Steven Heilbron: Yes, sure. Thanks, Chris. I think the reality is we delivered a very strong set of results despite the load shedding. So the question really is, how much worse could it actually get? Now, we believe as we move into Q3, we have a strong momentum and our business has been stress tested with, you know, — from Stage 3 to Stage 6 and at times even Stage 8. So the numbers speak for themselves.
Chris Meyer: Thanks, Steve.
Rob Fink: Great. Spin’s second question is about guidance. And he wants to know given the strong performance and guidance beat in the second quarter, why your outlook is being reaffirmed and not raised. Chris, can you unpack your thoughts on the full-year outlook and overview your expectations for growth in the second half of the fiscal year?
Chris Meyer: Sure. So we decided to leave our guidance unchanged. As I explained, we exceeded guidance in the Merchant business last quarter. The Merchant business grew by 19%. And I think there are two things within those numbers to think about. One is, we saw a large bulk order in our NUETS business, plus the bulk device business, which had around a ZAR22 million net impact on EBITDA. That’s a lumpy business, a lumpy order cycle, when you look at it quarter-on-quarter, you need to look at it over a while longer period. So sort of taking that out of the picture firstly is important. And secondly, December, and for us is a big math. We see increased volumes across the business seasonally as an expectation. So again, we want to effect in any type of thinking.
So we believe that the — as I’ve said, the growth drivers that underpin our business remain intact. And most importantly, we believe that the growth trajectory that we’ve seen, particularly within the Connect Group, and we expect that to continue into the future. So if — we’ll look at it again in a few months’ time when we present Q3. And if necessary, if the conditions and the momentum are continuing in the way they are, we might look at it at that point in terms of revising that. But for now, we wish to remain and reaffirm.
Rob Fink: Great. Thank you. And Chris, just so you know, there may be a little issue with your mic, so I’m going to give tech a minute to address it. And while I do, we did have a question from David Garrity of GCA. How does Lesaka recognize revenue from hardware terminal sales? Contemporaneously or over an expected period of use?
Chris Meyer: Hope you can hear me. And hopefully my previous answer came through, if you need me to repeat it or that I’m happy to. But just picking up on the question regarding revenue recognition on that, I’ll pass it to — I’ll ask Naeem and maybe just do that. Is that’s okay.
Naeem Kola: Yes. Thanks, Chris. So just to understand the question, if we are referring to the hardware terminal sales that we sell to our NUETS business, these are sales that we do to customers and ownership of these terminals are taken over by the customer. So we recognize our revenue on the time of delivery, and the way that is treated from an accounting perspective is that on the time of sale, because the risk is transferred and we do not have any underlying ownership. We recognize the revenue as a gross number in our income statement and the related inventory that is sold is then recognized on our cost of sales.
Chris Meyer: Thanks, Naeem.
Rob Fink: Okay, great. Our next question is a live question from Frank Geng. Frank, your line is going to be unmuted.