Ann: Wisr Q1FY21 Quarterly Report and Commentary, page-27

revenue from loan orginations doesnt flow through to you until following months.

ie: hypotherically wisr has $50M new loans this month = great number, = 0 revenue in this month but = all the cost to acquire those loans. revenue starts flowing through once repayments start happening, which happens over the coming months....

this is the trap for young players. if you just look at a month you get result like you're pointing out.

but all those $62M in loans they wrote this quarter gives them revenue for the next 4 years for doing basically nothing. so the spend outpaces the revenue for a while, until all of a sudden it doesnt, and they have a huge back book just flowing revenue through to them each month from the work done in previosu years.

its why latitude could make $300M-$400M profit per year consistently... the value of the book once its built!

when they're growing this fast, this can look deceiving as you point out... but the 4 year revenue flow from this book is a gold mine. and different to zip or apt who's book's run off every 3 months or so i thin...