<SEC-DOCUMENT>0001062993-24-008481.txt : 20240517
<SEC-HEADER>0001062993-24-008481.hdr.sgml : 20240517
<ACCEPTANCE-DATETIME>20240417160858
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001062993-24-008481
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240417

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LESAKA TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001041514
		STANDARD INDUSTRIAL CLASSIFICATION:	FUNCTIONS RELATED TO DEPOSITORY BANKING, NEC [6099]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				980171860
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
		BUSINESS PHONE:		27 11 343 2000

	MAIL ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NET 1 UEPS TECHNOLOGIES INC
		DATE OF NAME CHANGE:	20000724
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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    <title>Lesaka Technologies, Inc.: CORRESP - Filed by newsfilecorp.com</title>
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    <p style="text-align: justify;">April 17, 2024</p>
    <p style="text-align: justify;"><u><b>VIA EDGAR</b></u></p>
    <p style="margin-bottom: 0pt; text-align: justify;">Securities and Exchange Commission</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">Division of Corporation Finance</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">100 F Street, N.E.</p>
    <p style="margin-top: 0pt; text-align: justify;">Washington, D.C. 20549-3628</p>
    <p style="margin-bottom: 0pt; text-align: justify;">Attention:<font style="width: 31.75pt; display: inline-block;">&#160;</font>Jee Yeon Ahn</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: 36pt; text-align: justify;">Cara Lubit</p>
    <p style="margin-bottom: 0pt; text-align: justify;"><b>Re:</b><font style="display: inline-block; width: 57.39pt;">&#160;</font><b>Lesaka Technologies, Inc.</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="width: 72.5pt; display: inline-block;">&#160;</font><b>Form 10-K for the Fiscal Year Ended June 30, 2023</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="width: 72.5pt; display: inline-block;">&#160;</font><b>Filed September 12, 2023</b></p>
    <p style="margin-top: 0pt; text-align: justify;"><font style="width: 72.5pt; display: inline-block;">&#160;</font><u><b>File No. 000-31203</b></u></p>
    <p style="text-align: justify;">Ladies and Gentlemen:</p>
    <p style="text-indent: 24.5pt; text-align: justify;">Lesaka Technologies, Inc. respectfully submits this letter in response to comments from the staff (the "Staff") of the Securities and Exchange Commission (the "Commission") received by letter dated March 22, 2024, relating to the above-referenced filing.</p>
    <p style="text-indent: 24.5pt; text-align: justify;">In this letter, we have recited the comments from the Staff in italicized, bold type and have followed each of the comments with our response thereto.</p>
    <p style="text-align: justify;"><u><b>Form 10-K for the Fiscal Year Ended June 30, 2023</b></u></p>
    <p style="text-align: justify;"><u><b>Management's Discussion and Analysis of Financial Condition and Results of Operations </b></u></p>
    <p style="text-align: justify;"><u><b>Consolidated Overall Results of Operations. page 36</b></u></p>
    <p style="text-align: justify;"><i><b>1. We note your disclosure on page 36 regarding revenue trends. In future filings, please enhance your disclosures to provide a more robust discussion of specific revenue drivers and causes, such as volumes or pricing changes. In addition, to the extent that a particular revenue category has multiple components (e.g., processing fees, which cover transactions processed, funds collection and settlement services, etc.), please expand your discussion to quantify the material components and discuss factors causing period over period changes. Refer to Item 303(b)(2) of Regulation S-K. </b></i></p>
    <p style="text-align: justify;"><b>RESPONSE TO COMMENT 1</b></p>
    <p style="text-align: justify;">In response to the Staff's comment, we will include a more robust discussion of specific revenue drivers and causes, such as volumes or pricing changes, in future filings. In addition, we will provide disclosure in future filings to the extent that a particular revenue category has multiple components to quantify the material components and discuss factors causing period over period changes in the management discussion and analysis section of such filings.</p>
    <p style="text-align: justify;"><u><b>Non-GAAP Measures. page 44</b></u></p>
    <p style="text-align: justify;"><i><b>2. We note that you make "Lease adjustments" to arrive at Group Adjusted EBITDA for all periods presented. Please tell us the nature of this adjustment and provide us with an analysis showing why these costs do not reflect normal, recurring, cash operating expenses necessary to operate your business, or remove this adjustment in future filings. You may also refer to Question 100.01 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations for guidance. </b></i></p>
    <p style="text-align: justify;"><b>RESPONSE TO COMMENT 2</b></p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: justify;">In response to the Staff's comment, we will remove this adjustment from our presentation of Group Adjusted EBITDA in future filings.</p>
    <p style="text-align: justify;"><u><b>Note 2. Significant Accounting Policies, page F-16</b></u></p>
    <p style="text-align: justify;"><i><b>3. We note that telecom products and services have grown as a proportion of your revenues. In future filings, please enhance your revenue recognition disclosures for this area to: (i) more fully explain the nature and type of your telecom products and services; (ii) define "airtime" and explain related sales and inventory processes; and (iii) more fully explain how revenue is measured and recognized for this business. </b></i></p>
    <p style="text-align: justify;"><b>RESPONSE TO COMMENT 3</b></p>
    <p style="text-align: justify;">In response to the Staff's comment, we will enhance our future revenue recognition disclosures related to telecom products and services to (i) more fully explain the nature and type of our telecom products and services, (ii) define "airtime" and explain related sales and inventory processes, and (iii) more fully explain how revenue is measured and recognized for this business.&#160; &#160;</p>
    <p style="text-align: justify;">I am available to discuss our response at your convenience. Please do not hesitate to call me at +27 11 343 2000, if you have any questions or comments regarding the foregoing or need any additional information.&#160; Thank you.</p>
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                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Very truly yours,</p>
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                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Lesaka Technologies, Inc.</p>
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                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">By:</p>
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                <p style="text-align: justify; border-bottom: 0.75pt solid #000000; margin-top: 0pt; margin-bottom: 0pt;">/s/ Naeem E. Kola</p>
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                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Name:</p>
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                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Naeem E. Kola</p>
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                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Title:</p>
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                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Group Chief Financial Officer</p>
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