Breaking Out on Volume, page-15

Only thing is, I always look at Bad debts to book size, as TTV is very misleading, considering you only ever make a fraction of that in gross revenue... I think bad debts to TTV is very much a consumer metric, while commercial is against book.

So if you consider burning $8m off an $80-$100m book, its pretty material... SPBF by comparison might write off under half of that from a $1bn book

A lot of the analysts I know say the reverse re bad debts as what you are seeing, refers to sales rendered a quarter or 2 ago... I think @AllFuelledUp and @dubspec would concur.

By 30-40x EBITDA, you are referring to like FY19 figures? Pretty big numbers mate especially considering thats pretty the $15m in bad debts theyll write off that year