Ann: Annual Report to Shareholders, page-66

Not sure how this makes sense. Wouldn't you compare bad debt vs TTV for direct comparison?

APT: 88.5mn/11.2bn= 0.8%
Z1P: 30mn/2.1bn = 1.4%

I don't have a stigma against Z1P, it's simply not true that Z1P handles bad debt better than Afterpay, which is not surprising given the product differences as mentioned over and over.

I'm still trying to figure out why you are comparing bad debt to the warehouse funding facility and where the logic is. The reason why it's important to use TTV is because Afterpay collects 4% based on TTV not based on the ceiling of their warehouse funding facility. Z1P collecting 4% on maxing out their warehouse funding facility twice a year (e.g. 4% x 2) is very different to Afterpay maxing out their warehouse funding facility 10 times a year and collecting 4% fees each time. To compare bad debt to funding facility limits is non-sensical... and extremely random...