G'day all,Not so nice an outcome this morning...market expecting...

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RHRCapital

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26/02/19

11:50

Post #: 37569773
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G'day all,

Not so nice an outcome this morning...market expecting more...

Sold out trade parcel...

Increased long term holding...

As emotions subside today, it'll likely bounce tomorrow.

Originally posted by upside_down: ↑

Last year they did post the recording on their website.

My notes from the Q&A:
ord minnet:
-$10 mil cost increase 2019H1 - split by geography?
- heavily waited towards international, US.
no specific date on UK,
in store product in US & UK? - focused on online first

Goldman sachs (ash)
$20 billion GTV and 2%? When is EBITDA breakeven?
Targeting profitability in all markets. timelines and blend (of revenue?) impacted over next few years
reports of visa and Mastercard increasing fees, how does this effect apt?
These changes occur regularly, we don’t think it will impact our long term margin opportunity, can instigate more strategic deals around processing costs, can do it over next year or so because at a scale that is much larger than a year or so. Team is engaged on that now. FY20 benefits onwards
NTM in the US? Is it a small loss or small profit?
we don’t segment our results on that basis. We’ve seen various metrics/ key drivers improve over the 6 month period. loss rates higher, but First time customer loss rate is looking lower than that of AU and NZ (!). risk team performing quite well.
Better first time loss rates in the US? coming towards the end of the good user base?
“better tech and teams”…

Morgans
merchant rates in US?
leverage improving, rates with enterprise retailers coming up over time
SMB and mid-market representing significant proportion
Blend similar to Australia which is encouraging given very early stage
Competition in US?
Similar to Australia, not that tough
Retail market in US understands Afterpay well

Goldman sachs - Ash
Debit/credit card mix in US
very in line with AU (85% debit card)
launch costings in UK market
in line with what previously guided

(didn’t catch the name, private investor?)
Page 20 recurring revenue metrics tracking ahead of Australia?
Focus on fashion, beauty and homewares focus. more focused than in Australia and different focus to competitors, so repeat engagement going well in the US.

Expand

Thanks for the summary. Was only able to get in on the last question.
APT Price at posting: $18.88 Sentiment: Buy Disclosure: Held
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G'day all,Not so nice an outcome this morning...market expecting...

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