segment revenue was $11.1 million in Q3 2014, up 572% compared with Q3 2013 in USD and 763% higher on a constant currency basis, principally due to the increase in the number of loans granted as we rolled out our product nationally. The year-over-year increase in operating income was partially offset by the higher UEPS-based lending operating cost base in fiscal 2014 and the re-allocation of UEPS-based lending corporate and administration overhead expenses to this segment. Smart Life did not contribute to operating income in Q3 2014 as it is currently unable to issue new insurance policies as a result of the suspension of its license by the Financial Services Board in fiscal 2013.
Hardware, software and related technology sales
Segment revenue was $16.6 million in Q3 2014, up 90% compared with Q3 2013 in USD and 144% on a constant currency basis. The increase in revenue and operating income resulted from higher ad hoc terminal and smart card sales. Excluding amortization of all intangibles, segment operating income margin was 24% compared to 20% during Q3 2013.
Corporate/eliminations
The decrease in our corporate expenses resulted primarily from lower legal fees incurred in connection with the US government investigations compared to Q3 2013, partially offset by higher other corporate head office-related expenses.
Cash flow and liquidity
At March 31, 2013, we had cash and cash equivalents of $30.9 million, down from $53.7 million at June 30, 2013. The decrease in our cash balances from June 30, 2013, was primarily due to the expansion of our UEPS-based lending business, working capital changes, the repayment of a portion of our Korean debt and acquisition of all of the remaining shares of KSNET that we did not already own.
Excluding the impact of interest received, interest paid under our Korean debt and taxes, the decrease in cash from operating activities resulted from the expansion of our UEPS-based lending book, offset by cash inflows from improved trading activity and the substantial elimination of implementation costs related to our SASSA contract in fiscal 2014. Capital expenditures for Q3 2014 and 2013 were $4.8 million and $5.1 million, respectively, and have increased primarily due to the acquisition of more payment processing terminals in Korea.
Use of Non-GAAP Measures
US securities laws require that when we publish any non-GAAP measures, we disclose the reason for using the non-GAAP measure and provide reconciliation to the directly comparable GAAP measure. The presentation of fundamental net income and fundamental earnings per share and headline earnings per share are non-GAAP measures.
Fundamental net income and fundamental earnings per share
Fundamental net income and earnings per share is GAAP net income (loss) and earnings (loss) per share adjusted for (1) the amortization of acquisition-related intangible assets (net of deferred taxes), (2) stock-based compensation charges and (3) unusual non-recurring items, including the amortization of KSNET debt facility fees and US government investigations-related and US lawsuit expenses, as well as in fiscal 2013, acquisition-related costs. Management believes that the fundamental net income and 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 and fundamental net income (loss) and earnings (loss) per share.
Headline earnings (loss) per share ("HEPS")
The inclusion of HEPS in this press release is a requirement of our listing on the JSE. HEPS basic and diluted is calculated using net income (loss) which has been determined based on GAAP. Accordingly, this may differ to the headline earnings (loss) 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.
HEPS basic and diluted is calculated as GAAP net income (loss) adjusted for the profit on sale of property, plant and equipment, net of related tax effects. Attachment C presents the reconciliation between our net income (loss) used to calculate earnings (loss) per share basic and diluted and HEPS basic and diluted and the calculation of the denominator for headline diluted earnings (loss) per share.
Conference Call
We will host a conference call to review Q3 2014 results on May 9, 2014, at 8:00 Eastern Time. To participate in the call, dial 1-855-481-5362 (US and Canada), 0808-162-4061 (U.K. only) or 0-800-200-648 (South Africa only) ten minutes prior to the start of the call. Callers should request "Net1 call" upon dial-in. The call will also be webcast on the Net1 homepage, www.net1.com. Please click on the webcast link at least ten minutes prior to the call. A webcast of the call will be available for replay on the Net1 website through June 1, 2014.
About Net1 (www.net1.com)
Net1 is a leading provider of alternative payment systems that leverage its Universal Electronic Payment System, or UEPS, to facilitate biometrically secure, real-time electronic transaction processing to unbanked and under-banked populations of developing economies around the world in an online or offline environment. Net1's UEPS/EMV solution is also completely interoperable with global EMV standards that seamlessly permit access to all the UEPS functionality in a traditional EMV environment. In addition to payments, UEPS can be used for banking, healthcare management, payroll, remittances, voting and identification.
Net1 operates market-leading payment processors in South Africa, Republic of Korea, and Ghana. In addition, Net1's proprietary Mobile Virtual Card technology offers secure mobile payments and banking services in developed and emerging countries while its MediKredit and XeoHealth subsidiaries provide its proprietary 5010 and ICD-10 compliant real-time claims adjudication system.
Net1 has a primary listing on the Nasdaq and a secondary listing on the JSE Limited.
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.
NET 1 UEPS TECHNOLOGIES INC.
Unaudited Condensed Consolidated Statements of Operations
Three months ended Nine months ended
----------------------------------------------------
March 31, March 31,
------------------------ ------------------------
2014 2013 2014 2013
----------- ----------- ----------- -----------
(In thousands, except per (In thousands, except per
share data) share data)
REVENUE $ 138,126 $ 111,141 $ 398,903 $ 334,265
EXPENSE
Cost of goods sold, IT
processing, servicing
and support 63,149 51,461 187,591 143,789
Selling, general and
administration 40,586 53,846 121,916 149,854
Depreciation and
amortization 10,442 10,560 30,245 31,051
----------- ----------- ----------- -----------
OPERATING INCOME (LOSS) 23,949 (4,726) 59,151 9,571
INTEREST INCOME 3,438 2,515 9,993 8,195
INTEREST EXPENSE 1,734 2,023 5,712 6,117
----------- ----------- ----------- -----------
INCOME (LOSS) BEFORE
INCOME TAX EXPENSE 25,653 (4,234) 63,432 11,649
INCOME TAX EXPENSE 8,535 472 22,119 7,172
----------- ----------- ----------- -----------
NET INCOME (LOSS) BEFORE
EARNINGS FROM EQUITY-
ACCOUNTED INVESTMENTS 17,118 (4,706) 41,313 4,477
EARNINGS FROM EQUITY-
ACCOUNTED INVESTMENTS 52 22 202 204
----------- ----------- ----------- -----------
NET INCOME (LOSS) 17,170 (4,684) 41,515 4,681
ADD NET LOSS
ATTRIBUTABLE TO NON-
CONTROLLING INTEREST (12) (3) (12) (11)
----------- ----------- ----------- -----------
NET INCOME (LOSS)
ATTRIBUTABLE TO NET1 $ 17,182 $ (4,681) $ 41,527 $ 4,692
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Net income (loss) per
share, in United States
dollars
Basic earnings (loss)
attributable to Net1
shareholders $0.38 $(0.10) $0.91 $0.10
Diluted earnings
(loss) attributable
to Net1 shareholders $0.37 $(0.10) $0.90 $0.10
NET 1 UEPS TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Balance Sheets
Unaudited (A)
March 31, June 30,
2014 2013
----------------------------
(In thousands, except share
data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 30,875 $ 53,665
Pre-funded social welfare grants receivable 4,728 2,934
Accounts receivable, net of allowances of -
March: $1,592; June: $4,701 132,356 102,614
Finance loans receivable, net of allowances of
- March: $1,815; June: $- 42,379 8,350
Inventory 10,491 12,222
Deferred income taxes 5,350 4,938
------------ ------------
Total current assets before settlement
assets 226,179 184,723
Settlement assets 744,782 752,476
------------ ------------
Total current assets 970,961 937,199
PROPERTY, PLANT AND EQUIPMENT, net of
accumulated depreciation of - March: $92,314;
June: $84,808 46,150 48,301
EQUITY-ACCOUNTED INVESTMENTS 1,347 1,183
GOODWILL 179,832 175,806
INTANGIBLE ASSETS, net 69,265 77,257
OTHER LONG-TERM ASSETS, including reinsurance
assets 34,338 36,576
------------ ------------
TOTAL ASSETS 1,301,893 1,276,322
------------ ------------
------------ ------------
40,570
LIABILITIES
CURRENT LIABILITIES
Bank overdraft - -
Accounts payable 14,592 26,567
Other payables 35,682 33,808
Current portion of long-term borrowings 14,005 14,209
Income taxes payable 11,749 2,275
------------ ------------
Total current liabilities before settlement
obligations 76,028 76,859
Settlement obligations 744,782 752,476
------------ ------------
Total current liabilities 820,810 829,335
DEFERRED INCOME TAXES 17,343 18,727
LONG-TERM BORROWINGS 58,061 66,632
OTHER LONG-TERM LIABILITIES, including insurance
policy liabilities 20,117 21,659
------------ ------------
TOTAL LIABILITIES 916,331 936,353
------------ ------------
COMMITMENTS AND CONTINGENCIES
EQUITY
COMMON STOCK
Authorized: 200,000,000 with $0.001 par value;
Issued and outstanding shares, net of treasury
- March: 45,783,342; June: 45,592,550 59 59
PREFERRED STOCK
Authorized shares: 50,000,000 with $0.001 par
value;
Issued and outstanding shares, net of
treasury: March: -; June: - - -
ADDITIONAL PAID-IN-CAPITAL 165,076 160,670
TREASURY SHARES, AT COST: March: 13,455,090;
June: 13,455,090 (175,823) (175,823)
ACCUMULATED OTHER COMPREHENSIVE LOSS (97,910) (100,858)
RETAINED EARNINGS 494,145 452,618
------------ ------------
TOTAL NET1 EQUITY 385,547 336,666
NON-CONTROLLING INTEREST 15 3,303
------------ ------------
TOTAL EQUITY 385,562 339,969
------------ ------------
------------ ------------
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,301,893 $ 1,276,322
------------ ------------
------------ ------------
(A) - Derived from audited financial statements
NET 1 UEPS TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Statements of Cash Flows
Three months ended Nine months ended
--------------------------------------------
March 31, March 31,
-------------------- --------------------
2014 2013 2014 2013
--------- --------- --------- ---------
(In thousands) (In thousands)
Cash flows from operating
activities
Net income (loss) $ 17,170 $ (4,684) $ 41,515 $ 4,681
Depreciation and amortization 10,442 10,560 30,245 31,051
Earnings from equity-accounted
investments (52) (22) (202) (204)
Fair value adjustments 110 (299) 49 408
Interest payable 30 1,054 1,696 3,363
(Profit) loss on disposal of
property, plant and equipment (26) 3 (42) (83)
Stock-based compensation charge 922 1,092 2,820 3,325
Facility fee amortized 79 71 657 235
Increase in accounts receivable,
pre-funded social welfare
grants receivable and finance
loans receivable (6,443) (4,818) (67,521) (3,987)
Decrease (Increase) in inventory 2,821 4,949 979 (2,260)
Increase (Decrease) in accounts
payable and other payables 2,656 4,533 (10,895) (1,755)
Increase in taxes payable 8,069 948 9,431 354
Decrease in deferred taxes (1,141) (1,201) (3,019) (4,133)
--------- --------- --------- ---------
Net cash provided by operating
activities 34,637 12,186 5,713 30,995
--------- --------- --------- ---------
Cash flows from investing
activities
Capital expenditures (4,848) (5,053) (17,309) (17,103)
Proceeds from disposal of
property, plant and equipment 123 31 2,124 387
Acquisitions, net of cash
acquired - - - (2,143)
(Investment in equity in)
Repayment of loan by equity-
accounted investment (25) - (25) 3
Proceeds from maturity of
investments related to
insurance business - - - 545
Other investing activities, ne3t 571 - (570) -
Net change in settlement assets (277,912) (156,363) (21,409) (168,419)
--------- --------- --------- ---------
Net cash used in investing
activities (282,091) (161,385) (36,049) (186,730)
--------- --------- --------- ---------
Cash flows from financing
activities
Long-term borrowings obtained 1,028 - 72,633 -
Repayment of long-term
borrowings - - (87,008) (7,307)
Payment of facility fee - - (872) -
Proceeds from bank overdraft - - 24,580 -
Repayment of bank overdraft (23,335) - (23,335) -
Acquisition of interests in
KSNET - - (1,968) -
Proceeds from issue of common
stock 88 - 88 240
Net change in settlement
obligations 277,912 156,363 21,409 168,419
--------- --------- --------- ---------
Net cash provided by financing
activities 255,693 156,363 5,527 161,352
--------- --------- --------- ---------
Effect of exchange rate changes
on cash 274 (2,664) 2,019 (2,124)
--------- --------- --------- ---------
Net increase (decrease) in cash
and cash equivalents 8,513 4,500 (22,790) 3,493
Cash and cash equivalents -
beginning of period 22,362 38,116 53,665 39,123
--------- --------- --------- ---------
Cash and cash equivalents - end
of period $ 30,875 $ 42,616 $ 30,875 $ 42,616
--------- --------- --------- ---------
--------- --------- --------- ---------
Net 1 UEPS Technologies, Inc.
Attachment A
Operating segment revenue, operating income and operating margin:
Three months ended March 31, 2014 and 2013 and December 31, 2013
Key segmental data, in $ '000, Q3 '14 Q3 '13 Q2 '14
------------- ------------- -------------
Revenue:
SA transaction-based
activities $64,864 $59,009 $72,237
International transaction-
based activities 34,994 33,119 37,288
Smart card accounts 10,612 8,657 11,237
Financial services 11,099 1,651 6,199
Hardware, software and
related technology sales 16,557 8,705 10,322
------------- ------------- -------------
Total consolidated revenue $138,126 $111,141 $137,283
------------- ------------- -------------
------------- ------------- -------------
Consolidated operating income
(loss):
SA transaction-based
activities $11,145 ($4,197) $13,398
------------- ------------- -------------
Operating income (loss)
excluding amortization 12,308 (3,127) 13,916
Amortization of intangible
assets (1,163) (1,070) (518)
------------- ------------- -------------
International transaction-
based activities 1,322 (1,362) 1,365
------------- ------------- -------------
Operating income excluding
amortization 4,680 1,866 4,883
Amortization of intangible
assets (3,358) (3,228) (3,518)
------------- ------------- -------------
Smart card accounts 3,025 2,467 3,203
Financial services 5,119 1,147 1,727
Hardware, software and
related technology sales 4,000 1,699 1,592
------------- ------------- -------------
Operating income (loss)
excluding amortization 4,066 1,785 1,663
Amortization of intangible
assets (66) (86) (71)
------------- ------------- -------------
Corporate/ Eliminations (662) (4,480) (2,483)
------------- ------------- -------------
Total operating income
(loss) $23,949 ($4,726) $18,802
------------- ------------- -------------
------------- ------------- -------------
Operating income margin (%)
SA transaction-based
activities 17% (7%) 19%
International transaction-
based activities 4% (4%) 4%
International transaction-
based activities excluding
amortization 13% 6% 13%
Smart card accounts 29% 28% 29%
Financial services 46% 69% 28%
Hardware, software and
related technology sales 24% 20% 15%
Overall operating margin 17% (4%) 14%
Change - constant
Change - actual exchange rate(1)
---------------------------------------------
Q3 '14 Q3 '14 Q3 '14 Q3 '14
vs vs vs vs
Key segmental data, in $ '000, Q3 '13 Q2 '14 Q3 '13 Q2 '14
---------------------------------------------
Revenue:
SA transaction-based
activities 10% (10%) 41% (4%)
International transaction-
based activities 6% (6%) 36% 0%
Smart card accounts 23% (6%) 57% 1%
Financial services 572% 79% 763% 92%
Hardware, software and
related technology sales 90% 60% 144% 72%
Total consolidated revenue 24% 1% 60% 8%
Consolidated operating income
(loss):
SA transaction-based
activities nm (17%) nm (11%)
---------------------------------------------
Operating income (loss)
excluding amortization nm (12%) nm (5%)
Amortization of intangible
assets 9% 125% 40% 140%
---------------------------------------------
International transaction-
based activities nm (3%) nm 4%
---------------------------------------------
Operating income excluding
amortization 151% (4%) 222% 3%
Amortization of intangible
assets 4% (5%) 34% 2%
---------------------------------------------
Smart card accounts 23% (6%) 57% 1%
Financial services 346% 196% 473% 217%
Hardware, software and
related technology sales 135% 151% 202% 169%
---------------------------------------------
Operating income (loss)
excluding amortization 128% 144% 193% 162%
Amortization of intangible
assets (23%) (7%) (1%) (0%)
---------------------------------------------
Corporate/ Eliminations (85%) (73%) (81%) (71%)
Total operating income
(loss) nm 27% nm 36%
Operating income margin (%)
SA transaction-based
activities
International transaction-
based activities
International transaction-
based activities excluding
amortization
Smart card accounts
Financial services
Hardware, software and
related technology sales
Overall operating margin
(1) - This information shows what the change in these items would have been
if the USD/ ZAR exchange rate that prevailed during the third quarter of
fiscal 2014 also prevailed during the third quarter of fiscal 2013 and the
second quarter of fiscal 2014.
Nine months ended March 31, 2014 and 2013
Change -
constant
Change - exchange
actual rate(1)
------------------
F2014 F2014
Key segmental data, in '000, vs vs
except margins F2014 F2013 F2013 F2013
----------- ----------- ------------------
Revenue:
SA transaction-based activities $200,133 $181,137 10% 36%
International transaction-based
activities 109,099 97,881 11% 37%
Smart card accounts 33,178 25,240 31% 61%
Financial services 19,725 4,483 340% 440%
Hardware, software and related
technology sales 36,768 25,524 44% 77%
----------- -----------
Total consolidated revenue $398,903 $334,265 19% 46%
----------- -----------
----------- -----------
Consolidated operating income
(loss):
SA transaction-based activities $37,825 $4,136 815% 1,022%
----------- ----------- ------------------
Operating income excluding
amortization 40,057 8,139 392% 504%
Amortization of intangible
assets (2,232) (4,003) (44%) (32%)
----------- ----------- ------------------
International transaction-based
activities 4,738 (1,331) nm nm
----------- ----------- ------------------
Operating income excluding
amortization 14,751 8,366 76% 116%
Amortization of intangible
assets (10,013) (9,697) 3% 27%
----------- ----------- ------------------
Smart card accounts 9,456 7,194 31% 61%
Financial services 6,902 3,292 110% 157%
Hardware, software and related
technology sales 8,540 4,478 91% 134%
----------- ----------- ------------------
Operating income excluding
amortization 8,748 4,732 85% 127%
Amortization of intangible
assets (208) (254) (18%) 1%
----------- ----------- ------------------
Corporate/ Eliminations (8,310) (8,198) 1% 24%
----------- -----------
Total operating income $59,151 $9,571 518% 658%
----------- -----------
----------- -----------
Operating income margin (%)
SA transaction-based activities 19% 2%
International transaction-based
activities 4% (1%)
International transaction-based
activities excluding
amortization 14% 9%
Smart card accounts 29% 29%
Financial services 35% 73%
Hardware, software and related
technology sales 23% 18%
Overall operating margin 15% 3%
(1) - This information shows what the change in these items would have been
if the USD/ ZAR exchange rate that prevailed during the year to date fiscal
2014 also prevailed during the year to date fiscal 2013.
Net 1 UEPS Technologies, Inc.
Attachment B
Reconciliation of GAAP net income (loss) and earnings (loss) per share, basic, to fundamental net income and earnings per share, basic:
Three months ended March 31, 2014 and 2013
E(L)PS, E(L)PS,
Net income basic Net income basic
(USD'000) (USD) (ZAR'000) (ZAR)
----------------------------------------------------------
2014 2013 2014 2013 2014 2013 2014 2013
----------------------------------------------------------
GAAP 17,182 (4,681) 0.38 (0.10) 186,842 (39,632) 4.08 (0.87)
Intangible asset
amortization,
net 3,443 3,295 37,431 27,898
Stock-based
compensation
charge 922 1,092 10,026 9,245
Facility fees
for KSNET debt 79 71 859 601
US government
investigations-
related and US
lawsuit
expenses 62 2,557 674 21,648
Acquisition-
related costs - 28 - 237
--------------- -----------------
Fundamental 21,688 2,362 0.47 0.05 235,832 19,997 5.15 0.44
--------------- -----------------
--------------- -----------------
Nine months ended March 31, 2014 and 2013
EPS,
Net income EPS, basic Net income basic
(USD'000) (USD) (ZAR'000) (ZAR)
----------------------------------------------------------
2014 2013 2014 2013 2014 2013 2014 2013
----------------------------------------------------------
GAAP 41,527 4,692 0.91 0.10 431,054 39,684 9.42 0.87
Intangible asset
amortization,
net 9,385 10,453 97,414 88,403
Stock-based
compensation
charge 2,914 3,325 30,248 28,122
Facility fees
for KSNET debt 657 235 6,820 1,988
US government
investigations-
related and US
lawsuit
expenses 2,526 3,117 26,220 26,363
Acquisition-
related costs - 75 - 634
---------------- ------------------
Fundamental 57,009 21,897 1.25 0.48 591,756 185,194 12.94 4.07
---------------- ------------------
---------------- ------------------
Net 1 UEPS Technologies, Inc.
Attachment C
Reconciliation of net income used to calculate earnings per share basic and diluted and headline earnings per share basic and diluted:
Three months ended March 31, 2014 and 2013
2014 2013
----------------------
Net income (loss) (USD'000) 17,182 (4,681)
Adjustments:
Profit on sale of property, plant and equipment (26) 3
Tax effects on above 7 (1)
----------------------
Net income (loss) used to calculate headline earnings
(USD'000) 17,163 (4,679)
----------------------
----------------------
Weighted average number of shares used to calculate
net income (loss) per share basic earnings and
headline earnings (loss) per share basic earnings
('000) 45,776 45,545
Weighted average number of shares used to calculate
net income (loss) per share diluted earnings and
headline earnings (loss) per share diluted earnings
('000) 45,954 45,597
Headline earnings (loss) per share:
Basic, in USD 0.37 (0.10)
Diluted, in USD 0.37 (0.10)
Nine months ended March 31, 2014 and 2013
2014 2013
----------------------
Net income (USD'000) 41,527 4,692
Adjustments:
Profit on sale of property, plant and equipment (42) (83)
Tax effects on above 12 23
----------------------
Net income used to calculate headline earnings
(USD'000) 41,497 4,632
----------------------
----------------------
Weighted average number of shares used to calculate
net income per share basic earnings and headline
earnings per share basic earnings ('000) 45,742 45,530
Weighted average number of shares used to calculate
net income per share diluted earnings and headline
earnings per share diluted earnings ('000) 45,997 45,593
Headline earnings per share:
Basic, in USD 0.90 0.10
Diluted, in USD 0.90 0.10
Calculation of the denominator for headline diluted earnings per share
Q3 '14 Q3 '13 F2014 F2013
--------------------------------
Basic weighted-average common shares
outstanding and unvested restricted shares
expected to vest under GAAP 45,776 45,545 45,742 45,530
Effect of dilutive securities under GAAP 178 52 255 63
--------------------------------
Denominator for headline diluted
earnings per share 45,954 45,597 45,997 45,593
--------------------------------
--------------------------------
Weighted average number of shares used to calculate headline 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 earnings per share diluted because we do not use the two-class method to calculate headline earnings per share diluted.
Contacts:
Investor Relations Contact:
Net 1 UEPS Technologies Inc.
Dhruv Chopra
Head of Investor Relations
+1 917-767-6722
dchopra@net1.com
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