Ann: HY22 Results Update, page-15

By confirming the below negative trends, they are trying to soften the market before the bombshell(s) are dropped upon results day...

Metric: HY22 / HY21 / HY20
Revenue as a % of TTV: 6.7% / 6.9% / 7.2% - down (bad!) 3 half years running
Cash Gross Profit as a % of TTV: 2.1% / 3.7% / 3.7% - down (bad!) 3 half years running
Net bad debts: 2.6% / 1.93% / 1.68% - up (bad!) 3 half years running although this metric is a bit hard to compare as they only like to disclose AU numbers previously not group numbers
Cash EBITDA: -$108.1m / $0.2m / $1.5m - down (bad!) 3 half years running

Cash EBITDA is probably the most important metric, yet it isn't mentioned until towards the end of the announcement and while this isn't profit (ie NPAT) it is the trend that is most important - and this is going backwards BIG TIME!

Also of note, the bit around undertaking a series of cost saving initiatives (also towards the end of the announcement) - they haven't mentioned these words before and clearly worried growth is slowing massively and/or they're about to run out of cash and can't economically raise much given the share price is down almost 80% on last year

What a disaster