Who cares so much about historic results which go 12 months back...

Who cares so much about historic results which go 12 months back in an industry which has seen so much growth and change in that time. This is not a blue chip paying dividends. This is more about proving an evolving business model is actually going to work. IMO results need to be scrutinised on a run-rate basis with consideration to seasonality. On that note we are approaching the best quarter in terms of retail spend so now is the time when underwriting methodology will be tested. It's becoming clear from various results that uncontrolled growth = higher bad debts. Tightening of credit = better profit (or rather, less loss!), but potential loss of customers who are seeking higher credit limits. In reality customers will use more than one BNPL. ZIP imo is better positioned than many but I would like to see them report some monthly metrics from now on. Lastly I would say that pretty much every bnpl (Affirm, SQ2/Afterpay, ZIP, Sezzle, etc) has used 30 June 2022 reporting to air their dirty laundry, write off what needs to be written off or is contentious, and wipe their slate for the next qtr.