Ann: FY19 First Half Financial Results & Investor Conference Call, page-15

Last year they did post the recording on their website.

My notes from the Q&A:

ord minnet:

-$10 mil cost increase 2019H1 - split by geography? 

- heavily waited towards international, US. 

• • no specific date on UK,
  • in store product in US & UK? - focused on online first

Goldman sachs (ash)

• $20 billion GTV and 2%? When is EBITDA breakeven? 
  • Targeting profitability in all markets. timelines and blend (of revenue?) impacted over next few years
• reports of visa and Mastercard increasing fees, how does this effect apt?
  • These changes occur regularly, we don’t think it will impact our long term margin opportunity, can instigate more strategic deals around processing costs, can do it over next year or so because at a scale that is much larger than a year or so. Team is engaged on that now. FY20 benefits onwards
• NTM in the US? Is it a small loss or small profit?
  • we don’t segment our results on that basis.  We’ve seen various metrics/ key drivers improve over the 6 month period. loss rates higher, but First time customer loss rate is looking lower than that of AU and NZ (!). risk team performing quite well. 
• Better first time loss rates in the US? coming towards the end of the good user base?
  • “better tech and teams”…

Morgans

• merchant rates in US?
  • leverage improving, rates with enterprise retailers coming up over time
  • SMB and mid-market representing significant proportion
  • Blend similar to Australia which is encouraging given very early stage
• Competition in US?
  • Similar to Australia, not that tough
  • Retail market in US understands Afterpay well

Goldman sachs - Ash

• Debit/credit card mix in US
  • very in line with AU (85% debit card)
• launch costings in UK market 
  • in line with what previously guided

(didn’t catch the name, private investor?)

• Page 20 recurring revenue metrics tracking ahead of Australia?
  • Focus on fashion, beauty and homewares focus. more focused than in Australia and different focus to competitors, so repeat engagement going well in the US.