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Operating Segments | 3 Months Ended
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Sep. 30, 2024
Operating Segments [Abstract] |
Operating Segments | 17. Operating segments 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, 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, 2024. The Company analyzes its business and operations in terms of two inter-related but independent operating segments: (1) Consumer Division (“Consumer”) and (2) Merchant Division (“Merchant ”). The reconciliation of the reportable segment’s revenue to revenue from external customers for the three months ended September 30, 2024 and 2023, is as follows: Revenue Reportable Segment Inter- segment From external customers (As restated) (A) (As restated) (A) Merchant (as restated) (A) $ 133,283 $ 787 $ 132,496 Consumer 21,072 - 21,072 Total for the three months ended September 30, 2024 (as restated) (A) $ 154,355 $ 787 $ 153,568 Merchant $ 121,361 $ 852 $ 120,509 Consumer 15,580 - 15,580 Total for the three months ended September 30, 2023 $ 136,941 $ 852 $ 136,089 (A) Revenue has been restated to correct the misstatement of $ 8.0 million as discussed in Note 1. 17. Operating segments (continued) Operating segments (continued) The Company evaluates segment performance based on segment earnings before interest, tax, depreciation and amortization (“EBITDA”), adjusted for items mentioned in the next sentence (“Segment Adjusted EBITDA”), the Company’s reportable segments’ measure of profit or loss. The Company intends to obtain a separate lending facility to fund a portion of its Consumer lending during the twelve months ended June 30, 2025. The Company expected to have this facility in place on July 1, 2024, however, the Company has been unable to finalize terms as the separate lending facility will form part of a broader financing package. Therefore, the Company has included an intercompany interest expense in its Consumer Segment Adjusted EBITDA for the three months ended September 30, 2024. The Company does not allocate once-off items, stock-based compensation charges, depreciation and amortization, impairment of goodwill or other intangible assets, other items (including gains or losses on disposal of investments, fair value adjustments to equity securities), interest income, certain interest expense, income tax expense or loss from equity-accounted investments to its reportable segments. Group costs generally include: employee related costs in relation to employees specifically hired for group roles and related directly to managing the US-listed entity; expenditures related to compliance with the Sarbanes-Oxley Act of 2002; non-employee directors’ fees; legal fees; group and US-listed related audit fees; and directors and officer’s insurance premiums. Once-off items represents non-recurring expense items, including costs related to acquisitions and transactions consummated or ultimately not pursued. Unrealized loss FV for currency adjustments represents foreign currency mark-to-market adjustments on certain intercompany accounts. Interest adjustment represents the intercompany interest expense included in the Consumer Segment Adjusted EBITDA. The Stock-based compensation adjustments reflect stock-based compensation expense and are excluded from the calculation of Segment Adjusted EBITDA and are therefore reported as reconciling items to reconcile the reportable segments’ Segment Adjusted EBITDA to the Company’s loss before income tax expense. Effective from fiscal 2025, all lease charges are allocated to the Company’s operating segments, whereas in fiscal 2024 the Company presented certain lease charges on a separate line outside of its operating segments. Prior period information has been re-presented to include the lease charges which were previously reported on a separate line in the Company’s Consumer and Merchant operating segments. The reconciliation of the reportable segments’ measures of profit or loss to loss before income tax expense for the three months ended September 30, 2024 and 2023, is as follows: Three months ended September 30, 2024 2023 Reportable segments measure of profit or loss $ 12,312 $ 9,845 Operating loss: Group costs (2,949) (1,822) Once-off costs (1,805) (78) Unrealized Loss FV for currency adjustments 219 (102) Interest adjustment 831 - Stock-based compensation charge adjustments (2,377) (1,759) Depreciation and amortization (6,276) (5,856) Reversal of allowance of EMI doubtful debt - 250 Interest income 586 449 Interest expense (5,032) (4,909) Loss before income tax expense $ (4,491) $ (3,982) 17. Operating segments (continued) Operating segments (continued) The following tables summarize segment information that is prepared in accordance with GAAP for the three months ended September 30, 2024 and 2023: Three months ended September 30, 2024 2023 (As restated) (A) Revenues Merchant (as restated) (A) $ 133,283 $ 121,361 Consumer 21,072 15,580 Total reportable segment revenue (as restated) (A) 154,355 136,941 Segment Adjusted EBITDA Merchant (1) 7,916 7,725 Consumer (1) 4,396 2,120 Total Segment Adjusted EBITDA 12,312 9,845 Depreciation and amortization Merchant 2,327 2,078 Consumer 202 169 Subtotal: Operating segments 2,529 2,247 Group costs 3,747 3,609 Total 6,276 5,856 Expenditures for long-lived assets Merchant 3,908 2,763 Consumer 57 46 Subtotal: Operating segments 3,965 2,809 Group costs - - Total $ 3,965 $ 2,809 (A) Revenue has been restated to correct the misstatement of $ 8.0 million as discussed in Note 1. (1) Segment Adjusted EBITDA for the three months ended September 30, 2024, includes retrenchments costs for Consumer of $ 0.06 million (ZAR 1.1 million) and for Merchant, costs of $ 0.01 million (ZAR 0.2 million). Segment Adjusted EBITDA for the three months ended September 30, 2023, includes retrenchments costs for Merchant of $ 0.2 million (ZAR 4.6 million) and for Consumer, costs of $ 0.1 million (ZAR 1.5 million). 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. 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