CEO UPDATE
Zip Group CEO and Managing Director, Cynthia Scott said:
“Today's outstanding results reinforce that Zip is a simplified, stronger and sustainablyprofitable business. Achieving underlying Group cash EBTDA of $20.1m for the quarter was driven by accelerated US TTV growth, improved margins and continued cost discipline.Group revenue grew by 26.6% and revenue margins were 9.1%, up 80bps versus 3Q23. Cash transaction margin improved 100 bps versus 3Q23 to 3.9%, demonstrating the ongoing strength of Zip’s business model.
It was a standout quarter for the Americas, with TTV growth of 43.6% driven by increased customer engagement and a strong credit performance, with US credit losses at 1.3% of cohort TTV. The ANZ business expanded revenue margins by 360 bps versus 3Q23 and delivered improved excess spread to 6.5% in March.
During the quarter, Zip continued to focus on product innovation and delivering greatcustomer and merchant outcomes. In the US, our collaboration with Google Pay experienced positive momentum continuing to scale.
In Australia, we have seen strong customer engagement and unit economics with our new product, Zip Plus. We welcomed new merchants to the Zip platform including Vallarta and Follett in the US, Temu in ANZ, andWynstan in AU and have a strong pipeline of merchants.In driving operational excellence,
Zip recently successfully financed approximately $1.1bn of receivables funding. During the quarter, Zip refinanced its AU receivables variable funding facility and subsequent to quarter end, Zip also completed a new warehouse and a $300.0mrated note issuance. Support from existing and new investors was strong and these financing initiatives have provided Zip with ample headroom to support future growth in the Australian business. We further strengthened our balance sheet with the outstanding face value of the Senior Convertible Notes reducing to $21.7m and available cash and liquidity improving to $95.2m.2
CEO UPDATE Zip Group CEO and Managing Director, Cynthia Scott...
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