I've spent the last few nights trying to decipher the financial...

I've spent the last few nights trying to decipher the financial reporting. It's very convoluted, with many exclusions and add backs but I think I've got it right now but I'd like feedback. I'm not going to make any remarks as to sentiment or write any conclusions that I draw from the numbers, just post them and see what the world of HC thinks. If anyone would like the .XLS file it is attached.

	Example Afterpay Transaction
	0	14	28	42	56
Consumer Transaction	$150.00	$37.50	$37.50	$37.50	$37.50
Commision Charged	$6.00
Transaction Fee	$0.60
Afterpay Exposure	$143.40	$105.90	$68.40	$30.90	-$6.60	4.60%
Interest		$0.21	$0.16	$0.10	$0.05	$0.52
	95.60%					$6.08	4.05%
	0	14	28	42	56
Consumer Transaction	$150.00	$37.50	$37.50	$37.50	$37.50
Commision Charged	$6.00
Transaction Fee	$0.60
Afterpay Exposure	$143.40	$105.90	$68.40	$30.90	-$6.60	4.60%
Interest		$0.21	$0.16	$0.10	$0.05	$0.52	Return	Annual Return
	95.60%					$6.08	4.05%	26.41%
					Cost	-$6.00
					NTM	$0.08	0.05%	0.34%
	0	14	28	42	56
Consumer Transaction	$150.00	$37.50	$37.50	$37.50	$47.50
Late Fee			$10.00
Loan Balance	$150.00	$112.50	$85.00	$47.50	$-
Commision Charged	$6.00
Transaction Fee	$0.60
Afterpay Exposure	$143.40	$105.90	$68.40	$30.90	-$16.60	11.58%
Interest		$0.21	$0.16	$0.10	$0.05	$0.52	Return	Annual Return
						$16.08	10.72%	69.87%
					Cost	-$6.00
					NTM	$10.08	6.72%	43.79%
	0	14	28	42	56
Consumer Transaction	$150.00	$37.50	$37.50	$37.50	$-
Commision Charged	$6.00
Transaction Fee	$0.60
Afterpay Exposure	$143.40	$105.90	$68.40	$30.90	$55.90	-38.98%
Interest		$0.21	$0.16	$0.10	$0.05	$0.52	Return	Annual Return
						-$56.42	-37.61%	-245.16%
					Cost	-$6.00
					NTM	-$62.42	-41.61%	-271.24%

	FY19	HY 2020	YTD 20	FY2020E	NTM (Gross-Op Ex-Losses-Employment Costs)
Customers	4,600,000	7,300,000	8,400,000.00	9,225,000.00
Total Transaction Volume	$ 5,200,000,000.00	$ 4,800,000,000.00	$ 7,300,000,000.00	$ 8,016,964,285.71
Average Transaction Value	$150.00	$150.00	$150.00	$150.00
Number of Transactions	34,666,667	32,000,000	48,666,667	53,446,428.57	$3,762,206.66
Gross Loss (per APT Report)	-$58,675,000.00	-$47,803,000.00	-$73,000,000.00	-$92,275,093.37
Gross Margin	$218,012,000.00	$187,675,000.00	$295,821,920.00	$324,875,858.57
Late Fees	$46,100,000.00	$32,600,000.00	$49,640,000.00	$54,515,357.14	$53,446,428.57
Total Portfolio Income	$264,112,000.00	$220,275,000.00	$345,461,920.00	$379,391,215.71
Net Income (% of GSV)	3.95%	3.59%	3.73%	3.58%
Gross Margin (% of GSV)	4.19%	3.91%	4.05%	4.05%
Net Income	$205,437,000.00	$172,472,000.00	$272,461,920.00	$287,116,122.34	$57,208,635.23
Cost per Transaction
Employment Cost	-$1.48
Operating Expenses	-$3.02
Losses	-$1.50
	-$6.00

	2018 ($AUD '000)	2019 ($AUD '000)	HY 2020 ($AUD '000)	FY2020 ($AUD)
Afterpay Income	$88,328	$200,868	$179,618	$287,116,122
Pay Now Income	$25,571	$17,095	$8,090	$16,180,000
Other Income	$28,446	$46,149	$32,567	$65,134,000
Total Income	$142,345	$264,112	$220,275	$368,430,122
Cost of Sales	-$28,210	-$59,562	-$55,416	-$92,688,338
Gross Profit	$114,135	$204,550	$164,859	$275,741,784
Employment Expenses	-$22,245	-$51,445	-$36,020	-$72,040,000
Receivable Impairment Expenses	-$32,610	-$58,675	-$47,803	-$92,275,093
Operating Expenses	-$27,077	-$73,210	-$80,606	-$161,212,000
Depreciation & Amortisation Expense	-$17,329	-$22,371	-$13,788	-$22,039,868
Share-based Payment Expenses	-$16,374	-$30,545	-$13,647	-$27,294,000
Net Loss on Financial Liabilities	$-	$-	-$912	$-
Operating Profit/(Loss)	$32,203	$21,220	$430	-$49,785,309
Finance Income	$531	$563	$713	$-
Finance Cost	-$6,617	-$11,653	-$8,588	$-
Loss Before Tax	$26,117	$10,130	-$7,445	-$49,785,309