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Operating Segments
 3 Months Ended
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.