Thank you @Ryzie, understood. I've modded my earlier post as I realise it was incorrect. Makes sense now - it's not a loss per se, payments to merchants in this quarter becomes accounts receivable in the next quarter (minus bad debts, currently zero), which is an asset on the balance sheet. So the company comment about CF+ (ex payments to merchants) effectively demonstrates that they're not spending exorbitant amounts on marketing/staff/corporate costs, like many other BNPL's. Prudent. Cheers
Ann: December 2021 Quarterly Report and Business Update, page-173
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