But hang on a minute... You're completely ignoring the fact that Afterpay gets 4% fees 10 times a year due to the capital efficiency of the model. So the point you're trying to make of "APT and Z1P both get $1.1bn and APT has higher losses" is completely ignorant of the fact that APT makes much more money from these business activities...
So why not just keep things simple and compare bad debt to what matters... TTV. Comparing it this way completely negates the complications of Afterpay and Z1P having different receivables profiles.
Keep it simple... And don't try to work the numbers to suit your agenda.
Ann: Annual Report to Shareholders, page-68
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