LESAKA TECHNOLOGIES INC
For the period ended Jun 30, 2025. Filed Sep 29, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Sep 29, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-06-30; filed 2024-09-11.
0001562762-24-000222
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-06-30; filed 2025-09-29.
0001562762-25-000245
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 4943 previous paragraphs and 4085 current paragraphs.
2042 unchanged; 82 reworded; 1947 added; 2793 removed; 26 previous and 14 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1947)
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holistic
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multiproduct
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transactional
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acquiring,
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ADP.
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Targeted
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integrations
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facilitate
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between
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markets.
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We generate revenue
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through a diversified portfolio of financial, payment, software, and technology solutions, structured across
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three reportable segments: Merchant, Consumer,
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and Enterprise.
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Revenues in Merchant are derived from a combination of transaction-based
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fees and an ad valorem pricing model.
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Merchant acquiring:
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We earn
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revenue from merchant acquiring
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on an ad valorem basis,
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based on a percentage
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of the total
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transaction value processed through our network. We
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also earn revenue from transaction fees charged to merchants.
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Software
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(technology
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products):
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providing
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licensing software and technology services to merchants.
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earn
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ad
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valorem
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percentage
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the total
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processed
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through our cash vaulting network. We
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also earn transaction fees when customers utilize our ATM
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merchant customers who
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are able to
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access short-term business loans.
Showing the first 40 of 1947 passages. Open the source sections for the rest.
Removed paragraphs (2793)
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measures.
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consider
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offer a wide
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range of solutions
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including transactional
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accounts (banking), lending,
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insurance, cash management
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card acceptance, supplier payments, software services
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and bill payments. By providing
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our connected
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generate our
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revenues by
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transaction fees
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to merchants,
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financial service
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providers, utility
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providers, bill
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issuers
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and consumers; by selling airtime to merchants;
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by providing loans to merchants and consumers,
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and insurance products to consumers
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and by selling hardware, licensing software and providing related technology
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services to merchants.
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We act
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as a service provider whereby we
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own and operate the technology and
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apply it in a system ourselves,
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charging one-time
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ongoing fees
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the use
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system either
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we provide
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and payment
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services to
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a digital
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vault which
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is located
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at the
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premises and
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generate processing revenue from
Showing the first 40 of 2793 passages. Open the source sections for the rest.
Reworded paragraphs (82)
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ecosystem, we facilitate the digitization of commerce in our markets.
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businesses. By providing a full-service fintech platform in our connected ecosystem, we facilitate the digitization of commerce
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transaction processing and interest revenue from qualifying merchant customers who are able to access short-term loans. The revenue
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We generate interest revenue from qualifying
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these services. We also offer merchant customers
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We also offer merchant customers access to platforms through which we (a) generate revenue from the sale of prepaid
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Throughput for the year (ZAR billions)
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Cash settlements (throughput) for the year (ZAR billions)
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size at period end (ZAR
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outstanding at period end (ZAR millions)
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account base at year end (millions)
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account base at year end
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Approximate number of loans originated during the year (number)
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Approximate number of loans originated during the year
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Loan book size, before allowances, at year end
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Loan book size, before allowances, at year end (ZAR millions)
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Approximate number of insurance policies written in the year (number)
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Approximate number of insurance policies written in the year
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policies on book at year end (number)
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policies on book as of year end (number
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lending campaigns and encouraging results from our digital channels during
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campaigns and encouraging results from our digital channels.
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The portfolio loss ratio
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-material increase in the portfolio loss ratio.
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have been able to improve customer
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have been able to
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pursuing our organic and inorganic growth strategies.
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flexibility and capacity for organic and inorganic growth.
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the disposal of our entire interest in Carbon
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We completed the disposal of our major non
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the fair value of goodwill that
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impairment test date. In performing this review, we are required to estimate the fair value of goodwill that is implied from a valuation
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cash flow model, and the weighted-average cost of capital applicable to
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weighted-average cost of capital applicable to peer and industry comparables of the reporting units and the forecast period to be used.
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we believe to be reasonable but that are unpredictable and inherently uncertain. The fair
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We base our estimates on assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. In addition, we
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consolidated financial statements for additional information
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consolidated financial statements for a summary of the key judgements used in
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The results of our impairment tests during fiscal 2024
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The results of our impairment tests during fiscal 2025 and 2023 indicated that the fair value of our reporting units exceeded their
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indicated that the fair value of our reporting units exceeded
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indicated that the fair value of our reporting units exceeded their carrying values and so
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have used the relief from royalty method,
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the relief from royalty method, the
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the multi-period excess earnings method, the income
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multi-period excess earnings method, the
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Accounts Receivable and Allowance for Credit Losses
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Finance Loans Receivable and Allowance for Credit Losses
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The allowance for credit losses related to Merchant finance loans receivables
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The allowance for credit losses related to Merchant finance loans receivables is calculated by multiplying the expected write-off
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customer-specific risk factors when originating a loan.
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specific risk factors when originating a loan.
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We use historical default experience over the lifetime of loans in order to calculate a lifetime loss
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lifetime of loans generated thus far in order to calculate a lifetime loss rate for the
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to these merchant finance loans receivables is calculated by adding together actual receivables in default plus multiplying the lifetime
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or legal debt with the total actual receivables in default plus multiplying the lifetime loss rate with the month-end outstanding lending
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appeared to have ceased) of the book represents approximately 84%, 15% and 1%, respectively, of the outstanding lending book as of
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of the outstanding lending book as of June 30, 2025.
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month-end outstanding lending book.
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with the month-end outstanding lending book
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performs takes into account a variety of factors such
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the affordability test it performs takes into account a variety of factors such as other debts and total expenditures on
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evaluation of the creditworthiness of each customer.
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the creditworthiness of each customer.
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analyze this lending book as a single portfolio because the loans within
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order to calculate a lifetime loss rate for the lending book. We analyze this lending book as a single portfolio because the loans within
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wrote off microlending loans and related service fees if
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wrote off microlending loans and related service fees if a borrower is
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a borrower is in arrears with repayments for more than three months or dies.
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in arrears with repayments for more than three months or , in
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ZAR 8.1 billion ($0.4 billion), no lease liabilities included
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ZAR 8.3 billion ($0.5 billion), no lease liabilities included
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(1) translated from ZAR to U.S. dollars at exchange rates applicable
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(1) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30,
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(2) translated from ZAR to U.S. dollars at exchange rates applicable
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(2) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30,
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Whilst, as of the date of this Annual Report, the Reserve Bank
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unknown at the date of this Annual
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are supplementally presented in ZAR, and our internal management
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measures which are supplementally presented in ZAR, and our internal management
Showing the first 40 of 82 pairs. Open the source sections for the rest.
Rearranged current paragraphs (14)
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Report on Form 10-K. The listing
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period, which positively impacted our U.S. dollar reported results.
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in depreciation expense related to additional POS devices deployed.
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We continue to carry our investment
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in Cell C at $0 (zero).
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sustainable profitability, the tax expense recorded by our profitable
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various cost reduction initiatives in Consumer.
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related to additional POS devices deployed.
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regarding net operating losses incurred by these entities.
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fees; and directors’ and officers’ insurance premiums.
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exchange contracts to support guarantees issued by RMB and Nedbank
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was partially offset by the positive contribution from our
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tax year. During fiscal 2023, we
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also paid $1.3 million to repurchase
Rearranged previous paragraphs (26)
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a full-service fintech platform in
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Throughput for the year (ZAR billions)
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is implied from a valuation of
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peer and industry comparables of the reporting units. We base
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and the multi-period excess earnings method to value
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during the year. During the year ended June 30,
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9 to our audited consolidated financial
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We based our estimates on assumptions
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receivable and related service fees and
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interest if a borrower is in arrears
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with repayments for more than three months
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as other debts and total expenditures on normal
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order to calculate a lifetime loss rate for the lending book.
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loss rate with the month end outstanding lending book. The
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Results of operations by operating segment
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fair value calculation for Cell C.
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investment in Finbond and a $0.25 million gain related to
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million related to the disposal of a minor portion of our
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consolidated financial statements for additional information regarding
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Note 9 to our consolidated financial statements for additional information
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Results of operations by operating segment
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of our merchant finance loans receivable book.
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2023 tax year. During fiscal 2023,
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from the exercise of stock options. We also paid $1.5 million to repurchase shares from employees in order for the
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to the vesting of shares of restricted stock and to settle the strike price due and taxes
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(D) – Includes policyholder liabilities of $2.6 million related to