Equity-Accounted Investments And Other Long-Term Assets (Tables)

12 Months Ended

Jun. 30, 2019

Equity-Accounted Investments And Other Long-Term Assets [Abstract]

Ownership Percentage Of Equity-Accounted Investments


	2019		2018
Bank Frick	35	%	35	%
DNI	30	%	n/a
Finbond	29	%	29	%
OneFi Limited ("OneFi")	25	%	25	%
SmartSwitch Namibia (Pty) Ltd ("SmartSwitch Namibia")	50	%	50	%
V2 Limited ("V2")	50	%	n/a
Walletdoc Proprietary Limited ("Walletdoc")	20	%	20	%

Summary Of Movement In Equity-Accounted Investments


					Bank
		DNI⁽¹⁾			Frick			Finbond			Other⁽²⁾			Total
Investment in equity:
Balance as of July 1, 2017 – as reported		$-			$-		$	18,961		$	6,742		$	25,703
Correction of Finbond error (Note 1)								(1,927	)					(1,927	)
Balance as of July 1, 2017 – as restated		-			-			17,034			6,742			23,776
Acquisition of shares		79,541			51,949			13,043			-			144,533
Stock-based compensation		-			-			(139	)		-			(139	)
Comprehensive income (loss):		7,005			(606	)		2,768			4			9,171
Other comprehensive loss		-			-			(2,426	)		-			(2,426	)
Equity accounted earnings (loss)		7,005			(606	)		5,194			4			11,597
Share of net income (loss)		9,510			201			5,450			4			15,165
Amortization - acquired intangible assets		(3,480	)		(531	)		-			-			(4,011	)
Deferred taxes - acquired intangible assets		975			128			-			-			1,103
Dilution resulting from corporate transactions		-			-			(256	)		-			(256	)
Other		-			(404	)		-			-			(404	)
Dividends received		(1,765	)		(1,946	)		(1,096	)		(400	)		(5,207	)
Carrying value at the acquisition date (Note 3)		(79,972	)		-						339			(79,633	)
Foreign currency adjustment⁽³⁾		(4,809	)		(1,268	)		(2,628	)		(593	)		(9,298	)
Balance as of June 30, 2018		$-			$48,129			$28,982			$6,092			$83,203
					Bank
	DNI	⁽¹	⁾		Frick			Finbond		Other	⁽²	⁾		Total
Balance as of June 30, 2018		$-			$48,129			$28,982			$6,092			$83,203
Re-measurement of 8% of DNI (Note 3)		14,849			-			-			-			14,849
Re-measurement of 30% of DNI (Note 3)		59,346			-			-			-			59,346
Acquisition of shares		-			-			1,920			2,989			4,909
Stock-based compensation		-			-			117			-			117
Comprehensive income (loss):		839			(1,542	)		7,079			(669	)		5,707
Other comprehensive loss		-			-			4,251			-			4,251
Equity accounted earnings (loss)		839			(1,542	)		2,828			(669	)		1,456
Share of net income (loss)		1,354			1,109			2,524			(669	)		4,318
Amortization - acquired intangible assets		(715	)		(747	)		-			-			(1,462	)
Deferred taxes - acquired intangible assets		200			180			-			-			380
Dilution resulting from corporate transactions		-			-			304			-			304
Other		-			(2,084	)		-			-			(2,084	)
Dividends received		(864	)		-			(1,920	)		(454	)		(3,238	)
Return on investment		-			-			-			(284	)		(284	)
Deconsolidation of DNI (Note 3)		-			-			-			(242	)		(242	)
Sale of 8% interest in DNI (Note 3)		(14,996	)		-			-			-			(14,996	)
Foreign currency adjustment⁽³⁾		1,829			653			(878	)		(34	)		1,570
Balance as of June 30, 2019	$	61,003		$	47,240		$	35,300		$	7,398		$	150,941
Investment in loans:
Balance as of July 1, 2017	$	-		$	-		$	-		$	2,159		$	2,159
Loans granted		-			-			-			1,000			1,000
Transfer from accounts receivable, net and other
receivables		-			-			11,235			-			11,235
Transfer to investment in equity		-			-			(11,102	)		-			(11,102	)
Foreign currency adjustment⁽³⁾		-			-			(133	)		(7	)		(140	)
Balance as of June 30, 2018		-			-			-			3,152			3,152
Transfer to accounts receivable, net and other
receivables		-			-			-			(3,000	)		(3,000	)
Foreign currency adjustment⁽³⁾		-			-			-			(4	)		(4	)
Balance as of June 30, 2019	$	-		$	-		$	-		$	148		$	148

(1) DNI was included as an equity-accounted investment from August 1, 2017 until June 30, 2018, the date upon which the Company obtained control and commenced consolidation of DNI, and then again from March 31, 2019;
(2) Includes OneFi, SmartSwitch Namibia, V2 and Walletdoc;
(3) The foreign currency adjustment represents the effects of the fluctuations of the South African rand, Nigerian naira and Namibian dollar, against the U.S. dollar on the carrying value.

Carrying Amount Of Equity-Accounted Investments

		Equity		Loans		Total
Carrying amount as of:
June 30, 2018	$	83,203	$	3,152
Continuing	$	82,864	$	3,152	$	86,016
Discontinued (Note 3)	$	339	$	-	$	339
June 30, 2019	$	150,968	$	148	$	151,116

Summary Financial Information Of Equity-Accounted Investments


	DNI	Bank Frick	Finbond	Other^(1⁾
Balance sheet, as of	June 30	June 30	February 28⁽²⁾	Various⁽³⁾
Current assets⁽⁴⁾
2019	$35,608	n/a	n/a	$17,781
2018	n/a	n/a	n/a	11,433
Long-term assets
2019	39,851	$1,013,677	$240,792	2,304
2018	n/a	1,418,160	252,265	1,343
Current liabilities⁽⁴⁾
2019	25,757	n/a	n/a	8,492
2018	n/a	n/a	n/a	3,295
Long-term liabilities
2019	7,324	915,050	125,704	4,654
2018	n/a	1,323,470	175,539	3,930
Redeemable stock
2019	-	-	-	-
2018	n/a	-	-	-
Non-controlling interests
2019	1,100	-	11,696	25
2018	n/a	-	10,948	-
Statement of operations, for the period ended	June 30⁽⁵⁾	June 30⁽⁶⁾	February 28⁽²⁾	Various⁽⁷⁾
Revenue
2019	15,898	41,126	174,177	33,807
2018	n/a	33,814	161,915	10,955
2017	n/a	n/a	97,431	7,168
Operating income (loss)
2019	5,814	3,633	21,592	(753	)
2018	n/a	776	33,989	826
2017	n/a	n/a	19,551	276
Income (loss) from continuing operations
2019	4,306	3,169	10,152	(915	)
2018	n/a	617	18,651	152
2017	n/a	n/a	9,700	3
Net income (loss)
2019	$4,481	3,169	10,152	(1,029	)
2018	n/a	$617	18,651	152
2017	n/a	n/a	$9,700	$3

(1) Includes OneFi, SmartSwitch Namibia, Walletdoc and V2, as appropriate;

(2) Finbond balances included were derived from its publically available information. The amounts as of February 28, 2018 and for the years ended February 28, 2018 and 2017, respectively, have been restated for the error described in Note 1;

(3) Balance sheet information for OneFi, SmartSwitch Namibia and V2 is as of June 30, 2019 and 2018, and Walletdoc as of February 28, 2019 and 2018, respectively.

(4) Bank Frick and Finbond are banks and do not present current and long-term assets and liabilities. All assets and liabilities of these two entities are included under the long-term caption.

(5) Statement of operations information for DNI is for the period from April 1, 2019 to June 30, 2019.

(6) Statement of operations information for 2018 for Bank Frick is for the period from October 1, 2017 to June 30, 2018.

(7) Statement of operations information for OneFi, SmartSwitch Namibia and V2 for the year ended June 30, and Walletdoc for the year ended February 28.

Summary Of Other Long-Term Asset


		June 30,		June 30,
		2019		2018

Total equity investments	$	26,993	$	199,865
Investment in 15% of Cell C, at fair value (Note 7)		-		172,948
Investment in MobiKwik⁽¹⁾		26,993		26,917
Total held to maturity investments		-		10,395
Investment in 7.625% of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625% notes		-		10,395
Long-term portion of payments to agents in South Korea amortized over the contract period		9,564		17,582
Policy holder assets under investment contracts (Note 11)		619		610
Reinsurance assets under insurance contracts (Note 11)		1,163		633
Other long-term assets		5,850		5,947
Total other long-term assets	$	44,189	$	235,032

(1) The Company has determined that MobiKwik does not have readily determinable fair value and has therefore elected to record this investment at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company accounted for its investment in MobiKwik at cost as of June 30, 2018.

Summary Of Unrealized Gain (Loss) On Investments

Summarized below are the components of the Company's equity securities without readily determinable fair value and held to maturity investments as of June 30, 2019:


				Unrealized		Unrealized		Carrying
		Cost basis		holding gains		holding losses		value
Equity securities:
Investment in MobiKwik	$	26,993	$	-	$	-	$	26,993
Held to maturity:
Investment in Cedar Cellular notes		-		-		-		-
Total	$	26,993	$	-	$	-	$	26,993

Summarized below are the components of the Company's held to maturity investments as of June 30, 2018:


		Cost		Unrealized		Unrealized		Carrying
		basis⁽¹⁾		holding gains⁽¹⁾		holding losses		value
Held to maturity:
Investment in Cedar Cellular notes	$	10,395	$	-	$	-	$	10,395
Total	$	10,395	$	-	$	-	$	10,395

(1) An amount of $1.4 million attributed to interest recognized under the Cedar Cellular note was incorrectly included in the unrealized holding gains column as of June 30, 2018, and has been reclassified to the cost basis column.

Summary Of Contractual Maturity Of Investment


		Cost basis		Estimated fair value⁽¹⁾
Due in one year or less	$	-	$	-
Due in one year through five years⁽²⁾		-		-
Due in five years through ten years		-		-
Due after ten years		-		-
Total	$	-	$	-

(1) The estimated fair value of the Cedar Cellular note has been calculated utilizing the Company's portion of the security provided to the Company by Cedar Cellular, namely, Cedar Cellular's investment in Cell C.

(2) The cost basis is zero ($0.0 million).