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Operating Segments

6 Months Ended

Dec. 31, 2019

Operating Segments [Abstract]

Operating Segments

19. Operating segments

The Company discloses segment information as reflected in the management information systems reports that its chief operating decision maker uses in making decisions and to report certain entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets or reports material revenues. A description of the Company’s operating segments is contained in Note 21 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2019. As discussed in Note 22, the Company has presented DNI as a discontinued operation.

The reconciliation of the reportable segment’s revenue to revenue from external customers for the three months ended December 31, 2019 and 2018, is as follows:

								Revenue
								Reportable Segment				Inter-segment			From external customers
	South African transaction processing							$	20 350		$	2 179		$	18 171
	International transaction processing								34 363			-			34 363
	Financial services								21 986			440			21 546
		Total for the three months ended December 31, 2019						$	76 699		$	2 619		$	74 080
	South African transaction processing							$	21 970		$	1 167		$	20 803
	International transaction processing								38 124			-			38 124
	Financial services								38 755			532			38 223
		Continuing							19 047			532			18 515
		Discontinued							19 708			-			19 708
			Total for the three months ended December 31, 2018						98 849			1 699			97 150
				Continuing					79 141			1 699			77 442
				Discontinued				$	19 708		$	-		$	19 708

The reconciliation of the reportable segment’s revenue to revenue from external customers for the six months ended December 31, 2019 and 2018, is as follows:

								Revenue
								Reportable Segment			Inter-segment			From external customers
	South African transaction processing							$	39 749		$	4 379		$	35 370
	International transaction processing								68 380			-			68 380
	Financial services								52 131			1 045			51 086
		Total for the six months ended December 31, 2019						$	160 260		$	5 424		$	154 836
	South African transaction processing							$	59 719		$	4 453		$	55 266
	International transaction processing								77 511			-			77 511
	Financial services								91 961			1 704			90 257
		Continuing							53 466			1 704			51 762
		Discontinued							38 495			-			38 495
			Total for the six months ended December 31, 2018						229 191			6 157			223 034
				Continuing					190 696			6 157			184 539
				Discontinued				$	38 495		$	-		$	38 495

The Company does not allocate interest income, interest expense or income tax expense to its reportable segments. The Company evaluates segment performance based on segment operating income before acquisition-related intangible asset amortization which represents operating income before acquisition-related intangible asset amortization and allocation of expenses allocated to Corporate/Eliminations, all under GAAP.

The reconciliation of the reportable segments measures of profit or loss to income before income taxes for the three and six months ended December 31, 2019 and 2018, is as follows:

					Three months ended						Six months ended
					December 31,						December 31,
					2019			2018			2019			2018
	Reportable segments measure of profit or loss			$	(1 048)		$	(34 411)		$	858		$	(23 860)
		Less: Discontinued operations: reportable segments measure of profit or loss			-			(8 429)			-			(16 261)
		Continuing operations: reportable segments measure of profit or loss			(1 048)			(42 840)			858			(40 121)
		Continuing operations : Operating income: Corporate/Eliminations			(5 806)			(6 061)			(10 446)			(13 066)
		Change in fair value of equity securities			-			(15 836)			-			(15 836)
		Gain on disposal of FIHRST			9 743			-			9 743			-
		Interest income			1 343			2 177			1 994			3 778
		Interest expense			(3 221)			(2 563)			(4 576)			(5 121)
		Impairment of Cedar Cellular Note			-			(2 732)			-			(2 732)
			Income (Loss) before income taxes	$	1 011		$	(67 855)		$	(2 427)		$	(73 098)

19. Operating segments (continued)

The following tables summarize segment information that is prepared in accordance with GAAP for the three and six months ended December 31, 2019 and 2018, with the impact of the deconsolidation of DNI included in discontinued operations:

										Three months ended						Six months ended
										December 31,						December 31,
										2019			2018			2019			2018
	Revenues
		South African transaction processing							$	20 350		$	21 970		$	39 749		$	59 719
		International transaction processing								34 363			38 124			68 380			77 511
		Financial services								21 986			38 755			52 131			91 961
				Continuing						21 986			19 047			52 131			53 466
				Discontinued						-			19 708			-			38 495
						Total				76 699			98 849			160 260			229 191
								Continuing		76 699			79 141			160 260			190 696
								Discontinued		-			19 708			-			38 495
	Operating (loss) income
		South African transaction processing								(2 981)			(11 830)			(6 366)			(15 343)
		International transaction processing								2 811			(4 043)			6 601			(1 281)
		Financial services								(878)			(18 538)			623			(7 236)
				Continuing						(878)			(26 967)			623			(23 497)
				Discontinued						-			8 429			-			16 261
					Subtotal: Operating segments					(1 048)			(34 411)			858			(23 860)
					Corporate/Eliminations					(5 806)			(8 664)			(10 446)			(18 319)
						Continuing				(5 806)			(6 061)			(10 446)			(13 066)
						Discontinued				-			(2 603)			-			(5 253)
							Total			(6 854)			(43 075)			(9 588)			(42 179)
								Continuing		(6 854)			(48 901)			(9 588)			(53 187)
								Discontinued		-			5 826			-			11 008
	Depreciation and amortization
		South African transaction processing								664			921			1 325			1 862
		International transaction processing								1 481			2 511			3 377			5 570
		Financial services								383			405			767			1 041
				Continuing						383			346			767			695
				Discontinued						-			59			-			346
					Subtotal: Operating segments					2 528			3 837			5 469			8 473
					Corporate/Eliminations					1 853			6 016			3 677			12 174
						Continuing				1 853			3 413			3 677			6 921
						Discontinued				-			2 603			-			5 253
							Total			4 381			9 853			9 146			20 647
								Continuing		4 381			7 191			9 146			15 048
								Discontinued		-			2 662			-			5 599
	Expenditures for long-lived assets
		South African transaction processing								157			1 047			2 021			2 333
		International transaction processing								616			841			1 293			1 641
		Financial services								54			659			137			1 691
				Continuing						54			475			137			1 368
				Discontinued						-			184			-			323
					Subtotal: Operating segments					827			2 547			3 451			5 665
					Corporate/Eliminations					-			-			-			-
							Total			827			2 547			3 451			5 665
								Continuing		827			2 363			3 451			5 342
								Discontinued	$	-		$	184		$	-		$	323

19. Operating segments (continued)

The segment information as reviewed by the chief operating decision maker does not include a measure of segment assets per segment as all of the significant assets are used in the operations of all, rather than any one, of the segments. The Company does not have dedicated assets assigned to a particular operating segment. Accordingly, it is not meaningful to attempt an arbitrary allocation and segment asset allocation is therefore not presented.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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