Chart - Z1P, page-5885

i don't think Stefan knows the definition of objective analysis or Business Execution risk.
If youean if Zip can maintain margins you're actually referring to maintaining the %revenue per dollar sold (margin is a different metri all together lol) as a result of tap and zip then nothing to worry about yet.
As shown.ij last quarterly zips ANZ business is 5.6% revenue on TTV and quads is 7.07%.
We can see the quadpay business is outstripping the growth of the ANZ region so it's just a matter of time this year sometime when quadpay revenue exceeds anz business. The result.is a greater weighting on quad and revenue per dollar pushing it closer to the 7.07 and less of an impact will be the ANZ business as this goes more global.

im very interested to see how Afterpay has gone on its revenue per dollar sold. Last FY we saw it drop to all time lows of 3.9% (+0.5% boost as result of 15 percent of their revenues from.late fees)
Zips ANZ business is still delivering at a higher revenue percent than Afterpay by a country mile. It's quadpay business is delivering more than 50% more revenue per dollar sold than Afterpays business model.

Margins are a totally different metric. Stefan I'm getting over hearing you upramp your car loan officer experience as some kind of guru credit analyst experience. If you're working in your family business it hardly counts as you only got the gig because uncle Peter had to retire.