Anyone else notice the obvious?
- Arrears doubled (on a percentage basis, they actually more than tripled on a dollar value wise to $35.3 million), Net Bad debts also up.
- Things continue to slow down massively in Zip's core/original market... this will probably happen in the US in a few years (like its happening in ANZ now)
- Alot of the numbers are only 'up' purely due to the (expensive) accusation of QuadPay... so these "up 177% YoY" style results probably won't continue unless Zip continue to buy up other BNPL's... its not organic growth if you have to issue debt and shares to pay for it... (APT has organic growth, Z1P just buys stuff to pump up the numbers, while core/original markets begin to stagnate, eg ANZ)
- The word "profit" doesn't appear anywhere in the announcement which is very typical of Z1P updates (it doesn't appear because there isn't any and no real idea when there might be some)
Ann: Zip Delivers, Rebrand Complete, page-11
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