Given all of the "innovation" undertaken by Zip in ANZ and its significantly larger product suite than Afterpay (in ANZ), why did Zip's ANZ revenue grow at exactly the same rate as Afterpay ANZ's against pcp (43% growth)?
Also given its superior revenue yield, why did Zip make an EBTDA loss in ANZ of $3m compared to Afterpay ANZ's EBTDA of $93m?
Are you concerned that Zip ANZ's $28m increase in revenue only generated a $7.5m improvement in EBTDA (at an incremental EBTDA margin of 26%) whereas Afterpay ANZ's $62m increase in revenue generated a $45m improvement in EBTDA (at an incremental EBITDA margin of 71%)
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