LESAKA TECHNOLOGIES INC
For the period ended Dec 31, 2025. Filed Feb 4, 2026.
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.
Dec 31, 2025 · Filed Feb 4, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-04.
0001562762-26-000015
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 2203 previous paragraphs and 3224 current paragraphs.
1326 unchanged; 66 reworded; 1813 added; 804 removed; 7 previous and 19 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 (1813)
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measures.
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and other
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to the second quarter of fiscal 2025.
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Lesaka launched its new brand in November 2025 and will take the remainder of the 2026 calendar year to roll out the refreshed
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brand throughout the
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organization. This was
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more than a
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brand refresh, it
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is a necessary step
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in a set of
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strategic initiatives designed
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to create a “One Lesaka” identity for our customers and our employees. The brand is underpinned by a set of values that encapsulates
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what Lesaka stands for and the behaviors expected of all Lesaka employees.
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lease
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Johannesburg
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head
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office
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finalized.
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consolidate
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offices
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across
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Johannesburg into
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a single hub,
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fostering faster integration,
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simplification and
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result in positive
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long-term financial
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impact. We
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aim
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to complete the move by the end of this fiscal year.
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A similar exercise is underway for our Durban and Cape Town
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regional hubs.
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We have made
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continued progress in simplifying the business:
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Each
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Lesaka’s
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three
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divisions
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now
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Removed paragraphs (804)
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comparable
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to the first quarter of fiscal 2025.
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Performance in Merchant has been driven by:
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Merchant acquiring
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Merchant acquiring includes 87,847 devices deployed under the Adumo,
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Card Connect and Kazang brands.
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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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1, 2024, the impact of which is not included in the prior period comparatives.
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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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fiscal 2026 and 10% year-on-year growth attributable
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to Kazang Pay.
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Software
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Our software solutions are offered through GAAP.
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Number of GAAP sites at period end
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Approximate ARPU per site (ZAR)
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n.a.
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n.a.
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is calculated
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on a
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per site
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basis, as
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monthly figure
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a three-month
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rolling
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average for
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the quarter
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ending September 30, 2025.
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GAAP was acquired on October 1, 2024.
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Monthly
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site
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combines
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rental
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subscription
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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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Cash settlements (throughput) for the period (ZAR billions)
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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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Reworded paragraphs (66)
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This item generally discusses our results for the first quarter of fiscal 2026 compared
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This item generally discusses our results for the second quarter of fiscal 2026 compared
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accurately tracks our current and future monetization strategy for
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our current and future monetization strategy for the division. Average Revenue Per User excludes once-off and non-recurring revenue
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in the last 90 days would not be considered an active consumer.
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would not be considered an active consumer.
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to show the EasyPay Payouts separately given this follows a different
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this follows a different monetization model.
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Approximate number of loans originated during the period
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Number of Loans Originated (Thousands)
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Approximate number of insurance policies written during the
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Number of Insurance Policies Written (Thousands)
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per active consumer basis whereby an
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active consumer basis whereby
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permanent grant. ARPU is a monthly figure
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permanent grant. ARPU is a monthly figure based on a 3-month rolling
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based on a 3-month rolling average for the quarter ended
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average for the quarter ended December 31, 2025.
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driven by the launch of our new onboarding engine.
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launch of our new onboarding
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Approximate number of active meters (thousands)
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Active Meters (Thousands)
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Revenue recognition – principal versus agent considerations;
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Revenue recognition – principal versus agent considerations; and
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Finance Loans Receivable and Allowance for Credit Losses; and
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Finance Loans Receivable and Allowance for Credit Losses.
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supplementally presented in ZAR, and our internal management information,
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measures which are supplementally presented in ZAR, and our internal management
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which is also presented in ZAR.
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information, which is also presented in ZAR.
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nderstand the changes in the underlying trends of our business.
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understand the changes in the underlying trends of our business.
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In fiscal 2025 we closed the acquisitions of Adumo and
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the acquisitions of Adumo and Recharger and
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Recharger and have integrated their businesses into our
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have integrated their businesses into
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Our revenues increased 12% in U.S. dollars and 10% in ZAR, primarily due to the inclusion of Adumo and
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3% in ZAR, primarily due to a
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intangible assets related to the acquisition of Adumo and Recharger
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intangible assets related to change of useful lives of certain brand intangibles assets and a lower contribution from
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Net interest charge decreased to $4.36 million (ZAR 76.9 million) from $4.45 million (ZAR 79.8
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Net interest charge decreased to $4.08 million (ZAR 69.9 million) from $5.55 million (ZAR 99.4
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related to the Consumer lending book for the first quarter of fiscal 2025
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the Consumer lending book for the
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Cost of goods sold, IT processing, servicing and support
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operations, Cost of goods sold,
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inclusion of Adumo and Recharger, the impact of an increase in certain issuing
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Recharger, the impact of an increase in certain issuing fee base prices year-over
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Recent Developments” for a description of key trends impacting our revenue
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for a description of key trends impacting our revenue this quarter.
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elated expenditures (including interest expense) and higher insurance-related
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(including interest expense) and higher insurance-related
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Interest expense decreased to $4.9 million (ZAR 86.4
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Interest expense decreased to $4.6 million (ZAR 78.6 million) from $6.3
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profitable South African operations and non-deductible expenses (including transaction-related expenditures). The income tax benefit
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deductible expenses (including transaction-related expenditures).
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intangible assets which has resulted in an increase in amortization expense during
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increase in amortization expense during the three months ended December
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for the three
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for the three months ended December 31, 2024, includes
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and Segment Adjusted EBITDA Consumer include retrenchment costs of ZAR 0.2 million and
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include retrenchment costs of ZAR 0.1 million, respectively,
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revenue, and therefore a drop in the
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revenue, and therefore a drop
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lending revenues following an increase in loan originations and
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lending revenues following an increase
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loan originations during the quarter, higher insurance-related claims, interest expense (of approximately ZAR 19.9 million; Sep 2024:
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higher insurance-related claims, interest expense (of approximately ZAR 22.1 million; Q2 2025: ZAR 13.1 million ) incurred
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ZAR 14.9 million ) incurred to fund our lending book and the year-over-year
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to fund our lending book and the year-over-year impact of inflationary increases on
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Our Segment Adjusted (loss) EBITDA margin for the
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Our Segment Adjusted (loss) EBITDA margin for
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and legal fees, which was partially offset by lower bonus expense.
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expenses and legal fees, which was partially offset by higher consulting
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Consumer lending book in the first quarter of fiscal 2026 compared with 2025. On a comparable basis the equivalent interest expense
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under our borrowing arrangements related to our Consumer lending book in the first half of fiscal 2026 compared with 2025.
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Selling, general and administration
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Selling, general and administration includes allowance for credit losses.
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primarily due to the decrease in the prepaid airtime
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290.2 million (or 6.5%), primarily due to the decrease in Pinned Airtime
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Rearranged current paragraphs (19)
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with the same period in the prior year:
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increase in depreciation expense related to additional POS devices deployed
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components of operating income margin under “—Results of
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fiscal 2025 was included in interest expense.
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by revenue) for the second quarter
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was included in interest expense; and
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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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consolidation financial statements for additional information.
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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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for the three months ended September 30, 2025.
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December 31, 2025) as described in Note 12. These borrowings include
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in other tax jurisdictions, primarily in Botswana.
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significant net growth in our Consumer finance
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offset by the positive contribution from our
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Cash flows from investing activities.” Our capital expenditures
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Cost of goods sold, IT processing, servicing and support
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fee base prices year-over-year, and transaction activity
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Refer to Note 5 to our unaudited
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(1) Segment Adjusted EBITDA for the three months
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ended September 30, 2025, includes retrenchment costs of
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impact of inflationary increases on certain expenses.
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primarily related to the capitalization of development costs, during the