LESAKA TECHNOLOGIES INC
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001562762-25-000106
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001562762-25-000264
Item 2. 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 3311 previous paragraphs and 2203 current paragraphs.
1255 unchanged; 66 reworded; 875 added; 1972 removed; 18 previous and 7 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 (875)
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Item 2. Management’s Discussion and Analysis of
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activity,
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of activity,
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10-K for the
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activity,
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materially.
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This item generally discusses our results for the first quarter of fiscal 2026 compared
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to the first quarter of fiscal 2025.
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2026 is inclusive of approximately 29,000 devices deployed by Adumo with the Adumo transaction closing on October
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Throughput increased to ZAR 9.2 billion for the quarter, driven mainly by the inclusion of Adumo in
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the first quarter of
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to Kazang Pay.
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Our software solutions are offered through GAAP.
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n.a.
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n.a.
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GAAP was acquired on October 1, 2024.
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site
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combines
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rental
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basis
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subscription
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but
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excludes
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merchant acquiring revenue when our software customers utilize our merchant
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acquiring payment solutions.
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Our cash business is experiencing differing secular trends
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in its two distinct markets:
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Small-to-Medium
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sector: Ongoing
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decline in
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cash usage
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with flat
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net growth
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in vault
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a more
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mature
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digital economy where cash is increasingly displaced by digital alternatives.
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Micro-merchant market: High cash prevalence and increasing digital adoption is supporting strong growth in the numbers of
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devices and cash settlements. Throughput in
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our vaults placed in the
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Removed paragraphs (1972)
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measures.
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10-K for
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the year ended
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and other
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disclose our
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financial results
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across three
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distinct operating
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divisions:
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Merchant, Consumer
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and Enterprise.
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Our evolving
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integrated multi-product platform is organized around
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addressing a number of customer needs.
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The Merchant Division (“Merchant”) serves merchants
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and micro-merchants, combining existing Connect, Kazang and
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Kazang
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Insights (previously known as Touchsides)
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operations as well as the bulk of Adumo, specifically merchant acquiring and software
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way of its GAAP hospitality platform. Combined, we believe the Lesaka offering is the most comprehensive in the market in meeting
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the needs of micro-
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and medium-size businesses in the region, empowering merchants and micro-merchants to transact
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efficiently and
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fulfill their potential.
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Our integrated multi-product range provides merchants
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with card acquiring, cash management,
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lending, software and Alternative
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Digital Payments (“ADP”). ADP includes
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our pre-paid solutions and supplier
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enabled payments (previously referred
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to as our value-
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added services).
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2025 vs
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27,000 devices
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deployed under
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brand with
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comparatives.
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Throughput increased to ZAR
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9.9 billion for the
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quarter, driven mainly by the
Showing the first 40 of 1972 passages. Open the source sections for the rest.
Reworded paragraphs (66)
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Merchant acquiring includes 81,106 devices deployed under the Adumo,
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Merchant acquiring includes 87,847 devices deployed under the Adumo,
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2024, the impact of which is not included in the prior period comparatives.
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1, 2024, the impact of which is not included in the prior period comparatives.
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than historic year-on-year growth attributable to
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fiscal 2026 and 10% year-on-year growth attributable
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Number of GAAP sites
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Number of GAAP sites at period end
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Cash settlements (throughput) for the quarter (ZAR billions)
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Cash settlements (throughput) for the period (ZAR billions)
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hours. Adumo Capital is a joint venture with Retail Capital, a division of Tyme
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with Retail Capital, a division of Tyme
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size at period end (ZAR millions)
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outstanding at period end (ZAR millions)
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Supplier enabled payments throughput for the quarter (ZAR
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Supplier enabled payments throughput for the period (ZAR
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Approximate number of loans originated during the quarter
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Approximate number of loans originated during the period
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Approximate number of insurance policies written in the quarter
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Approximate number of insurance policies written during the
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policies on book at quarter end (number)
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policies on book at period end
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Approximate number of active cardholders
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Approximate number of active cardholders (thousands)
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Approximate load value for the quarter (ZAR millions)
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Approximate load value for the period (ZAR millions)
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closing on October 1, 2024, the impact of which is not included in the prior period
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is not included in the prior period comparatives.
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Driving customer acquisition, supported by increased
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Driving customer acquisition, supported by increased focus on
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The portfolio loss ratio, calculated as the loans written off
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The credit loss ratio, calculated as the loans written off over the
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over the last 12 months as a percentage of the total gross
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last 12 months as a percentage of the average gross
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is a material contributor to the
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material contributor to the
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card holders was approximately
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card holders was approximately 211,000 at
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results of operations and cash flows.
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condition, results of operations and cash flows.
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information presented to our chief operating
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presented to our chief
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are supplementally presented in ZAR, and our internal management
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supplementally presented in ZAR, and our internal management information,
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information, which is also presented in ZAR.
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which is also presented in ZAR.
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understand the changes in the underlying trends of our business.
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nderstand the changes in the underlying trends of our business.
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from the calculation of Segment Adjusted
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are both excluded from the calculation of Segment Adjusted EBITDA and
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EBITDA and are therefore reported as reconciling items to reconcile the reportable segments’ Segment Adjusted EBITDA to our loss
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are therefore reported as reconciling items to reconcile the
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above at “—Recent Developments” for a description of key trends impacting
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Recent Developments” for a description of key trends impacting our revenue
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685.3 million (or 11.1%), primarily due to the decrease in Pinned Airtime sales,
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primarily due to the decrease in the prepaid airtime
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which was partially offset by the inclusion of Adumo,
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costs, which was partially offset by the inclusion of Adumo, an
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insurance-related claims and third-party transaction fees.
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claims and third-party transaction fees.
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condensed consolidation financial statements for additional information.
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financial statements for additional information.
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to fund our lending book and the year-over-year impact of inflationary increases on certain expenses. As noted during the first quarter
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the first quarter of fiscal 2026
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components of operating loss margin under “—Results of operations
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the components of operating loss margin under “—Results of operations
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or any fair value adjustments
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or any fair value adjustments for MobiKwik
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carry our investment in Cell C at $0 (zero).
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in Cell C at $0 (zero).
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to Note 2 to our consolidated financial statements
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Refer to Note 5 to our unaudited
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statements for the methodology and inputs used in the fair value calculation
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used in the fair value calculation for Cell C.
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EBITDA for the three
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(1) Segment Adjusted EBITDA for the three months
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We recorded a significant proportion of our
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record a significant proportion of our airtime sales in revenue
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(see further below) and cost of sales, while only earning a relatively small margin. This significantly depresses the
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(see further below) and cost of
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (7)
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Loan portfolio outstanding at period end (ZAR millions)
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reportable segments’ Segment Adjusted EBITDA to our loss before income
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during the first quarter of fiscal 2025.
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ZAR 14.9 million ) incurred to fund our lending book and the year-over-year
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impact of inflationary increases on certain expenses.
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During the first quarter of fiscal 2026, we
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during the first quarter of fiscal 2026
Rearranged previous paragraphs (18)
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with the same period in the prior year:
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This discussion is based on the amounts prepared in accordance with U.S. GAAP.
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The following tables show the changes in the items comprising our statements of operations,
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both in U.S. dollars and in ZAR:
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insurance-related claims and third-party transaction fees.
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of inflationary increases on certain expenses.
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and an increase in depreciation expense related to additional POS devices deployed.
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components of operating loss margin under “—Results of operations
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Results of operations by operating segment
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The composition of revenue and the contributions of our business activities to operating
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revenues following an increase in loan originations and the inclusion of
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Our Segment Adjusted EBITDA margin for the year
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which was partially offset by the inclusion of Recharger
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Our Segment Adjusted EBITDA margin for the year
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We have utilized all of these long-term borrowings
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paid taxes totaling $0.2 million in other tax jurisdictions, primarily in Botswana.
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million), primarily due to the acquisition of vaults. During the
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repaid $84.9 million of those facilities,