Ann: RSH: Respiri signs with BNPL provider ZIP, page-38

they can't be 'apples and apples'

apt is a transactional based bnpl product. their loss rate can't be calculated using 'receivables' as the denominator. it's on 'total calendar loss'/ 'total calendar spend'

szl and apt should use the same loss rate methodology as they are both transactional. szl just copied apt business model....but that's another story

zip is a revolving bnpl product, so loss rates calculated using 'total end receivables' as denominator'.

it the end, it shouldn't really matter

apt loss rates are going down

zip going up

zip can use the same loss rate methodology as apt, but they will need to change their product contruct to match theirs

just like what szl did