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Net 1 Reports First Quarter 2022 Results

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Net 1 UEPS Technologies (Nasdaq: UEPS) announced Q1 2022 results ending September 30, 2021. Key highlights include a revenue drop of 2% year-over-year to $34.5 million and an operating loss of $(11.2) million. Despite challenges in the South African economy, the company reported unrestricted cash of $188 million with no debt. CEO Chris Meyer emphasized their commitment to return the Financial Services business to profitability and announced the acquisition of Connect Group to enhance growth. Adjusted EBITDA loss stood at $(10.1) million.

Positive
  • Unrestricted cash of $188 million and no debt.
  • Acquisition of Connect Group to enhance growth potential.
  • Financial Services segment revenue increased by 12% year-over-year.
Negative
  • Revenue decreased by 2% compared to Q1 2021.
  • Operating loss of $(11.2) million, reflecting continued financial challenges.
  • Overall adjusted EBITDA loss of $(10.1) million.

JOHANNESBURG, South Africa, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS; JSE: NT1) today released results for the first fiscal quarter ended September 30, 2021.

Financial Metrics:

  • Continued momentum in EPE account openings;
  • At September 30, 2021, unrestricted cash of $188 million and no debt;
  • Revenue of $34.5 million, a decrease of 2% from Q1 2021;
  • Operating loss of $(11.2) million in Q1 2022;
  • GAAP EPS of $(0.23) and Fundamental EPS of $(0.22); and
  • Adjusted EBITDA loss of $(10.1) million.

“While the South African economy continued to be challenging in the first quarter, I am pleased that the Net1 team continued to stay focused on executing our transformational plans and the long-term commitment to unlock value for all of our stakeholders. Our strategic imperative is to return the Financial Services business to break-even and into profitability as soon as possible,” said Chris Meyer, Group CEO of Net1. “We also continued to deliver on our strategic priorities with the announcement earlier this month to acquire Connect Group, one of the fastest growing fintech companies in South Africa. This compelling acquisition is an important milestone at the beginning of our transformative journey as it significantly enhances our scale, propels our growth trajectory and positions us well to become the leading South African fintech platform.”

Summary Financial Metrics

 Q1 2022 Q1 2021 Q4 2021 Q1 ’22 vs
Q1 ’21

 Q1 ’22 vs
Q4 ’21

 Q1 ’22 vs
Q1 ’21

 Q1 ’22 vs
Q4 ’21

   (as
restated)
(1)
      
(All figures in USD ‘000s except per share data)USD ‘000’s
(except per share data)
 % change in USD % change in ZAR
Revenue34,504  35,136  34,517  (2%) (0%) (14%) 3%
               
GAAP operating loss(11,225) (10,775) (13,600) 4% (17%) (9%) (15%)
               
Adjusted EBITDA (loss)(2)(10,087) (9,744) (8,208) 4% 23% (10%) 27%
               
GAAP (loss) earnings per share ($)(0.23) (0.51) 0.03  (55%) nm  (61%) nm 
Continuing(0.23) (0.51) 0.03  (55%) nm  (61%) nm 
                 
Fundamental loss per share ($)(2)(0.22) (0.23) -  (4%) nm  (17%) nm 
                 
Fully-diluted shares outstanding (‘000’s)56,809  57,119  56,937  (1%) (0%) nm  nm 
                 
Average period USD/ ZAR exchange rate14.61  16.77  14.17  (13%) 3% nm  nm 

(1) Q1 2021 has been restated to correct an error with respect to the recognition of certain revenue and related cost of goods sold, IT processing, servicing and support. The financial information for the three months ended September 30, 2020, has been restated with the effect of decreasing revenue by $2.0 million. Refer to Note 1 to our unaudited condensed consolidated financial statements.

(2) Adjusted EBITDA (loss), fundamental loss and fundamental loss per share are non-GAAP measures and are described below under “Use of Non-GAAP Measures—EBITDA and Adjusted EBITDA, and —Fundamental net (loss) income and fundamental (loss) earnings per share.” See Attachment B for a reconciliation of GAAP operating loss to EBITDA (loss) and Adjusted EBITDA (loss), and GAAP net loss to fundamental net loss and loss per share.

Factors impacting comparability of our Q1 2022 and Q1 2021 results

  • Lower revenue: Our revenues decreased 14% in ZAR primarily due to fewer prepaid airtime and hardware sales and lower transaction fee revenue;
  • Lower operating losses: Operating losses have reduced by 9% in ZAR compared with the prior period primarily due to the closure of IPG and lower legal and consulting fees (excluding those related to the Connect Group transaction). We continue to experience operating losses because of depressed revenues and have embarked on a plan to reduce operating expenses, including closing our mobile payment infrastructure;
  • Foreign exchange movements: The U.S. dollar was 13% weaker against the ZAR during Q1, 2021, which impacted our reported results.

Results of Operations by Segment and Liquidity

Processing

Segment revenue, excluding IPG, was $21.4 million in Q1 2022, down 13% compared with Q1 2021, but up 4% compared with Q4 2021 on a constant currency basis. Excluding IPG, segment revenue decreased primarily due to fewer prepaid airtime sales and a reduction in volume-driven transaction fees, including as a result of the South African banking industry’s decision to waive fees charged to customers for utilizing other banks’ ATMs in August and September 2021. Excluding IPG, Processing’s operating loss has been impacted by the lower revenue. Our operating loss margin (calculated as operating (loss) income divided by revenue) for Q1 2022 and 2021 was (33.4%) and (32.4%), respectively. Excluding IPG, our operating loss margin for the Processing segment was (21.3%) during the Q1 2021.

Financial services

Segment revenue was $10.6 million in Q1 2022, up 12% compared with Q1 2021 and marginally higher compared to Q4 2021 on a constant currency basis. Segment revenue increased due to higher account fee revenue following an increase in the number of EPE accounts, an increase in lending revenue as a result of improved lending activity, and an increase in insurance revenues from an increase in business written. The increase in operating loss is primarily due to the increase in insurance-related claims experienced this quarter attributed to the COVID-19 pandemic as well as higher employee costs compared with the prior period. Our operating loss margin for Q1 2022 and 2021 was (28.2%) and (28.7%), respectively.

Technology

Segment revenue was $4.8 million in Q1 2022, down 32%, compared with Q1 2021, but up 1% compared with Q4 2021 on a constant currency basis. Segment revenue decreased due to fewer hardware sales compared to the prior period. Operating income for Q1, 2021 was directly impacted by the lower revenue compared with fiscal 2021. Our operating income margin for the Technology segment was 12.5% and 28.6% during Q1 2022 and 2021, respectively.

Corporate/eliminations

Our corporate expenses for fiscal 2022 decreased compared with fiscal 2021 due to lower legal and consulting fees incurred. We expect to incur additional expenses related to the Connect Group transaction in the second quarter of fiscal 2022.

Cash flow and liquidity

At September 30, 2021, our cash and cash equivalents were $188.5 million and comprised of U.S. dollar-denominated balances of $162.5 million, ZAR-denominated balances of ZAR 0.4 billion ($23.7 million), and other currency deposits, primarily Botswana pula, of $2.3 million, all amounts translated at exchange rates applicable as of September 30, 2021. The decrease in our unrestricted cash balances from June 30, 2021, was primarily due to weak trading activities and utilization of cash reserves to fund our operations. We believe we have sufficient cash reserves to support us through the next twelve months. Together with our existing cash reserves, we also believe that our credit facilities are sufficient to fund our ATM network.

Excluding the impact of income taxes, cash used in operating activities during Q1 2022 was impacted by the cash losses incurred by the majority of our continuing operations. Capital expenditures for Q1 2022 and 2021 were $0.7 million and $0.3 million, respectively.

Conference Call

We will host a conference call to review these results on November 9, 2021, at 8:00 a.m. Eastern Time. To participate in the call, dial 1-508-924-4326 (US and Canada), 0333-300-1418 (U.K. only) or 010-201-6800 (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.

Participants can pre-register for the November 9, 2021, conference call by navigating to https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=2110832&linkSecurityString=3a7b066b0. Participants utilizing this pre-registration service will receive their dial-in number upon registration

Use of Non-GAAP Measures

U.S. securities laws require that when we publish any non-GAAP measures, we disclose the reason for using these non-GAAP measures and provide reconciliations to the most directly comparable GAAP measures. The presentation of EBITDA, adjusted EBITDA, fundamental net (loss) income and fundamental (loss) earnings per share and headline (loss) earnings per share are non-GAAP measures.

EBITDA and adjusted EBITDA

Earnings before interest, tax, depreciation and amortization (“EBITDA”) is GAAP operating (loss) income adjusted for depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for unusual non-recurring items, costs related to acquisitions and transactions consummated or ultimately not pursued.

Fundamental net (loss) income and fundamental (loss) earnings per share

Fundamental net (loss) income and (loss) earnings per share is GAAP net (loss) income and (loss) earnings per share adjusted for the amortization of acquisition-related intangible assets (net of deferred taxes), stock-based compensation charges, and unusual non-recurring items, including costs related to acquisitions and transactions consummated or ultimately not pursued.

Fundamental net (loss) income and (loss) earnings per share for fiscal 2021 also includes impairment losses related to our equity-accounted investment and the deferred tax liability reversal related to the impairment of the equity-accounted investment.

Management believes that the EBITDA, adjusted EBITDA, fundamental net (loss) income and (loss) earnings per share metrics enhance its own evaluation, as well as an investor’s understanding, of our financial performance. Attachment B presents the reconciliation between GAAP operating income and EBITDA and adjusted EBITDA; and GAAP net (loss) income and (loss) earnings per share and fundamental net (loss) income and (loss) earnings per share.

Headline (loss) earnings per share (“H(L)EPS”)

The inclusion of H(L)EPS in this press release is a requirement of our listing on the JSE. H(L)EPS basic and diluted is calculated using net (loss) income which has been determined based on GAAP. Accordingly, this may differ to the headline (loss) earnings 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.

H(L)EPS basic and diluted is calculated as GAAP net (loss) income adjusted for the impairment losses related to our equity-accounted investments and (profit) loss on sale of property, plant and equipment. Attachment C presents the reconciliation between our net (loss) income used to calculate (loss) earnings per share basic and diluted and H(L)EPS basic and diluted and the calculation of the denominator for headline diluted (loss) earnings per share.

About Net1

Net1 is a leading financial technology company that utilizes its proprietary banking and payment technology to deliver on its mission of financial inclusion through the distribution of low-cost financial and value-added services to underserved consumers and small businesses in Southern Africa, which represents a significant segment of these economies. The Company also provides transaction processing services, including being a payment processor and bill payment platform in South Africa. Net1 leverages its strategic investments to further expand its product offerings or to enter new markets.

Net1 has a primary listing on NASDAQ (NasdaqGS: UEPS) and a secondary listing on the Johannesburg Stock Exchange (JSE: NT1). Visit www.net1.com for additional information about Net1.

Forward-Looking Statements

This announcement contains forward-looking statements that involve known and unknown risks and uncertainties. A discussion of various factors that may 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.

Investor Relations Contact:
Dara Dierks
Managing Director – ICR
Email: net1IR@icrinc.com

Media Relations Contact:
Bridget von Holdt
Co-Market Leader | MD – BCW
Phone: +27-82-610-0650
Email: Bridget.vonholdt@bcw-global.com

 
NET 1 UEPS TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Statements of Operations
   Unaudited
   Three months ended
   September 30,
   2021 2020
     (as
restated)
(A)
   (In thousands)
        
REVENUE $34,504  $35,136 
        
EXPENSE      
        
 Cost of goods sold, IT processing, servicing and support  24,207   26,460 
 Selling, general and administration  20,627   18,528 
 Depreciation and amortization  895   923 
        
OPERATING LOSS  (11,225)  (10,775)
        
INTEREST INCOME  389   611 
        
INTEREST EXPENSE  816   747 
        
LOSS BEFORE INCOME TAX EXPENSE (BENEFIT)  (11,652)  (10,911)
        
INCOME TAX EXPENSE (BENEFIT)  186   (1,090)
        
NET LOSS BEFORE LOSS FROM EQUITY-ACCOUNTED INVESTMENTS  (11,838)  (9,821)
        
LOSS FROM EQUITY-ACCOUNTED INVESTMENTS  (1,156)  (19,137)
        
NET LOSS ATTRIBUTABLE TO NET1  (12,994)  (28,958)
        
Net loss per share, in United States dollars:      
Basic loss attributable to Net1 shareholders $(0.23) $(0.51)
Diluted loss attributable to Net1 shareholders $(0.23) $(0.51)

(A) Three months ended September 30, 2020, has been restated to correct an error with respect to the recognition of certain revenue and related cost of goods sold, IT processing, servicing and support. The financial information for the three months ended September 30, 2020, has been restated with the effect of decreasing revenue by $2.0 million.

 
NET 1 UEPS TECHNOLOGIES, INC.
Unaudited Consolidated Balance Sheets
     Unaudited (A)
     September 30, June 30,
     2021 2021
     (In thousands, except share data)
ASSETS     
CURRENT ASSETS     
 Cash and cash equivalents$188,495  $198,572 
 Restricted cash 61,926   25,193 
 Accounts receivable, net of allowance of - September: $365; June: $267 and other receivables 27,643   26,583 
 Finance loans receivable, net of allowance of - September: $2,290; June: $2,349 20,607   21,142 
 Inventory 19,613   22,361 
  Total current assets before settlement assets 318,284   293,851 
   Settlement assets 466   466 
    Total current assets 318,750   294,317 
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - September: $36,163; June: $38,535 6,718   7,492 
OPERATING LEASE RIGHT-OF-USE 3,890   4,519 
EQUITY-ACCOUNTED INVESTMENTS 7,607   10,004 
GOODWILL 27,619   29,153 
INTANGIBLE ASSETS, net of accumulated amortization of - September: $15,536; June: $16,403 321   357 
DEFERRED INCOME TAXES 934   622 
OTHER LONG-TERM ASSETS, including reinsurance assets 77,916   81,866 
TOTAL ASSETS 443,755   428,330 
          
LIABILITIES     
CURRENT LIABILITIES     
 Short-term credit facilities for ATM funding 51,568   14,245 
 Accounts payable 4,308   7,113 
 Other payables 28,180   27,588 
 Operating lease liability - current 2,674   2,822 
 Income taxes payable 539   256 
  Total current liabilities before settlement obligations 87,269   52,024 
   Settlement obligations 466   466 
    Total current liabilities 87,735   52,490 
DEFERRED INCOME TAXES 10,404   10,415 
OPERATING LEASE LIABILITY - LONG TERM 1,413   1,890 
OTHER LONG-TERM LIABILITIES, including insurance policy liabilities 2,477   2,576 
TOTAL LIABILITIES 102,029   67,371 
COMMITMENTS AND CONTINGENCIES -   - 
REDEEMABLE COMMON STOCK 84,979   84,979 
          
EQUITY     
NET1 EQUITY:     
COMMON STOCK     
 Authorized: 200,000,000 with $0.001 par value;     
 Issued and outstanding shares, net of treasury: September: $56,996,214; 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: September: -; June: - -   - 
ADDITIONAL PAID-IN-CAPITAL 302,277   301,959 
TREASURY SHARES, AT COST: September: $24,891,292; June: $24,891,292 (286,951)  (286,951)
ACCUMULATED OTHER COMPREHENSIVE LOSS (152,278)  (145,721)
RETAINED EARNINGS 393,619   406,613 
TOTAL NET1 EQUITY 256,747   275,980 
NON-CONTROLLING INTEREST -   - 
TOTAL EQUITY 256,747   275,980 
          
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS’ EQUITY$443,755  $428,330 

(A) Derived from audited consolidated financial statements.

 
NET 1 UEPS TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Statements of Cash Flows
   Unaudited
   Three months ended
   September 30,
   2021 2020
   (In thousands)
        
Cash flows from operating activities     
 Net loss$(12,994) $(28,958)
 Depreciation and amortization 895   923 
 Impairment loss 140   - 
 Movement in allowance for doubtful accounts receivable 386   514 
 Loss from equity-accounted investments 1,156   19,137 
 Movement in allowance for doubtful loans -   78 
 Fair value adjustment related to financial liabilities (90)  886 
 Interest payable 11   (63)
 Profit on disposal of property, plant and equipment (165)  (10)
 Stock-based compensation charge 309   399 
 Dividends received from equity-accounted investments 137   57 
 Decrease (Increase) in accounts receivable and finance loans receivable 1,188   (8,115)
 Decrease in inventory 1,583   2,359 
 Decrease in accounts payable and other payables (431)  (415)
 Increase (Decrease) in taxes payable 294   (14,917)
 Decrease in deferred taxes (367)  (1,755)
  Net cash used in operating activities (7,948)  (29,880)
        
Cash flows from investing activities     
Capital expenditures (698)  (275)
Proceeds from disposal of property, plant and equipment 231   16 
Proceeds from disposal of Net1 Korea, net of cash disposed -   20,114 
Proceeds from disposal of DNI as equity-accounted investment -   329 
Loan to equity-accounted investment -   (78)
Net change in settlement assets -   4,068 
 Net cash (used in) provided by investing activities (467)  24,174 
        
Cash flows from financing activities     
Proceeds from bank overdraft 138,905   69,146 
Repayment of bank overdraft (98,908)  (76,850)
Proceeds from disgorgement of shareholders' short-swing profits -   98 
Net change in settlement obligations -   (4,068)
 Net cash provided by (used in) financing activities 39,997   (11,674)
        
Effect of exchange rate changes on cash (4,925)  806 
Net increase (decrease) in cash, cash equivalents and restricted cash 26,657   (16,574)
Cash, cash equivalents and restricted cash – beginning of period 223,765   232,485 
Cash, cash equivalents and restricted cash – end of period$250,422  $215,911 
        

Net 1 UEPS Technologies, Inc.

Attachment A

Operating segment revenue, operating (loss) income and operating (loss) margin:

Three months ended September 30, 2021 and 2020 and June 30, 2021

                Change - actualChange – constant exchange rate(1)
        Q1 '22 Q1 '21 Q4 '21Q1 '22
vs
Q1 '21
Q1 '22
vs
Q4 '21
Q1 '22
vs
Q1 '21
Q1 '22
vs
Q4 '21
Key segmental data, in ’000, except margins   (as
restated)
(A)
  
Revenue:             
 Processing $21,356  $22,506  $21,192 (5%)1%(17%)4%
  All Other  21,356   21,297   21,192 0%1%(13%)4%
  IPG  -   1,209   - nm nm nm nm 
 Financial services  10,626   8,265   10,830 29%(2%)12%1%
 Technology  4,824   6,211   4,905 (22%)(2%)(32%)1%
   Subtotal: Operating segments  36,806   36,982   36,927 (0%)(0%)(13%)3%
   Intersegment eliminations  (2,302)  (1,846)  (2,410)25%(4%)9%(1%)
    Consolidated revenue $34,504  $35,136  $34,517 (2%)(0%)(14%)3%
                        
Operating (loss) income:                 
 Processing $(7,131) $(7,301) $(5,785)(2%)23%(15%)27%
  All Other  (7,131)  (4,529)  (5,809)57%23%37%27%
  IPG  -   (2,772)  24 nm nm nm nm 
 Financial services  (2,998)  (2,372)  (2,875)26%4%10%8%
 Technology  603   1,775   (357)(66%)nm (70%)nm 
   Subtotal: Operating segments  (9,526)  (7,898)  (9,017)21%6%5%9%
   Corporate/Eliminations  (1,699)  (2,877)  (4,583)(41%)(63%)(49%)(62%)
     Consolidated operating loss $(11,225) $(10,775) $(13,600)4%(17%)(9%)(15%)
                    
Operating (loss) income margin (%)             
 Processing  (33.4%)  (32.4%)  (27.3%)    
  All Other  (33.4%)  (21.3%)  (27.4%)    
  IPG  nm   (229.3%)  nm     
 Financial services  (28.2%)  (28.7%)  (26.5%)    
 Technology  12.5%  28.6%  (7.3%)    
   Consolidated operating margin  (32.5%)  (30.7%)  (39.4%)    

(A) – 2021 has been restated to correct an error with respect to the recognition of certain revenue and related cost of goods sold, IT processing, servicing and support.

(1) – This information shows what the change in these items would have been if the USD/ ZAR exchange rate that prevailed during Q1 2022 also prevailed during Q1 2021 and Q4 2021.

(Loss) Earnings from equity-accounted investments:

The table below presents the relative loss (earnings) from our equity-accounted investments:

   Q1 2022  Q1 2021 % change
Bank Frick -   481  nm 
 Share of net income -   481  nm 
Finbond (1,156)  (19,461) (94%)
 Share of net loss (1,156)  (2,617) (56%)
 Impairment -   (16,844) nm 
Other -   (157) nm 
 Share of net loss -   (157) nm 
 Loss from equity-accounted investments $(1,156) $(19,137) (94%)
            

Net 1 UEPS Technologies, Inc.

Attachment B

Reconciliation of GAAP operating loss to EBITDA loss and adjusted EBITDA loss:

Three months ended September 30, 2021 and 2020

     Three months ended
September 30,
     2021 2020
Operating loss - GAAP(11,225) (10,775)
        
 Depreciation and amortization895  923 
  Negative EBITDA(10,330) (9,852)
   Transaction costs243  30 
    Adjusted EBITDA loss(10,087) (9,744)
          

Reconciliation of GAAP net loss and loss per share, basic, to fundamental net loss and loss per share, basic:

Three months ended September 30, 2021 and 2020

 Net (loss) income
(USD '000)
 (L)PS, basic
(USD)
 Net (loss) income
(ZAR '000)
 (L)PS, basic
(ZAR)
 
2021
 
2020
 
2021
 
2020
 
2021
 
2020
 
2021
 
2020
GAAP(12,994) (28,958) (0.23) (0.51) (189,880) (485,735) (3.33) (8.50)
                
Stock-based compensation charge309  399      4,515  6,693     
Intangible asset amortization, net68  59      990  990     
Impairment of equity method investment-  16,844      -  281,729     
Transaction costs243  30      3,551  503     
Reversal of deferred taxes related to impairment of equity method investment-  (1,353)     -  (22,633)    
Fundamental(12,374) (12,901) (0.22) (0.23) (180,824) (217,145) (3.17) (3.80)
                        

Net 1 UEPS Technologies, Inc.

Attachment C

Reconciliation of net loss used to calculate loss per share basic and diluted and headline loss per share basic and diluted:

Three months ended September 30, 2021 and 2020

  2021 2020
     
Net loss (USD’000)(12,994) (28,958)
Adjustments:   
 Impairment of equity method investments-  16,844 
 Impairment loss140  - 
 Profit on sale of property, plant and equipment(165) (10)
 Tax effects on above7  (1,350)
     
Net loss used to calculate headline loss (USD’000)(13,012) (13,474)
     
Weighted average number of shares used to calculate net loss per share basic loss and headline loss per share basic loss (‘000)56,678  57,119 
     
Weighted average number of shares used to calculate net loss per share diluted loss and headline loss per share diluted loss (‘000)56,809  57,119 
     
Headline loss per share:   
 Basic, in USD(0.23) (0.24)
 Diluted, in USD(0.23) (0.24)

Calculation of the denominator for headline diluted loss per share

   Q1 2022  Q1 2021 
        
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP56,678  57,119 
 Effect of dilutive securities under GAAP131  - 
  Denominator for headline diluted loss per share56,809  57,119 

Weighted average number of shares used to calculate headline diluted loss per share represents 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 diluted loss per share because we do not use the two-class method to calculate headline diluted loss per share.


FAQ

What were Net 1 UEPS's revenue figures for Q1 2022?

Net 1 UEPS reported revenue of $34.5 million for Q1 2022.

What is the operating loss for Net 1 UEPS in Q1 2022?

The operating loss for Net 1 UEPS in Q1 2022 was $(11.2) million.

What strategic move did Net 1 UEPS make recently?

Net 1 UEPS announced the acquisition of Connect Group, a growing fintech firm.

How much cash does Net 1 UEPS have as of September 30, 2021?

As of September 30, 2021, Net 1 UEPS had unrestricted cash of $188 million.

What was the adjusted EBITDA loss for Net 1 UEPS in Q1 2022?

The adjusted EBITDA loss for Net 1 UEPS in Q1 2022 was $(10.1) million.

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Software—Infrastructure
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