You are correct. You are not misunderstanding. NTM=2.1% NTM is as close to a guide for gross profit as you can get. GP= NTM x TTV
You may also subtract the interest expense and bad debts to get a true GP but I don't think that is how the company states their account (a choice by the CFO)
APT Price at posting:
$67.37 Sentiment: Buy Disclosure: Held