Ann: Q1 FY24 Results - Zip achieves positive Group cash EBTDA, page-1962

You're right, the AFR article does mainly refer to the figures for the 18 months ending December 2022, but the main tenor is that despite Afterpay's revenues increasing dramatically, so have its costs in lockstep, which is the argument I have put forward all along - the more BNPL activity you have, the greater losses you will incur - that's the industry and whether interest rates are high or low, it doesn't matter.

With revenue of $2 billion the article states that Afterpay 'racked up bad debts of $475 mil in 18 months to December of last year' on volume of $43 billion.

In the September quarter volume was $10.2 bil, revenue is not mentioned, but the loss write off was 0.84% or $86 mil for the quarter.

I don't think you would be happy at all for ZIP to maintain its loss writeoff at almost 25% of revenue - tat is ridiculously high - and it adds to the argument that BNPL has little future except for those who are happy to offer it to augment another section of their business. I think most of the players see that now, but it renders all the arguing over BNP in the past several years looking fairly ordinary. IMO