Looks to me like margins in the US are much lower than in Aus....

Looks to me like margins in the US are much lower than in Aus.

From the segment report EBITDA for the US was $47M LOSS on sales of $162.7M. Increase from last year's LOSS of $24.5M on sales of $39M.

In 2018 the Aus segment made a EBITDA profit of $43.6M on sales of $114.2M

In 2019 the Aus segment made a EBITDA profit of $87.96M on sales of $207.9M

In 2020 the Aus segment made a EBITDA profit of $142.2M on sales of $313.7M

Marketing expenses have also increased from $22.9M to $70.5M a 210% increase.

The Australian market made positive EBITDA pretty much from day one. For the US market to have such a loss on this year's sales indicates margins are much tighter.

For me these figures don't support the current share price. If the company has to offer marketing commission kick back deals I don't see overseas market segments achieving the required profit margins.