oh stop it StefanF are you on drugs? the 2.36% was the exact...

oh stop it StefanF are you on drugs? the 2.36% was the exact amount reported in the preliminary report

stop stressing people out with something known and presumably priced in

Go back and read


FINANCIAL PERFORMANCE
Revenue generated in the financial year increased by 91% to $161.0 million compared with the previous financial
year. Excluding the impact of revenue reported by entities acquired during the financial year of $10.0 million revenue
grew by 79%.
Transaction volumes generated by consumers increased from $1.1 billion reported in the year to 30 June 2019 to
$2.1 billion in the year to 30 June 2020, an increase of 91%. Excluding the impact of acquisitions, transaction
volumes increased 82% to $2.0 billion.
Cost of Sales increased to $107.7 million from $52.1 million for the year to 30 June 2019 reflecting the growth
in transaction volume and receivables. Reported gross profit was 32% of portfolio income, compared with 37%
in the prior year. Excluding the impact of the movement in the provision for expected credit losses of $25.8 million
(FY19: $11.1 million), gross profit was 49% of portfolio income, compared with 51% in the year to 30 June 2019.
Interest costs increased by $16.0 million due to the growth in borrowings to support the growth in receivables.
The average interest rate paid decreased from 5.2% in the year to 30 June 2019 to 4.7% in the year to 30 June 2020.
Bad and doubtful debts increased to $53.7 million, reflecting a $17.0 million increase in bad debts written off
(net of recoveries) and an $14.7 million increase in the provision for expected credit losses compared to the prior
year. The reported provision for expected credit losses is 4.40% compared with the net bad debt rate of 2.36%.
As detailed later in this report the credit performance of Zip’s consumer receivables book has been extremely
strong in a COVID-19 environment.
Bank fees and data costs increased to $10.8 million