Ann: H1 FY22 Results Presentation, page-7

All looks ok to me - January is a seasonally weak month due to the fact the results at the moment are very much skewed to ANZ business base but this will smooth out over time, as the international component of their business grows, which, given the string growth rate of offshore revenues and comments from management, it will continue to do

On the call they:

-reiterated their (positive) EBITDA guidance for FY;
-talked about focus on international markets, growing partnerships in the countries and replicating the success of Fly Buys with similar partners in much bigger markets, such as UK;
-commented on gross margin decline ...a function of growth in panels outside of Australia, where margins are a little lower;
-discussed employee expense ratio ...a focus internally - still lower expense ratio than global peers - also their focus on operational efficiencies to drive down requirement for same quantum of headcount to grow business (tech and doubling down on existing geographic presence to use existing infrastructure more efficiently), so should see some leverage here;
-Martin's closing comment was that PPL hasn't 'even scratched the surface' in terms of international opportunities.

What a difference a day makes...suddenly the glass is half empty?!! Still looks half full to me!

DYOR