Bad debts are trending downwards (see the arrears), and group bad debts are staying the same. It's been shown as a percentage of TTV for a long time, and that's how it should be shown. All stats should be in relation to the TTV for consistency.
Customer growth in terms of actual customers are only stagnant because they are trying to keep bad debts down - and I see you made no mention to the massive customer growth in terms of revenue, number of transactions and TTV particularly for the US that is only going to continue to grow quickly.
As interest rates drop the bad debts will get further under control, and their funding costs will decrease, and margins will skyrocket.
They are cash flow positive now, and as they continue to scale the profits will come.
And nothing they released early contradicted what was released in the half yearly report - if anything the half yearly report was better than I expected.
ZIP Price at posting:
80.0¢ Sentiment: Buy Disclosure: Held
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